ah-2024-12-31-en



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Aker Horizons in Brief

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.

Portfolio

Aker Horizons’ portfolio is composed of holdings in

Aker Carbon Capture, Mainstream Renewable

Power and SuperNode, as well as the integrated

business unit Aker Horizons Asset Development.

Aker Carbon Capture holds an ownership stake in

carbon capture company SLB Capturi. Mainstream

Renewable Power is a pure-play renewable energy

company with wind and solar assets across Europe,

Latin America, Africa, and Asia-Pacific. SuperNode

is a technology development company that designs

next-generation superconducting cable systems for

bulk electricity transmission. Through its portfolio

companies, Aker Horizons is present on five

continents.

Active ownership

As an active owner, Aker Horizons develops and

strengthens its portfolio companies by driving

strategy development, financing, restructuring and

transactions. Aker Horizons is indirectly majority-

owned by Norwegian industrial investment company

Aker ASA, and leverages the significant industrial,

financial and technological capabilities of the Aker

group to identify and develop opportunities.

Key financials

As of 31 December 2024, Aker Horizons had a Net

Capital Employed of NOK 2.3 billion, unchanged

from 31 December 2023. At year-end 2024, Aker

Horizons had available corporate liquidity (cash and

undrawn facilities) of NOK 8.8 billion, while its net

debt position stood at NOK 3.6 billion.

Sustainability

Aker Horizons’ overall business is founded on a

commitment to accelerate the transition to net zero

emissions. Aker Horizons’ Sustainability Policy

guides its environmental, social and governance

(ESG) strategy and sets ESG expectations for its

portfolio companies, their supply chains and other

stakeholders. In 2024, the focus has been on

implementing a process for assessing double

materiality for Aker Horizons, as well as preparing

the first sustainability report in accordance with the

Corporate Sustainability Reporting Directive.

Shareholder information

Aker Horizons ASA is listed on the Oslo Stock

Exchange under the ticker AKH. The Company’s

shares are registered with the Norwegian

Central Securities Depository (VPS) with the

securities registration number ISIN

NO0010921232. At the end of 2024, Aker

Horizons ASA had 33,264 shareholders. Aker

ASA (through its subsidiary Aker Capital AS)

was the largest shareholder, holding 67.25

percent of the Company’s shares. During 2024,

the share price varied between NOK 1.75 and

NOK 4.71. At the end of 2024, the share price

was 2.37 and the Company’s market

capitalization was NOK 1.64 billion. Aker

Horizons ASA’s press releases, stock exchange

notices and investor relations (IR) information

are available on the Company’s website,

www.akerhorizons.com/investors.



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Board of Directors’ Report



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Introduction

Aker Horizons is dedicated to developing green energy and green

industry to accelerate the transition to net zero emissions. Aker Horizons

was established in November 2020, and is headquartered at Fornebu,

Norway. The Company has been listed on the Oslo Stock Exchange

since May 2021.

Aker Horizons ASA (“the Company”) is 67.25 percent indirectly owned

by Aker ASA through its subsidiary Aker Capital AS. Aker ASA is a

Norwegian industrial investment company with a more than 180-year

industrial history and ownership interests concentrated in energy and

green technologies, industrial software, seafood and marine

biotechnology. Being part of the Aker group provides Aker Horizons with

an industrial edge through alliances across a range of disciplines,

access to expertise within digitalization, operational and technical

capabilities, and commercial synergies.

At the close of 2024, Aker Horizons’ portfolio was composed of holdings

in Aker Carbon Capture, Mainstream Renewable Power and

SuperNode, as well as the wholly-owned business unit Aker Horizons

Asset Development. Where this report refers to the “Aker Horizons”,

“Group” or “Group Companies,” this includes Aker Horizons’ financially

consolidated investees Aker Carbon Capture, Aker Horizons Asset

Development and Mainstream Renewable Power (“Mainstream

Renewable Power” or “Mainstream”).

Aker Horizons had a Net Capital Employed of NOK 2.3 billion as of

31 December 2024, unchanged from 31 December 2023. At year-end

2024, Aker Horizons had available corporate liquidity (cash and undrawn

facilities) of NOK 8.8 billion, while its net debt position stood at NOK 3.6

billion. Aker Horizons’ share price ended the year at NOK 2.37, down

from NOK 4.40 at year-end 2023.

This Board of Directors’ Report includes the Sustainability Statement

prepared in accordance with the EU Corporate Sustainability Reporting

Directive.

Business and operating model

Aker Horizons Group invests in and develops companies within green

energy and green industry. As an active owner, Aker Horizons develops

and strengthens its portfolio companies by driving strategy development,

financing, restructuring and transactions. Aker Horizons leverages the

significant industrial, financial and technological capabilities of the Aker

group to identify and develop opportunities.

Aker Horizons’ portfolio comprises both private and public companies.

Each portfolio company of the Group works to maximize value

individually, with separate management teams and boards, but with

strong, continuous support from Aker Horizons. This support ensures

that activities are optimized across the entire value chain and capitalize

on internal expertise in the broader Aker group. Through its portfolio

companies, Aker Horizons is present on five continents.

Key developments in 2024

2024 witnessed record global investments in clean energy technologies

and infrastructure, estimated to around USD 2 trillion (IEA World Energy

Outlook 2024) - twice the figure for investments in fossil fuels. Rapid

electrification is an important driver behind the investment growth.

Global electricity demand increased by 4.0 percent in 2024, up from

2.3 percent in 2023, while global electricity generation from renewables

rose by close to 10 percent in 2024, up from 5 percent growth in 2023

(IEA Electricity 2025).

Despite these encouraging macro trends in the transition to net zero

emissions, the market environment for investments in green energy and

green industry remained challenging, impacted by volatility in energy,

financial and commodity markets and exacerbated by geopolitical

tensions.

Major events in Aker Horizons’ portfolio in 2024 included Aker Carbon

Capture establishing a joint venture (JV) with SLB, strategically

combining technology portfolios, expertise, and operational platforms to

support accelerated carbon capture adoption for industrial

decarbonization at scale. Mainstream Renewable Power carried out an

organizational and portfolio review and implemented a strict cost

reduction plan, reprioritizing its development portfolio while achieving

significant progress in projects across its markets. Aker Horizons Asset

Development continued to pursue its plans for a large-scale green

ammonia factory in Narvik and to develop its portfolio of sites for energy-

intensive and sustainable industrial assets in Northern Norway.

Aker Horizons saw two changes in the Executive Management in 2024,

with Kristoffer Dahlberg taking over from Nanna Tollefsen as CFO in the

beginning of the year, and Lars Sperre succeeding Kristian Røkke as

CEO in the fourth quarter.



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Aker Carbon Capture

Aker Carbon Capture was established as a pure-play carbon capture

company, serving a range of industries with carbon emissions, including

the cement, bio and waste-to-energy, gas-to-power and blue hydrogen

segments. In 2024, Aker Carbon Capture established a joint venture

with SLB, strategically combining technology portfolios, expertise, and

operational platforms to support accelerated carbon capture adoption for

industrial decarbonization at scale. Aker Carbon Capture retained a 20

percent ownership stake in the joint venture, now named SLB Capturi,

and will continue to further develop the business together with SLB,

which will hold the remaining 80 percent ownership stake.

SLB paid NOK 4.1 billion in cash to Aker Carbon Capture for the

purchase of 80 percent of the shares in its operating subsidiary Aker

Carbon Capture Holding, later renamed to SLB Capturi. In addition, Aker

Carbon Capture retained NOK 0.4 billion in cash. Further, Aker Carbon

Capture will be entitled to a performance-based payment of up to NOK

1.36 billion which is subject to the achievement of order intake and

margin targets and also certain milestones. The payments will be due

when certain targets are met in the period 2025 to 2027. After a lock-up

period of three years, Aker Carbon Capture will be entitled to sell its

stake in SLB Capturi to SLB during a period of six months (put option).

Conversely, SLB will after expiry of the put option have a right to

purchase Aker Carbon Capture’s 20 percent stake in the combined

business during the following six months (call option).

Valborg Lundegaard succeeded Egil Fagerland as CEO of Aker Carbon

Capture in June 2024, following his appointment as CEO of SLB

Capturi.

Throughout 2024, Aker Carbon Capture and SLB Capturi saw high

activity in the carbon capture market with partnerships and early-stage

work such as test campaigns, studies, pre-FEEDs and FEEDs.

Prior to the establishment of the joint venture with SLB, Aker Carbon

Capture took major steps to develop its position in the important North

American market. In Q3 2024, SLB Capturi announced its first US-

based project with a contract award from its partner CO280 Solutions,

for front end engineering and design (FEED) of a large-scale carbon

capture plant at a pulp and paper facility on the US Gulf coast.

The Ørsted Kalundborg CO2 Hub is the first full-scale CCS value chain

project in Denmark. As the carbon capture technology provider, SLB

Capturi will deliver five Just Catch™ 100 units including additional

equipment such as liquefaction systems, temporary CO2 storage and

on-/offloading facilities. The project made significant progress in 2024.

In Q4 2024, Heidelberg Materials Brevik CCS in Norway, the world's first

full-scale carbon capture facility at a cement plant, reached a significant

milestone with mechanical completion. The development is planned to

be operational by 2025. The Brevik carbon capture plant is part of

Longship, the full CCS value chain development enabled by Norway's

strong competence in both carbon capture and storage.

As of the end of 2024, SLB Capturi is delivering seven industrial scale

carbon capture facilities across Norway, Denmark and the Netherlands,

with a total CO2 capture capacity of some 1 million tonnes per year. The

Heidelberg Materials Brevik CCS, Twence CCU and Ørsted Kalundborg

CCS projects were in 2024 the most mature large-scale carbon capture

projects under construction in Europe.

Aker Carbon Capture’ share price ended the year at NOK 6.34, down

from NOK 13.58 at year-end 2023.

Mainstream Renewable Power

Mainstream Renewable Power is a global pure-play renewable energy

company, specializing in the development of major platforms across

onshore wind, offshore wind, and solar power. Mainstream has a project

portfolio of over 20 GW across Europe, South America, Africa and Asia-

Pacific. At the close of 2024, it had 1.3 GW (net to Mainstream) either in

operation or under construction. During the year, Mainstream brought

50 MW of renewable energy to Financial Close and achieved significant

progress in projects across its markets.

Onshore wind and solar

Mainstream is one of the largest renewable energy companies in Chile,

where it operates 1.0 GW (net) of operating assets in the Andes

Renovables hybrid wind and solar platform. Challenging market

conditions have impacted companies in Chile’s power sector, including

Mainstream, in recent years. The Chilean power system is under severe

stress due to lack of flexibility of the transmission system and the

structure of the Chilean power market. The market challenges led to

Mainstream recognizing an impairment to the Andes Renovables

platform in 2024. However, the platform did continue to demonstrate

resilience by delivering positive commercial margins during 2024.

Construction activities for the 109 MW Ckhúri wind farm in northern

Chile resumed in the second quarter and are on track for commencing

commercial operations in H2 2025.

In South Africa, Mainstream is constructing a 97.5 MW solar farm which

has a corporate PPA with Sasol and Air Liquide, and is on track for COD

in Q2 2025. This is one of the first large-scale private PPAs in the

market. Mainstream sees significant opportunities for growth in the

corporate PPA sector in South Africa. Another solar project in South

Africa, Ilikwa, reached Financial Close in Q4 2024. The power from this



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plant will supply multiple private commercial and industrial customers

under flexible, shorter-term Power Purchase Agreements (PPAs) in a

new-to-market product called Renewable Energy Supply Agreement

(RESA). Construction has started and commercial operations are

targeted in early 2026.

In the Philippines, Mainstream continued its development activities at

two wind farm sites with a total combined capacity of 440 MW, after

being awarded exclusive rights to develop the sites in March 2024.

Mainstream’s stake in the 58.5 MW Camarines Sur wind farm, which

was a JV with Aboitiz Power Corporation, was divested to Aboitiz in

H2 2024.

In Australia, Mainstream and Someva Renewables were awarded a

permit to jointly investigate an onshore wind farm at Sunny Corner in

New South Wales which has a potential capacity of approximately

500 MW. With its wealth of renewable energy resources, compelling

market fundamentals and supportive government policies, Australia

represents an attractive market for onshore wind.

Offshore wind

During 2024, Mainstream exited from the Norwegian offshore wind

market. The consortium with Statkraft and bp which Mainstream was

part of did not bid in the offshore wind auction for Sørlige Nordsjø II in

Q1 2024, while Mainstream announced its intention to withdraw from the

consortium with Statkraft and Ocean Winds for Utsira in Q4 2024.

In Sweden, Freja Offshore’s 2.5 GW Mareld floating offshore wind

project, located in south-west Sweden, received a recommendation for

government approval from local authorities in Q2 2024. Freja is a 50-50

joint venture between Mainstream and Swedish company Hexicon. In

contrast, applications for projects located in Swedish waters in the Baltic

sea were rejected by the Swedish government in an industry-wide

sweep due to defense concerns in Q4 2024.

In Australia, Gippsland Skies, a consortium which Mainstream is part of,

was granted a feasibility license for a 2.5 GW offshore wind project off

the coast of Victoria in Q2 2024.

Key milestones were reached in Mainstream’s floating offshore wind

project in Korea. In Q3 2024, KF Wind, a joint venture between

Mainstream (33.3 percent) and Ocean Winds (66.7 percent), secured

the Environmental Impact Approval from the Korean Ministry of

Environment for the two-phase project, comprising the first phase of

375 MW referred to as East Blue Power, and the second phase of 750

MW named KF Wind. In Q4 2024, the project secured a grid connection

with KEPCO for a total of 1,125 MW to be injected into Korea’s national

grid.

Given the continued challenges facing the offshore wind sector globally,

Mainstream continues to review its offshore wind portfolio with a view to

exiting projects where this is deemed commercially beneficial.

Organizational and portfolio review

In response to the challenges that impacted the renewable energy

sector globally, and having sustained financial losses due to market

distortions in Chile, Mainstream initiated an organizational review in H2

2023, to reduce costs, reprioritize the development portfolio, and secure

new funding. Implementation of the cost optimization continued through

2024, delivering a reduction in overhead cost of EUR 34 million or

approximately 29 percent by year-end 2024 compared to the 2023 cost

base. The company is targeting a 65 percent reduction in its cost base

by year-end 2026, relative to 2023 levels.

Mainstream’s focus going forward will be on building operating capacity

through project execution and developing its high quality pipeline of

projects in core growth markets, South Africa, Australia and the

Philippines. Mainstream remains committed to pursuing capital recycling

opportunities and is actively exploring new partnerships to support future

growth.

Aker Horizons Asset Development

Aker Horizons’ integrated asset development unit, Aker Horizons Asset

Development (AAD), was originally set up to originate, develop, own and

operate industrial-scale hydrogen-based projects to meet growing

demand for the decarbonization of energy intensive, hard-to-abate

industries. Looking beyond hydrogen and its derivatives, AAD has

throughout 2024 investigated the potential for developing sustainable

assets in other energy-intensive growth industries utilizing the

abundance of renewable base-load power in Northern Norway –

including ‘green molecules’, process industry and data centers. In

Narvik, Aker Horizons has established a vehicle to develop so-called

“Powered Land” in a JV with regional electric utility Nordkraft, focusing

on eight industrial sites strategically located close to the power grid and

logistics infrastructure.

In the area of hydrogen and derivatives, AAD pursued primarily two first-

mover projects during 2024, a 40 MW green hydrogen plant in Rjukan in

Southern Norway, and a large-scale green ammonia facility in Narvik,

Northern Norway. The Aukra blue hydrogen project was discontinued as

plans for a new export pipeline from Norway to Germany were shelved.

The Rjukan project aimed to deliver green hydrogen to the Norwegian

market as well as the emerging Scandinavian and north-west European

market. The target was to complete a joint development agreement

during the third quarter of 2024, and to initiate the FEED phase during

the second half of 2024. When these plans did not materialize during

2024, AAD divested the project to Norwegian Hydrogen in early 2025.

As part of the agreement, AAD has the option to re-enter as an investor

and active partner in the project at a later stage.

In Narvik, AAD plans to develop a green ammonia facility with an

installed electrolyser capacity of in excess of 400 MW. The Narvik Green

Ammonia (NGA) facility can become one of the first large-scale green

ammonia production facilities to be realized in Europe. During the first



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half of 2024, AAD concluded a pre-FEED study for NGA, and worked on

optimizing the concept. This resulted in a concept for a 430 MW /

350 ktpa green ammonia plant with reduced complexity and significant

capex savings, moving the project to a different site in the Narvik area.

In Q4, AAD signed a term sheet for 150ktpa offtake of green ammonia

with VNG, the German gas and infrastructure group. Green ammonia

from Narvik is intended to be shipped to terminals in Germany, where

VNG will distribute it to its customers as ammonia or hydrogen. AAD

also signed a collaboration agreement with a major European utility that

is targeting an ownership share in the NGA project following the next

major decision gate. The project is dependent on securing additional

grid capacity in order to proceed to the next stage.

Also in the Narvik region, Aker Horizons continued to develop its

portfolio of industrial sites in cooperation with Nordkraft. Infrastructure in

the form of land with grid connection is key to realizing power-intensive

projects, and the JV’s sites in Northern Norway are strategically located

close to the 420 KV central grid, and are at various stages of zoning for

power-intensive industries. Aker Horizons sees significant interest from

the data center industry for Powered Land sites. Northern Norway with

its stable cool climate and energy situation has many qualities suited for

this industry, and Aker Horizons is well-positioned to capitalize on growth

in the sector. The Kvandal site in Narvik is ready-to-build with 230 MW

grid installed.

SuperNode

SuperNode is a cutting-edge technology development company that

designs next-generation superconducting cable systems for bulk

electricity transmission to connect renewable generation and increase

grid interconnection. Aker Horizons owns 50 percent of the voting

shares in SuperNode.

During the first half of 2024, SuperNode continued its development of

more efficient and scalable superconducting cable systems, based on

novel materials and designs for cryostats. Assembly and testing of

prototypes are taking place between the company’s two sites in Ireland

and the UK, along with industrial partners. SuperNode engaged with

several European transmission system operators (TSOs) for product

evaluation and for identification of potential pilot projects for

superconducting cable technology in their grid.

In Q3 2024, SuperNode secured significant grants from Irish and UK

institutions to fund research and development to advance

superconducting transmission technology development. SuperNode also

opened its Cable Technology Centre in Blyth, UK, a purpose-built facility

to manufacture and test up to 30 meter prototypes for early projects.

A prototype of SuperNode’s full-scale superconducting system is

scheduled to be tested in-house in H1 2025, with a first full-scale demo

in a real TSO environment to be conducted at National Grid’s Deeside

facility in the UK later in 2025.



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Subsequent events

During Q1 2025, Aker Carbon Capture announced that SLB Capturi, in

collaboration with Aker Solutions, has been awarded an engineering,

procurement, construction, installation and commissioning (EPCIC)

contract from Hafslund Celsio AS to deliver a carbon capture solution at

their waste-to-energy facility at Klemetsrud, Norway. The award

triggered a payment of NOK 71 million to Aker Carbon Capture from the

earn-out mechanism in the transaction with SLB which will be

recognized as additional gain from the transaction in first quarter 2025.

SLB Capturi has also completed commissioning and handed over its

first modular carbon capture plant at Twence’s waste-to-energy facility in

Hengelo, Netherlands.

Later during the quarter, the Board of Directors of Aker Carbon Capture

proposed an extraordinary cash dividend of NOK 3.5 billion, of which

Aker Horizons'’s share is approximately NOK 1.5 billion, based on its

43.27 percent ownership in Aker Carbon Capture. The dividend proposal

was subsequently approved by an Extraordinary General Meeting in

Aker Carbon Capture.

Mainstream’s main shareholders, Aker Horizons and Mitsui, and DNB

have agreed new funding arrangements for Mainstream during the first

quarter 2025. These include extensions to the existing corporate facility

with DNB for letters of credit and a plan on expiration to convert the

external loan with DNB to a shareholder loan. New funding has also

been agreed comprising a shareholder loan facility of up to EUR 64

million provided pro-rata by Aker Horizons and Mitsui, and a letter of

credit facility with DNB of up to EUR 64 million, backed pro-rata by Aker

Horizons and Mitsui. Both facilities may be drawn until maturity at year-

end 2026, with drawdowns contingent on reaching agreed milestones

under Mainstream’s updated strategy.

Also in Q1 2025, Mainstream Renewable Power announced the

appointment of Morten Henriksen as Group CEO, effective 1 April 2025.

Aker Horizons Asset Development divested its Rjukan project to

Norwegian Hydrogen in Q1 2025.

Financial performance

Aker Horizons’ annual accounts consist of the consolidated financial

statements and the separate financial statements of the parent

company. Pursuant to section 3-3a of the Norwegian Accounting Act, it

is confirmed that the accounts have been prepared on the assumption

that Aker Horizons is a going concern and the Board confirms that this

assumption continues to apply.

Consolidated financial statements

The main companies included in Aker Horizons’ consolidated accounts

are Mainstream Renewable Power, Aker Carbon Capture and Aker

Horizons Asset Development. SuperNode is accounted for as equity-

accounted investees.

During 2024, Aker Carbon Capture sold 80 percent of its shareholding in

Aker Carbon Capture Holding AS to SLB. The disposed business has

been presented as a discontinued operation in the income statement

and prior year has been restated.

Income statement

The Group had operating revenues of NOK 2.5 billion in 2024,

compared to NOK 2.0 billion the previous year. The increase includes

NOK 0.4 billion in delayed PPA price indexation adjustments in Chile.

Total operating expenses came in at NOK 3.0 billion in 2024, compared

to NOK 4.1 billion in 2023. The decrease reflects cost saving initiatives

across the Group, partly offset by provisions and write-downs of

development projects in Mainstream of NOK 0.2 billion. The Group

made an operating loss before depreciation, amortization and

impairment (EBITDA) of NOK 0.5 billion compared to a loss of NOK 1.9

billion in 2023.

In 2024, depreciation and amortization amounted to NOK 559 million, a

decrease of NOK 68 million from 2023.In addition, an impairment of

NOK 1.2 billion was recognized in the year on assets allocated to the

Andes portfolio in Chile, reflecting an updated view on market risk in

Chile (see Note 12 Impairment for more information).

Net financial items totaled negative NOK 1.5 billion in 2024, mainly

consisting of interest expenses on borrowings. This is compared to

positive NOK 1.5 billion in 2023, explained by net gains related to the

refinancing of debt in Mainstream of NOK 2.6 billion booked last year.

Profit (loss) from equity-accounted investees ended with a loss of NOK

369 million, compared to a gain of NOK 159 million in 2023.The loss in

2024 is mainly explained by impairment of the investment in Principle

Power and the share of loss from the 20 percent shareholding in SLB

Capturi.

Profit from discontinued operations related to Aker Carbon Capture’s

sale of business to SLB ended at net NOK 4.8 billion, of which negative

78 million is loss from the disposed operations prior to the sale and NOK

4.9 billion is gain from the transaction.

The Group ended the year with a net profit of NOK 0.8 billion in 2024,

compared with a loss of NOK 7.3 billion in 2023. Earnings per share

ended at negative NOK 0.46, compared to negative NOK 6.49 in 2023.

Balance sheet

The Group's total assets amounted to NOK 31.3 billion as of 31

December 2024, compared to NOK 27.2 billion at year-end 2023. Total

non-current assets ended at NOK 18.7 billion, increased from NOK 17.3

billion in 2023, mainly related recognition of 20 percent shareholding in

SLB Capturi in Investments in associates.

Current assets totaled NOK 12.6 billion as of 31 December 2024, up

from NOK 9.9 billion a year earlier. The change is mainly due to a

increased cash position as a result of the disposal of Aker Carbon

Capture business to SLB. The cash position ended the year at NOK 9.9

billion, of which NOK 1.9 billion is restricted, mainly related to

construction activities in Chile and South Africa.

Current liabilities amounted to NOK 5.0 billion, while non-current

liabilities totaled NOK 18.8 billion at year-end 2024. The corresponding

figures for 2023 were NOK 2.4 billion and NOK 18.7 billion, respectively.

The Group's interest-bearing debt amounted to NOK 20.7 billion as of 31

December 2024, of which NOK 3.4 billion is current, compared to total

borrowings of NOK 17.4 billion at the end of 2023. The increase in



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borrowings is mainly related to on-going construction activities in Chile

and South Africa.

The Group's equity ratio was 23.9 percent at the end of 2024, compared

with 22.7 percent at the end of 2023.

Cash flow statement

The Group's cash balance stood at NOK 8.0 billion as of 31 December

2024, net of restricted cash. This is up by NOK 2.5 billion from year-end

2023.

The Group’s net cash flow from operations amounted to negative NOK

0.9 billion in 2024, compared to negative NOK 1.3 billion in 2023. The

change mainly reflects improved results from power production in Chile

and reduced costs from cost saving initiatives across the Group.

Net cash flow from investment activities totaled NOK 2.7 billion in 2024,

against negative NOK 123 million in 2023. Capital expenditure ended at

NOK 0.4 billion in 2024, and NOK 315 million was invested in joint

ventures in the year. Net cash proceeds from disposal of Aker Carbon

Capture business amounted to NOK 3.7 billion.

Net cash flow from financing activities amounted to NOK 0.6 billion in

2024, reflecting net increase in borrowings related to on-going

construction activities in Chile and South Africa.

Parent company financial statements

The parent company, Aker Horizons ASA, made a loss for the year of

NOK 6.5 billion, compared to a loss of NOK 4.9 billion in 2023. Net

finance costs of NOK 6.5 billion relate mainly to impairment on shares in

subsidiaries of NOK 6.0 billion and net interest expenses on borrowings

of NOK 0.6 billion.

Assets totaled NOK 12.5 billion and equity amounted to NOK 4.0 billion

at the end of 2024. This represents a 32 percent equity ratio at the end

of 2024, down from 58 percent in 2023.

The parent company had no research and development activities in

2024. The Group’s R&D activities are presented in the annual reports of

the respective operational portfolio companies.

The Board of Directors has not proposed a dividend payment for 2024.

The net loss for the year of NOK 6.5 billion is allocated to retained

earnings.

Corporate governance, control and compliance

Aker Horizons is a public limited liability company organized under

Norwegian law and with a governance structure based on Norwegian

corporate law, other regulatory requirements and the guidelines issued

by the Norwegian Corporate Governance Board (the Norwegian Code of

Practice for Corporate Governance. The Company's practice is largely in

accordance with these guidelines. Aker Horizons is subject to annual

corporate governance reporting requirements under section 2-9 of the

Norwegian Accounting Act and the Norwegian Code of Practice for

Corporate Governance. The annual statement on corporate governance

for 2024 has been approved by the Board of Directors and can be found

in the Corporate Governance Report published on the Company’s

website www.akerhorizons.com.

Aker Horizons’ Board of Directors consists of five members. Two of the

shareholder-elected board members are independent of executive

personnel and material business associates. The Chair of the Board is

elected by the General Meeting. The Company’s Audit Committee

comprises one independent board member.

The directors and officers of Aker Horizons ASA are covered under the

Aker group’s Director & Officer’s Liability Insurance (D&O). This covers

personal legal liabilities including defense and legal costs. The officers

and directors of the parent company and all subsidiaries globally are

covered by the D&O insurance. The coverage also includes employees

in managerial positions or employees who become named in a claim or

investigation.

Board of Directors’ activities

The Board follows an annual plan for its work, which includes recurring

key topics such as reviews of the company’ strategy and portfolio

companies, follow-up of risk and compliance, financial reporting, and

budget review. The Board annually evaluates its own performance and

collective expertise. Aker Horizons’ Board of Directors held seven

meetings in 2024, and its Audit Committee met six times. Board meeting

attendance averaged 89 percent.

Further information on the mandate and work of the Board of Directors

and Audit Committee can be found in the Corporate Governance Report.

Board members’ shareholdings and remunerations are presented in the

Remuneration Report for 2024.

People

At year-end 2024, a total of 345 employees worked for companies in

which Aker Horizons was the main shareholder, compared to 624

employees at year-end 2023. The decrease is mainly is due to the sale

by Aker Carbon Capture of 80 percent of its operating company, and the

organizational restructuring of Mainstream Renewable Power. The

proportion of women employees stood at 41 percent across the Group.

The total workforce stood at 410 full-time equivalents (FTE), including all

employees and contract staff, at year-end 2024. Aker Horizons,

including Aker Horizons Asset Development, consisted of 34 employees

and seven FTE contract staff at year-end 2024.

Aker Horizons is strongly committed to ensuring equality, diversity and

inclusion throughout its business. Aker Horizons does not tolerate any

form of discrimination on the basis of, for example, gender expression,

sexuality, disability, race or religious beliefs.

At Aker Horizons, employees are offered competitive compensation and

rewards and a flexible working model, with the opportunity to work from

home and limited core hours. The Company offers healthcare and

insurance plans, and access to on-site health services and a fitness

center. In 2024, the total rate of absence due to illness at Aker Horizons,

including Aker Horizons Asset Development, came to 3.5 percent. See

more information in the Social information section in the Sustainability

Statement.



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IIIII

Health, Safety, Security and Environment

(HSSE)

Aker Horizons is committed to ensuring a secure working environment

and strives for zero harm and continuous improvement throughout the

value chain. All of Aker Horizons’ portfolio companies and business units

manage their own health and safety. As an active owner, Aker Horizons

sets clear expectations for high HSSE standards, including adequate

work-related hazard identification, risk assessment, incident

investigation, control and reporting routines.

Aker Horizons’ portfolio companies have established sound

management systems and obtained certifications to mitigate risk, avoid

serious incidents, control and close nonconformances, and report in

pursuit of continuous improvement. Aker Horizons Asset Development

uses a management system developed in line with ISO 45001 and

14001 to support its project development and future operations.

No work-related fatalities were registered across Aker Horizons Group

companies in 2024. There were zero work-related injuries (TRIs)

reported among the Aker Horizons Group’s employees, and thereby

zero lost-time injuries (LTIs). Among contractors, there were thirteen

work-related injuries, seven of which were lost-time injuries (LTIs).

The Company has established an emergency preparedness and

response capability. Aker Horizons is supported by Aker Security and

the Aker Global Security Operations Center, and has adopted a crisis

management plan and a system for managing critical events, which

includes regular training sessions for key staff and management.

Risks and risk management

Aker Horizons is exposed to financial risk, in addition to strategic,

market and regulatory risk, legal and compliance risks, climate risk, and

project and operational risks in the portfolio companies. If one or more of

these risks should materialize, it will impact the operations of the

Company and may delay or even prevent the Company from reaching

its goals and ambitions.

The Company has established an enterprise risk management (ERM)

process to assess and monitor risk, both at a group level and in relation

to the portfolio companies’ operations. Mitigating actions are devised for

key risks and their implementation is monitored. Management of project

and operational risk lies primarily with the portfolio companies, but Aker

Horizons monitors and follows up risk through regular dialogue with

portfolio companies’ managements and through participation on their

boards. Cybersecurity risk is monitored and mitigated in close

cooperation with and by Aker Horizons’ IT supplier, Aker IT Services.

Aker Horizons depends on debt and equity markets to refinance debt

maturities in 2025 and 2026, to fund operations and growth in its

portfolio and bring projects to financial close, and relies on farming down

at attractive terms during the development phase of projects. Aker

Horizons and its portfolio companies seek to manage risk by maintaining

an adequate liquidity reserve, by proactively planning refinancing

activities, and by diversifying sources of funding. In Mainstream, there is

risk associated with financing and funding of operations, capital

intensive projects and future growth, including the company’s ability to

farm down and divest assets at attractive terms and thereby recycle

capital.

Developments in the global economy, particularly in energy and carbon

prices, inflation and interest rates, affect the Group’s ability to secure

and realize attractive projects, and influence the underlying value of

Aker Horizons' assets. Disruptions to global trade resulting from

geopolitical tensions or policy decisions such as the imposition of tariffs

may adversely affect supply chains and increase cost.

Immature technologies and supply chains pose a risk to securing

bankable off-take agreements and project financing, for example in Aker

Horizons Asset Development. Mainstream, which operates in growth

markets with a high degree of market and regulatory uncertainty, is

dependent on favorable regulatory frameworks, in addition to its

technologies and solutions being cost competitive in highly competitive

markets.

Aker Horizons’ portfolio companies undertake large and complex

projects, including in emerging economies, which also expose them to

project execution risk, dependence on key suppliers and sub-suppliers,

as well as market-specific risks related to market design, grid

infrastructure and permitting. Mainstream continues to be exposed to

such risks namely in Chile, where the power system is under severe

stress due to grid capacity limitations and the structure of the Chilean

power market. There is also increasing uncertainty pertaining to the

viability of investments in offshore floating wind projects as the industry

faces uncertainties related to supply chain, technologies, CAPEX and

future tariffs.

As the Group’s purpose is to develop green energy and green industry

to accelerate the transition to net zero emissions, Aker Horizons’ main

climate-related risks are transition risks associated with the global

ambition/implementation gap, and with the transition being implemented

too slowly or incompletely. Succeeding with the energy transition

requires a massive growth in energy generation assets, but also large

investments in transmission and storage systems. Inadequate policy

design and a non-synchronized development may negatively impact the

overall speed of the transition. Regional variations in ambition and

implementation speed also pose the risk of capital and resources being

allocated incorrectly.

The current environment of increasing geopolitical uncertainty coupled

with volatile financial, energy and commodity markets may delay the

energy transition as policymakers prioritize addressing shorter term

economic and political gain as well as security concerns over combating

climate change.



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IIIII

Outlook

The outlook for 2025 is marked by heightened uncertainty, as

geopolitical tensions intensify. Signals of increased import tariffs raise

the risk of an escalating global trade war that could disrupt supply

chains and raise costs worldwide. Moreover, the new US administration

has taken steps to reverse some of the support mechanisms for

renewable energy, reducing incentives for investments in green energy

projects in the US. Other countries as well as large corporates are also

reducing their targets and delaying actions to cut emissions amid rising

costs and shifting priorities.

In contrast, 2024 witnessed record global investments in clean energy

technologies and infrastructure, estimated to around USD 2 trillion (IEA

World Energy Outlook 2024) - twice the figure for investments in fossil

fuels. Rapid electrification is an important driver behind the investment

growth. Global electricity demand increased by 4.0 percent in 2024, up

from 2.3 percent in 2023, while global electricity generation from

renewables rose by close to 10 percent in 2024, up from 5 percent

growth in 2023 (IEA Electricity 2025). Continued cost reductions of solar

PV modules is an important driver for the expansion of renewable power

generation, which have positioned solar PV as the lowest cost source of

new electricity generation in many regions.

Another positive development, the European Commission has recently

launched a set of new initiatives aimed at bolstering green energy and

industrial sectors. In its Clean Industrial Deal, the Commission proposes

establishing an Industrial Decarbonization Bank funded with EUR 100

billion to support deployment of green tech and industrial

decarbonization as well as the launch of the third European Hydrogen

Bank auction in Q3 2025. The Commission also seeks to simplify state

aid rules to allow governments to increase spending to support clean

tech and green energy.

The EU emphasizes the advancement of Carbon Capture and Storage

(CCS) technologies as a critical component for decarbonizing high-

emission industries. The Net Zero Industry Act introduced ambitious

targets for CCS deployment and there is now a positive momentum with

development of new projects.

The rising demand for data services and artificial intelligence (AI) is an

important driver of increased electricity demand. At the same time, AI is

playing a transformative role in accelerating the development of

renewable energy and optimizing grid efficiency. Data centers are also

contributing to the transition toward renewable energy, as operators

increasingly adopt long-term power purchase agreements and invest

directly in renewable projects to secure a stable and sustainable power

supply.

Northern Norway is emerging as an attractive location for data center

investments due to its base-load hydropower and naturally cold climate,

which enhances energy efficiency. These investments not only stimulate

further renewable capacity expansion but also drive grid modernization,

positioning Northern Norway’ as a hub for sustainable digital

infrastructure and green technology innovation.

Despite global uncertainties, Aker Horizons’ portfolio is well-positioned to

capitalize on accelerating clean energy investments. Through the joint

venture with SLB, Aker Carbon Capture will continue to play a key role

in and benefit from the accelerated carbon capture adoption for

industrial decarbonization at scale. Following its organizational and

portfolio review, Mainstream will operate as a more focused renewable

energy company, aiming for a leading position in its core markets and

creating value through strong project execution, a lean cost base and

capital efficiency. Aker Horizons Asset Development is poised to benefit

from access to a portfolio of strategically located sites well suited for

developing energy-intensive and sustainable industrial assets in

Northern Norway.

Aker Horizons had a net interest bearing debt position of NOK 3.6 billion

and liquidity of NOK 8.8 billion at year-end. The dividend from Aker

Carbon Capture contributes further approximately NOK 1.5 billion in

added liquidity to Aker Horizons. Optimizing the Company’s overall

capital structure is a priority for 2025. Aker Horizons remains committed

to advancing high-impact projects while ensuring financial discipline and

long-term value creation.



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IIIII

Sustainability Statement



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IIIII

Contents



1	General Information
1.1	Basis for preparation	15
1.2	Governance	16
1.3	Strategy	17
1.4	Impact, risk and opportunity management	19


	E
2	Environmental Information
2.1	Climate Change	23
2.2	Biodiversity and ecosystems	24
2.3	Resource use and circular economy	25
2.4	EU Taxonomy	26


	S
3	Social Information
3.1	Own workforce	33
3.2	Workers in the value chain	34
3.3	Affected communities	35


	G
4	Governance Information
4.1	Business conduct	37


	Appendix	39



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IIIII

1 General information

1.1 Basis for preparation

Aker Horizons’ sustainability section of the Board of Directors’ Report for

the 2024 fiscal year (1 January 2024 through 31 December 2024) (“the

Sustainability Statement”) is prepared in accordance with the Corporate

Sustainability Reporting Directive (“CSRD”) and the related European

Sustainability Reporting Standards (“ESRS”), which entered into force in

the EU and Norway for 2024. The report also includes the reporting

required under the EU Taxonomy Regulation, effective from the fiscal

year 2023.

The Sustainability Statement has been prepared for Aker Horizons

Group on a consolidated basis, with the same scope of consolidation as

for the consolidated financial statements. The parent company is

referred to as Aker Horizons ASA or “the Company”, and together with

the consolidated subsidiaries as the “Group”, Aker Horizons or Aker

Horizons Group. The consolidated subsidiaries include Aker Horizons

ASA’s financially consolidated investees Aker Carbon Capture ASA

(“ACC”), Aker Horizons Asset Development and Mainstream Renewable

Power (“Mainstream”). The term “portfolio companies” also includes

investments in non-consolidated entities.

The Sustainability Statement covers the Group’s own operations and the

upstream and downstream value chain.

No information related to intellectual property, know-how or innovation

has been omitted from the sustainability report.

Disclosures in relation to specific circumstances

The Sustainability Statement covers the period 1 January to 31

December 2024. The same time horizons are applied as defined in

ESRS 1. Businesses that have been sold or divested during the

reporting period are not included unless otherwise specified. Aker

Horizons has the following material transactions in 2024: On 14 June,

ACC completed a transaction to combine the carbon capture business

with SLB in the new entity SLB Capturi. Following the transaction, SLB

owns 80 percent and ACC the remaining 20 percent of SLB Capturi. The

carbon business is included in the consolidated entity ACC until the

transaction, and thereafter as an associated entity in ACC. Health and

safety and employee figures for previously consolidated businesses are

included in the historical data for the period the unit was owned. Data

from discontinued businesses are included for the part of the reporting

period they were in operation, unless otherwise specified. Minority-

owned businesses are not included in the consolidated calculations.

Metrics do not include upstream and/or downstream value chain data

estimated using indirect sources.

The company has applied the general transitional provision for the first

time of reporting under CSRD and not presented comparative

information, in accordance with ESRS 1.136.

Sources of estimation and outcome uncertainty

Forward-looking statements in this report reflect current views about

future events and are, by their nature, subject to significant risks and

uncertainties because they relate to events and depend on

circumstances that may or may not occur in the future and may not be

within the company’s control.

Incorporation by reference

The Sustainability Statement includes disclosures that are incorporated

by reference to other sections of the Annual Report. Below is a list of

specific data points prescribed by a disclosure requirement that have

been incorporated by reference.


ESRS data points	Reference
ESRS 2.40 a) i-ii	Consolidated financial statement note 3 and 4

Use of phase-in provisions

In accordance with ESRS 1.137 appendix C, Aker Horizons has applied

phase-in provisions for certain eligible disclosures available for

companies not exceeding an average of 750 FTEs for the first year of

reporting under CSRD. This applies to the standards E1 Climate

Change (partially), E4 Biodiversity and ecosystems, S1 Own workforce

(partially), S2 Workers in the value chain and S3 Affected communities.

See the topical sections for more information on these matters.

Changes in preparation or presentation of sustainability

information, and prior periods’ errors

The Sustainability Statement for the reporting period 2024 is for the first

time prepared in accordance with the CSRD, while previous years’

sustainability statements have been prepared with reference to the

Global Reporting Initiative Standard of 2021. The disclosures contained

within the previous statements have been aligned with the World

Economic Forum Stakeholder Capitalism Metrics’ core metrics. This

means that the entire Sustainability Statement is restructured. The

double materiality assessment is updated in accordance with the

requirements under CSRD, and new information and parameters

mandatory under CSRD are disclosed. As comparable information is not

included, no errors are identified and reported for prior periods.



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IIIII

1.2 Governance

Administrative, Management and Supervisory Bodies

Aker Horizons ASA’s Board of Directors (the “Board”), the highest

governance body, is responsible for overseeing and safeguarding

management of the sustainability work. The Board has five board

members, of which none hold executive positions within or are

employed with the Company. Two board members are independent (40

percent), and there are three male and two female members of the

Board. The average ratio of female to male board members in 2024 has

been 45 percent. The Executive Management of Aker Horizons consists

of the CEO and the CFO, both male.

The Board has oversight responsibility of the management of the Company.

It follows from the mandate that the Board shall approve the overall strategy

and the financial and sustainability targets for the Company, and is

responsible for approving the sustainability policy, the statutory reporting

including the Sustainability Statement, as well as climate-related financial

disclosures. The Board approves the double materiality assessment,

hereunder the material impacts, risks and opportunities. The Sustainability

Statement governs environmental, social and governance aspects of Aker

Horizons’ own performance, investment decisions, as well as the role as an

owner of portfolio companies. Sustainability-related risks and opportunities

are an integral aspect of evaluating potential new investments for the

Group’s portfolio and the Board considers whether they are within Aker

Horizons’ mandate.

The Audit Committee shall support the Board in oversight over the

management and safeguarding of the Company’s resources. It is a

requirement under the mandate of the Audit Committee that it has the

necessary competence within relevant areas of the Committee’s work to

perform its duties in a satisfactory manner, including audit, accounting

and environmental, social and corporate governance experience. The

Committee shall review the Company’s financial and sustainability

reporting, and hereunder focus on sustainability reporting and practices,

policies, commitments and targets, as well as impacts, risks and

opportunities.

Aker Horizons has an Enterprise Risk Management (“ERM”) procedure

which sets out the requirements and systematic steps to assess and

manage risk in Aker Horizons and its portfolio companies. The risk

reporting activities shall be aligned with quarterly financial and non-

financial (legal and compliance, and environment, social and

governance (“ESG”)) reporting cycles and annual risk management

reviews both in the Audit Committee and the Board. Aker Horizons’

management performs quarterly enterprise risk assessments, in which

climate-related risks and opportunities are integrated. Contributors to the

quarterly risk review include functions within compliance, investments,

legal, treasury, sustainability and finance for the Group. Aker Horizons’

management assesses on a quarterly basis the likelihood of the

occurrence and impact of risks identified as part of the ERM process.

The Board has overall responsibility for risk management, the CEO

reports to the Board on the overall assessment of risk, new or significant

changes in risk exposure and how risks are addressed.

The Board, the Audit Committee and the Management have relevant

experience for the sectors in which the Group operates, the business of

the Group and the geographic locations, as well as experience on

sustainability matters from both Aker Horizons and other relevant

positions. The Board members cover a broad range of expertise

relevant to the Company's and portfolio's operations. With backgrounds

in industrial development, data, technology and finance, the Board

members have experience from board positions in and management of

global companies. All members also have experience with sustainability

work and sustainability reporting through board positions in other

companies. The governing bodies also have access to expertise, both in

relation to experts within the Group, the auditors and other relevant

experts when required.

During the reporting period, the Audit Committee and the Board have been

informed about sustainability matters on a quarterly basis, including

approving the sustainability reporting and Transparency Act Report in the

Annual Report for 2023, the CSRD implementation project and the timeline

for the project. In all meetings in 2024, the Audit Committee has been

updated on status of the CSRD implementation. Further, the Board has

approved the double materiality assessment and material impacts, risks and

opportunities. The Audit Committee and the Board were also informed about

human rights assessments, compliance audits, whistleblowing cases and

other sustainability related issues on a quarterly basis.

Sustainability-related performance is not integrated in incentive

schemes.

Sustainability due diligence

Aker Horizons continues to build on previous years’ progress to improve

its understanding of human rights risks through training, implementation

of internal processes, and interaction with suppliers and business

partners, including reviews, due diligence processes and audits. Human

rights risks continue to be a complex area for most companies operating

in the energy sector, in particular where large energy projects are being

constructed. Some risks of adverse human rights impacts can be

significantly reduced through the development and implementation of

internal procedures and processes. Others are more profoundly

challenging, particularly where such risks are inherent in the nature of

current global value chains in the green transition – such as the need for

metals and minerals, and the current concentration of the production of

input factors in challenging geographies. Efforts have been made to

mitigate these risks by enhancing policies and procedures across the

Aker Horizons Group. This includes the Business Partner Code of

Conduct and Integrity Due Diligence, as well as group-wide human

rights training. The table illustrates how the Group applies the main

elements of sustainability due diligence and how they are presented in

the report.


CORE ELEMENTS OF DUE DILIGENCE	PARAGRAPHS IN THE SUSTAINABILITY STATEMENT
a) Embedding due diligence in governance, strategy and business model	1.2 Governance (GOV-1, GOV-2) 3.2 Workers in the value chain (S2) 4.1 Business conduct (G1)
b) Engaging with affected stakeholders in all key steps of the due diligence	1.3 Strategy (GOV-1, SBM-2) 1.4 Impacts, risks and opportunity management (IRO-1) 1.2 Governance/Risk management (IRO-1) Covered in relevant chapters (MDR-P)
c) Identifying and assessing adverse impacts	1.4 Impacts, risks and opportunity management (IRO-1) SMB-3, covered in relevant chapters
d) Taking actions to address those adverse impacts	Covered in relevant chapters (MDR-A)
e) Tracking the effectiveness of these efforts and communicating	Covered in relevant chapters (MDR-M, MDR-T)



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IIIII

Risk management and internal controls over

sustainability reporting

In 2024, the focus has been on implementing a process for assessing

double materiality for the Group, as well as preparing the Group's first

sustainability report in accordance with CSRD. Going forward, it is

planned to introduce an internal control system for sustainability

reporting. This will include processes for updating the Group's

materiality assessment and controls for material topics. The framework

will follow the principles of financial reporting, with risks prioritized based

on the likelihood of errors and consequences. Furthermore,

incorporating findings into relevant functions and processes will enable

better follow-up across consolidated entities and departments within the

Group, such as sustainability, finance, and legal departments.

In 2024, the following risks have been assessed, with corresponding

measures:

Completeness and accuracy in mapping material topics: The double

materiality assessment is based on reporting from consolidated entities.

Therefore, there is a risk that the Group does not get a complete picture

of material topics in its own operations and in the value chain.

The risk is managed through ongoing dialogue with the relevant entities.

The purpose is to understand the portfolio companies' process for

assessing material topics, obtain relevant decision-making basis, and,

where applicable, communicate with the auditors of consolidated entities

and other portfolio companies. CSRD is still in the implementation

phase, and going forward a more formalized process for completeness

and accuracy in materiality assessments is expected.

Completeness and accuracy related to data: There is a risk of lack of

completeness and accuracy in data reporting from consolidated entities.

The risk is managed through, among other things, standardized

instructions for reporting, implementation of reporting tools for data

collection, description of principles in line with the data points in ESRS,

ongoing dialogue with portfolio companies about reporting requirements,

and review and analysis of reported data and parameters.

The Company expects to report annually to the Audit Committee on

identified risks within the Group and the internal control framework for

sustainability reporting.

1.3 Strategy

Strategy, business model and value chain

Strategy and business model

Aker Horizons Group develops green energy and green industry to

accelerate the transition to net zero emissions. As an active owner, Aker

Horizons develops and strengthens its portfolio companies by driving

strategy development, financing, restructuring and transactions. Aker

Horizons leverages the significant industrial, financial and technological

capabilities of the Aker Group to identify and develop opportunities.

Each portfolio company of the Group works to maximize value

individually, with separate management teams and boards, but with

strong, continuous support from Aker Horizons ASA. This support

ensures that activities are optimized across the entire value chain and

capitalize on internal expertise in the broader Aker group.

See further details on the portfolio companies' operations and locations

in Note 3 of the consolidated financial statements. The note includes

information about operating segments and the largest companies,

including the geographical distribution of operating revenues and

selected assets. Furthermore, Note 4 provides more information about

the Group's operating revenues from contracts with customers, including

significant markets and customers.

Value chain

The Aker Horizons Group’s value chain can be separated into upstream,

internal, and downstream value chain. When assessing significant

impacts, risks, and opportunities, the value chains of the Group have

been mapped in dialogue with the largest companies in the Group. The

purpose has been to uncover which significant topics are important

across the portfolio of Aker Horizons Group,

For the investment activities of Aker Horizons, the upstream activities

focus on acquiring the necessary capital and resources to fund

investments. The main source of funding is dividends, proceeds from

sale of assets and external financing from banks and bond market.

The upstream activities related to consolidated entities include a focus

on input factors as for example raw materials, waste, energy, workers in

the value chain and affected communities.

The internal activities in Aker Horizons focus on activities related to the

investments, as managing and optimizing the investment portfolio

through investment management, risk management and operational

activities. The internal activities where consolidated entities are

concerned, also include for example construction work. The downstream

activities involve managing the relationships and communication with

shareholders and ensuring effective distribution of returns which

includes dividend distribution, shareholder communication, exit

strategies and financial reporting.

The activities of the Group are assessed including the main activities of

Mainstream as a consolidated entity in the Aker Horizons Group.

Upstream activities for Mainstream typically begins in development, at

the initial greenfield field phase of a project, where Mainstream works

with financial stakeholders, landowners, affected communities, and site

designers to evaluate the financial, social, and environmental feasibility

of a given renewable project as upstream activities. As a project

develops through the Environmental Impact Assessment stage,

Mainstream will assess the likely impacts in areas such as environment

and biodiversity, in order to ensure the project meets both the relevant

international and local standards, before an investment decision is

made.

After the development phase, successful projects move into pre-

construction which involves engineering and procurement before moving

into the construction phase and EPC management followed by

commissioning. Once commissioned, the project moves into the

operations where the operations and maintenance team take over for

the lifetime of the assets, as part of the internal activities. Downstream

activities involve dividend distribution to owners, communication with

communities and other stakeholders, and activities related to

consumption of product and services, e.g. sale of generated power

through power purchase agreements. Finally, at the end of the assets’

useful life, a project enters either decommission or re-powering, where

renewable assets are upgraded or replaced to extend a project’s life.



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IIIII

Interest and views of stakeholders

Ongoing stakeholder engagement helps clarify stakeholders’

expectations and priorities. This dialogue is essential to the Group

companies’ due diligence and the process for identifying and assessing

the Group’s impacts, risks and opportunities (“IROs”). The management

and the Board are informed about views and interests of affected

stakeholders with regard to sustainability-related impacts, as part of the

oversight of IROs.

The Group's stakeholder dialogue includes, but are not limited to,

affected stakeholders such as employees, contractors, business

partners, and subcontractors, as well as other users of information,

including shareholders, banks, and analysts.

The table illustrates the type of engagement, frequency and key topics

discussed with identified stakeholder groups.


Stakeholder group	Why Aker Horizons engages	How Aker Horizons engages	Key topics
Investors/analysts/banks	Provide information about the company to investors, banks and analysts, and receive updates from these stakeholders	Press releases, quarterly presentations, analyst calls, conferences, investor roadshows and meetings (IR)	Information needs of financial stakeholders, share price development
Partners	Develop partnerships to accelerate development of functioning commercial models and value chains, e.g. with suppliers, customers, co-owners, JV partners and technology providers	Direct interaction with actual and potential partners through meetings, negotiations, conferences	Sustainability ambitions, contribution to green solutions, transparent, responsible business conduct, health and safety, human rights performance
Governments	Understand requirements, communicate need for support schemes for solutions dependent on government support in an introductory phase	Follow updates from regulatory authorities	Ensure compliance in operations and reporting, frame conditions related to current operations/new business opportunities
Employees	Attract, retain and develop talent. Establish and maintain a reputation as a responsible employer that wishes to develop and maintain a safe and healthy work environment, and promote equal opportunities	Regular job appraisals. Internal communication channels, town hall meetings and offsite gatherings	Assurance of contributing to Aker Horizons’ mission of reducing greenhouse gas emissions and promoting sustainable living, flexible working hours and work-life balance, personal development and knowledge building
Local communities	Build mutual trust as a foundation for developing projects. Understand needs and expectations to create long-term value. Obtain a social license to operate	Regular engagement on a project-by-project basis. Meetings and calls. Media engagement and public relations activities. Communication about job opportunities. Support to local enterprise or skills development	Job creation. Local value creation. Retaining and attracting more people to work and live in communities. Support for local initiatives, e.g. culture and welfare



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1.4 Impact, risk and opportunity management

Disclosures on the materiality assessment process

Aker Horizons has performed a double materiality assessment (“DMA”)

to identify impacts, risks and opportunities (“IROs”) in the company’s

own operations and its value chain.

Aker Horizons has performed a full DMA in accordance with the CSRD,

applying the process recommended under the CSRD using the steps

described in the next paragraphs. Sustainability aspects with a high

likelihood of negative impact were prioritized throughout the process,

especially in geographical areas and among business partners that are

crucial for the company's operations and value chain. Both direct

impacts from the companies' activities and broader impacts arising

through the business partners were assessed. This approach expanded

the scope of the materiality assessment and enabled a more detailed

analysis of impacts and relationships across the companies' value chain.

Although the materiality assessment was conducted as a separate

process, it contributed to the prioritization of risks. Regular updates of

the risk register provide management with a basis for managing and

prioritizing risks and opportunities in line with the company's strategy

and risk profile. This strengthens a holistic approach to risk

management.

The reporting year 2024 represents the first reporting cycle in which a

full double materiality assessment is performed in accordance with the

CSRD, and as such there are no changes in conclusions about material

topics or other changes compared to previous years. In the future, the

materiality assessment will be updated and reviewed on an annual basis

in order to maintain a continuous improvement and relevance.

Step A: Understanding the context in which Aker Horizons

operates

In this step, the Group’s activities were analyzed, discussed and

described, including business model, stakeholders and value chain. An

overview of the strategy, activities, business model, value chain,

business relationships and the main stakeholders provided important

inputs to identify the IROs, and the basis for the content of this

Sustainability Statement. The previous DMA’s of both Aker Horizons

ASA and Mainstream have also, as well as previous sustainability

reports, due diligence reports and human rights risk assessments.

Step B: Identification of the actual and potential IROs related to

sustainability matters

In this step, the actual and potential IROs relating to environmental,

social and governance matters across the own operations and the

upstream and downstream value chain were identified. Aker Horizons

discussed the actual and potential IROs in several 1-1 meetings with

internal stakeholders and portfolio companies, to conclude on a long list

of possible matters as well as consider connections of impacts and

dependencies with risks and opportunities. Further, Aker Horizons

analyzed sustainability matters identified by peers.

Step C: Assessment and determination of material IROs related to

sustainability matters

In this step, the identified IROs were analyzed and scored, and criteria

was applied in order to determine the material actual and potential

impacts, and the material risks and opportunities, based on affected

stakeholders either related to people or the environment. The criteria

were severity (scale, scope and irremediability character) of the impact

for actual negative impacts, while for potential negative impacts, the

likelihood of the impact occurring, and the relevant time horizon were

also assessed. For actual positive impacts, the criteria were scale and

scope, and for potential positive impacts, the likelihood of occurrence

and relevant time horizon were also assessed. If an impact includes a

potential negative human rights impact, the severity of the impact is

prioritized over its likelihood. Financial risks and opportunities were

assessed based on likelihood of occurrence and the potential magnitude

of the financial effects in the short-, medium- and long-term.

Connections of impacts and dependencies with risks and opportunities

were considered, as well as potential integration with the risk register of

Aker Horizons.

The assessment was discussed in 1-1 meetings with relevant internal

stakeholders, including management. Aker Horizons did not perform a

review with external stakeholders but have considered the outcome from

previous processes and stakeholder engagement.

Sustainability matters were considered material if at least one impact,

risk, or opportunity exceeds the threshold value set by the company.

This indicates either materiality for impacts, financial materiality, or both.

Sustainability aspects without identified impacts, risks, or opportunities,

and/or where all assessments are below the threshold value, are

considered non-material sustainability aspects.

Representatives from the Group companies participated in the process.

Each sustainability matter was assessed for significant impacts, risks,

and opportunities, in line with documented guidelines and methodology.

The process included a structured review and validation by the

representatives and the Audit Committee to support quality and

traceability in the final decision-making basis.

The result of this assessment serves as the foundation for the further

content of the Sustainability Statement. At the end, a content index with

an overview of the disclosure requirements complied with in the

Sustainability Statement is included, together with a reference to where

the disclosures are located. A table of data points deriving from other EU

legislation is also included.

In the following, the process to identify and assess material impacts,

risks, and opportunities for the topics of climate, pollution, water and

marine resources, biodiversity, resource use and circular economy, and

business conduct is described.

E1.IRO-1 Description of the processes to identify and assess

material climate-related impacts, risks and opportunities

To identify climate related impacts, risks and opportunities, both the

Group and also the subsidiary Mainstream Renewable Power has

previously performed a climate-related assessment and reported in

accordance with the TCFD framework (Task Force on Climate-related

Financial Disclosures). Mainstream Renewable Power conducted a

portfolio risk assessment across all assets in 2023, which included both

assessments of physical and transition risks, as well as biodiversity

impact risks. The risk assessment showed that Mainstream's portfolio

was robust and had an overall low level of climate-related risk. The

scenarios used to assess physical risks were: IPCC SSP2-4.5 (medium-

emission scenario) and SSP5-8.5 (high-emission scenario), while the

scenarios used to assess transition risks were: NDC (Nationally

determined contribution), and net zero 2050 (Orderly). Mainstream used

the AXA Climate Altitude database to conduct climate risk assessments

of projects and to consider both individual project risks as well as

cumulative risks across the portfolio.



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As the commercial opportunities are created by climate action, Aker

Horizons investments are currently placed within areas such as onshore

wind and solar power, poised to benefit from increased climate action.

To realize projects and opportunities, Aker Horizons aims to create

robust business entities and establish good models for partnerships and

alliances. Aker Horizons aims to foster the expansion of solutions within

renewables and decarbonization of industry, through mergers and

acquisitions as well as organic growth and project development. A key

priority is to assess policy developments and policy instruments as

factors in strategic decision-making and financial planning. Climate risk

also impacts on Aker Horizons’ financial planning, as exemplified

through Aker Horizons’ issuing of its first Green Bond in February 2021

under Aker Horizons’ and Aker ASA’s Green Finance Framework.

E2.IRO-1 Description of the processes to identify and assess

material pollution-related impacts, risks and opportunities

E3.IRO-1 Description of the processes to identify and assess

material water and marine resources-related impacts, risks and

opportunities

For pollution, water, and marine resources, the Group's impacts, risks,

and opportunities were assessed. An overall screening of the Group's

own operations and value chain was conducted. This included a general

mapping of exposure, a review of available data from the companies,

and the use of third-party sources where relevant. No dialogue was

initiated with affected local communities, as the Group does not consider

that any specific communities are more affected than others.

E4.IRO-1 Description of the processes to identify and assess

material biodiversity and ecosystem-related impacts, risks and

opportunities

Material impacts, risks, dependencies, and opportunities related to

biodiversity have been assessed across the Group's own operations and

value chain. Actual and potential impacts on biodiversity and

ecosystems have been considered, in particular related to Mainstream’s

operations as the companies with the longest history of operations in the

Group. Dependencies were also assessed, but none was identified.

Systemic risks, including cumulative impacts from industrial activity on

regional ecosystems, were also assessed by relevant consolidated

entities. No dialogue was initiated with affected local communities as

part of the materiality assessment, as the Group does not consider that

certain local communities are more affected than others.

E5.IRO-1 Description of the processes to identify and assess

material resource use and circular economy-related impacts, risks

and opportunities

When assessing the potential material matters related to resource use

and circular economy-related impacts, risks and opportunities, Aker

Horizons has considered activities, geographies and business

relationships in several 1-1 meetings with stakeholders and

management. Previous materiality assessments, climate risk analyses

and assessments are also considered. The assessment is performed in

close dialogue with the portfolio companies, and operations and

construction activities related to the asset types onshore wind and solar

in Mainstream Renewable Power are considered most relevant for this

area. Aker Horizons has not found it relevant to conduct consultations

with affected communities for this area.

G1.IRO-1 Description of the processes to identify and assess

material impacts, risks and opportunities

When assessing the potential material matters related to business

conduct-related impacts, risks and opportunities, Aker Horizons has

considered activities, geographies and business relationships in several

1-1 meetings with stakeholders and management. Previous materiality

assessments and assessments are also considered. The assessment

has also included input from the risk management system and internal

reporting of compliance-related matters to the Audit Committee and the

Board. The purpose was to map geographical areas, activities, and/or

sectors with increased potential impacts or risks related to corruption

and bribery, as well as human rights violations. There have also been

reviews and interviews with key internal functions.

Material impacts, risks and opportunities

The materiality assessment identified that the following topical standards

(ESRS’) within environmental, social, and governance represent

material impacts, risks, and opportunities across the Group's own

operations and value chain.

E1 Climate change

E4 Biodiversity and ecosystems

E5 Resource use and circular economy

S1 Own workforce

S2 Workers in the value chain

S3 Affected communities

G1 Business conduct

The topical ESRS’ E2 Pollution, E3 Water and Marine Resources and

S4 Consumers and End-Users are not assessed as material for Aker

Horizons Group.

The table on the next page lists the impacts, risks and opportunities

defined as material in the DMA and where in the value chain these

originate. More information about material impacts, risks and

opportunities can be found in each topic chapter.



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Material impacts, risks and opportunities		Value chain
		Upstream	Own operations	Downstream
E1 Climate change		Upstream	Own operations	Downstream
Climate change mitigation: GHG emissions from construction of solar and wind plants in the upstream value chain, and in a smaller extent from office activities and travels	Actual negative impact, short to long term	x	x
Climate change mitigation: GHG emissions: Renewable energy production reduces GHG emissions by replacing fossil-based energy production with new renewable capacity	Actual and potential positive impacts, long term			x
Climate change mitigation: Transition risk: The green energy transition may be delayed	Financial risk, short to long term		x
Climate change mitigation: Transition opportunity: There is an opportunity for increased demand for Aker Horizons renewable energy production, due to growing interest in solutions mitigating climate change and reducing GHG emissions, leading to increased revenue	Financial opportunity, short to long term		x
E4 Biodiversity and ecosystems
Impacts on the state of species: Establishment of solar and onshore wind parks may have a negative impact on vulnerable species, in that their habitats may be disrupted and/or fragmented	Potential negative impact, medium term	x	x
E5 Resource use and circular economy
Resources inflows, including resource use: Use of virgin raw materials in the construction of wind and solar plants	Actual negative impact	x
S1 Own workforce
Working condition/Secure employment, and working time. The workforce reduction may have a negative impact on employees, and a risk of losing competence and capacity and maintain a robust organization	Actual and potential negative impact, financial risk, short term		x
S2 Workers in the value chain
Working condition/Health and safety: Risk of injuries in the construction work/industry	Potential negative impact, short to medium term	x
Other work-related rights/Forced labour: An inherent risk of adverse impacts associated with the renewable energy sector’s supply chains, as these are often concentrated in high-risk markets where there is low transparency	Potential negative impact, short to medium term	x
S3 Affected communities
Communities’ economic, social and cultural rights: Land-related impacts. Development of wind and solar farms may have potential negative impacts on land use in local communities	Potential negative impact, short to medium term		x
Rights of indigenous people/Cultural rights: Issues related to concerns and impacts such as archaeological heritage impacts and land claims, and financial risk related to increased costs due to this	Actual negative impact and financial risk, short term	x	x
G1 Business conduct
Corruption and bribery: Potential negative impact due to an elevated risk of corruption and bribery within emerging industries in emerging markets, and in industries that are highly regulated	Potential negative impact, medium term		x



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Environment


2	Environmental Information
2.1	Climate change	23
2.2	Biodiversity and ecosystems	24
2.3	Resource use and circular economy	25
2.4	EU Taxonomy	26



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2 Environmental information

2.1 Climate change

Strategy

Aker Horizons’ overall business and strategy are founded on a

commitment to accelerate the transition to net zero emissions by

developing green energy and green industry. Aker Horizons’ strategy is

shaped as a response to climate-related risks and opportunities. As an

active owner, Aker Horizons engages with its portfolio companies to

ensure that the greenhouse gas (“GHG”) emissions are calculated and

reported and has encouraged the companies to set GHG emission

reduction ambitions.

Aker Horizons has not yet adopted a transition plan for climate change

mitigation and has not set a date for adoption of a transition plan. In the

following, Aker Horizons’ climate-related sustainability impacts, risks and

opportunities are described, and the resilience of the strategy and

business model in relation to climate change, as well as the policies,

actions and targets that are implemented to handle the material impacts,

risks and opportunities.

Material impacts, risks and opportunities and their interaction with

strategy and business model

The double materiality assessment for Aker Horizons has identified the

following material climate-related impacts:

• Actual negative impact from GHG emissions mainly from

construction of solar and wind plants in the upstream value chain,

and in a smaller extent from office activities and travels.

• Actual and potential positive impacts from renewable energy

production, leading to less GHG emissions by replacing fossil-based

energy production with new renewable capacity in the downstream

value chain.

The following material risks and opportunities related to climate change

are identified:

• Transition risk: There is a risk that the green energy transition is

delayed, if policy actions by governments are not sufficient or

implemented too slowly, leading to reduced revenue.

• Transition opportunity: There is an opportunity for increased demand

for Aker Horizons renewable energy production, due to growing

interest in solutions mitigating climate change and reducing GHG

emissions, leading to increased revenue.

Impact, risks and opportunity management

Climate-related policies

The most relevant policies and procedures related to governance of

climate-related matters are the following:

• Sustainability policy: Governing environmental aspects.

• The Code of Conduct: Describing Aker Horizons’ commitments and

requirements regarding ethical business practices, also relating to

sustainability.

• Enterprise risk management (“ERM”) procedure: Lays out the

requirements and systematic steps to assess and manage risk in

Aker Horizons’ operations and its portfolio companies.

The Sustainability Policy sets out that Aker Horizons shall contribute to

a climate positive environment by working to commercialize and scale

climate solutions and contributing to the creation of new industries and

green jobs. The scope of the policy is Aker Horizons’ own performance,

investment decisions and Aker Horizons’ role as an owner of companies.

The policy also sets the environmental expectations for portfolio companies,

throughout all supply chains and for other relevant stakeholders. The

following framework are core to the sustainability policy:

• EU’s Sustainable Finance package, including the EU Taxonomy

regulation and the Corporate Sustainability Reporting Directive

• The UN Sustainable Developments Goals and UN Global Compact

SDG implementation framework

• The OECD Guidelines for Multinational Enterprises

• The UN Global Compact. Since 2021 Aker Horizons has been

committed to the UN Global Compact corporate responsibility

initiative and its principles in the area of the environment.

• The Norwegian Code of Practice for Corporate Governance

(“NUES”) and the Norwegian Transparency Act

The policy is relevant for all material IROs identified in the DMA process.

The policy is owned by the sustainability director, reviewed by the CEO,

approved by the Board of Directors and available on Aker Horizons’ website.

The Code of Conduct outlines the values and principles guiding how to

work, ensuring that Aker Horizons and its portfolio companies adhere to

standards of integrity, transparency and sustainability. In relation to

climate issues, the Code outlines that Aker Horizons shall act

responsibly with an ambition to reduce direct and indirect negative

influences on the external environment, adhere to relevant international

and local laws and standards, strive to minimize the environmental

impact and take a sustainable approach in the day to day operations.

The Code is relevant for IROs related to climate change, social and

business conduct. The Code applies to employees, officers and

directors in Aker Horizons, and to entities and their personnel where

Aker Horizons controls 90 percent or more of the shares and votes. It

also applies to intermediaries, consultants and others acting on behalf of

the Group. Aker Horizons also expects that all companies that are

consolidated for accounting purposes implement their own Codes of

Conduct that adequately address the principles in the Code of Conduct,

and both Mainstream and ACC have corresponding policies The Code

of Conduct of Aker Horizons ASA is prepared by the General Counsel,

owned by the CEO, approved by the Board of Directors and available on

Aker Horizons website, and the same applies for Mainstream and ACC.

The ERM procedure as described in section 1.2 Governance has,

related to sustainability, the purpose of reducing unwanted risks

impacting compliance with sustainability standards and reputation. In the

ERM process, transition risk shall be reflected in strategic and market

risk, while physical risk shall be assessed as part of project and

operational risk. The ERM procedure is owned by the Director of

Corporate Development and Business Excellence and approved by the

CEO.

Actions and resources in relation to climate change policies

In the ERM procedure, climate risk is included in two of the main

categories, strategic and market risk (transition risk), and project and

operational risk (physical risk). Aker Horizons expects its portfolio

companies to identify and manage both physical as well as transitional

climate-related risks as part of their core business procedures.



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The quarterly risk review as described in section 1.2 Governance

involves reviewing changes in estimated impact or probability of

previously identified risks, newly identified risks, including an estimate of

impact and probability, and proposed mitigating actions, progress of

mitigating actions taken, how they have affected the risk assessment

and, where applicable, additional mitigating actions. Thus, the ERM

process is used to evaluate strategies to mitigate risk at the

management and board level, including climate-risks to the extent they

are considered critical enough to be included in the short-list.

In addition to Aker Horizons’ procedure for enterprise risk management,

the portfolio companies have individual processes for managing climate-

related risks. Management of project and operational risk, including

physical climate-related risk affecting projects and operations, lies

primarily with the portfolio companies. Nevertheless, Aker Horizons

monitors and follows up risk through regular dialogue with the

managements of the portfolio companies and through participation on

their boards. Aker Horizons currently has no other mitigating actions to

reduce climate risks. The Group has four persons involved with

compliance and ESG matters, one of which is primarily responsible for

follow up on sustainability including climate reporting.

Metrics and targets

Aker Horizons’ impact on climate change is primarily driven by its

investments and varies with the portfolio composition. The impact from

own operations for Aker Horizons as an owner of companies is limited.

Thus, setting climate-related targets for Aker Horizons or the broader

portfolio has not been deemed appropriate. Independently, the Group

companies have yet to set targets in line with CSRD requirements, and

Aker Horizons has not established specific targets to track identified

material IROs. As a developer of green projects, Aker Horizons and

portfolio companies also aim to minimize the footprint of their own

operations. The business of the Group includes investments in

companies that can meaningfully reduce CO2 emissions, however the

development of such projects may also lead to increased GHG-emissions

during construction. The Group shall contribute to a climate positive

environment by working to commercialize and scale climate solutions

and contributing to the creation of new industries and green jobs.

Gross GHG emissions

Aker Horizons’ reporting on direct and indirect GHG emissions is done in

accordance with the GHG Protocol. By using acknowledged emission

factors, consumption data is recalculated into CO₂ emissions.

For disclosures related to ESRS E1-6, Aker Horizons has applied the

phase-in provisions available for undertakings with less than 750

employees that in accordance with ESRS 1.137 appendix C may be

omitted, which are scope 3 and total emissions. The table shows scope

1 and scope 2 GHG emissions for the Group.


Scope 1 GHG Emissions	Base year	Comp. year	2024	2025	2030	-2050	Annual % target/ Base year
Gross Scope 1 GHG emissions (tCO2eq)			309
% of Scope 1 GHG emissions from regulated emission trading schemes			—%

Scope 2 GHG emissions
Gross location-based Scope 2 GHG emissions (tCO2eq)			3,946
Gross market-based Scope 2 GHG emissions (tCO2eq)			5,052

The majority of scope 1 and 2 emissions take place in Mainstream’s

operations, including consumption of diesel and petrol. According to the

GHG Protocol, Scope 2 emissions relating to electricity are calculated

using both location-based and market-based emission factors.

Mainstream’s GHG emissions data is collected through a combination of

direct measurements, internal reporting systems, external data sources,

and estimates for some smaller office locations late in the year. The

estimates account for less than 1 percent of total in scope 2. For scope

1 and scope 2 emissions, operational data from the facilities, energy

usage records, and emissions factors from recognized databases such

as the Department for Environment Food and Rural Affairs (“DEFRA”)

are relied on. While efforts are made to ensure accuracy, minor

uncertainties may arise from estimation techniques, data completeness,

and the variability of emissions factors. To address these uncertainties,

the plan is to continually refine the data collection methods, enhance

transparency, and engage with partners to improve data quality.



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2.2 Biodiversity and ecosystems

Aker Horizons has applied the phase-in provisions for disclosure

requirements that may be omitted related to ESRS E4 Biodiversity and

ecosystems, in accordance with ESRS 1.137.

Material impacts, risks and opportunities

The double materiality assessment found that the sub-topic impacts on

the state of species is material based on the following impact, risks and

opportunity identified:

Establishment of solar and onshore wind parks may have a negative

impact on vulnerable species, in that their habitats may be disrupted

and/or fragmented. The impact is assessed both in the upstream value

chain and own operations, on a medium term time horizon.

The Sustainability Policy sets out that Aker Horizons aims to protect,

preserve and restore the environment and biodiversity and to explore

nature-based solutions on land and in the ocean, and minimize impact

on ecosystems, in particular in relation to operations in or near

biodiversity sensitive areas and if affecting endangered species. Aker

Horizons has not set any targets related to this matter. However,

projects developed by the Group are required to undergo Environmental

Impact Assessments (“EIA”), and Aker Horizons incorporates

considerations concerning biodiversity impact in early-stage investment

processes. Biodiversity impact is also addressed in Aker Horizons’

Business Partner Code of Conduct. For Mainstream, their best practice

and mitigation measures on biodiversity during construction, operation,

maintenance and decommissioning are included in the Global

Development Standard. This governing document was reviewed in 2023

and updated with enhanced climate and biodiversity requirements for all

project stages. Mainstream has also utilized the AXA Climate Risk

Assessment Tool, Altitude, which includes biodiversity risk assessments

for all assets and across the Company's portfolio, based on geospatial

data. Impacts on biodiversity are sought to be avoided, reduced or

mitigated through project specific environmental and social impact

assessments (“EISA”) that assess and account for local circumstances

and regulations.

An example of actions is related to a solar PV plant in South Africa. As

part of the development, a project was conducted to relocate protected

plant species before the project entered the construction phase. While

no threatened plant species were discovered during the site pre-

construction survey, a number of species which are protected under

local conservation laws were identified. Following the survey, a plant

search and rescue operation was conducted, with a large number of

protected specimens removed and successfully replanted outside of the

development footprint, with the project overseen by botanical experts.

For other parts of the business outside of solar and wind development,

biodiversity impact is currently limited, due to the early stage of the activities.

None of the portfolio companies have reported having sites or operations

with impacts for protected areas and/or biodiversity-sensitive areas, and as

such the Group has not yet assessed the relevant metrics to report on.

2.3 Resource use and circular economy

Material impacts, risks and opportunities

The double materiality assessment for Aker Horizons has identified the

following material impacts, risks and opportunities related to resource

use and circular economy.

There is a potential negative impact related to resource inflows including

resource use regarding utilization of virgin raw materials (such as iron

ore, glass and aluminum) in the upstream value chain.

Sustainability matters related to resource inflows are relevant for the

portfolio company Mainstream. Construction of wind and solar plants are

performed by contractors and suppliers in accordance with construction

contracts entered into between the supplier/contractor and Mainstream.

These contracts include details of the project to be constructed including

project scope, specifications, schedule and similar but they do not

typically include a detailed description of the virgin raw materials that

were extracted and processed to complete the project. A majority of the

supply chain for both the wind and solar sector use virgin raw materials

(such as iron ore, glass and aluminium), however the recyclability of

these materials at their end of life (circa 20 - 35 years), is quite high. As

detailed description of material used in the construction are not part of

the construction contracts and the construction activities are performed

by suppliers in the value chain, the Group does not have detailed data

for the materials used but will consider this in the future.

Impact, risk and opportunity management

Policies related to resources use

Aker Horizons is still at the early stages of developing an approach to

resource use and circularity and does not have a specific resource use

policy implemented that addresses transitioning away from use of virgin

resources, sustainable sourcing and use of renewable resources.

However, Aker Horizons’ Sustainability Policy sets out the ambition of

zero waste, sound resource utilization and the realization of the circular

economy. More details on the key content, scope and other disclosures

related to ESRS 2 MDR-P for the Sustainability Policy is described in the

section 2.1 Climate change.

Actions and resources related to resource use

The Group has not yet implemented specific actions and resources

related to resource use. The Group recognizes the critical importance of

sustainable resource use and the challenges associated with reliance on

virgin raw materials in our supply chain, along with the impact of

extraction and processing of these resources on the environment and

society. Aker Horizons acknowledges that there is a significant potential

for improvement across the portfolio and aims to enhance its

understanding of resource efficiency, identifying opportunities to adopt

circular economy principles. At a portfolio level, Mainstream’s Code of

Conduct for Business Partners provides an important foundation for its

ongoing engagement with business partners, including suppliers, on

central sustainability-related topics. Mainstream expects business

partners to strive in minimizing adverse environmental impact and

optimize use of natural resources, and work towards circular business

models.

Metrics and targets

Targets related to resource use

The Group has not yet set any targets related to resource use and

circular economy, nor a timeframe for when targets will be set.



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2.4 EU Taxonomy for sustainable activities

Aker Horizons reports on revenue (turnover), capital expenditure

(CapEx) and operating expenses (OpEx) associated with taxonomy-

eligible and taxonomy-aligned economic activities, in accordance with

regulation EU (2020/852) and its delegated acts.

Taxonomy-eligible activities

Aker Horizons’ activities have been mapped out according to the

activities defined in the Climate Delegated Act (Commission Delegated

Regulation (EU) 2021/2139), the Complementary Climate Delegated Act

(Commission Delegated Regulation (EU) 2022/1214), the Environmental

Delegated Act (Commission Delegated Regulation (EU) 2023/2486),

and the amendments to the Climate Delegated Act (Commission

Delegated Regulation (EU) 2023/2485).

The following activities in the delegated acts have been identified as

eligible for Aker Horizons.

• Manufacture of other low carbon technologies (3.6)

• Manufacture of hydrogen (3.10)

• Manufacture of anhydrous ammonia (3.15)

• Electricity generation using solar PV technology (4.1)

• Electricity generation from wind power (4.3)

Taxonomy-aligned activities

Regulation (EU) 2020/852, article 3, sets out criteria which an economic

activity must meet to qualify as environmentally sustainable (taxonomy-

aligned):

• Comply with technical screening criteria (“TSC”) for substantially

contributing to one or more of the six environmental objectives.

• Comply with TSC for doing no significant harm (“DNSH”) to the other

five environmental objectives.

• Comply with minimum safeguards covering social and governance

standards.

Taxonomy alignment of the eligible activities has subsequently been

assessed against annex I of the Climate Delegated Act. The TSC for the

environmental objectives have been assessed per activity. Minimum

safeguards have been assessed on Group level.

Substantial contribution

Climate change mitigation

We have assessed and documented whether the taxonomy-eligible

activities fulfil the substantial contribution criteria to climate change

mitigation.

For activities 4.1 and 4.3, the solar and wind farms automatically fulfil

the substantial contribution criteria to climate change mitigation as

electricity is generated using solar PV technology and wind power.

The carbon capture activities of ACC is allocated to activity 3.6. The

economic activities related to this activity in the Climate Delegated Act

(Commission Delegated Regulation (EU) 2021/2139 are centered

around providing carbon capture solutions with the aim of reducing GHG

emissions substantially in other sectors of the economy. The activity

“carbon capture” itself is not listed as a self-standing activity in this

regulation, but as the activities in sections 3.1 to 3.6 cover economic

activities related to manufacture of technologies aimed at substantial

GHG emissions reductions in other sectors of the economy, and as the

Platform on Sustainable Finance’s EU taxonomy NACE alternate

classification system include activities Carbon Capture and Storage and

Carbon Capture Services and Technologies in the list of eligible activities

under section 3.6 of the regulation, it has been concluded that the

carbon capture activities of ACC are eligible. We are not aware of any

new statements or that other practices have been established for carbon

capture and storage than what our interpretation assumes.

Climate change adaptation

The taxonomy-eligible activities 3.6, 4.1 and 4.3 are not assessed

against the substantial contribution criteria for climate change

adaptation, as the primary objective of the activities is to contribute to

climate change mitigation.

Do no significant harm (DNSH)

Climate change adaptation

It is assessed and documented how asset resilience towards different

chronic and extreme climate hazards and their future development, as

projected by IPCC, is an integrated part of the project development and

have confirmed that the assets are resilient and able to withstand

projected climate changes during the assets’ lifetimes. Thus it is

assessed that all relevant eligible activities comply with the criteria set

out in appendix A to annex I of the Climate Delegated Act.

Sustainable use and protection of water and marine resources

Aker Horizons are required to conduct environmental impact

assessments (“EIAs”) as part of projects to ensure that potential impacts

on water and marine resources are avoided, mitigated, and addressed

appropriately. During this process, environmental degradation risks

related to preserving water quality and avoiding water stress are

considered, and it is assessed that all relevant eligible activities comply

with the criteria set out in appendix B to annex I of the Climate

Delegated Act.

Transition to a circular economy

In the EIAs conducted prior to a development of a project, it is

considered, among other things, that the reuse and recycling of

materials where possible is ensured through internal waste

management processes. Environmental requirements set by authorities

must be met before a development can be initiated.

Pollution prevention and control

Aker Horizons is required to conduct EIAs to ensure that potential

pollution impacts are avoided, mitigated, and addressed appropriately,

and that pollution requirements are integrated into the environmental

permit conditions. There are internal processes in place to fulfil these

requirements, and as such it is assessed that all relevant eligible

activities comply with the criteria set out in appendix C to annex I of the

Climate Delegated Act.

Protection and restoration of biodiversity and ecosystems

Aker Horizons is required to conduct EIAs as part of all our projects to

ensure potential impacts on biodiversity and ecosystems are avoided,

mitigated, and addressed appropriately. The biodiversity policy and

internal processes ensure all assets live up to the requirements, and

thus it is assessed that all relevant eligible activities comply with the

criteria set out in appendix D to annex I of the Climate Delegated Act.



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Minimum safeguards

Aker Horizons and the Group companies have policies and procedures

in place that are aligned with the OECD Minimum Social Safeguards,

and with the Do No Significant Harm requirements of the technical

screening criteria. Projects that are developed outside the EU are

developed in accordance with the Equator Principles for project

development, the IFC Performance Standards on Environmental and

Social Sustainability, and the World Bank’s construction and

environmental, health and safety guidelines which ensure that projects

are developed with EU-equivalent requirements for Environmental and

Social Impact Assessments (EISA).

The reason that an eligible activity does not qualify as aligned is

related to the following

The economic activities related to the hydrogen and anhydrous

ammonia projects are eligible (3.10 and 3.15). The criteria to qualify as

taxonomy-aligned are expected to be met, documented in EISA studies,

risk and vulnerability assessments, water environment assessment,

GHG impact assessment etc. However, as the projects still are in an

early phase and changes may occur, a complete assessment will be

carried out when the projects are closer to an investment decision.

Non-eligible activities

The Group has several other initiatives and business development

projects, but as these projects have not yet reached the sufficient

maturity to conclude on economic activity, they are currently not in

scope for an eligibility assessment. This does not mean that the projects

themselves will not be aligned when developed, but only that such an

assessment will be carried out when the projects are more mature and it

is possible to conclude.

Taxonomy accounting policy

Taxonomy financial assessment

The key performance indicators (KPIs) presented in this report include

Turnover, CapEx and OpEx for the reporting period 2024. The KPIs

have been calculated according to Annex 1 of the Article 8 Delegated

Act, and include Aker Horizons’ consolidated share of taxonomy-eligible

and taxonomy-aligned turnover, CapEx and OpEx in relation to total

turnover, CapEx and OpEx, as presented in the consolidated financial

statements.

Turnover

The Turnover KPI has been calculated as the part of external revenue

derived from taxonomy-aligned projects divided by the total external

revenue. Total external revenue equals the external revenue in the

consolidated income statement in accordance with IFRS. See note 3

and 4 to the consolidated financial statements for more details. Spot

revenues from electricity generation from wind and solar power plants

are directly attributable to each plant, and PPA revenues are allocated

based on production for each plant.

The main driver for change in turnover compared to 2023 is that

turnover related to discontinued operations in ACC is not included in the

turnover KPI for 2024, as not included in the consolidated statement for

2024. Turnover from electricity generation from wind and solar power

plants are increased by NOK 0.4 billion due to delayed PPA price

indexation adjustments in Chile.

CapEx

The CapEx KPI is defined as taxonomy-aligned capital expenditure

(numerator) divided by total capital expenditure (denominator)

Denominator The denominator in the CapEx KPI calculation is defined

as all capitalized costs in the consolidated financial statements in 2024.

The denominator in the CapEx KPI includes capitalized costs from the

following IFRS standards (Aker Horizons-relevant standards):

• IAS 16 – Property, plant and equipment

• IAS 38 – Intangible assets

• IFRS 16 – Leases

Numerator The numerator in the CapEx KPI includes total capitalized

costs related to taxonomy-eligible assets during the year. Taxonomy-

eligible assets means that the assets are associated with an activity that

is covered by the taxonomy in the delegated acts (see “eligibility”

above).

Note 10, 11 and 19 include details on additions to PPE, intangibles and

right-of-use assets. The change in CapEx for taxonomy-aligned

activities in 2024 is mainly due to lower construction activity in 2024.

OpEx

The OpEx KPI is defined as taxonomy-eligible operating expenditure

(numerator) divided by total operating expenditure (denominator). It is

important to point out that total OpEx in the OpEx KPI does not equal

total OpEx from the consolidated financial statements, see more details

below.

Denominator The denominator in the OpEx KPI include all direct non-

capitalized costs related to research and development, building

renovation measures, short-term leases, maintenance and repair, and

any other direct expenditure relating to the day-to-day maintenance of

fixed assets.

The denominator include non-capitalized research and development

costs, early phase project development costs, costs related to short-

term and low-value assets (i.e. lease costs not covered by IFRS 16),

and maintenance and repair costs on fixed assets. General overhead

costs shall not be included. Costs related to training are also excluded.

Numerator The numerator in the OpEx KPI include the part of the

denominator that is associated with taxonomy-eligible activities, direct

non-capitalized research and development costs.

The figures presented account for 100 percent of Aker Horizons’

portfolio calculated on a consolidated basis.

The change in OpEx for taxonomy-aligned activities for 2024 compared

to 2023 is mainly due to fewer development projects, resulting in lower

expenses.

Double counting Double counting is avoided as the activities included

in the KPI are independent projects and are carried out in separate

companies, and the figures are thus consolidated from different

companies with the elimination of internal transactions.

Aker Horizons issued a Green Bond in 2021. The proceeds of the bond

were utilized to part fund the acquisition of the 75 percent of Mainstream

Renewable Power in 2021. See the Green Financing Report for 2023 for

more information.



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IIIII

Changes to previous alignment years’ taxonomy reporting

In connection with the CSRD implementation, Aker Horizons has done a

new review of the previous alignment assessment and made the

following changes:

• The activities 3.10 (Manufacture of hydrogen) and 3.15

(Manufacture of anhydrous ammonia) are assessed as eligible but

not aligned, as the projects under these activities are still in a

development phase and no investment decision has been made yet.

• Economic activities related to activity 9.1 (Close to market research,

development and innovation, and Engineering activities and related

technical consultancy dedicated to adaptation to climate change)

have not been identified in 2024.

• In 2023, activities related to electricity generation from solar PV

technology (4.1) were included in the activity electricity generation

from wind power (4.3), due to challenges in separating per source of

generation. In 2024, these these activities are reported separately,

but the KPIs for 2023 are not restated.


	Nuclear energy related activities
1	The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of innovative electricity generation facilities that produce energy from nuclear processes with minimal waste from the fuel cycle.	No
2	The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations to produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production, as well as their safety upgrades, using best available technologies.	No
3	The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production from nuclear energy, as well as their safety upgrades.	No


	Fossil gas related activities
4	The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities that produce electricity using fossil gaseous fuels.	No
5	The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined heat/cool and power generation facilities using fossil gaseous fuels.	No
6	The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat generation facilities that produce heat/cool using fossil gaseous fuels.	No



29	Aker Horizons Annual Report 2024	≡


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IIIII

Financial year 2024

Substantial Contribution Criteria

DNSH criteria (“Does Not Significantly Harm”)

Economic activities (1)

Codes (2)

Turnover

(3)

Proportion

of turnover

year 2024

(4)

Climate

change

mitigation

(5)

Climate

change

adaptation

(6)

Water

(7)

Pollution

(8)

Circular

economy

(9)

Biodiversity

(10)

Climate

change

mitigation

(11)

Climate

change

adaptation

(12)

Water

(13)

Pollution

(14)

Circular

economy

(15)

Biodiversity

(16)

Minimum

safeguards

(17)

Proportion of

Taxonomy-

aligned (A.1.) or

-eligible (A.1.)

turnover year

N-1 (18)

Category

enabling

activity

(19)

Category

transitional

act. (20)

MNOK

Y;N;

N/EL

Y;N;

N/EL

Y;N;

N/EL

Y;N;

N/EL

Y;N;

N/EL

Y;N;

N/EL

Y/N

A. TAXONOMY-ELIGIBLE ACTIVITIES

A.1. Taxonomy-aligned activities

4.1. Electricity generation using solar photovoltaic technology

CCM 4.1

553

22%

N/EL

—%

4.3. Electricity generation from wind power

CCM 4.3

1814

71%

N/EL

56%

Turnover of Taxonomy-aligned activities (A.1)

2367

93%

—%

100%

Of which enabling

—

—%

44%

Of which transitional

—

—%

A.2. Taxonomy-eligible but not aligned activities

Turnover of Taxonomy-eligible but not aligned activities (A.2)

—

—%

Total (A.1 + A.2)

2367

93%

100%

B. TAXONOMY-NON-ELIGIBLE ACTIVITIES

Turnover of Taxonomy-non-eligible activities (B)

186

Total (A + B)

2553

100%


	Proportion of turnover / Total turnover
	Taxonomy-aligned per objective	Taxonomy-eligible by objective
CCM	93%	93%
CCA	—%	—%
WTR	—%	—%
CE	—%	—%
PPC	—%	—%
BIO	—%	—%



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IIIII

Financial year 2024

Substantial Contribution Criteria

DNSH criteria (“Does Not Significantly Harm”)

Economic activities (1)

Codes (2)

CapEx (3)

Proportion

of CapEx

year 2024

(4)

Climate

change

mitigation

(5)

Climate

change

adaptation

(6)

Water

(7)

Pollution

(8)

Circular

economy

(9)

Biodiversity

(10)

Climate

change

mitigation

(11)

Climate

change

adaptation

(12)

Water

(13)

Pollution

(14)

Circular

economy

(15)

Biodiversity

(16)

Minimum

safeguards

(17)

Proportion of

Taxonomy-

aligned (A.1.) or

-eligible (A.1.)

CapEx year N-1

(18)

Category

enabling

activity

(19)

Category

transitional

act. (20)

MNOK

Y;N;

N/EL

Y;N;

N/EL

Y;N;

N/EL

Y;N;

N/EL

Y;N;

N/EL

Y;N;

N/EL

Y/N

A. TAXONOMY-ELIGIBLE ACTIVITIES

A.1. Taxonomy-aligned activities

3.6. Manufacture of other low carbon technologies

CCM 3.6

N/EL

10%

4.1. Electricity generation using solar photovoltaic technology

CCM 4.1, CCA 4.1

185

29%

N/EL

—%

4.3. Electricity generation from wind power

CCM 4.3, CCA 4.3

337

52%

N/EL

72%

CapEx of Taxonomy-aligned activities (A.1)

581

90%

—%

98%

Of which enabling

—%

10%

Of which transitional

—

—%

A.2. Taxonomy-eligible but not aligned activities

CapEx of Taxonomy-eligible but not aligned activities (A.2)

—

—%

CapEx of Taxonomy-eligible activities (A.1 + A.2)

581

90%

98%

B. TAXONOMY-NON-ELIGIBLE ACTIVITIES

CapEx of Taxonomy-non-eligible activities (B)

10%

Total (A + B)

649

100%


	Proportion of CapEx / Total CapEx
	Taxonomy-aligned per objective	Taxonomy-eligible by objective
CCM	90%	90%
CCA	—%	—%
WTR	—%	—%
CE	—%	—%
PPC	—%	—%
BIO	—%	—%



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IIIII

Financial year 2024

Substantial Contribution Criteria

DNSH criteria (“Does Not Significantly Harm”)

Economic activities (1)

Codes (2)

OpEx

(3)

Proportion

of OpEx

year

2024(4)

Climate

change

mitigation

(5)

Climate

change

adaptation

(6)

Water

(7)

Pollution

(8)

Circular

economy

(9)

Biodiversity

(10)

Climate

change

mitigation

(11)

Climate

change

adaptation

(12)

Water

(13)

Pollution

(14)

Circular

economy

(15)

Biodiversity

(16)

Minimum

safeguards

(17)

Proportion of

Taxonomy-

aligned (A.1.) or

-eligible (A.1.)

OpEx year N-1

(18)

Category

enabling

activity

(19)

Category

transitional

act. (20)

MNOK

Y;N;

N/EL

Y;N;

N/EL

Y;N;

N/EL

Y;N;

N/EL

Y;N;

N/EL

Y;N;

N/EL

Y/N

A. TAXONOMY-ELIGIBLE ACTIVITIES

A.1. Taxonomy-aligned activities

4.1. Electricity generation using solar photovoltaic technology

CCM 4.1, CCA 4.1

106

27%

N/EL

—%

4.3. Electricity generation from wind power

CCM 4.3, CCA 4.3

155

40%

N/EL

55%

OpEx of Taxonomy-aligned activities (A.1)

261

67%

—%

83%

Of which enabling

—

—%

15%

Of which transitional

—

—%

A.2. Taxonomy-eligible but not aligned activities

3.10. Manufacture of hydrogen

CCM 3.10, CCA 3.10

N/EL

3.15. Manufacture of anhydrous ammonia

CCM 3.15, CCA 3.15

18%

N/EL

OpEx of Taxonomy-eligible but not aligned activities (A.2.)

20%

OpEx of Taxonomy-eligible activities (A.1. + A.2.)

340

87%

83%

B. TAXONOMY-NON-ELIGIBLE ACTIVITIES

OpEx of Taxonomy-non-eligible activities (B)

13%

Total (A + B)

389

100%


	Proportion of OpEx / Total OpEx
	Taxonomy-aligned per objective	Taxonomy-eligible by objective
CCM	67%	87%
CCA	—%	—%
WTR	—%	—%
CE	—%	—%
PPC	—%	—%
BIO	—%	—%



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IIIII

Social


3	Social Information
3.1	Own workforce	33
3.2	Workers in the value chain	34
3.3	Affected communities	35



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3 Social information

3.1 Own workforce

Material impacts, risks and opportunities

The double materiality assessment identified an actual and potential

negative impact for own workforce on the sub-sub topic secure

employment of the sub-topic working conditions, mainly related to the

workforce reduction that Aker Horizons Group has been going through

but also in general. As workforce reduction may also adversely impact

the sub-topic working time for remaining employees, these topics are

assessed together. The impact is primarily related to employees at

corporate level in Oslo and Dublin, for own operations.

The materiality assessment also identified a financial risk for the same

sub-sub topic, relating to the ability to retain the right competence and

capacity and maintain a robust organization. The workforce reduction

and also the headquarter relocation for Mainstream may impact the

robustness of the organization.

Impact, risk and opportunity management, actions and

targets

Aker Horizons has not set specific targets related to own workforce. The

overarching business model is to invest in and develop companies

within green energy and green industry. Aker Horizons relies on a

specialized and highly-skilled organization, and attracting and retaining

talented employees is key to realizing the goals and strategy. Thus, it is

important to offer working conditions and environment at a competitive

level, and in a transition phase there is an increased focus on retention

of key employees, eg. through incentives.

The Sustainability Policy sets out that Aker Horizons shall ensure a

secure working environment that provides a basis for a healthy and

meaningful working situation, that affords full safety from harmful

physical and mental influences and a standard of welfare consistent with

the level of technological and social development of society. Further,

Aker Horizons shall strive to offer non-excessive working hours and

safeguard a work-life balance. Aker Horizons has kept a flexible working

model with opportunities to work from home. By offering flexibility, the

Company aims to support a healthy work-life balance. Employees are

offered competitive compensation and rewards, as well as varied career

opportunities. There is a substantial amount of on-the-job training,

contributing to knowledge-building and professional growth. There are

also career opportunities across the wider Aker group of companies.

Aker Horizons promotes ongoing dialogue between management and

employees. The Vice Chair of the Board of Directors, in his capacity as

CEO of Aker ASA, takes part in the annual employee representative

conferences organized by the Norwegian trade unions and employee

associations, and also has frequent informal conversations with

employee representations providing Aker ASA and Aker Horizons with

insights and facilitates implementation of active employment

representation. Aker Horizons has participated in meetings with the

Global Works Council (GWC), which includes labor union

representatives from several Aker companies across the world and has

held two conferences in 2024.

Aker Horizons is committed to respecting internationally proclaimed

human rights, including the rights set out in the International Bill of

Rights and the UN Guiding Principles on Business and Human Rights

(UNGPs), the principles and rights described in the eight fundamental

conventions identified in the Declaration of the International Labor

Organization on Fundamental Principles and Rights at Work, as well as

the United Nations Declaration on the Rights of Indigenous Peoples and

the OECD Guidelines for Multinational Enterprises. Aker Horizons

respects all human and labor rights and is committed to actively

preventing child labor, forced labor and modern slavery in its own

operations. Aker Horizons recognizes the rights to freedom of

expression, privacy, association and collective bargaining.

Metrics own workforce

For disclosures related to ESRS S1, Aker Horizons has applied the

phase-in provisions for the first reporting year under CSRD available for

companies with less than 750 employees, except for some of the

metrics related to characteristics of own workforce (S1-6).

Employees by gender


Headcount at reporting date	Female	Male	Other	Not discl.	Total
Number of permanent employees	140	205	-	-	345

Further, the Group has 65 hired-ins and contractors as of the reporting

date, of which 25 female and 40 male.

Employee turnover


Permanent employees that has left during the reporting period	190
Rate of employee turnover in reporting period (%)	43%

The turnover rate is calculated based on average of permanent

employees in the Group at the beginning and the end of the reporting

period. The number is affected by the reduction of employees

particularly in Mainstream. The transaction with SLB reducing the

number of employees in ACC is not taken into consideration in this

calculation.

Average number of employees including hired-ins and contractors in

2024 amounted to 574.

The table below shows countries where are least 50 permanent

employees representing at least 10 percent of total number of

employees are located.


Country	Number of employees (HC)
Norway	63
Chile	93
Ireland	63
South Africa	83



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3.2 Workers in the value chain

Aker Horizons has also applied the phase-in provisions related to ESRS

S2 for companies with less than 750 employees.

Material impacts, risks and opportunities

The double materiality assessment identified that the following matters

related to workers in the value chain are material:

A potential negative impact is identified related to the sub-sub topic

health and safety of the sub-topic working conditions. There is a higher

risk of occupational injuries in construction work/industry, and use of

contractors as in Mainstream's two construction projects is a potential

risk, as well as the fact that developing business in an emerging industry

in emerging markets may lead to increased risks.

Health and safety risks for employees in the value chain is a key

concern for all of Aker Horizons’ businesses, and mitigated through

awareness-raising, training and monitoring of health, safety, security and

environment (HSSE) statistics. The potential negative impact is related

to the upstream value chain, in a short to medium time horizon.

A potential negative impact is identified related to the sub-sub topic

forced labor of the sub-topic other work-related rights. There is an

inherent risk of adverse impacts associated with the renewable energy

sector’s supply chain, as these are often concentrated in high-risk

markets where there is low transparency. One example of such a high-

risk market is China in general and the Xinjiang province in particular,

where links to forced labor and human rights breaches towards ethic

groups are an important risk.

Impact, risk and opportunity management, actions and

targets

Aker Horizons is committed to embedding human rights commitment in

policies and governing documents, and enforcing an effective

governance system to minimize risks to human rights and decent labor

conditions also in the supply chain. This is reflected in both the Code of

Conduct and Sustainability Policy.

No specific targets related to workers in the value chain are set, but

maintaining a positive, safe and healthy work environment for all

employees and workers in the value chain is important. The

Sustainability Policy lays out the foundation for the Company’s approach

to health and safety. Accordingly, Aker Horizons is committed to

ensuring a secure working environment that provides the basis for a

healthy and meaningful working situation, and that affords full safety

from harmful physical and psychological influences. Furthermore, Aker

Horizons strives for zero harm and continuous improvement throughout

its value chain. Aker Horizons ASA sets clear expectations for high

HSSE standards, including adequate work-related hazard identification,

risk assessment, incident investigation, control and reporting routines.

All the Group companies report to Aker Horizons ASA on health and

safety issues on a quarterly and annual basis. Aker Horizons ASA

expects its Group companies to ensure that these high HSSE standards

cover not only their own employees and contractors, but also extend to

their business partners.

Aker Horizons operates in industries and geographies that involve

potential adverse human rights impacts. The commitment to respecting

internationally proclaimed human rights is described in section 3.1 Own

workforce. The Integrity Due Diligence Procedure shall ensure that

human rights and labor rights risks are considered before entering into

any binding agreement. New business partners shall be committed to

human rights standards by signing the Business Partner Code of

Conduct. Responsibility for managing human rights in Aker Horizons is

shared between the sustainability and compliance functions and

overseen by both the Audit Committee and the Board. Updates on

human rights-related activities and matters are given to the Audit

Committee on a quarterly basis and to the Board once a year. All Aker

Horizons employees are individually responsible for respecting human

rights and safeguarding decent working conditions. Training and

awareness-raising are important tools to equip employees with the

necessary skills to take responsibility for and contribute to the

identification, mitigation and prevention of adverse impacts on human

rights and decent working conditions in Aker Horizons’ operations and

supply chain. Aker Horizons aims to continuously strengthen internal

competence with respect to human rights and has a dedicated online

human rights training program for all employees. In 2024, Aker Horizons

undertook Human Rights Risk Assessment for all its portfolio

companies. This was undertaken in connection with training provided by

the UN Global Compact, as part of their Business and Human Rights

Accelerator Program. Four individuals from the Group participated, with

additional team members joining as “ambassadors”.

The negative potential impacts associated with suppliers and value

chain are mitigated through procurement procedures, where the

companies in the Group work to select companies that are committed to

human rights and have procedures in place to implement a risk

management framework. Where issues as forced labor or health and

safety are considered relevant, this is brought into the contract

negotiations, and specific responsibility allocated to the supplier. The

Group’s direct suppliers and contractors are required to assess and

monitor the same for their supply chains, and relevant monitoring

activities are set out in the contract. In order to enable more oversight of

these areas among its sub-suppliers, the subsidiary Mainstream with the

longest operational track record in the Group, in 2024 developed a pre-

approved sub-supplier list for key areas, where they are vetted and pre-

approved before they can be engaged to work for Mainstream.

Mainstream selects its suppliers through a diligent process, where

employment policies and HSE are part of the evaluation. All contracts

include commitment to labor conditions and HSE, and for those

suppliers present at Mainstream’s bases, Mainstream monitors

implementation of HSE precautions.

As a preventive action implemented to mitigate the risk of forced labor,

all direct suppliers are required to commit to respecting and protecting

human rights, and specifically to avoid using forced labor in their value

chain. The Business Partner Code of Conduct is incorporated in

contracts, and enhanced contractual clauses on how to ensure

transparency and monitoring in the supply chain are included in

contracts considered high risk. Only Mainstream’s pre-approved

providers of solar modules are permitted in new contracts.

The challenge to achieve full transparency in the wind and solar power

supply chain continues to be significant. No actual adverse impacts

have been identified in the supply chain or business partner

relationships in 2024, although this cannot be guaranteed, and to

address the potential adverse impacts, the compliance function continue

to be directly involved in procurement discussions.



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3.3 Affected communities

Also for disclosures related to ESRS S3, Aker Horizons has applied

phase-in provisions available for undertakings with less than 750

employees.

Material impacts, risks and opportunities

The double materiality assessment identified that the following matters

related to affected communities are material:

A potential negative impact is identified related to the sub-sub topic land-

related impacts of the sub-topic communities’ economic, social and

cultural rights. Development of wind and solar farms may have potential

negative impacts on land use in local communities. Wind and solar

farms require large areas of land, which can displace people or affect

areas used for farming, animal grazing, water access or other activities

which in turn may affect livelihoods. In addition, there is nearby activity,

such as noise and heavy traffic. The inherent risk is generally higher

where communities that are affected include indigenous people or other

vulnerable groups. Aker Horizons has assessed this potential negative

impact as material for own operations in the short to medium term.

Cultural rights of indigenous communities may be harmed by the type of

business that Aker Horizons are associated with, and as there have

been such issues for some of the construction projects in Chile, it is

identified both an actual and a potential impact related to this sub-sub

topic of the sub-topic rights of indigenous people. Issues have been

related to concerns of such as archaeological heritage impacts and land

claims. It is an actual impact, for own operations, also including potential

negative impacts on human rights.

Further, there is also identified a financial risk relating to cultural rights of

indigenous people. The issues related to indigenous people for some of

the development projects in Chile have led to increased costs, and there

is a risk for similar issues in future projects even if international

guidelines for project development are followed, including the principle

of Free, Prior and Informed Consent (FPIC). This inherent financial risk

is considered to be present both in the value chain and in own

operations, on a short term basis.

Impact, risk and opportunity management, actions and

targets

The Group has not set specific targets related to affected communities,

but for many years, Mainstream has been actively building relationships

with local communities as an important part of the strategy in developing

green energy. Mainstream practices early and regular engagement,

starting at the outset of a project to understand any concerns local

communities may have. These can then be taken into account during

the project design phase. Mainstream has dedicated community liaison

officers that oversee all operating projects to ensure that communities’

needs and concerns are well understood. The company has established

a Global Development Standard that guide its engagement with local

communities. Its Global Development Standard outlines a stakeholder

engagement approach that is aligned with international performance

standards, such as the International Finance Corporation’s Sustainability

Framework and the Equator Principles. The principles of FPIC is an

integrated part of Mainstream’s Global Development Standard and

Community Charter. The human rights risk associated with Mainstream’s

engagement with local communities and indigenous people is

considered high for markets where indigenous people are affected by

project developments, which for the Group in 2024 were Chile and

South Africa. Managing and mitigating such impacts can be challenging

as the same people can be affected by the totality of impacts from

several infrastructure developments by unrelated developers in the

same area. Mainstream recognizes the importance of early and frequent

engagement and therefore establishes community liaison officers and

investment plans for all project locations to understand communities’

needs or concerns.

For its activities in Chile, Mainstream is committed to developing the

local communities near the projects and engage with them from a very

early stage to communicate job opportunities and help develop skills

that can be used in services to the projects. In South Africa, Mainstream

has implemented the Asset-Based Community-led Development

(“ABCD”) methodology as a community development strategy since

2020. This approach focuses on community members as the change

activities, either already working to improve the lives of their fellow

residents or planning to make a positive difference. Mainstream South

Africa has a team dedicated to this, and in the construction phase they

engage with stakeholders to assess the needs in the communities

surrounding the projects. Based on this, community investment plans

are being developed. The goal is to support sustainable development,

and the development of resilient, transformed and empowered

communities through building on inherent community strengths.



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Governance


4	Governance Information
4.1	Business conduct	37



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4 Governance information

4.1 Business conduct

Material impacts, risks and opportunities

The double materiality assessment has identified the following impacts,

risks and opportunities related to business conduct for Aker Horizons:

There is a potential negative impact due to an elevated risk of corruption

and bribery; reflecting that Aker Horizons operates within emerging

industries in emerging markets, and in industries that are highly

regulated. Given the nature of the business, the matter is assessed as a

potential material impact in Aker Horizons’ own operations, in a medium-

term time horizon.

Impact, risk and opportunity management

Subsidiaries which Aker Horizons ASA effectively controls 90 percent or

more of the shares and votes, are included in Aker Horizons ASA’s

governing bodies, while portfolio companies that are consolidated but

Aker Horizons ASA controls less than 90 percent of the shares and

votes are organized as independent entities with their own governing

bodies (“consolidated portfolio company”). These governing bodies are

responsible for the business, including business models, strategies,

proper organization, and business operations, and that the consolidated

portfolio company has all relevant policies and procedures in place.

Business conduct policies

The Code of Conduct is the main governing document in Aker Horizons .

All consolidated companies have implemented their own Code of

Conducts, which adequately addresses the principles in Aker Horizons

Code of Conduct.

The Code of Conduct sets out that Aker Horizons shall comply with all

applicable laws and regulations and conduct its business with integrity,

respecting cultures, dignity and rights of individuals everywhere Aker

Horizons operate. Aker Horizons shall be guided by internationally

acknowledged standards on ethical business conduct, such as the

OECD Guidelines for Multinational Enterprises. In the event of

differences between laws and regulations and the standards set out in

the Code of Conduct, the highest standards consistent with applicable

local laws shall be applied.

Aker Horizons’ compliance program is further anchored in the Anti-

Corruption Policy, Sustainability Policy and Management of Integrity

Procedure. Together with the Code of Conduct, these documents set out

the minimum requirements for integrity standards and integrity

compliance programs in the Group. These documents are further

supplemented by governing documents that set out requirements and

provide guidance on important aspects of business ethics and integrity

such as Integrity Due Diligence processes and whistleblowing. The

subsidiaries Mainstream and ACC have a corresponding compliance

program and governing documents.

The compliance function is responsible for the implementation and day-

to-day follow-up of compliance in the Group, including risk-based

monitoring and controls. Mainstream has its own compliance team,

overseen by Aker Horizons, with similar reporting lines as Aker Horizons

ASA. The Chief Compliance Officer of Aker Horizons ASA reports

directly to both the General Counsel and the Audit Committee for all

portfolio companies, and the Audit Committee receives compliance

updates on a quarterly basis covering both consolidated and portfolio

companies.

Prevention and detection of corruption and bribery

Aker Horizons is subject to the anti corruption provisions of the

Norwegian Penal Code, as well as similar provisions in other countries

where Aker Horizons operates. Compliance with relevant anti-corruption

laws and requirements is a priority for Aker Horizons. The Anti-

Corruption Policy sets out the mandatory rules and regulations in

respect of corruption for Aker Horizons, including definitions such as of

corruption and bribery. The purpose of the Policy is to secure all

business operations of Aker Horizons to be conducted in an ethical

manner and in compliance with applicable laws and regulations.

Violations of the rules will result in disciplinary actions. Aker Horizons will

not accept any violation of relevant laws, regulations or the Anti

Corruption Policy without taking appropriate actions to mitigate such

violation. Properly founded allegations or evidence of violations will

result in investigations which will result in disciplinary actions if

allegations are substantiated. Disciplinary actions will range from verbal

warnings (from line managers or the P&O function) to dismissal. Aker

Horizons will support criminal investigations and prosecutions if relevant.

As set out in the Policy, Aker Horizons has a zero tolerance for

corruption and bribery in any form, and shall at all times shall comply

with applicable anti-corruption law. Aker Horizons also prohibits indirect

bribery through a third party. Furthermore, Aker Horizons has

implemented a compliance program to ensure the implementation of the

Policy, comprising best practice elements such as communication,

awareness training, risk assessment and risk based compliance

controls, integrity due diligence, whistleblowing routines etc. as further

described in Aker Horizons’ Managing Integrity Procedure. Employees in

roles considered more exposed to corruption risks receive additional in-

depth training tailored to their specific areas. Controls to prevent

corruption further include diligent third party monitoring, internal audits,

supplier audits, transaction reviews, disclosure registers and specific

assessment and approval requirements for high-risk transactions.

In accordance with the Policy, Aker Horizons shall also seek to ensure

that also its suppliers, partners and consultants adhere to policies with

similar content as the policy and the Aker Horizons Code of Conduct for

Business Partners, which is followed up with communication, contractual

obligations, training, monitoring and audits. This Code and the general

Code of Conduct are available to all stakeholders on Aker Horizons’

website.

The Anti-Corruption Policy is consistent with the United Nations

Convention against Corruption, even if the convention is established as

a mandate for states, with specific provisions applicable to the private

sector. These provisions encompass requirements for transparency,

internal auditing, prevention of fraud and fraudulent financial reporting,

among other aspects. The overarching objective remains consistent: to

prevent corruption, as is the Anti-Corruption Policy of Aker Horizons.

Aker Horizons encourages reporting of concerns or breaches of the

business conduct framework including potential incidents of corruption

and bribery, and has internal routines in place for how to report a

concern. The whistleblowing system provides a confidential channel for

reporting of suspected corruption and bribery. The whistleblowing

channel (Integrity channel) is operated by an independent third-party

and available for concerns related to all Group companies. Mainstream



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and ACC’s separate channels may also be applied. An issue or a

concern can be reported in several ways, as well as on Aker Horizons’

website and internal sharepoint site, and correspondingly for

Mainstream and ACC. Aker Horizons enables parties to raise concerns

and report suspected infractions through awareness-raising initiatives

and internal training. Reports of potential incidents of corruption and

bribery are included in the quarterly reporting by the Chief Compliance

Officer to the Audit Committee.

Training and awareness

All employees in the Group are expected to be familiar with the Code of

Conduct, the Anti-corruption Policy, the Sustainability Policy and other

relevant policies and procedures, and are required to complete a

mandatory onboarding training program which is mandatory for all

employees and contract staff engaged for an extended period. Annual

classroom training on a selection of topics from the Code of Conduct are

arranged. In 2024, the focus of this training was on the Conflicts of

Interest Procedure and the Gifts and Hospitality Procedures, in addition

to updates in other policies and procedures.

Employees in higher-risk roles from an integrity risk perspective, notably

the investment and procurement teams, receive additional in-depth

training on relevant issues. Tailored training for functions at risk have

been held, with a near 100 percent participation rate. The management

of Aker Horizons are also included in the training. The Board is not part

of the formal training, but is the formal approver of the Code of Conduct

and the other policies, and the Board and the Audit Committee have

their own reviews in connection with this. Participation in the annual

training is logged and included in quarterly reports to management and

the Audit Committee covering Group companies.

Business conduct metrics and targets

Incidents of corruption or bribery

During the reporting period, Aker Horizons has had no confirmed

incidents of corruption of bribery, and no fines have been imposed. No

breaches in procedures or standards of anti-corruption and anti-bribery

are identified.



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Appendix

Disclosure requirements in ESRS covered by the Sustainability Statement


ESRS 2 General disclosures		Page
BP-1	General basis for preparation of the sustainability statements	15
BP-2	Disclosures in relation to specific circumstances	15
GOV-1	The role of the administrative, management and supervisory bodies	16
GOV-2	Information provided to and sustainability matters addressed by the undertaking’s administrative, management and supervisory bodies	16
GOV-3	Integration of sustainability-related performance in incentive schemes	16
GOV-4	Statement on due diligence	16
GOV-5	Risk management and internal controls over sustainability reporting	17
SBM-1	Strategy, business model and value chain	17
SBM-2	Interests and views of stakeholders	18
SBM-3	Material impacts, risks and opportunities and their interaction with strategy and business model	17
IRO-1	Description of the processes to identify and assess material climate-related impacts, risks and opportunities	19
IRO-2	Disclosure requirements in ESRS covered by the undertaking’s sustainability statement	39
ESRS E1 Climate change
ESRS 2 GOV-3	Integration of sustainability-related performance in incentive schemes	16
E1-1	Transition plan for climate change mitigation	23
ESRS 2 SBM-3	Material impacts, risks and opportunities and their interaction with strategy and business model	23
ESRS 2 IRO-1	Description of the processes to identify and assess material climate-related impacts, risks and opportunities	19
E1-2	Policies related to climate change mitigation and adaptation	23
E1-3	Actions and resources in relation to climate change policies	23
E1-4	Targets related to climate change mitigation and adaptation	24
E1-6	Gross Scopes 1, 2, 3 and Total GHG emissions	24


ESRS E4 Biodiversity
	Phase-ins are applied	24
ESRS E5 Resource use and circular economy
ESRS 2 IRO-1	Description of the processes to identify and assess material resource use and circular economy-related impacts, risks and opportunities	25
E5-1	Policies related to resource use and circular economy	25
E5-2	Actions and resources related to resource use and circular economy	25
E5-3	Targets related to resource use and circular economy	25
E5-4	Resource inflows	25
ESRS S1 Own workforce
	Phase-ins are applied	33
ESRS S2 Workers in the value chain
	Phase-ins are applied	34
ESRS S3 Affected communities
	Phase-ins are applied	35
ESRS G1 Business conduct
G1.GOV-1	The role of the administrative, management and supervisory bodies	16
G1.IRO-1	Description of the processes to identify and assess material impacts, risks and opportunities	19
G1-1	Business conduct policies and corporate culture	37
G1-3	Prevention and detection of corruption and bribery	37
G1-4	Incidents of corruption or bribery	38



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List of datapoints in cross-cutting and topical standards that derive from other EU legislation


		SFDR	Pilar 3	Benchmark Regulation reference	EU Climate Law reference	Page
ESRS 2 GOV-1	21 d)	x		x		16
ESRS 2 GOV-1	21 e)			x		16
ESRS 2 GOV-4	30	x				16
ESRS 2 SBM-1	40 d) i)	x	x	x		N/A
	40 d) ii)	x		x		N/A
	40 d) iii)	x		x		N/A
	40 d) iv)			x		N/A
ESRS E1-1	14				x	N/A
ESRS E1-1	16 g)		x	x		N/A
ESRS E1-4	34	x	x	x		N/A
ESRS E1-5.	38	x				N/A
	37	x				N/A
	40–43	x				N/A
ESRS E1-6	44	x	x	x		24
ESRS E1-6	53–55	x	x	x		24
ESRS E1-7	56				x	N/A
ESRS E1-9	66			x		N/A
	66 c)		x			N/A
	67 c)		x			N/A
	69					N/A
ESRS E2-4	28	x				N/A
ESRS E3-1	9	x				N/A
	13	x				N/A
	14	x				N/A
ESRS E3-4	28 c)	x				N/A
ESRS E3-4	29	x				N/A
ESRS 2-SBM 3 – E4	16 a) i)	x				N/A (phase.-in)
	16 b)	x				N/A (phase.-in)
	16 c)	x				N/A (phase.-in)
ESRS E4-2	24 b)	x				N/A (phase.-in)
	24 c)	x				N/A (phase.-in)
	24 d)	x				N/A (phase.-in)


		SFDR	Pilar 3	Benchmark Regulation reference	EU Climate Law reference	Page
ESRS E5-5	37 d)	x				N/A
ESRS E5-5	39	x				N/A
ESRS 2-SBM3 – S1	14 f)	x				N/A (phase.-in)
ESRS 2-SBM3 – S1	14 g)	x				N/A (phase.-in)
ESRS S1-1	20	x				N/A (phase.-in)
	21			x		N/A (phase.-in)
	22	x				N/A (phase.-in)
	23	x				N/A (phase.-in)
ESRS S1-3	32 c)	x				N/A (phase.-in)
ESRS S1-14	88 b) og c)	x		x		N/A (phase.-in)
ESRS S1-14	88 e)	x				N/A (phase.-in)
ESRS S1-16	97 a)	x		x		N/A (phase.-in)
ESRS S1-16	97 b)	x				N/A (phase.-in)
ESRS S1-17	103 a)	x				N/A (phase.-in)
ESRS S1-17	104 a)	x		x		N/A (phase.-in)
ESRS 2-SBM3 – S2	11 b)	x				N/A (phase.-in)
ESRS S2-1	17	x				N/A (phase.-in)
	18	x				N/A (phase.-in)
	19	x		x		N/A (phase.-in)
	19			x		N/A (phase.-in)
ESRS S2-4	36	x				N/A (phase.-in)
ESRS S3-1	16	x				N/A (phase.-in)
ESRS S3-1	17	x		x		N/A (phase.-in)
ESRS S3-4	36	x				N/A (phase.-in)
ESRS S4-1	16	x				N/A
ESRS S4-1	17	x		x		N/A
ESRS S4-4	35	x				N/A
ESRS G1-1	10 b)	x				37
ESRS G1-1	10 d)	x				37-38
ESRS G1-4	24 a)	x		x		38
ESRS G1-4	24 b)	x				37-38



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Fornebu, 2 April 2025

Board of Directors and CEO of Aker Horizons ASA



Kristian Røkke	Øyvind Eriksen	Trond Brandsrud	Kimberly Mathisen	Lone Fønss Schrøder	Lars P. Sørvaag Sperre
Chair (non-independent)	Deputy Chair (non-independent)	Director (independent)	Director (non-independent)	Director (independent)	CEO



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Financials Statements



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Contents


CONSOLIDATED FINANCIAL STATEMENTS
Income Statement	44
Statement of Comprehensive Income	44
Balance Sheet	45
Statement of Cash Flows	46
Statement of Changes in Equity	47



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Income Statement

Consolidated statement for the year ended 31 December


Amounts in NOK million	Note	2024	2023 1

Revenues	3, 4	2,537	2,044
Other income	4	16	198
Revenues and other income		2,553	2,242

Materials, goods and services		(1,228)	(1,741)
Salaries, wages and social security costs	5	(683)	(974)
Other operating expenses	6	(1,139)	(1,430)
Operating expenses		(3,049)	(4,145)
Operating profit (loss) before depreciation, amortization and impairment		(496)	(1,903)
Depreciations and amortizations	10, 11, 19	(559)	(627)
Impairments	12	(1,166)	(5,768)
Operating profit (loss)		(2,222)	(8,298)

Financial income		461	3,889
Financial expenses		(1,919)	(2,398)
Net financial expenses	7	(1,457)	1,490

Profit (loss) from equity-accounted investees	13	(369)	159
Profit (loss) before tax		(4,048)	(6,650)

Income tax benefit (expense)	8	(7)	(398)
Profit (loss) continuing operations		(4,055)	(7,048)

Profit (loss) discontinued operations	27	4,809	(208)
Profit (loss) in the period		755	(7,256)

Profit (loss) for the period attributable to:
Non-controlling interests (NCI)	29	1,073	(2,776)
Equity holders of the parent company		(318)	(4,479)
Profit (loss) for the period		755	(7,256)

Basic and diluted earnings (loss) per share (NOK)
Continuing operations attributable to ordinary equity holders of the company	9	(3.48)	(6.36)
Total attributable to ordinary equity holders of the company	9	(0.46)	(6.49)

1. Restated for discontinued operations

Statement of Comprehensive Income

Consolidated statement for the year ended 31 December


Amounts in NOK million	Note	2024	2023

Profit (loss) for the period		755	(7,256)

Other comprehensive income
Cash flow hedges, effective portion of changes in fair values		25	45
Cash flow hedges, reclassification to income statement		—	(396)
Sale of business	27	(11)	—
Discontinuation of hedge accounting		—	(1,424)
Tax on cash flow hedges		(5)	561
Net change in cash flow hedge reserve		10	(1,215)
Currency translation differences - foreign operations		500	759
Equity-accounted investees - share of OCI		29	(72)
Total items that may be reclassified subsequently to profit or loss, net of tax		539	(528)
Total comprehensive income (loss) for the period, net of tax		1,294	(7,784)

Total comprehensive income (loss) for the period, attributable to:
Equity holders of the parent		(17)	(4,783)
Non-controlling interests		1,311	(3,001)
Total comprehensive income (loss) for the period, net of tax		1,294	(7,784)



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Balance Sheet

Consolidated statement for the year


Amounts in NOK million	Note	31 Dec 2024	31 Dec 2023

Assets

Non-current assets
Goodwill	11	1,590	1,515
Intangible assets	11	183	351
Right-of-use assets	19	952	859
Property, plant and equipment	10	13,568	13,530
Investments in associates and joint ventures	13	1,325	578
Other non-current receivables	31	791	498
Derivative financial instruments, non-current	26	268	13
Total non-current assets		18,676	17,344

Current assets
Derivative financial instruments, current	26	51	—
Inventories	14	953	836
Trade and other receivables	15	1,770	1,662
Current interest-bearing receivables	31	—	162
Restricted cash	16	1,909	1,538
Cash and cash equivalents	16	7,954	5,499
Assets held for sale		—	190
Total current assets		12,636	9,887
Total assets		31,312	27,232


Amounts in NOK million	Note	31 Dec 2024	31 Dec 2023

Equity and liabilities
Equity
Paid-in capital		15,670	15,670
Reserves		2,153	1,848
Retained earnings and other equity		(15,497)	(15,190)
Total equity attributable to the parent	17	2,326	2,328
Non-controlling interests	29	5,169	3,859
Total equity		7,495	6,187

Non-current liabilities
Non-current borrowings	18	17,259	17,388
Non-current lease liabilities	19	749	729
Other non-current liabilities	20	56	73
Provisions	20	327	280
Derivative financial instruments, non-current	26	200	—
Deferred tax liabilities	8	241	224
Total non-current liabilities		18,832	18,694

Current liabilities
Current borrowings	18	3,392	48
Current lease liabilities	19	74	65
Trade and other payables	21	1,519	2,237
Total current liabilities		4,985	2,350
Total liabilities		23,817	21,045
Total equity and liabilities		31,312	27,232

Fornebu, 2 April 2025

Board of Directors and CEO of Aker Horizons ASA



Kristian Røkke	Øyvind Eriksen	Trond Brandsrud	Kimberly Mathisen	Lone Fønss Schrøder	Lars P. Sørvaag Sperre
Chair (non-independent)	Deputy Chair (non-independent)	Director (independent)	Director (non-independent)	Director (independent)	CEO



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Statement of Cash Flows

Consolidated statement for the year ended 31 December


Amounts in NOK million	Note	2024	2023

Cash flow from operating activities
Profit (loss) for the period continuing operations		(4,055)	(7,048)
Profit (loss) for the period discontinued operations		4,809	(208)

Adjustments for:
Income tax expense (benefit)		7	398
Net financial items		1,314	(2,456)
Depreciation, amortization and impairment	10, 11, 19	1,734	6,411
Share of (profit) loss from equity-accounted investees	13	369	(159)
Other non cash effects and gains in investments		(4,510)	270
Profit (loss) for the period, adjusted		(331)	(2,792)

Changes in operating assets, liabilities and derivative financial instruments		(539)	2,014
Cash generated from operating activities		(870)	(778)

Interest paid		(385)	(735)
Interest received		352	265
Income tax paid		(10)	(67)
Net cash from operating activities		(913)	(1,315)


Amounts in NOK million	Note	2024	2023

Cash flow from investing activities
Acquisition of property, plant and equipment	10	(442)	(1,331)
Payments for capitalized development	11	(50)	(112)
Payments for shares in subsidiaries, net of cash acquired		—	(30)
Proceeds disposal of shares in subsidiaries		3,683	30
Payments for equity-accounted investees	13	(82)	(155)
Proceeds equity-accounted investees	13	29	971
Proceeds sale of assets		51	—
Payments related to interest-bearing receivables	31	(313)	142
Proceeds related to interest-bearing receivables	31	80	(327)
Change in restricted cash		(241)	689
Net cash from investing activities		2,715	(123)

Cash flow from financing activities
Proceeds from borrowings	18	1,024	5
Transaction costs related to loans and borrowings		—	(9)
Repayment of borrowings	18	(416)	(1,825)
Payment of lease liabilities	19	(33)	(51)
Proceeds from capital increase from non-controlling interest		11	54
Net cash from financing activities		586	(1,826)

Effect of exchange rate changes on cash and bank deposits		68	80
Net increase (decrease) in cash and bank deposits		2,455	(3,184)

Cash and cash equivalents at the beginning of the period		5,499	8,683
Cash and cash equivalents at the end of the period		7,954	5,499



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Statement of Changes in Equity


Amounts in NOK million	Note	Share capital	Other paid-in capital	Retained earnings	Other equity	Cash flow hedge reserve1	Share option reserve	Currency translation reserve	Equity attributable to parent company	Non- controlling interests	Total equity

Equity as of 1 January 2023		690	14,980	(5,262)	(5,449)	759	25	1,353	7,095	6,519	13,615

Profit (loss) for the period				(4,479)	—	—	—	—	(4,479)	(2,776)	(7,256)
Other comprehensive income				—	—	(758)	—	455	(303)	(225)	(528)
Total comprehensive income		—	—	(4,479)	—	(758)	—	455	(4,782)	(3,001)	(7,784)

Transaction with owners of the company
Share options	5			—	—	—	14		14	10	25
Total contributions and distributions		—	—	—	—	—	14	—	14	10	25

Changes in ownership interests
Conversion of debt				—	—	—	—	—	—	277	277
Issuance of shares in subsidiaries				—	—	—	—	—	—	55	55
Total change in ownership interests		—	—	—	—	—	—	—	1	331	332
Equity as of 31 December 2023		690	14,980	(9,741)	(5,449)	1	39	1,808	2,329	3,859	6,187


Equity as of 1 January 2024		690	14,980	(9,741)	(5,449)	1	39	1,808	2,329	3,859	6,187

Profit (loss) for the period				(318)	—	—	—	—	(318)	1,073	755
Other comprehensive income				—	—	4	—	297	301	239	539
Total comprehensive income		—	—	(318)	—	4	—	297	(17)	1,311	1,294

Transaction with owners of the company
Share options	5			—	—	—	4		4	3	7
Total contributions and distributions		—	—	—	—	—	4	—	4	3	7

Changes in ownership interests
Issuance of shares in subsidiaries				—	—	—	—	—	—	11	11
Acquisition of non-controlling interest				—	13	—	—	—	13	(16)	(3)
Total change in ownership interests		—	—	—	13	—	—	—	13	(5)	8
Equity as of 31 December 2024		690	14,980	(10,060)	(5,436)	5	43	2,105	2,326	5,169	7,495

1. Amount does not include portion allocated to non-controlling interests.



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Notes to the Financial Statements

1 General information

Aker Horizons ASA is a limited liability public company incorporated and

domiciled in Norway, whose shares are traded on the Oslo Stock

Exchange. The registered office is located at John Strandruds vei 10,

Bærum, Norway.

Aker Horizons ASA is indirectly majority-owned by Aker ASA, a

Norwegian industrial holding company listed on the Oslo Stock

Exchange, through its subsidiary Aker Capital AS. The ultimate parent

company is The Resource Group TRG AS.

Aker Horizons’ overarching business model is to incubate and invest in

companies within green energy and green industry, and subsequently

grow and develop them to create value for Aker Horizons’ shareholders.

Aker Horizons’ current portfolio secures established positions in verticals

such as carbon capture, renewable energy and hydrogen and its

derivatives. The portfolio is composed of Aker Carbon Capture,

Mainstream Renewable Power and SuperNode and the business unit

Aker Horizons Asset Development.

The consolidated statements include all entities controlled by Aker

Horizons ASA, see information on the Group’s principal subsidiaries in

Note 28 Subsidiaries. The consolidated financial statements of Aker

Horizons ASA and its subsidiaries are collectively referred as Aker

Horizons or the Group, and separately as group companies.

Investments where the Group has significant influence or joint control

are accounted for according to equity method, see Note 13 Investments

in associates and joint ventures.

These consolidated financial statements were issued by the Board and

CEO of Aker Horizons on 2 April 2025, to be approved by the Annual

General Meeting on 30 April 2025.

2 Basis of preparation

The basis for preparation and most important accounting policies used

in the preparation of the consolidated financial statements are described

below or in the respective notes. The basis and policies are applied

consistently in all of the periods presented, unless the description states

otherwise.

Statement of compliance

Aker Horizons’ consolidated financial statements have been prepared in

accordance with IFRS® accounting standards as adopted by the EU,

and disclosure requirements pursuant to the Norwegian Accounting Act

as of 31 December 2024.

Basis of measurement

The Group's financial statements have been prepared on the basis of

historical cost with the exception of derivative financial instruments

which are measured at fair value on each reporting date.

The consolidated financial statements are presented in Norwegian

Kroner (NOK). Amounts are rounded to the nearest million, unless

otherwise stated. As a result of rounding adjustments, amounts and

percentages may not add up to the total.

Foreign currency translation and presentation

currency

Transactions in foreign currencies are translated into the respective

functional currencies of group companies using the average exchange

rate for the year, calculated on the basis of average of daily rates.

Going concern

On an annual basis the Board reviews the appropriateness of preparing

the financial statements on a going concern basis. The Directors monitor

short and long-term cash flow forecasts to ensure the Group has

adequate working capital to operate the business for a period of at least

twelve months from the date of approval of these financial statements.

As part of this process, it is noted that NOK 4.0 billion of the Group’s

borrowings matures in Q1 2026, and that the Group is currently in

process of concluding a plan to refinance these borrowings.

The Board confirms it is appropriate to adopt the going concern basis of

accounting in preparing these consolidated financial statements.

Changes to accounting policies and disclosures

Revisions to standards and interpretations that came into force for the

Group for the year that ended 31 December 2024 are evaluated not to

have any significant effect for the Group. Furthermore, none of the

recently issued IFRS Interpretations Committee agenda decisions are

expected to significantly change Aker Horizons’ accounting policies or

practices.

Use of estimates and assumptions

The preparation of annual financial statements in conformity with IFRS

requires management to make judgments, estimates and assumptions

that affect the reported amounts of assets and liabilities, income and

expenses. Actual results may differ from amounts arrived at based on

these assumptions. Estimates and underlying assumptions are reviewed

and assessed on an on-going basis, and are based on historical

experience, consultations with experts, trends and other methods which

management considers reasonable under the circumstances.

Changes to accounting estimates are recognized in the period in which

the estimates are revised and in future periods if affected. The Group’s

operational companies operate in different markets and are thus

affected differently by the uncertainties that characterize the different

markets. Areas in which, in applying the Group’s accounting principles,

there tends to be uncertainties as to material estimations and critical

assumptions and assessments, are described in the following notes:

• Note 12 Impairment

• Note 26 Derivative financial instruments



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3 Operating segments

Operating segments

Operating segments are identified on the basis of the Group’s internal

management and reporting structure. The Group’s chief operating

decision maker, who is responsible for the allocation of resources and

assessment of performance in the different operating segments, is

defined as the CEO.

Recognition and measurement applied to segment reporting is

consistent with the accounting principles applied when preparing the

financial statements, except for Aker Horizons and holdings, see more

information below. Transactions between segments are conducted in

accordance with the Group's transfer pricing policy.

Overview of reportable segments

Aker Carbon Capture (ACC)

In 2024, Aker Carbon Capture established a joint venture with SLB, see

note 27 Discontinued operations and note 13 Investments in associates

and joint ventures. The joint venture strategically combines technology

portfolios, expertise, and operational platforms to support accelerated

carbon capture adoption for industrial decarbonization at scale. Aker

Carbon Capture retains a 20 percent ownership stake in the joint

venture.

Asset Development (AAD)

Aker Horizons Asset Development is a wholly-owned asset development

unit set up to originate, develop, own and operate industrial-scale

hydrogen projects to meet growing demand for the decarbonization of

energy-intensive, hard-to-abate industries. Looking beyond hydrogen

and its derivatives, AAD has throughout 2024 investigated the potential

for developing sustainable assets in other energy-intensive growth

industries utilizing the abundance of renewable base-load power in

Northern Norway, including ‘green molecules’, process industry and data

centers.

Mainstream Renewable Power (Mainstream)

Mainstream Renewable Power is a global pure-play renewable energy

company, specializing in the development of major platforms across

onshore wind, offshore wind, and solar power across Europe, South

America, Asia and Africa.

Aker Horizons and holdings

The combined financial statements of Aker Horizons ASA and holding

companies are prepared in order to present Aker Horizons’ financial

position as a parent holding company. The traditional financial statement

of the parent company has been extended to include all subordinate

administrative service and holding companies that are wholly-owned by

Aker Horizons ASA and have balance sheets containing only

investments, bank deposits and debt. Listed investments are reported at

quoted market prices and unlisted investments are reported at cost

price, adjusted for any impairments.

Other

“Other” consists of Aker Horizons’ 50 percent investments in

SuperNode, a global technology development company that designs

and delivers superconducting systems to connect renewable generation

and increase grid interconnection.



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2024


Amounts in NOK million	Note	Aker Carbon Capture	Asset Development	Mainstream Renewable Power	Aker Horizons and holdings	Total reportable segments	Other and eliminations	Total

Income statement
External segment revenue & other income	4	—	9	2,497	46	2,552	—	2,552
Inter-segment revenue		6	5	—	84	95	(94)	1
Total segment revenue		6	14	2,497	130	2,647	(94)	2,553
Operating profit (loss) before depreciation, amortization and impairment (EBITDA)		(43)	(144)	(230)	(90)	(506)	10	(496)
Depreciations, amortizations and impairment	10, 11, 19	—	(3)	(1,718)	—	(1,720)	(5)	(1,725)
Operating profit (loss) (EBIT)		(43)	(147)	(1,947)	(90)	(2,226)	5	(2,221)
Share of profit (loss) equity accounted investees	13	(143)	(1)	(206)	—	(351)	(18)	(369)
Interest income		134	3	115	460	713	(312)	400
Interest expense		(4)	(22)	(1,442)	(569)	(2,038)	304	(1,733)
Other financial items	7	54	—	(221)	(6,587)	(6,755)	6,630	(125)
Profit (loss) before tax		(1)	(167)	(3,702)	(6,786)	(10,657)	6,609	(4,048)
Tax expense	8	(13)	—	6	—	(7)	—	(7)
Profit (loss) for the year - continuing operations		(15)	(167)	(3,696)	(6,786)	(10,663)	6,609	(4,055)

Balance sheet
Equity-accounted investments	13	886	2	226	256	1,371	(46)	1,324
Other non-current assets		252	808	16,207	6,079	23,345	(5,994)	17,351
Current operating assets		—	89	2,643	424	3,155	(382)	2,773
Cash and marketable securities	16	4,596	19	2,315	2,932	9,863	—	9,863
Assets held for sale		—	—	—	—	—	—	—
Segment assets		5,734	918	21,391	9,691	37,734	(6,422)	31,312

Borrowings	18	—	61	14,017	6,573	20,652	—	20,652
Non-current operating liabilities		200	63	1,233	(1)	1,496	76	1,572
Current operating liabilities		34	108	1,764	59	1,964	(371)	1,593
Segment liabilities		234	232	17,014	6,631	24,112	(295)	23,817

Equity		5,501	686	4,376	3,060	13,622	(6,127)	7,495
Non-controlling interest		3,121	162	1,887	—	5,169	—	5,169
Total equity attributable to equity holders of the parent (Net Capital Employed)		2,380	524	2,489	3,060	8,453	(6,127)	2,326

Net current operating assets (liabilities)		(33)	(18)	938	315	1,201	3	1,204
Net cash (debt)		4,596	(42)	(11,702)	(3,641)	(10,789)	—	(10,789)
- of which restricted cash		—	—	1,909	—	1,909	—	1,909



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20231


Amounts in NOK million	Note	Aker Carbon Capture	Asset Development	Mainstream Renewable Power	Aker Horizons and holdings	Total reportable segments	Other and eliminations	Total

Income statement
External segment revenue	4	—	14	2,227	—	2,241	—	2,241
Inter-segment revenue		—	3	10	128	141	(140)	1
Total segment revenue		—	17	2,237	128	2,382	(140)	2,242
Operating profit (loss) before depreciation, amortization and impairment (EBITDA)		(11)	(223)	(1,581)	(108)	(1,923)	20	(1,903)
Depreciations and amortizations	10, 11, 19	—	(3)	(6,382)	—	(6,385)	(10)	(6,395)
Operating profit (loss) (EBIT)		(11)	(226)	(7,963)	(108)	(8,308)	9	(8,298)
Share of profit (loss) equity accounted investees	13	—	(41)	224	—	183	(24)	159
Interest income		41	5	91	203	340	(64)	276
Interest expense		—	(29)	(1,327)	(504)	(1,860)	63	(1,797)
Other financial items	7	—	(1)	3,008	(1,785)	1,222	1,789	3,011
Profit (loss) before tax		30	(292)	(5,967)	(2,194)	(8,423)	1,773	(6,650)
Tax expense	8	—	—	(398)	—	(398)	—	(398)
Profit (loss) for the year - continuing operations		30	(292)	(6,365)	(2,194)	(8,821)	1,773	(7,048)

Balance sheet
Equity-accounted investments	13	—	31	375	210	616	(38)	578
Other non-current assets		306	769	15,646	13,474	30,195	(13,429)	16,766
Current operating assets		270	65	2,287	132	2,754	(93)	2,660
Cash and marketable securities	16	1,112	93	2,514	3,317	7,037	—	7,037
Assets held for sale		—	—	190	—	190	—	190
Segment assets		1,687	959	21,013	17,133	40,792	(13,560)	27,232

Borrowings	18	—	66	11,061	6,309	17,436	—	17,436
Non-current operating liabilities		40	77	1,152	—	1,269	37	1,306
Current operating liabilities		945	120	1,261	62	2,389	(87)	2,302
Segment liabilities		985	263	13,475	6,371	21,094	(50)	21,045

Equity		702	696	7,538	10,762	19,698	(13,510)	6,187
Non-controlling interest & hybrid capital		—	155	268	—	423	3,436	3,859
Total equity attributable to equity holders of the parent (Net Capital Employed)		702	541	7,270	10,762	19,275	(16,946)	2,328

Net current operating assets (liabilities)		(671)	(54)	942	41	258	3	261
Net cash (debt)		1,112	28	(8,547)	(2,992)	(10,399)	—	(10,399)
- of which restricted cash		—	—	1,552	—	1,552	—	1,552

1. Restated for discontinued operations



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Geographical information

Geographical revenue is presented on the basis of geographical location of the Group companies selling to the

customers. Non-current segment assets and capital expenditures are based on the geographical location of the

assets.


	Revenues		Non-current assets excluding deferred tax assets and financial instruments
Amounts in NOK million	2024	2023 1	31 Dec 2024	31 Dec 2023

Australia	1	—	8	—
Norway	95	23	906	1,126
US	7	5	—	—
Korea	7	2	—	—
Ireland	—	4	1,619	1,566
Chile	2,351	1,899	13,559	13,533
South Africa	59	71	193	10
Indonesia		—	2	—
Colombia			4
UK	14	27	—	—
Germany	2	7	—	—
Other		7	—	20
Total	2,537	2,044	16,292	16,255

1. Restated for discontinued operations

Major customers

In 2024, the Andes Renovables platform in Chile is split in three portfolios (Condor, Huemul and Copihue).

These have been awarded in total seven different 20-year Power Purchase Agreements with distribution

companies in Chile. In addition, the portfolios have entered into bilateral agreements. Revenues from two of the

customers amount to approximately 62 percent of the Group’s revenue; NOK 538 million and NOK 531 million

(2023: NOK 591 million and NOK 546 million).

See Note 4 Revenue and other income for disaggregation of revenues from contracts with customers.

4 Revenue and other income

The revenue in Aker Horizons includes the sale of electricity generated from power generation assets in solar

and wind parks and man-hour based sale of engineering or maintenance services.

Power generation contracts

Mainstream owns and operates power generations assets, such as solar PV and wind farms. Mainstream

recognizes revenue from the generation and subsequent sale of electricity from generation assets. Revenue is

recognized from the generation and subsequent sale of electricity from generation assets. The performance

obligation is to deliver a series of distinct goods (power) and the transaction price is the consideration

Mainstream Renewable Power expects to receive, whether at spot price, regulated price or contract price. The

performance obligation is satisfied over time, which means that revenue should be recognized for each unit

delivered at the relevant injection node.

In arrangements where Mainstream Renewable Power sells power on an exchange (e.g. National Electricity

Coordinator in Chile), the exchange is determined to be the customer. This relates to the enforceable contracts

Mainstream Renewable Power has with the exchanges.

Service contracts

Service revenues in both Mainstream Renewable Power and Aker Horizons Asset Development relate to

delivery of services for projects in development and construction phase. Revenues for such services are

recognized over time using a cost progress method or according to delivered time and materials.



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Disaggregation of revenue from contracts with customers


Amounts in NOK million	AAD	Mainstream	Other and eliminations	Total

2024
Development and construction	—	33	—	33
Services	12	82	42	136
Power generation	—	2,367	—	2,367
Total	12	2,483	42	2,537

2023 1
Development and construction	—	13	—	13
Services	14	112	2	128
Power generation	—	1,904	—	1,904
Total	14	2,029	2	2,045

1. Restated for discontinued operations

Timing of revenue

Mainstream has entered into several Power Purchase Agreements for the Andes Renovables platform, all

starting in 2021 and 2022 and lasting for 20 years. These agreements are not included in the Group’s order

backlog as the performance obligations are decided by the right to invoice at any time, which correspond to the

power produced and delivered.

Other income


Amounts in NOK million	Note	2024	2023

Reversal of contingent consideration		—	82
Gain on sale of associates		2	127
Gain or loss on sale of subsidiary		12	(19)
Loss on sale of PPE		(21)	—
Grants received		23	—
Other		1	8
Total		16	198

5 Employee benefits


Amounts in NOK million	Note	2024	2023 1

Salaries and wages, including holiday allowances		596	860
Share-based payments		7	25
Social security contribution		59	71
Pension cost		27	38
Other employee benefits		42	46
Total salaries, wages and social security costs		731	1,040
Of which capitalized	14	49	66
Net		682	974

1. Restated for discontinued operations

The Group's pension plans

Defined contribution plans

All employees are offered participation in a defined contribution plan. The annual contributions expensed for the

Norwegian plans in 2024 totaled NOK 8 million (2023: NOK 26 million).

In Mainstream, the Group offers a defined contribution pension scheme for its eligible employees. The scheme is

administered by trustees and operated by external fund managers. Scheme assets are held in separate trustee

administered funds.



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6 Other operating expenses


Amounts in NOK million	Note	2024	2023 1

Write downs of inventory and other	14	119	386
External services and hired-ins		768	922
IT and office supplies		66	82
Other operating expenses		185	40
Total		1,139	1,430

1. Restated for discontinued operations

Audit fees

The Group’s auditor is PricewaterhouseCoopers (PWC). The table below summarizes audit fees, as well as fees

for audit-related services, tax services and other services incurred by the Group. The amounts are net of VAT.


	Aker Horizons ASA		Subsidiaries		Total
Amounts in NOK thousand	2024	2023	2024	2023	2024	2023

Audit	630	1,629	14,328	14,250	14,958	15,879
Other assurance services	857	—	315	616	1,172	616
Other non-audit services	75	101	—	343	75	444
Tax services	—	—	69	274	69	274
Total PricewaterhouseCoopers1	1,562	1,730	14,712	15,483	16,274	17,213

7 Financial income and expenses


Amounts in NOK million	Note	2024	2023 3

Interest income on cash and cash equivalents and investments at amortized cost		400	276
Gain on refinancing of mezzanine debt1		—	2,140
Foreign exchange gain (loss)		—	39
Discontinuation of hedge accounting1	26	—	1,424
Gain derivative financial instruments	26	61	—
Other financial income		—	10
Total financial income		461	3,889

Interest expense on financial liabilities measured at amortized cost		(1,646)	(1,244)
Loan costs expensed at derecognition of project finance debt1		—	(431)
Other costs related to refinancing of debt1		—	(564)
Lease interest expense	19	(42)	(31)
Foreign exchange gain (loss)		(9)	—
Other financial expenses1		(221)	(128)
Total financial expenses		(1,919)	(2,398)
Net financial expenses		(1,457)	1,490

1. In 2023, Financial income and expenses for Aker Horizons were materially impacted by accounting effects from the refinancing of debt related

to Mainstream’s Chile operations.

2. Includes NOK 171 million in impairment of receivables on Joint Ventures in 2024 and NOK 84 million in termination fee for interest swaps

(2023).

3. Restated for discontinued operations



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8 Tax

Judgments and estimates

Management judgment is required when assessing valuation of unused losses, tax credits and other deferred

tax assets. The recoverability is assessed by estimating taxable profits in future years, taking into consideration

also expected changes in temporary differences. Profits are compared to the book value of the tax assets. The

estimate of future taxable profits is sensitive to future market development for the Group’s projects. Forecasts

are based on firm orders in the backlog and identified prospects. Changes in assumptions related to the

expected prospects and services can have a significant impact on the forecast cash flows. Economic conditions

may change and lead to a different conclusion regarding recoverability, and such changes may effect future

reporting periods.

Tax expense in income statement


Amounts in NOK million	2024	2023

Withholding tax	(21)	(67)
Origination and reversal of temporary differences	15	(331)
Income tax benefit (expense)	(7)	(398)

Effective tax rate

The table below reconciles the reported income tax expense to the expected income tax expense according to

the Norwegian corporate income tax rate of 22 percent. It also discloses the main elements of the tax expense.


Amounts in NOK million	2024		2023 1

Profit before tax - continuing operations	(4,048)		(6,650)
Income tax benefit (expense) at Company's domestic tax rate	891	22.0%	1,463	22.0%
Effect of tax rates in foreign jurisdictions	93	2.3%	414	6.2%

Tax effect of:
Share of profit in equity-accounted investees	(81)	(2.0)%	—	—%
Non-deductible expenses	(33)	(0.8)%	(315)	(4.7)%
Tax-exempted income	17	0.4%	362	5.4%
Tax effect of impairment of previously recognized deferred tax assets	—	—%	(110)	(1.7)%
Utilization of previously unrecognized tax losses	15	0.4%	57	0.9%
Tax losses for which no deferred income tax asset was recognized	(915)	(22.6)%	(2,277)	(34.2)%
Prior year's adjustments	22	0.5%	—	—%
Other	(15)	(0.4)%	8	0.1%
Income tax and effective tax rate	(7)	(0.2)%	(398)	(6.0)%

1. Restated for discontinued operations



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Change in net recognized deferred tax assets and liabilities


Amounts in NOK million	Property, plant and equipment	Intangible assets	Projects under construction	Tax loss carry- forwards	Provisions	Derivative financial instruments	Other	Net

2023
Balance as of 1 January 2023	(433)	(486)	(49)	543	7	—	(5)	(422)
Disposal of subsidiary						—		—
Recognized in profit and loss	469	530	28	(314)	(30)	—	(450)	(331)
Recognized in OCI	—	—	—	—	—	—	—	561
Currency translation differences	(37)	(44)		23	24	—	(1)	(33)
Balance as of 31 December 2023	(1)	—	(21)	252	3	—	(456)	(223)

Deferred tax asset								—
Deferred tax liability								224


Amounts in NOK million	Property, plant and equipment	Intangible assets	Projects under construction	Tax loss carry- forwards	Provisions	Derivative financial instruments	Other	Net

2024
Balance as of 1 January 2024	(1)	—	(21)	252	3	—	(456)	(223)
Recognized in profit and loss	3	—	—	(98)	(6)	(3)	118	15
Disposal of subsidiary	(3)	—	21	(15)	—	3	(6)	—
Recognized in OCI	—	—	—	—	—	(5)	—	(5)
Currency translation differences	—	—		—	(1)	—	(26)	(27)
Balance as of 31 December 2024	—	—	—	139	(4)	(5)	(370)	(241)

Deferred tax asset								—
Deferred tax liability								241



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Tax loss carry-forwards and unrecognized deferred tax assets (gross)

As of 31 December 2024, the Group had NOK 17 billion in tax loss carry-forwards. Deferred tax assets in the

amount of NOK 3,829 million deriving from these tax losses were unrecognized. In addition, the Group had NOK

11 million in other unrecognized deferred tax assets. See below for information of tax loss carry-forwards by

principal jurisdictions of the group and expiry dates.


Amounts in NOK million	2024

Norway	3,395	No expiry date
Ireland	2,439	No expiry date
Chile	9,303	No expiry date
South Africa	562	No expiry date
Other	896
Total	16,594

Pillar Two

The Supplementary Tax Act, Norway's implementation of the OECD's Pillar Two model rules, came into effect on

January 1, 2024. As part of the TRG Group, Aker Horizons is within the scope of the Supplementary Tax Act.

Aker Horizons’ exposure to supplementary tax has been assessed at the Aker Group level based on reported

figures from Aker Group companies used when preparing the consolidated financial statements of Aker Group.

Aker Group has applied the transitional country-by-country reporting Safe Harbour rules in most jurisdictions

where Aker Horizons is present.

For jurisdictions that fall outside the Safe Harbour exceptions, Aker Group has further assessed whether Aker

Horizons will be liable for any supplementary tax. Based on these preliminary assessments, no supplementary

tax liability has been identified for Aker Horizons. Final assessments will be concluded in connection with the

reporting of supplementary tax for the TRG Group in 2026.

9 Earnings per share

The calculation of ordinary earnings per share is based on the profit attributable to ordinary shares using the

weighted average number of shares outstanding during the reporting period.


Amounts in NOK	2024	2023

Basic and diluted earnings per share
From continuing operations	(3.48)	(6.36)
From discontinued operations	3.01	(0.13)
Total basic earnings per share	(0.46)	(6.49)

Calculation of weighted average number of shares
Issued shares as of 1 January	690,348,751	690,348,751
Effect of shares issued	—	—
Weighted average number of shares outstanding for the purpose of basic and diluted earnings per share	690,348,751	690,348,751

Reconciliation of earnings used in calculating EPS (basic and diluted)

Amounts in NOK million	2024	2023

Profit/(loss) from continuing operations as presented in the income statement	(4,055)	(7,047)
Less: profit/(loss) attributable to non-controlling interests	(1,655)	(2,658)
Profit (loss) from continuing operations	(2,399)	(4,389)
Profit (loss) from discontinued operations	2,081	(90)
Profit (loss) used in calculating basic earnings per share	(318)	(4,480)

Convertible bond

The convertible bond, issued in 2021, are considered to be potential ordinary shares and have been included in

the determination of diluted earnings per share from their date of issue. Due to loss in both periods presented,

basic and diluted earnings per share are identical. See Note 18 Borrowings for more information about the

convertible bond.



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10 Property, plant and equipment

The majority of Aker Horizons’ property, plant and equipment relates to power generation assets, and power

generation assets under construction in Mainstream's portfolios Condor, Huemul and Copihue (collectively “the

Andes Renovables platform”) in Chile and in South Africa. Assets under construction consist of two projects,

whereof one is located in South Africa and one in Chile, part of the Andes Renovables platform. There are

security rights of the lenders over the assets in the Andes platform, see Note 18 Borrowings.

Judgments and estimates

Assets are depreciated on a straight-line basis over their expected economic lives as follows:

• Power generation assets: 25 years

• Machinery and equipment: 2-5 years

The estimated useful lives of property, plant and equipment are reviewed on an annual basis and changes in

useful lives are accounted for prospectively. When determining the useful life of plant, the following factors are

considered:

• Expected usage of the plant, which is assessed by reference to the asset’s expected capacity and physical

output, as well as market regulations and maturity

• Expected physical wear and tear, which depends on operational factors and the repair and maintenance

program

• Technical or commercial obsolescence

• Legal or similar limits on the use of the plants, such as the expiry dates of related leases

Impairment

Impairment is assessed for individual assets and for cash generating units when impairment triggers have been

identified. Impairment testing involves assumptions about future market development, cash flows, determination

of weighted average cost of capital (WACC) and other assumptions that may change over time. See note 12

Impairment for more information.

Asset retirement obligation

Aker Horizons' future asset retirement obligations are recognized at present value of future cash flows at the

date they are expected to be incurred. There is significant uncertainty in the estimated cost for removal of

assets. Management judgment has been applied when developing an estimate that is dependent on several

uncertain factors, such as the possible existence of a power market for the plants after the end of the PPA,

future recycling arrangements for assets used in power generation, and/or their second-hand value, future value

of steel and copper as well as future development of interest and currency exchange rates. Management

judgment has also been applied when determining a discount rate to calculate present values of the obligation.

The discount rate is based on a country specific credit adjusted risk free rate. The discount rate applied to the

removal obligations on generation assets in the Andes Renovables platform was 5.32 percent. The initial

recognition of the liability and the capitalized cost associated with the removal obligations, and the subsequent

adjustments, involve the application of significant judgment. The asset retirement obligation is calculated on a

plant by plant basis, taking into consideration relevant project specifics.

Reconciliation of carrying amounts


Amounts in NOK million	Note	Generation assets	Land	Machinery	Assets under construction	Total

Balance as of 1 January 2023		8,955	311	35	6,610	15,911
Additions1		76	259	57	872	1,264
Depreciations		(525)	—	(15)	—	(540)
Reclassifications		4,307	—	(4)	(4,303)	—
Currency translation differences and other changes		310	—	10	418	739
Balance as of 31 December 2023		11,197	569	83	1,680	13,530

Cost		13,858	569	134	3,431	17,993
Accumulated depreciation		(2,662)		(51)	(1,750)	(4,463)
Carrying value 31 December 2023		11,197	569	84	1,680	13,530

Balance as of 1 January 2024		11,197	569	84	1,680	13,530
Additions1,2		38	49	2	449	537
Depreciations2		(500)	—	(16)	—	(516)
Impairments	12	(956)	—	—	(210)	(1,166)
Reclassifications		96	(21)	(7)	(129)	(61)
Currency translation differences and other changes		1,150	—	6	243	1,398
Balance as of 31 December 2024		10,962	598	47	1,960	13,568

Cost		15,487	598	110	4,137	20,331
Accumulated depreciation		(4,525)		(63)	(2,176)	(6,763)
Carrying value 31 December 2024		10,962	598	47	1,960	13,568

1. Difference between additions and payments for capital expenditures in cash flow statement is explained by adjustments for accruals and

provisions for asset retirement obligations in the period.

2. Includes Aker Carbon Capture until disposal of business, see note 27 Discontinued operations

In 2024, the Group capitalized borrowing costs amounting to NOK 96 million (2023: NOK 192 million).



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11 Intangible assets and goodwill

Intangible assets consist of goodwill and other intangible assets such as IT systems and technology

development. Following the disposal of ACC business to SLB, see note 27 Discontinued operations, intangible

assets are in majority related to goodwill from the acquisition of Mainstream in 2021.

Goodwill is measured at 100 percent of the acquiree's fair value, including the Non-Controlling Interest (NCI)

share. Goodwill is tested for impairment annually, or more frequently if indicators that the value might be

impaired exists. Refer to Note 12 Impairment for more information.

Judgments and estimates

The decision to capitalize a development program involves management judgment. Management makes

assessments of future market opportunities, ability to successfully achieve the desired technological solution and

the time and cost it takes to develop it. These factors may change over time.

Reconciliation of carrying amounts


Amounts in NOK million	Capitalized development	Contractual assets	Other	Goodwill	Total
Balance as of 1 January 2023	77	1,791	171	1,417	3,456
Additions	112	—	—		112
Disposals			(2)		(2)
Depreciations	(6)	(34)			(40)
Impairments		(1,923)	—		(1,923)
Currency translation differences and other changes	(1)	165		98	262
Balance as of 31 December 2023	183	—	169	1,515	1,866

Cost	190	5,289	169	2,905	8,551
Accumulated amortization and impairments	(7)	(5,289)	—	(1,390)	(6,686)
Carrying value 31 December 2023	183	—	169	1,515	1,866

Balance as of 1 January 2024	183	—	169	1,515	1,866
Additions	38	—	12	—	50
Disposal of subsidiaries	(212)	—	—	—	(212)
Amortizations	(4)	—	—	—	(4)
Currency translation differences and other changes	(1)	—	—	75	73
Balance as of 31 December 2024	2	—	181	1,590	1,773

Cost	5	—	181	1,590	1,775
Accumulated amortization and impairments	(2)	—	—	—	(2)
Carrying value 31 December 2024	2	—	181	1,590	1,773

Research and development expenses

NOK 38 million relating to development activities was capitalized in 2024 (2023: NOK 112 million). In addition,

research and development costs were expensed during the year because the criteria for capitalization were not

met. Further, the Group has received external funding of research and development costs that has been

recognized as a reduction of costs in the income statement.


Amounts in NOK million	2024	2023

Capitalized research and development costs	38	112
Expensed research and development costs	—	39
External funding of research and development costs	—	(8)



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12 Impairment

2024 witnessed record global investments in clean energy technologies and infrastructure, with global electricity

demand continuing to increase. However, despite encouraging macro trends in the transition to net zero

emissions, the market environment for investments in green energy and green industry remains challenging,

impacted by volatility in energy, financial and commodity markets and exacerbated by geopolitical tensions.

Mainstream has a project portfolio of over 20 GW across Europe, South America, Africa and Asia-Pacific. At the

close of 2024, the Group had 1.3 GW either in operation or under construction. Impairment testing has been

carried out in 2024, both related to generation assets in the Andes Renovables platform in Chile, and for goodwill

allocated to the Mainstream segment.

Judgments and estimates

The impairment testing of assets is by its very nature highly judgmental as it includes estimates such as future

regulatory and market development, factors influencing commercial margin and cash flows, discount rates, and

other assumptions that may change over time.

In particular, future cash flows are uncertain, as they are impacted by developments beyond Aker Horizons’

control. External factors such as commodity prices, evolving regulatory environments, fluctuations in demand for

clean energy, regulatory developments and weather conditions are all examples of factors that may impact the

future estimated cash flows. The impairment tests performed in 2024 are described in the sections below.

Andes Renovables

In 2024, the Chilean power generating assets in the Andes Renovables portfolio have been realizing positive

commercial margins. However, fundamental market challenges persist. The market challenges relate in

particular to the fact that the Chilean power market design and transmission system are dislocated, with

operators delivering electricity under fixed price contracts to regional distribution companies exposed to

internodal price differences (unfavorable differential in price between injection and withdrawal) and elevated

system costs (overall cost incurred by the regulator and passed on to certain power producers in order to

balance the system). In addition, the operators are exposed to curtailment (excess energy not capable of being

exported and therefore not valued in the market). Mainstream’s diversified portfolio of wind and solar power

production in the north and south of the country partly mitigates these market challenges.

Due to the continuing challenges in the Chilean energy market, impairment triggers were identified and an

impairment test was carried out. The recoverable amount has been calculated using a value-in-use

methodology. The updated assumptions considered as part of the impairment test resulted in an impairment

charge of NOK 1,103 million, which was recognized as of 30 September 2024.

Key assumptions

Key assumptions in the impairment calculation are related to spot price exposure, spot prices, internodal price

differences, generation profile, system costs, capex and opex. Below, we have provided an overview of the

changes in key assumptions and judgments used to determine the recoverable amounts as of 30 September

2024.

Sold production volume

The estimated sold production volume continues to be affected by the challenges in the Chilean electricity grid,

with its limited transmission capacity, resulting in intermittent curtailments. There are several ongoing initiatives

to address this problem, such as upgrading the infrastructure, changing the system design and implementing

battery energy storage solutions. However, as an effect of not being able to mitigate the market- and operating

risk to a satisfying level, the estimated sold production volume in the updated impairment calculation has been

adjusted down by approximately 8 percent compared to the impairment test that was carried out as of 31

December 2023.

Spot prices and internodal price differences

Similar to the impairment test carried out as of 31 December 2023, the updated impairment calculation include

an assumption of upgraded infrastructure and battery energy storage solutions coming online in 2030. As an

effect of the ongoing and planned initiatives, the overall spot market prices are expected to decline. However,

overall, the internodal price differences are not materially changed in the impairment test performed as of 30

September 2024, when compared to last year.

However, due to incorporating an expectation of a general decline in the spot prices in the long term, the

estimated value creation from sale of electricity to the spot market in the period post expiration of current PPAs

has been affected negatively.

System costs

System cost refers to the overall cost of balancing the system. On an overall basis, the estimated system cost

has not been materially changed in the impairment test that was performed as of 30 September 2024 compared

to the impairment test that was performed as of 31 December 2023.

Contingency

In addition to the key assumptions and judgments described above, management also considered additional

uncertainties related to the future cash flows. For the project still under construction (in the Huemul portfolio),

uncertainties still exist both with regard to the timing of future cash flows (assumed to start production in 2025)

and final CapEx amounts. In addition, there are uncertainties related to a number of other key assumptions as

described above.

In total, the contingency reduced the estimated fair value across the two portfolios by approximately 344 million

(NOK 309 million 31 December 2023). The overall contingency levels reflect the current perceived uncertainties.

In future impairment tests the contingency will be aligned with actual visibility on capital expenditures in

particular and the perceived visibility of the Chilean power market in general.



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Discount rate

The recoverable amount in the impairment test has been calculated reflecting all risks that are specific to the

energy market in Chile in the cash flow estimates. The post-tax discount rate (weighted average cost of capital)

of 6.25 percent (5.82 percent in 2023) only reflects the systematic risk for a company within the renewable

sector. The capital structure considered in the WACC calculation is derived from the capital structures of an

identified peer group and market participants with consideration given to optimal structures. The cost of equity,

calculated using the CAPM model, represents the expected return required by equity investors, incorporating the

risk-free rate plus equity market- and country risk premiums, in addition to a beta derived from a comparable

peer group. The cost of debt is based on the risk-free rate and an observed credit-spread on investment grade

bonds.

Recoverable amount

The recoverable amount has been determined using a value-in-use methodology. The table below summarizes

the recoverable amount, and the impairments recognized per CGU as of 30 September 2024.


Amounts in NOK million	Condor	Huemul	Total

Carrying value Property, plant and equipment	5,809	6,819	12,628
Recoverable amount	5,344	6,181	11,525
Impairment loss 2024	(465)	(638)	(1,103)

The impairment test resulted in an impairment charge of NOK 1,103 million as of 30 September 2024 related to

property, plant and equipment in the Andes Renovables platform.

Sensitivities

When determining the recoverable amount of the CGUs tested for impairment, a wide range of sensitivity tests

have been run on the key assumptions in the fair value calculation, to ensure that the test is addressing the

uncertainty in the Chilean power market. The sensitivity tests include adjusting the discount rate, internodal price

differences, system costs and the sold production volume.


		Change in impairment after
Amounts in NOK million	Change	Increase in assumption	Decrease in assumption
Assumption
Discount rate	+/- 0.25 p.p	(363)	378
Internodal price differences1	+/- 5%	(695)	688
System cost1	+/- 20%	(508)	504
Sold production volume2	+/- 2.5%	448	(450)

1. Sensitivity calculated for remaining period of power purchase agreements (2041/42).

2. Sensitivity calculated for the remaining lifetime of the assets (between 2052 and 2055).

Goodwill

Goodwill identified in the Mainstream acquisition in 2021 amounts to NOK 1.6 billion. The goodwill relates to

Mainstream’s development pipeline, whereof onshore wind and solar PV projects constitute approximately two

thirds of the total, and remaining relates to offshore wind projects. This, combined with its global organization, is

allocated to the Mainstream operating segment for impairment testing. Residual goodwill has been tested for

impairment.

The recoverable amount in the goodwill impairment test is determined as a sum of the parts (SOTP) utilizing

three different valuation techniques: discounted cash flows, estimated sales proceeds (considered together with

discounted cash flows) and a multiple-based valuation methodology. This valuation methodology, where the

business is valued as a SOTP combining several different methodologies and cash flows, aligns with how

management monitor and evaluate its investments in their internal performance assessment. In total, the

projects valued by using a discounted cash flow methodology account for 63 percent of the gross asset values.

The projects valued using a multiple-based valuation methodology account for 25 percent, and the projects

valued using an estimated sales proceeds-methodology account for 11 percent of the gross asset values.

The recoverable amount in the goodwill impairment test is calculated using a mix of market and income

approaches under the fair value less cost of disposal methodology, pursuant to IFRS 13. Based on the input

used to determine the recoverable amount, the estimated fair value is categorized as a Level 3 fair value.

The goodwill impairment test shows a headroom of NOK 1.3 billion and consequently no impairment charge.

Discounted cash flows

The calculation of the projects valued using the discounted cash flow methodology is based on an internal

valuation model, where life of field cash flows assuming 35 years of operation, from projects reaching financial

close over the next 5 years, are discounted to a net present value as of 31 December 2024. Key assumptions in

the discounted cash flow calculation includes project cash flows, probability of success and cost of equity.

Project cash flows

Project cash flows are identified as a key assumption. Specifically, this includes assumptions on future power

prices, power generation, capital expenditures and operational expenditures for each project. Cash flow

projections are tailored to the specific characteristics of each project, reflecting differences in technology,

geographical location and size. Where possible, all underlying assumptions are based on, or benchmarked

against external market reports, observed market data or quoted supplier prices.

Probability of Success

As a way of reflecting the project maturity in the calculation of the recoverable amount, a probability of success

has been applied to all project cash flows. The probability of success is based on Aker Horizons’ internal project

development methodology. According to this methodology, all projects in the development phase are given a

stage from 1 to 6. The table below illustrates the probabilities that have been applied to projects in each of the



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various development stages. In addition, the table illustrates the amount of MW adjusted for ownership, and the

risked amount of MW assumed to reach financial close over the next five years.


Development stage	1	2	3	4	5	6	Total

Probability of success	10%	20%	30%	50%	60%	90%
Aker Horizons' share of MW	900	1,357	293	1,968	61	48	4,627
Risked MW	90	271	88	984	37	43	1,513

Cost of Equity

Free cash flow to equity from the projects is discounted using a cost of equity derived from the CAPM model.

The effective cost of equity used to discount the estimated cash flows ranges between 9.0 and 12.9 percent. The

calculation of cost of equity incorporates differences in maturity (see probability of success above), geography

and technology. The cost of equity applied also includes the probability of success, and projects in earlier

development stages will have higher cost of equity than more mature projects, all else equal. Thus, development

risk is incorporated in the cost of equity, that discounts the full 4.6 GW assumed brought to financial close.

Multiple-based valuation approach

A multiple-based valuation approach has been applied to a portfolio of projects consisting of 7.8 GW. The

majority of projects (6.4 GW) are stage 3 and stage 4 projects, whereas the remaining 1.4 GW is stage 2

projects. Due to resource and or regulatory constraints, these projects are not included in the prioritized five year

business plan. To capture the value of the projects in the SOTP, a multiple-based valuation approach has been

applied. The multiples used in this valuation are based on comparable transactions observed in the market and

non-binding offers. The multiples have been further adjusted to incorporate maturity and geographical risks.

Estimated sales proceeds

As part of Mainstreams ordinary business, some development projects are occasionally divested, either due to

strategic decisions or to optimize capital recycling. Projects where management intends to divest its interest

through a structured divestment process have been valued using estimated sales proceeds, considered together

with discounted cash flows. The sales proceeds estimates are largely based on ongoing negotiations or non-

binding offers and values are calculated by discounting future sale proceeds, net of development costs incurred

in the period up until divestment.

Terminal value

In addition to the above, a terminal value has been calculated based on the organization’s ability to identify,

develop, and operate projects after the initial five-year period included in the business plan. The terminal value is

calculated based on estimated value creation by developing a fixed number of projects to financial close every

year for an additional 10 years.

Sensitivities

The impairment testing of the goodwill is affected by changes in external factors such as commodity prices,

evolving regulatory environments and fluctuations in demand for clean energy, all of which can significantly

influence a project’s profitability and feasibility. Additionally, key inputs to the impairment calculation are discount

rates and the ability of the development organization in Mainstream to successfully develop the projects in the

current pipeline through financial close and into operation.

Although no impairment was required as a result of the impairment test as of 31 December 2024, the impairment

test did show that the Mainstream CGU is sensitive for impairment. As part of the impairment testing process, a

range of sensitivities has been performed by changing various assumptions to consider if there are any

reasonably possible changes in assumptions that would lead to an impairment requirement.

The sensitivity test show that the cost of equity, across all projects in all regions and all technologies included in

the development pipeline can increase by 0.5 percentage points, from a range of 9.0 - 12.9 percent, to a range

of 9.5 - 13.4 percent without resulting in any impairment charge. Total MW developed to financial close can be

reduced by 25 percent, from 4.6 GW to 3.5 GW before an impairment charge would be required. In addition, the

terminal value can be reduced to zero without resulting in any impairment charge.

The offshore wind portfolio represents approximately one third of the estimated recoverable amount. The

offshore wind market faces challenges including high initial investments, complex regulatory frameworks and

supply chain constraints. For these reasons, there is an elevated degree of uncertainty related to the offshore

wind projects. As a scenario in the sensitivity testing, fair value estimates related to the offshore wind platform

have been reduced by 50 percent. Such a reduction in the values would not result in impairment of goodwill, but

will reduce the headroom by NOK 1,002 million. In this scenario, book values of non-current assets related to the

offshore wind platform would be reduced by NOK 189 million, refer to note 13 Investments in associates and

joint ventures and 31 Related party transactions. Similarly, if fair value estimates in the offshore wind platform

are set to zero, this will result in an impairment charge of goodwill of NOK 298 million and also impact values in

non-current assets of total NOK 790 million.

Summary

Based on the impairment testing performed as of 31 December 2024, a total of NOK 1,166 million has been

recognized as impairment charges. The table below summarizes the impairment charges recognized, split

between Andes and other minor impairments throughout the group.


Amounts in NOK million	Impairments

Andes impairment	1,103
Corporate and other impairments	63
Total impairments 2024	1,166



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13 Investments in associates and joint ventures

Equity-accounted investments

The tables below show JVs and associates recognized in the Group’s consolidated financial statements, the carrying amount of the investments as well as the share of profit or loss, and the stand-alone financial information for

material equity-accounted investments.


		2024			2023
Amounts in NOK million	Office	Ownership	Book value	Share of net profit (loss)	Ownership	Book value	Share of net profit (loss)
Korea Floating Wind Power Co., Ltd	Ulsan, South-Korea	33.0%	73	(24)	33.0%	98	320
Principle Power Inc	California, US	36.0%	142	(154)	36.2%	269	(5)
SLB Capturi AS	Bærum, Norway	20.0%	886	(143)		—	—
Corporate PPA Project	Cape Town, South Africa	49.0%	—	(6)		—	—
Other			—	—		28	(71)
Total associates			1,101	(327)		395	244

SuperNode Ltd	Dublin, Ireland	50.0%	210	(25)	50.0%	173	(24)
Other			14	(17)		10	(61)
Total joint ventures			224	(42)		183	(85)

Total equity-accounted investees			1,324	(369)		578	159

See below for further information about material investments.

SLB Capturi AS

SLB Capturi is a joint venture between SLB and Aker Carbon Capture, combining the strengths and capabilities

of both companies to accelerate industrial decarbonization at a global scale. The revenue relates to delivery of

technology, engineering, procurement and construction services within the carbon capture, storage and

utilization (“CCUS”) value chain. Deliveries include studies, Front End Engineering and Design (FEED) contracts,

as well as full scale Engineering, Procurement and Construction (EPC) contracts related to the full carbon capture

value chain. Revenue from performance obligations is recognized according to progress. See note 26 Derivative

financial instruments for information about put/call arrangement for Aker Carbon Capture’s 20 percent

shareholding in SLB Capturi AS.

Korea Floating Wind Power Co., Ltd. (KFWind)

KFWind is one of eight consortia with an MoU in place with Ulsan City for the development of offshore wind

power in the region. Mainstream owns 33.3 percent of KFWind and the remaining shareholding is held by Ocean

Winds.

The project is showing good progress. Next milestones include participation in government held PPA auctions in

South Korea. Subsequent to a positive outcome of the PPA auction, the next milestone will be to bring the

project to financial close.

Principle Power Inc

Principal Power Inc (PPI) is an innovative technology and service provider for the offshore deepwater wind

energy market. PPI’s proven technology, the Windfloat – a floating wind turbine foundation – enables a change in

paradigm for the industry in terms of reduced costs and risks for the installation and operation of offshore wind turbines.

Corporate PPA

Corporate PPA project is a 97.5 MW solar PV project development developed in partnership with B-BBEE

Investors. As of 31 December 2024, Mainstream owns 49 percent. Financial close was reached in November

2023, supported by 20-year corporate PPA with Sasol and Air Liquide. Commercial operation date is expected in

the second quarter of 2025.

SuperNode Ltd

SuperNode is a technology development company that designs superconducting connection systems to connect

renewable generation and increase grid interconnection in mature markets. SuperNode’s goal is to to develop

and market an innovative transmission technology based on superconductors, requiring less infrastructure,

materials and space.

SuperNode is a 50/50 JV between Aker Horizons and founder Eddie O’Connor’s company Volnay for technology

development. In 2024, Aker Horizons and Volnay contributed a total of EUR 8 million, of which Aker Horizons

contributed according to its ownership share.



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Financial information on principal equity-accounted investees

The following table shows financial information for principal equity accounted-investees as presented in their own financial statements, adjusted for fair value adjustments at acquisition and differences in accounting policies. The table

also reconciles the summarized financial information to the carrying amount of the Group’s interest in the investments.


	PPI		KFWind		SLB Capturi2
Amounts in NOK million	2024	2023	2024	2023	2024

Revenue	112	125	—	—	844
Depreciations and amortizations	(15)	(13)	(1)	—	(41)
Interest income	—	1	2	1	—
Interest expense	(14)	(9)	—	(1)	36
Income tax expense	—	—	—	—	—
Net profit (loss)	(97)	(85)	(73)	(14)	(714)
Total comprehensive income (100%)	(97)	(85)	(73)	(14)	(690)
Group's share of total comprehensive income1	(35)	(31)	(24)	(5)	(138)

Current assets	67	85	115	265	1,204
- of which cash and cash equivalents	18	29	53	169	440
Non-current assets	252	220	570	334	832
Current liabilities	(70)	(72)	(439)	(324)	(1,056)
- of which current financial liabilities (excluding trade and other payables and provisions)	—	—	—	—	—
Non-current liabilities	(202)	(116)	(51)	(2)	(1,530)
- of which non-current financial liabilities (excluding trade and other payables and provisions)	(191)	(102)	(51)	(2)	(1,530)
Net assets (100%)	48	118	195	273	(549)
Share of net assets, net of NCI	17	43	65	90	(110)
Goodwill	124	226	8	8	883
Intangible assets	—	—	—	—	113
Carrying amount of the investment	142	269	73	98	886

1. In 2024, additional, NOK 120 million was booked as impairment of goodwill in Principle Power Inc.

2. Income statement represents the period after formation of the JV.



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14 Inventories

Inventories relate mainly to renewable generation assets under development. Given the development cycle of

the projects, it is expected that the work in progress will not be realized within one year.

Judgments and estimates

The Group reviews all projects in development on a periodic basis. Occasionally, these reviews result in a

reduction in the carrying value of inventory balances. Judgment has been applied when determining whether

costs previously capitalized are recoverable, and determining the net realizable value where it is deemed the full

cost is no longer recoverable. Management uses available market data to determine recoverability on an

individual project basis.


Amounts in NOK million	2024	2023

Work in progress	945	827
Finished goods	8	8
Total	953	836

Write-down in the period	(119)	(305)
Capitalized in the period1	133	276

15 Trade and other receivables

Trade and other receivables are to a large extent related to revenues in Mainstream, in addition to outstanding

VAT refunds originated on construction of the Andes Renovables platform in Chile (Mainstream). These VAT

refunds will be used to offset VAT liabilities on energy sales in future periods.

Trade and other receivables


Amounts in NOK million	Note	2024	2023

Trade receivables		292	496
Provision for bad debt		—	—
Net trade receivables		292	496
Customer contract assets	3	—	137
Public duty and tax refund		900	820
Accrued revenue		470	127
Prepaid expenses		101	79
Other receivables		7	3
Total		1,769	1,662

Ageing trade receivables


Amounts in NOK million	2024	2023

Not past due	274	398
Past due 0-30 days	1	94
Past due 31-90 days	2	1
Past due 90-365 days	3	0
More than one year	12	2
Total	291	496

As of 31 December 2024, there were no materially overdue receivables. As a result, no impairment was deemed

to be required. The Group has no history of significant credit losses.



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16 Cash


Amounts in NOK million	2024	2023

Cash in cash pool	1,317	540
Interest-bearing deposits	6,637	4,959
Cash and cash equivalents	7,954	5,499
Restricted cash	1,909	1,538
Total	9,863	7,037

Restricted cash

As of 31 December 2024, NOK 1.9 billion of the Group’s cash was restricted in respect of Mainstream. Of this

amount around NOK 398 million relates to cash backing of certain guarantees provided on behalf of Mainstream.

Around NOK 1.5 billion relates to the portfolios, where cash disbursed under the project finance facilities is

restricted for use within the specific portfolio.

17 Share capital and capital reserves

The Company holds no treasury shares. The share capital of Aker Horizons ASA is divided into 690,351,751

ordinary shares, with a nominal value of NOK 1. All issued shares are fully paid. There have been no changes

the share capital in 2024.

Share capital and other paid-in capital

Aker Horizons ASA has one class of shares, ordinary shares, with equal rights for all shares. The holders of

ordinary shares are entitled to receive dividends and are entitled to one vote per share at General Meetings.

Currency translation reserve

The foreign currency translation reserve comprises the aggregate effect since incorporation or acquisition of

translating the equity of subsidiaries that have a functional currency different to the currency of the parent

company, including the Group’s share of joint venture and associate foreign exchange variations.

Other equity

Other equity comprises continuity differences from common control transactions and the equity component of

compound instruments.

Cash flow hedge reserve

The cash flow hedge reserve comprises the aggregate movement in the value of forward foreign exchange

contracts and interest rate swaps that have been designated for hedge accounting.



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18 Borrowings


Amounts in million	Currency	Nominal currency value	Maturity	Carrying amount (NOK)

2024
Revolving Credit Facility - Aker Horizons ASA	NOK	—	2025	4
Green bond - Aker Horizons ASA	NOK	2,500	2025	2,521
Convertible loan - Aker Horizons ASA	NOK	1,581	2026	1,500
Shareholder loan - Aker Horizons ASA	NOK	2,550	2026	2,548
Total corporate borrowings				6,573
Project finance debt - Andes	USD	1,059	2035	12,028
Mezzanine debt - Andes	USD	83	2035	944
Project finance debt - South Africa	ZAR	338	2027/2031	197
DNB facility - Mainstream	USD/EUR	55/18	2025	848
Other loans - Aker Asset Development	NOK			61
Total other borrowings				14,078
Total borrowings				20,652

- of which current				3,392
- of which non-current				17,259


Amounts in million	Currency	Nominal currency value	Maturity	Carrying amount (NOK)

2023
Revolving Credit Facility - Aker Horizons ASA	NOK	—	2025	(9)
Green bond - Aker Horizons ASA	NOK	2,500	2025	2,514
Convertible loan - Aker Horizons ASA	NOK	1,567	2026	1,400
Shareholder loan - Aker Horizons ASA	NOK	2,408	2026	2,404
Total corporate borrowings				6,309
Project finance debt - Andes	USD	1,004	2035	10,314
Mezzanine debt - Andes	USD	140	2035	755
DNB facility - Mainstream				(8)
Other loans - Aker Asset Development	NOK			66
Total other borrowings				11,127
Total borrowings				17,436

- of which current				48
- of which non-current				17,388

Aker Horizons corporate borrowings

Revolving Credit Facility (RCF)

The Company has a multi-currency revolving credit facility in the amount of EUR 500 million that can be drawn

on for general corporate purposes of the Group, including the funding CapEx, acquisition costs and expenses.

The loan carries an interest rate of 3M NIBOR + 2.5 percent margin p.a. The RCF includes customary financial

covenants, such as a maintenance-based loan-to-value (LTV) covenant of 50 percent. Loans in the LTV

covenant includes senior loans in Aker Horizons ASA (not subordinated debt). The covenant also includes a

minimum liquidity covenant, in the form of cash or undrawn facility, of NOK 200 million. As of 31 December 2024,

the facility was undrawn.

The RCF matures in May 2025, and Aker Horizons has decided not to exercise the option to extend the RCF by

an additional year, in an effort to reduce costs.



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Green Bond

In February 2021, the Company signed an unsecured green bond issue in an amount of NOK 2,500 million, with

a tenor of 4.5 years, a bullet amortization and an interest rate of 3M NIBOR + 3.25 percent margin p.a. The

terms of the Green Bond issue include customary financial covenants such as an incurrence-based loan-to-

value covenant and a minimum liquidity covenant of NOK 200 million, in line with the RCF described above. The

Green bond matures in August 2025.

Convertible bond

In February 2021, the Company issued an unsecured convertible bond in the amount of NOK 1,500 million with

a tenor of 5 years, bullet amortization and 1.5 percent p.a. payment in kind (PIK) interest. The bondholders may

elect to convert the bonds to shares in the Company at any time during the term of the bond issue at a

conversion price which is 25 percent above the offer price of NOK 35 per share in the private placement that

took place in Aker Horizons ASA in January 2021. The bonds issued under the convertible bond issue rank pari

passu with other subordinated debt of Aker Horizons but are subordinate to senior debt of the borrower in the

event of a default under any of Aker Horizons’ financial arrangements.

On initial recognition, the fair value of the debt component of the convertible bond was estimated to NOK 1,152

million and the residual of NOK 348 million was recognized as equity. The nominal currency value of the loan in

the table above reflects the NOK 1,500 million including accrued interest of 1.5 percent as of 31 December

2024. The convertible bond matures in February 2026.

Shareholder loan

In January 2021, the Company entered into a subordinated loan agreement of NOK 2,000 million with Aker

Capital AS (see Note 31 Related party transactions for more information). Book value of the loan includes

accrued interests as of 31 December 2024. The shareholder loan matures in February 2026.

Borrowings in Mainstream

Project finance debt Andes

At 31 December 2024, the project finance debt for Condor and Huemul has a carrying value of USD 548 million

and USD 511 million, respectively. The outstanding balances related to project finance debt for Copihue were

fully repaid in 2023.

As a result of the refinancing agreement reached with the project finance lenders, several modifications to the

original terms were agreed. The modified terms include a conversion of annual cash pay interest to PIK interest

through May 2026. The maturity date has moved from 2038 to 2035 and the payment profile has changed from

quarterly installments to a 2 percent amortization p.a. from 2027 (Condor) and 2029 (Huemul) and a cash sweep

mechanism with a bullet payment of remaining debt at maturity.

Interest is based on a 3M SOFR (Secured Overnight Financing Rate) plus a credit adjustment spread and

margin starting at 2.45 percent p.a., increasing to 3.20 percent p.a. over the life of the loan.

Covenants: The project financing loans referred to above have customary covenants that relate to the use of

funds and 12-month historic and projected Debt Service Coverage Ratios (“DSCR”) at each debt service

payment date. They also contain customary measures relating to the construction and running of the project

companies to ensure the lenders have comfort over project execution, management and involvement in the

decision-making processes.

Throughout the construction and operation of projects within the Andes Renovables platform, Mainstream has

been in regular contact with its lenders and has received the lenders’ support on all key aspects of the build to

date. As of 31 December 2024, all of the Andes Renovables’ loans were fully compliant with no defaults

outstanding.

Security rights: As part of the project financing agreements the lenders have security rights over the underlying

assets in Condor and Huemul. These security rights include pledges over project-related property, plant and

equipment, both in construction and in operations, cash, trade receivables and all other assets.

Mezzanine debt Andes

In 2020, Mainstream entered into a mezzanine debt with Ares Management Corporation (Ares) and restructuring

agreement was reached with the mezzanine lenders in 2023. The new facility earns interest at 6 percent p.a.,

PIK and maturity date is 2035. The mezzanine lender has been granted a 10 percent equity interest in the Andes

Renovables platform as part of the agreement to refinance the mezzanine debt.

Project finance debt - South Africa

At 31 December 2024, the project finance debt for the Ilikwa project under construction in South Africa has a

carrying value of ZAR 338 million. Interest is based on a JIBAR plus a margin of 2.55-3.50 percent in the

construction phase and 3.5 percent in operational phase. The majority of the loan will mature in in the period

2027-2031.

Mainstream USD 220 million financing facility

Mainstream entered into a loan facility of up to USD 220 million in 2023, which can be drawn for general

corporate purposes of the Group. In addition, the facility can be used to issue letters of credit in support of

projects. Other than the overall cap of USD 220 million, there is no limit on the amount of the facility that can be

drawn as cash versus being used to issue letters of credit. The facility is backed by shareholders of Aker

Mainstream Renewables AS, and Aker Horizons’ share of the sponsor commitment is 58.4 percent of the

maximum facility size, representing Aker Horizons’ share in Mainstream. This commitment to provide a

shareholder loan to Mainstream is callable in April 2025. After year-end, extensions to this corporate facility with

DNB was agreed for letters of credit of USD 84.5 million and a plan on expiration to convert the external loan



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with DNB to a shareholder loan. See more information in Note 9 Borrowings in Aker Horizons parent company

accounts.

The loan carries an interest comprising a term reference rate + 2.875 percent margin p.a.. The term reference

rate varies depending on which currency is drawn. As of 31 December 2024, USD 55 million and EUR 18 million

were drawn under the facility. For any outstanding amount of each letter of credit issued, the Group shall pay a

letter of credit fee of 2.55 percent. As of 31 December 2024, a total of USD 84.5 million and GBP 5.9 million in

letters of credit were issued under the facility. in letters of credit were issued under the facility.

Other loans

Under Other loans, NOK 61 million in Aker Asset Development relates mainly to an earn-out agreement that

formed part of the transaction when a site was acquired in 2021.

Reconciliation of movements of liabilities to cash flows arising from financing

activities


Amounts in NOK million	Notes	Corporate loans	Other loans	Leases	Total

2024
Balance as of 1 January 2024		6,309	11,127	794	18,230
Proceeds from borrowings		—	1,024	—	1,024
Repayments from borrowings		—	(416)	—	(416)
Transaction costs borrowings		—	—	—	—
Lease payments	19	—	—	(33)	(33)
Total changes from financing cash flows		—	607	(33)	575

Other changes
New leases	19	—	—	61	52
Foreign exchange movements		—	1,335	1	1,345
Change in accrued interest		264	914	(1)	1,177
Refinancing effects	7	—	—	—	—
Change in capitalized borrowing costs		—	96	—	96
Total other changes		264	2,344	62	2,670

Balance as of 31 December 2024		6,573	14,078	823	21,474


Amounts in NOK million	Corporate loans	Other loans	Leases	Total

2023
Balance as of 1 January 2023	6,051	13,922	687	20,660
Proceeds from borrowings	—	5	—	5
Repayments from borrowings	—	(1,825)	—	(1,825)
Lease payments	—	—	(51)	(51)
Total changes from financing cash flows	(9)	(1,821)	(51)	(1,881)

Other changes
New leases	—	—	125	125
Foreign exchange movements	—	544	33	577
Change in accrued interest	239	797	—	1,036
Refinancing effects	—	(2,508)	—	(2,508)
Change in capitalized borrowing costs	27	192	—	220
Total other changes	267	(974)	158	(549)

Balance as of 31 December 2023	6,309	11,127	794	18,230

19 Leasing

The Group's leases mainly consist of land and office buildings, in addition to some machines and office

equipment. Contracts that contain a lease are recognized in the balance sheet as a right-of-use asset and lease

liability unless the lease is short-term (less than 12 months duration) or of low-value (less than NOK 50,000).

Judgments and estimates

Judgment has been applied when determining the discount rate used in the calculation of lease liabilities. The

Group applies the interest rate implicit in the lease where possible, otherwise the incremental borrowing rate is

used. The incremental borrowing rate is estimated taking into account both company and asset-specific risks.



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Right-of-use assets


Amount in NOK million	Note	Land and buildings	Machinery and equipment	Total

Balance as of 1 January 2023		731	2	734
Additions		128	1	128
Depreciations		(60)	(2)	(62)
Currency translation differences and other changes		60	—	60
Balance as of 31 December 2023		859	1	860

Cost		915	4	920
Accumulated depreciation		(56)	(3)	(59)
Carrying value		859	1	860


Balance as of 1 January 2024		859	1	860
Additions		61	—	61
Depreciations		(48)	—	(48)
Currency translation differences and other changes		79	(1)	78
Balance as of 31 December 2024		952	—	952

Cost		1,120	2	1,122
Accumulated depreciation		(169)	(2)	(170)
Carrying value		952	—	952

The majority of the right-of-use assets from Mainstream relate to seven land leases in Chile for the Condor and

Huemul portfolios, expiring over a period of 22 to 33 years. In addition, Aker Horizons has entered into a lease

agreement for office premises with Aker Tech House AS that expires in 2034, see also Note 31 Related party

transactions.

Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated

useful life of the asset, as follows:

• Land and buildings: 2-33 years

• Machinery and equipment: 1-5 years

Lease liabilities


Amount in NOK million	Note	2024	2023

Balance as of 1 January		794	687
Additions		61	128
Lease payments		(75)	(84)
Accrued interest	7	42	31
Currency translation differences and other changes		—	32
Balance as of 31 December		823	794

- of which current		74	65
- of which non-current		749	729

Short-term and low-value assets expensed in the income statement amount to NOK 1 million (2023: NOK 2

million). For maturity of undiscounted lease payments as of 31 December, see Note 23 Financial risk and

exposure.



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20 Provisions and non-current liabilities

Provisions

Provisions are estimated on the basis of a number of assumptions and are highly judgmental in nature.


Amounts in NOK million	Asset retirement obligations	Other current provisions	Total

Balance as of 1 January 2024	280	5	284
Remeasurement	12	—	12
Provisions made during the year	—	143	143
Provisions used during the year	—	(5)	(5)
Provisions reversed during the year	(15)	—	(15)
Discount effect	16	—	16
Currency translation differences	33	2	35
Balance as of 31 December 2024	327	145	471

Asset retirement obligations

The Group recognizes a decommissioning provision in the cost of generation assets when there is an obligation

to decommission and restore the sites it occupies. As of 31 December 2024, provisions totaling NOK 327 million

have been recognized. See Note 10 Property, plant and equipment for judgments used when estimating this

obligation.

Other

Other includes a NOK 116 million provision for claims or fines in Chile where it is probable an outflow of

resources will be required and NOK 29 million for a redundancy provision.

Other non-current liabilities


Amounts in NOK million	Note	2024	2023

Employee benefits	5	4	8
Deferred consideration		52	65
Total		56	73

Deferred consideration

In 2022, Aker Horizons acquired five sites in the Narvik region in the north of Norway. The acquisition of the five

sites are one of the key steps in the plan to develop green value chains for power-intensive industries, such as

the production of hydrogen and hydrogen derivative assets, in the Narvik region. The sites were acquired from

Nordkraft AS, a municipality-owned, local power producer in the Narvik region.

As part of the agreement, Nordkraft has committed to participate in the development of the sites, both through

an active ownership, holding a 20 percent minority stake in the projects, and through earn-out agreements linked

to the sites’ successful development. A deferred consideration related to earn-out agreements is recognized in

the amount of NOK 65 million, of which NOK 13 million is reported as a current liability, see Note 21 Trade and

other payables.



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21 Trade and other payables

Trade and other payables as of 31 December 2024 relate mainly to construction and generation activities in

Chile.


Amounts in NOK million	Note	2024	2023

Trade payables		281	509
Accrued expenses		889	1,289
Contract liabilities		—	372
Public duties and taxes		42	53
Other current liabilities		135	—
Deferred consideration - current1		13	10
Tax payables	8	13	—
Current provisions	20	145	5
Total trade and other payables		1,519	2,237

Deferred consideration

Deferred consideration of NOK 13 million relates to the purchase of Powered Land AS, which took place in 2022.

See more information about the deferred consideration in Note 20 Provisions and non-current liabilities.

22 Capital management

The overall objectives of Aker Horizons’ capital management policy are to maintain an appropriate liquidity

position to ensure financial flexibility, and to maintain a capital structure that minimizes the Company’s cost of

capital. Aker Horizons pursues a conservative strategy, with low risk for placements of surplus liquidity and the

need to be flexible in terms of accessibility.

Aker Horizons’ capital management is based on a rigorous investment selection process, which considers not

only Aker Horizons’ weighted average cost of capital and strategic orientation but also external factors.

Funding policy

Aker Horizons has a strong focus on liquidity to ensure solvency for financial obligations and to have available

capital. The corporate liquidity reserve in the Aker Horizons’ holding companies at year-end 2024 was NOK 8.8

billion. This was composed of an undrawn committed credit facility of EUR 500 million and cash and cash

equivalents of NOK 2.9 billion in “Aker Horizons & holding” (compared to cash and cash equivalents of NOK 9.9

billion for the entire Group).

Aker Horizons aims to access diversified funding sources in order to minimize the cost of capital. In addition to

the use of banks for syndicated credit facilities and the issue of equity and debt instrument in Norwegian and

foreign capital markets, Aker Horizons may fully or partially realize investments in its portfolio to access liquidity.

For funding needs in portfolio companies, the Group’s funding policy is that subsidiaries should finance their

operations on a stand-alone basis. There are several levers to utilize in addition to customary corporate and

project-level debt financing, including farming down and inviting strategic investors at the project or portfolio

company level.

Ratios used in monitoring capital/covenants

Aker Horizons corporate debt

Aker Horizons monitors its compliance with corporate requirements on the basis of a loan-to-value (LTV) ratio

which has a covenant with a maximum senior debt balance of 50 percent of consolidated values, and a minimum

available liquidity, in the form of cash or undrawn RCF balance, of NOK 200 million.

The covenants are monitored on a regular basis by Aker Horizons to ensure compliance with the loan

agreements and are tested and reported on a quarterly basis. Aker Horizons was in compliance with its

covenants as of 31 December 2024.

For covenant information on other borrowings in Aker Horizons, see Note 18 Borrowings .



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23 Financial risk and exposure

Financial risk and capital management

The Aker Horizons Group consists of various operations and companies that are exposed to different types of

financial risks, including credit, liquidity and market risk (e.g., energy price, currency and interest risk). The

purpose of risk management is to measure and manage financial risk in a reliable manner, thereby increasing

predictability and reducing negative effects on Aker Horizons’ financial results. The Group uses different financial

instruments to actively manage its financial exposure.

The Group has put in place a set of policies and procedures to assist in the management of group financial risks.

These procedures must be approved and reviewed annually by the Board and primarily cover foreign exchange

risk, credit risk, liquidity risk and interest rate risk.

Credit risk

Credit risk is the risk of financial losses if a customer or counterparty to financial receivables and financial

instruments fails to meet contractual obligations. The Group is exposed to credit risk from its operating activities

(primarily for trade and other receivables) and from its financing activities, including deposits with banks and

financial institutions.

The Group actively monitors its credit exposure to each counterparty. In addition, the Group reviews the

creditworthiness of key suppliers, customers or other stakeholders and partners (such as construction

contractors, electricity off-takers or turbine suppliers) when entering into significant or long-term contracts. The

Group currently has no concerns regarding the recoverability of receivables based on our assessment of these

counterparties.

The Group transacts with a variety of highly credit rated financial institutions for the purpose of placing deposits.

The Group’s objective is to primarily trade with counterparties that have an investment grade rating and with

which the Group has a longstanding relationship. Furthermore, exposure per financial institution is capped in

accordance with Treasury Policy.

The maximum exposure to credit risk at the reporting date equals the book value of each category of financial

assets (Note 16 Cash, Note 15 Trade and other receivables and receivables on joint venture and associates as

disclosed in Note 31 Related party transactions). The Group does not does not secure credit by means of

collateral.

Outstanding customer and other receivables are regularly monitored. For trade receivables, the Group applies a

simplified approach when calculating expected credit losses. As of 31 December 2024 and 2023, no allowance

was required.

Commodity price risk

The Group, through its investment in Mainstream Renewable Power, is exposed to commodity price risk, as the

price of electricity is a key input to the valuation of a solar PV or wind farm asset. The Group intends to manage

the risk of electricity price volatility by seeking to agree Power Purchase Agreements (PPAs) with off-takers of

electricity to fix a price for a given term prior to the financial close of a project.

The Group also considers other commodity price risks, such as that of steel and other metal components which

can have an impact on the Group’s business, as part of its overall risk assessment.

Currency risk

The Group's operations in the international market results in various types of currency exposures. Currency risk

arises through ordinary course of business, potential mergers, acquisitions and divestments, capitalized assets

and liabilities, and when such transactions involve payments in a currency other than the functional currency of

the respective company. In addition, currency risk will occur if investments in subsidiaries are made in another

currency than its functional currency.

The Group's exposure to currency risk is primarily related to EUR, GBP, USD and CLP and is managed in

accordance with the agreed policies.

The Group performs a review of all potential currency exposures. Aker Horizons manages the overall currency

exposure by entering into currency derivative instruments in the foreign exchange market in accordance with the

Treasury Policy. As of 31 December 2024, the Group did not have significant residual currency exposure related

to its activities.

Liquidity risk

Liquidity risk is the risk that the Group will have insufficient funds to meet its liabilities. The Group actively

manages its use of long-term and short-term assets and liabilities to ensure it has sufficient funds available to

meet the demands of the Group. The Group has both short- and long-term debt funding and has cash balances

with deposit maturities up to three months.



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Overview of contractual maturities of financial liabilities, including estimated interest payments specified by category of liabilities:


		Contractual cash flows including estimated interest payments
Amounts in NOK million	Carrying amount	Total contractual cash flows	6 months or less	6-12 months	1-2 years	2-5 years	Over 5 years

2024
Corporate loans	6,573	6,998	129	2,551	4,318	—	—
Mainstream loans	14,017	25,979	882	123	264	3,263	21,447
Other	61	62	9	10	13	30	—
Total borrowings	20,652	33,039	1,019	2,684	4,595	3,293	21,447

Lease liabilities	823	1,290	52	16	103	166	952
Trade and other payables	1,519	1,519	1,519
Total borrowings and other liabilities	22,993	35,848	2,590	2,701	4,699	3,459	22,399


		Contractual cash flows including estimated interest payments
Amounts in NOK million	Carrying amount	Total contractual cash flows	6 months or less	6-12 months	1-2 years	2-5 years	Over 5 years

2023
Corporate loans	6,309	7,117	130	131	2,680	4,176	—
Mainstream loans	11,061	21,389	162	—	—	1,893	19,334
Other	66	70	4	5	48	13	—
Total borrowings	17,436	28,576	295	136	2,728	6,082	19,334

Lease liabilities	794	1,182	38	25	15	182	921
Trade and other payables	2,237	2,237	2,237
Total borrowings and other liabilities	20,467	31,995	2,571	161	2,744	6,264	20,256

As of 31 December 2024, the Group had cash and cash equivalents of NOK 9.9 billion, of which NOK 1.9 billion was restricted, see Note 16 Cash.



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Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of an asset or liability will fluctuate because of

changes in market interest rates. Aker Horizons’ interest rate exposure mainly arises from external funding in

bank and debt capital markets. The Group has managed this risk by borrowing at a fixed rate of interest as

deemed appropriate, by use of interest rate swaps to achieve the desired fixed/floating ratio of the external debt.

Most of the external debt in Aker Horizons and Mainstream contains a floating component.

As with currency risk, interest rate risk is managed in accordance with the Treasury Policy, and

recommendations are made to management in this regard. Where deemed appropriate, the Group will look to

enter into interest rate swaps so as to mitigate the risk associated with fluctuations in the floating component of

the debt. As part of the restructuring of the project finance debt related to the Andes Renovables platform in

2023, existing swaps were liquidated in order, primarily, to fund the respective projects. Mainstream continues to

evaluate its interest exposure in the Andes Renovables platform and ways to mitigate this, which could include

entering into new swaps.

The interest profile of the Group’s interest-bearing financial instruments is as follows:


Amounts in NOK million	2024	2023

Fixed-rate instruments
Financial liabilities	(4,992)	(4,559)
Total	(4,992)	(4,559)
Effect of interest rate swaps	(1)	—
Total	(4,993)	(4,559)

Floating-rate instruments
Financial assets	9,863	7,036
Financial liabilities	(15,660)	(12,877)
Total	(5,797)	(5,841)
Effect of interest rate swaps	1	—
Total	(5,796)	(5,841)

Effect of an increase of 100 basis points in interest rates on profit (loss) before tax:


Amounts in NOK million	Note	2024	2023

Cash and cash equivalents	16	99	70
Borrowings	18	(157)	(128)
Net		(58)	(58)

A decrease of 100 basis points in interest rates would have had the equal but opposite effect on the above

amounts, all other variables remaining constant.



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24 Climate risk

Climate change represents both a risk and an opportunity for Aker Horizons. Effective assessment and analysis

of these climate-related risks (both physical and transitional) and opportunities is critical to understanding the

potential impacts of climate-related risks on asset valuations, revenue and investment needs. Aker Horizons has

prepared a Sustainability Statement in accordance with CSRD included in the Board of Directors’ Report. In this

statement, Aker Horizons’ climate-related sustainability impacts, risks and opportunities are described, and the

resilience of the strategy and business model in relation to climate change, as well as the policies, actions and

targets that are implemented to handle the material impacts, risks and opportunities.

The following material risks and opportunities related to climate change are identified in the double materiality

assessment under the CSRD:

• Transition risk: There is a risk that the green energy transition is delayed, if policy actions by governments

are not sufficient or implemented too slowly, leading to reduced revenue.

• Transition opportunity: There is an opportunity for increased demand for Aker Horizons renewable energy

production, due to growing interest in solutions mitigating climate change and reducing GHG emissions,

leading to increased revenue.

• Overall, Aker Horizons is well positioned to profit from the increased focus on reducing emissions and

reaching the net zero target. However, the transition risks may affect the value of Aker Horizons’ assets.

The Chilean power generating assets in the Andes Renovables portfolio have been realizing positive commercial

margins in 2024, however, the fundamental market challenges persist.Please also refer to Note 12 Impairment.

25 Financial instruments

Financial assets and liabilities in the Group consist of trade and other receivables, cash and cash equivalents,

forward foreign exchange contracts, trade and other payables and borrowings. All financial assets and liabilities,

except for derivative financial instruments and earn-out related to sale of Aker Carbon Capture business, are

measured at amortized cost.

Amortized cost is considered a reasonable approximation of fair value for all financial assets and liabilities, with

the following exceptions:


Amount in NOK million	Note	Carrying value	Fair value	Fair value hierachy

Green Bond	18	2,521	2,506	Level 2
Convertible	18	1,500	1,307	Level 2

When measuring the fair value of an asset or a liability, the Group uses observable market data as far as

possible. Fair value are categorized into different levels in a fair value hierarchy based on inputs used in the

valuation techniques as follows:

• Level 1: Quoted (unadjusted) market prices in active markets for identical assets or liabilities

• Level 2: Inputs other than quoted prices included in Level 1 that are observable for the asset or liability

• Level 3: Inputs for the asset or liability that are not based on observable market data (unobservable inputs)

Derivative financial instruments and marketable securities are measured at level 2 and 3 in the fair value

hierarchy, see note 26 Derivative financial instruments for more information.

For estimation of fair value of earn-out related to sale of Aker Carbon Capture business, see note 27

Discontinued operations



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26 Derivative financial instruments

Information regarding risk management policies in the Group is available in Note 23 Financial risk and exposure.

Interest rate swaps

Fair value of interest rate swaps as of 31 December 2024 amounts to NOK 1 million and relate to construction

financing in Ilikwa, South Africa. Maturity is in 2026.

Forward foreign currency contracts and currency options

Mainstream has entered into foreign exchange contracts to hedge its currency exposure under construction of

Ilikwa project. Fair value of these contracts as of 31 December 2024 amounts to net NOK 3 million, with maturity

in 2026.

Further, Aker Horizons had entered into foreign exchange options to hedge its share of the USD exposure under

the sponsor commitment for Mainstreams DNB facility, see note 18 Borrowings. Fair value as of 31 December

2024 amounts to NOK 51 million, with maturity in 2025.

Put & Call option related to 20 percent ownership in SLB Capturi AS

The cooperation between Aker Carbon Capture ASA and SLB as shareholders of the combined business in SLB

Capturi will be governed by a shareholders’ agreement. After a lock-up period of three years, Aker Carbon

Capture ASA will be entitled to sell its stake in company to SLB during a period of six months (put option). The

put option price will be based on the fair market value of the combined business with a floor equal to the

purchase price agreed in the transaction as disclosed in note 27 Discontinued operations (on a per share basis,

and not including any performance-based payments) corresponding to approximately NOK 1.0 billion for the

retained 20 percent stake, and a ceiling at 2.0x this price. Conversely, SLB will after expiry of the put option have

a right to purchase Aker Carbon Capture ASA's 20 percent stake in the combined business during the following

six months (call option). The call option price will be based on the fair market value of the combined business

with a higher floor than the put option floor and a ceiling at 2.5x. The shareholders' agreement also has

customary buy-out rights for both shareholders in the event of a change of control in the other shareholder.

The put and call options are recognized as financial instruments for Aker Carbon Capture ASA (with the

investment in associate, SLB Capturi, as the underlying exposure) within the scope of IFRS 9, and will be

separately accounted for at fair value through profit and loss. Correspondingly, the two options are presented

gross in the balance sheet as a derivative financial asset and a derivative financial liability.

The derivative financial instruments were both initially recognized at a fair value of NOK 232 million when the

transaction was closed. As of 31 December 2024, the derivative financial asset and liability was valued at NOK

252 million and NOK 200 million, respectively, resulting in a gain in financial items of NOK 51 million.

The estimated fair value is calculated based on an internally developed option pricing model, using

unobservable input such as fair value of SLB Capturi, discount rate and volatility, categorizing the fair value

measurement as a Level 3 fair value. The fair value of SLB Capturi AS has been determined using a multiple

approach based on Revenue, EBITDA, and Cash Flow from Operations from the business plan, averaging

calculations across the years 2028 to 2030. Volatility assumption based on the the Company’s historical share

prices as well as volatility for peers, and is reflected by 60 percent. The change in option value of NOK 51 million

primarily reflect time value, with the underlying asset's value remaining largely unchanged from initial

recognition.

Hedge accounting

The hedge reserve as of 31 December 2023 relates to forward foreign exchange contracts in Aker Carbon

Capture, while the hedge reserve as of 31 December 2024 is related to construction activities on the Ilikwa

project in Mainstream.


Amounts in NOK million	2024	2023

Balance as of 1 January	3	1,218
Change in fair value of hedging instrument recognized in OCI	25	45
Reclassified from OCI to profit and loss	—	(396)
Discontinuation of hedge accounting	—	(1,424)
Disposal of subsidiaries	(11)	—
Tax on cash flow hedges	(5)	561
Balance as of 31 December	13	3

-of which presented as hedge reserve	5	1
-of which presented as non-controlling interest	8	2



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Note 27 Discontinued operations

On 14 June 2024, Aker Carbon Capture ASA closed the agreement with SLB to combine their respective carbon

capture businesses to support accelerated industrial decarbonization at scale. Bringing together complementary

technology portfolios, leading process design expertise and an established project delivery platform, the

partnership will leverage ACC’s commercial carbon capture product offering and SLB’s new technology

developments and industrialization capability. It will create a vehicle for accelerating the introduction of early-

stage technologies into the global market on a commercial, proven platform. Following the transaction, SLB will

own 80 percent of the combined business and Aker Carbon Capture ASA will own 20 percent (see Note 13

Investments in associates and joint ventures.

At closing, SLB paid NOK 4.1 billion in cash to Aker Carbon Capture ASA for the purchase of 80 percent of the

shares in Aker Carbon Capture Holding AS (later renamed to SLB Capturi AS), which held the business of ACC.

A gain of NOK 4.9 billion was recognized in Profit (loss) from discontinued operations, of which NOK 3.9 billion is

related to the disposed business (net of transaction costs) and NOK 1 billion is related to remeasurement of the

retained ownership at fair value.

Earn-out

In addition to the consideration paid, Aker Carbon Capture ASA is entitled to a performance-based payment of

up to NOK 1.36 billion. 85 percent of the performance-based payments will be subject to the achievement of

order intake and margin targets, and 15 percent on reaching certain milestones. The payments will be due when

certain targets are met in the period 2025 to 2027, weighted towards the end of the period upon finalization of

the financial statements for 2027. The performance-based payments will carry a market-based interest rate from

the date of closing until the date of payment.

As of 31 December 2024, no earn-out has been recognized. The assessment is based on the company’s

business plan and has been adjusted for the probability of not exceeding revenue and margin earn-out

thresholds. Given the uncertain geopolitical situation and its impact on the emerging CCS industry, there is

uncertainty regarding future earn-out payments. Consequently, as of 31 December 2024, the probability of

achieving the earn-out thresholds is assessed to be low and the fair value is assumed to be zero.

However, the strategic important award from Hafslund Celcio AS in January 2025 triggered a milestone payment

under the earn-out arrangement of NOK 71 million including interest. See note 32 Subsequent events for more

information.

Income statement for discontinued operations


Amounts in NOK million	2024	2023

Revenue	971	1,605
Expenses	(1,049)	(1,807)
Results from operating activities, net of tax	(78)	(202)
Gain on sale of discontinued operation, net of transaction costs	4,887	(6)
Profit (loss) from discontinued operations, net of tax	4,810	(208)

Intercompany transactions between Aker Horizons entities and the disposed business, which mainly constitutes

inter-company interests, office lease and shared services, have been eliminated in continuing operations in the

consolidated income statement. There is no tax expense related to the disposed operations or the sale of the 80

percent shareholding.

Cash flows from (used in ) discontinued operations


Amounts in NOK million	2024	2023

Net cash used in operating activities	(271)	153
Net cash from investing activities	3,647	(147)
Net cash from financing activities	(2)	(9)
Net cash flows for the year	3,375	(3)

Effect of disposal on the financial position of the group


Amounts in NOK million		At disposal

Property, plant and equipment		90
Rights of use assets		41
Intangible assets		212
Trade and other receivables		349
Cash and cash equivalents		349
Trade and other payables		(816)
Other liabilities		(45)
Net assets and liabilities		180

Consideration received, satisfied in cash		4,063
Cash and cash equivalents disposed of		(349)
Net cash inflow		3,714



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28 Subsidiaries

Judgments and estimates

Judgment is applied when considering whether Aker Horizons’ ownership in other companies is sufficient to give

it control according to IFRS 10. The primary consideration is whether Aker Horizons is able to control the

outcome of voting at the companies' general meetings.

Aker Horizons owns 43.3 percent of the shares in Aker Carbon Capture. After careful consideration, Aker

Horizons has concluded that control exists. This is based primarily on the ownership interests of Aker Horizons

relative to the remaining shareholders. In total, investors representing over 76 percent of outstanding shares

would need to vote together against Aker Horizons, at the general meeting, in order to overturn a proposal by

Aker Horizons. Aker Carbon Capture’s shareholders are a diversified group of investors, where investors with an

ownership interest in excess of 1 percent (excluding Aker Horizons) control 23 percent. Approximately 21,000

investors have an ownership interest of less than 1 percent. Based on an overall assessment, the conclusion is

that Aker Horizons has control of Aker Carbon Capture.

Subsidiaries

The Group’s consolidated financial statements include the financial statements of Aker Horizons ASA and all of

its subsidiaries, the principal of which are listed below. If not stated otherwise, ownership equals the percentage

of voting shares.


		Ownership
Company	City/Country	2024	2023

Principal subsidiaries Aker Carbon Capture
Aker Carbon Capture ASA	Bærum, Norway	43.3%	43.3%
Aker Carbon Capture AS1	Bærum, Norway	43.3%	—%
Aker Carbon Capture Norway AS2	Bærum, Norway	—%	43.3%

Principal subsidiaries Mainstream
Andes Mainstream SpA	Santiago, Chile	58.4%	58.4%
AR Alena SpA	Santiago, Chile	52.6%	52.6%
AR Alto Loa SpA	Santiago, Chile	52.6%	52.6%
AR Caman SpA	Santiago, Chile	52.6%	52.6%
AR Cerro Tigre SpA	Santiago, Chile	52.6%	52.6%
AR Escondido SpA	Santiago, Chile	52.6%	52.6%
AR Llanos del Viento	Santiago, Chile	52.6%	52.6%
AR Pampa SpA	Santiago, Chile	52.6%	52.6%
AR Puelche Sur SpA	Santiago, Chile	52.6%	52.6%
AR Tchamma SpA	Santiago, Chile	52.6%	52.6%
AR Valle Escondido	Santiago, Chile	52.6%	52.6%


		Ownership
Company	City/Country	2024	2023
Condor Energía SpA	Santiago, Chile	52.6%	52.6%
Condor Inversiones SpA	Santiago, Chile	52.6%	52.6%
Copihue Energía SpA	Santiago, Chile	52.6%	52.6%
Copihue Inversiones SpA	Santiago, Chile	52.6%	52.6%
Huemul Energía SpA	Santiago, Chile	52.6%	52.6%
Huemul Inversiones SpA	Santiago, Chile	52.6%	52.6%
Mainstream Renewable Power Ltd	Dublin, Ireland	58.4%	58.4%
International Mainstream Renewable Power Ltd	Dublin, Ireland	58.4%	58.4%
Mainstream Renewable Power Group Finance Ltd	Dublin, Ireland	58.4%	58.4%
Mainstream Renewable Power Group Treasury Ltd	Dublin, Ireland	58.4%	58.4%
Mainstream Renewable Power Mezzanine Finance DAC	Dublin, Ireland	58.4%	58.4%
Mainstream Renewable Power Offshore Holdings Ltd	Dublin, Ireland	58.4%	58.4%
Mainstream Renewable Power Trade Finance Designated Activity Company	Dublin, Ireland	58.4%	58.4%
Luxembourg Mainstream Renewable Power S.à r.l	Luxembourg	58.4%	58.4%
Aker Mainstream Renewables AS	Bærum, Norway	58.4%	58.4%
Mainstream Renewables Holding AS	Bærum, Norway	58.4%	58.4%
Aker Offshore Wind AS	Bærum, Norway	58.4%	58.4%
Aker Offshore Wind Operating Company AS	Bærum, Norway	58.4%	58.4%
Aker Offshore Wind Scotwind AS	Bærum, Norway	58.4%	58.4%
Mainstream RP Philippines Services Corporation	Bonifacio, Philippines	58.4%	58.4%
MRP Asia Holdings Pte Ltd	Singapore	58.4%	58.4%
MRP Dak Nong Holdings 2 PTE LTD	Singapore	58.4%	58.4%
Ilikwa PV Facility (Pty) Ltd	Capetown; South Africa	40.9%	58.4%
South Africa MRP Developments (Pty) Ltd	Capetown; South Africa	58.4%	58.4%
Mainstream Asset Management South Africa (Pty) Ltd	Capetown; South Africa	58.4%	58.4%
Denef Investments S.L.	Madrid, Spain	52.6%	52.6%
UK Mainstream Renewable Power Ltd	London, UK	58.4%	58.4%
Mainstream Renewable Power Vietnam LLC	Ho Chi Minh, Vietnam	58.4%	58.4%

Principal other holdings
Aker Horizons Asset Development AS	Bærum, Norway	100.0%	100.0%
Aker Narvik AS	Narvik, Norway	80.0%	80.0%
Powered Land AS	Narvik, Norway	80.0%	80.0%
Aker Horizons Holding AS	Bærum, Norway	99.8%	99.8%

1. New entity in 2024 (renamed from Spiksmed AS)

2. Entity disposed in 2024, see 27 Discontinued operations



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29 Non-controlling interests

Accounting principles

Non-controlling interests (NCIs) are measured on initial recognition at their portion of fair values, and annual earnings are allocated to the NCI according to their ownership interest. In a business combination, minority interests are

measured at the net value of identifiable assets and liabilities in the acquired company or at fair-value including a goodwill element. The method of measurement is decided individually for each acquisition.

The following table summarizes the information relating to each of the Group’s subsidiaries that has material non-controlling interests. The amounts disclosed in the table are before intra-group eliminations.


	Aker Carbon Capture group3		Aker Narvik AS group		Mainstream group
Amounts in NOK million	2024	2023	2024	2023	2024	2023

NCI Percentage	56.7%	56.7%	20.0%	20.0%	41.6%	41.6%

Income statement
Revenue and other income	6	—	12	2	2,497	2,237
Profit	4,795	(172)	(24)	(9)	(3,721)	(6,365)
OCI	4	(4)	—	—	552	(536)
Total comprehensive income	4,799	(176)	(24)	(9)	(3,169)	(6,901)
Profit allocated to NCI	2,720	(97)	(4)	(2)	1,653	(2,670)
OCI allocated to NCI	2	(2)	—	—	247	(221)

Balance sheet
Non-current assets	1,138	306	795	756	16,433	16,021
Current assets	4,596	1,382	71	120	4,958	4,991
Non-current liabilities	(200)	(40)	(94)	(122)	(14,402)	(12,213)
Current liabilities	(34)	(945)	(41)	(51)	(2,612)	(1,261)
Net assets	5,501	703	731	702	4,376	7,538
Net assets attributable to NCI1,2	3,121	398	162	155	1,887	3,290

Cash flow
Cash flows from operating activities	(163)	163	(40)	(44)	(385)	(990)
Cash flows from investment activities	3,647	(138)	(62)	(297)	(831)	436
Cash flows from financing activities	(2)	(9)	50	274	582	(1,849)
Net increase (decrease) in cash and cash equivalents	3,482	15	(52)	(67)	(634)	(2,403)

1. From November 2023, Mainstream group holds 90% of Denef S.R.L (holding company of Andes Renovables portfolio). Net assets attributable to 10% shareholder is NOK 113 million as of 31 December 2024 (2023: NOK 268.million). In addition, NOK 3 million is attribuable to the 30% shareholder of

Illikwa.

2. Aker Narvik AS group holds 83 percent of Narvik Batteri AS. Net assets attributable to 17% shareholder is NOK 19 million (2023: NOK 18 million).

3. See Note 28 Subsidiaries for assessment of the Company’s control of Aker Carbon Capture.



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30 Capital commitments, guarantees and contingencies

The Group is party to off-balance sheet arrangements that are reasonably likely to have current or future

material effect on the Group’s financial position, operating results, liquidity, capital expenditure or capital

resources.

The following items are not recognized in the Group's balance sheet:

Mainstream

In the ordinary course of business for a renewable energy developer, it is customary to provide certain

guarantees and commitments. Land bonds, grid bonds, bid bonds and performance bonds are all customary

bonds that must be put in place, but that are not expected to be drawn on. See below for an overview of

significant guarantees and commitments for Mainstream.

Guarantees

The Group has provided the following guarantees as of 31 December 2024:

• Land Ministry bonds to the total value of EUR 16.6 million, guaranteeing the performance of land

agreements for 9 Chilean projects

• Grid agreement bonds to the total value of EUR 1.8 million guaranteeing the contract performance for 11

Chilean projects

• A performance bond for a project in the Philippines to the value of EUR 8.1 million

• Other performance guarantees, all issued in the normal course of business, for a total of EUR 1.0 million

• Cash backed guarantees are disclosed as part of restricted cash in Note 16 Cash

Other facilities

The DNB facility provides letters of credit and bonds to support the Groups equity commitments for projects

during development and construction. Equity guarantees for the Huemul portfolio in Chile totaling EUR 81.3

million were in place at 31 December 2024. This is a guarantee facility that will be utilized at the beginning of a

project instead of equity and will be replaced with the Group’s equity towards the end of the construction phase.

A bond for lease commitments for the Arven project in Scotland totaling EUR 6.2 million was also in place at 31

December 2024.

Legal claims

There are a number of legal claims and exposures arising from operations, which may result in future

settlements where the Group has not made provision for in the financial statements, as settlement is not

probable, cannot be reliably measured or is not expected to result in a liability to the Group. Settlement will only

be confirmed by future events. Individual claims are not expected to materially affect the Group’s financial

statements.

Aker Carbon Capture

Following the transaction with SLB, Aker Carbon Capture holds a pro-rata share of the Parent

Company Guarantees (PCG) for projects awarded prior to the formation of the JV (Heidelberg Materials Brevik

CCS project and the Ørsted Kalundborg CCS project). A PCG is a contractual agreement where the parent

company guarantees the performance of its subsidiary’s obligations under a contract. If the subsidiary fails to

meet its contractual obligations, the parent company will step in to fulfil them. The guarantee period lasts until

the end of the warranty period, which varies from contract to contract. Based on the current situation, the most

significant warranties will expire in the period 2027-2028.

The guarantees are considered contingent liabilities and the likelihood of payments under these guarantees is

currently assumed to be low.

The Company no longer holds any bank guarantees related to project execution in SLB Capturi AS. All such

guarantees are transferred to SLB.

Capital commitments

The Group has the following commitments in place as of 31 December 2024:


Amounts in NOK million		Years of payment

Mainstream
Construction	997	2025-2026
Land rental agreements	687	2025-2056
Total	1,684

Aker Horizons Asset Development has signed a 10-year power purchase agreement with Statkraft, securing a

significant amount of the renewable power required for its large-scale green ammonia plant under development

in Narvik, Northern Norway. The power purchase agreement covers the Narvik plant’s first 10 years of

operations, from commencement end 2029, and is conditional upon Aker Horizons taking a Final Investment

Decision for the Narvik green ammonia project.

Aker Narvik Holding has entered into an agreement with Narvik municipality to contribute NOK 35 million to

sustainable green industrial development over a period of ten years.



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31 Related party transactions

Related party relationships are those involving control (either direct or indirect), joint control or significant

influence. Related parties are in a position to enter into transactions with the Company that would not be

undertaken between unrelated parties.

Aker Horizons ASA is the parent company, with control of the subsidiaries listed in Note 28 Subsidiaries. Any

transactions between the parent company and its subsidiaries are shown in the separate financial statements of

the parent company, and are eliminated in the consolidated financial statements.

Related parties to Aker Horizons

Aker entities

The largest shareholder of Aker Horizons ASA is Aker ASA, through its subsidiary Aker Capital AS, which in turn

is controlled by Kjell Inge Røkke through TRG Holding AS and The Resource Group TRG AS. The Resource

Group TRG AS is the ultimate parent company of Aker Horizons ASA. In this respect, all entities controlled by

Aker ASA and entities which Kjell Inge Røkke controls through The Resource Group TRG AS are considered

related parties to Aker Horizons ASA and referred to as “Aker entities” in this note.

Related parties to Aker

"Related parties to Aker" are other entities not controlled by Kjell Inge Røkke through Aker ASA, TRG Holding AS

or The Resource Group TRG AS, but where Aker entities have significant influence over the reporting entities.

This includes the associates Aker Solutions and Aker BP.

Associated companies and joint ventures

Aker Horizons also have a number of associated companies and joint ventures which are related parties to the

Group.

Directors and executive officers

The key management personnel of Aker Horizons include the Board of Directors and the executive management

team.

Summary of transactions and balances with significant related parties


Amounts in NOK million	Note	Aker entities	Related parties to Aker	Associates and Joint Ventures

2024
Income statement
Revenues		1	—	114
Operating expenses		(23)	(113)	—
Interest income		—	—	41
Interest expense		(154)	—	—

Balance sheet
Trade and other receivables		—	—	776
Borrowings	18	(2,548)	—	—
Lease liabilities	19	(122)	—	—
Trade and other payables		—	—	—


Amounts in NOK million	Note	Aker entities	Related parties to Aker	Associates and Joint Ventures

2023
Income statement
Revenues		2	26	89
Operating expenses		(54)	(351)	—
Interest income		—	—	38
Interest expense		(143)	(1)	—

Balance sheet
Trade and other receivables		2	5	637
Borrowings	18	(2,404)	—	—
Lease liabilities	19	(123)	—	—
Trade and other payables		(2)	(26)	1



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Aker Horizons has transactions with related parties on a recurring basis as part of normal business. Certain

material related party transactions are set out in this note in more detail.

Related party transactions with Aker entities

Aker Capital AS

Aker Horizons has an unsecured shareholder loan from Aker Capital AS in the amount of NOK 2,000 million. The

shareholder loan has a tenor of 5 years without scheduled amortization, and carries a 6 percent p.a. fixed

interest. Under the shareholder loan, the Company may elect to defer any interest payment (in whole or in part).

In that case, all deferred interest shall accumulate and remain outstanding until paid in full, at the latest on the

maturity date. If any interest is deferred, the interest rate for the principal amount will increase to 7 percent p.a.

for as long as any deferred interest is outstanding. Deferred interest will not accumulate any interest, and the

Company may choose when the deferred interest is paid (up until the maturity date). The Company shall,

however, pay any deferred interest prior to paying any dividend.

The shareholder loan is a subordinated loan, ranking pari passu with other subordinated debt of the Company

but is subordinate to senior debt of the borrower in the event of a default under any of the Company’s financial

arrangements. The book value of the loan as of 31 December 2024 was NOK 2,548 million, including accrued

interest costs and net of transaction costs (2023: NOK 2,404 million).

Aker ASA

The Group has entered into an IT service agreement with Aker ASA for the delivery of IT services to the Group.

Aker Tech House AS

The Group has entered into a lease agreement with Aker Tech House AS for office premises at Fornebu,

Bærum. The contract period is 12 years and expires in 2034.

Related parties to Aker

Aker Solutions

• Global framework agreement: In 2022, the Group signed a global framework agreement for engineering

services with Aker Solutions, subject to a two-year term with an option to renew for one year.

• Brevik CCS Project: In December 2020, Aker Carbon Capture awarded Aker Solutions a contract for

engineering, procurement and management assistance services to realize the carbon capture plant at the

Brevik cement factory in southern Norway.

• Twence CCU project: In June 2021, Aker Carbon Capture entered into a pass-through agreement with Aker

Solutions relating to the design and construction of the CO2 capture and liquefaction project with Twence

B.V. The formal contractor position remains with Aker Solutions, whereas Aker Carbon Capture assumes all

risks, obligations and benefits under the agreement with Twence B.V.

Associates and joint ventures

The Group provides services on demand to a majority of associates and joint ventures. In addition, The

Company has entered into a shared service agreement with Aker Carbon Capture ASA. The agreement includes

services within finance and accounting, communication, legal and other support functions. Also, the CEO is

seconded from Aker Horizons to Aker Carbon Capture ASA.

Mainstream has outstanding receivables from associates and joint ventures totaling NOK 775 million, including:

•

• Outstanding balance on KFWind of KRW 4 billion (NOK 104 million). The receivable is unsecured and

carries interest at 4.48 percent

• Outstanding balance on Principle Power Inc of USD 4.1 million. The receivable is unsecured and carries

interest at SOFRAI + 3.0-3.2 percent margin

• Outstanding balance on Arven Offshore Wind Farm Hold Co Limited, a joint venture with Ocean Winds, of

GBP 31.1 million. The receivable is unsecured and interest is SONIA + 3.6 percent margin.

• Outstanding balance on Gippsland Skies Holdings Pty Limited of AUD 18 million. The receivable is

unsecured and interest free.

• Outstanding balance on MRP Someva Holdco Pty Ltd of EUR 4.4 million. The receivable is interest free.

Compensation to Executive Management and Board of Directors

Refer to the description of management compensation in the Remuneration Report for 2024.


Amounts in NOK thousand	2024	2023

Salaries and wages including holiday allowance	14,368	19,137
Social security contributions	6,054	2,966
Pension cost	462	382
Other employee benefits	18,362	59
Total	39,246	22,543



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32 Subsequent events

On 27 January 2025, SLB Capturi was awarded an engineering, procurement, construction, installation and

commissioning (EPCIC) contract from Hafslund Celsio AS to deliver a carbon capture solution at their waste-to-

energy facility at Klemetsrud, Oslo. The award triggered a milestone based earn-out payment of NOK 71 million

including interest, and is considered a non-adjusting event for the 2024 accounts. The amount will be recognized

as additional gain from the transaction in first quarter 2025.

On 13 February 2025, the Board of Directors of Aker Carbon Capture ASA proposed an extraordinary cash

dividend of NOK 5.80 per share, in total NOK 3.5 billion. The dividend was approved on extraordinary general

meeting in the Company on 7 March 2025. Aker Horizons’ s share of dividend is NOK 1.5 billion.

On 27 February 2025, the appointment of a new CEO in Mainstream, effective 1 April 2025, was announced

along with the decision to relocate the headquarters of the Group from Dublin to Oslo during 2025

During the first quarter of 2025, AMR, its main shareholders, Aker Horizons ASA and Mitsui, and DNB have

agreed new funding arrangements. These include extensions to the existing Corporate Facility with DNB (see

note 18) for letters of credit and a plan on expiration to convert the external loan with DNB to a shareholder loan.

New funding has also been agreed comprising a shareholder loan facility of up to EUR 64 million provided pro-

rata by Aker Horizons and Mitsui, and a letter of credit facility with DNB of up to EUR 64 million, backed pro-rata

by Aker Horizons and Mitsui. Both facilities may be drawn until maturity at year-end 2026, with drawdowns

contingent on reaching agreed milestones under Mainstream’s updated strategy.



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Aker Horizons ASA

Parent company accounts



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Income statement

Statement for the year ended 31 December


Amounts in NOK million	Note	2024	2023

Salary and other personnel costs		(5)	(3)
Other operating expenses	3	(23)	(11)
Operating profit (loss)		(28)	(14)

Financial income		54	303
Financial expenses		(6,578)	(5,196)
Foreign exchange gain (loss)		—	10
Net financial items	4	(6,524)	(4,883)
Profit (loss) before tax		(6,551)	(4,897)

Tax benefit (expense)	5	75	—
Net profit (loss) for the period		(6,476)	(4,897)

Net profit (loss) for the period distributed as follows:
Retained earnings	8	(6,476)	(4,897)
Net profit (loss) for the period		(6,476)	(4,897)



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Balance sheet

Statement for the year ended 31 December


Amounts in NOK million	Note	2024	2023

Assets

Non-current assets
Investments in subsidiaries	6	10,577	16,800
Total non-current assets		10,577	16,800

Current assets
Derivative financial instruments	10	51	—
Interest-bearing receivables	11	—	28
Receivables on group companies	7, 11	550	818
Trade and other receivables		8	9
Cash and cash equivalents	7	1,317	540
Total current assets		1,925	1,395
Total assets		12,502	18,195


Amounts in NOK million	Note	2024	2023

Equity and liabilities

Equity
Share capital		690	690
Other paid-in capital		14,980	14,980
Other equity and retained earnings		(11,622)	(5,146)
Total equity	8	4,048	10,524

Non-current liabilities
Non-current borrowings	9	4,048	6,275
Total non-current liabilities		4,048	6,275

Current liabilities
Current borrowings		2,526	34
Current borrowings from group companies	7, 11	1,866	1,357
Trade and other payables		15	5
Total current liabilities		4,407	1,395
Total equity and liabilities		12,502	18,195

Fornebu, 2 April 2025

Board of Directors and CEO of Aker Horizons ASA



Kristian Røkke	Øyvind Eriksen	Trond Brandsrud	Kimberly Mathisen	Lone Fønss Schrøder	Lars P. Sørvaag Sperre
Chair (non-independent)	Deputy Chair (non-independent)	Director (independent)	Director (non-independent)	Director (independent)	CEO



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Cash Flow Statement

Cash flow statement for the year ended 31 December


Amounts in NOK million	Note	2024	2023

Profit (loss) before tax		(6,552)	(4,896)

Adjustment for:
Income from investment in subsidiary		—	(254)
Net interest and foreign exchange		600	496
Impairment of subsidiary	6	5,975	4,641
Changes in net current operating assets		(41)	(6)
Cash flows from operating activities		(17)	(19)
Interest received		45	48
Interest paid		(380)	(286)
Net cash flow from operating activities		(353)	(257)

Group contribution from subsidiary		254	10
Net cash flow from investing activities		254	10

Transaction costs, new borrowings		—	(9)
Change in overdraft cash pool	7	876	417
Net cash flow from financing activities		876	408
Net cash flow in the period		777	162

Effect of exchange rate changes on cash and cash deposits		—	10
Cash and cash equivalent at the beginning of the period		540	368
Cash and cash equivalent at the end of the period		1,317	540



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Notes to the Financial Statements

1 Company information

Aker Horizons ASA is the parent company and owner of Aker Horizons Holding AS and is domiciled in Norway.

On 1 February 2021, the Company was made available for trading on Euronext Growth (Oslo) under the ticker

AKH-ME, on 21 May 2021 the Company moved from Euronext Growth (Oslo) to the Oslo Stock Exchange (Oslo

Børs). The Company now trades under the ticker AKH.

2 Basis of preparation

The financial statements are presented in conformity with Norwegian Accounting Act and Norwegian generally

accepted accounting principles (NGAAP). Accounting principles for notes to these financial statements are

included in the relevant notes. For other accounting principles, see below.

Functional currency and presentation currency

The parent company’s financial statements are presented in NOK, which is Aker Horizons ASA’s functional

currency. All financial information presented in NOK has been rounded to the nearest thousand (NOK thousand),

except when otherwise stated. The subtotals and totals in some of the tables in these financial statements may

not equal the sum of the amounts shown due to rounding.

Foreign currency

Transactions in foreign currencies are translated at the exchange rate applicable on the date of the transaction.

Monetary items in a foreign currency are translated to NOK using the exchange rate applicable on the reporting

date. Foreign exchange differences arising on translation are recognized in the income statement as they occur.

Classification

Current assets and current liabilities include items due within one year, or items that are part of the operating

cycle. Other balance sheet items are classified as non-current assets/debts.

Measurement of receivables

Financial assets and liabilities consist of investments in other companies, trade and other receivables, cash and

cash equivalents, and trade and other payables. Trade receivables and other receivables are recognized in the

balance sheet at nominal value less a provision for expected losses.

Cash flow statement

The statement of cash flow is prepared according to the indirect method. Cash and cash equivalents include

cash, bank deposits and other short-term liquid investments.

3 Operating expenses

Aker Horizons ASA has no employees and hence no salary or pension-related costs. Group management and

staff are employed by the subsidiary Aker Horizons Holding AS.

In 2024, NOK 2.4 million has been allocated to fees payable to the Board of Directors and members of the

Nomination Committee (2023: NOK 2.5 million). For more information about remuneration to and shareholding of

CEO, CFO and Board of Directors, see the Remuneration Report for 2024.

Other operating expenses relate mainly to listing fees as well as advisory and audit fees. See 11 Related party

transactions for information about services acquired from Aker Horizons Holding AS.

See Note 6 Other operating expenses in the consolidated financial statements for information about fees paid to

auditors.



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4 Financial items

Accounting principles

Interest income and expenses include effects from using the effective interest rate method, where fees, interest

paid, transaction costs and other premiums are deferred and amortized over the life of the instrument.

Foreign exchange gains and losses arise upon settlement of monetary assets and liabilities that are not hedged.

Translation of assets and liabilities related to general financing of the entity are included in financial items.

Foreign exchange gains and losses also include effects from translating monetary assets and liabilities

denominated in foreign currencies at the reporting date. The profit or loss on foreign exchange forward contracts

includes effects from derivatives that do not qualify for hedge accounting, embedded derivatives and the

ineffective portion of qualifying hedges.


Amounts in NOK million	Note	2024	2023

Interest income from group companies	7	19	30
Interest income, external		27	20
Income from subsidiaries	11	—	254
Profit (loss) foreign exhange forward contracts	10	9	—
Financial income		55	303

Interest expense, related parties	11	(142)	(142)
Interest expense, group companies	7	(76)	(52)
Interest expense, external		(384)	(362)
Impairment on subsidiary	6	(5,975)	(4,641)
Financial expenses		(6,578)	(5,196)

Foreign exchange gain (loss)		—	10

5 Tax

Accounting principles

Tax expenses in the income statement comprise current tax and changes in deferred tax. Deferred tax is

calculated as 22 percent of temporary differences between accounting and tax values as well as any tax losses

carried forward at year-end. Deferred tax assets are recognized only to the extent it is probable that they will be

utilized against future taxable profits.

Calculation of taxable profit (loss)


Amounts in NOK million	2024	2023

Profit (loss) before tax	(6,551)	(4,896)

Adjustments:
Group contribution without tax effect	—	(254)
Group contribution with tax effect, booked as adjustment to investment	343	—
Change in temporary differences	98	33
Permanent differences1	5,966	4,641
Taxable income (loss)	(144)	(477)

1. Permanent differences relate largely to impairment of shares in subsidiaries

Overview of temporary differences


Amounts in NOK million	2024	2023

Convertible bond	(89)	(164)
Other	(12)	(36)
Subtotal	(101)	(199)
Tax loss carry forwards	1,707	1,563
Total temporary differences	1,606	1,364

Aker Horizons ASA has not recognized deferred tax assets related to tax loss carry-forwards, as the Group has

no history of taxable profits.



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Reconciliation of effective tax rate


Amounts in NOK million	2024	2023

Profit (loss) before tax	(6,551)	(4,896)
Income tax 22 percent	1,441	1,077

Adjustments:
Tax-exempted income	—	(56)
Group contribution with tax effect, booked as adjustment to investment	75	—
Tax on permanent differences	1,313	1,021
Temporary differences for which no deferred income tax assets was recognized	53	112
Tax benefit (expense)	75	—

6 Investment in group companies

Accounting principles

Investments in subsidiaries are measured at cost. The investments are written down to fair value when the

impairment is not considered to be temporary. Impairment losses are reversed if the basis for the impairment is

no longer present. Dividends and other distributions from subsidiaries are recognized in the same year as they

are recognized in the financial statement of the provider. If the distributed dividend in the subsidiary exceeds

accumulated profits in the ownership period, the payment is treated as a reduction in the carrying value of the

investment.


Amounts in NOK million	Reg. office	Share capital	Number of shares held	Ownership	Book value

Aker Horizons Holding AS	Fornebu, Norway	754.3	754.3	100%	10,577

During the year, an impairment charge of NOK 6.0 billion has been recognized against the carrying value of the

shares in Aker Horizons Holding AS. The impairment is based on a calculation of the recoverable amount of Aker

Horizons Holdings investments.

The recoverable amount of the investments has been calculated on the basis of internal valuation models for

investments. In the internal valuation models, estimated future cash flows have been discounted to present

values using a discount rate that incorporates both market, technology and country risk. To properly reflect the

maturity stage of the projects included in the internal valuation models, a risk factor, which incorporates the

probability of success, has been applied to the present values of estimated project cash flows to determine the

recoverable amount.

Aker Horizons Holding AS financial information (unaudited)


Amounts in NOK million	2024	2023

Profit (loss) for the year	(4,715)	(3,220)
Equity as of 31 December	9,644	14,684

7 Cash pool

Aker Horizons ASA is the owner of the cash pool arrangements with DNB. The cash pool system covers holding

companies within the Group and assures good control of and access to the Group’s cash. Participation in the

cash pool is vested in the Group’s policy and decided by each company’s board of directors, confirmed by a

statement of participation. The participants in the cash pool system are jointly and severally liable, and it is

therefore important that Aker Horizons as a group is financially viable and can repay deposits and carry out

transactions. Any debit balance on a sub-account can be set-off against any credit balance. Hence, a debit

balance represents a claim on Aker Horizons ASA and a credit balance a borrowing from Aker Horizons ASA.

The cash pool system held net cash of NOK 1,317 million as of 31 December 2024 (2023: NOK 540 million).


Amounts in NOK million	2024	2023

Group companies deposits in the cash pool system	1,866	1,357
Group companies borrowing in the cash pool system	(197)	(564)
Aker Horizons ASA's net borrowings in the cash pool system	(352)	(253)
Cash in cash pool system	1,317	540



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8 Shareholders' equity

The share capital of Aker Horizons ASA is divided into 690,348,751 shares as of 31 December 2024 (unchanged

from 31 December 2023), with a nominal value of NOK 1.00. All issued shares are fully paid. The shares can be

freely traded.

Note 12 Shareholders provides an overview of the Company's largest shareholders.


Amounts in NOK million	Share capital	Other paid- in capital	Other equity	Retained equity	Total equity

Equity as of 1 January 2024	690	14,980	348	(5,493)	10,524
Profit (loss) for the period	—	—	—	(6,476)	(6,476)
Equity as of 31 December 2024	690	14,980	348	(11,969)	4,048

Other equity

Other equity comprises the equity component of compound instruments.

9 Borrowings

Accounting principles

Interest-bearing borrowings are recognized initially at fair value less transaction costs. Subsequent to initial

recognition, interest-bearing borrowings are stated at amortized cost, with any difference between cost and

redemption value being recognized in the income statement over the period of the borrowings on an effective

interest basis.

Overview of borrowings


Amounts in NOK million	Note	Currency	Nominal currency value	Maturity	Carrying amount

2024
Revolving Credit Facility		NOK	—	2025	4
Green bond		NOK	2,500	2025	2,521
Convertible loan		NOK	1,581	2026	1,500
Shareholder loan	11	NOK	2,550	2026	2,548
Total borrowings					6,573

- of which current					2,526
- of which non-current					4,048

2023
Revolving Credit Facility		NOK	—	2025	(9)
Green bond		NOK	2,500	2025	2,514
Convertible loan		NOK	1,567	2026	1,400
Shareholder loan	11	NOK	2,408	2026	2,404
Total borrowings					6,309

- of which current					34
- of which non-current					6,275



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Revolving Credit Facility (RCF)

The Company has a multi-currency revolving credit facility in the amount of EUR 500 million that can be drawn

on for general corporate purposes, including the funding of CapEx, acquisition costs and expenses. The loan

carries an interest rate of 3M NIBOR + 2.5 percent margin p.a. The RCF includes customary financial covenants,

such as a maintenance-based loan-to-value (LTV) covenant of 50 percent. Loans in the LTV covenant includes

senior loans in Aker Horizons ASA (not subordinated debt). The covenant also includes a minimum liquidity

covenant, in the form of cash or undrawn facility, of NOK 200 million. As of 31 December 2024, the facility was

undrawn.

Green Bond

In February 2021, the Company signed an unsecured green bond issue in an amount of NOK 2,500 million, with

a tenor of 4.5 years, a bullet amortization and an interest rate of 3M NIBOR + 3.25 percent margin p.a. The

terms of the Green Bond issue include customary financial covenants, such as an incurrence-based loan-to-

value covenant and a minimum liquidity covenant of NOK 200 million, in line with the RCF described above.

Convertible loan

In February 2021, the Company issued an unsecured convertible bond in the amount of NOK 1,500 million with

a tenor of 5 years, bullet amortization and 1.5 percent p.a. payment in kind (PIK) interest. The bondholders may

elect to convert the bonds to shares in the Company at any time during the term of the bond issue at a

conversion price which is 25 percent above the offer price of NOK 35 per share in the private placement in Aker

Horizons ASA that took place in January 2021. The bonds issued under the convertible bond issue ranks pari

passu with other subordinated debt of Aker Horizons, but are subordinate to senior debt of the borrower in the

event of a default under any of Aker Horizons financial arrangements.

On initial recognition, the fair value of the the debt component of the convertible bond was estimated at NOK

1,152 million and the residual of NOK 348 million was recognized as equity. The nominal currency value of the

loan in the table above reflects the NOK 1,500 million including accrued interest of 1.5 percent as of 31

December 2024.

Shareholder loan

In January 2021, the Company entered into a subordinated loan agreement of NOK 2,000 million with Aker

Capital AS (see Note 31 Related party transactions in the consolidated accounts for more information). The book

value of the loan includes accrued interests as of 31 December 2024.

Overview of contractual maturities of financial liabilities

The overview includes estimated interest payments specified by category of liabilities.


Amounts in NOK million	Carrying amount	Contractual cash flow	6 months or less	6-12 months	1-2 years	2-5 years

2024
Revolving Credit Facility	4	29	29	—	—	—
Green bond	2,521	2,651	99	2,551	—	—
Convertible loan	1,500	1,616	—	—	1,616	—
Shareholder loan	2,548	2,702	—	—	2,702	—
Total	6,573	6,998	129	2,551	4,318	—

2023
Revolving Credit Facility	(9)	69	28	29	28	—
Green bond	2,514	2,805	101	103	2,652	—
Convertible loan	1,400	1,616	—	—	—	1,616
Shareholder loan	2,404	2,560	—	—	—	2,560
Total	6,309	7,049	130	131	2,680	4,176

Other commitments

As part of the reorganization process related to the Andes Renovables platform in Chile, which was concluded in

November 2023, Mainstream secured a new corporate financing facility of up to USD 220 million from DNB, with

a maturity date of 15 April 2025 (extended from 15 March 2025). The facility is backed by shareholders of Aker

Mainstream Renewables AS, and Aker Horizons’ share of the sponsor commitment is 58.4 percent of the

maximum facility size, equivalent to USD 129 million. This commitment will be structured as a shareholder loan

to Mainstream, phased over time - USD 75 million at maturity, and the remaining USD 53 million provided

through an extended letter of credit facility.

New funding has also been agreed comprising a shareholder loan facility of up to EUR 64 million provided pro-

rata by Aker Horizons and Mitsui, and a letter of credit facility with DNB of up to EUR 64 million, backed pro-rata

by Aker Horizons and Mitsui. Both facilities may be drawn until maturity at year-end 2026, with drawdowns

contingent on reaching agreed milestones under Mainstream’s updated strategy.



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10 Financial risk management and financial instruments

Foreign exchange risk

Subsidiaries may enter into financial derivative agreements with the parent company to hedge their foreign

exchange exposure. Accordingly, derivatives from external banks are used to mitigate the foreign exchange

exposure from the financial derivative agreements with subsidiaries. Aker Horizons ASA has no currency

contracts with subsidiaries as of 31 December 2024.

In addition, Aker Horizons ASA may have cash flow exposure with respect to its financial assets and liabilities. Aker

Horizons ASA may enter into financial derivative agreements to hedge these potential cash flow exposures. As

of 31 December 2024, Aker Horizons had entered into FX options to hedge its share of the USD exposure under

the sponsor commitment for Mainstreams DNB facility, see note 9 Borrowings. Fair value of these FX options as

of 31 December 2024 was NOK 51 million and a net gain of NOK 9 million was booked in financial items.

Currency exposure from equity investments in foreign currencies is only hedged when specifically instructed by

management.

Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of an asset or liability will fluctuate because of

changes in market interest rates. Aker Horizons’ interest rate exposure mainly arises from external funding in

bank and debt capital markets.

The Group manages this risk by borrowing at a fixed rate of interest as deemed appropriate. Where Group

borrowings are at a floating rate of interest, the Group will consider use of interest rate swaps to achieve the

desired fixed/floating ratio of the external debt. External debt in Aker Horizons ASA as of 31 December 2024 has

both floating and fixed interest rates. There are no interest swaps derivatives related to these loans.

Credit risk

Credit risk is the risk of financial losses to the Company if a customer or counterparty fails to meet contractual

obligations. Credit risk relates to any loans to subsidiaries and associated companies, hedging contracts,

guarantees to subsidiaries and associated companies, and deposits with external banks. External deposits and

hedging contracts are accomplished according to a list of approved banks and primarily with banks where the

Company also has a borrowing relationship.

Liquidity risk

Liquidity risk relates to the risk that the Company will not be able to meet its debt and guarantee obligations, and

is managed by maintaining sufficient cash and available credit facilities. Development in the Group’s and thereby

Aker Horizons ASA’s available liquidity, is continuously monitored through weekly and monthly cash forecasts,

annual budgets and long-term planning.

The liquidity reserve for Aker Horizons ASA and immediate holding companies as of 31 December 2024 was

NOK 8.8 billion.

11 Related party transactions

Related party relationships are those involving control (either direct or indirect), joint control or significant

influence. Related parties are in a position to enter into transactions with the Company that would not be

undertaken between unrelated parties.

Transactions with related parties

Board of Directors and executive management

For information about the remuneration paid to and shareholdings of the CEO, CFO and Board of Directors, see

the Remuneration Report for 2024.

Group companies

As of 31 December 2024, the Company has a group contribution receivable from group companies amounting to

NOK 352 million (2023 : NOK 254 million). For other receivables from group companies, see Note 7 Cash pool .

Further, the company has entered into a shared service agreement with Aker Horizons Holding AS. The

agreement includes services within finance and accounting, communication, legal and other support functions.

The fee for 2024 was NOK 9 million.

Loan from Aker Capital AS

The Company has a shareholder loan from Aker Capital AS. See further description in Note 9 Borrowings and

also Note 31 Related party transactions in the consolidated financial statements of Aker Horizons Group.

12 Shareholders

Shareholders with more than 1 percent shareholding per 31 December 2024 are listed below.


Company	Number of shares held	Ownership

Aker Capital AS	464,285,714	67.3%
Dichesbuen AS	14,911,500	2.2%
The Bank of New York Mellon1	6,982,668	1.0%
Clearstream Banking S.A1	6,900,000	1.0%

1. Nominee



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Declaration by the Board of Directors and CEO

Today, the Board of Directors and CEO reviewed and approved the Annual Report and financial statements for Aker Horizons Group and its parent company Aker Horizons ASA for the year ended 31 December 2024. The Board has

based this declaration on reports and statements from the Group’s CEO and/or on the results of the Group’s activities, as well as other information that is essential to assess the Group’s position which has been provided to the Board

of Directors.

To the best of our knowledge:

• The financial statements for 2024 for Aker Horizons Group and its parent company have been prepared in accordance with all applicable accounting standards.

• The information provided in the financial statements gives a true and fair overall view of the Group and its parent company’s assets, liabilities, profit and financial position as of 31 December 2024.

• The Board of Directors’ Report provides a true and fair review of the development and performance of the business and the position of Aker Horizons Group and its parent company taken as a whole, as well as the principal risks

and uncertainties the Group and the parent company may face.

• The Board of Directors’ Report has been prepared in accordance with sustainability reporting standards established pursuant to the Accounting Act section 2-6, and in accordance with rules laid down pursuant to Article 8 no. 4 of

the Taxonomy Regulation

Fornebu, 2 April 2025

Board of Directors and CEO of Aker Horizons ASA



Kristian Røkke	Øyvind Eriksen	Trond Brandsrud	Kimberly Mathisen	Lone Fønss Schrøder	Lars P. Sørvaag Sperre
Chair (non-independent)	Deputy Chair (non-independent)	Director (independent)	Director (non-independent)	Director (independent)	CEO



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Independent Auditor’s Report

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Independent Sustainability Auditor’s Limited Assurance Report



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Board of Directors

Kristian Røkke

Chair (non-independent)

Kristian Røkke (born 1983) served as Chief Executive Officer of Aker Horizons

from its establishment in July 2020 until October 2024. Prior to joining Aker

Horizons, he was Chief Investment Officer at Aker ASA and previously held

CEO roles at Akastor ASA and Philly Shipyard ASA. He also spent several

years in various operational roles, including as Senior Vice President of

Operations at Philly Shipyard ASA. Røkke currently chairs the boards of

Mainstream Renewable Power, Aker Carbon Capture ASA, and Philly Shipyard

ASA. He is also a director on the boards of TRG Holding AS, the main

shareholder of Aker ASA, and HMH Holding B.V., a leading provider of drilling

solutions.

Røkke holds an MBA from the Wharton School of the University of

Pennsylvania.

As of 31 December 2024, Røkke holds no shares in Aker Horizons, and has no

stock options. He is a Norwegian citizen. He is elected for the period

2024-2026.

Øyvind Eriksen

Deputy Chair (non-independent)

Øyvind Eriksen (born 1964) is President and CEO of Aker ASA and holds a law

degree from the University of Oslo.

Eriksen has held several board positions in different industries, including

shipping, finance, asset management, offshore drilling, fisheries, media, trade,

and industry.

Eriksen currently chairs several of the boards of the Aker group’s industrial and

financial businesses. In addition, Eriksen serves on the boards of a number of

non-profit organizations, including the Norwegian Cancer Society, Accenture

Global Energy Board, and the World Economic Forum C4IR Global Network

Advisory Board.

As of 31 December 2024, Eriksen holds 285,714 shares in Aker Horizons

(excluding indirect ownership through his 219,072 shares in Aker ASA, the

parent company of Aker Capital, and 100,000 B-shares in TRG Holding AS),

and has no stock options. Eriksen is a Norwegian citizen. He has been elected

for the period 2024-2026.

Trond Brandsrud

Director (independent)

Brandsrud (born 1958) serves as a non-executive director and industry advisor.

From 2016 to 2019, he held several CEO and CFO roles in the European

financial services companies Lindorff, Intrum and Lowell, and from 2010 to

2015, he served as the Group CFO of Aker. In the period from 2007 to 2010, he

was the CFO of the Seadrill Group. Prior to these roles, Brandsrud had 23

years of experience from leading finance positions in Shell. Brandsrud is a non-

executive director and board member of TGS, Aker BP, the Lowell Group

(Simon Midco Ltd) and Waterise.

Brandsrud holds a Master of Science degree from the Norwegian School of

Economics (NHH).

As of 31 December 2024, Brandsrud holds no shares in Aker Horizons, and has

no stock options. He is a Norwegian citizen. He is elected for the period

2024-2026.



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Kimberly Mathisen

Director (non-independent)

Mathisen (born 1972) is CEO of HUB Ocean (previously named C4IR Ocean).

She has more than 25 years of experience working in industries, including

Technology, Branded Consumer Goods, and Pharmaceuticals. Her roles have

included General Manager of Microsoft Norway, CEO of Orkla Home &

Personal Care, Global Vice President & Alliance Leader of Eli Lilly and General

Manager, Germany and Norway of Eli Lilly. Mathisen has extensive board

experience, currently serving on the boards of Bayer, Aker BioMarine, and Aize.

Previous board roles include Yara, Abelia, NHST (parent of Dagens

Næringsliv), Meda AB, Borregaard, and Kappa Bioscience. She is on the

advisory board of Nysnø and Sintef, and a member of Friends of Ocean Action.

Mathisen has a BS in engineering from the University of Illinois, and an MBA

from Harvard Business School.

As 31 December 2024, Mathisen holds no shares in Aker Horizons , and has no

stock options. She is an American and Norwegian citizen. She is elected for the

period 2024-2026.

Lone Fønss Schrøder

Director (independent)

Lone Fønss Schrøder (1960) is a senior executive and advisor.

Fønss Schrøder is currently vice-chair of Akastor ASA and Volvo Cars AB and

chair of its audit committees, and a director of Aker Solutions ASA, Geely

Sweden Holdings AB and Ingka Holding B.V. (Ikea Group). Fønss Schrøder has

more than 30 years of international senior executive experience in the A.P.

Møller-Maersk group and as CEO for Wallenius Lines AB, Star Air and

Concordium. She is an experienced director with current or former board

positions in companies like Vattenfall, Dong Transmission, CSL Group, Inc. and

Yara.

Fønss Schrøder holds a Master of Law (LL.M.) from the University of

Copenhagen, and a Science degree in Economics and Business Administration

from Copenhagen Business School.

As of 31 December 2024, Fønss Schrøder holds no shares in Aker Horizons,

and has no stock options. She is a Danish citizen. She has been elected for the

period 2023-2025.



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Alternative

Performance

Measures

Aker Horizons discloses alternative performance measures in

addition to those normally required by IFRS, as such

performance measures are frequently used by securities

analysts, investors and other interested parties. Alternative

performance measures are meant to provide an enhanced

insight into the Company’s operations, financing and future

prospects. These measures are calculated in a consistent

and transparent manner and are intended to provide

enhanced comparability of the performance from period to

period.

Definitions

EBITDA - Earnings before interest, tax, depreciation and amortization,

corresponding to “Operating profit before depreciation, amortization and

impairment” in the consolidated income statement.

EBIT - Earnings before interest and tax, corresponding to “Operating

profit (loss)” in the consolidated income statement.

Net current operating assets (NCOA) - A measure of working capital.

It is calculated by trade and other receivables and inventories minus

trade and other payables, excluding financial assets or financial

liabilities related to hedging activities.

Net debt - Gross debt minus cash and cash equivalents, restricted cash

and marketable securities.


Net current operating assets (NCOA)
Amounts in NOK million	2024	2023

Trade and other receivables	1,770	1,662
Inventories	953	836
Trade and other payables	(1,519)	(2,237)
Net current operating assets (NCOA)	1,204	261

Net debt
Amounts in NOK million	2024	2023

Non-current borrowings	17,259	17,388
Current borrowings	3,392	48
Gross debt	20,652	17,436
Restricted cash	1,909	1,538
Cash and cash equivalents	7,954	5,499
Total cash and marketable securities	9,863	7,037
Net debt	10,789	10,399



Board of Directors’ Report Including Sustainability Statement
Board of Directors’ Report	4
Sustainability Statement	13



Financial Statements
Consolidated Financial Statements	42
Parent Company Financial Statements	85
Declaration by the Board of Directors and CEO	95
Independent Auditor’s Report	96
Independent Sustainability Auditor’s Limited Assurance Report	98

2
Other Information
Board of Directors	100
Alternative Performance Measures	102


NOTES
General
1 General information	48
2 Basis of preparation	48

Performance
3 Operating segments	49
4 Revenue and other income	52
5 Employee benefits	53
6 Other operating expenses	54
7 Financial income and expenses	54
8 Tax	55
9 Earnings per share	57

Assets
10 Property, plant and equipment	58
11 Intangible assets and goodwill	59
12 Impairment	60
13 Investments in associates and joint ventures	63
14 Inventories	65
15 Trade and other receivables	65
16 Cash	66



Liabilities and equity
17 Share capital and capital reserves	66
18 Borrowings	67
19 Leasing	69
20 Provisions and non-current liabilities	71
21 Trade and other payables	72

Financial and capital management
22 Capital management	72
23 Financial risk and exposure	73
24 Climate risk	76
25 Financial instruments	76
26 Derivative financial instruments	77

Group composition
27 Discontinued operations	78
28 Subsidiaries	79
29 Non-controlling interests	80

Other
30 Capital commitments, guarantees and contingencies	81
31 Related party transactions	82
32 Subsequent events	84