Betolar Plc
Company Release
28 October 2025 at 8:30 a.m. EET
Betolar Plc's Business Review for 1 January-30 September 2025 (unaudited)
Betolar Plc's Business Review 1-9/2025: Strong focus on metal extraction - Pilots underway with multiple industrial sidestreams
This is a summary of the Business Review for the period January - September 2025, 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
July-September 2025 in brief
- Net sales amounted to EUR 218 thousand (276 thousand)
- EBITDA amounted to EUR -969 thousand (-974 thousand)
- Cash and cash equivalents and short-term fund investments at the end of the period amounted to EUR 7,422 thousand (10,748 thousand)
- Liquidity and undrawn grants at the end of the period amounted to EUR 9,576 thousand (16,057 thousand)
- Order intake amounted to EUR 314 thousand (237 thousand)
- The number of new NRE projects was 3 (1)
- The average number of employees was 34 (44)
January-September 2025 in brief
- Net sales amounted to EUR 635 thousand (551 thousand)
- EBITDA amounted to EUR -3,092 thousand (-4,623 thousand)
- Cash and cash equivalents and short-term fund investments at the end of the period amounted to EUR 7,422 thousand (10,748 thousand)
- Liquidity and undrawn grants at the end of the period amounted to EUR 9,576 thousand (16,057 thousand)
- Order intake amounted to EUR 834 thousand (732 thousand)
- The number of new NRE projects was 8 (6)
- The average number of employees was 34 (49)
- Full year guidance unchanged: net sales for 2025 is expected to increase compared to the previous year
Main events in July - September
- Betolar develops low-carbon mining solution for Mandalay Resources and enters Australia's leading mining market (7/25).
- Betolar and Jetcrete accelerate the adoption of low-carbon shotcrete in Australia (9/25).
- Betolar and Nordkalk collaborate to commercialize tailings-based circular calcite (9/25).
- Composition of Betolar Plc's Shareholders' Nomination Board (8/25).
- Betolar's financial calendar and annual general meeting in 2026 (9/25).
Main events after the period
- Betolar receives a significant order for an infrastructure project (10/25).
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
"Demand for Betolar's circular solutions in the mining industry continues to grow, and we have secured new agreements. Our partnerships with Anglo American and Nordkalk have created opportunities to utilise mining waste in innovative circular applications. We have actively promoted the commercialization of Betolar's proprietary metal extraction method across Europe and Asia. In Finland, we advanced plans for industrial scale proof of concept, mapped sources of mine tailings, and conducted detailed analyses. Additionally, we expanded our customer base in Australia and launched pilot projects cement-free mining solutions.
We further strengthened our position in the utilisation of industrial sidestreams. Sales of ground granulated blast furnace slag (GGBFS) to India continued to grow, supported by our established customer base and partner network. In addition, we secured our first GGBFS order in Finland.
In construction business, we sharpened our focus on infrastructure, driven by rising investments and the growing need for sustainable solutions. Additionally, we delivered our first customer project using the Optimize service, achieving significant cost savings and emission reductions. Over the long term, the construction business will lay the foundation for our own binder production, creating a strong customer base and market presence. Looking ahead, our goal is to begin producing green cement using Betolar's proprietary metal extraction technology.
During the third quarter, net sales and other operating income decreased compared to the corresponding period last year. At the same time, expenses decreased, which balanced the impact of the decline in revenue and led to a slight improvement in EBITDA. The growth in orders received and research service projects demonstrates customer interest in our circular solutions. Net sales and orders received for January-September are higher than in the previous year. At the same time, we streamlined operations and optimised our cost structure to enhance efficiency.
We are committed to accelerating the commercialization of our metal extraction technology, driving sales growth, and enhancing competitiveness. Our goal is to establish a strong financial foundation and create a sustainable basis for long-term growth.
Finally, I would like to express my warmest thanks to our entire staff for their commitment, to our customers for their trust, and to all our stakeholders for their valuable cooperation."
Key Figures
Key indicators for the Group
(EUR thousand, unless otherwise specified) | 7-9 | 7-9 2024 | 1-9 | 1-9 | 1-12 |
Financial indicators | |||||
Net sales | 218 | 276 | 635 | 551 | 762 |
EBITDA1 | -969 | -974 | -3,092 | -4,623 | -5,816 |
Cash and cash equivalents and short-term fund investments (at the end of the period)1 | 7,422 | 10,748 | 7,422 | 10,748 | 8,987 |
Liquidity and undrawn grants (at the end of the period)1 | 9,576 | 16,057 | 9,576 | 16,057 | 14,159 |
Operational indicators | |||||
Order intake (EUR thousand)1 | 314 | 237 | 834 | 732 | 1,003 |
Number of new NRE projects1 | 3 | 1 | 8 | 6 | 11 |
Personnel (average number during the financial period) | 34 | 44 | 34 | 49 | 46 |
- 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 2026:
- 5 February Financial Statements bulletin 2025
- 23 April Q1 Business Review
- 12 August Half-year Review
- 28 October Q3 Business Review
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 28 October 2025 at 10.00 Finnish time.
You can follow the broadcast at https://betolar.events.inderes.com/q3-2025
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, 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.