Aker Horizons ASA: Fourth-quarter results 2023

LYSAKER, Norway, Feb. 15, 2024 /PRNewswire/ -- Aker Horizons ASA (OSE: AKH), a developer of green energy and industry, today announced results for the fourth quarter 2023. Aker Horizons' net asset value stood at NOK 10.8 billion as of 31 December 2023. The company had a cash position of NOK 3.3 billion and an undrawn credit facility of EUR 500 million, giving available liquidity of NOK 8.9 billion.

Fourth-quarter 2023 main developments:

Aker Carbon Capture recording strong order intake, progressing projects under construction:

• Strong momentum with several awards including Hafslund Oslo Celsio CCS: Just Catch 400 FEED
• Order backlog increased to NOK 2.6 billion (100% YoY), high commercial activity across Europe and United States
• Continued revenue growth (139% YoY), mainly driven by ongoing Big Catch and Just Catch projects

Mainstream Renewable Power streamlining operations and executing on near-term pipeline:

• Concluded reorganization in Chile providing stable financial foundation for Andes Renovables platform
• Financial close reached on 97.5 MW solar corporate PPA with Sasol and Air Liquide in South Africa
• Organizational review on track, with focus on cost base reduction and prioritization of projects

Aker Horizons Asset Development progressing Rjukan and Narvik projects towards key milestones in 2024:

• Joint pre-FEED study with Statkraft for Narvik Green Ammonia nearing completion
• Ground and grid connection works concluded at Kvandal - construction-ready industrial site
• Signed Memorandum of Understanding (MoU) with industrial gas player at Rjukan for offtake and equity co-ownership

Kristian Røkke, CEO of Aker Horizons, commented:

"2023 saw global investments in low-carbon energy technology climb to record highs and a step change in renewable energy capacity additions. This positive momentum was reflected in Aker Horizons' portfolio, most notably with Aker Carbon Capture, which is benefiting from high levels of commercial activity. In 2024, we continue to focus on projects with near-term value creation potential as the demand for low-carbon technologies accelerates."

Aker Horizons' net asset value (NAV) stood at NOK 10.8 billion at the end of the fourth quarter, compared to NOK 10.2 billion in the third quarter. Aker Horizons' gross asset value stood at NOK 17.1 billion at 31 December 2023, up from NOK 16.5 billion in the prior quarter.

The Q4 2023 presentation is attached.

Aker Horizons' CEO Kristian Røkke, CFO Kristoffer Dahlberg and Mainstream's CEO Mary Quaney will present the main developments in the fourth quarter of 2023 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:
Marianne Stigset, Communications, Tel: +47 41 18 84 82, marianne.stigset@akerhorizons.com
Stian Andreassen, Investor Relations, +47 41 64 31 07, stian.andreassen@akerhorizons.com

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 hydrogen and develops industrial-scale decarbonization projects. 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 Marianne Stigset, Communications, Aker Horizons, on 15 February 2024 at 07:00 CET.

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