Aker Horizons ASA: Fourth-quarter results 2024

FORNEBU, Norway, Feb. 13, 2025 /PRNewswire/ -- Aker Horizons ASA (OSE: AKH), a developer of green energy and industry, today announced results for the fourth quarter 2024. Aker Horizons' net capital employed stood at NOK 5.9 billion, a decrease of NOK 0.2 billion from the third quarter, mainly reflecting AKH's share of results in the portfolio companies in Q4. The company reported a cash position of NOK 2.9 billion and an undrawn credit facility of EUR 500 million, giving available liquidity of NOK 8.8 billion.

Main developments in the portfolio:

Aker Carbon Capture has proposed a dividend of NOK 3.5 billion, and reports a new contract award in SLB Capturi:

- The Board of Directors of ACC ASA has proposed a dividend of NOK 3.5 billion (NOK 1.5 billion to AKH), subject to approval by ACC ASA's general meeting.

- SLB Capturi has reached significant industrial milestones with the hand-over of the modular carbon capture facility at Twence, and the award of an EPCIC contract for a Just Catch 400 unit to Hafslund Celsio.

Mainstream Renewable Power reports projects in South Africa progressing toward COD, and an improved commercial margin in the Andes portfolio:

- Two projects for a combined ~150 MW under construction in South Africa are progressing toward COD in Q2 2025 and early 2026.

- The commercial margin in the Andes portfolio in Chile showed continued positive development in Q4.

- Cost optimization initiatives are well underway targeting a ~65% decrease in payroll and overhead cost.

Aker Horizons Asset Development signed a term sheet for offtake from Narvik Green Ammonia (NGA), and is developing the Powered Land business:

- A term sheet for 150 ktpa offtake from NGA was signed with VNG.

- A collaboration agreement was signed with a major European utility targeting an ownership share in NGA post DG2.

- The Kvandal site in Northern Norway is ready-to-build with 230 MW for power intensive industries.

SuperNode is planning the full-scale testing of their superconducting technology this year:

- A full-scale prototype of SuperNode's superconducting system is to be tested in the company's own facility H1 2025.

- A first full-scale demo in a real TSO environment is to be conducted at the National Grid Deeside facility later in 2025.

Aker Horizons reports net capital employed to reflect a portfolio composed mainly of unlisted assets. Net capital employed includes Aker Horizons' initial investment in the portfolio company, adjusted for any profit or loss and any additional investments, adjusted for foreign exchange fluctuations. As of the fourth quarter, Aker Horizons had NOK 2.4 billion net capital employed in ACC, NOK 2.5 billion in Mainstream, NOK 524 million in AAD, NOK 210 million in SuperNode and NOK 365 million in other assets.

The Q4 2024 presentation is attached.

Aker Horizons' CEO Lars P. Sørvaag Sperre and CFO Kristoffer Dahlberg, and Mainstream's CFO Julie Berg will present the main developments in the fourth quarter 2024 today at 08:30 CET, 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 

For further information, please contact:
Jonas Gamre, Investor Relations, tel: +47 97 11 82 92, email: jonas.gamre@akerhorizons.com
Mats Ektvedt, Media, tel: +47 41 42 33 28, email: mats.ektvedt@corporatecommunications.no 

About Aker Horizons

Aker Horizons develops green energy and green industry to accelerate the transition to Net Zero. The company is active in renewable energy, carbon capture and sustainable industrial assets. As part of the Aker group, Aker Horizons applies industrial, technological and capital markets expertise with a planet-positive purpose to drive decarbonization globally. Aker Horizons is listed on the Oslo Stock Exchange and headquartered in Fornebu, Norway. Across its portfolio, the company is present on five continents. www.akerhorizons.com 

This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements in Regulation EU 596/2014 and the Norwegian Securities Trading Act § 5-12. This stock exchange announcement was published by Mats Ektvedt, Partner in Corporate Communications, on 13 February 2025 at 07:00 CET.

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