Betolar Plc
Company Release
18 July 2025 at 8.30 A.M. EEST
Betolar Plc Half-Year Financial Report, 1 January-30 June 2025 (unaudited)
Betolar Plc Half-Year Financial Report 1-6/2025: Active start to the year - Net sales increased +51% and commercialization of metal extraction started
This is a summary of the half-year report for January-June 2025, which is attached in full to this release and can be downloaded from the company's website at: https://www.betolar.com/investors
April-June 2025 in brief
- Net sales amounted to EUR 253 thousand (208 thousand)
- EBITDA amounted to EUR -1,116 thousand (-1,691 thousand)
- Cash and cash equivalents and short-term fund investments at the end of the period amounted to EUR 8,724 thousand (9,982 thousand)
- Liquidity and undrawn grants at the end of the period amounted to EUR 10,878 thousand (16,006 thousand)
- Order intake amounted to EUR 430 thousand (120 thousand)
- The number of new NRE projects was 4 (3)
- The average number of employees was 34 (51)
January-June 2025 in brief
- Net sales amounted to EUR 417 thousand (276 thousand)
- Gross margin amounted to EUR 307 thousand (217 thousand)
- EBITDA amounted to EUR -2,123 thousand (-3,649 thousand)
- Operating profit (loss) was EUR -3,123 thousand (-4,664 thousand)
- Profit for the financial period amounted to EUR -3,039 thousand (-4,534 thousand)
- Earnings per share were EUR -0.14 (-0.23)
- Cash and cash equivalents and short-term fund investments at the end of the period amounted to EUR 8,724 thousand (9,982 thousand)
- Liquidity and undrawn grants at the end of the period amounted to EUR 10,878 thousand (16,006 thousand)
- Order intake amounted to EUR 520 thousand (495 thousand)
- The number of new NRE projects was 5 (5)
- The average number of employees was 35 (51)
Main events during April - June 2025
- Betolar's new metal extraction technology to support Anglo American's drive towards circularity (6/25).
- Betolar to develop cementless rockfill solution for Canadian Royalties Inc. (4/25).
- 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).
- 99 % yield confirmed in metal extraction (4/25).
- Building the Future from Waste - high-performing green cement revolutionizes the industry (6/25).
- Betolar Capital Markets Day 2025: Significant Value from unutilized Industrial Sidestreams (5/25).
- 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).
- The Board of Directors of Betolar Plc resolved incentive plans for key employees of the Group (6/25).
Guidance for 2025 (unchanged)
- Net sales for 2025 is expected to increase compared to the previous year.
Financial targets
Betolar's Board of Directors has, on 5 February 2025, approved the company's financial targets, which are as follows:
- Achieving positive cash flow from operating activities by the end of 2026.
- The long-term financial target to achieve one billion euros in revenue and a 30 percent EBITDA margin by the end of 2033 remains unchanged.
Betolar does not consider the financial targets as guidance for any specific year. In the long term, low-carbon solutions that replace cement are expected to grow, especially in the mining and metal industries as well as in construction, and Betolar aims to capture a significant market share.
Betolar's consolidated financial statements for the period that ended 30 June 2025 have been prepared in accordance with the International Financial Reporting Standards (IFRS) and International Committee (IFRIC) in force on 30 June 2025.
The figures in parenthesis in this report refer to the comparison period, i.e. the same period in 2024, unless stated otherwise. The figures for the comparison period are based on the audited annual financial statements, and all figures are in accordance with IFRS.
President and CEO's review
Betolar achieved significant progress in circular economy solutions during the period. In April, we published a new innovative method that combines metal recovery from waste materials and green cement production in a unique way. The method was tested at external research institutes, and a 99 % metal recovery rate was verified in pilot-scale tests. Our method not only enables the efficient separation of valuable metals but also produces high-performance and low-emission green cement as a sidestream.
The commercialization of the metal extraction method started successfully. We received the first order from Anglo American, one of the world's leading mining companies. The collaboration utilizes Betolar's method for recovering metals from tailings - a material that would otherwise remain unutilized. Tailings end up as waste in the mining industry, and therefore our method creates new, sustainable value through circular economy practices. The primary goal of the collaboration is to enable the use of green cement in paste backfilling in the planned mine. The partnership supports Ango American's commitment to the circular economy and responsible use of raw materials, while it is an important step forward in the commercialization of our innovation.
Systematic work with mining customers paid off. We continued the development of cement-free shotcrete and cementless rock fill solutions for our mining customers, and we carried out a pilot project for completely cementless shotcrete and rockfill. In addition, we focused on opening the Canadian and Australian markets, where we received our first orders for mining solutions. Sales of ground granulated blast furnace slag in the Indian market grew during the period thanks to an established customer base.
I warmly thank our customers for their trust, our stakeholders for their continued support, and all Betolar employees for their commitment and uncompromising work towards our shared vision. Together, we are building a sustainable future - from the industry's untapped sidestreams.
Key Figures
Key figures for the Group
(EUR thousand, unless otherwise specified) | 4-6 | 4-6 2024 | 1-6 | 1-6 | 1-12 |
Financial indicators | |||||
Net sales | 253 | 208 | 417 | 276 | 762 |
Gross margin1 | 307 | 217 | 564 | ||
EBITDA1,2 | -1,116 | -1,691 | -2,123 | -3,649 | -5,816 |
Operating profit (loss) | -3,123 | -4,664 | -7,964 | ||
Earnings before interest and taxes | -3,072 | -4,569 | -7,798 | ||
Profit (loss) for the financial period | -3,039 | -4,534 | -7,732 | ||
Earnings per share, basic and diluted, EUR1,3 | -0.14 | -0.23 | -0.36 | ||
Cash and cash equivalents and short-term fund investments (at the end of the period)1,2 | 8,724 | 9,982 | 8,724 | 9,982 | 8,987 |
Liquidity and undrawn grants (at the end of the period)1,2 | 10,878 | 16,006 | 10,878 | 16,006 | 14,159 |
Operational indicators | |||||
Order intake (EUR thousand)1,2 | 430 | 120 | 520 | 495 | 1,003 |
Number of new NRE projects 1,2 | 4 | 3 | 5 | 5 | 11 |
Personnel (average number during the financial period) | 34 | 51 | 35 | 51 | 46 |
1) Betolar uses certain indicators (gross margin, EBITDA, earnings per share, cash and cash equivalents and short-term fund investments, liquidity and undrawn grants, order intake and number of new NRE projects) as half-yearly indicators of operational profitability and business performance. The definitions and calculation formulas of these indicators can be found in the appendix to the report.
2) 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.
3) The number of shares used in the calculation of earnings per share is all follows 30 June 2025: 21,567,570 shares, 30 June 2024: 19,606,882 shares, 1-6/2025: 21,567,570 shares, 1-6/2024: 19,606,882 shares, and 31 December 2024: 21,567,570 shares.
Financial reporting
Betolar will publish the Business Review for January - September 2025 on Tuesday 28 October 2025.
Betolar's financial reports are available on the company's website at www.betolar.com/investors.
Webcast for investors and media
Betolar will host a live webcast in English for investors and media on 18 July 2025 at 10 A.M Finnish time. You can follow the broadcast at https://betolar.events.inderes.com/q2-2025.
In the English presentation, President & CEO Tuija Kalpala and CFO Mikko Wirkkala will present Betolar's Half-Year Financial Report and other recent developments. A recording and presentation materials will be available on Betolar's investor website later in the day at www.betolar.com/reports-and-presentations.
Betolar Plc
More information:
Tuija Kalpala, CEO & President, Betolar Plc, tuija.kalpala@betolar.com, +358 50 567 6608
Mikko Wirkkala, CFO, Betolar Plc, mikko.wirkkala@betolar.com, +358 50 458 4190
Certified Adviser:
Aktia Alexander Corporate Finance Oy, +358 50 520 4098
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.
