Aker Horizons ASA: First-quarter Results 2024

Source: www.gulfoilandgas.com 4/30/2024, Location: Europe

Aker Horizons ASA (OSE: AKH), a developer of green energy and industry, today announced results for the first quarter 2024. Aker Horizons' net asset value stood at NOK 8.7 billion as of 31 March 2024. The company had a cash position of NOK 3.2 billion and an undrawn credit facility of EUR 500 million, giving available liquidity of NOK 9.0 billion.

First quarter 2024 main developments:

Aker Carbon Capture agreed to form a joint venture with SLB and recorded a strong order intake:

- Agreement to form joint venture with SLB, closing expected during Q2

- Continued high activity and demand for pre-FEED, FEED and studies

- Continued revenue growth (97% YoY), mainly driven by ongoing Big Catch™ and Just Catch™ projects

Mainstream Renewable Power continued to execute on its near-term project pipeline:

- Andes Renovables platform in Chile continues to deliver positive commercial margin

- Ckhúri 109 MW onshore wind project construction in Chile resuming in Q2

- New 50 MW private PPA project in South Africa expected to reach financial close in Q2

Aker Horizons Asset Development completed pre-FEED and is exploring power-intensive growth industries for sites in Northern Norway:

- Joint pre-FEED study with Statkraft for Narvik Green Ammonia completed

- Submitted application to the EU Innovation Fund for support for Narvik Green Ammonia project

- Signed MoU with industrial player to explore feasibility for battery material production on two sites

Kristian Røkke, CEO of Aker Horizons, commented:

"The first quarter of 2024 marked a milestone for Aker Horizons, as Aker Carbon Capture ASA and SLB agreed to merge their carbon capture businesses to accelerate industrial decarbonization at scale. SLB is the ideal partner to elevate ACC's scaling of cost-effective carbon capture solutions. Mainstream Renewable Power continued to execute on its near-term project pipeline, notably with a new private PPA project underway in South Africa. In the hydrogen segment, Aker Horizons' flagship Narvik Green Ammonia project is advancing, with the joint pre-FEED study now completed."

Aker Horizons' net asset value (NAV) stood at NOK 8.7 billion at the end of the first quarter, compared to NOK 10.8 billion in the fourth quarter 2023. Aker Horizons' gross asset value stood at NOK 15.1 billion at 31 March 2024, down from NOK 17.1 billion in the prior quarter.

The Q1 2024 presentation is attached.

Aker Horizons' CEO Kristian Røkke, CFO Kristoffer Dahlberg and Mainstream's CEO Mary Quaney will present the main developments in the first quarter of 2024 today at 08:30 CEST followed by a Q&A session. The presentation, which is open to all, will be held in English and will be webcast on Aker Horizons' website: https://akerhorizons.com/investors


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