Interim report
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Cut your carbon emissions naturally Half Year Report 2025
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2 Ocean GeoLoop Half Year Report 2025 Table of content 3 4 5 9 14 15 20 About Ocean GeoLoop Letter from the CEO Our Commercial Strategy Our Carbon Capture Technologies Financial Highlights Projects and Assets Interim Consolidated Financial Statements
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3 Ocean GeoLoop Half Year Report 2025 The company has introduced the GeoLoop CC technology that captures CO 2 from point source emissions using natural and harmless processes. Ocean GeoLoop will help companies and countries achieve their goals of reduced emissions and access to renewable electricity for the green transition. The company is listed on the Oslo Stock Exchange Euronext Growth under the ticker OCEAN. About Ocean GeoLoop Ocean GeoLoop AS uses nature’s own way to solve the challenges of our time in a circular way.
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4 Ocean GeoLoop Half Year Report 2025 Our key priority for 2025 and onwards is to secure the right focus for commercial success as we navigate multiple market opportunities. The primary target is the inter - national lime and cement industries with ideal conditions for our base technology. Their European CO 2 emissions of more than 100 million tonnes annually represent substantial opportunities for commercial revenues streams from a combination of paid studies, revenues from mobile units and licensing fees to allow scalable, capital- light projects. We see great potentials for our solutions and continue to pursue other addressable industry segments. Waste to energy industry is one such segment, as the world gene- rates over 9 billion tonnes of waste annually. Implementing CCS on such energy plants cuts both fossil and biogenic CO2 emissions. This enables valuable negative emissions to meet climate targets and possibilities to sell attractive Carbon Removal Credits. The first half of 2025 was a busy and encouraging period for the Ocean GeoLoop team. We continue to execute the business development program, leveraging upon superior energy efficiency data and the recent strong numbers of the levelized cost of electricity of one of the e-Loop modules, the c-Pump. Not at least, with the constant push for the ultimate disruptive technology spearheaded by the company´s founder and technology inventor Hans Gude Gudesen, we are in a solid position for commercial scaling in prioritized indu stries in the maturing carbon markets. Our outline for 2025 is clear. We stay determined to deliver on the the domestic commercial CCUS projects. This includes further partnering to secure the realization of the full-scale CCS projects in Mid-Norway and at Herøya in the southeast. We will continue to expand our market presence and formalize cooperation across the sales cycle in the prioritized European lime and cement indu- stries. In addition, Ocean GeoLoop will further evolve our d elivery model to the global markets through a strength- ening and formalization of our international network, and a strengthening of our own commercial capacity. At the heart of it all lies the now well-proven, unique, clean and disruptive carbon capture technology. With emission allowances gradually decreasing and the corresponding financial penalties starting to increase, a growing number of emitters and other industrial stakeholders in the CCUS value chains are keen to learn more about our product offering. Stay tuned. Letter from the CEO At the heart of it all lies the now well-proven, unique, clean and disruptive carbon capture technology Odd-Geir Lademo CEO of Ocean GeoLoop
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5 Our Commercial Strategy To secure success in the domestic commercial CCUS projects with NorFraKalk and Yara, as the means to efficiently showcase commercial carbon capture plants at the highest technology level, TRL 9. Expanding market presence and formalize cooperation across the sales cycle in Europe through a targeted market entrance with priority to lime and cement industries in Belgium, the Netherlands, France and Germany. To further evolve our delivery model to the global markets through our global network and partners and through a strengthening of our commercial capacity. Growing traction in the European Lime and Cement industries
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6 Our Commercial Strategy >100m tonnes CO2 equivalents emitted p.a. by solely the lime and cement industry. These players must decarbonize due to both EU regulation and an increasing cost of polluting as evident by the increasing EU ETS prices. 185 Active cement plants in Europe 14 14 157 Number of Facilities 0 - 50,000 tonnes CO2 Number of Facilities 50’ - 50,000 tonnes CO2 Number of Facilities 150,000+ tonnes CO2 176 Active lime plants in Europe 61 81 34 Number of Facilities 0 - 50,000 tonnes CO2 Number of Facilities 50’ - 50,000 tonnes CO2 Number of Facilities 150,000+ tonnes CO2 Substantial opportunities in the European Market for Lime & Cement Source: Source: EU ETS registered emissions database. Data from UK are missing.EU ETS registered emissions database. Data from UK are missing.
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7 Ocean GeoLoop Half Year Report 2025 Our Commercial Strategy Clear go-to–market strategy Lack of available waste heat makes the implementation of amine- or HPC-based carbon capture solutions unfeasible. The high CO 2-concentration in quicklime production makes it ideal for OGL ´ s technology. OGL ´ s solution is resilient to process disruptions, both planned shutdowns and unexpected out- ages at the main plant. The lead customer NorfraKalk explicitly state that they perceive carbon capture as fundamen- tal for their license to operate in the future. Cement production generates large, unavoid able CO2 emissions from both fuel combustion and limestone calcination. The high CO 2-concentration from cement production is a great fit for OGL ´ s carbon capture technology. Ocean GeoLoop’s technology captures these process emissions efficiently, enabling decarbonization without major process changes. Large amounts of waste heat enables implementation of c-Pump making OGLs offerings even more attractive. Waste is a growing global challenge, and the world generates over 9 billion tonnes of waste annually. Implementing CCS on Waste-to-Energy plants cuts both fossil and biogenic CO 2 emissions, en abling valuable negative emissions to meet climate targets with the possibility to sell attractive Carbon Reduction Credits in the BECCS market. OGL’s technology and absorbent are robust with regard to variations in the flue gas resulting from variations in the fuel fed into the combustion plant. OGL’s all-electric solution does not depend on the supply of heat in the process. A multitude of industrial process industries has emissions and boundary conditions with a great fit for OGL ´ s technology. Ocean GeoLoop’s technology efficiently captures these emissions with low energy use and minimal disruption to operations. This enables producers to cut their carbon footprint dramatically and supply low- carbon or green ammonia to growing clean energy markets. 20-30% CO2 concentration in flue gas Quicklime Cement Waste-to-Energy Other industries 20-25% CO2 concentration in flue gas 8-15% CO2 concentration in flue gas 12-30% CO2 concentration in flue gas Prioritized market segments Next in line Prospects
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8 Ocean GeoLoop Half Year Report 2025 Our Commercial Strategy Scalable, capital-light licensing model for the global CCS market License fees Ocean GeoLoop: Develops and structure the carbon capture project, supplying both the technology and associated licenses. Receives a license fee from the SPV, along with a recurring license fee, O&M and Digital Services. SPV Investor: Owns the project assets. Takes responsibility for CAPEX and OPEX. Generates a pre-agreed capture fee from the emitter, ensuring the project delivers sufficient infrastruc- ture returns. Emitter Capture fee License fees O&M + D. S. Capture as a Service (CAAS) Emitter: Pays a fee per tonne of CO2 captured to the SPV. Avoids upfront capital investment. Transfers operational and capture risk to the SPV. New SPV investor invited into partial/full ownership of project Service Provider Client (Project Owner): The client (emitter) owns, finances, and operates the carbon capture project—covering both CAPEX and OPEX—and pays a license fee to Ocean Ge- oLoop for technology use and digital services provided. Client owns the emitter Owning the project and pay license to Ocean GeoLoop Ocean GeoLoop: Provides the carbon capture technology, engineering support, and licensing. Plays an advisory role in project structuring and development. Receives a direct license fee from the client (emitter). License fees O&M + Digital Services Flexibility on business model for the emitter Anticipated main revenue streams for Ocean GeoLoop Paid studies Revenues from mobile test unit Licensing fees
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Non-toxic and 100 % clean A water-based process without toxins, amines or other harmful chemicals provides an HSE-friendly operation with no local emissions or chemical handling. Superior energy efficiency Low Opex for carbon capture due to a robust low maintenance process with high energy efficiency including incorporated energy recuperation elements. Low staffing needs Fully autonomous operation with low staffing needs. Cloud based data storage and accessibility to digital services. Robust and scalable A versatile and modularized technology, robust to chemical composition of the flue gas with no degradation of absorbent. Energy Flexibility A 100 % electrically powered process makes the solution more accessible across industries. No need for heat input lowers the complexity of integration. Low- grade residual heat can be used to boost process performance. 9 Our Carbon Capture Technologies An innovative, clean and flexible solution Traditional carbon capture methods have proven effective at reducing industrial CO 2 emissions, yet their widespread adoption has been hindered by several challenges: High costs, complex integration, high energy demands, reliance on heat input, and increasing HSE concerns. Our proprietary carbon capture technology addresses these barriers, offering a robust, cost-effective, and environmentally responsible solution for a wide range of industries. Based on our core technology, we deliver holistic solutions that are tailored to, and harmonized with, various industrial processes for maximum efficiency. By focusing on the entire value chain, we address both carbon capture and storage (CCS) as well as carbon capture and utilization (CCU) opportunities. Throughout every stage of our operations, we maintain a HSE friendly profile by not introducing any new potential hazards for our customers or for the environment.
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10 Ocean GeoLoop Half Year Report 2025 Our Carbon Capture Technologies Robustness through a physical and autonomous capture process Physically robust and chemically independent A 100% clean and physical sorption process that remains stable under varying conditions without relying on chemical reactions or solvents. Handles NOx, SOx, fine metal oxides, and fluctuating CO2 concentrations without degradation or complex pre- treatment. Stable under stress and operational flexibility Designed to manage both planned and unplanned stops, the system restarts and stabilizes within hours. Its resilience to input variation ensures continuous performance even under fluctuating flue gas compositions. Autonomous, proven, and low-maintenance Over 3,000 hours of autonomous operation at the Norske Skog Skogn pilot plant confirms minimal staffing needs. Fully electric and digitally integrated for remote monitoring, offering a cost- efficient and low-opex solution. Our Carbon Capture process: 1. Pre-wash of the flue gas A water-based method is used to pre-treat flue gas, eliminating acidic components and other pollutants that could affect the capture process. 2. Absorption The pre-treated gas proceeds to an absorption step, drawing the CO 2 out from the remaining flue gas. 3. Desorption The CO2 is separated, and the liquid is recycled to the absorption module. The process is not dependent on thermal energy input, resulting in uncomplicated integration with the host. Flue Gas 1 - Prewash 2 - Absorption CO₂ Rich Liquid 3 - Desorption Cleaned Gas CO₂ Poor Liquid Product Gas (CO₂) Cloud-based services Intelligent control and supervisory system Energy recuperating element 1 Energy recuperating element 2 10
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11 Ocean GeoLoop Half Year Report 2025 Our Carbon Capture Technologies Roadmap to reduced capture cost From industrial pilot until today and going forward Improvements from industrial pilot until today • Control system developed for safe and autonomous operations • Optimized process kinetics through targeted process optimization and materials technologies Anticipated further improvements going forward • Continued optimization through materials and process technologies • Optimization of energy recuperation methods • Live automatic process optimization by enhanced control system • Successful introduction of the c-Pump has potential to reduce net electricity consumption to close to zero if sufficient waste heat and cooling is available Illustrative Levelized Cost of Carbon Capture (per tonne) Conventional processes 2023 2024 20251 20261 20271 1Estimated Industrial pilot Process optimization Introduction of c-Pump Digital tools • Data capture to cloud • On-demand visualization • Dashboard livestreaming KPIs Introduction of energy recuperation tools • Francis turbine • Turboexpander 11
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12 Ocean GeoLoop Half Year Report 2025 Our Carbon Capture Technologies c-Pump: Can be used where excess waste heat and cooling is available License fees Net electricity demand (kWh/tonne CO2 captured) 1 105 kWh/tonne, or 39% of opex, stems from other opex elements. 2 167 kWh/tonne, or 61% of opex, stems from flue gas compression. 3 Energy recovery of 80 kWh is a result of utilizing a Francis turbine and a turboexpander. 4 Net electricity demand is in the size order of 200 kWh electric energy per tonne for flue gases with 25% CO2 concentration. 5 The c-Pump has potential to reduce net electricity demand by >80% in plants with excess waste heat and cooling. The recovered energy could match the full 167 kWh currently consumed by compression, be slightly less, or potentially even exceed that amount depending on available waste heat and cooling. 6 A full-scale plant with sufficient waste heat and cooling, will potentially have a net electricity demand of approximately 25 kWh per tonne, depending on the energy recovery from the c-Pump. Other Opex 167 kWh 167 kWh 167 kWh 25 kWh 105 kWh 105 kWh 192 kWh 80 kWh Other OpexEnergy Recovery External Electricity Supply Flue gas comp- ression Flue gas comp- ression External Electricity Supply Energy Recovery Base case* Energy demand Electricity source Electricity source Energy demand c-Pump** * SINTEF Report 2024/01162: “Energy consumption in the Ocean GeoLoop CO2 Capture Process”; ** SINTEF Report 2024/00619: «Analysis of the c-Pump system” 1 2 3 4 1 2 5 6 A proprietary system that harnesses temperature differences to generate electricity or mechanical work. Can be used where sufficient waste heat and cooling are available. 12
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13 Ocean GeoLoop Half Year Report 2025 Our Carbon Capture Technologies Advantages of OGL’s technology across the CCUS value chain The emitting plant can be a quicklime producer, cement plant, pulp and paper mill, smelter, WtE facility, ammonia plant or any other CO₂- emitting industrial facility. The client may operate the sys- tem independently or choose a third-party provider. Ocean GeoLoop may provide O&M services as well, either themselves or through affiliates. The high-purity CO₂ output from Ocean GeoLoop’s technology can either be utilized directly on-site or transported via truck, ship, or other means, depending on the intended use or storage solution. Captured CO2 can be stored in geological formations like saline aquifers and basalts, or used in feed, building materials, e-fuels, and other industrial products. Ocean GeoLoop’s solution is designed to be flexible and applicable across a wide range of hard-to-abate sectors. Ocean GeoLoop will lead the selection of an independent EPC provider, either directly or through its own network of partners. CO2 emission plant Operations & maintenance Transport Utilisation or storageCarbon capture technology EPC V alue chain overview and impact of OGL technology Advantages: • Excellent HSE • Minimal impact on ongoing operations • Handles complex flue-gas variations • Lower threshold for environmental permits • Easy integration Advantages: • Non-toxic and 100% clean • Autonomous and robust process • Low energy consumption • Energy flexibility • Potential for energy production Advantages: • Standardized equipment • Robust process • Modular design • Replicability Advantages: • Handles complex flue-gas variations • Autonomous and robust process • Low staffing needs • Self-optimized system Advantages: • No residual amines • NOX and SOX is handled inherently in the solution and does not flow with the CO2 for transport, minimizing downstream technological risks as e.g. pipeline corrosion Advantages: • High-purity CO2 output • Stable, dry gas stream, ready for compression or conversion • No amines leading to fewer impurities and less downstream contamination
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14 Ocean GeoLoop Half Year Report 2025 Financial Highlights Key figures and financial highlights Revenue and operating income in the first half-year of 2025 was NOK 106.8, up 1.8 million from same period 2024 (1H 2024: 105.0) EBITDA of NOK -24.3 million (1H 2024: -14.6) Cash balance of NOK 34.9 million (1H 2024: 80.8) * EBITDA: Earnings before interest, tax, depreciation and amortization. Parent Company Ocean GeoLoop Group Amounts in NOK thousand 1H 2025 1H 2024 Full year 2024 1H 2025 1H 2024 Full year 2024 Revenue and operating income 1 321 439 3 383 106 821 104 999 235 664 Operating expenses 14 720 12 800 31 495 131 076 119 584 272 999 EBITDA -13 399 -12 361 -28 113 -24 256 -14 584 -37 335 Operating profit (loss) -18 545 -16 616 -36 966 -35 424 -24 784 -57 994 Pre-tax profit (loss) -17 426 -13 915 -32 571 -35 541 -22 782 -49 764 Net profit (loss) -17 426 -13 915 -32 571 -34 916 -22 157 -48 395 Net cash flow from operating activities -17 686 -11 762 -23 203 -26 207 -8 972 -21 816 Cash balance end of period 17 206 69 912 46 887 34 861 80 761 65 293 Equity 189 687 224 615 207 074 154 727 214 728 189 604 Permanent employees (headcount) 13 14 15 53 50 54
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15 Ocean GeoLoop Half Year Report 2025 Projects NorFraKalk NorFraKalk, a subsidiary of Franzefoss Minerals and Nordkalk/SigmaRoc, operates a modern, energy efficient lime kiln producing quicklime from lime- stone sourced from one of Europe´s cleanest sources. Production of quicklime – just as cement – generates unavoidable CO 2 emissions. With the ambition to expand production significantly CCUS solutions becomes a “license to operate” going into the future. NorFraKalk and Ocean GeoLoop have conducted a feasibility study for a 10 000 tonnes pilot as a step towards full-scale carbon capture. Results from this study and energy consumption data for the lime and cement industries show: 20262025 2027 2028 Finalizing constructionFID on the 10 ktpa pilot End of test period Full-scale project start Indicative Timeline >90% capture rate ~200 kWh energy consumption per tonne CO2 captured >95% CO2 gas
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16 Ocean GeoLoop Half Year Report 2025 Projects Yara During 2024 Ocean GeoLoop and Yara Norge intensified the collaboration to develop CCUS solutions seeking to generate profitable value chains for CO 2 based on Ocean GeoLoop´s safe, non-toxic and industrially robust technology. The companies have evaluated the capture potential for process emissions from Yara´s Calcium Nitrate production, where tests from Ocean GeoLoop´s R&D Center in Trondheim have confirmed capture rates of 98 percent and product gas purity of 98 percent. The parties have co-developed plans to further investigate this and other emission points. 20262025 2027 Initiation of test campaign Initiation of feasibility study Initiation of full-scale project Indicative timeline
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17 Ocean GeoLoop Half Year Report 2025 Projects Herøya Industrial park In March 2025 Ocean GeoLoop and Herøya Industrial Park AS signed a cooperation agreement that targets the ambition of the Grenland region in Norway to become the world´s first climate positive industry region by 2040. The collaboration seek to, by leveraging Ocean GeoLoop’s cutting edge CCUS technologies, realize crucial and profitable infrastruc- ture for carbon capture, CO 2-handling for further distribution, trans- port, use or storage. This includes establishing HIP as a regional CO 2- hub. The initiative will unlock profitable, climate-friendly value chains turning carbon management into a key driver of industrial innovation and economic growth. Significant amounts of waste heat and cooling capacity at Herøya In- dustrialpark makes the site well-suited for piloting the c-Pump under industrial operating conditions. Ocean GeoLoop´s ambition is to build a first-of-a-kind c-Pump pilot for operations at Herøya Industrial Park in 2026. Targeting 2 million tonnes of CO2 emissions in the Grenland region in southern Norway Photo: Tom Riis/Herøya Industripark AS.
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18 Ocean GeoLoop Half Year Report 2025 Assets Mobile Test Unit The pilot plant has operated successfully for 3,000 hours during 2023, with minimal operator presence due to its capacity for highly autonomous and remote operation. Connected directly to Norske Skog Skogn’s flue gas system, it had no adverse impact on operations. The full test program, conducted in collaboration with SINTEF, confirmed stable performance even during abrupt flue gas fluctuations, with the system automatically adjusting as needed. The technology has now reached TRL 6, demonstrating OGL’s readiness to deliver safe, fully autonomous commercial-scale plants requiring minimal staffing. The industrial pilot serves as a showcase of our technology, combining autonomous operation, seamless integration with emitters, a safe non- toxic absorbent, and fully electric operation—eliminating the need for residual heat. OGL mobile test unit (MTU) available as a unique testing platform to customer sites Q3 2021 Q2 2022 Q3 2023 2026 Started design Commissioning 3000 hours milestone + autonomous operations Scheduled to be moved to first commercial site This mobile test unit (MTU) will be available as a unique testing platform deployed to customer sites for dedicated test campaigns. Timeline
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19 Ocean GeoLoop Half Year Report 2025 Assets Ocean GeoLoop´s R&D Center open for customer test campaigns At Ocean GeoLoop’s R&D Center at SINTEFs premises in Trondheim, we have built a carbon capture test facility, a tailored tool for further process optimization, at a relevant industry scale. To shorten sales cycles, technology acceptance and adaptation, OGL provides time and cost-efficient customer testing at our R&D Center. While being physically present at the facility, customers can test OGL’s carbon capture solution on their specific flue gas composition and related operating conditions either on an experimentally produced flue-gas or from samples provided by the customer. Upon need, SINTEF personnel contribute to the testing and may offer further services, with various personnel having cutting-edge expertise in a range of disciplines and access to any other state-of-the art laboratory and modelling tools. Digital Infrastructure • Focused development now well inte grated into customer offerings, enabling remote control, automatic security, and autonomous operations. • Cloud-based services allows secure storage, visualization and analysis of real-time data. • Developments organized within an Ocean GeoLoop software frame- work that captures combined human knowledge, enabling continuous digitalization, rapid experimentation, and faster market adaptation. • Led by an in-house software solutions architect collaborating with both internal and external teams. Fit-for-purpose digital infrastructure
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20 Ocean GeoLoop Half Year Report 2025 We confirm, to the best of our knowledge, that the condensed set of interim consolidated financial state- ments for the first half of 2025, which have been prepared in accordance with NRS 11 Interim Accounts, give a true and fair view of the company’s assets, liabilities, financial position and results of operation, and that the half year report provides a fair overview of additional disclosure requirements under the Norwegian Securities Trading Act. The Board of Directors and the CEO have today considered and approved the consolidated condensed financial statements for the six months ended 30 June 2025, for Ocean GeoLoop Interim Consolidated Financial Statements Responsibility statement Verdal, 3 September 2025 Anders Onarheim Chairman of the Board Martha Kold Monclair Board member Morten Platou Board member Ole Rogstad Jørstad Board member Odd-Geir Lademo CEO Ida Pernille Hatlebrekke Teien Board member
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21 Ocean GeoLoop Half Year Report 2025 Income statement Consolidated condensed income statement (unaudited) Amounts in NOK Note H1 2025 H1 2024 FY 2024 Revenues 106 820 627 104 999 278 235 664 319 Cost of goods sold 88 018 440 82 178 894 188 654 028 Salary and other personel cost 27 401 438 22 752 670 56 020 893 Other operating expenses 15 656 450 14 651 995 28 324 114 Operating profit (loss) before depreciation and impairment -24 255 701 -14 584 281 -37 334 717 Depreciation, amortizations and write downs 11 167 979 10 199 893 20 659 135 Operating profit (loss) -35 423 680 -24 784 174 -57 993 851 Net financial items -117 431 2 002 025 8 230 340 Net profit (loss) before tax -35 541 111 -22 782 150 -49 763 511 Income tax expense 624 788 624 788 1 368 179 Net profit (loss) for the period -34 916 323 -22 157 362 -48 395 332 Equity holders of the parent company -28 933 362 -18 976 488 -40 159 629 Non-controlling interests -5 982 962 -3 180 873 -8 235 703
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22 Ocean GeoLoop Half Year Report 2025 Balance sheet Consolidated condensed balance sheet (unaudited) Amounts in NOK Note H1 2025 H1 2024 FY 2024 Assets Non-current assets Intangible assets 56 979 033 61 697 918 59 666 779 Property, plant and equipment 77 034 333 75 517 504 77 905 207 Total non-current assets 134 013 366 137 215 422 137 571 986 Current assets Inventory 5 586 225 5 017 960 5 078 715 Accounts receivables and other receivables 40 926 095 55 555 453 96 509 222 Cash and cash equivalents 34 860 995 80 761 053 65 292 635 Total current assets 81 373 316 141 334 465 166 880 572 TOTAL ASSETS 215 386 681 278 549 888 304 452 559 Amounts in NOK Note H1 2025 H1 2024 FY 2024 Equity Share capital 527 155 527 155 527 155 Other equity and reserves 137 165 606 189 635 814 166 060 180 Non-controlling interests 17 034 037 24 564 868 23 016 999 Total equity 154 726 798 214 727 837 189 604 335 Non-current liabilites Provisions Deferred tax liabilities 8 311 059 9 560 635 7 654 813 Provisions - 4 086 613 - Total provisions 8 311 059 13 647 248 7 654 813 Debt to financial institutions 3 124 961 3 032 737 3 257 758 Total non-current liabilities 11 436 020 16 679 985 10 912 571 Current liabilities Accounts payable and other current liabilites 49 223 863 47 142 067 103 935 653 Total current liabilities 49 223 863 47 142 067 103 935 653 TOTAL EQUITY AND LIABILITIES 215 386 681 278 549 888 304 452 559 Verdal, 3 September 2025 Anders Onarheim Chairman of the Board Odd-Geir Lademo CEO Ole Rogstad Jørstad Board member Morten Platou Board member Ida Pernille Hatlebrekke Teien Board member Martha Kold Monclair Board member
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23 Ocean GeoLoop Half Year Report 2025 Equity Consolidated condensed statement of changes in equity (unaudited) Amounts in NOK Share Capital Share Premium Reserve Other Paid-in Capital Total Retained Earnings Non-controlling interests Total Equity Incl. Non-ctr intr Opening balance 1 January 2025 527 155 363 494 263 -103 267 089 -94 166 993 23 016 999 189 604 335 Correction - - - - - - Issued Share Capital - - - - - - Transactions with non-controlling interest - - - - - - Share based payments - - 38 788 - - 38 788 Business Combinations - - - - - - Profit/Loss for the period - - - -28 933 362 -5 982 962 -34 916 323 Dividends - - - - - - Group Contributions - - - - - - Closing Balance 30 June 2025 527 155 363 494 263 -103 228 301 -123 100 355 17 034 037 154 726 798
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24 Ocean GeoLoop Half Year Report 2025 Amounts in NOK Note H1 2025 H1 2024 FY 2024 Cash flow from operating activities Net profit before tax -35 541 111 -22 782 150 -49 763 511 Income tax payable - -6 - Depreciation and amortisation expenses 11 167 979 10 199 893 20 659 135 Changes in inventories, acc. receivables and acc. payable 41 090 509 10 047 851 -25 349 698 Changes in other accruals -42 924 050 -6 437 505 32 637 782 Net cash flow from operating activities -26 206 673 -8 971 917 -21 816 292 Cash flows from investing activities Purchase of tangible non current assets -6 328 325 -11 681 890 -23 660 127 Net cash flow used in investing activities -6 328 325 -11 681 890 -23 660 127 Cash flows from financing activities Proceeds from recent borrowings (long term and short term) - 417 490 642 512 Repayment of borrowings -132 797 -7 600 000 -5 100 000 Changes in bank overdraft 2 236 158 -5 685 085 944 088 Net cash flow from financing activities 2 103 361 -12 867 595 -3 513 400 Net increase/(decrease) in cash and cash equvivalents -30 431 637 -33 521 401 -48 989 819 Cash and cash equivalents at beginning of period 65 292 635 114 282 456 114 282 456 Cash and cash equivalents at end of period 34 860 995 80 761 053 65 292 635 Cash flow Consolidated condensed statement of cash flow (unaudited)
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25 Ocean GeoLoop Half Year Report 2025 Note 1 General information Ocean GeoLoop AS is a private limited company incorporated and domiciled in Norway. The registered address of the office is Neptunvegen 6, 7652 Verdal. The company has introduced the GeoLoop CC technology that captures CO 2 from point source emissions using natural and harmless processes. Ocean GeoLoop will help companies and countries achieve their goals of reduced emissions and access to renewable electricity for the green transition. The company is listed on the Oslo Stock Exchange Euronext Growth under the ticker OCEAN. Note 2 Accounting policies The condensed financial statements of Ocean GeoLoop AS and its subsidiaries (the “Group”) are prepared in accordance with Norwegian Generally Accepted Accounting Principles (N-GAAP) and NRS 11. Please refer to the 2024 annual report for a detailed description of the accounting polices. The report is available on www.oceangeoloop.com As a result of rounding differences, numbers or percentages may not add up to the total. Note 3 Judgements, estimates and assumptions The preperation of the Group’s consolidated financial statements requires management to make judements, estimates and assumptions that affect the reported amounts of assets, liabilities, income and expenses. The estimates and judgements are reviewed on an ongoing basis, considering the current and expected future market conditions. Changes in accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. Refer to the annual report of 2024 for more details related to key judgements and estimation. Notes
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Half Year Report 2025 Published date: 04.09.2025 © 2025 Ocean GeoLoop The publication can be downloaded on oceangeoloop.no info@oceangeoloop.no +47 48 24 50 01 Neptunvegen 6, 7652 Verdal, Norway Follow us on LinkedIn