Slides
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Second quarter 2026 Financial and operational results 26 August 2026
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3 The Capsol opportunity Unlocking more power for surging U.S. energy demand by increasing utilization of existing gas turbines with low carbon electricity Capturing near-term European decarbonization demand through established and growing opportunities in cement and BECCS* Expanding share of project value through broader scope and recurring revenue streams, while retaining a capital-efficient model **BECCS = Bio-Energy + Carbon Capture and Storage. Linked to Waste-to-Energy carbon capture projects due to biomass within waste streams.
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• ~150 gas turbine leads being assessed directly and indirectly with partners • Advanced an exclusive commercial-scale project into pre-FEED and established partnerships, validating both the technology and broader commercial model H1 2026 key developments 4 U.S. low-carbon power opportunity moving from market thesis to project pipeline European position continues to generate commercial traction Financial performance reflects slower market; underlying cash burn remain contained • Holcim became a strategic shareholder and Dyckerhoff launched a new CapsolGo demonstration campaign, strengthening technology validation and Company’s position in European cement • E.ON selected Capsol for a feasibility study in Norrköping, while customer engagement around a partner-led multi-project model is increasing • NOK 45 million equity raise and debt refinancing combined implemented cost and cash preservation initiatives, strengthened financial flexibility and significantly reduced cash outflow • H1 2026 gross profit was NOK 7 million, down from NOK 23 million in H1 2025, reflecting slower market activity. Cost reduction initiatives kept operating cash flow broadly in line year-on-year, adjusted for the Stockholm Exergi license payment in 2025. • H2 outlook: Higher CapsolGo utilization and reduced cost base are expected to narrow the gap to operational break-even in H2 2026
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Low-carbon power in the U.S. 1)Value proposition 2)Addressable market 3)Competitiveness 4)Commercial model 5)US Utility Project
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6 Capsol’s solution for gas turbines
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Capsol enabled Increased turbine utilization Increased total power output Existing capacity Speed to power Leverage existing infrastructure rather than building new generation from scratch Sources: Capsol internal *Symbolize unused capacity due to maintenance and other downtime Capsol can unlock more power from existing gas turbines to meet accelerating energy demand Low-carbon operation Operate at higher utilization within emissions constraints Additional revenue streams More power generation, low carbon power premium, IRA 45Q tax credits ~15% ~115% ~75% ~15% Existing peaking gas turbine utilization * Enabled by CapsolGT Additional power from CapsolGT Total capacity ~115% 7 Value proposition Addressable Market Competitiveness Commercial model US Utility project 100% Capsol added capacity
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14 ~150 turbine leads near CO₂ infrastructure being screened within a broader, growing opportunity set Sources: EIA, DOE/NETL EDX, NATCARB, carbonstorage.io and Capsol analysis. Simple cycle gas turbines Class VI storage CO2 pipelines ~150 leads Actively being assessed directly and via partners; targeting customers with large portfolios of turbines Growing opportunities in: Utilities Data centers Energy companies + other use cases Value proposition Addressable Market Competitiveness Commercial model US Utility project
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15 Low-carbon gas power enabled by Capsol meets key criteria for speed-to-power Power source Speed LCOE Proof points Scalability Regulatory backing Low carbon Traditional Gas (CCGT) 2-4 years $ Gas + CCUS (SCGT) 2-4 years 2 $+ Renewables + storage 3 years $$ 1 Gas + CCUS (CCGT) 3-5 years 2 $$ BECCS 3-5 years $$$ Geothermal 3-6 years $$ H2 CCGT 1-12 years3 $$$4 Advanced nuclear 5-6 years $$ Legacy nuclear 7+ years $$$ High Medium Low Attractiveness: Source: BCG - Solving the US Data Center Power Crunch, Company information Note: 1) Range shown for solar PV + storage; 2) Captures usual time to build with broader ranges possible based on build configuration; 3) One-year build scenario for existing gas plants retrofitted for up to 30% h2 blend with natural gas; Speed for 100% h2 CCGT | LCOE = Levelized Cost Of Electricity, SCGT = Simple Cycle Gas Turbine, CCGT = Combined Cycle Gas Turbine Value proposition Addressable Market Competitiveness Commercial model US Utility project
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16 Capsol expanding value capture across project lifecycle and moving beyond technology licensing driven by US dynamics Project screening & commercial structure Pre-FEED FEED FID Construction COD Operations Process design package Performance basis Technology award License + project development fee Pre-FEED FEED FID Concept development Process integration Current project presence Expanded project presence Broader project participation unlocks greater value capture Driven by U.S. market structure and customer expectations Earlier engagement Shape commercial structure ahead of FEED, capturing more of the value chain Full lifecycle presence From project screening through operations, not just the technology award New value pools Services beyond licensing: EPC advisory, O&M support, commercial structuring Value proposition Addressable Market Competitiveness Commercial model US Utility project
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Leads and active project validates Capsol’s U.S. proposition Confirms demand for rapidly deployable, low carbon firm power Validates Capsol’s competitive technology fit Demonstrates customer demand for a broader commercial model Proves expanded project presence can increase value capture US Utility project Project screening and Pre FEED activities ongoing Commercial structures under evaluation, including BOO and BTA models Partner enabled delivery model preserves capital efficiency FID targeted for Q1 2028 US project progressing with Pre-FEED and Q1 2028 FID target Expanded project role already active in the ongoing project Validating the market, business model and execution approach 17 Value proposition Addressable Market Competitiveness Commercial model US Utility project
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1)Technology platform 2)Commercial progress 3)Multi-project model 4)EU ETS impact Decarbonizing industry in Europe
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*Chemical solvent based on HPC = Hot Potassium Carbonate 19 Advancing proven technology through implementation and R&D Photo source: © 2025 Airbus via Stockholm Exergi; Stockholm Exergi by Urban Design Competitive technology platform based on proven chemistry Improving every project with: World-leading expertise built on 10 customer site demonstrations Capsol R&D lab innovating to improve performance Standardizing for lower cost, faster deployment Full-scale operational site in construction Technology platform Commercial progress Multi-project model EU ETS impact
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20 Capsol positioned for European market acceleration and FID’s Expanding cement position, supported by the Dyckerhoff CapsolGo campaign, Holcim collaboration and others Strengthening BECCS position through Stockholm Exergi's construction and a growing pipeline of projects evaluating Capsol's technology Expanding presence in other industries in the UK with next CapsolGo campaign, refineries with international energy companies and more Significant customer investment in evaluating Capsol’s technology positions the Company for European market acceleration Note: Includes engineering studies and pre-FEEDs. Projects may be represented in more than one category 31 42 11 Engineering studies Demo campaigns Positioned for +40 FID’s 1 Current FID’s Technology platform Commercial progress Multi-project model EU ETS impact
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Partner-led approach for standardized, repeatable projects Multiple plants • Common decarbonization requirements • Similar plant configurations • Coordinated project pipeline Joint delivery platform • Capsol: Capture technology and process design • Saipem: Engineering and project execution • Everllence: Integrated compression and energy solutions Repeatable project model • Standardized plant design • Reuse of engineering and operating data • Coordinated procurement and delivery • Continuous learning across projects Lower cost and risk • Lower engineering and equipment costs • Improved energy efficiency • Shorter project schedules • Reduced execution riskEach project improves the next, supporting lower project costs, faster execution. Technology platform Commercial progress Multi-project model EU ETS impact
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• Reforms give stable CO2 price signal • Extension of free allowances for CBAM sectors in exchange for decarbonization plans • Permanent removals proposed for inclusion in the EU ETS • Could create a new EU ETS revenue stream for BECCS • Proposed EUR 100bn funding pool for industrial decarbonization • ETS revenues paid by industry should increasingly flow back into industrial decarbonization 22 Rising carbon prices and EU ETS reform reinforce the case for carbon capture Source: European Commission proposal published in July 2026 Photo credit: Holcim Dotternhausen and Stockholm Exergi Continued case for cement BECCS market creation Improved project bankability Capsol’s technology can support project bankability with lower cost and additional heat / electricity revenue streams Technology platform Commercial progress Multi-project model EU ETS impact
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1)P&L review 2)Balance sheet 3)Financial performance 4)US economics 5)Financial outlook Financials
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Q1 2026 5,859 3,603 Amounts in NOK 1 000 Total operating revenue Cost of contract fulfillment 2,256Gross profit 15,387Personnel expenses 5,204Other operating expenses -18,336EBITDA 6,151Depreciation expenses -24,487EBIT 222Net other financial items -24,965EBT H1 2026 13,416 6,337 7,079 29,979 10,464 -33,364 12,271 -45,635 365 -46,015 H1 2025 41,330 18,619 22,711 32,472 14,868 -24,629 10,195 -34,824 -1,709 -38,204 Interest expenses -700 -745 -1,671 Net financial items -478 -380 -3,380 Q2 2026 4,824 -15,028 -21,147 -45 98 -21,049 7,558 2,734 14,592 5,260 6,119 143 Lower activity partly offset by structurally lower cost base 24 A. Gross profit declined in H1 primarily reflecting lower activity • The Dyckerhoff campaign commenced operations in mid-April, but was subsequently paused for scheduled maintenance, resulting in a lower contributions than what will be expected going forward B. Underlying cost base materially reduced during H1. Reported personnel expenses were NOK 30m, down from NOK 32m despite NOK 3m of personnel costs reclassified from cost of contract fulfilment to personnel expenses • Excluding non-cash share-based remuneration, cash personnel costs decreased by 24% y/y, corresponding to NOK 9m y/y C. Other operating expenses decreased by 30%, or NOK 4m year on year in H1 2026, reflecting continued cost discipline D. The refinancing of the legacy debt structure in May reduced interest expense during H1 Q2-26 vs Q1-26 : Q2 gross profit increased to NOK 5m from NOK 2m in Q1, while EBITDA improved to negative NOK 15 m from negative NOK18m, reflecting Dyckerhoff start-up and the reduced cost base A B C D Profit & Loss review Balance Sheet Cost measures Financial Performance US Economics H2-2026 outlook
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31.12.2025Amounts in NOK 1 000 ASSETS Non-current assets 81,171Total no-current assets Current assets 19,325Other current assets 50,205Cash and cash equivalents 69,530Total currents assets 150,701Total assets Equity Non-current liabilities 30.06.2025 91,079 21,018 36,682 57,701 148,780 Equity and liabilities Total equity 65,533 80,831 30.06.2026 70,907 20,666 108,738 66,546 17,165 37,831 Non-current interest-bearing liabilities 19,276 33,859 20,617 Non-current lease liabilities 3,832 3,507 4,030 Total non-current liabilities 23,108 37,366 24,646 Current liabilities Current interest-bearing liabilities 5,720 23,743 17,055 Current liease liabilities 1,465 2,980 2,282 Total current liabilities 19,083 47,802 43,302 Total liabilities 42,191 85,168 67,949 Total equity and liabilities 108,738 150,701 148,780 Other current liabilities 11,899 21,079 23,964 31.03.2026 76,475 64,556 80,584 157,059 83,713 25,235 3,832 29,067 23,252 2,229 18,799 44,280 73,346 157,059 16,028 NOK 48 million of available liquidity - Converted near-term debt obligations into flexible liquidity capacity 25 A. Following the NOK 45 million capital raise in January, Capsol refinanced its legacy debt facilities into a revolving credit facility, materially reducing near-term debt obligations and improving financial flexibility. B. Debt repayments and active liability management reduced current liabilities by approximately NOK 25 million in the quarter, while total liabilities decreased by more than NOK 30 million in the period. C. The repayments reduced the cash balance as part of active liquidity management. Capsol aims to minimize excess cash held on the balance sheet while retaining liquidity flexibility through the fully undrawn NOK 27 million revolving credit facility. A B C Built a more capital-efficient balance sheet NOK 48 million of available liquidity - Lower debt - limited excess cash A Raised Capital and Refinanced Used the balance sheet to reduce debt Optimized liquidity management Profit & Loss review Balance Sheet Cost measures Financial Performance US Economics Financial outlook
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…This has materially improved cash conversion, resulting in comparable OCF broadly in line with H1-2025 26 *Cash personnel expenses adjusted for share-based compensation. H1 2025 adjusted for reclassification of personnel expenses to COGS to ensure comparability ** Adjusted for Stockholm Exergi license payment in H1-2025 where revenues was booked in Q4-2024 33,804 25,688 H1 2025 H1 2026 -24% 14,868 10,464 H1 2025 H1 2026 -30% -35 -37 H1 2025 H1 2026 -5% 23 7 H1 2025 H1 2026 -70% Gross Profit Personnel expenses* Other operating expenses Operating Cash Flow** Profit & Loss review Balance Sheet Cost measures Financial Performance US Economics Financial outlook 70% Drop in gross profit… …Countered by lower costs… …Converting cash flow to broadly in line Y/Y…
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Note: Actual value will depend on project size and Capsol’s level of involvement across the project lifecycle. 27 Broader project participation and improved U.S. project economics nearly double value capture per project Pure licensing value range Expanded project presence Midpoint value potential increases ~2x Profit & Loss review Balance Sheet Cost measures Financial Performance US Economics Financial outlook Illustrative project value potential by project scale ~2X
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28 * Illustrative income potential reflecting Capsol IR guidance available on our webpage. Revenues are based on gross profit (adjusted for cost of contract fulfilment) but does not take into account any project specific elements for the projects utilized during H2 Lower cost base and increasing project income expected to improve H2 2026 financial performance 0 5 10 15 20 25 30 35 40 45 50 55 60 NOKm 34 15 H1 2025 26 10 H1 2026 49 36 H1 2026 --> -26% Personnel expenses Other operating expenses 0 5 10 15 20 25 30 35 40 45 50 55 60 NOKm 13 13 13 6 Gross profit contributions 46 CapsolGo 1 CapsolGo 2 CapsolGo 3 Engineering Cost initiatives expected to have stronger effects Two demonstration units operating majority of H2 Seen gradual increase in engineering activity Financial results and cash flow expected to improve Cost elements Half-year gross profit potential excluding license profit (illustrative)* Profit & Loss review Balance Sheet Cost measures Financial Performance US Economics Financial outlook H2 2026 outlook
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Summary 29 ~ 150 U.S. gas turbine leads are in active assessment Exclusive U.S. project validates technology and expanded business model Strengthened European position across cement and BECCS Cost discipline and refinancing preserve financial flexibility Higher H2 activity expected to narrow the gap to operating break-even 1 2 3 4 5
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Appendix
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31 Consolidated statement of profit and loss Amounts in NOK 1,000 H1 2026 H1 2025 2025 Revenues 13,416 41,330 70,652 Cost of contract fulfillment 6,337 18,619 31,968 Gross profit 7,080 22,711 38,685 Personnel expenses 29,979 32,472 64,471 Other operating expenses 10,464 14,868 26,237 Operating profit or loss before depreciation & amortization (EBITDA) -33,364 -24,629 -52,024 Depreciation 12,271 10,195 24,078 Operating profit or loss (EBIT) -45,634 -34,823 -76,102 Finance income 4,653 3,452 4,412 Finance costs 5,033 6,832 9,451 Net financial items -380 -3,380 -5,038 Profit (loss) before tax -46,014 -38,203 -81,140 Basic earnings per share -0.61 -0.41 Income tax expense 0 Profit (loss) for the period -81,140 0 0 -46,014 -38,203 Q2 2026 Q2 2025 7,558 16,385 2,734 9,662 4,824 6,723 14,592 16,817 5,260 5,618 -15,028 -15,712 6,119 5,460 -21,147 -21,171 2,501 2,097 2,403 3,009 98 -913 -21,049 -22,084 -21,049 -22,084 -0.38 00 -0.28 -0.63
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32 Consolidated statement of financial position Amounts in NOK 1 000 30.06.2026 30.06.2025 2025 ASSETS Non-current assets Intangible assets 13,645 12,558 12,598 Deferred tax assets -0 -0 -0 Property, plant and equipment 52,127 72,336 62,243 Right-of-use assets 5,135 6,185 6,330 Total non-current assets 70,907 91,079 81,170 Current assets Trade receivables 7,599 13,184 10,519 Contract assets 0 2,776 -0 Other receivables 9,566 5,058 8,806 Cash and cash equivalents 20,666 36,682 50,205 Total current assets 37,831 57,701 69,531 TOTAL ASSETS 108,738 148,780 150,701 Amounts in NOK 1 000 30.06.2026 30.06.2025 2025 EQUITY AND LIABILITIES Equity Share capital 37,524 31,449 33,005 Share premium 245,772 186,058 206,537 Other capital reserves 36,543 27,616 33,303 Other equity -253,293 -164,293 -207,312 Total equity 66,546 80,831 65,533 Non-current liabilities Non-current interest-bearing liabilities 19,276 20,617 33,859 Non-current lease liabilities 3,832 4,030 3,507 Total non-current liabilities 23,108 24,646 37,366 Current liabilities Current interest-bearing liabilities 5,720 17,055 23,743 Current lease liabilities 1,465 2,282 2,980 Trade and other payables 4,485 10,774 5,611 Contract liabilities 3,981 5,823 0 Income tax payable 1,695 2,080 4,256 Other current liabilities 1,738 5,287 11,212 Total current liabilities 19,083 43,302 47,802 Total liabilities 42,191 67,949 85,168 TOTAL EQUITY AND LIABILITIES 108,738 148,780 150,701
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33 Consolidated statement of cash flow Amounts in NOK 1 000 Q2 2026 Q2 2025 H1 2026 H1 2025 2025 Cash flows from operating activities Profit (loss) Before tax -21,049 -22,084 -46,014 -38,203 -81,140 Adjustments to reconcile profit before tax to net cash flows: Net financial items -98 913 380 3,380 5,038 Depreciation, amortization and impairment 6,119 5,460 12,271 10,195 24,078 Share-based payment expense 3,904 1,365 3,904 2,406 7,799 Working capital adjustments: Changes in trade and other receivables -1,306 -2,586 2,161 17,493 19,402 Changes in trade and other payables -1,818 1,881 -3,687 -4,560 -9,764 Changes in other liabilities -4,701 -58 -9,474 -1,609 1,681 Change in contract balances -213 -797 3,981 -3,547 -6,594 Net cash flows from operating activities -19,162 -15,907 -36,479 -14,446 -39,500 Cash flows from investing activities Development expenditures 0 0 -736 0 -414 Purchase of property, plant and equipment 0 0 -395 -51 -1,734 Government grants received on investment activities 0 0 0 0 2,511 Interest received 0 25 21 143 402 Net cash flow from investing activities 0 25 -1,110 92 765 Amounts in NOK 1 000 Q2 2026 Q2 2025 H1 2026 H1 2025 2025 Cash flow from financing activities Proceeds from issuance of equity 143 43,091 22,034 Proceeds of interest-bearing liabilities 0 30,883 Repayment of interest-bearing liabilities -23,173 -4,792 -31,802 -9,525 -20,607 Payments for the principal portion of the lease liability -736 -546 -1,507 -1,066 -2,759 Payments for the interest portion of the lease liability -89 -131 -228 -267 -576 Interest paid -530 -711 -1,230 -1,403 -2,954 Net cash flows from financing activities -24,386 -6,180 8,325 -12,261 26,021 Net increase/(decrease) in cash and cash equivalents -43,548 -22,062 -29,264 -26,616 -12,714 Cash and cash equivalents beginning of the period 64,556 58,524 50,205 64,444 64,444 Net foreign exchange difference -343 220 -274 -1,146 -1,525 Cash and cash equivalents end of the period 20,666 36,682 20,666 36,682 50,205 Amounts in NOK 1 000 Q2 2026 Q2 2025 H1 2026 H1 2025 2025
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Alternative Performance Measures (APMs) EBITDA - Profit/loss before tax, net finance cost, depreciation, amortization and impairment. Gross profit - Revenue less cost of sales. Cost of sales includes direct project and delivery costs. EBIT - Profit/loss before tax and net finance cost. EBT - Profit/loss before tax. Basis for preparation This presentation provides financial highlights for the quarter for Capsol Technologies. The financial information is not reported according to the requirements in IAS 34 and the figures are not audited. Capsol Technologies ASA presents alternative performance measures as a supplement to measures regulated by IFRS. The alternative performance measures are presented to provide better insight and understanding of operations, financial position and the basis for future developments.