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Accelerating efficient CO2 capture Q2 2025 company presentation
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Default disclaimer text pending Disclaimer 2 THIS PRESENTATION IS NOT FOR PUBLICATION NOR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO AUSTRALIA, CANADA OR THE UNITED STATES (INCLUDING ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATED AND THE DISTRICT OF COLUMBIA) OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. THE DISTRIBUTION OF THIS PRESENTATION MAY IN CERTAIN JURISDICTION BE RESTRICTED BY LAW. PERSONS INTO WHOSE POSSESSION THIS RELEASE COME SHOULD INFORM THEMSELVES ABOUT AND OBSERVE ANY SUCH RESTRI CTIONS. This company presentation (the “Presentation”) has been prepared by Capsol Technologies ASA (“ Capsol” or the “Company”) and relates to Capsol. This Presentation speaks as of August 26, 2025, and there may have been changes in matters which affect the Company subsequent to the date of this Presentation. 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Any investment or investment activity to which this Presentation relates is available in the United Kingdom only to persons that are both Relevant Persons and Qualified Investors, and in member states of the EEA other than Norway and the United Kingdom only to persons tha t are Qualified Investors, and will be engaged in only with such persons. This Presentation and the information contained herein is not intended for publication or distribution, directly or indirectly, in whole or in part, in, and does not constitute an offer of securities in, the United States (as defined in Regulation S under the U.S. Securities Act of 1933, as amended (the “Securities Act”)), Cana da, Australia, Japan or any other jurisdiction where such distribution or offer is unlawful. 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Ingar Bergh Chief Financial Officer Today’s presenters: Wendy Lam Chief Executive Officer Jacob Clausen Krøvel SVP Investment and Strategy
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Policy and partnerships driving CCUS forward
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5 • Carbon capture with safe solvent and heat recovery • Stand-alone, retrofit- friendly design • Serving hard-to-abate sectors Delivering robust, energy-efficient capture technology 1. CO2 concentration 2. Image source: Stockholm Exergi by Urban Design Separating CO2 from other gases CO2 is compressed and transported CO2 is injected into deep underground rock formations Burning biomass to produce heat and electricity
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6 Market catalysts accelerating CCUS adoption 1. Relevant industries for Capsol’s technologies include cement, BECCS, energy-from-waste, gas turbines, pulp and paper, refineries, petrochemicals, ammonia, iron and steel, and other base materials. 2024 2030 203 2040 20 0 IEA net ero scenario ETO 202 IEA announced pledges 0 1 000 2 000 3 000 4 000 000 6 000 CAGR: 19% CAGR: 17% CAGR: 13% mtpa, operational CCUS capacity ✓ETS forecast to triple to EUR ~200/t in 2035 ✓Growing carbon removal credits demand, more volume contracted YTD than FY 2024 ✓Green pricing premiums provide additional incentives Capsol targeting 4%+ market share of the technology licensing in 2030, expanding to 6%+ long-term as relevant industries 1 share of total CCUS market grows
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Q2 2025 highlights 71. Unrisked Resilient pipeline growth and strong customer demand • Revenues of NOK 41 million in H1 2025, up from NOK 36 million in H1 2024 • 73% mature pipeline growth year -on-year to 22.6 mtpa of CO2 capture • Strong demand for CapsolGT® in the US and first engineering study in the lime industry Outlook underpinned by robust pipeline economics Strategic levers to accelerate value creation • Pipeline with NOK 3.3bn in revenue and NOK 1.7bn pre -tax profit potential 1 • More than half of the volume includes projects with potential FIDs in 2026 -28 • In negotiations for additional CapsolGo® campaigns for H2 2025 and H1 2026 • New business models to accelerate deployment and long -term earnings • Dialogues progressing with current and prospective strategic partners • Liquidity position increased to NOK 67.5 million, up from NOK 58.5 million at end Q1
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3. Capital-efficient scaling Model 5. Value creation ambitions Leadership 2. High-value verticals Industries 1. Cost leadership Technology Five strategic pillars for growth and value creation Innovation and industrialization driving the global deployment of Capsol’s technology 8 4. Geographic expansion Markets
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9 Capsol drives down costs, making more projects viable Source: Pareto Securities’ 31st Annual Energy Conference for project numbers. Assumption: 4% WACC (Real), (incl. civil work, infrastructure, etc.). Incl. capture, liquefaction, transport and storage. Excl. subsidies and cost reduction mechanisms. Blended rate for Capsol studies. Pillar 1: Cost leadership 64 64 64 123 92 50 - 70 CapsolEoP® (range) HPC Norcem Brevik CCS (first-of-a-kind cement) Amines 187 Ørsted Kalundborg Hub (biomass) Amines 156 Capture cost vs reference projects, EUR per tonne 114 - 134 Capture costsTransport & storage Est. Capsol capture cost ~20% – 60% lower costs • Heat recovery + HPC solvent = unmatched cost efficiency • One year energy-savings can exceed full Capsol license cost • Further cost reduction potential in solvent optimization • Patents protecting unique process
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Building position as preferred provider Early traction in new industries Cement Biomass + Energy-from-waste Gas turbines Emerging industries1 Project pipeline capacity 12.1 mtpa (+5.3) 5.0 mtpa (+0.5) 1.5 mtpa (+1.5) 4.0 mtpa (+2.2) Revenue potential NOK 1.8bn NOK 0.7bn NOK 0.2bn NOK 0.6bn Value proposition High CO₂, no steam needed Safe in cities, boosts district heating Works at low CO₂, adds power Fully electric, uses excess heat 10 Winning in the industries that matter Mature pipeline up 73% y-o-y to 22.6 mtpa mtpa = million tonnes per annum. 1. Emerging industries include refineries, lime, paper & pulp. Note: Industries relevant for Capsol’s technology expected to grow from 25% of total CCUS market in 2030 to 34% in 2035. Pillar 2: High-value verticals
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11 Note: Typically 12-36 months from feasibility study to final investment decision (FID), while first-of-a-kind projects could be above the range. Demonstration campaigns typically last for 6 months. License fee typically paid over the construction period, 18-36 months. Process Design Packages (PDPs) are typically delivered after licensing agreements and before FID. Scaling revenue as pipeline matures 1. Feasibility 2. Pre-FEED 3. CapsolGo® (optional) 4. FEED/Process Design Package 5. Final Investment Decision (FID) 6. In operation EUR 10-15m EUR 40m Pillar 3: Capital-efficient scaling Revenue potential 1 mtpa plant = EUR ~50-60 million 96.5% of current mature pipeline 95% of revenue potential EUR 1-5m (step 1-4) • Targeting EUR 10-15 license fee per tonne installed capacity • EUR 2+ service fee per tonne captured • 40-60% pre-tax profit margin
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12 • Policy tailwinds driving European growth, +5 mtpa Last Twelve Months (LTM) • First Capsol projects reached next stage in US, +1 mtpa LTM • With established positions in Europe and growing traction in North America, Capsol is laying the foundation to become a global leader From European frontrunner to global contender Source: Company estimates and studies (Swedish Energy Agency report “Conceptual study for Bio-CCS within Stora Enso’s Swedish kraft pulp mills” and Sintef report “Reducing the Cost of Carbon Capture in Process Industry”) Pillar 4: Geographic expansion Early tractionLeading position Future potential USA Norway (HQ) Sweden Germany
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13 2035 goals for long-term value capture Pillar 5: Global ambitions Ambition Becoming a leading global carbon capture technology company Technology: Further reduce capture costs and maintain position as cost-leader1 Industries: Build position as preferred provider across relevant industries2 Model: Licensing revenues of EUR 10-15 per tonnes installed capacity, recurring services revenues of EUR 2+ per tonnes captured, and 40-60% pre-tax margin 3 Leadership: Expand model together with partners to increase value capture5 Markets: Replicate European success globally, focusing on markets with supportive policy and industrial demand 4
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Financials
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Stable costs ahead of next revenue inflection point 15 64 74 94 100 99 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 108 116 124 138 137 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 • Revenue of NOK 41 million in H1 2025, up 14% from H1 2024 • Q2 revenue of 16 million, somewhat softer than Q1 due to timing of CapsolGo deployment and client decision making • Operating expenses were NOK 38 million, slightly down from Q1. otably, “other operating cost” reduced by 40% from last quarter • One FID sufficient for break-even ‒ Typical license value: NOK 50–150m/project over 2- 3 years ‒ Four projects totaling 3 mt+ progressing towards FEED phase in H2 2025, generating higher revenue Revenue NOKm, LTM Operating expense NOKm, LTM
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Green loan strengthening liquidity 16 Cash flow and liquidity bridge NOKm • Liquidity increased to NOK 67.5 million by end of Q2, up from NOK 58.5 million in Q1 ‒ NOK 30.8 million Green Loan Facility secured with DNB in Q2, disbursed in July ‒ Underlying cash burn in Q2 driven by delayed client decisions and temporary underutilization of CapsolGo® capacity • Multiple CapsolGo® campaigns under negotiation for H2 2025 and H1 2026, expected to drive near -term revenue • PDP/FEED revenue expected to ramp up by end 2025, keeping a path to break -even during 2026 NOK 30 million green loan facility approved and made available Q2, credited to accounts 2 July 58.5 -22.1 5.5 0.9 -1.6 1.4 0.3 -6.2 30.8 67.5
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Accelerating platform-driven value creation
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• End-to-end CCUS project support • Financing solution facilitator • Value-chain integrator Scaling beyond technology to unlock platform economics 18 to carbon capture platform Building on technology leadership, Capsol aims to make CCUS easier to buy – getting projects quicker to FID • High performing, cost -leading capture technology • Proven and bankable solutions • Capital light, scalable licensing model From a leading technology provider
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EPCs and other delivery partners Strategic partnerships strengthening the full CCUS customer journey 19 Current partners/ solutions Licensing, demonstration Building innovation partnerships Connecting across CO2 value chain Community engagement, safe solution Maximizing incentives Industrializing delivery, operations 1. CCUS feasibility and technology decision 2. CO2 value chain 3. Stakeholder, community, permitting support 4. Business case & getting to FID 5. Project delivery and operations CCUS project journey Capsol approach +Other technology partners Transport, storage, utilization partners Potassium carbonate solvent Heat/electricity generation + CDRs, funding partners CapsolGo®
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Strategic growth levers with 30–60% IRR potential 201. Internal estimates based on Capsol’s share of project revenue and estimated potential net profit contribution per initiative Objective Selected initiatives Reduce carbon capture costs further Continuous R&D to optimize HPC for post-combustion Industry and plant-specific technology and service applications Accelerate project execution Configure-to-order equipment and prefab modules Lifecycle operational/solvent services Become a full-cycle project enabler Financing solution facilitator End-to-end solutions Strategic initiatives unlocking partners synergies and accelerating value creation • Key rationale is to increase win-rate, expand value capture per project and accelerate scaling • Highly attractive returns – priority initiatives’ IRR ranging from 30-60%1 • Funding options being reviewed, ranging from grants and debt to partner capital and equity
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Building a capital-light, high-margin platform 21Notes: PTP = Pre-tax profit. EURNOK = 11.8. 1. Based on DNV ETO 2025 scenario. 2. Recurring services revenues potential from 2028 based on current mature pipeline; NOK 0.4bn potential annually from 2035 based on DNV ETO 2025 scenario. Revenues, recurring services Pre tax profit, strategic initiatives Pre tax profit, licensing business model 2,0 1,9 0 Total earnings and recurring revenue potential from project wins 2025-20351 NOKbn • Licensing-led model enables scalable, capital- light growth • Strategic initiatives could ~double earnings • Recurring services ramp up from 2028, supporting long-term positioning • Integrated platform drives high-margin, modular expansion Recurring services potential scaling to NOK 0.4bn by 20352 + +
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22 Building a leading global carbon capture technology company Technology: Further reduce capture costs and maintain position as cost-leader1 Industries: Build position as preferred provider across relevant industries2 Model: Licensing revenues of EUR 10-15 per tonnes installed capacity, recurring services revenues of EUR 2+ per tonnes captured, and 40-60% pre-tax margin 3 Leadership: Expand model together with partners to increase value capture5 Markets: Replicate European success globally, focusing on markets with supportive policy and industrial demand 4
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Q&A
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Appendix
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Consolidated statement of profit and loss 25 Appendix
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Consolidated statement of cash flows 26 Appendix
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Capsol business model expansion opportunity 27 Sources: DNV, IEA, GCCSI. Note: EURNOK 11.8. 1. Licensing fee typically paid over 3 years starting at FID. First licensing fee received in Q1 2025, from Stockholm Exergi, was first-mover-discounted and paid in full at FID. Installed CCUS capacity 203 , mtpa Capsol target market share 203 a so s a d a a y a s od Capsol est. engineering revenues, EUR/tonnes installed Capsol target licensing revenues, EUR/tonnes installed Total licensing revenue potential project wins 202 203 , OKbn To a s T o a o s s od Share of Capsol services bought by licensed plants Capsol target services revenues, EUR/tonnes captured Carbon capture plant lifetime, years Total services revenue potential project wins 202 203 , OKbn a s s o a o a a s Target IRR across strategic initiatives T o a o a s o s T s a o 430 % 3.0 12. 3.9 7 % 2.0 20 7.6 30 60% a o d d s s a o 1 260 11. 22.3 ss o s a d o 203 base case equivalent to current global CCS pipeline Capsol s current mature pipeline 22.6 mtpa EUR 1 , dependent on si e, industry and timing of involvement EUR 10 1 , three license agreements secured all in this range Target pre tax margin 40 60% Services rev. starting at CO ; first in current portfolio is in 2028 EUR 2 based on mature business cases with customers Conservative estimate Overall margin expected within target range. ARR higher multiple ower capture cost, faster execution, expanded project support igher win rate, higher revenue per project and accelerated scale Appendix
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28 Management Wendy Lam, Chief Executive Officer An extensive career as an executive at Baker Hughes, Rolls-Royce Marine (now Kongsberg Maritime) and GE. MBA from INSEAD/The Wharton School. Ingar Bergh, Chief Financial Officer >15 years as advisor and executive in the energy and shipping sectors. BSc Engineering, NTNU; MSc in Supply Chain Management, Cranfield School of Management ranking; MBA Finance, Authorized Financial Analyst (CEFA), Norwegian School of Economics. Johan Jungholm, Chief Business Development Officer 10 years in Business Development, Complex Sales and Marketing and 15 years in energy sector. BA in Geology and Environmental Science, University of Pennsylvania. Cato Christiansen, Chief Technology Officer >20 years’ experience from the energy sector. Former Shell, SPT Group and the Norwegian Ministry of Petroleum and Energy (CCUS). PhD in Mechanical Engineering, NTNU. Philipp Staggat, Chief Product Officer >10 years at Siemens, including lead commissioning engineer and project manager, before joining Capsol Technologies. BSc Engineering, Berlin University of Applied Sciences, and MBA, London Business School. Jacob Zeno Clausen Krøvel – SVP Investment & Strategy > 10 years of experience at Deloitte, Arctic Asset Management, CFO at subdivision of Norsk Gjenvinning Head of Investor Relations at Volue. MSc in Applied Economics and Finance from Copenhagen Business School (CBS). Sam Thivolle, Chief Delivery Officer >20 years in the upstream oil and gas sector, and extensive experience in CCUS. MBA from INSEAD; MSc Petroleum Economics, IFP; MEng Petroleum Engineering, Texas A&M; MSc Chemical Engineering, Chimie ParisTech. Appendix
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29 Board Chris Barkey, Chair Former CTO Industrial Energy Technology at Baker Hughes, former Group Director, Engineering & Technology for Rolls-Royce. Chartered Engineer, Fellow of Royal Academy of Engineering, Royal Aeronautical Society and Institute of Mechanical Engineers. Monika Inde Zsak, board member Extensive career within energy, renewables, sustainability. MSc in industrial engineering and finance from NTNU and University of New South Wales, Australia (UNSW). Wayne G. Thomson, board member Extensive international career as a top executive within oil and gas, former Chairman of Svante Inc. BSc in Mechanical Engineering from University of Manitoba. John Arne Ulvan, board member Extensive career as a top executive with strong results from national, international and listed companies. MSc In Chemistry/Chemical Engineering from NTNU. Ellen Merete Hanetho, board member Experience from Brussels Stock Exchange, Citibank, Goldman Sachs, Credo Partners, Frigaardgruppenand Cercis. BSBA from Boston University, MBA from Solvay University, executive training from INSEAD and Harvard Business School. Appendix
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>40 years with management and board positions in the energy, banking and shipping sector. Former Chair of Capsol Technologies. Endre Ording Sund 30 a so ’s international Advisory Board Jing Jin Vice President of Clean Technologies at Munters, leading Munter’s carbon capture initiative. Stéphanie Saunier Managing Director of Carbon Limits, Independent Board Member for Carmeuse, an international lime producer. Morgan Bazilian Director of the Payne Institute for Public Policy and Professor at the Colorado School of Mines. Worked with World Bank, United Nations, EU. Jan Kielland Former CEO of Capsol Technologies. Previous management and board positions in the energy sector. Ian Dunderdale Experienced energy sector executive leader with experience from Baker Hughes, Gaffney Kline, Halliburton. Appendix
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31 Patent portfolio overview Patent family 3: Method and plant for transport of rich gas Patent family 4: Thermal power plant with CO2 sequestration Patent family 5: Purification of flue gas from marine diesel engines Patent family 2: Combined storage solution for natural gas and CO2 Patent family 1: Low emission thermal powerplant Patent family 6: Oil sand production without CO2 emission Patent family 7: Heat integration in CO2 capture Patent family 8: Method and plant for CO2 capture Patent family 9: Heat recovery for CO2 capture (pending) Patent family 10: Method and plant for CO2 capture from a district heating plant (pending) Patent family 11: Energy integration of CO2 capture with a powerplant (pending) Appendix
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321 Engineering, procurement and construction Value chain overview CO2 emission/ plant Carbon capture technology Operations and maintenance Transport Storage • Technology licensed out globally directly or through partners (re-sale) • Sales engineering • Client selects independent provider or via Capsol partnerships • Competitive bidding is important for client to reduce overall cost • Capsol supports client through both the EPC tendering process and actual EPC work • Client selects independent provider or operates themselves • Capsol offers support and expertise, in addition to optimized technical solutions during lifetime of projects • Client selects an independent provider • Capsol integrates energy waste from liquefaction to reduce energy consumption in the capture plant • Clients selects independent provider • Capsol can provide independent advice to client • Client selects independent provider • Capsol can provide independent advice to client EPC1 Liquefaction & intermediate storage Supporting client through the value chain, but client remains free to choose providers Appendix
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33 Risks and mitigating actions • Licensing model highly scalable with limited resources • Partnering with large global players to greatly extend reach, capacity and capabilities • A clear strategic roadmap for organic growth and opportunistic approach to inorganic growth • Highly capable and incentivized team Small player Competitors developing better technologies Key risk factors Mitigating actions • Prove cost competitiveness and continue to implement learnings from executed projects • Sound strategy and routines for patent protection implemented, continue to invest in R&D • Consider establishing projects with long cash flows • Opportunistic approach to acquiring promising new technologies Annual review to identify risk factors and implement mitigating actions overseen by the board of directors Appendix
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capsoltechnologies.com Drammensveien 126 0277 Oslo Norway Our vision is to accelerate the world’s transition to a net zero future