New Risk • May 27
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Norwegian stocks, typically moving 13% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. 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). Share price has been highly volatile over the past 3 months (13% average weekly change). 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 (kr42.8m market cap, or US$4.62m). 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). 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 (kr53.9m market cap, or US$5.63m). Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Share price has been volatile over the past 3 months (10% average weekly change). 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). 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 (kr61.1m market cap, or US$6.07m). Minor Risk Share price has been volatile over the past 3 months (8.7% average weekly change). Board Change • Nov 22
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. Announcement • 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. Announcement • 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. Announcement • 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. Announcement • 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. Announcement • 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. New Risk • Feb 19
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Norwegian stocks, typically moving 13% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. 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 (-kr140m free cash flow). Share price has been highly volatile over the past 3 months (13% average weekly change). Earnings have declined by 34% per year over the past 5 years. Revenue is less than US$1m (kr5.0m revenue, or US$449k). Market cap is less than US$10m (kr22.3m market cap, or US$2.00m). Announcement • 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. New Risk • Aug 01
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Norwegian stocks, typically moving 10% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. 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 (-kr179m free cash flow). Share price has been highly volatile over the past 3 months (10% average weekly change). Earnings have declined by 47% per year over the past 5 years. Revenue is less than US$1m (kr5.4m revenue, or US$494k). Market cap is less than US$10m (kr93.5m market cap, or US$8.59m). Announcement • 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. New Risk • Mar 19
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -kr194m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. 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 (-kr194m free cash flow). Earnings have declined by 58% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (kr88.6m market cap, or US$8.33m). Minor Risk Share price has been volatile over the past 3 months (7.5% average weekly change). New Risk • Jan 17
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: kr99.1m (US$9.43m) 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 Revenue is less than US$1m. Market cap is less than US$10m (kr99.1m market cap, or US$9.43m). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (kr68m net loss in 2 years). Share price has been volatile over the past 3 months (9.9% average weekly change). New Risk • Dec 11
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 Norwegian stocks, typically moving 8.7% 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 Risk Revenue is less than US$1m. Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (kr68m net loss in 2 years). Share price has been volatile over the past 3 months (8.7% average weekly change). Market cap is less than US$100m (kr143.8m market cap, or US$13.1m). Announcement • 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. New Risk • Oct 05
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: kr109.4m (US$9.98m) 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 Revenue is less than US$1m. Market cap is less than US$10m (kr109.4m market cap, or US$9.98m). Minor Risk Currently unprofitable and not forecast to become profitable over next 2 years (kr54m net loss in 2 years). Breakeven Date Change • Sep 10
No longer forecast to breakeven The analyst covering Horisont Energi no longer expects the company to break even during the foreseeable future. The company was expected to make a profit of kr201.0m in 2023. New forecast suggests the company will make a loss of kr81.0m in 2025. Price Target Changed • Mar 14
Price target decreased by 81% to kr22.00 Down from kr116, the current price target is provided by 1 analyst. New target price is 122% above last closing price of kr9.92. Stock is down 86% over the past year. The company is forecast to post a net loss per share of kr5.19 next year compared to a net loss per share of kr3.30 last year. Recent Insider Transactions • Feb 03
Director recently sold kr275k worth of stock On the 1st of February, Oystein Spetalen sold around 14k shares on-market at roughly kr19.32 per share. This transaction amounted to 100% of their direct individual holding at the time of the trade. 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. Announcement • 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 16
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. Recent Insider Transactions • Jan 15
Director recently sold kr400k worth of stock On the 13th of January, Rolf Larsen sold around 4k shares on-market at roughly kr100.00 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of kr51m more than they bought in the last 12 months. Recent Insider Transactions • Sep 16
Director recently sold kr51m worth of stock On the 13th of September, Oystein Spetalen sold around 854k shares on-market at roughly kr59.30 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. 
