Slides
Page 1
SOLAR FOODS OYJ 1 FEBRUARY 26, 2026 FINANCIAL YEAR 2025 REVIEW FY 2025 REVIEW RAMI JOKELA, CEO | ILKKA SAURA , CFO
Page 2
FINANCIAL YEAR 2025 REVIEW Solar Foods Plc and its business are exposed to various risks and uncertainties . This presentation contains certain forward - looking statements which are not historical facts but are relating to the future , including future performance and other trend projections and long - term targets . Such statements are forward - looking statements that reflect management’s current views and best assumptions with respect to certain future events and potential financial performance . Such statements are based upon various assumptions , many of which are based , in turn , upon further assumptions . Although Solar Foods believes that the expectations reflected in such forward - looking statements are reasonable , no assurance can be given that such expectations will materialize or prove to be correct . Accordingly , actual results could differ materially from those set out in the forward - looking statements as a result of various factors . The information , opinions and forward - looking statements contained in this presentation speak only as at its date and are subject to change without notice . This presentation does not imply that Solar Foods and/ or its directors or management have undertaken to publicly update or revise these forward - looking statements , beyond what is required by applicable law or applicable Nasdaq First North Growth Market Finland regulations if and when circumstances arise that lead to changes compared with the date when these statements were provided . Solar Foods does not provide earnings guidance but describes its outlook and related risks more generally (general future outlook ). Disclaimer 2
Page 3
FINANCIAL YEAR 2025 REVIEW 01 3 Speaking today Ilkka Saura Chief Financial Officer Rami Jokela Chief Executive Officer
Page 4
FINANCIAL YEAR 2025 REVIEW 01 Today’s Agenda 01 Welcome 02 Strategy recap 03 Significant events in 2025 04 Financial highlights in 2025 05 Significant events after the financial period 06 Q&A 4
Page 5
FINANCIAL YEAR 2025 REVIEW 01 5 Letters of Intent for 100 - 120% design capacity of F02 F02 will scale production capacity from 160t to 6400t annually F02 to be implemented with strategic partners Proven 100 - fold scaling of technology F01 has met its productivity targets 01 02 03 04 Funding through grants and equity EUR 25M equity after the review period 0,0 0,2 0,4 0,6 0,8 1,0 0,0 1,0 2,0 3,0 4,0 Q2/24 Towards growth and scaling 100 - 120% +400% 160t → 6 400t Q4/24 Q2/25 Q4/25 Energy efficiency Productivity Commercial Scaling Funding Technology LoIs and MoUs for F02 design capacity Equity +EUR 25M Grants +EUR 10M (g/l/h) +105k EUR Q2/24 F01 productivity target met Q4/24 Q2/25 Q4/25 Energy efficiency Productivity Technology Productivity (g/l/h) O2 - factor Productivity (g/l/h) O2/CO2 - factor O2/CO2 - factor F01 meets productivity target (g/l/h) F01 energy efficiency (O2/CO2) 2.7 is better than planned Growth in revenue
Page 6
02 6 Strategy recap FINANCIAL YEAR 2025 REVIEW
Page 7
FINANCIAL YEAR 2025 REVIEW 02 7 Global megatrends shaping the protein market Health & Wellness Sustainability Food sovereignty
Page 8
FINANCIAL YEAR 2025 REVIEW Market demand and the global supply restraints of whey 8 Global supply gap of high - grade whey protein, KT Source: Whey Book 2023, Giract, McCully Group, Industry expert input 1. Incl. WPI (>90% protein content) and WPC 50 - 89 (50 - 89% protein content) 2. Capacity estimated, not exhaustive but likely covering a significant share of capacity additions 2020 20 22 2024E ~100 2028F 446 471 529 630 - 660 ~ 50 +4 - 7% p.a. Additional demand Supply Announced supply additions US WPC and WPI market ~$40bn Global protein ingredient market ~$80bn US Health and Performance proteins ~$10bn WPC = Whey Protein Concentrate, WPI = Whey Protein Isolate, RTD = Ready - to - Drink; RTM = Ready - to - mix 02
Page 9
FINANCIAL YEAR 2025 REVIEW Whey derivate prices increasing with WPI prices forecasted to grow beyond EUR 25/kg 9 02 9 9 9 9 10 9 12 14 14 15 17 18 20 21 22 24 10 9 10 11 20 20 16 18 20 24 24 24 25 0 5 10 15 20 25 Q1 ’24 Q2 ’24 Q3 ’24 Q4 ’24 Q1 ’25 Q2 ’25 Q3 ’25 Q4 ’25 Q1 ’26 Q2 ’26 Q3 ’26 Q4 ’26 WPI forecast (2026) WPC 80 forecast (2026) WPI forecast (2025) WPC 80 forecast (2025) WPI WPC 80 Note: 1) Forecasts based on average EU and U.S. price forecasts for WPI and WPC 80. Source: Global management consultant, Ves per Solein price assumption currently EUR 17/k g. Whey derivate prices EUR/kg
Page 10
FINANCIAL YEAR 2025 REVIEW Solein ® – An a ll - purpose protein for the food industry 02 10 • Nutritionally unique • Mild taste • Extremely functional • Animal - free, dairy - free, gluten - free, soy - free, non - GMO • Sustainable and ethical • Scalable production independent of weather and climate • Secure supply • Steady quality • No price volatility • Cost - competitive with high - grade whey protein
Page 11
FINANCIAL YEAR 2025 REVIEW 11 Gas fermentation technology creates a new ecosystem in the food industry Strategic partners Technology platform Food companies Protein drinks Protein powders Protein bars Snacks Dairy replacement Egg replacement Other culinary uses Hydrogen Carbon dioxide Renewable electricity Oxygen Strategic partners for process, heating, cooling, real estate 02
Page 12
FINANCIAL YEAR 2025 REVIEW Revolutionizing the global food industry through Solein 02 12 Mission: We have the most sustainable, globally leading technology platform to produce protein, and Solein is globally the market leading food ingredient in Health & Performance nutrition with more than 1bn consumers globally. Strategic priorities: • Sales – Commercialising Solein first in the US • Factory 02 – Increasing production capacity • Investment program – Implementing the program
Page 13
03 13 Significant events in FY 2025 FINANCIAL YEAR 2025 REVIEW
Page 14
FINANCIAL YEAR 2025 REVIEW 03 14 First supply agreements with customers in the US. MoUs and LoIs with four international customers regarding a commercialisation plan for a total annual production of 6,500 – 7,650 tons of Solein . Should these agreements lead to a binding agreement, the total volume commitment would correspond to approximately 100 – 120% of the full 6.4 kiloton production capacity of Factory 02. Global c ommercialisation of Solein Health & Performance nutrition companies Fermenta and Pothos announce their aim to introduce products made with Solein for consumers in the US during H1 2026. The Japanese food company The Ajinomoto Group launched various consumer products in Singapore. Solar Foods submitted a GRAS notification on Solein in the United States to obtain a no questions letter from the FDA. Regulatory approval in the EU and UK expected in 2026. Commercial progress Product concepts Consumer products Regulatory Solar Foods' own product prototypes showcase Solein's capabilities in the Health & Performance nutrition category: Protein drinks, protein shakes, protein bars. Exploring Solein's benefits to the food industry in different applications.
Page 15
FINANCIAL YEAR 2025 REVIEW Customer collaboration • Continuous discussions and product development collaborations with companies in the Health & Performance nutrition category as well as significant international CPG companies • Increase in US customers and partners onboarding Solein in test production runs and consumer testing • Great feedback: Solein praised by both B2B customers and end consumers for its flavour profile, texture, functionality, and nutritional content • Continuous development of Solein for different customer applications 03 15 Intro + sampling 2 - 3 months 6 months 3 - 6 months Applications development Commercialization Commercialisation timeline of a fast - moving H&P company
Page 16
FINANCIAL YEAR 2025 REVIEW 03 16 • The pilot scale production parameters were verified at Factory 01, confirming the successful 100 - fold scaling of our production technology 10 - liter reactor Discovered the only known microorganism that produces high - quality, non - toxic protein for human consumption VTT Research and pilot Demo Factory 01 launches Proven 100 - fold scaling of the Solein production technology Factory 01 hits productivity targets 200 - liter reactor Further product development 20,000 - liter bioreactor starts operation Ongoing productivity and energy efficiency improvements Continuous production process 2024 2021 2017 - 2018 2025 • Factory 01 reaches design capacity of producing 160 tons of Solein annually • We aim to increase the production capacity to 230 tons annually during 2026.
Page 17
FINANCIAL YEAR 2025 REVIEW Designing Factory 02 Pre - engineering • Solar Foods begun the pre - engineering of its first industrial - scale Solein production facility, Factory 02, marking a major step towards profitable production scale. Phased investment plan • Factory 02 will be developed through a phased investment plan, with operational deployment of the first phase aimed for 2028. Network of strategic partners • Solar Foods will proceed with the implementation of Factory 02 with a network of strategic partners, allowing the company to focus more strongly on developing its core technology and related biology, as well as on the commercialisation of Solein . Utilising strategic partners would significantly reduce the company's financing needs for the implementation of Factory 02 and potentially other future production facilities. Site evaluation and selection • After exploring several locations, Solar Foods chose Lappeenranta, Finland, as the location for Factory 02. The chosen location provides the best conditions to proceed with the design and construction according to the company’s plans. 03 17
Page 18
FINANCIAL YEAR 2025 REVIEW Building a strong foundation for growth • In order to speed up the implementation of its strategy, Solar Foods made changes in the responsibilities and composition of the Management Team and restructured its organisation. • Solar Foods strengthened its commercial organisation by centralising all commercial and product - related functions into one go - to - market organisation. • Also, the resources and know - how related to the Factory 02 production facility project were strengthened through internal transfers. 03 18
Page 19
04 19 Financial highlights in FY 2025 FINANCIAL YEAR 2025 REVIEW
Page 20
FINANCIAL YEAR 2025 REVIEW 04 The operating loss Net debt Summary of Key Figures EUR 10.4 million (8.9) EUR 8.9 million (6.2) Non - current debt EUR 13.9 million (16.6) Net gearing 77% (27%) Cash and cash equivalents at YE EUR – 5.4 million ( - 3.0 ) EUR 8.0 million (13.4) P&L Balance sheet Cash flows Comparison of 2025 to 2024 Operations Investments Financing EUR - 2,1M EUR - 0,6M EUR - 2,6M Net cash flow
Page 21
FINANCIAL YEAR 2025 REVIEW 04 21 Key figures MEUR 7 – 12/2025 7 – 12/2024 CHANGE, % 1 – 12/2025 1 - 12/2024 CHANGE, % Revenue 0.1 0.0 - % 0.1 0.0 - % Other operating income 5.2 5.2 0% 9.5 8.1 17% Operating profit/loss - 5.6 - 4.6 - 22% - 10.4 - 8.9 - 17% Profit/loss for the period - 6.1 - 5.3 - 15% - 11.5 - 11.0 - 5% Equity ratio , % 37% 50% - 26% Investments - 1.0 - 4.6 79% - 0.6 - 9.1 93% Cash and cash equivalents at the end of the period 8.0 13.4 - 40% Basic and diluted loss per share (EPS), EUR - 0.25 - 0.21 - 19% - 0.47 - 0.46 - 2% Personnel at the end of the period 56 53 6% Order book 1.5 0 - % 1.5 0 - %
Page 22
05 22 Significant events after the financial period FINANCIAL YEAR 2025 REVIEW
Page 23
FINANCIAL YEAR 2025 REVIEW A successfully completed private placement 05 23 • In October 2025, Solar Foods specified its financing needs for implementing its growth strategy, consisting of equity, grants and debt financing. • Solar Foods successfully completed a directed share issue of 5,154,691 new shares raising approximately EUR 25 million to accelerate the implementation of the Factory 02.
Page 24
FINANCIAL YEAR 2025 REVIEW New client in the United States 05 24 • Solar Foods received an order from Ambrosia Collective in the United States. The premium sports nutrition and health supplement brand develops and produces performance - focused, vegan - friendly products and aims to introduce a Solein - powered ready - to - mix protein powder for consumers in the United States during the first half of 2026.
Page 25
FINANCIAL YEAR 2025 REVIEW Implementing Factory 02 with a network of strategic partners 05 25 • Solar Foods and GEA Liquid Technologies signed an exclusivity agreement to negotiate a supply agreement for the delivery of equipment and services for the Factory 02 production facility. • Solar Foods and GEA have agreed to negotiate a long - term strategic partnership agreement for collaboration in gas fermentation and related technologies, and as part of the strategic partnership GEA made a cornerstone equity investment of EUR 8 million into Solar Foods by subscribing for new shares issued by Solar Foods in a directed share issue. • In addition to GEA, Solar Foods aims to select 2 – 3 strategic partners who would be responsible for, e.g., Factory 02’s real estate, hydrogen production, electricity grids, and cooling and heating capacity.
Page 26
06 26 Q&A FINANCIAL YEAR 2025 REVIEW
Page 27
FINANCIAL YEAR 2025 REVIEW Thank you 27
Page 28
FINANCIAL YEAR 2025 REVIEW Appendix 28
Page 29
FINANCIAL YEAR 2025 REVIEW Appendix 29 Profit and loss (FAS, EUR) EUR 7 - 12/2025 6 months 7 - 12/2024 6 months 1 - 12/2025 12 MONTHS 1 - 12/2024 12 months Revenue 109,281 4,795 123,595 18,724 Work performed for own use 1,853,407 2,359,168 4,428,076 4,413,415 Other operating income 5,166,226 5,167,065 9,474,334 8,061,204 Personnel expenses Wages and salaries - 2,681,404 - 1,864,491 - 5,056,641 - 3,271,988 Social security expenses Pension expenses - 362,356 - 290,115 - 707,572 - 541,327 Other social security expenses - 132,733 - 75,542 - 225,6711 - 116,894 Personnel expenses in total - 3,176,493 - 2,230,148 - 5,989,884 - 3,930,210 Depreciation and amortization Depreciation and amortization according to plan - 4,751,047 - 4,438,442 - 9,461,324 - 8,652,991 Other operating expenses - 4,817,602 - 5,414,837 - 8,975,142 - 8,829,659 Operating profit (loss) - 5,616,229 - 4,552,409 - 10,400,346 - 8,919,516 Financial income and expenses Other interest income and other financial income from others 117 479 595 2,815 Interest and other financial expenses to others - 511,612 - 723,167 - 1,117,582 - 2,104,949 Total financial income and expenses - 511,495 - 722,688 - 1,117,257 - 2,102,134 Profit before appropriations and taxes - 6,127,724 - 5,275,098 - 11,517,603 - 11,021,650 Profit (loss) for the period - 6,127,724 - 5,275,098 - 11,517,603 - 11,021,650
Page 30
FINANCIAL YEAR 2025 REVIEW Appendix 30 Balance sheet (FAS, EUR) EUR 31th December 2025 31th December 2024 ASSETS Non - current assets Intangible assets Development expenditure 3,886,622 3,680,499 Intangible rights 625,433 844,509 Other intangible assets 2,290,013 3,452,546 Total intangible assets 6,802,068 7,977,555 Tangible assets Machinery and equipment 7,278,802 13,952,991 Other tangible assets 54,607 337,188 Advance payments and construction in progress 1,799,870 26,754 Total tangible assets 9,133,280 14,316,933 Total non - current assets 15,935,348 22,294,488 Current assets Long - term receivables Other receivables 720,651 576,670 Total long - term receivables 720,651 576,670 Short - term receivables Accounts receivable 60,917 411 Other receivables 382,837 614,889 Prepayments and accrued income 6,301,605 9,800,681 Total short - term receivables 6,745,359 10,415,981 Total receivables 7,466,010 10,992,651 Cash and cash equivalents 7,989,830 13,396,494 Total current assets 15,455,840 24,389,146 Total assets 31,391,188 46,683,634
Page 31
FINANCIAL YEAR 2025 REVIEW Appendix 31 Balance sheet (FAS, EUR) EUR 31th December 2025 31st december 2024 EQUITY AND LIABILITIES Capital and reserves Subscribed capital 80,000 80,000 Reserve for invested unrestricted equity 51,480,511 51,394,621 Retained earnings - 28,534,522 - 17,512,872 Profit (loss) for the period - 11,517,603 - 11,021,650 Total capital and reserves 11,508,386 22,940,099 Liabilities Non - current liabilities Loans from credit institutions 13,850,833 16,567,500 Total non - current liabilities 13,850,833 16,567,500 Current liabilities Loans from credit institutions 3,014,167 3,014,167 Advances received 424,352 526,043 Trade payables 1,023,362 2,027,547 Other payables 127,518 777,711 Accruals and deferred income 1,442,570 830,567 Total current liabilities 6,031,969 7,176,035 Total liabilities 19,882,802 23,743,535 Total equity and liabilities 31,391,188 46,683,634
Page 32
FINANCIAL YEAR 2025 REVIEW Appendix 32 Statement of cashflows (FAS, EUR) STATEMENT OF CASH FLOWS (FAS, EUR) 7 - 12/2025 7 - 12/2024 2025 2024 Cash flows from operating activities: Profit before appropriations and taxes - 6,127,724 - 5,275,098 - 11,517,603 - 11,021,650 Adjustments for: Depreciation according to plan 4,751,047 4,438,442 9,461,324 8,652,991 Financial income and expenses 512,314 722,688 1,117,257 2,102,134 Operating profit before working capital changes: - 864,364 - 113,967 - 939,022 - 266,525 Working capital changes: Increase ( - ) or decrease (+) in trade and other receivables - 1,645,128 - 3,431,794 945,401 - 1,619,679 Increase (+) or decrease ( - ) in trade payables 578,813 - 605,559 - 1,008,521 2,715,758 Cash generated from operations - 1,066,315 - 4,151,321 - 63,119 829,554 Interest paid and payments for other finance costs - 508,919 - 763,175 - 1,127,826 - 1,555,395 Net cash from operating activities - 2,439,598 - 4,914,496 - 2,129,967 - 725,841 Cash flows from investing activities: Investments in tangible and intangible assets - 2,732,910 - 4,619,261 - 6,239,000 - 10,742,314 Investment grants received 1,712,254 5,593,080 1,648,611 Net cash used in investing activities: - 1,020,656 - 4,619,261 - 645,921 - 9,093,703 Cash flows from financing activities: Proceeds from issuance of share capital 8,769,087 Execution of option rights 70,527 63,498 85,891 71,057 Costs for share issue - 653,148 Repayments of long - term loans - 1,358,333 - 1,358,333 - 2,716,667 - 1,358,333 Net cash used in financing activities - 1,287,807 - 1,294,835 - 2,630,776 6,828,663 Net increase/decrease in cash and cash equivalents - 4,748,061 - 10,828,592 - 5,406,664 - 2,990,882 Cash and cash equivalents at beginning of period 12,737,891 24,225,086 13,396,494 16,387,375 Cash and cash equivalents at end of period 7,989,830 13,396,494 7,989,830 13,396,494
Page 33
FINANCIAL YEAR 2025 REVIEW Appendix 33 Statement of changes in equity (FAS, EUR) EUR Subscribed capital Reserve for invested unrestricted equity Retained earnings Total Equity July 1, 2025 80,000 51,409,984 - 33,924,402 17,565,582 Execution of option rights 70,527 70,527 Profit (loss) for the period - 6,127,724 - 6,127,724 Equity December 31, 2025 80,000 51,480,459 - 40,052,126 11,508,386 Equity July 1, 2024 2,500 51,408,623 - 23,259,424 28,151,699 Increase in share capital 77,500 - 77,500 0 EXECUTION OF OPTION RIGHTS 63,498 63,498 Profit (loss) for the period - 5,275,098 - 5,275,098 Equity December 301, 2024 80,000 51,394,621 - 28,534,522 22,940,098