#Norway #Aker Horizons #Aker Carbon Capture #Fornebu #Mainstream Renewable Power

Aker Horizons ASA's First-Quarter Results for 2025

On May 8, 2025, Aker Horizons ASA (OSE: AKH), a key player in green energy and industrial development, released its financial results for the first quarter of 2025. The company experienced a net capital employed of NOK 4.3 billion, which marked a reduction of NOK 1.7 billion compared to the previous quarter. This decrease is largely attributed to the dividend payments made by Aker Carbon Capture ASA (ACC) during the first quarter and AKH's share of profits from its portfolio companies. Notably, Aker Horizons maintained a solid cash position of NOK 4.1 billion, alongside an undrawn credit facility of EUR 500 million, albeit the credit facility has since expired and will not be extended.

Key Developments in the Portfolio

One of the major highlights during this period was the dividend distribution from ACC. The first installment of a NOK 3.5 billion dividend was issued, with NOK 1.26 billion received by Aker Horizons in March and a subsequent NOK 0.26 billion in May. ACC also saw an earn-out of NOK 71 million from SLB related to the awarding of the Hafslund Celsio contract and recorded a surge in commercial activity, with multiple tenders currently in progress.

Refinancing efforts for Mainstream Renewable Power (MRP) were successfully completed, ensuring essential funding to boost growth in its main markets, specifically South Africa and the Asia Pacific region. Three renewable energy projects totaling 350 MW are set to reach a financial close within the next 18 months in South Africa. Furthermore, Aker Horizons sold a portfolio of projects in Colombia, amounting to 675 MW, to the local energy firm, Celsia. In another significant leadership move, Morten Henriksen has been appointed as the new CEO of MRP, with the corporate headquarters scheduled to relocate from Dublin to Oslo.

In collaboration with Nordkraft, Aker Horizons is actively exploring the feasibility of establishing data centers in northern Norway, capitalizing on the Kvandal site in Narvik. However, the progress on the Narvik Green Ammonia project is contingent upon receiving feedback regarding an application for additional grid capacity, which is vital before advancing to the next phase.

SuperNode also made strides by completing initial full-scale tests of its superconducting technology, with a successfully tested prototype in its UK facility during March. A demonstration involving a 30-meter transmission distance is planned for mid-2025.

Aker Horizons reports its net capital employed, reflecting a portfolio predominantly comprising unlisted assets. This measure includes the company's initial investments in its portfolio companies, adjusted for profits or losses, any additional investments, and fluctuations in foreign exchange rates. As of the end of Q1 2025, Aker Horizons exhibited net capital employed of NOK 898 million in ACC, NOK 2.06 billion in Mainstream, NOK 573 million in AAD, NOK 195 million in SuperNode, and NOK 568 million across other assets.

Upcoming Presentation

The quarterly presentation, featuring CEO Lars P. Sørvaag Sperre, CFO Kristoffer Dahlberg, and Mainstream's CFO Julie Berg, scheduled for today at 0830 CET, will elaborate on these developments and include a Q&A session. The presentation will be accessible to all interested parties and can be viewed live on Aker Horizons' website.

For detailed inquiries, representatives from Investor Relations and Media are available via email and phone, ensuring stakeholders receive timely information regarding the company's ongoing efforts and strategic direction. Aker Horizons aims to spearhead advancements in renewable energy, carbon capture technology, and sustainable industrial assets as part of its wider commitment to a net-zero future.

As a member of the Aker group, Aker Horizons harnesses industrial expertise and financial know-how to foster global decarbonization efforts. The company is not just limited to regional projects but is actively engaged across five continents in its mission to drive sustainable development.