Aker Carbon Capture (ACC) Q3 2024 earnings summary

Executive summary

• Q3 2024 ended with NOK 4.5 billion in cash and NOK 5.5 billion in equity, reflecting proceeds from asset sales and ongoing investment.

• Maintains a 20% stake in the SLB Capturi joint venture, focusing on scaling carbon capture technology.

• Board is reviewing future strategy, use of SLB transaction proceeds, and ACC ASA's ongoing role.

• Discontinued operations contributed a net profit of NOK 4,774,361 thousand in Q3 2024.

Financial highlights

• Net profit for Q3 2024 reached NOK 4,774,361 thousand, driven by discontinued operations.

• Cash and cash equivalents at the end of Q3 2024 stood at NOK 4,552,351 thousand, up from NOK 1,111,853 thousand in Q3 2023.

• Equity at Q3 2024 was NOK 5,474,878 thousand, up from NOK 701,956 thousand in Q4 2023.

• Total assets increased to NOK 5,714,944 thousand at Q3 2024.

• Reported net loss of NOK 47 million for the quarter from continuing operations.

Key financial ratios and metrics

• Operating loss from continuing operations was NOK 9,479 thousand in Q3 2024.

• Net financial items contributed NOK 10,178 thousand in Q3 2024.