Half year Report 2026

Half Year Report

2026

A half year of transformation

O C E A N G E O L O O P A S A · E U R O N E X T G R O W T H O S L O · O C E A N

Reporting period 1 January - 30 June 2026 · Published 3 September 2026

Ocean GeoLoop Half Year Report 2026

Table of contents

1. About Ocean GeoLoop
2. Letter from the Chair and CEO
3. Group structure
4. COOL AS
5. Captured AS

9 Energi Teknikk AS

1. Ocean TuniCell AS
2. Subsequent events
3. Board of Directors
4. Financial highlights and interim figures

22 Responsibility statement

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Ocean GeoLoop Half Year Report 2026

Ocean GeoLoop ASA uses nature's own way to solve the challenges of our time in a circular way.

The Group is organised around COOL, which develops energy-efficient cooling solutions for AI data centres and

industrial applications, and Energi Teknikk AS, a full-service provider of equipment and services for small hydropower plants. Captured, which developed the GeoLoop carbon

capture technology, is being scaled down.

Listed on Euronext Growth Oslo under the ticker OCEAN. Registered office: Neptunvegen 6, 7652 Verdal, Norway.

Revenue 1H 2026

NOK 93.1 m

1H 2025: NOK 106.8 m

EBITDA 1H 2026

NOK -23.0 m

1H 2025: NOK -24.3 m

Cash at 30.06.2026

NOK 38.3 m

31.12.2025: NOK 20.6 m

The Group comprises Ocean GeoLoop ASA and the subsidiaries COOL AS (70 %), Captured AS (100 %) and Energi Teknikk AS (67 %), together with Ocean TuniCell AS (69.7 %, held through Captured AS) and its subsidiaries Ocean TuniFeed AS (52 %) and Ocean Bergen AS (51 %).

3

Ocean GeoLoop has undergone a transformation during the first half of the year. The cornerstone of this transformation is the launch of COOL. Built on technology invented by our founder Hans Gude Gudesen, COOL targets industrial- and data-centre cooling, an existing market of approximately USD 24 billion. Access to electricity is a bottleneck for growth. COOL works to solve this bottleneck by replacing electrically powered cooling with a thermodynamic-driven solution.

The scale-down of the carbon capture business has been ongoing since May,

and the last employees of Captured left on 31 August. We thank them for their contributions and wish them all the best in their future endeavours. The Skogn pilot plant has been dismantled and transported to storage, and we are considering alternatives for preservation of the test plant at SINTEF at Tiller.

Extensive documentation has been prepared to ensure that the knowledge and experience gained through the technology development in recent years can be retained and leveraged if the Company decides to restart its carbon capture business.

At Energi Teknikk AS, the proposed changes to the Resource Rent Taxation

caused material customer uncertainty all through the first half of the year and, consequently, held back customers' willingness to conclude new projects.

Hence, the order backlog has been reduced, ending the period below the level required to support current activity. The NOK 40.3 million of contracts signed in August represents an initial step in rebuilding the order backlog.

However, liquidity at Energi Teknikk is currently strained, and dialogue with customers, the suppliers concerned and the bank is ongoing. Invoicing and

collecting work already completed is the clearest short-term priority, alongside rebuilding the backlog.

Ocean GeoLoop completed a capital raise during the period. In May, a private placement was successfully completed, raising gross proceeds of NOK 36.0 million. The NOK 11.0 million of bridge financing provided by related parties in January, together with accrued interest, was converted into shares on the same

terms. A subsequent offering raising a further NOK 0.4 million was completed in June and registered in July, after the end of the reporting period. The net proceeds are applied towards working capital, general corporate purposes and the development of the Company's new business line, COOL.

We are grateful for the confidence our investors have placed in us, and going forward, we will further strengthen capital discipline across the Group, while maintaining momentum in the Company's strategic priorities during this transition.

Subsequent to the period, the Company has undergone a number of

organisational changes. A new Board of Directors was appointed in July, and the CEO decided to step down from his position in the same month. The process of appointing a new CEO is under way.

Kristian G. Lundkvist

Chair of the Board

Viggo Iversen

Chief Executive Officer

Market size: Fortune Business Insights, Global Industrial Cooling System Market Report, 2026.

S T R A T E G IC F O C U S

COOL AS

Industrial and data-centre cooling. Builds on the inventor's e-Loop architecture. Targets a USD 24 bn market reshaped by AI compute demand.

Ocean GeoLoop holds 70 %, Hans Gude Gudesen holds 30 %. COOL holds an exclusive licence to Gudesen's technology for industrial cooling.

C O ₂ B U S INE S S

Captured AS

Carbon-capture technology platform including IP, an R&D test facility and an industrial pilot plant. Phased scale-down to preserve technology value while pursuing options.

Wholly owned business line within Ocean GeoLoop ASA. Subsidiary: Ocean TuniCell AS, in which Captured holds 69.7 %.

O P E R A T ING B U S INE S S

Energi Teknikk AS

Hydropower turbine design, manufacturing and service. 70+ years of heritage and an established position in the Norwegian small-scale

hydropower market.

Ocean GeoLoop holds 67 %.

Ocean TuniCell AS is held through Captured AS (69.7 %). Ocean TuniCell AS holds 52 % of Ocean TuniFeed AS and 51 % of Ocean Bergen AS; the Group's effective ownership in those two companies is 36.3 % and 35.6 % respectively, and they are consolidated because the Group controls Ocean TuniCell AS, which holds a majority of the votes. Following the elections in July 2026, Ocean GeoLoop ASA, Captured AS, COOL AS and Energi Teknikk AS have the same Board of Directors.

Global market 2025

USD 24 bn

Industrial and data-centre cooling

Expected annual growth

22 %

Within data centres

Ocean GeoLoop ownership

70 %

Hans Gude Gudesen holds 30 %

On 16 February 2026 Ocean GeoLoop announced the launch of a new business line focused on standalone energy-efficient industrial cooling, COOL AS.

COOL is addressing a USD 24 billion global market (2025) with an expected annual growth rate of 22 per cent within data centres, one of the world's fastest growing industries. This industry requires access to vast amounts of electricity, which is a key bottleneck for growth.

Reduced energy consumption for cooling lowers operating costs and, more

importantly, allocates electricity to compute. Cooling is therefore a strategic focus area for the industry - and the core of COOL's commercial opportunity.

In March the first tests of the cooling technology were executed, followed by the construction of a test module at the Company's test site at SINTEF's premises in Trondheim. An extensive test programme started in June and is currently ongoing. The size of the cooling module being tested is relevant as one of several modules in a commercial cooling unit for data centres.

Final results remain subject to further testing, assessment and validation, and third-party validated results are expected in September. The Company will update the market once these results have been assessed.

Go-to-market strategy

The timeline previously communicated in May:

2-3Q 2026

1:1 scale sub-module ready for testing

4Q 2026

Signing of initial commercial partners

1Q 2027

Start construction with commercial partner

2Q 2027

First operational commercial unit

3Q 2027

Secured partnerships with first commercial US customers

Market size: Fortune Business Insights, Global Industrial Cooling System Market Report, 2026 (USD 23.74 billion in 2025). Market growth: McKinsey Direct, "Beyond Compute: Infrastructure that powers and cools AI data centers", October 2025. Commercial roadmap: Ocean GeoLoop Company Presentation | Capital Deployment & Business Case, May 2026.

Phased scale-down to preserve technology value

Following the group restructuring, the carbon capture business was carved out into the subsidiary Captured AS, and with effect from 1 April most Ocean GeoLoop employees were transferred to Captured in order to continue the commercialisation of the carbon capture technology.

Conclusion of the NorFraKalk project phase

On 25 March 2026, Ocean GeoLoop and NorFraKalk AS announced that they had concluded the current phase of development related to a future full-scale carbon

capture project and would not proceed with the planned 10,000 tonnes CO₂ capture

plant at NorFraKalk. The decision followed a strategic review and reflected a

disciplined approach to capital allocation and project timing in a changing market environment.

Decision to scale down the carbon capture business

On 28 April, Odd-Geir Lademo stepped down as CEO and Lars Strøm took over as acting CEO. On 5 May, the Board initiated a formal process to scale down Captured's operating activities in line with Ocean GeoLoop's revised strategy.

The process resulted in the termination of all employment relationships in Captured; the required formal processes and negotiation meetings have been completed, and all five employees had a three-month notice period with 31 August 2026 as their final working day. From 1 September 2026 the company has no employees.

As a consequence of the decision to scale down the carbon capture business all commercial prospects and partnerships have been terminated.

Preservation of technology and assets

The Company is using the transition period to preserve and seek to capitalise on the technology and assets already developed. This may include Captured's intellectual property, the industrial pilot and the pilot installation at SINTEF. Critical documentation has been structured and collected and data from the pilot plant secured, so that technology, knowledge and models can be retrieved in the event of a future restart. Licences, server leases and the office premises at Lysaker, Heimdal and Verdal have been terminated. The industrial pilot at Norske Skog Skogn has been shut down, disconnected from the flue gas system, technically inspected, packed into containers and parked within the industrial site.

Remaining activities

Revenue 1H 2026

NOK 91.5 m

1H 2025: NOK 105.4 m

Operating profit 1H 2026

NOK 0.8 m

1H 2025: loss of NOK 5.7 m

Gross margin

~22 %

1H 2025: ~17 %

Order backlog 30.06.2026

NOK 82 m

30.06.2025: NOK 234.8 m

Market

The first half of 2026 was characterised by a challenging market for new small-scale hydropower projects in Norway. The Government's proposal to significantly lower the threshold for the application of resource rent tax to hydropower plants created considerable uncertainty among developers and investors, postponing investment decisions and reducing tendering activity and order intake. Following Parliament's decision in March not to lower the current threshold during

the present parliamentary term, the market has gradually started to stabilise, several projects previously put on hold are moving forward again, and Energi Teknikk expects order intake to improve during the second half of 2026.

Results for the period

Despite these conditions, Energi Teknikk maintained a high level of operational activity in the first six months, related to the execution of its existing project portfolio. Revenue for the period amounted to NOK 91.5 million, compared with NOK 105.4 million in the corresponding period of 2025, and the operating result improved to a profit of NOK 0.8 million from a loss of NOK 5.7 million. The gross margin was approximately 22 per cent against approximately 17 per cent a

year earlier. The improvement in the reported result reflects continued work on project execution, cost control and

operational efficiency following the difficult development experienced in 2025. The operating result includes a reversal of NOK 2.1 million of provisions made in earlier periods on projects that have since been completed.

Revenue recognition and contract assets

Revenue on hydropower contracts and service assignments is recognised using the percentage-of-completion method,

based on the company's assessment of progress on each project. A material part of the project revenue recognised at 30 June 2026 had not yet been invoiced, and the reported result is therefore sensitive to the accuracy of the company's assessments of project completion. The timing and successful invoicing of the related work is also important for the company's liquidity and the recoverability of its contract assets. Contract assets of NOK 71.6 million are the largest single item within the Group's receivables. The contract balances are set out in Note 7.

Order backlog

At the end of June, Energi Teknikk's order backlog amounted to approximately NOK 82 million, against NOK 234.8 million at 30 June 2025. New order intake was limited during the period, and the backlog is below the level required to support current activity. Rebuilding it is the company's main priority for the remainder of the year, and the contracts signed in

August, with a total value of NOK 40.3 million, are an initial step in that direction.

Liquidity

Energi Teknikk has been through a difficult period with liquidity challenges, and liquidity is currently strained. The same timing difference affects liquidity: revenue may be recognised before the related work becomes contractually invoiceable, and the interval between revenue recognition and invoicing held back cash flow during the period. Dialogue with customers, the suppliers concerned and the bank is

ongoing, and the company is working on several measures to improve its liquidity and strengthen its financial position, including deferred payment agreements with

suppliers, improving payment terms with customers, extending the temporary NOK 10 million bank facility and other sources of capital.

Bank facilities

During the first half of 2026 Energi Teknikk AS obtained an additional NOK 10 million bank facility, increasing its total facilities from NOK 8 million to NOK 18 million. The new facility is temporary. Ocean GeoLoop ASA has guaranteed its

pro rata share of the new facility, corresponding to NOK 6.7 million based on its 67 per cent ownership.

Ocean TuniCell has undergone a significant restructuring period while continuing to advance its core technology and clinical collaborations. During the early part of Q2, the company faced severe liquidity challenges. As refinancing efforts could not be

completed in time, the company was required to reduce its cost base, and all employees were subsequently laid off at the end of April.

In early June, Ocean TuniCell received an indicative acquisition proposal that reflected the company's financial position at the time. No definitive agreement was executed on those terms, and the Board instead widened its review of the alternatives available for the shareholding. That review was concluded after the end of the reporting period with the agreement to sell Ocean TuniCell AS to Lifecare ASA described below.

In June, the Board successfully established a guarantee consortium totalling NOK 3.3 million. The financing provides a basis for continuing key clinical collaborations, rehiring two critical employees, preserving the GMP-capable laboratory facilities in

Bergen, maintaining the patent portfolio, and supporting ongoing operations while additional long-term financing alternatives are pursued.

Despite the financial challenges, Ocean TuniCell achieved important operational progress during the period. The planned clinical programme at Sahlgrenska University Hospital using 3D-bioprinted tissue constructs has received the necessary approvals and is expected to commence human trials during H2. The programme represents a major milestone both for the field of regenerative

medicine and for Ocean TuniCell's technology platform.

Throughout the period the company's priorities were securing additional capital, maintaining its intellectual property portfolio, supporting clinical activities and preserving the value of its laboratory infrastructure and technology assets. On 31 August 2026, after the end of the reporting period, Captured AS entered into a binding agreement with Lifecare ASA for the sale of all its shares in Ocean

TuniCell AS. The agreement values 100 per cent of Ocean TuniCell at NOK 7.5 million at closing, with contingent consideration of a similar amount linked to a clinical milestone, and gives the platform an owner able to take the technology forward. The transaction is described in Section 08 and in Note 12. Because the assets of Ocean TuniCell AS are carried at nil in the consolidated accounts, completion is expected to result in a gain in the second half of 2026; the amount will depend on the net assets and non-controlling interests

derecognised on completion.

The tangible fixed assets, intangible assets, inventory and receivables of Ocean TuniCell AS were written down to nil in the consolidated accounts at 31 December 2025. No impairment has been reversed in the first half of 2026, and the depreciation charged on those assets in the accounts of the legal entity is eliminated on consolidation. See Note 6.

Board initiates CEO succession

In July 2026 the Board announced that it had initiated a CEO succession process. The incumbent CEO decided to step down, and the Board has commenced the work of appointing a new CEO and strengthening the management team, while maintaining strong capital discipline and operational momentum during the transition.

New contracts signed by Energi Teknikk AS

After the end of the reporting period, Energi Teknikk AS signed new contracts with a total value of NOK 40.3 million excluding VAT. The contracts will be recognised as revenue over their construction periods and are not reflected in the order backlog of NOK 82 million at 30 June 2026.

Sale of Ocean TuniCell AS

On 31 August 2026, Ocean GeoLoop ASA announced that its subsidiary Captured AS had entered into a binding agreement with Lifecare ASA for the sale of all its shares in Ocean TuniCell AS. The transaction values 100 per cent of Ocean TuniCell at NOK 7.5 million at closing, and Captured AS will receive consideration of approximately NOK 5.23 million for its shareholding. Lifecare ASA has discretion to settle the consideration in cash, newly issued Lifecare shares or a combination thereof, and has stated its intention to settle the closing consideration through the issuance of new Lifecare shares. Any shares received are subject to a nine-month lock-up period.

The agreement also includes contingent consideration linked to a defined clinical milestone involving successful demonstration of implant and use in humans without serious safety concerns within three years. If the milestone is

achieved, Captured AS will be entitled to additional consideration of approximately NOK 5.23 million. Completion remains subject to customary closing conditions, including certain third-party consents and final approval by the Board of Directors of Lifecare ASA.

The following material events took place after the end of the reporting period.

Extraordinary General Meeting elects a new Board of Directors

At an Extraordinary General Meeting held on 15 July 2026, a new Board of Directors was elected, comprising Kristian G. Lundkvist (Chair), Linn-Cecilie Linnemann and Eivind Tvedt.

The newly elected board members have also taken up board positions in the subsidiaries Captured AS, COOL AS and Energi Teknikk AS, aligning governance across the Group.

C H A IR O F T H E B O A R D

Kristian G. Lundkvist is a serial entrepreneur and investor. He started out in telecom and founded Middelborg in 1999, today an established investment company with a broad range of investments. He has been part of building numerous listed companies in Norway and Sweden, from early growth phases through acquisitions, capital raises and stock exchange listings. He holds a number of chair and board positions in the larger portfolio companies. He has extensive

experience from business development, M&A and restructuring.

B O A R D M E M B E R

Linn-Cecilie Linnemann is a founder and operator turned investor with over 20 years at the intersection of communication, capital and technology. She is a Senior Partner at LUMO Labs VC, a pan-European firm backing early stage companies that use AI and emerging tech to tackle climate and health challenges. She was previously CEO and Partner of Katapult Group, and founded the strategy and communication agency Design Container in 2006, which she grew for a decade

before selling it to the Artisti Group (now Stem Agency).

B O A R D M E M B E R

Eivind Tvedt is a serial entrepreneur with extensive experience in power project development and land-based industries. He has been involved in the establishment and development of several companies within renewable energy, and brings broad expertise in entrepreneurship, industrial development and business growth. Tvedt also holds a number of board positions in companies across the real estate, industrial and energy sectors.

The Board of Directors was elected at the Extraordinary General Meeting held on 15 July 2026.

Parent Company

Ocean GeoLoop Group

Figures for H1 2025 are as published in the Half Year Report 2025. Figures for FY 2025 are taken from the audited Annual Report 2025 and are presented there in NOK thousand.

Cash and cash equivalents 38 281 934 34 860 995 20 593 000

Total provisions 1 945 212 8 311 059 2 570 000

The deferred tax asset of Energi Teknikk AS is netted against the deferred tax liability, consistent with the Annual Report 2025.

The private placement completed in May 2026 raised gross proceeds of NOK 36.0 million; total paid-in equity increased by NOK 49.76 million including the conversion of shareholder funding, and NOK 4.94 million was charged to other paid-in capital, comprising transaction costs of NOK 2 500 000, the underwriting commission of NOK 1 915 342 settled in shares, and NOK 527 155 reclassified to share capital in the bonus issue. The opening share capital is the registered amount of NOK 527 155 (52 715 477 shares of NOK 0.01), which the annual report 2025 presents rounded to NOK 527 thousand.

Changes in other accruals comprise the movement in public duties payable, other current liabilities and other balance sheet items. Non-cash transactions are excluded: the conversion of NOK 11 317 808 of related-party loans into shares - of which NOK 11 000 000 was drawn in cash under the loan agreement of 31 January 2026 and is shown as proceeds from short-term borrowings, and NOK 317 808 is accrued interest - and the underwriting commission of NOK 1 915 342 settled in shares.

Note 1 - General information

Ocean GeoLoop ASA is a public limited company incorporated and domiciled in Norway. The registered address of the office is Neptunvegen 6, 7652 Verdal. The Company is listed on Euronext Growth Oslo

under the ticker OCEAN. At an extraordinary general meeting held on 29 May 2026 the Company

resolved to convert to a public limited company and to change its name to Ocean GeoLoop ASA. The Group is organised around COOL AS, which develops energy-efficient cooling solutions for AI data centres and industrial applications, and Energi Teknikk AS, a full-service provider of equipment and services for small hydropower plants. Captured AS, which developed the GeoLoop carbon capture

technology, is being scaled down.

Note 2 - Accounting policies

The condensed financial statements of Ocean GeoLoop ASA and its subsidiaries (the "Group") are

prepared in accordance with Norwegian Generally Accepted Accounting Principles (N-GAAP) and NRS 11 Interim Accounts. Please refer to the 2025 annual report for a detailed description of the accounting policies. The report is available on https://www.oceangeoloop.com. As a result of rounding differences, numbers or percentages may not add up to the total.

Note 3 - Judgements, estimates and assumptions

The preparation of the Group's consolidated financial statements requires management to make

judgements, estimates and assumptions that affect the reported amounts of assets, liabilities, income and expenses. The estimates and judgements are reviewed on an ongoing basis, considering current

and expected future market conditions. Changes in accounting estimates are recognised in the period in

which the estimate is revised. Refer to the annual report of 2025 for more detail on key judgements and estimation.

Note 4 - Group structure

Ownership interests at 30 June 2026. All subsidiaries are consolidated.

Ocean GeoLoop ASA Parent company

Ocean TuniFeed AS and Ocean Bergen AS are held through Ocean TuniCell AS. The Group's effective ownership in these two companies is below 50 per cent, but they are consolidated because Ocean

TuniCell AS holds a majority of the voting rights and the Group controls Ocean TuniCell AS. The annual

report 2025 presents both companies at 69.7 per cent, being the ownership of Ocean TuniCell AS itself; the effective interests shown above are used in the allocation to non-controlling interests.

Note 5 - Acquisitions of subsidiaries

Amounts in this note are in NOK. Ocean GeoLoop ASA acquired two subsidiaries in the first half of 2026, both consolidated from their acquisition dates. Captured AS was acquired as a shelf company with no

prior operations, employees or activity. COOL AS was acquired from Hans Gude Gudesen, a related party; the remaining 30 per cent is presented as non-controlling interests.

Goodwill represents the excess of the consideration paid over the Group's share of the identifiable equity of the acquired companies. No other identifiable assets or liabilities were assigned excess values.

Because the amounts are immaterial, the goodwill has been written off in full in the period and is

included in impairment in the income statement. The consideration of NOK 68 500 is presented in the statement of cash flow net of the cash held by COOL AS at acquisition, as an outflow of NOK 48 112

under acquisition of subsidiaries.

Note 6 - Goodwill and excess values

Goodwill and excess values identified in the 2022 purchase price allocation for Energi Teknikk AS are amortised on a straight-line basis - goodwill over 20 quarters and technology and customer relations over ten years. Goodwill was recognised at 100 per cent on a base of NOK 25.4 million, with the corresponding share of amortisation allocated to non-controlling interests.

At 30 June 2026, goodwill amounted to NOK 3.3 million (31 December 2025: NOK 5.8 million), while total goodwill and excess values amounted to NOK 35.4 million (31 December 2025: NOK 40.8 million). The amortisation charge for the period was NOK 5.4 million. The NOK 35.4 million comprises goodwill of NOK 3.3 million, technology of NOK 13.2 million and customer relations of NOK 18.9 million and forms part of intangible assets of NOK 38.7 million; the remainder consists of patents and other intangible assets of the legal entities. Deferred tax at 22 per cent is recognised on the relevant excess values.

The assets of Ocean TuniCell AS remain written down to nil in the consolidated accounts. Depreciation of NOK 504 756 charged by Ocean TuniCell AS in the period is therefore eliminated on consolidation; no impairment has been reversed.

Note 7 - Construction contracts and unbilled revenue

Energi Teknikk AS recognises revenue on its hydropower contracts and service assignments using the percentage-of-completion method. Contract assets represent revenue earned but not yet invoiced and are presented within receivables; contract liabilities represent amounts invoiced but not yet earned and are presented within current liabilities. In the accounts of Energi Teknikk AS the position is currently

carried net on a single account; it is presented gross in the consolidated balance sheet and the company is correcting its own presentation.

Total at 30 June 2026 71.6 -37.0 34.6

Revenue recognised on contracted projects in the period was NOK 81.2 million against project costs of NOK 63.2 million; service assignments accounted for the remaining NOK 10.3 million of revenue for the period. At 30 June 2026, NOK 81.9 million of contracted revenue remained to be recognised in future periods and NOK 97.0 million remained to be invoiced.

Contract assets of NOK 71.6 million are the largest single item within total receivables of NOK 92.1 million. The Board will keep the estimates underlying the contract portfolio, and the pace at which

completed work is invoiced, under review in the second half of the year. The operating result includes a

reversal of NOK 2.1 million of contract provisions made in earlier periods.

Note 8 - Impairment of patents

The patent portfolio is held by the parent company and was carried at NOK 4.0 million at 31 December 2025. During the first half of 2026 management reviewed all patent families with regard to commercial use, strategic relevance, maintenance costs, technological relevance and licensing interest. Cases that support the Group's carbon capture activities and may have future economic value are retained and

measured at historical external cost. All other cases are being discontinued. Several are formally granted patents that could have been maintained, but they have no commercial application in the Group and

none is planned, fall outside the core business, face no external demand, and carry maintenance and annual fees in several jurisdictions that exceed any foreseeable income. The value of the discontinued

cases has been set to nil at 30 June 2026 and their carrying amount of NOK 3.6 million recognised as an impairment loss in the period. The carrying amount of patents at 30 June 2026 is NOK 368 338, comprising two retained cases.

Note 9 - Share capital and equity issues

All share issues in the period were carried out by the parent company. At an extraordinary general meeting on 29 May 2026 the company resolved a bonus issue, a private placement and a share capital increase by conversion of debt, and granted the board two further authorisations.

Bonus issue: share capital was increased by NOK 527 155 by transfer from unrestricted equity, by increasing the par value of each share from NOK 0.01 to NOK 0.02. No effect on total equity.

Private placement: 72 000 000 new shares at NOK 0.50 per share, gross cash proceeds of NOK 36 000

000. Announced 12 May 2026 and resolved 29 May 2026, with pre-emption rights set aside.

Conversion of debt: 22 635 616 new shares at NOK 0.50 per share, totalling NOK 11 317 808, settled by set-off against claims under the loan agreement of 31 January 2026 - NOK 10 306 849 owed to Hans

Gude Gudesen and NOK 1 010 959 owed to AB Investment AS, both related parties. The claims were

settled in full and the conversion had no cash effect.

Underwriting commission: 3 830 684 shares issued to the guarantors of the private placement in settlement of a fee of NOK 1 915 342, with effect from 30 June 2026. The fee was charged directly to equity, so the transaction had no net effect on total equity.

Transaction costs of NOK 2 500 000 have been recognised directly in equity as a reduction of other paid-in capital. The number of shares increased from 52 715 477 at 1 January 2026 to 151 181 777 at 30 June

2026.

Note 10 - Related party transactions

COOL AS was acquired from Hans Gude Gudesen, founder, inventor and a related party, for NOK 21 000 for 70 per cent of the shares; Gudesen holds the remaining 30 per cent and COOL AS holds an exclusive licence to his technology for industrial cooling. Debt of NOK 10 306 849 owed to Hans Gude Gudesen

and NOK 1 010 959 owed to AB Investment AS was converted into shares at NOK 0.50 per share in the period, as set out in Note 9. These claims arose from the NOK 11.0 million of bridge financing provided in the first quarter; AB Investment AS is the company through which the Chair of the Board at that time held his shareholding.

Note 11 - Cash and cash equivalents

Cash and cash equivalents include NOK 27.8 million of units in a liquidity fund managed by DNB and held by the parent company. The fund is held as part of the Group's short-term liquidity management and is redeemable at two to three business days' notice. The classification is consistent with prior

periods; units in the same fund included in cash and cash equivalents amounted to NOK 6.3 million at 31 December 2025.

Cash and cash equivalents also include NOK 2.9 million of restricted bank deposits held on a guarantee account in Energi Teknikk AS (31 December 2025: NOK 2.9 million). Withheld employee taxes held on

restricted accounts were nil at 30 June 2026 (31 December 2025: NOK 2.7 million).

Note 12 - Events after the reporting period

Reference is made to the announcement of 23 June 2026 on the final results of the subsequent offering of new shares at NOK 0.50 per share. The capital increase relating to 760 741 new shares was registered with the Norwegian Register of Business Enterprises on 1 July 2026, after the end of the reporting period. Following registration the share capital is NOK 3 038 850.36 divided into 151 942 518 shares of NOK 0.02 each. As the increase was registered after the reporting date, it is not reflected in equity, cash or the number of shares at 30 June 2026; equity and cash will increase by the gross proceeds of NOK 380 370 in the second half of 2026.

At an extraordinary general meeting on 15 July 2026 a new Board of Directors was elected, and later in July the Board announced that it had initiated a CEO succession process. After the end of the reporting period Energi Teknikk AS signed new contracts with a total value of NOK 40.3 million excluding VAT. On 31 August 2026 Captured AS entered into a binding agreement with Lifecare ASA for the sale of all its shares in Ocean TuniCell AS, valuing 100 per cent of Ocean TuniCell at NOK 7.5 million at closing, with contingent consideration of approximately NOK 5.23 million linked to a clinical milestone. Completion is subject to customary closing conditions.

Note 13 - Going concern

Energi Teknikk has been through a difficult period with liquidity challenges. The company is working on several measures to improve its liquidity and strengthen its financial position, including rebuilding the contract backlog, deferred payment agreements with suppliers, improving payment terms with

customers, bank financing and other sources of capital. Ocean GeoLoop ASA has guaranteed NOK 6.7 million of a NOK 10 million temporary facility, corresponding to its 67 per cent ownership.

Energi Teknikk's liquidity position depends, among other things, on completing and invoicing work in

progress, collecting the resulting receivables, continued cooperation with its suppliers and partners, and importantly securing an extension, replacement or other appropriate financing solution for the temporary NOK 10 million facility. Other than the guarantee described above, the Group has not

committed additional financial support to Energi Teknikk. If the liquidity measures do not develop as expected, Energi Teknikk may require additional financing or other measures.

The Board considers the current constraints to be temporary and, based on the measures described above, considers the going concern assumption to be appropriate.

We confirm, to the best of our knowledge, that the condensed set of interim consolidated financial statements for the first half of 2026, which have been prepared in accordance with NRS 11 Interim Accounts, give a true and fair view of the Company's assets, liabilities, financial position and results of operations, and that the half year report provides a fair overview of additional disclosure requirements under the Norwegian Securities Trading Act.

The Board of Directors and the CEO have today considered and approved the consolidated condensed financial statements for the six months ended 30 June 2026, for Ocean GeoLoop ASA. The report is published on 3 September 2026 in accordance with the Company's financial calendar.

Verdal, 2 September 2026

Forward-looking statements

This report contains forward-looking information and statements regarding the business, financial performance and results of Ocean GeoLoop ASA and its subsidiaries. Such statements are based on current expectations and are subject to risks and uncertainties. Actual results may differ materially from those expressed or implied.

Kristian G. Lundkvist

Chair of the Board

Linn-Cecilie Linnemann

Board member

Eivind Tvedt

Board member

Viggo Iversen

Chief Executive Officer