New Risk • May 04
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 9.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-kr51m free cash flow). Earnings have declined by 6.7% per year over the past 5 years. Shareholders have been substantially diluted in the past year (88% increase in shares outstanding). Revenue is less than US$1m (kr8.2m revenue, or US$879k). Market cap is less than US$10m (€5.71m market cap, or US$6.68m). Minor Risk Share price has been volatile over the past 3 months (9.1% average weekly change). New Risk • Mar 10
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-kr85m free cash flow). Share price has been highly volatile over the past 3 months (15% average weekly change). Earnings have declined by 17% per year over the past 5 years. Shareholders have been substantially diluted in the past year (88% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (€4.83m market cap, or US$5.61m). Minor Risk Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). New Risk • Jan 07
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 88% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-kr85m free cash flow). Share price has been highly volatile over the past 3 months (29% average weekly change). Earnings have declined by 17% per year over the past 5 years. Shareholders have been substantially diluted in the past year (88% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (€5.32m market cap, or US$6.22m). Board Change • Nov 23
No independent directors There are 5 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 5 new directors. 1 experienced director. No highly experienced directors. No independent directors (3 non-independent directors). Board Observer Bjorn Simonsen is the most experienced director on the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of board continuity. Lack of experienced directors. Aankondiging • Aug 29
NOS Group acquired 48.52% stake in Horisont Energi AS (OB:HRGI). NOS Group acquired 48.52% stake in Horisont Energi AS (OB:HRGI) on August 28, 2025. Horisont Energi has for a considerable time been working actively to secure funding for its core projects without success. On August 21, the Board of Horisont Energi consequently decided to instigate a plan to wind down the day-to-day operations. NOS Group has expressed that it will continue the operations and has communicated ambitious plans to develop Horisont Energi AS further. The Board of Horisont Energi if of the view, that this is a good outcome for Horisont Energi AS, its employees and the other shareholders. The Board will cooperate closely with NOS Group to align plans and activities.
NOS Group completed the acquisition of 48.52% stake in Horisont Energi AS (OB:HRGI) on August 28, 2025. Board Change • Aug 27
No independent directors There are 6 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 6 new directors. 2 experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). Board Observer Bjorn Simonsen is the most experienced director on the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of board continuity. Lack of experienced directors. Board Change • Aug 07
No independent directors There are 6 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 6 new directors. 2 experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). Board Observer Bjorn Simonsen is the most experienced director on the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of board continuity. Lack of experienced directors. Aankondiging • Jun 12
Horisont Energi Announces Additional Dividend Horisont Energi AS at its AGM held on June 11, 2025 announced a distribution of additional dividend in the amount of NOK 11,162,990 is made based on the company's most recently approved annual financial statements for 2024. The dividend is distributed to 22,325,980 shares in the company and allocated at NOK 0.50 per share. The distribution will be made to those shareholders registered as owners of the individual shares on the date of the general meeting. The distribution shall, to the extent possible, be considered a repayment of tax-paid capital for each shareholder. Aankondiging • May 30
Horisont Energi as Proposes Extraordinary Dividend, Payable on June 25, 2025 he Board of Horisont Energi AS has decided to propose an extraordinary dividend of NOK 0.50 per share based on the annual accounts for 2024. The proposal will be addressed at the Extraordinary General Meeting on June 11, 2025. Ex-date is June 12, 2025. Record date is June 13, 2025. Payment date is June 25, 2025. Aankondiging • May 27
Horisont Energi AS Proposes Cash Distribution Horisont Energi AS proposed a cash distribution of NOK 0.50 per share in Horisont Energi at its EGM to be held on 11 June 2025. The distribution will be made to those shareholders registered as owners of the individual shares on the date of the general meeting. Aankondiging • Apr 10
Horisont Energi AS Announces Committee Nomination Elections Horisont Energi AS at its general meeting held on 10 April 2025, approved the election of the nomination committee: The nomination committee shall consist of: Maria Fogelfors Wredmark (leader); Tor Morne and Dan Flolo. Aankondiging • Feb 13
Horisont Energi AS Announces Board and Committee Changes Horisont Energi AS announced the following changes to the Board of Directors of Horisont Energi: Dr. Gabriël Clemens stepped down, effective 12 February, as E.ON Energy Projects GmbH’s representative in Horisont Energi AS and consequently as Chair of the Board. Dr. Clemens will leave E.ON to take up the position as CEO of MVV Energie AG, Mannheim, from April 1, 2025. E.ON Energy Projects GmbH has in accordance with the by-laws in Horisont Energi AS appointed Frode Sigurd Berg to the board in Horisont Energi AS, effective 12 February 2025. Leif Chr. Salomonsen who has served as deputy Chair of the Board has informed the Company that he wants to resign from his board duties effective 12 February, for private reasons. The Board of Horisont Energi AS constituted Frode Sigurd Berg as new Chair in a board meeting convened on 12 February 2025. Mr. Berg is currently a professional board member and has served at several boards in Norway and abroad, both as board member and chair. Mr. Berg has extensive experience with change management and strategic processes. Following on February 13, 2025 announcement, the now Board consists of: Frode Sigurd Berg (chair), Silje Augustson (board member), Rolf Magne Larsen (board member), Rob Stevens (board member), Celine Claire Laure Pithoud (employee elected board member), Rainer Bayerke (deputy for the E.ON appointed representative). Frode Sigurd Berg is currently the Chair of the nomination/election committee in Horisont Energi. He has stepped out from this role, and the work to find his replacement in the committee will start immediately. The new member of the committee will be formally appointed in the Annual General Meeting 27 May 2025. Board Change • Feb 08
No independent directors There are 9 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 9 new directors. 2 experienced directors. No highly experienced directors. No independent directors (7 non-independent directors). Board Observer Bjorn Simonsen is the most experienced director on the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of board continuity. Lack of experienced directors. Board Change • Sep 11
No independent directors There are 9 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 9 new directors. 2 experienced directors. No highly experienced directors. No independent directors (7 non-independent directors). Board Observer Bjorn Simonsen is the most experienced director on the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of board continuity. Lack of experienced directors. Board Change • Jun 04
No independent directors There are 6 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 6 new directors. 2 experienced directors. No highly experienced directors. No independent directors (6 non-independent directors). Board Observer Bjorn Simonsen is the most experienced director on the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of board continuity. Lack of experienced directors. Aankondiging • May 30
Horisont Energi AS Announces Board and Committee Appointments Horisont Energi AS at its Annual General Meeting held on May 29, 2024, approved election of Celine Pithoud (employee elected board member); Rainer Bayerke (personal deputy to Dr. Gabriël Clemens); and Hilde Alexandersen (employee elected personal deputy to Celine Pithoud). The nomination committee shall consist of: Frode Berg (chair); Tor Mørne and Mia Fogelfors Wredmark. Board Change • Jan 26
No independent directors There are 7 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 7 new directors. 1 experienced director. No highly experienced directors. No independent directors (5 non-independent directors). Board Observer Bjorn Simonsen is the most experienced director on the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of board continuity. Lack of experienced directors. Board Change • Dec 12
No independent directors There are 7 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 7 new directors. 1 experienced director. No highly experienced directors. No independent directors (5 non-independent directors). Board Observer Bjorn Simonsen is the most experienced director on the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of board continuity. Lack of experienced directors. Board Change • Dec 12
No independent directors There are 7 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 7 new directors. 1 experienced director. No highly experienced directors. No independent directors (5 non-independent directors). Board Observer Bjorn Simonsen is the most experienced director on the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of board continuity. Lack of experienced directors. New Risk • Nov 11
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: €8.95m (US$9.57m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Revenue is less than US$1m. Market cap is less than US$10m (€8.95m market cap, or US$9.57m). Minor Risk Currently unprofitable and not forecast to become profitable over next 2 years (kr54m net loss in 2 years). Board Change • Nov 11
No independent directors There are 7 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 7 new directors. 1 experienced director. No highly experienced directors. No independent directors (5 non-independent directors). Board Observer Bjorn Simonsen is the most experienced director on the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of board continuity. Lack of experienced directors. Aankondiging • Oct 13
Horisont Energi AS Announces Resignation of Beatriz Malo de Molina as Board Member Horisont Energi AS announced changes to the Board of Directors. As a result of a new professional engagement, board member Ms. Beatriz Malo de Molina in September informed the board that she could regretfully no longer retain her directorship in the Company beyond the time required to nominate a replacement. Aankondiging • Feb 02
Horisont Energi Announces Change in Board of Directors The board in Horisont Energi has been informed by Mr. Øyein Stray Spetetalen that he resigns from his position as a member of the board of directors of the Company effective immediately. Board Change • Nov 30
No independent directors There are 7 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 7 new directors. 1 experienced director. No highly experienced directors. No independent directors (5 non-independent directors). Director Oystein Spetalen is the most experienced director on the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of board continuity. Lack of experienced directors. Board Change • Oct 06
No independent directors There are 7 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 7 new directors. 1 experienced director. No highly experienced directors. No independent directors (5 non-independent directors). Director Oystein Spetalen is the most experienced director on the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of board continuity. Lack of experienced directors. Board Change • Aug 11
No independent directors There are 7 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 7 new directors. 1 experienced director. No highly experienced directors. No independent directors (5 non-independent directors). Director Oystein Spetalen is the most experienced director on the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of board continuity. Lack of experienced directors. Board Change • Jun 24
No independent directors There are 7 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 7 new directors. 1 experienced director. No highly experienced directors. No independent directors (5 non-independent directors). Director Oystein Spetalen is the most experienced director on the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of board continuity. Lack of experienced directors. Board Change • Apr 27
No independent directors There are 7 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 7 new directors. 1 experienced director. No highly experienced directors. No independent directors (5 non-independent directors). Director Oystein Spetalen is the most experienced director on the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of board continuity. Lack of experienced directors. Aankondiging • Apr 03
Horisont Energi AS Announces Changes to the Board of Directors Horisont Energi AS announced Kåre Johannes Lie resigns as chairman of the board of directors, effective from April 1, 2022. The board proposes that the general assembly resolves to elect a new board of directors in accordance with the proposal by the election as Rob Stevens as chairman. Recent Insider Transactions • Jan 16
Director recently bought €60k worth of stock On the 14th of January, Rolf Larsen bought around 5k shares on-market at roughly €12.01 per share. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold €4.9m more in shares than they bought in the last 12 months. Aankondiging • Jan 14
Horisont Energi AS announced that it expects to receive NOK 370.922175 million in funding from E.ON SE Horisont Energi AS announced that it has entered into investment agreement with new investor E.ON SE for a private placement of 5,706,495 shares, at a subscription price per share of NOK 65 for gross proceeds of NOK 370,922,175 on January 12, 2022. After the completion of the transaction, the investor will acquire 25% stake in the company. The transaction is subject to (i) the extraordinary general meeting passing the mentioned resolutions, (ii) the Board passing a resolution to proceed with the transaction following the general meeting by the issuance of the new shares and (ii) payment being received for the new shares. The transaction is expected to close by the end of January 2022. Recent Insider Transactions • Sep 16
Director recently sold €5.0m worth of stock On the 13th of September, Oystein Spetalen sold around 854k shares on-market at roughly €5.82 per share. This was the largest sale by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Aankondiging • May 27
Horisont Energi AS Announces Complete the Feasibility Phase of the Barents Blue Project Horisont Energi AS announced that it has completed the feasibility phase of the Barents Blue project, laying the foundation for Europe's first large-scale carbon-neutral ammonia plant, which will include offshore carbon storage. Through this first phase all the key aspect of the project has been addressed with the conclusion of feasibility. First off, a process design with a record low carbon footprint and an industry leading energy performance has been developed, secondly, feasible sites for the plant have been identified and studied together with Multiconsult, and the preferred site will soon be concluded and announced, a tie-in solution into Melkøya LNG has been identified and a formal study agreement has been entered into with the Snøhvit Unit, a feasible pipeline routing and design from Melkøya to the plant site has been developed, and finally an excellent quality carbon storage for the plant’s CO2 have been identified, namely Polaris. Together these elements form a solid basis for the continued development of the Barents Blue project in the next phase – the concept phase. Horisont Energi will now award contracts for concept studies to various suppliers. This process will result in a concept decision, intended to be completed around the end of the year. Following this decision, detailed studies (front end engineering design – FEED) will lead to a final investment decision towards the end of 2022. Due to the groundbreaking nature of the project, Norwegian state agency Enova has granted NOK 10 million for the concept study phase. In addition, Enova has shortlisted Horisont Energi as one of five candidate hydrogen projects in Norway for possible participation in the Important Projects of Common European Interest (IPCEI) on hydrogen. Adding to the existing use of ammonia as input for fertilizer production and other industries, there is intense interest in the future use of ammonia as a fuel, either directly or by converting it into hydrogen. Horisont Energi is actively working with several potential customers for the clean ammonia in the European market. The plant will deliver ultra-low carbon footprint, with between 99.3% and 99.9% overall CO2 capture. It will also have industry-leading energy efficiency. Based on circular economy principles, Horisont Energi will select recyclable and reusable materials, and consumables and chemicals of which the by-products can be reused in other industries. 