Interim report
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Quarterly report | Cambi ASA Q3 2026 cambi.com
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Disclaimer and copyright Cambi ASA - Third-quarter results 2026 | 2 Disclaimer This document is for information purposes only. Cambi ASA (Cambi) gives no representation or warranty, expressed or implied, as to the accuracy or completeness of any information included herein. No information in this document, including projections, estimates, targets and opinions, is or can be relied upon as a promise or representation by Cambi. The document may contain information obtained from third parties. Such information has been accurately reproduced. As far as Cambi can ascertain and is aware of, no facts have been omitted that would render the reproduced information inaccurate or misleading. While all steps have been taken to ensure the document’s accuracy, Cambi does not accept any responsibility for any errors or for any loss or damage resulting from them. Readers are responsible for verifying all information independently. The document contains forward-looking statements regarding Cambi’s current plans, objectives, forecasts, and estimates. These statements only consider available information up to the date that this document was prepared. Cambi makes no guarantee that these forward-looking statements will prove right. The future development of Cambi and its subsidiaries and the achieved results are subject to a variety of risks and uncertainties, which could cause actual events or results to differ significantly from those reflected in the forward-looking statements. Many of these factors are beyond the control of Cambi and its subsidiaries and, therefore, cannot be precisely predicted. Copyright All text, photographs, drawings, and images contained in this document are the property of Cambi, its subsidiaries or their licensors. No part of this document may be reproduced or used in any manner without prior written permission and appropriate acknowledgement. Enquiries about the reproduction of content from this publication should be directed to Cambi’s investor relations contact.
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Third quarter 2026 highlights Revenue increased to NOK 269 million High level of project execution activity in the Technology segment. Five projects advanced to the following delivery stage High order intake in both segments, with contract awards in Egypt, Norway, and Ireland, lifted order backlog to NOK 1.6 billion NOK 0.45 dividend per share declared by the Board as additional dividends based on the 2025 annual accounts, to be paid in November NOK 0.45 per share bringing the total this year to NOK 0.75 per share Cambi ASA - Third-quarter results 2026 | 3 257 269 42 45 422 346 Local THP vessel manufacturing for the Versova project in Mumbai (India) Revenue Q3 2025 Q3 2026 EBITDA Q3 2025 Q3 2026 in NOK million in NOK million Order intake Q3 2025 Q3 2026 Order backlog Q3 2025 Q3 2026 in NOK million in NOK million 1,103 1,556 CEO statement Additional dividend payment in Q4 2026
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Order intake Cambi ASA - Third-quarter results 2026 | 4 In Egypt, Cambi signed a major thermal hydrolysis process (THP) contract with a joint venture of Metito and Hassan Allam to supply four THP systems for the Alexandria West wastewater treatment plant. It is Cambi’s first contract in Egypt, opening a potentially promising market. THP allows the anaerobic digesters to operate at higher loading rates, halving their number from 16 to 8 and avoiding 8 costly foundations in poor ground conditions. It is also expected to reduce biosolids volumes and increase biogas production, enabling the plant to become energy self-sufficient. The project is coordinated by the Egyptian Construction Authority for Potable Water and Wastewater and financed by the European Investment Bank, the European Union, and Egyptian national resources. The contract begins with an engineering phase, with manufacturing to follow a later notice to proceed. Equipment delivery is scheduled for 2028, and operations are due to start in 2029. Three contracts secured across three markets Operational review In Ireland, Cambi signed a small contract with Celtic Anglian Water to extend the operating life of two THP streams at the Ringsend wastewater treatment plant in Dublin. Cambi’s scope covers control system modernisation and the replacement of ancillary equipment. Delivery will be phased during 2027 so that the plant can keep operating. In Norway, Grønn Vekst was awarded a small biosolids management contract by Eidsvoll municipality for the Bårlidalen wastewater treatment plant, with an expected annual volume of about 3,500 tonnes. The agreement has a firm duration of three years, with up to seven one-year extensions. Service delivery started on 1 November 2026. City skyline of Alexandria, Egypt
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Expected improvements from the Alexandria West THP project Cambi ASA - Third-quarter results 2026 | 5 Operational review Four B6 THP systems Together with steam boilers and heat exchangers Supplied as packaged units, with short installation and commissioning time on site Saving cost and capex associated with digester construction Four THP systems to be delivered by Cambi 8 instead of 16 digesters can process all solids Up to 30% reduction in biosolids volume Up to 50% higher biogas production High-quality biosolids - easy to apply to land The overall project refurbishes the existing plant, adds capacity to meet population growth, and introduces biological treatment and anaerobic digestion. All secondary sludge is first processed by THP, while the primary sludge is sent directly to the digesters. More efficient digestion: Engineering of the digesters is part of Cambi’s scope of supply Smaller footprint: THP saves space on a land-constrained site Drier solids: Better dewatering and higher biogas production means about 20 fewer 25-tonne truckloads of solids each day From open-air composting to digestion: THP adds flexibility by opening up several reuse pathways, including land application
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Technology segment - installation and commissioning Cambi ASA - Third-quarter results 2026 | 6 Cambi continued to execute its construction contracts in line with contractual commitments and client site schedules. One new THP system entered operation Cambi brought the THP system in Fredrikstad (Norway) into operation and commenced commissioning in Louisville, Kentucky (USA). Four projects completed installation Ten projects were in the installation phase or had completed it at the end of the third quarter. Four THP projects completed installation during the quarter, at sites in: San Francisco, California, and Honolulu, Hawaii (USA); Palma de Mallorca (Spain); and Singapore. Together with the projects in Perth (Australia) and Wellington (New Zealand), six were ready to commence commissioning at quarter-end, pending client site readiness. Installation work also progressed well in Santiago de Compostela (Spain), for the Veas project in Oslo (Norway), and for CNP CYCLES’s digester project in Al Ghabawi near Amman (Jordan). THP systems installed at Tuas in Singapore Boiler installation for the Veas THP project in Oslo, Norway One THP system entered operation and four projects completed installation Operational review THP system under commissioning in Louisville, Kentucky (USA) THP system installed in Honolulu, Hawaii (USA)
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Technology segment - engineering and manufacturing Cambi ASA - Third-quarter results 2026 | 7 Good manufacturing progress and high engineering activity Operational review Four projects in manufacturing Manufacturing for the Versova project in Mumbai made good progress. It is the first project in which Cambi is doing part of the manufacturing in India. Three other projects completed engineering and began manufacturing during the quarter. Two of these are the THP projects in Ellesmere Port and Blackburn (UK), with good manufacturing progress at Cambi’s workshop in Congleton. The third project comprises the delivery of a full industrial wastewater treatment plant by CNP CYCLES for the Lorenz potato chips factory in Hankensbüttel (Germany). Engineering progressed on several projects Engineering for the construction projects at Malad in Mumbai (India) and in Auckland (New Zealand) advanced well. Cambi is also carrying out THP engineering for two other potential projects in North and South America, respectively. Engineering for the new project in Alexandria (Egypt) also started at the end of the third quarter. THP vessels for the project in Blackburn at Cambi’s manufacturing workshop in Congleton (UK) Digester construction in preparation for THP system arrival at Malad in Mumbai (India) Heat exchangers for the project at Versova in Mumbai, at a third-party manufacturing workshop in India THP vessels for the project in Ellesmere Port at Cambi’s manufacturing workshop in Congleton (UK)
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Technology segment - operational snapshot Cambi ASA - Third-quarter results 2026 | 8 2 2 Europe, Middle East, and Africa Project location - Cambi THP Q2 2026 Q3 2026 Fredrikstad, NO C O Oslo, NO I I Lviv, UA I I Palma de Mallorca, ES I I Santiago de Compostela, ES I I Ellesmere Port, UK E M Blackburn, UK E M Alexandria, EG - E Americas Project location Q2 2026 Q3 2026 Louisville, KY I C San Francisco, CA I I Honolulu, HI I I O In operation C Commissioning I Installation M Manufacturing E Engineering Asia-Pacific Project location Q2 2026 Q3 2026 Perth, AU I I Wellington, NZ I I Singapore Tuas, SG I I Mumbai Versova, IN M M Mumbai Malad, IN E E Auckland, NZ E E 2 Cambi and CNP CYCLES world map and project delivery progress during the third quarter 2026 Project delivery stage at quarter end Operational review Note: The overview only comprises projects with a total contract value above NOK 15 million Cambi THP projects in execution CNP CYCLES projects in execution Projects advancing delivery stage New projects added during the quarter Europe, Middle East, and Africa (cont’d) Project location - CNP CYCLES Q2 2026 Q3 2026 Castelfranco Veneto, IT C C Amman, JO I I Hankelsbüttel, DE E M Haifa, IL E E
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Solutions segment - Services Cambi ASA - Third-quarter results 2026 | 9 High season for site service assignments The operations team carried out many service assignments during the third quarter, including full annual maintenance, maintenance supervision, and heat exchanger cleaning. Europe remains Cambi’s main market for such services, but the company has started to offer the annual maintenance in the US and continues to build capacity and improve customer service globally. The UK team moved into refurbished offices in Congleton, while the global focus remained on skills training and targeted recruitment. Operational review High season for site activities Leased THP system delivered to Oxford Cambi continued to await client site readiness before the THP system under the lease agreement with Thames Water can be delivered to Oxford (UK). Continued to deliver small upgrades Cambi delivered small upgrades to a site in the Netherlands and sold other small upgrades to the same customer. Preparations are under way for the new upgrade project at Ringsend in Dublin (Ireland). The Upgrades team also continued to progress several larger upgrade opportunities. THP system under annual maintenance in Burgos, Spain Upgrade works at THP system in the Netherlands THP system in the UK for which Cambi is carrying out an upgrade feasibility study
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Bulk soil volumes close to last year Grønn Vekst sold 56,700 tonnes of bulk soil in the third quarter, compared with 58,100 tonnes in the same quarter last year. Soil production and deliveries proceeded without material disruptions. Continued focus on efficiency and performance At the end of the third quarter, the company operated 3 composting sites and 17 soil production sites, unchanged from the previous quarter. Work continued to find solutions for the closed soil- bagging facility at Støleheia near Kristiansand and the associated long-term lease agreement. Contracts renewed and extended Existing agreements for biosolids and garden waste ran as expected during the third quarter. Gjøvik municipality extended its granulate handling contract to the end of 2027. Grønn Vekst started delivering under the renewed biosolids contract with Bergen municipality and the new biosolids contract with Eidsvoll municipality. Solutions segment - Grønn Vekst Cambi ASA - Third-quarter results 2026 | 10 Operational review Stable operations and volumes close to last year 58 48 22 102 57 Q3 Q3 Bulk soil sales quarterly development Q4 Q1 Q2 2025 2026 in thousand tonnes Soil production at Skedsmo in Lillestrøm Biosolids delivery to farmland Urban landscaping with Grønn Vekst soil at Tiedemannsbyen, a new neighbourhood in Oslo
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Events after the reporting period Cambi ASA - Third-quarter results 2026 | 11 Technology segment At the end of October, Cambi signed a contract with Luságua, a company within the Saur Group, to supply a THP system for the Frielas Water Factory near Lisbon. It is Cambi’s first contract in Portugal. The project will roughly halve the final biosolids volume and produce a stabilised end product that can be safely recycled to land. Frielas will also become a regional solids treatment centre for the neighbouring Alcântara and Alverca water factories, without additional digestion capacity. The end client is Águas do Tejo Atlântico, part of Águas de Portugal. Delivery is scheduled for 2028. Solutions segment Earlier in the fourth quarter, Grønn Vekst was awarded a renewed contract for garden waste handling with Follo Ren IKS. Covering an expected annual volume of about 5,600 tonnes of garden waste, the contract has a firm duration of five years from 1 January 2027, followed by two one-year extension options. Market City skyline of Lisbon (Portugal) One contract in the Technology segment and one in the Solutions segment announced in October Soil production from Follo Ren garden waste at Vinterbro, near Oslo Additional dividend payment On 3 November 2026, the Board of Directors resolved to declare an additional cash dividend of NOK 0.45 per share, for a total disbursement of about NOK 72 million. Last day with dividend rights: 5 November. Ex-date: 6 November. Record date: 9 November. Payment on or around 18 November. The payout is based on the mandate given to the Board at the annual general meeting in May 2026. The decision reflects Cambi’s current outlook and balances shareholder returns with capital needed for ongoing project execution and growth. The company remains debt-free. Including the ordinary dividend of NOK 0.30 per share paid in May, Cambi will have distributed a total of NOK 0.75 per share in 2025. The sum corresponds to 87% of the net result in 2025. Although the Board continues to have authority to approve additional dividend payments based on the 2025 annual accounts until the annual general meeting in 2027, this authority is unlikely to be exercised further.
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Cambi ASA - Third-quarter results 2026 | 12 Market Commercial activity across target markets remains positive, driven by long-term investment cycles and stringent environmental regulations. In the UK, implementation of the AMP8 regulatory investment framework for 2025–2030 is under way, with utilities progressing THP upgrades, services, and equipment tenders to comply with stricter industrial emissions standards. In Europe, the recast Urban Wastewater Treatment Directive, which raises requirements for energy neutrality, drives water utility companies to consider new technologies, including thermal hydrolysis. Manufacturing for the Versova project and engineering for the Malad project in Mumbai are progressing well. Cambi is strengthening the local organisation in India and pursuing potential projects in other cities. The recent contracts in Egypt and Portugal will be Cambi’s first references in two new markets and a base for additional projects. In Egypt, the project is financed by the European Investment Bank, the European Union, and Egyptian national resources, a reliable funding route that may be repeated. In Norway, Grønn Vekst has restored profitability and continues to seek opportunities to increase its market share while protecting margins. Many of Cambi’s ongoing construction contracts are close to commissioning. Most revenue on these contracts has already been recognised and further progress depends on customer site readiness. Two ongoing projects in the engineering phase require notices to proceed before moving ahead. Including long-term options in Grønn Vekst’s biosolids-handling contracts, nearly 40% of Cambi’s current order backlog is conditional. Management is confident the reported backlog will be converted into revenue. Cambi reports in Norwegian kroner (NOK), so a stronger krone reduces the NOK value of revenue and costs in foreign currencies. Manufacturing costs, which are mainly in foreign currencies, are affected in the same way. Cambi’s order backlog continues to provide good visibility on future activity levels. The Board remains confident in Cambi’s long-term growth outlook and market position. Outlook Near-term opportunities remain strongest in the UK
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Financial performance
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Financial highlights 257 245 179 265 269 Cambi ASA - Third-quarter results 2026 | 14 Q3Q2 Revenue in NOK million 422 162 348 554 346 Order intake Order backlog Q3 Q4 Q1 42 30 23 26 45 Q3 Q3 EBITDA Q4 Q1 Q2 Q3 Q3Q4 Q1 Q2 Q3 Q3Q4 Q1 Q2 1,103 1,020 1,190 1,479 1,556 Revenue was NOK 269 million, up 5% from NOK 257 million in the third quarter of 2025. Gross margin remained stable overall and within both segments compared to the same quarter last year. EBITDA was NOK 45 million, compared with NOK 42 million in Q3 2025, corresponding to a margin of 17%. Order intake totalled NOK 346 million, comprising NOK 242 million in the Technology segment and NOK 104 million in the Solutions segment. Order backlog increased to NOK 1,556 million, its highest level since the first quarter of 2024, providing visibility on future activity levels and increasing the share of longer-term recurring revenue. Cash and cash equivalents was reported at NOK 360 million, compared to NOK 224 million in the same quarter last year. Operating cash flow was NOK -29 million, reflecting a negative change in project accruals. 20262025 2025 2026 2025 2026 2025 2026
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Income statement Revenue was NOK 269 million, driven by good progress on ongoing construction projects and high activity in the Solutions segment. Gross margin was 49%, unchanged from the corresponding quarter last year. Operating expenses remained stable at NOK 87 million, compared with NOK 85 million in the third quarter of 2025, and slightly below the levels recorded in recent quarters. EBITDA was NOK 45 million, compared with NOK 42 million in the same quarter of 2025, corresponding to a 17% margin. Depreciation and amortisation was NOK 4 million, compared with NOK 3 million in the third quarter last year. Net financial items was NOK -6 million, compared with NOK 1 million in the third quarter of 2025. Cambi maintained sound profitability, with net profit of NOK 28 million, compared to NOK 39 million in the third quarter last year, but improving from recent quarters. Consolidated income statement Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Revenue 257 245 179 265 269 Materials, goods, and services 130 115 68 148 137 Gross margin 127 129 111 117 132 Gross margin % 49% 53% 62% 44% 49% Payroll expenses 56 70 60 56 60 Other operating expenses 29 29 29 35 27 Operating expenses 85 99 88 91 87 EBITDA 42 30 23 26 45 EBITDA % 16% 12% 13% 10% 17% Depreciation and amortisation 3 4 4 5 4 Operating profit 38 27 19 21 41 Net financial items 1 -1 -11 3 -6 Profit before tax 39 26 8 23 35 Income tax expense 0 21 2 5 7 Net profit 39 - 5 7 18 28 Cambi ASA - Third-quarter results 2026 | 15 in NOK million Financial statements
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55% 62% 77% 48% 183 35 175 35 119 21 169 8 181 35 Technology segment Key financials quarterly development Quarterly revenue remained strong at NOK 181 million, reflecting continued conversion of order backlog into revenue. Gross margin was reported unchanged from the third quarter of 2025 at 55%, although underlying margins are influenced by project mix and foreign exchange movements when translated into NOK. Cambi ASA - Third-quarter results 2026 | 16 in NOK million Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Income statement Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Revenue 183 175 119 169 181 Materials, goods, and services 83 66 27 88 81 Gross margin 100 109 91 81 100 Gross margin % 55% 62% 77% 48% 55% Payroll expenses 44 56 49 45 46 Other operating expenses 21 19 21 28 20 Operating expenses 66 74 70 73 66 EBITDA 35 35 21 8 35 EBITDA % 19% 20% 18% 5% 19% Depreciation and amortisation 2 2 2 2 2 Operating profit 33 33 19 5 33 Operating expenses remained stable at NOK 66 million, unchanged from the same quarter last year. The segment continued to deliver solid profitability, with EBITDA of NOK 35 million and a margin of 19%, in line with the third quarter of 2025 and improving from recent quarters. 55% Financial review Revenue EBITDA Gross margin
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35% 29% 33% 38% 73 7 70 -4 60 2 96 18 88 11 Solutions segment Key financials quarterly development Revenue was NOK 88 million, 19% higher than NOK 73 million in the same quarter last year. Both Services and Grønn Vekst revenue increased by approximately 20% higher. Gross margin was 36%, compared with 35% in the third quarter of 2025. The segment’s gross margin in both periods was influenced by low activity within THP upgrades. Cambi ASA - Third-quarter results 2026 | 17 in NOK million Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Income statement Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Revenue 73 70 60 96 88 Materials, goods, and services 47 50 41 59 56 Gross margin 26 21 20 37 31 Gross margin % 35% 29% 33% 38% 36% Payroll expenses 12 14 11 11 14 Other operating expenses 8 10 7 7 7 Operating expenses 19 25 18 18 21 EBITDA 7 -4 2 18 11 EBITDA % 9% -6% 3% 19% 12% Depreciation and amortisation 2 2 2 3 2 Operating profit or loss 5 -6 -0 15 9 Operating expenses were NOK 21 million, compared with NOK 19 million in the same quarter of 2025, reflecting higher expenses in Services, partly offset by lower expenses in Grønn Vekst. EBITDA increased to NOK 11 million from NOK 7 million in the third quarter of 2025, corresponding to a 12% margin. The increase is primarily driven by improved profitability in Grønn Vekst. 36% Financial review Revenue EBITDA Gross margin
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Order intake 288 135 61 101 36 312 315 238 104 242 Cambi ASA - Third-quarter results 2026 | 18 Quarterly development of order intake Order intake was NOK 346 million, compared with NOK 422 million in the third quarter of 2025. Order intake also includes the sale of spare parts, bulk soil sales, variation orders in ongoing construction contracts, Services contracts, and other contract awards below the threshold for stock exchange announcements. The order intake also reflects foreign-exchange movements that affect the reported order backlog. In the Technology segment, order intake was NOK 242 million, including the announced contract in Alexandria (Egypt). In the Solutions segment, order intake was NOK 104 million, including the Services subsegment’s announced upgrades contract in Dublin (Ireland) and Grønn Vekst’s new biosolids- handling contract in Eidsvoll (Norway). in NOK million Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 422 Technology Solutions 162 348 554 346 Financial review
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Order backlog 457 646 448 573 424 766 643 836 659 897 Cambi ASA - Third-quarter results 2026 | 19 Quarterly development of the order backlog Order backlog ended the third quarter at NOK 1,556 million, 41% higher than at the end of the third quarter of 2025. A stronger Norwegian krone reduced the NOK value of the order backlog by NOK 63 million compared with exchange rates a year earlier. Most of the effect is in the Technology segment, where much of the foreign-currency backlog sits. The order backlog is at its highest since the first quarter of 2024, providing good visibility into future activity levels. It is also more diversified, with the Solutions segment’s share increasing from 15% to 42% since the first quarter of 2024. Technology segment Order backlog was NOK 897 million, 39% higher than one year earlier. New contracts more than offset revenue recognised on ongoing construction contracts. Solutions segment Order backlog was NOK 659 million, compared with NOK 457 million one year earlier. The increase mainly reflects Grønn Vekst’s long-term biosolids-handling contract portfolio. At quarter end, 94% of the Solutions segment’s order backlog represented the remaining contract value for Grønn Vekst’s biosolids and garden waste activities. in NOK million Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 1,103 1,020 1,190 1,479 1,556 Technology Solutions Financial review
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Cambi reports in Norwegian kroner (NOK), while 55% of the order backlog is denominated in foreign currencies. Euros account for 37% of the total backlog, British pounds for 10%, Indian rupees for 5%, and US dollars for 3%. Exchange rate movements therefore affect the NOK value of the reported backlog and, as contracts are executed, reported revenue and financial performance. Order backlog by currency Order backlog by delivery period and segment in NOK million Order backlog distribution 13% of the order backlog is expected to be delivered in the fourth quarter 2026, with a further 32% expected in 2027. 55% is expected in 2028 or later, more than half of which represents long-term biosolids handling contracts. 38% of the order backlog is conditional on Cambi receiving orders to proceed to manufacturing within Technology segment construction contracts or on Norwegian municipalities exercising extension options on Grønn Vekst’s contracts. These options have historically been exercised consistently. 13%1,556 32% end of Q3 2026 Cambi ASA - Third-quarter results 2026 | 20 55% Q4 2026 2027 2028 and beyond NOK GBP USD 45% 10% 5% 1,556 NOK million Financial review Technology Solutions EUR 37% 3% INR
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Balance sheet Cash and cash equivalents stood at NOK 360 million, up from NOK 224 million in the third quarter of 2025, although below the previous quarter due to negative operating cash flow. Earned but not invoiced project revenue increased to NOK 177 million from NOK 126 million a year earlier. Accounts receivable decreased to NOK 122 million from NOK 302 million, following collection of outstanding invoices. Accrued project costs, provisions, and deferred revenue decreased slightly to NOK 112 million from NOK 120 million in the third quarter of 2025, while accounts payable increased to NOK 67 million from NOK 51 million, reflecting fluctuations in project-related working capital. Cambi had no long-term debt at quarter end. Unaudited, in NOK million Consolidated balance sheet Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Intangible assets 19 20 19 17 16 Property, plant, and equipment 50 47 46 44 40 Employee loans 4 4 4 4 4 Investments in shares 1 0 0 0 0 Total non-current assets 73 71 68 65 59 Inventories 108 117 92 87 90 Accounts receivable 302 192 80 124 122 Earned but not invoiced project revenue 126 171 244 157 177 Other current receivables 20 39 27 26 29 Cash and cash equivalents 224 288 282 388 360 Total current assets 780 807 726 782 778 Total assets 853 877 794 846 838 Total equity 583 469 466 486 509 Deferred tax 45 71 71 71 71 Accounts payable 51 67 67 77 67 Accrued project costs, provisions, and deferred revenue 120 146 74 153 112 Other current liabilities 54 123 116 59 78 Total liabilities 270 408 328 361 329 Total equity and liabilities 853 877 794 846 838 Cambi ASA - Third-quarter results 2026 | 21 Financial statements
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Cash flow statement Cambi ASA - Third-quarter results 2026 | 22 Consolidated cash flow statement Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Profit before tax 39 26 8 23 35 Tax paid for the period -3 -1 -2 -11 -3 Depreciation and amortisation 3 4 4 5 4 Loss on disposal of property, plant, and equipment – – – 0 – Impairment loss on financial assets – 1 – – – Change in inventory 83 -9 24 6 -4 Change in accounts receivable -15 110 111 -44 3 Change in accounts payable -24 16 0 10 -10 Change in project accruals -16 -18 -146 167 -61 Effect of exchange rate fluctuations -3 -1 -9 2 -5 Change in other accruals 17 9 5 -2 12 Net cash flows from operating activities 81 136 -4 156 -29 Payments for the purchase of property, plant, and equipment -2 0 -2 -2 1 Payments for the purchase of intangible assets -0 -0 – – – Payments for the purchase of shares in other companies -11 – – – – Proceeds from employee loan repayments – 0 – 0 – Net cash flows from investment activities -13 0 -2 -2 1 Payment of dividends – -72 – -48 – Net cash flows from financing activities – -72 – -48 – Net change in cash and cash equivalents 68 64 -6 106 -29 Cash and cash equivalents at the start of the period 156 224 288 282 388 Cash and cash equivalents at the end of the period 224 288 282 388 360 Operating cash flow was NOK -29 million, compared to NOK 81 million a year earlier. The difference primarily reflects a NOK 61 million negative change in project accruals. Operating cash flow is influenced by the timing and size of milestone payments, which vary with the achievement of contractually agreed-upon project milestones. Cash flow from investing was an inflow of NOK 1 million, compared with an outflow of NOK 13 million in the third quarter of 2025, which was primarily driven by the acquisition of a controlling stake in CNP CYCLES. Cash and cash equivalents decreased by NOK 29 million during the quarter to NOK 360 million at quarter end. Unaudited, in NOK million Financial statements
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Dividends At a meeting on 3 November 2026, the Board of Directors exercised a limited authorisation given by the Annual General Meeting in May to declare an additional cash dividend. The dividend payment will amount to NOK 0.45 per share. The decision to pay an additional dividend is based on the 2025 annual accounts and takes into account developments in Cambi’s order intake, project milestones, and capital requirements for potential investment and growth opportunities since the dividend payment in May. The approach balances shareholder returns with prudent cash management. The record date is 9 November. Payment will be on or around 18 November. The Board does not intend to exercise its remaining authorisation to distribute additional dividends. Any further dividend distributions will be considered in connection with the 2026 annual accounts and subject to approval at the 2027 annual general meeting. Cambi ASA - Third-quarter results 2026 | 23
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Directors’ statement Cambi ASA - Third-quarter results 2026 | 24 The Board of Directors and the CEO have reviewed and approved Cambi ASA’s third-quarter 2026 interim report. The condensed interim financial statements have been prepared in accordance with the Norwegian Accounting Act and NGAAP, applying the same accounting policies as in the latest annual report. To the best of our knowledge, the condensed interim financial statements give a true and fair view of Cambi’s assets, liabilities, financial position, and profit or loss for the periods presented. The interim financial information is unaudited. Asker, 3 November 2026
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Condensed interim financial statements and notes
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Consolidated income statement Q3 2026 Q3 2025 YTD Q3 2026 YTD Q3 2025 Revenue 269.0 256.8 712.6 823.6 Materials, goods, and services 137.2 130.2 352.8 422.9 Gross margin 131.8 126.6 359.9 400.8 Payroll expenses 59.7 55.8 175.5 168.5 Other operating expenses 27.0 29.0 90.4 101.6 Operating expenses 86.7 84.8 265.9 270.1 EBITDA 45.2 41.8 94.0 130.6 Depreciation and amortisation 4.1 3.4 13.4 15.1 Operating profit 41.1 38.3 80.6 115.6 Net financial items -6.4 0.7 -14.5 33.6 Profit before tax 34.7 39.0 66.1 149.2 Income tax expense 6.7 0.3 13.2 16.8 Net profit 28.0 38.8 52.9 132.4 Attributable to Equity holders of the parent company 28.4 38.9 51.6 133.2 Non-controlling interests -0.4 -0.2 1.3 -0.8 Cambi ASA - Third-quarter results 2026 | 26 Unaudited, in NOK million
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Consolidated balance sheet Cambi ASA - Third-quarter results 2026 | 27 Unaudited, in NOK million Equity Q3 2026 Q3 2025 Year 2025 Total equity 508.7 582.9 469.0 Liabilities Deferred tax 71.3 45.5 71.4 Accounts payable 67.4 51.3 67.2 Accrued project costs, provisions, and deferred revenue 111.8 119.6 146.5 Other current liabilities 78.2 53.6 123.2 Total liabilities 328.8 269.9 408.2 Total equity and liabilities 837.5 852.8 877.2 Assets Q3 2026 Q3 2025 Year 2025 Intangible assets 15.8 18.8 20.0 Property, plant, and equipment 39.9 49.5 46.7 Employee loans 3.7 4.1 3.8 Investments in shares 0.0 0.7 0.0 Total non-current assets 59.5 73.2 70.5 Inventories 90.4 107.8 116.7 Accounts receivable 121.5 301.9 191.6 Earned but not invoiced project revenue 177.0 126.1 171.0 Other receivables 29.3 20.0 39.3 Cash and cash equivalents 359.8 223.8 288.1 Total current assets 778.1 779.6 806.7 Total assets 837.5 852.8 877.2
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Consolidated cash flow statement (1/2) Cash flows from operating activities Q3 2026 Q3 2025 YTD Q3 2026 YTD Q3 2025 Profit before tax 34.8 39.0 66.2 149.2 Tax paid for the period -2.9 -3.1 -15.2 -3.2 Depreciation and amortisation 4.1 3.4 13.4 15.1 Loss on disposal of property, plant, and equipment – – 0.1 – Change in inventory -3.8 82.6 26.3 54.5 Change in accounts receivable 2.5 -15.1 70.0 -130.7 Change in accounts payable -9.7 -23.7 0.2 -26.2 Change in project accruals -61.1 -16.3 -40.5 117.6 Effect of exchange rate fluctuations -5.2 -2.7 -13.1 -22.8 Change in other accruals 11.8 16.9 15.2 -17.5 Net cash flows from operating activities -29.5 81.1 122.4 135.9 Cash flows from investment activities Payments for the purchase of property, plant, and equipment 0.9 -1.5 -2.9 -7.4 Payments for the purchase of intangible assets – -0.0 – -0.4 Payments for the purchase of shares in other companies – -11.5 – -11.5 Proceeds from employee loan repayments – – – 0.2 Proceeds from the sale of current financial investments – – 0.2 – Net cash flows from investment activities 0.9 -13.0 -2.7 -18.9 Cambi ASA - Third-quarter results 2026 | 28 Unaudited, in NOK million
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Consolidated cash flow statement (2/2) Cash flows from financing activities Q3 2026 Q3 2025 YTD Q3 2026 YTD Q3 2025 Payment of dividends – – -48.0 -48.0 Net cash flows from financing activities – – -48.0 -48.0 Net change in cash and cash equivalents -28.5 68.2 71.7 69.0 Cash and cash equivalents at the start of the period 388.4 155.7 288.1 154.8 Cash and cash equivalents at the end of the period 359.8 223.8 359.8 223.8 Cambi ASA - Third-quarter results 2026 | 29 Unaudited, in NOK million
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Consolidated statement of changes in equity Share capital Own shares Share premium Other equity Minority interests Total Equity as of 1 January 2026 3.2 -0.0 109.2 352.4 4.3 469.0 Net profit for the period – – – 51.7 1.3 53.0 Share-based incentive programme – – – 0.1 – 0.1 Exchange differences on translation of foreign operations – – – -13.1 -0.2 -13.4 Equity as of 30 September 2026 3.2 -0.0 109.2 391.0 5.4 508.7 Cambi ASA - Third-quarter results 2026 | 30 Unaudited, in NOK million
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Notes Treated material may subsequently be managed through routes including land application, drying, pyrolysis, and incineration, subject to local requirements and site conditions. Cambi also provides lifecycle services for its installed base, including spare parts, maintenance, upgrades, advisory services, and digital services through Cambi Plus. Established in 1992, Cambi has offices in several countries supporting sales, engineering, project delivery, and services. In-house manufacturing is carried out in England. Cambi also works with manufacturing partners in selected markets. At the end of the third quarter 2026, Cambi had sold THP systems to 96 facilities in 28 countries across 6 continents. Combined, these systems have a nameplate capacity corresponding to the wastewater solids generated by a population of approximately 132 million. Cambi ASA - Third-quarter results 2026 | 31 Note 1 - Reporting entity Cambi ASA is a limited liability company with headquarters in Asker, Norway. The consolidated interim financial statements comprise Cambi ASA and its subsidiaries, collectively referred to as Cambi. Cambi supplies technologies and services for the treatment and management of organic materials. Its core technology is the thermal hydrolysis process (THP), which uses thermal treatment followed by rapid pressure reduction to break down organic material before subsequent processing. Feedstocks include wastewater solids, food waste, and other organic materials. THP is commonly integrated with anaerobic digestion. Depending on the feedstock and plant configuration, the process can increase digestion capacity and biogas production, improve dewatering, and reduce the volume of biosolids requiring downstream management. Cambi holds a 51% interest in CNP CYCLES, a German company serving municipal and industrial customers in Germany and internationally. CNP CYCLES supplies technologies for nutrient and methane recovery and organic material processing, alongside solutions to optimise anaerobic digestion and other treatment processes. In Norway, the wholly owned subsidiary Grønn Vekst provides services for the management and recycling of biosolids and garden waste. The company also produces bulk soil products using recycled organic materials, stone meal, and other components as alternatives to peat-based soils. At the end of the third quarter 2026, Grønn Vekst operated 3 composting sites and 17 soil production sites.
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Note 2 - Business segments The Technology segment includes the research, development, sale, manufacturing, and delivery of complete THP systems and associated equipment, as well as Cambi’s ownership in the German-based resource recovery company CNP CYCLES. The Solutions segment encompasses all Services provided to Cambi’s growing base of installed THP plants, including upgrades, maintenance, and operations. It also includes Grønn Vekst, a Norwegian company specialising in the recycling of biosolids to land and of garden waste, stone meal and other waste fractions into soil products. Technology Solutions Q3 2026 Q3 2025 YTD Q3 2026 YTD Q3 2025 Q3 2026 Q3 2025 YTD Q3 2026 YTD Q3 2025 Revenue 181.3 183.3 468.7 602.8 87.7 73.5 243.9 220.9 Materials, goods, and services 80.9 82.8 196.5 288.6 56.2 47.4 156.2 134.3 Gross margin 100.4 100.5 272.2 314.2 31.5 26.1 87.7 86.6 Payroll expenses 45.7 44.1 139.6 134.4 14.0 11.6 35.9 34.2 Other operating expenses 20.1 21.4 69.4 75.9 6.8 7.7 21.0 25.7 Total operating expenses 65.9 65.5 209.0 210.3 20.8 19.3 56.9 59.9 EBITDA 34.5 35.0 63.1 103.9 10.7 6.8 30.8 26.7 Depreciation and amortisation 1.9 1.6 6.3 8.8 2.2 1.8 7.0 6.3 Operating profit or loss 32.6 33.3 56.8 95.1 8.5 5.0 23.8 20.4 Cambi ASA - Third-quarter results 2026 | 32 Unaudited, in NOK million Additional historical segment data beyond the periods presented above are available in the Key data Excel file on Cambi’s investor website.
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Construction contracts comprise new equipment deliveries reported in the Technology segment and upgrade-related equipment deliveries for existing THP systems reported in the Solutions segment. Revenue from construction contracts is recognised using the percentage-of-completion method, measured as the costs incurred to date divided by the estimated total contract costs. Provisions recognised in relation to ongoing construction contracts include estimated liabilities for warranty and performance guarantees, where applicable. Projects with a total value below NOK 15 million or a planned duration of less than 12 months are excluded from the order backlog and are therefore not included in ongoing construction contracts. Accrued project revenue and costs, including those from construction contracts and smaller projects, are recognised in the balance sheet. Changes in project accruals are recognised in cash flow. At the end of the third quarter of 2026, Cambi had 23 ongoing construction contracts, all but one related to new equipment deliveries in the Technology segment. One year earlier, Cambi had 19 ongoing construction contracts, all in the Technology segment. Net contribution from ongoing construction contracts Q3 2026 Q3 2025 Accumulated revenue recognised on ongoing construction contracts 2,237.7 1,586.2 Accumulated cost of materials, goods, and services on ongoing construction contracts 997.0 688.8 Net contribution on ongoing construction contracts as of 30 September 2026 1,240.7 897.5 Accrued project revenue Earned but not invoiced project revenue 177.0 126.1 Accrued project costs Accrued project costs, provisions, and deferred revenue 111.8 119.6 Unaudited, in NOK million Cambi ASA - Third-quarter results 2026 | 33 Note 3 - Customer construction contracts As of 30 September 2026, the accumulated net contribution from ongoing construction contracts since contract commencement was NOK 1,241 million. Net contribution represents accumulated revenue recognised less accumulated cost of materials, goods, and services.
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Q3 2026 Cambi ASA | Third-quarter results 2026 Cambi ASA Skysstasjon 11B 1383 Asker, Norway Postal Address PO Box 78 1371 Asker, Norway cambi.com