Interim report
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SECOND QUARTER & HALF-YEAR REPORT 2026 POSITIONED FOR EXECUTION AFTER SUCCESSFUL SHARE ISSUE AND STRATEGIC REFOCUS OCEAN SUN AS — 26.08.2026
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Content Q2 in brief Strategic update Share info Responsibility statement Consolidated financial statements Notes 2
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3 Ocean Sun issued 40,000,000 new shares at NOK 0.50 per share, raising gross proceeds of NOK 20.0 million. The offering was oversubscribed and primarily directed towards existing shareholders. Consequently, Ocean Sun entered H2 2026 with a cash position of NOK 21.1 million and no interest-bearing debt, providing a strengthened foundation for executing the company's commercial strategy The company launched a sharpened two-engine strategy, combining near-term resort opportunities with a capital- light utility licensing model Ocean Sun entered into a non-binding MoU with ACEN-Silverwolf to establish a framework for utility-scale FPV deployment in selected Asian markets. Acen-Silverwolf is a joint venture between ACEN Renewables (Ayala Group's listed energy arm, 7 GW renewable capacity) and Silverwolf Capital, operating 100+ MW of C&I assets across China, Hong Kong, Malaysia, Thailand and Singapore Ocean Sun was awarded approximately NOK 2.1 million in EU funding as part of the Isla Bonita project, a major initiative under Horizon Europe’s Mission “Restore our Ocean and Waters” demonstrating nine innovative solutions across Europe. Ocean Sun will lead the La Palma demonstrator in the Canary Islands to combine floating solar and desalination in support of more resilient and sustainable island communities. The demonstrator will serve as a valuable test site for further research, validation and operational improvements of our system in exposed marine conditions Material orders for the Rio One project have been placed and construction activities started in August, with expected completion in September Ocean Sun signed 4 MoUs in Asia, India and Brazil, and continued progressing new and existing resort leads, both directly and together with partners Ocean Sun continued development of its next-generation floating solar platform for the utility market, which was piloted in Norway in May Q2 in brief Highlighted developments
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Engine 1: Energy solutions for resorts » Builds on the Soneva Secret reference project » Targets diesel-dependent island resorts with high energy costs » FPV + storage - Initial market entry through partner-led project delivery, providing integrated FPV solution and technical expertise » 300+ diesel-powered island resorts » Intended to generate increased near-term revenue through a greater role in project delivery Engine 2: Utility licensing, capital-light upside » Technology licensing into established utility market » Targets larger freshwater and utility-scale opportunities –> Global FPV market: ~77 GWp by 2033 (Wood Mackenzie) » Partner-led execution » Revenue through technology licensing and engineering support » Capital-light, high-margin model Strategic update Strategic update: Two complementary value engines Ocean Sun has sharpened its commercial strategy around two complementary value engines: near-term project delivery in island and resort markets, and a capital-light licensing model for utility-scale FPV opportunities. 4
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Maldives market - 600 MUSD » 1 typical resort* -> 4.5 MUSD turnkey CAPEX » 150 island resorts » Execution ready Other island resorts - 500 MUSD » 140-170 resorts in Caribbean, Pacific and the rest of the Indian Ocean » Same setup, same opportunity 600 M$ Maldives 500 M$ Other resorts Upside** Adjacent C&I & Utility * Average resort is 2 MWp FPV + 6 MWh battery, **C&I with high willingness to pay, fast execution and repeatable delivery (Waterworks, heavy industry, datacenters). Utility projects for islands and exposed hydropower reservoirs Strategic update – Opportunity Engine 1 Unlocking a market built from identical decision Same diesel problem, standard solution » Running on diesel -> Willingness to pay » No land -> FPV only » Simple permitting -> Quicker implementation » Similar conditions -> standardized solutions The pattern is already reflected in 3 MoUs signed, 3 projects in late commercial negotiation 5
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Strategic update –Opportunity Engine 2 The utility FPV market – a 77 GWp opportunity Market fundamentals » ~77 GWp of global FPV capacity forecast by 2033 » Relatively mature and price-driven – Strong established partners win the large tenders » Established EPCs seek certified tech platforms Where we focus » Southeast Asia - world's most active FPV region, driven by hydropower reservoirs, land scarcity and government tenders » India - Established regulation, strong market acceptance, and a rapidly scaling installed base with 5 GWp ambition by 2030. 4 MOUs signed and progressing » Brazil - 17–24 GWp economically viable FPV. Early market ready for scale 6
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Strategic update – Economics Two engines. One capital-light platform. Engine 1: Resort EPC 300+ diesel-powered resorts ~$4.5 M Turn-key CAPEX/resort » If Ocean Sun captures 10 of 150 Maldives resorts = ~$45M revenue, with strong defendable margins. › Illustrative economics based on direct EPC delivery model currently being implemented across active Maldives pipeline. » Each project can generate O&M + carbon credit tail on top of delivery margin Engine 2: Utility licensing 77 GWp Global FPV market by 2033 $0.03-0.07 Typical FPV license fee range per Wp » Revenue generated without additional headcount or capital Mid range (0.05 USD/Wp) indicative license fee 100 MWp licensed 5 MUSD 500 MWp licensed 25 MUSD 1 GWp licensed 50 MUSD Illustrative scenarios only — not financial guidance or forecasts. 7
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Name Holding Stake KVANTIA AS 13 126 888 14,6% NORDA ASA 10 100 590 11,2% UMOE AS 9 303 018 10,3% DR.ING. BØRGE BJØRNEKLETT AS 9 185 999 10,2% MP PENSJON PK 8 346 102 9,3% PROGRESSI AS 7 526 100 8,4% SAUAR INVEST AS 3 136 468 3,5% OPULENS INVEST AS 3 000 000 3,3% SCHIØLL CAMILLA 1 832 509 2,0% JULSRUD JON 1 500 000 1,7% IMPACT ALPHA AS 1 300 000 1,4% BARCLAYS CAPITAL SEC. LTD FIRM 975 045 1,1% CLEARSTREAM BANKING S.A. 796 916 0,9% SCHIØLL ANDRE 666 999 0,7% NORDNET LIVSFORSIKRING AS 606 226 0,7% SVEUM BJØRN 565 100 0,6% CAABY AS 535 700 0,6% GLØERSEN ARE 500 000 0,6% BLUECAP AS 488 509 0,5% MÆLAND DAG FLEM 478 000 0,5% Subtotal top 20 shareholders 73 970 169 82,2% Other 15 964 651 17,8% Total 89 934 820 100% As per 30.06.2026 Share info Top 20 shareholders 8
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About our shares Ocean Sun has been listed on Euronext Growth Oslo since 26 October 2020, under the ticker OSUN. The listing price for Ocean Sun was NOK 18 per share and the price as at 30 June 2026 was NOK 0.49 per share. The company has 89 934 820 outstanding shares. The share capital as at 30 June 2026, amounted to NOK 899,348. Financial calendar Contacts Kristian Tørvold, CEO +47970 88 847 Karl Lawenius,CFO +47456 33 881 Number of shares: 89 934 820 Votes: 89 934 820 Shareholders 30 Jun 2026: 1200+ Listing price: NOK 18.00 HighestpriceH126: NOK 1.97 Lowest priceH126: NOK 0.49 Market cap 30 Jun 2026: NOK 44 068 062 Auditor: RSM Norge Event Date Half yearly report 26 August 2026 Q3 Report 5 November 2026 Q4 Report 11 February 2027 Share info Key information 9
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Responsibility statement 10 The Board of Directors has considered and approved the consolidated interim financial statements of Ocean Sun AS (“the Company”) for the second quarter 2026 and the half year ended 30 June 2026. The interim report has not been audited or reviewed by the Company’s independent auditor. In our opinion, the accounting policies used are appropriate, and the interim report gives a true and fair view of the Company’s financial position as of 30 June 2026, as well as the results from the Company’s operations during the quarter, including cash flows for the period ended 30 June 2026. In our opinion, the highlights provide a true and fair presentation of developments, results for the respective periods, and overall financial position of the Company’s operation. No changes in the Company’s most significant risks and uncertainties have occurred relative to the disclosures in the annual report for 2025. Lysaker, 26 August 2026 Kristin Åbyholm Board member May Kristin Salberg Chairperson of the Board Trond Moengen Board member Tron Engebrethsen Board member Kristian Tørvold CEO
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Financials Profit and loss Balance sheet Cash flow Equity statement
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12 In June, Ocean Sun raised gross proceeds of NOK 20.0 million, in an oversubscribed share offering primarily directed towards existing shareholders. The strengthened capital position provides an improved basis for executing the company’s updated strategic priorities. Following the offering, Ocean Sun is focusing its commercial strategy around two complementary value engines. The first, near-term project delivery for island resorts, where FPV combined with battery storage reduce diesel dependency and energy costs for customers with limited land availability. The second, a capital-light utility licensing model, focused on partner-led deployment of Ocean Sun’s technology in larger freshwater and utility-scale FPV applications. This strategic framing was presented in the investor presentation published in connection with the offering. Proceeds from the share issue support execution of the active resort pipeline, expansion of delivery capacity in line with project volume and continued development of the next-generation FPV platform for the utility market. The company will continue to balance commercial activity with a capital-light operating model and disciplined use of resources. MNOK 4.0 Operating income H1 2026 MNOK 5.3 Net cash flow H1 2026 MNOK 21.1 Cash and cash equivalents As at 30.06.2026 - MNOK 10.2 Result H1 2026 Key Financials Q2 in brief Positioned for execution after successful share issue and strategic refocus
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Income statement (Consolidated) Financial results Ocean Sun's operating income in H1 2026 totaled NOK 4.0 million (H1 2025: NOK 3.8 million) and primarily relates to research grants. The company reported an operating loss of NOK 10.3 million in H1 2026 (H1 2025: NOK 10.8 million). Net financial income amounted to NOK 75 thousand and primarily relates to interest income from cash and cash equivalents. Result after tax for the first half of 2026 amounted to NOK 10.2 million. 13 Unaudited Unaudited Unaudited Unaudited Audited NOK’000 Q2'26 Q2'25 YTD 26 YTD 25 2025 Income Revenue 81 215 123 215 2 191 Other income 1 876 2 123 3 899 3 575 9 020 Total operating income 1 957 2 339 4 022 3 791 11 210 Operating expenses Raw materials and consumables used (167) (17) (222) (100) (338) Employee cost (3 530) (3 731) (8 336) (8 040) (18 354) Depreciation (9) (18) (18) (19) (36) Other Operating expenses (2 057) (3 837) (5 759) (6 429) (13 678) Total operating expenses (5 763) (7 603) (14 335) (14 588) (32 405) Operating result (3 806) (5 265) (10 313) (10 797) (21 195) Financial income Interest income 55 221 143 519 609 Other financial income 23 291 42 411 478 Total financial income 78 512 185 930 1 087 Financial expenses Interest expenses (4) (0) (4) (0) (1) Other financial expenses (73) 143 (106) 79 (480) Total financial expenses (76) 143 (110) 78 (482) Net financial items 2 655 75 1 008 606 Result before taxes (3 804) (4 609) (10 239) (9 789) (20 589) Taxes (3) (1) (5) (2) (4) Result after taxes (3 807) (4 611) (10 243) (9 791) (20 593)
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Balance sheet (Consolidated) Balance sheet per 30.06.2026 Following the share issue, cash and cash equivalents amounted to NOK 21.1 million as per 30.06.2026. The equity ratio was 84% and the company had no interest-bearing debt. Other receivables primarily relate to accrued revenue from R&D projects, while other payables consisted primarily of prepayments and accrued vacation salary. 14 Unaudited Audited NOK'000 30.06.26 31.12.25 ASSETS Non-current assets Office equipment 101 119 Other financial fixed assets 450 450 Total non-current assets 551 569 Current assets Inventories 600 600 Accounts receivables 1 025 1 435 Other receivables 7 408 6 407 Total receivables 9 032 8 440 Cash and equivalents Cash and cash equivalents 21 069 15 815 Total cash and equivalents 21 069 15 815 Total current assets 30 102 24 256 Equity and liabilities Equity Total Equity 25 659 17 174 Current liabilities Accounts payables 782 2 050 Taxes and public duties 705 285 Other payables 3 507 5 316 Total current liabilities 4 994 7 651 Total liabilities 4 994 7 651 Total Equity and liabilities 30 653 24 826
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Cash flow statement (Consolidated) Cash development Q2 Cash flow from operating activities amounted to -NOK 4.2 million in Q2 2026. This was offset by net proceeds of 18.5 million from the share capital increase conducted during the quarter. Net cash flow for the quarter amounted to NOK 14.4 million. Total cash and cash equivalents as of 30 June 2026 amounted to NOK 21.1 million. 15 Unaudited Unaudited Unaudited Unaudited Audited Q2'26 Q2'25 YTD 26 YTD 25 2025 Operating activities Result before tax (3 807) (4 611) (10 243) (9 791) (20 589) Depreciations 9 18 18 19 36 Cost of share option program 68 164 192 345 573 Change in accounts receivables 438 449 409 1 296 763 Change in other current assets 222 (226) (1 001) (798) (1 628) Change in accounts payable (678) (271) (1 268) (640) 219 Change in other current liabilities (454) (2 140) (1 371) (2 057) (1 265) Cash flow from operating activities (4 202) (6 617) (13 264) (11 625) (21 892) Investments Other investments - (21) 0 (152) (152) Cash flow from investment activities - (21) 0 (152) (152) Finance Proceeds from issuance of share capital 20 000 - 20 000 - 9 897 Costs associated with share capital increase (1 467) - (1 467) - (979) Change in other financing activities - (450) - (450) (450) Cash flow from financing activities 18 533 (450) 18 533 (450) 8 468 Foreign currency effects on cash 49 3 (16) (123) (165) Net cash flow in the period 14 381 (7 085) 5 254 (12 350) (13 741) Cash and cash equivalents at the beginning of the period 6 688 24 291 15 815 29 556 29 556 Cash and cash equivalents at the end of the period 21 069 17 206 21 069 17 206 15 815
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Equity statement (Consolidated) 16 Share capital Own shares Share premium Share based payment reserves Uncovered losses Total At 1st of January 2026 499 (0) 14 992 1 683 - 17 174 Profit/Loss for the period - - - - (6 436) (6 436) Share option program - - - 124 - 124 Currency translation differences - - 3 (16) 9 (4) At 1 April 2026 499 (0) 14 995 1 792 (6 427) 10 858 Profit/Loss for the period - - - - (3 807) (3 807) Share option program - - - 68 - 68 Share capital increase 400 - 19 600 - - 20 000 Costs from capital increase - - (1 467) - - (1 467) Currency translation differences - - (13) 15 3 6 At 30 June 2026 899 (0) 33 115 1 875 (10 231) 25 659
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Notes
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Notes (1/2) 18 Note 1 – Basis of preparation Note 2 – Operating income The financial information has been prepared in accordance with the Norwegian Accounting Act and generally accepted accounting principles. This financial information should be read together with the annual report for the year ended 31 December 2025.The accounting policies adopted in the preparation of this financial information are consistent with those used in the preparation of the Group’s annual consolidated financial statements for the year ended 31 December 2025.As a result of rounding differences, numbers or percentages may not add up to the total. Q2'26 Q2'25 YTD 26 YTD 25 2025 Revenue License revenue - - - - 1 365 Service and engineering revenue - 215 - 215 825 Turnkey projects - - - - - Product sales 81 - 123 - - Subtotal Revenue 81 215 123 215 2 190 Other income Grants from EU (BOOST Project) - - - - 243 Grants from Innovation Norway 204 407 720 618 1 496 Grants from RCN (SkatteFunn + IPN) 1 658 1 700 2 915 2 937 7 261 Other 15 16 265 20 20 Subtotal other revenue 1 876 2 123 3 899 3 575 9 020 Total operating Income 1 957 2 339 4 022 3 791 11 210
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Notes (2/2) 19 Note 3 – Other receivables Note 4 – Cash and cash equivalents 30.06.26 31.12.25 Material for projects 1 746 649 Accrued income contribution projects 5 277 5 177 Other 384 580 Total 7 408 6 407 30.06.26 31.12.25 Restricted cash - 860 Cash 21 069 14 955 Total cash and equivalents 21 069 15 815
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