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Scaling a proven carbon-capture platform November 11, 2025 Q3 2025 business update
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Default disclaimer text pending Disclaimer 2 THIS PRESENTATION IS NOT FOR PUBLICATION NOR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO AUSTRALIA, CANADA OR THE UNITED STATES (INCLUDING ITS TERRITORIES AND POSSESSIONS,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 r elates to Capsol. This Presentation speaks as of November 11, 2025, and there may have been changes in matters which affect the Company subsequent to the date of this Presentation. 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Today’s presenters: Wendy Lam Chief Executive Officer Jacob Clausen Krøvel SVP Investment & Strategy Incoming CFO, Bjørn Kristian Røed, officially joining the team January 1st
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4 • 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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5 Market catalysts accelerating CCUS adoption 1Source: Global CCS Institute, Global Status of CCS 2025 report ✓Expanding global pipeline of projects in early- and advanced development ✓Impactful conversion from early- to advanced development, progressing towards construction ✓CCUS a needed decarbonization solution ✓ETS forecast to triple to EUR ~200/t in 2035 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 +23% +12%
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Q3 2025 highlights 6 Momentum building across sectors • Projects progressing for first CapsolGT® for low-carbon gas power plant in the US • First studies in the lime and metals processing sectors and international waste management company • New CapsolGo® campaign for cement – several dialogues ongoing Expanding platform partnerships and strong pipeline Strengthened liquidity and robust pipeline • Four projects approaching FEED near term and mature project pipeline with NOK 3.1bn in revenue potential • Expanded Munters partnership; launched collaboration with Everllence on compressor/expander systems and storage developer • Dialogues progressing with current and prospective strategic partners • Revenues of NOK 19 million in Q3 2025 and NOK 97 million LTM • 21.9 mtpa mature pipeline, stable lead generation volumes supporting continued growth • Liquidity position strengthened to NOK 78m
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7 • Progressing with US utilities paving way for commercial-scale CapsolGT® projects • Project development approach – working with partners, investors to mature project • Opportunities for brownfield and greenfield projects Paving way for commercial scale CapsolGT® for low- carbon power Expanding Capsol’s reach into North America, the world’s largest gas power market CapsolGT® Captures CO2 while generating additional electricity on open cycle gas turbines
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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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Increasing energy savings at higher CO2 concentration € 0 € 10 € 20 € 30 € 40 € 50 € 60 5% 10% 15% 20% 25% CO2 concentration in flue gas Generic amine process CapsolEoP® Cement (14-25%) EfW (8-12%) Biomass (13-17%) Electricity cost for fully electric capture solutions EUR 19 saved per tonne CO 2 captured1 EUR 15.2m saved in energy annually 1 54% reduction in electricity consumption 1 1) Capsol client studies and publicly available data on energy costs for amine-based carbon capture systems. Assumptions: No heat integration, 800ktpa plant, EUR 80 per Mwhe.1. At 20% CO2 concentration in flue gas. 9 Typical cement case Pillar 1: Cost leadership
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Confidential 10
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11 CO2 Capture Options for gas turbines Pillar 1: Cost leadership • Unabated CCGT’s generate more electricity than OCGT’s with higher CAPEX • OCGT + CapsolGT provides lower Levelized Cost Of Electricity (LCOE) for low carbon power ‒ Alternative to CCGT with amine capture ‒ Greenfield alternative OCGT = Open Cycle Gas Turbine CCGT = Combined Cycle Gas Turbine Source: Capsol internal studies 0 50 100 150 200 250 300 350 400 OCGT CCGT OCGT + CapsolGT CCGT + Amine Tower CAPEX (CCGT = 1x) 0 50 100 150 200 250 OCGT CCGT OCGT + Capsol GT CCGT + Amine Tower LCOE (CCGT = 1x) Indicative OnlyIndicative Only Lower CAPEX Lower LCOE Low carbon power Low carbon powerUnabated power Unabated power 4.0x 3.0x 2.0x 1.0x 2.0x 1.0x
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Building position as preferred provider Early traction in new industries Cement Biomass + Energy-from-waste Gas turbines Other: lime, pulp & paper, metals and refineries Project pipeline capacity 11.0 mtpa 5.2 mtpa 1.5 mtpa 4.3 mtpa Revenue potential NOK 1.6bn NOK 0.8bn NOK 0.2bn NOK 0.6bn Projects and licenses >10 projects >15 projects 4 licenses – 2 mtpa 3 projects >5 projects 12mtpa = million tonnes per annum. Winning in the industries that matter Mature pipeline up 46% y-o-y to 21.9 mtpa Pillar 2: High-value verticals
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13 Pillar 2: High-value verticals 8 mt of decarbonized cement p.a. by 2030 (target) 5 month CapsolGo® campaign complete Broad Collaboration agreement CapsolGo® positioning Capsol for leadership in the cement sector • New CapsolGo® campaign signed for cement producer • Broad collaboration agreement with Holcim built on CapsolGo® • Ongoing demonstration campaign at Schwenk
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14 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 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 11.5M mtpa in pipeline with FID potential in 2026-2028 Pillar 3: Capital-efficient scaling
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15 • Policy tailwinds driving European growth, +3 mtpa last twelve months (LTM) • >40 leads in the US, with line of sight to deployment of CapsolGT® • Growing presence at international industry forums 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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16 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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Revenues driven by paid studies and CapsolGo® 18 22 36 25 16 19 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 29 32 39 38 34 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Revenues mNOK Operating expenses mNOK • Revenue of NOK 19 million in Q3 2025, slightly below Q3 2024 • Primarily driven by engineering studies and CapsolGo® demonstration campaigns • Operating expenses were NOK 34 million, down from NOK 38 million in Q2 • Measures to align costs and revenue are under consideration
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Strengthened liquidity position during Q3 19 Cash flow bridge NOKm • Liquidity increased to NOK 78.3 million by end of Q3, up from NOK 67.5 million in Q2 ‒ The NOK 30.9 million Green Loan Facility secured with DNB in Q2 was disbursed in July ‒ EUR 2 million (NOK 22 million) private placement towards Munters in September • CapsolGo® campaigns under negotiation for H1 2026, expected to drive near -term revenue • PDP/FEED revenue expected to ramp up near -term 37 -16 -02 00 08 -02 01 31 22 Start of period Net loss Revenue pre-paid Depr. and loan payments Accounts and accruals Investments Non cash comp. Green loan facility Private placement End of period 78
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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 21 to carbon capture platform Building on technology leadership, Capsol aims to make CCUS easier to buy and 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 22 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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23 • Munters increasing its investment in Capsol with additional EUR 2 million, bringing the total investment to EUR 4 million • Capsol and Munters will deepen the relationship through a coordinated go-to-market strategy: ‒ Serve more projects with Capsol's carbon capture process ‒ Munters mass transfer and mist elimination solutions • Commercial collaboration agreement to increase carbon capture efficiency and bring down costs through joint R&D efforts and testing • Munters is a global leader in energy -efficient air treatment and climate solutions with 5,000 employees in more than 30 countries – listed on Nasdaq Stockholm Go-to-market strategy with Munters alongside equity
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24 Strategic collaboration with Everllence • Joint cooperation to integrate Everllence compression and expansion equipment into CapsolEoP® • The ambition is standardized packages to simplify procurement, cut costs, and shorten project timelines • Expanded market reach through joint sales and growing partner ecosystem across key industries • Everllence (formerly MAN Energy Solutions) is a global leader in propulsion, decarbonization, and efficiency technologies, with 15,000 employees across 140 sites
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25 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 28 Appendix
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Consolidated statement of finanical position 29 Appendix
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Consolidated statement of financial position 30 Appendix
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Consolidated statement of cash flows 31 Appendix
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32 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. Bjørn Kristian Røed, CFO (from 1 January 2026) >20 years experience, including CFO at Havfram, Senior Positions at Odfjell SE and nearly a decade in equity and credit research BSc in Finance at BI Norwegian Business School and Singapore Management University 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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33 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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35 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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361 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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37 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