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Q4 2025 Odd Strømsnes, CEO 19th February 2026
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2 Bergen Carbon Solutions is a technology company, developing solutions to add value both upstream and downstream. With our CCU technology, we can capture CO2 directly from flue gas, or run on captured CO2. Our innovative process turn CO2 into carbon material through electrolysis. From CO2 we can make conductive carbon materials for the battery industry, ranging from small nano-particles to graphitic macro- structured carbons. Bergen Carbon Solutions The green supermaterial of the future
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Fourth quarter and full year summary Technology: Major improvements in obtaining a consistent process ▪ Consistent and repeatable process and powder results. ▪ Established a process platform for further development. ▪ Now in a position for further partnering development. Finance: Strong discipline and new support ▪ Continued low burn rate and full cost control. ▪ Solid cash balance and limited new capex required. ▪ 30 MNOK Innovation Norway grant to support next development phase. Organisation: Strengthening competence and insight • New Advisory Board with international industry expertise. • Additional technical competence onboarded to accelerate progress. • A lean, focused organisation built for the next stage of growth.
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Captured CO2 → Carbon NanoTubes (CNT) it’s approximately 1,000 times thinner than a single strand of human hair
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Our CCU technology enable production of sustainable batteries We capture 3.7 kg of CO2 for each kg of highly conductive carbon powder we produce Demonstrating a true circular battery value chain CO2 Conductive carbon powder
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Importance of local supply chains is rising Policy and politics are reshaping the battery industry 1. Tariffs: Increasing geopolitical tension is leading to new trade restrictions and tariffs 2. Export controls: Battery materials are considered strategic and subject to tighter regulation and control 3. Regulation and state support: Regulation on local content and increased funding for battery production EU Battery Booster Package Will be announced on November 25, 2025 Investment package to support EU made batteries with additional EUR 1.8 billion from the Innovation Fund. Comes on top of the already proposed EUR 3 billion. Aimed at achieving near-term cost competitiveness of domestically produced battery cells and components. Aims to boost European added value, support the entire battery value chain, and ensure a resilient and competitive battery manufacturing sector in Europe. CEO Odd Strømsnes on stage at the Future Battery Forum in Berlin in December
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Enabling stable and local access to battery materials Our CCU technology provides a local and secure alternative • BCS technology may enable on-site or near-site production of carbon additives • No need for long-distance shipping or global supply contracts • Modular, scalable systems fit into regional battery production hubs • A solution aligned with future policy and market trends: local, clean, secure BCS pilot modular unit. Photo: Ørjan Deisz (bt.no)
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8 Q4 2025
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Financial highlights Q4 and full year 2025 9 Adjusted net loss for the quarter is NOK 4.4 million due to NOK 0.7 million in one-offs, where 0.6 is non-cash cost. ▪ Significant reduced burn rate with 48% versus 2024 through a leaner organization with more focused activities. Extending the financial run-way. ▪ Current strategy execution requires minimal additional CAPEX. ▪ Received NOK 30 million grant from Innovation Norway in November 2025 – first installment in January 2026 NOK million Q4 2025 Q4 2024 FY 2025 FY 2024 Total revenue and other income 0.0 0.0 0.0 0.1 Total operating expenses 6,3 11,5 46,9 72,7 Operating profit (loss) -6,3 -11,5 -46,9 -72,6 Net profit (loss) for the period before tax -5,1 -9,9 -40,7 -64,2 Net change in cash and cash equivalents -4,1 -3,8 -33,0 -63,3 Cash and cash equivalents, end of period 136,7 169,7 136,7 169,7 Equity 146,0 184,3 146,0 184,3 Total assets 164,4 205,9 164,4 205,9
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Process understanding and stability improved through systematic parameter control Process conditions Quality Process conditions Quality Allows us to define our process conditions and reproduce our now best graded CNTs *illustrative PresentPreviously *illustrative
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Major technology improvements in 2025 ▪ Established a stable and predictable process platform for further development. ▪ Moved from experimentation to controlled optimization and learning. ▪ Built the foundation for external testing, increased volumes, and validation. ▪ Created new opportunities for strategic partnerships and future applications. BCS Established 2016 IPO 2021 Process Platform 2025 Process and powder development 2026 -> Updated Strategy 2022
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BCS Battery lab Showroom for innovation Our battery lab is important to showcase real life battery performance of our carbon powders. In the lab, we can show evidence of use for our unique and sustainable conductive additives for different chemistries.
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Ongoing work on LFP battery testing Capacity retention: ▪ We can now show real life performance of our MWCNT powders and compare them with fossil solutions. ▪ BCS performance in recent test are as expected, between SWCNT and carbon black (CB) ▪ This is a good starting point for further development together with partners
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NEXT GENERATION Lithium Sulfur ▪ Developing Li-S batteries with 10x higher energy density than LFP and NMC chemistries. ▪ Achieved 70% capacity retention after 750 cycles using CNTs and carbon flakes, outperforming fossil- based CVD materials. ▪ Enhanced high C-rate performance, showing significant improvements in fast charging capabilities. Anode : Li metal Cathode : Sulfur : BCS Powder (70:30) Electrolyte: 1.0 MLiTFSI in DOL:DME, 2 % LiNO3 Cycle: 1.7– 2.8 V, 0.5 C 0 5 10 15 20 25 30 200 400 600 800 1000 1200 1400 1600 Capacity(mAh/g) Cycle Number Reference rGO as S-Host BCS GCF as S-Host 0.1C 0.5C 1C 2C 3C 4C 0.5 C 0 10 20 30 40 50 60 70 200 400 600 800 1000 1200 1400 1600 Capacity (mAh/g) Cycle number BCS GCF as S-Host 0.1 C 0.5 C 1 C 2 C 3 C 4 C 0.5 C 6 C High C-rate capabilities: • BCS powders support significantly higher C-rates unlocking faster charge and discharge capabilities without compromising stability 6 C 4 C
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Unique materials for battery applications We are to a lesser extent competing with conventional fossil CNT producers. For BCS it’s all about documenting performance. The unique qualities of our powders, the sustainable process and our strong geopolitical position, enables us to better meet niche market requirements.
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2026 plan and outlook On track and building on 2025 progress ▪ Stable technology platform established in 2025 ▪ Development progressing according to plan ▪ 2026 focus: larger test volumes and external validation ▪ Continued process optimisation and partner interaction
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Partnering strategy Building value through the right partnerships ▪ Targeting industrial partners with strong battery competence ▪ Partners that can add value to our technology development ▪ External testing and validation in real battery systems ▪ Ongoing dialogue with selected companies and research environments
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Process platform in place. Strong cost control and extended run-way. Moving into larger test volumes and external validation. Next phase: execution, partnerships, and progress toward commercialisation. Summary
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The green supermaterial of the future 19