Solar Foods Oyj: Solar Foods Oyj half-year report January-June 2026: Significant steps towards scaling of production

Solar Foods Oyj, company announcement 11 August 2026 at 9.30 EEST

Solar Foods Oyj half-year report January-June 2026: Significant steps towards scaling of production

This release is a summary of Solar Foods Oyj's 2026 half-year report. The full half-year report is attached to this company announcement as a pdf file and is also available on the company's website at www.investors.solarfoods.com/

January-June 2026 in brief

• Cash and cash equivalents at the end of the period EUR 27.0 million (12.7)
• Other operating income EUR 4.9 million (4.3), consisting of grants
• Operating loss EUR 6.8 million (4.8)
• Loss for the period 7.4 million (5.4)
• Cashflow from investments EUR -0.4 million (0.4)
• Loss per share EUR -0.25 (-0.22)
• Order book EUR 0.2 million (1.5)

Significant events in January-June 2026

• Sports nutrition company Ambrosia Collective launched a ready-to-mix protein powder Planta powered by Solein for consumers in the United States.
• In June, Solar Foods received an order for Solein from a lifestyle company in the United States. The customer made the order for product development of consumer products made with Solein, and the final products are aimed to become available for consumers in the United States.
• In January, Solar Foods successfully completed a private placement share issue of 5,154,691 new shares, raising approximately EUR 25 million.
• In June, Business Finland granted funding for Solar Foods amounting to EUR 77,8 million. The funding decisions consisted of a grant amounting to EUR 39,6 million and an R&D loan amounting to EUR 38,1 million, related to the company's IPCEI (Important Projects of Common European Interest) notification approved by the European Commission. The funding is intended for the construction and commissioning of Factory 02 in Selkäharju, Lappeenranta, Finland. The funding is conditional upon the final investment decision for the Factory 02 production facility and securing the total financing.
• The company finalized the advanced concept design phase of the Factory 02 production facility, proceeding to the final design phase before the investment decision.
• The company entered into agreements with the German company GEA to negotiate the delivery of process equipment for the Factory 02 production facility and a strategic partnership. Solar Foods also entered into a development agreement with Fortum on the energy services for Factory 02.
• Solar Foods received a patent from the United States Patent and Trademark Office for the production process of Solein. The patent gives Solar Foods an exclusive right to produce Solein to be used in food products with the patented gas fermentation organism and process.
• In April, Solar Foods joined the EU-funded BalticSeaH2 hydrogen economy project and received funding decision of EUR 350 000 for further developing the production of Solein as one of the use cases in hydrogen economy.
• In June, Solar Foods established two new subsidiaries, both of which are 100% owned by Solar Foods. The companies were established to support the Group's strategic growth and international expansion.

Significant events after the review period

• In July, the board of directors of the company resolved to grant a total of 288,000 option rights without consideration to the company's CEO and 144,000 option rights without consideration to the company's Chief Commercial and Product Officer under a new stock option plan 1/2026.

Key figures

MEUR	1-6/2026	1-6/2025	Change, %	1-12/2025
Revenue	0.1	0	271%	0,1
Other operating income	4.9	4.3	14%	9.5
Operating profit/loss	-6.8	-4.8	-42%	-10.4
Profit/loss for the period	-7.4	-5.4	-37%	-11,5
Equity ratio, %	62%	46%	35%	37%
Cashflow from investments	-0.4	0.4	-200%	-0,6
Cash and cash equivalents at the end of the period	27.0	12.7	112%	8.0
Basic and diluted loss per share (EPS), EUR	-0.25	-0.22	-14%	-0.47
Personnel at the end of the period	61	57	7%	56
Order book	0.2	1.5	-87%	1.5

CEO Rami Jokela: The scaling of production proceeds together with partners

During the first half of 2026 we executed our strategy, which focuses on the international commercialization of Solein in the Health & Performance Nutrition category selected as the first target market, and on expanding Solein's production capacity at the upcoming Factory 02 production facility. We expect the Health & Performance Nutrition market to continue its strong growth in the future. As the price of whey protein continues to rise, and as whey continues to face challenges in quality and supply, Solein provides the food industry with a versatile, environmentally friendly and stable protein ingredient disconnected from agriculture.

In the commercialization of Solein, we focused on the United States market, and the first product made with Solein became available to consumers when the U.S.-based Ambrosia Collective launched a ready-to-mix protein powder made with Solein under their brand Planta. The launch has started well. Food companies' own product development and launch processes vary and can be lengthy, and we work closely with numerous customers to support their product development efforts. According to our strategy, we focus on two types of companies in commercialising Solein: agile companies operating in the Health & Performance category, which, like Ambrosia Collective, have the ability to bring product innovations to market exceptionally quickly; and major international CPG (Consumer Packaged Goods) companies, with whom the aim is to establish strategic partnerships. During the first half of 2026, we also worked very actively on the novel food approval for Solein in the EU.

Solein excels as an ingredient in the Health & Performance nutrition category. Protein-enriched products have expanded from boosting performance to mainstream across product categories to support an active lifestyle. Growing consumer demand is also driven by the increasing use of medications supporting weight management. Thanks to its functionality and mild taste, Solein is especially well-suited for these kinds of lifestyle products. We continuously receive positive feedback from customers on Solein's taste, functionality, nutritional values, and sustainability. We continue to research Solein's characteristics and develop the ingredient further to answer our customers' needs, and we have, among other things, improved its suitability for liquid applications by improving the powder's solubility.

During the first half of 2026, we made progress towards the final investment decision on the construction of the Factory 02 production facility. We completed the advanced concept design phase for Factory 02 and progressed in the design work together with our partners.

Our partner network took shape during the first half of the year, as we entered into an exclusivity agreement with Germany-based GEA, which also invested in Solar Foods, to negotiate the design, construction, and delivery of equipment and services related to Factory 02. GEA is one of the world's largest systems suppliers for the food, beverage, and pharmaceutical industries, and we are also negotiating the terms of a long-term strategic partnership.

We entered into a development agreement with Fortum, a leading Nordic energy company, regarding energy services for Factory 02. According to the agreement, Fortum will take responsibility for the design and pre-engineering work related to hydrogen production, heating and cooling solutions, and electrical infrastructure of Factory 02. We are also exploring real estate investor options for the production facility and have appointed Vicus Capital Advisors as our advisor. The final investment decision is intended to be made during 2026.

At the same time, we are also developing Solein production at Factory 01. We joined the EU-funded BalticSeaH2 hydrogen project, where we focus on the utilization of hydrogen in protein production. Solar Foods has been granted a EUR 350,000 funding decision as one of the use cases in the hydrogen economy, to develop Solein production at the Factory 01 production facility.

During the first half of 2026, we have executed our financing plan, communicated in October 2025, with determination. We successfully completed a directed share issue of 5,154,691 new shares, raising approximately EUR 25 million. In June, Business Finland granted funding for Solar Foods amounting to EUR 77,8 million. The funding decisions consisted of a grant and an R&D loan related to the company's IPCEI (Important Projects of Common European Interest) notification approved by the European Commission. The funding is intended for the construction and commissioning of Factory 02 in Selkäharju, Lappeenranta, Finland, and it is conditional upon the final investment decision for the Factory 02 production facility and securing the total financing. Taking into account the funding decisions granted to Solar Foods by Business Finland so far, the remaining funds under the IPCEI notification amount to approximately EUR 21 million, and the company does not have a funding decision on it yet. The company aims to obtain a funding decision also for this remaining part of the notification.

In the second half of 2026, we will continue our work in line with our strategic priorities: focusing on accelerating the commercialization of Solein, selling production capacity of Factory 01, advancing the investment decision for Factory 02, and securing binding offtake agreements with large international CPG companies. The work focuses also on building the company's partner network, implementing the financing plan, the novel food approval in the EU and a No Questions Letter from the U.S. Food and Drug Administration (FDA).

Webcast

CEO Rami Jokela and CFO Ilkka Saura will present the main points of the release in a live webcast on 11 August 2026 at 12:00 EEST. The event is in English and can be followed at https://solarfoods.events.inderes.com/h1-2026

Participants can ask questions during the webcast via the chat function of the video platform. A recording of the event will be published afterward on the company's website at www.investors.solarfoods.com/en/.

Solar Foods Oyj

Board of Directors

Additional information:
CEO Rami Jokela, [e-mail], tel. [phone]

CFO Ilkka Saura, [e-mail], tel. [phone]

Certified Advisor
DNB Carnegie Investment Bank AB (publ)

About Solar Foods

Solar Foods produces Solein®, a protein created using carbon dioxide and electricity. This innovative production method is independent of weather and climate conditions, eliminating the need for traditional agriculture. Founded in Finland in 2017, Solar Foods is listed on the Nasdaq First North Growth Market Finland. Learn more at www.solarfoods.com and www.investors.solarfoods.com.