Betolar Oyj: Betolar Plc's Business Review 1-3/2025: Focus on the mining and metals industry continues as planned

Betolar Plc

Company Release

25 April 2025 at 8:30 A.M. EEST

Betolar Plc's Business Review for 1 January-31 March 2025 (unaudited)

Betolar Plc's Business Review 1-3/2025: Focus on the mining and metals industry continues as planned

This is a summary of the Q1 Business Review, which is in its entirety attached to this release and can be downloaded from the company's website at www.betolar.com/reports-and-presentations

January - March 2025 in brief

• Net sales amounted to EUR 164 thousand (68 thousand)
• EBITDA amounted to EUR -1,007 thousand (-1,959 thousand)
• Cash and cash equivalents and short-term fund investments at the end of the period amounted to EUR 10,253 thousand (11,665 thousand)
• Liquidity and undrawn grants at the end of the period amounted to EUR 12,408 thousand (17,801 thousand)
• Order intake amounted to EUR 90 thousand (369 thousand)
• The number of new NRE projects was 1 (2)
• The average number of employees was 34 (52)
• Full year guidance unchanged: net sales for 2025 is expected to increase compared to the previous year

Main events in January-March

• The world's lowest-emission hollow core slabs developed by Betolar and Consolis Parma entered production phase (1/25).
• Betolar studied the circular economy use of ashes generated from Alva-yhtiöt energy production using the SidePrime analysis service (2/25).
• Betolar updates its financial targets (2/25).
• Betolar has been granted a patent for a climate cabinet that standardizes the storage conditions of test samples (3/25).
• The Annual General Meeting was held on 27 March 2025 (3/25).

Main events after the period

• Betolar strengthens Finland's and EU's self-sufficiency in critical and strategic raw materials: Betolar's newly developed innovative method combines the separation of metals from waste material with the production of green cement (4/25).
• Betolar to develop cementless rockfill solution for Canadian Royalties Inc. (4/25).
• 99 % yield confirmed in metal extraction tests (4/25).
• Jyri Talja has been appointed as the new Chief Growth Officer and invited to join the Management Team as of 23 April 2025 (4/25).

This business review is not an interim report under the IAS 34 standard. The company complies with the half-yearly reporting requirements of the Securities Markets Act and publishes business reviews for the first three and nine months of the year, which present key information and key figures on the company's strategy and business development. The figures presented in this business review are unaudited. The figures in brackets refer to the corresponding period in the previous year, unless otherwise stated.

President and CEO's review

In the mining and metals industry, Betolar expanded its business from shotcrete solution to cementless rockfill. The first cementless rockfill development project was launched, and customer acquisition was expanded to Canada and Australia. The low-carbon shotcrete development project with Outokumpu progressed well. The most significant achievement was the development of a fully cementless shotcrete, which entered the pilot phase.

During the period, Betolar has advanced its sidestream business and strengthened the international sourcing and logistics capabilities. Betolar continued to sell ground granulated blast furnace slag in the Indian market through the local subsidiary and focused on commercial customer projects.

Betolar developed its AI-based SidePrime service for material owners further and launched new industrial sidestream projects, including a collaboration with Alva-yhtiöt. An AI-assisted research project explored the potential of ash from energy production as a substitute for cement in construction and mining solutions.

In concrete solutions for construction, Betolar and Consolis Group's Finnish subsidiary Parma Oy have signed a three-year license and supply agreement, to manufacture the world's lowest-emission hollow core slabs in Finland using Betolar's Geoprime® solution. Betolar's technology achieves 75 % lower emissions compared to traditional solutions. The agreement also includes a pre-emption and exclusive right for other Consolis Group companies operating in 17 different countries

On the innovation front, a breakthrough was achieved in metal separation technology and green cement production. Betolar has developed a new technology that enables the efficient recovery of valuable metals from industrial sidestreams. In the same process, green cement is also produced, offering a more environmentally friendly circular economy alternative to conventional cement.

I want to thank our customers, stakeholders, partners and staff for their valuable contribution and support. Together, we have made significant progress, particularly in the development of metal separation technology and green cement. With these innovations, we have laid a strong foundation for a sustainable future.

Key Figures

Key indicators for the Group

(EUR thousand, unless otherwise specified)	1-3 2025	1-3 2024	1-12 2024
Financial indicators
Net sales	164	68	762
EBITDA1	-1,007	-1,959	-5,818
Cash and cash equivalents and short-term fund investments (at the end of the period)1	10,253	11,665	8,987
Liquidity and undrawn grants (at the end of the period)1	12,408	17,801	14,159
Operational indicators
Order intake (EUR thousand)1	90	369	1,003
Number of new NRE projects1	1	2	11
Personnel (average number during the financial period)	34	52	46

1. Betolar uses certain indicators (EBITDA, cash and cash equivalents and short-term fund investments, liquidity and undrawn grants, order intake, and number of new NRE projects) as quarterly indicators of operational profitability and business performance. The definitions and calculation formulas of these indicators can be found in the appendix to the report.

Financial reporting

Betolar will publish the following financial reports in 2025:

• 18 July Half-year Review
• 28 October Q3 Business Review

Betolar is organizing a Capital Markets Day in Helsinki on 14 May 2025, more information is available on www.betolar.com/capital-markets-day

Betolar's financial reports are available on the company's website at www.betolar.com/reports-and-presentations

Webcast for investors and media

Betolar will host a live webcast in English for investors and media on 25 April 2025 at 10.00 Finnish time.

You can follow the broadcast at https://betolar.events.inderes.com/q1-2025

In the English presentation, CEO & President Tuija Kalpala and CFO Mikko Wirkkala will present Betolar's Business Review and other topical issues. A recording of the event and the corresponding presentation will be available on Betolar's investor website later in the day at https://www.betolar.com/reports-and-presentations

Betolar Plc

More information:

Tuija Kalpala, CEO & President, Betolar Plc, [e-mail], [phone]

Mikko Wirkkala, CFO, Betolar Plc, [e-mail], [phone]

Certified Adviser:

Aktia Alexander Corporate Finance Oy, [phone]

About Betolar

Betolar is a circular economy enabler and materials technology specialist, providing innovative solutions to help use industrial sidestreams to produce low-carbon and cement-free products for the mining and construction sectors. Betolar's mission is to help reduce carbon emissions and the use of virgin resources in mining and construction.

Betolar's circular economic innovations significantly reduce CO2 emissions from cement use and the use of virgin raw materials by utilizing industrial sidestreams. Betolar is continuously developing its low-carbon Geoprime solution for the mining, metals and construction industries. In addition, Betolar's AI-based data platform creates value from industrial side streams and accelerates solution development. The SidePrime analytics service, based on the data platform, maps the potential for utilization of industrial side streams and waste.

Betolar was founded in 2016 and is domiciled in Kannonkoski, Finland. Betolar is listed on the Nasdaq First North Growth Market. For more information www.betolar.com.