Slide 1: Fourth-quarter results 2024
Fourth-quarter results 2024 13 February 2025
Slide 2: Main developments
Main developments Aker Carbon Capture: proposed dividend of NOK 3.5bn and new contract award in SLB Capturi • Board of Directors of ACC ASA has proposed a dividend of gross NOK 3.5 billion, net NOK 1.5 billion to AKH • SLB Capturi with significant industrial milestones – Twence hand-over and EPCIC c
Slide 3: Aker Carbon Capture: proposed NOK 3.5bn dividend
Aker Carbon Capture: proposed NOK 3.5bn dividend Leading industrial partnership with SLB ACC ASA proposed dividend of NOK 3.5bn 3.5 80/20 JV between SLB and Aker Carbon Capture Strong backing by Aker Carbon Capture and SLB enabling global expansion with strategic entry in North America while continu
Slide 4: Mainstream Renewable Power
= 4 | Ns = Mainstream REenaWwaule Power
Slide 5: Mainstream Renewable Power
Mainstream Renewable Power Leading pure-play renewable energy company Highlights • Chile - Andes Renovables platform (1.0 GW fully operational) commercial margin improved further in Q4 • Chile - Ckhúri 109 MW onshore wind project construction progressing towards COD in H2 2025 • South Africa – 97.5
Slide 6: Andes operational update
Andes operational update Andes commercial margin1 Andes quarterly commercial margin (EURm)3 • Positive commercial margin improved further in Q4, due to lower internodal price Tariff Stabilization Law reassessment Commercial margin differences on a year-on-year basis and PPA price increases from upda
Slide 7: Construction update
Construction update Construction progressing on schedule for COD targets 97.5 MW1, solar PV – Corporate PPA • Partnership between Mainstream Renewable Power (49%) and B-BBEE investors (51%) • November 2023: Financial close reached, supported by 20-year Corporate PPA with Sasol and Air Liquide • Comm
Slide 8: Development pipeline
Development pipeline Selected upcoming development project milestones Assets in development, South Africa Australia South Korea construction and operation 100 MW1, solar PV - Vrede 272 MW2, onshore wind – 363 MW3, offshore wind – Capacity distribution by geography Sunny Corner Korea Floating Wind AP
Slide 9: Lean and focused Independent Power Producer
Lean and focused Independent Power Producer Focus on building operating capacity through project execution in core markets and capital efficiency Focus on developing high quality pipeline and Cost optimization continues through 2025 accelerating growth Core growth markets Payroll and overhead costs,
Slide 10: Asset Development
Asset Development
Slide 11: Aker Horizons Asset Development
Aker Horizons Asset Development Developing industrial decarbonization assets Highlights • Signed term-sheet for 150 ktpa offtake with VNG for Narvik Green Ammonia • Zoning application for optimized concept at Lallasletta on public hearing • Signed collaboration agreement with major European utility
Slide 12: Narvik Green Ammonia
Narvik Green Ammonia Aker Horizons Asset Development Term sheet for significant offtake with VNG and collaboration agreement with major European utility Key information and updates – 430 MW / 350 ktpa green ammonia abating 500k tpa of CO2 – 10-year PPA with Statkraft and 250 MW grid reserved with St
Slide 13: Asset Development: Capitalize on Powered Land
Asset Development: Capitalize on Powered Land Aker Horizons Asset Development 9 highly attractive sites secured, strategically located close to power grid and logistic infrastructure Powered Land 80/20 partnership with regional utility Nordkraft Ready-to-build Kvandal site with 230 MW grid installed
Slide 14: Financials
Financials
Slide 15: AKH consolidated income statement Q4 2024
AKH consolidated income statement Q4 2024 Amounts in NOKm1 ACC MRP AAD Other & elim. Q4 24 Total Q3 24 Total Operating revenues and other income - 592 2 45 640 666 Operating expenses -21 -621 -28 -57 -727 -865 EBITDA -21 -29 -26 -12 -88 -199 Depreciation, amortizations and impairments - -99 -1 -7 -1
Slide 16: Net capital employed
Net capital employed Net capital employed1 Development in net capital employed Book value per share NOK NOKm, Q4 2024 NOKm, Q3 to Q4 2024 3.4 3.6 0.8 0.3 0.5 8.6 -5.3 3.3 Net profit / loss AKH investment Other 6,109 10 5,949 118 14 121 5,949 1 9 10 365 -404 -29 1 13 91 30 210 -286 -19 524 3,644 2,47
Slide 17: External financing and commitments
External financing and commitments Ongoing process to optimize overall capital structure Overview of debt financing facilities and commitments Debt maturities NOKm incl. PIK as of 31 December 2024 Total facility Debt Key terms Undrawn RCF Green bond Convertible bond Shareholder loan incl. PIK 8,398
Slide 18: Liquidity and net interest-bearing debt
Liquidity and net interest-bearing debt Cash and undrawn RCF1 as of 31 December 2024 Net interest-bearing debt as of 31 December 2024 NOK million NOK million Undrawn RCF1 5,898 8,830 2,932 5,898 2,932 3,644 Interest- 6,576 bearing debt Undrawn RCF Cash Cash and undrawn RCF Debt Cash Net interest-bea
Slide 19: Q&A
Q&A
Slide 20: Appendix
Appendix
Slide 21: Mainstream project overview
Mainstream project overview Asset Portfolio Country Technology Gross Capacity Economic Net Capacity P50 Production FC COD PPA Tariff PPA Volume PPA Tenor (MW) interest (MW) (GWh/y) (GWh) (years) Operational Alena Andes – Condor Chile Wind 86 90% 77.4 291 2019 2021 USD 43 5281 20 Rio Escondido Andes
Slide 22: Global pipeline of wind and solar assets
Global pipeline of wind and solar assets Pipeline reflects assets in development, construction and operation Capacity distribution by geography Europe APAC LatAm (4.5 GW) Development 2.4 GW (3.5 GW) 15% Total net 2.4 GW 20% 11% 22.7 GW Europe Asia Pacific (2.4 GW) Development 4.5 GW 49% Africa Const
Slide 23: Mainstream financial information
Mainstream financial information Amounts in EURm 2023 Q124 Q224 Q324 Q424 2024 Key financial information • Mainstream’s income statement is reflective of the principal activities of development, Revenue 179 45 66 56 47 213 construction and operation of projects • Positive commercial margin continued
Slide 24: Aker Horizons Asset Development financial information
Aker Horizons Asset Development financial information1 Amounts in NOKm 2023 Q124 Q224 Q324 Q424 2024 Key financial information Revenue 17 1 - 10 2 12 • Income statement reflective of the key activities in the period • Continuing to mature the projects in the pipeline EBITDA (223) (65) (36) (18) (26)
Slide 25: Aker Horizons and holding companies per Q4 2024
Aker Horizons and holding companies per Q4 2024 NOKm Income statement Q4 2024 Balance sheet Q4 2024 Cash flow statement Q4 2024 Operating revenue (net) 20 Investments1 6,335 Cash flow from operating activities (24) Operating expenses (41) Current operating assets 424 EBITDA (21) Cash and cash equiva
Slide 26: Sustainability
Sustainability Sustainability commitment across three core themes Alignment with international frameworks1 Environment • Our investment thesis is grounded in a desire to be planet-positive, and we commit to accelerating Net Zero commitments and decarbonization of industries Social • We are dedicated
Slide 27: Disclaimer
Disclaimer This presentation includes and is based, inter alia, on forward-looking information and statements that are subject to risks and uncertainties that could cause actual results to differ. These statements and this presentation are based on current expectations, estimates and projections abo
Slide 28: To learn more about Aker Horizons visit akerhorizons.com
To learn more about Aker Horizons visit akerhorizons.com