Capsol Technologies (CAPSL) investor relations material

Executive summary

• Secured exclusivity and initiated pre-FEED for a U.S. gas turbine decarbonization project, with Siemens Energy as a key partner.

• Holcim invested following a successful demonstration in Germany, validating cement sector applicability.

• Strengthened partnerships with Siemens Energy and Saipem to expand execution capabilities and scaling.

• Demonstrated strong commercial momentum in Q4 2025, with high activity in U.S. energy and European cement sectors.

• Cost reduction initiatives underway, targeting at least NOK 15 million annual savings from 2026.

Financial highlights

• Q4 2025 cash position was NOK 50 million, with an additional NOK 45 million raised in January 2026.

• EBITDA for Q4 2025 was NOK -17.9 million, down from NOK -11 million in Q3.

• Gross profit for Q4 2025 was NOK 4.1 million, compared to NOK 11.9 million in Q3, due to lower utilization.

• EBT for Q4 2025 was NOK -26.9 million, compared to NOK -16.7 million in Q3; adjusted EBT was NOK -24.2 million.

• Q4 2025 revenue was NOK 10.1 million, down from NOK 19.2 million in Q3 and NOK 36.1 million in Q4 2024.

Outlook and guidance

• Cost reduction measures are being implemented to adapt to lower activity levels, with projected cost savings of at least NOK 15 million in 2026.

• Liquidity runway estimated at 18–24 months, factoring in cost measures and current activity levels.

• FIDs are expected to come slower than anticipated, but several opportunities are in the pipeline.

• Focus on execution and converting pipeline into projects reaching FID and construction.

• Positioned for an inflection point and growth as project pipelines mature.