Betolar Plc
Company Announcement
28 October 2026 at 8:30 a.m. EET
Betolar Plc Business review for 1 January-30 September 2026 (unaudited)
Betolar Plc's Business Review 1-9/2026: Nine-month revenue exceeded full year revenue 2025 - commercial execution strengthened
This is a summary of the Business Review for the period January - September 2026, which is attached in full to this release and can be downloaded from the company's website at: https://www.betolar.com/investors
Betolar's revenue for January-September 2026 increased by 86% to EUR 1.2 million, more than for the whole of 2025. In July-September, revenue rose by 27% to EUR 277 thousand, and each of Betolar's three businesses moved closer to commercialization: the metal extraction project at Otanmäki progressed, the subsea protection solution was validated in a customer project, and Betolar's blast furnace slag was approved for low-carbon concrete calculations in Finland.
"We have moved from technology development to commercial execution. In nine months, our revenue has passed the whole of last year, and we see customer demand increasing in all three businesses. Our task now is to turn that demand into orders," says Vibeke Krohn, President and CEO of Betolar.
Revenue in the third quarter was lower than in the first two quarters of the year, as major projects were completed before new ones reached delivery. Order intake was EUR 93 thousand (EUR 314 thousand).
Key figures
(*Figures in brackets refer to the same period in 2025)
• Revenue, July-September: EUR 277 thousand (EUR 218 thousand).
• Revenue, January-September: EUR 1,179 thousand (EUR 635 thousand), compared with EUR 946 thousand for the full year 2025.
• EBITDA, July-September: EUR -1,058 thousand (EUR -969 thousand).
• Order intake, July-September: EUR 93 thousand (EUR 314 thousand).
• Liquidity, undrawn grants and committed funding at the end of the period amounted to EUR 13.1 million (EUR 9.6 million)1
1 Includes committed equity investments in group companies
Metal Extraction Technology:
Europe's industry and defence depend on titanium, vanadium and other strategic metals, and many of them already lie in the waste from a century of mining. In the third quarter, AFRY carried out a scoping study and a mineral resource assessment for the Otanmäki titanium tailings, where Betolar holds exclusive 20-year rights. Pilot tests on chromium-bearing mine tailings confirmed recovery of about 99%. Betolar signed a contract for a pilot furnace, co-funded by the EU LIFE programme, and received new orders in for low-carbon backfill for mines. Kimmo Tiilikainen, former head of the Geological Survey of Finland, will lead the business from 1 November.
Critical Infrastructure Protection:
Power, heat, data and water for millions of people depend on a few assets, and a dragged anchor or a low-cost drone can take one out of action for months. After the period, Betolar completed the large infrastructure project launched in October 2025. Offshore engineering experts in the project validated Betolar's subsea fence, which is designed to stop a dragged anchor before it reaches a cable or pipeline. Betolar also signed a framework agreement with Enersense, and the two companies signed an agreement with a large operator of critical infrastructure in Finland to design protection for one of its facilities.
Circular Materials:
Cement is one of the largest sources of industrial CO2 emissions, and the fastest way to cut them is to use less of it. In July, the Finnish Concrete Association approved an emission value of 121 kg CO2e per tonne for the blast furnace slag that Betolar supplies through the Port of Hamina. Concrete producers in Finland can now use it directly in their low-carbon mix designs. Betolar also completed the first phase of a customer-funded project for low-carbon concrete cable trays for energy infrastructure, and added microsilica to its range in India and completed trial deliveries of microsilica and fly ash. Betolar aims to scale up volumes from Hamina in the fourth quarter and in 2027.
Scaling with partners
In September, ScaleWolf agreed to invest EUR 1 million each in Betolar's new MET and CIP subsidiaries, provided that the subsidiaries are sufficiently operational by mid-December 2026, and subscribed for EUR 1 million of Betolar's convertible capital notes. Betolar keeps ownership of its intellectual property and licenses its technology to the subsidiaries.
"Our three businesses share one purpose: we make more of what is already here, and we protect it. We own the technology and scale with partners who bring capital and capacity. Separate subsidiaries for metal extraction and infrastructure protection will give each business the focus and capital it needs to grow, and making them operational by mid-December is our priority for the rest of the year," says Vibeke Krohn.
Guidance
Betolar's guidance for 2026 is unchanged: revenue is expected to increase significantly compared with the previous year.
Webcast for investors and media
The company will host a webcast on the same day at 1:00 p.m. EET, where President & CEO Vibeke Krohn and CFO Mikko Wirkkala will present the highlights of the business review. Participants will have the opportunity to ask questions during the event. The webcast will be held in English.
Participants can register for the webcast in advance here:
Register for the Q3 2026 webcast
The recording and presentation materials will be available on Betolar's website after the event at www.betolar.com/reports-and-presentations.
Next events
Betolar will present its updated strategy at its Capital Markets Day in Helsinki on 26 November 2026.
Betolar will publish the following financial reports in 2027:
• 10 February Financial Statements Release 2026
• 22 April Q1 Business Review
• 25 August Half-year Review
• 3 November Q3 Business Review
Further information:
Vibeke Krohn, CEO & President, Betolar Plc, vibeke.krohn@betolar.com, +47 936 34?491
Certified Advisor:
Aktia Alexander Corporate Finance Oy, tel. +358 50?520 4098?
About Betolar
Betolar is a material technology company focused on advancing sustainable and resilient solutions for critical infrastructure and the circular economy. We develop technologies that enable low carbon construction and the efficient utilization of industrial side streams.
Betolar was founded in 2016 and is headquartered in Kannonkoski, Finland. The company is listed on Nasdaq First North Growth Market Finland (ticker: BETOLAR), and its shares are also traded in the US on the OTCQX International market (ticker: BTLRF).
www.betolar.com
