Capsol Technologies Asa · OSL:CAPSL
Capsol Technologies Asa — Fearnleys Morning Meeting (June 2026)
18 slides from Capsol Technologies Asa's conference presentation, Jun 24, 2026
Slide 1: Capsol Technologies ASA at Fearnleys MM
Capsol Technologies ASA at Fearnleys MM June 24th, 2026 Image: Dyckerhoff/Capsol
Slide 2: Summary
Summary Capsol is unlocking low-carbon power and industrial decarbonization First commercial CapsolGT project for U.S. utility is proceeding to plan Capsol positioned at the heart of the U.S. power equation Multi-project approach gaining traction with leading cement producers Mkt cap of 350MNOK, one
Slide 3: Unlocking low-carbon power and industrial decarbonization
Unlocking low-carbon power and industrial decarbonization U.S. power and AI demand European decarbonization Unlocks scalable, dispatchable low-carbon power on gas Unlocks cost-efficient decarbonization in hard-to-abate sectors infrastructure Enables utilities to meet AI-driven power demand today and
Slide 4: Low-carbon power in the U.S.
Low-carbon power in the U.S.
Slide 5: How Capsol unlocks low-carbon baseload from existing gas assets
How Capsol unlocks low-carbon baseload from existing gas assets Convert peaker constraints into reliable revenue growth Diversified U.S. Utilities Unprecedented Power Demand Operating at full steam Fueled by data centers and AI boom 5
Slide 6: How Capsol unlocks low-carbon baseload from existing gas assets
How Capsol unlocks low-carbon baseload from existing gas assets Convert peaker constraints into reliable revenue growth Diversified U.S. Utilities Unprecedented Power Demand Operating at full steam Fueled by data centers and AI boom 6
Slide 7: How Capsol unlocks low-carbon baseload from existing gas assets
How Capsol unlocks low-carbon baseload from existing gas assets Convert peaker constraints into reliable revenue growth Diversified U.S. Utilities Unprecedented Power Demand Operating at full steam Fueled by data centers and AI boom Inability to capture growth o Baseload gas turbines producing at ma
Slide 8: How Capsol unlocks low-carbon baseload from existing gas assets
How Capsol unlocks low-carbon baseload from existing gas assets Convert peaker constraints into reliable revenue growth Diversified U.S. Utilities Unprecedented Power Demand Operating at full steam Fueled by data centers and AI boom Inability to capture growth o Baseload gas turbines producing at ma
Slide 9: How Capsol unlocks low-carbon baseload from existing gas assets
How Capsol unlocks low-carbon baseload from existing gas assets Convert peaker constraints into reliable revenue growth Diversified U.S. Utilities Unprecedented Power Demand Operating at full steam Fueled by data centers and AI boom Inability to capture growth o Baseload gas turbines producing at ma
Slide 10: How Capsol unlocks low-carbon baseload from existing gas assets
How Capsol unlocks low-carbon baseload from existing gas assets Convert peaker constraints into reliable revenue growth Diversified U.S. Utilities Unprecedented Power Demand Operating at full steam Fueled by data centers and AI boom Inability to capture growth o Baseload gas turbines producing at ma
Slide 11: How Capsol unlocks low-carbon baseload from existing gas assets
How Capsol unlocks low-carbon baseload from existing gas assets Convert peaker constraints into reliable revenue growth Diversified U.S. Utilities Unprecedented Power Demand Operating at full steam Fueled by data centers and AI boom Inability to capture growth o Baseload gas turbines producing at ma
Slide 12: Exclusivity signed with US utility to decarbonize existing power plant
Exclusivity signed with US utility to decarbonize existing power plant • Exclusivity signed with US utility to decarbonize existing power plant. • First phase: brownfield ≈25MW and project pre-FEED involvement from Siemens Energy as part of enhanced collaboration agreement. • Black & Veatch selected
Slide 13: Decarbonizing industry in Europe
Decarbonizing industry in Europe
Slide 14: Cement is a key demand driver for Capsol in Europe
Cement is a key demand driver for Capsol in Europe Active cement projects2 Strategic validation from Europe’s leading cement producer Active cement projects: 11 mtpa across 12 sites mtpa # Sites 12 Projects with Holcim, SCHWENK, Dyckerhoff and others 11 11 11 Cement outlook is strengthening on t
Slide 15: Summary
Summary Capsol is unlocking low-carbon power and industrial decarbonization First commercial CapsolGT project for U.S. utility is proceeding to plan Capsol positioned at the heart of the U.S. power equation Multi-project approach gaining traction with leading cement producers Mkt cap of 350MNOK, one
Slide 16: Appendix
Appendix
Slide 17: Cost discipline reflecting muted revenues
Cost discipline reflecting muted revenues Amounts in NOK 1 000 Q1 2026 Q4 2025 Q1 2025 A. Q1 revenues were impacted by lower CapsolGo® utilization versus Q4 and 24,945 Total operating revenue 5,859 10,136 the same quarter last year, while Q2 will benefit from a full-quarter contribution from the Dyc
Slide 18: Revenue stack unlocked by higher turbine utilization, 45Q support and low-carbon premium contracts
Revenue stack unlocked by higher turbine utilization, 45Q support and low-carbon premium contracts Illustrative example: turning a 62 MW turbine from 20% peaker production to baseload at 90% production Revenue stream Annual volume Annual revenue 45Q tax credit CO2 tax credits U.S. federal tax credit
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