Capsol Technologies Q1 2025: FID drives demand - positioned for EBITDA ramp-up from 2026 - scaling future value with services

13 May 2025 07:23 CEST

Capsol Technologies, a leading provider of carbon capture solutions, today
announced its results for Q1 2025.

FID drives pipeline growth - momentum across industries

.          Final investment decision (FID) secured for one of the world's first
bioenergy with CCS (BECCS) plants, using Capsol's technology

.          Commercial milestone de-risks technology and FID decisions,
accelerating traction in Q1

.          Mature project pipeline up ~70% y-o-y and ~30% q-o-q to 22 million
tonnes of annual CO2 capture capacity

.          First paid studies in US and gas turbines add to traction in core
segments across Europe

Revenue growth and near-term capital discipline

.          Q1 revenue at NOK 25 million, up from NOK 19.5 million in Q1 2024,
driven by increased paid engineering studies and demonstration campaigns

.          Cash balance of NOK 58.5 million (Q2 2024: NOK 64.4 million)

.          Investment phase completed - average cost level to decrease next four
quarters

.          Positioned to reach break-even next 12 months with current business
plan driven by higher value engineering work pre-FIDs

Positioned for EBITDA growth from 2026 and beyond

.          13 projects in mature pipeline (6.5 million tonnes) with potential
2026 FIDs

.          Over NOK 300 million in 2026 licensing revenue potential

.          Risk-adjusted 2026 EBITDA forecast at NOK ~60 million, dependent on
project conversion

New services offering driving future value

.          Strengthened leadership position with new lab capabilities

.          Developing service platform to optimize operational performance

.          Potential for EUR 2+ recurring revenue per tonne CO2 captured

"13 projects totalling 6.5 million tonnes in our pipeline could reach final
investment decision (FID) in 2026, with several licensing agreements targeted in
the second half of 2025 and 2026. This gives us line of sight to meaningful
EBITDA generation next year. Looking beyond near-term licensing, we are laying
the groundwork for scalable, high-margin services to meet client demand and
extend value creation. As more projects reach operational status, these services
will become a natural extension of our technology platform, enabling recurring
revenues of EUR 2 or more per tonne CO2 captured. This will position us not just
as a technology supplier, but as a long-term partner in the net zero
transition," said Wendy Lam, CEO of Capsol Technologies.



On the back of recent milestones, Capsol's technology has received significant
validation, effectively broadening the range of opportunities for collaboration
and growth paths. To accelerate market deployment and strengthen its presence in
key industrial and geographical markets, the company has engaged Pareto
Securities to advance ongoing discussions with potential strategic partners and
review growth financing options. The initiative forms part of Capsol's long-term
strategy to scale the business and deliver enhanced value to shareholders.

Capsol exits Q1 2025 with clear commercial momentum, disciplined capital use,
and multiple levers to scale value creation in an expanding carbon capture
market.

The Q1 2025 report and presentation are attached and available on

https://capsoltechnologies.com/investors.

CEO Wendy Lam, CFO Ingar Bergh, and SVP Investment & Strategy Jacob Zeno Clausen
Krøvel will present the Q1 2025 results on May 13, 2025, at 15:00 CEST.

The presentation will be broadcast as a webcast and questions can be submitted
throughout the streaming event: https://investorweb.no/ir
-channel/CAPSL/event/cefd33b8-fc2b-4b14-a074
-3a03ce088700 (https://investorweb.no/ir-channel/CAPSL/event/cefd33b8-fc2b-4b14
-a074%20-3a03ce088700)

For further information, please contact:
Ingar Bergh
Chief Financial Officer

Capsol Technologies
+47 926 20 330
ingar.bergh@capsoltechnologies.com

About Capsol Technologies

Capsol Technologies ASA is a carbon capture technology provider with a goal of
accelerating the transition to a net zero future. The technology combines
inherent heat recovery and generation in a stand-alone unit based on a proven
and safe solvent. Capsol's technology is licensed either directly to customers
or through industrial partners globally. Key segments include cement, biomass,
energy-from-waste and gas turbines. Capsol Technologies is listed on Euronext
Oslo Børs (ticker: CAPSL). For more information visit
capsoltechnologies.com (https://www.capsoltechnologies.com/).

To receive Capsol's stock exchange and press releases via email, subscribe at
capsoltechnologies.com/investors.

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements pursuant
to Section 5-12 the Norwegian Securities Trading Act.

More information:
Access the news on Oslo Bors NewsWeb site

646105_Capsol_Technologies_Q1_2025_Presentation.pdf
646105_Capsol_Technologies_Q1_2025_Interim_Report.pdf