Aker Carbon Capture (ACC) Q2 2024 earnings summary

Executive summary

• Finalized a joint venture with SLB, selling 80% of Aker Carbon Capture Holding AS for NOK 4.12 billion, retaining 20% and potential performance-based payments up to NOK 1.36 billion.

• JV aims to accelerate industrial decarbonization, leveraging combined technology and global reach, headquartered in Oslo.

• High activity in early-stage projects, new partnerships, and expansion in North America, including collaborations with Microsoft, CO280, and MAN Energy Solutions.

Financial highlights

• Net gain of NOK 4.9 billion reported on the sale of business, including NOK 1 billion from remeasurement of retained JV stake.

• Cash and cash equivalents at NOK 4.5 billion; equity position at NOK 5.5 billion as of June 30, 2024.

• Earnings per share for 1H 2024 at NOK 7.98, compared to -0.16 in 1H 2023.

• Net profit for 1H 2024 at NOK 4.82 billion, up from a loss of NOK 95.8 million in 1H 2023.

Outlook and guidance

• Board is defining future strategy and use of proceeds from the SLB transaction.

• JV expected to drive growth through technology innovation and expanded project delivery.