Slides
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Q3 2026 Odd Strømsnes, CEO 5th November 2026
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2 With our CCU technology, we can capture CO2 directly from flue gas, or run on captured CO2 Our innovative process turns CO2 into carbon material through electrolysis From CO2 we can make conductive carbon nano tubes (CNT) for the battery industry Our technology may enable production of carbon materials close to manufacturers: local, clean & secure Bergen Carbon Solutions is a technology company, developing carbon materials for the battery industry
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Captured CO2 → Carbon Nano Tubes (CNT) it’s approximately 1,000 times thinner than a single strand of human hair
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Our CCU technology enables circular production of carbon powder • We capture 3.7 kg of CO2 for each kg of highly conductive carbon powder we produce • Modular, scale on demand systems • New, unique powder opportunity CO2 Conductive carbon powder
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Battery materials supply is concentrated in China • China controls over 90% of refining capacity for many critical battery materials (BEPA, 2026) • European battery cell capacity of ~75 GWh in 2025, against 1,850 GWh in China (BMI) • Six of the nine largest EV battery producers are Chinese; CATL and BYD alone held >50% of installations in 2025 (SNE Research) • European and Asian battery producers outside China are seeking secure, non-Chinese supply of critical materials, for both supply-chain and security reasons • Defence and security needs are increasing demand for locally produced, high energy density batteries for drones and other military applications • BCS is one of very few European CNT companies CNT producers in Europe
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6 Q3 2026
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Financial highlights Q3 2026 7 Adjusted net loss for the quarter is NOK 6.9 million due to NOK 0.4 million in one-offs, all non-cash cost. Adjusted net loss for third quarter 2025 was NOK 9.1 million. Net change in cash and cash equivalents for Q3 2025 included NOK 4.8 million in Skattefunn grants. Excluding these grants, cash burn in Q3 2026 was in line with the previous year. This year’s NOK 2.5 million Skattefunn grant is expected to be received in the fourth quarter of 2026. ▪ Constant burn rate with a lean organization with focused activities. Extending the financial run-way ▪ Current strategy execution requires minimal additional CAPEX ▪ Cash and cash equivalents exclude future grants from Innovation Norway and other institutions NOK million Q3 2026 Q3 2025 YTD 2026 YTD 2025 FY 2025 Total revenue and other income 0.1 0.0 0.1 0.0 0.0 Total operating expenses 8.6 11.1 31.0 40.5 46.9 Operating profit (loss) -8.5 -11.1 -30.9 -40.5 -46.9 Net profit (loss) for the period before tax -7.3 -9.6 -27.1 -35.5 -40.7 Net change in cash and cash equivalents -11.8 -7.0 -26.4 -28.9 -33.0 Cash and cash equivalents, end of period 110.3 140.9 110.3 140.9 136.7 Equity 120.0 150.5 120.0 150.5 146.0 Total assets 135.5 168.0 135.5 168.0 164.4
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Process know-how 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 2026 2025
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Product Development Process Base Line Powder Powder Treatment Powder Characterization Product Testing Samples sent to potential customers Qualified Product Customer feedback BCS has reached the product development phase Process
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BCS Carbon Nanotubes with novel core and structure 5 µm Surface as other CNTsNew CNT structure Iron carbide core
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New CNT structure: Chemically bonded CNTs in open-network clusters ▪ A never seen CNT structure: Open-network clusters ▪ Low bulk density < 0.02 g/mL ▪ Tailor made cluster size ▪ Pore size 300-900 nm ▪ Possible by strong chemical bonds: CNT-CNT connections 100-1000x stronger than in conventional CNTs ▪ BCS CNT clusters are elastic A complete new CNT structure: Open-network clusters Relaxed Compressed Strong chemical bonds: CNT connections stronger than in conventional CNTs BCS CNT clusters are elastic like a spring
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Iron carbide core: A novel CNT core of iron carbide (Fe3C) confined by CNT walls ▪ 10% iron carbide, with a core diameter of approx. 5-20 nm ▪ Encapsulated inside the CNT as a result of the BCS process ▪ The iron carbide is permanently confined and makes BCS CNT magnetic ▪ This is a potential advantage as it changes the properties compared to traditional CNTs Iron carbide inside BCS CNTs
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BCS Carbon Nano Tubes: A new and unique material Diameter 30-100 nm SSA 30 m2/g 10% iron carbide Open-network structure Chemically bonded CNTs Low bulk density < 0.02 g/mL Tailor made cluster size Elastic clusters Ready BCS CNT Highly electrically conductive Good connective network Single CNT Inside cluster Cluster collection BCS CNT 1 µm 10 µm
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Partner testing progressing ▪ BCS CNT powder at testing with several industrial companies in both Europe and Asia. Feed-back ongoing and several have requested additional powder to conduct subsequent detailed testing ▪ Results are encouraging, showing BCS CNT on par with reference powders on several parameters ▪ Engagement increasingly focused on technical and R&D environments at partner companies, -rather than supply chain/procurement functions ▪ Ongoing external testing of BCS CNT as traditional conductive additive, but also for use in silicon- anodes, dry-electrode formulations and screening for resin applications BCS CNT 2024 BCS CNT 2026 Ref1 - CB Ref2 - CB Ref3 - CNT Initial discharge capacity ~80% increase BCS CNT 2024 BCS CNT 2026 Ref1 - CB Ref2 - CB Ref3 - CNT Direct current resistance ~90% decrease Results from testing with one external partner (Asia)
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Patent portfolio: Current four active patent families and three granted patents CNT filtration CO2 separation Invention #3 Invention #4 NOR NOR NOR NOR 2 GRANTED 1 GRANTED 6 PENDING PENDING PENDING 1 2 3 4
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Deeper understanding of BCS CNT, confirming a unique 3D clustered structure not produced by conventional CVD processes Partner testing progressing, with industrial partners now in second rounds of testing. Feed-back encouraging, BCS CNT on par with reference powders on several parameters Geopolitical developments increasingly favour local and secure supply of battery materials outside China, strengthening the relevance of BCS Expanding patent portfolio, strong financial position, and constant burn rate Summary
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The green supermaterial of the future 17