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SOLAR FOODS SOLAR FOODS OYJ H1 2026 REVIEW RAMI JOKELA , CEO | ILKKA SAURA , CFO AUGUST 11 , 2026 H1 2026 REVIEW
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H1 2026 REVIEW SolarFoods Plcand itsbusiness areexposedto variousrisksand uncertainties. Thispresentationcontainscertainforward-lookingstatementswhicharenothistoricalfactsbutarerelatingto thefuture, includingfutureperformanceand othertrendprojectionsand long-termtargets.Suchstatementsareforward-lookingstatementsthatreflectmanagement’scurrentviewsand bestassumptionswithrespectto certainfutureeventsand potentialfinancialperformance. Suchstatementsarebaseduponvariousassumptions, manyof whicharebased, in turn, uponfurtherassumptions. AlthoughSolarFoods believesthattheexpectationsreflectedin suchforward-lookingstatementsarereasonable, no assurancecanbegiventhatsuchexpectationswillmaterializeorproveto becorrect. Accordingly, actualresultscoulddiffermateriallyfromthoseset out in theforward-lookingstatementsas a resultof variousfactors. Theinformation, opinionsand forward-lookingstatementscontainedin thispresentationspeakonlyas at itsdateand aresubjectto changewithoutnotice.ThispresentationdoesnotimplythatSolarFoods and/oritsdirectorsormanagement haveundertakento publiclyupdateorrevisetheseforward-looking statements, beyondwhatis requiredbyapplicablelaworapplicableNasdaq FirstNorth GrowthMarket Finland regulationsifand whencircumstancesarisethatleadto changescomparedwiththedatewhenthesestatementswereprovided.SolarFoods doesnotprovideearningsguidancebutdescribesitsoutlookand relatedrisksmoregenerally(general futureoutlook). Disclaimer 2
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H1 2026 REVIEW 01 3 Speaking today Ilkka SauraChiefFinancial Officer RamiJokelaChiefExecutiveOfficer
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H1 2026 REVIEW 01Today’s Agenda01Welcome02Significant events in H1 202603Financial highlights in H1 202604The way forward 05Q&A06Appendix 4
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H1 2026 REVIEW First consumer product available in the United States Designing Factory 02 proceeds together with partnersPartnerships with GEA, Fortum and Vicus Capital Advisors Product development Improving Solein’ssuitability to different applications even further 01 02 03 04 Funding through equity, grant and loanEUR 25M equity, EUR 39,6M grant, EUR 38,1M loan Towardsgrowthand scaling First consumer product launched in the United States in May CommercialFunding ProductScaling with partners 18 newH&Pproduct concepts Grants +EUR 39M 01 Equity +EUR 25MR&D loan +EUR 38M UHT-stable
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H1 2026 REVIEW Three megatrends: SolarFoodssits in the middle, where decarbonisation, protein demand and food sovereignty meet Values: decarbonisation= annual transition-investment pool (BloombergNEFETIT 2026, $2.3tn); protein = end-market (Barclays $1.7tn); food sovereignty (proxy: ~70% of EU plant protein imported, 85% inFinland). Source:https://www.ecb.europa.eu/press/economic-bulletin/focus/2023/html/ecb.ebbox202306_01~36e78cc75e.en.html 01 ProteinGLP-1, health & wellness≈€1.6tnFood sovereignty& security of supplyPrice shocks:•El Niño+9%•Fertilizer volatility Hydrogen & decarbonisation≈€2.1tn/yr transition investment
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02 7 Significant events in H1 2026 H1 2026 REVIEW
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H1 2026 REVIEW8 Soleinenters the United States Health & Performance nutrition market Ready-to-mix protein powder Planta powered by Soleinavailable in the US Planta powered by Solein® 02 §15% of Americanson a GLP-1 by 2035§+31M usersduring next four years§Market USD 200bnby 2030 The H&P marketGlobal protein ingredient market ~$80bn Protein products expand from sports to mainstream use U.S. Health and Performance market ~$10bn Major sub-categories RTM, RTD, Bars/Snacks GLP-1 Great feedback Note: WPC = Whey Protein Concentrate, WPI = Whey Protein Isolate, RTD = Ready-to-Drink; RTM = Ready-to-mix. Source: Global management consultantSources: https://newconsumer.com/2026/04/the-next-40-million-glp-1-users/, https://www.jpmorgan.com/insights/global-research/current-events/obesity-drugs Planta powered by Soleinhas received great and enthusiastic feedback from consumers
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9 H1 2026 REVIEW Sustainability & decarbonizationSupply & price NutritionApplications 02Solein’svalue propositions
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H1 2026 REVIEW Global supply gap of high-grade whey protein, KTWhy whey cannot simply scale•Price has roughly tripled —WPI €10 → €31/kg (EU) in 3 yrs; experts do not expect a return to prior levels.•Quality issues —Taste & quality varies depending on cheese source.•Demand vs dairy supply —Big protein demand against milk & cheese production that cannot keep pace —the structural cause of the spike.•1–3-year lead times —Herd and milk-output adjustments lag demand —supply is structurally inflexible. Soleinunlocks growthWhey decoupled pricing –superior macrosAt €17/kg, Soleinis already at deep and stable discount with current WPI (€31 EU / ~€27 US) —with steady quality, taste, fibers and sustainabilityEstimated whey(WPI90 & WPC 80) usage of an undisclosed H&P company 470 530 20222024 ~50~100 3-5Y forecast ~630-660+4-7% p.a. SupplyAnnounced supply additionsProtein gapMarket data: whey book 2023 · giract · mccully group. Supply andprice: Protein megatrendhas created whey protein supply challenges and price increases02 10 kt (2025) 12–13 kt (2026) 10
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H1 2026 REVIEW Price comparison · EUR/MT · 2 Aug 2023 –29 Jul 2026 0K 10K 20K 30K 40K Sep'23Jan'24May'24Sep'24Jan '25May'25Sep'25Jan'26May'26Jul '26WPI (EU –VPI, EXW)WPI (US –VPI, EXW)WPC 80, instant (EU –VPI, EXW)WPC 80, instant (US –VPI, EXW) Source: chart digitised from Vesper price-comparison screenshot (2 Aug 2023 –29 Jul 2026). Values are visual estimates at ~2-month intervals —indicative of level and trend, not Vesper's exact dataset. Vesper “Add your data” placeholder series omitted. WPI = whey protein isolate; WPC 80 = whey protein concentrate (80%); VPI = Vesper Price Index; EXW = ex-works. •Barclays estimate that the global protein market has already reached approximately $1.7 trillion, and that demand could rise by 37% over the next five years.•Whey is a cheese/milk byproduct —supply can't flex to meet a GLP-1-driven demand shock without producing more milk and cheese first.•Further whey-driven price increases could cause demand to deteriorate Supply andprice: Whey protein reference prices have risen ~3×since2023, converging near €25–31/kg after a steep H1 2026 spike Solein price assumption currently EUR 17/kg. 02 Soleinprovides a stable discounted price compared to whey protein
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H1 2026 REVIEW 80%Protein43% essential amino acids20% BCAABalanced amino-acid profile ~10%Fibers40% beta-glucan ~6%Unsat. fatOleic acid (Ω-9) ~4%Min. & vit.Iron · Ca 110mg · B12 5µg Clean-label claimsNon-GMO Lactose-free Gluten-free Soy-free High in proteinHigh in fiber High in iron & B12 Neutral taste Fiber is the hook: Solein's fiber content is direct benefit for GLP-1 formulations and the fast-growing US fiber trend. Iron and B12 are a bonus; the functional fiber is what whey isolate cannot match. Nutrition: Soleindelivers every macro our customers sell —plus fiber, B12 and iron —in one clean-label ingredient02 12
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H1 2026 REVIEW13 Applications: Soleinexcels as an ingredient in Health & Performance •Superior mouthfeel•No graininess•80% protein content on dry weight basis•Disperses smoothly–no clumping or residue•1 new flavourduring H1 2026 –3 flavours&product concepts in total •High solubility in cold and ambient liquids•Stable across broad pH and temperature ranges•Highly processable, including UHT treatment•9 new flavours during H1 2026–12 flavours &product concepts in total •Outstanding binding properties•Excellent texture contribution•Protein density without compromising bite or texture•Works across a variety of formats•8 new flavours during H1 2026–10 flavours & product concepts in total Ongoing development of Solein'singredient performance and product optimization: E.g. improved powder solubility and handling, faster dissolution to ready-to-mix liquids, ready-to-drink product concepts validated with UHT treatment, approximately25% reduction in iron 02 PROTEIN BARSPROTEIN DRINKSREADY-TO-MIX
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H1 2026 REVIEW 02Commercial progress •Concept sales model: Continuing the development of SolarFoods' own product concepts for the food industry•Targeting both agile Health & Performance companies with ability to bring products to market quickly, as well as large international CPG companies•Turning LoIsand MoUsto binding offtake agreementsfor Factory 02•Solein is commerciallyavailablein Singapore and theUnited States, activeworkon thenovelfood approvalin theEU Introduction Commercialisation and launch plansApplication developmentAgreementsProduct positioning
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H1 2026 REVIEW15 Commercializing Soleinwith concept sales model 0% 20% 40% 60% 80% 100% 202620272028202920302031 Major CPG companies Leading H&P companies Fast-moving H&P companies •The concept sales model introduced at CMD 2024 is Solar Foods' deliberate method for landing a novel ingredient•First US launch prove our concept sales model works —de-risking a novel ingredient ahead of strategic offtake and F02 scale•F01's limited capacity is deliberately used to win agile, fast-cycle H&P brands who generate consumer proof and reference cases Illustrative sales distribution across customer segments, % of total capacityPercentageof total capacity Source: Solar Foods Factory 01 VolumesFactory 02 Volumes 02
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H1 2026 REVIEW16 Driving growth through scaling at Factory 02 with strategic partners PROCESS EQUIPMENT•Agreements with GEA to negotiate the delivery of process equipment for the Factory 02 production facility, as well as a strategic partnership. ENERGY SERVICES•Development agreement with Fortum on the energy services of the upcoming Factory 02 production facility. REAL ESTATE•We are also exploring real estate investor options for the production facility and have appointed Vicus Capital Advisors as our advisor. FACTORY 02 DESIGN•Factory 02 proceeded from advanced concept design phase to the final design phase before investment decision.•Final investment decision expected during 2026. 02
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H1 2026 REVIEW 17 Building a newecosystem for food and energy industries–Scalingthroughnetworkof factories02 Strategic partners Technology platform Food companies Protein drinksProtein powdersProtein barsSnacksDairy replacementEgg replacementOther culinary uses Hydrogen Carbon dioxide Renewableelectricity Oxygen Strategic partners for process, heating, cooling, electrical grids, real estate
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03 18 Financial highlightsinH1 2026 H1 2026 REVIEW
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H1 2026 REVIEW 03 Theoperating lossNet debt Summary of Key FiguresH1 EUR 6.8million (4.8)EUR-11.5million (5.5)Non-currentdebtEUR 12.8million (14.9)Net gearing-39% (31%)Cash and cash equivalents at H1 2026 EUR19.1million(-0.7) EUR27.0million (12.7) P&L Balance sheetCash flows Comparison of H1 2026 to H1 2025 OperationsInvestmentsFinancingEUR-4.5MEUR -0.4MEUR 23.9M Net cashflow
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H1 2026 REVIEW 03 20 Key figuresMEUR1-6/20261–6/2025CHANGE, %Revenue0.10.0265%Other operating income4.94.314%Operating profit/loss-6.8-4.8-42%Profit/loss for the period-7.4-5.4-37%Equity ratio, % 62%46%35%Investments-0.40.4-200%Cash and cash equivalents at the end of the period27.012.7112%Basic and diluted loss per share (EPS), EUR-0.25-0.22-14%Personnel at the end of the period61577%Order book0.21.5-87%
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H1 2026 REVIEW Financial program03 21 •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.•Business Finland granted funding for Solar Foods amounting to EUR 77,8 million. The funding decisions consist of a grant amounting to EUR 39,6 millionand 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 conditional upon the final investment decision for the Factory 02 production facility and securing the total financing.
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H1 2026 REVIEW Company’s financing has been ~71% secured; ~€55m remaining ahead of the 2026 FIDSource of fundsSecured vs Target (10/25)% Secured of target (10/25)Equity (ECM)€25m raised Jan 2026 (Nasdaq FN Helsinki)€25m raised100%Grants —EU IPCEI€39,6m (Jun'26) + €6m grant-equiv. in R&D loan; ~€21m still to be decided.€68m target 90m76%Debt€38.1m R&D loan granted (Jun 2026): 1% · 10-yr · 5-yr grace. ~€33m debt to arrange.€38.1mtarget 71m54%Total on-balance-sheet€136m securedof €191m target (10/25)≈71% Off-balance-sheet —strategic partners finance €127m of Factory 02 directly —excluded from the €191m on-B/S plan. Targets per Solar Foods Source-of-Funds plan (Q2/2025–2029): equity €30m · grants €90m · debt €71m · strategic partners €127m (off-B/S) → total sources €318m. Secured: €25m equity raised 23.01.2026 (completes €25–35m tranche); €68m grants approved = €24m pre-10/25 + €38m (Jun'26) + €6m grant-equivalent in the R&D loan, ~€21m still to be decided; €38.1m R&D loan (17.06.2026). Grant & loan conditional on FID (2026) + securing total financing. The €6m grant-equivalent is the state-aid element of the R&D loan, consistent with the plan's additive source convention. 22 03
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H1 2026 REVIEW Change in income statement presentation03 23 •During 2026, as part of the development of thecompany’s financial reporting processes, Solar FoodsOyjreassessed the presentation of its income statement. Based on this assessment, thecompany concluded that presenting expenses by function instead of by nature provides more relevant information to users of the financial statements.As a result, thecompany has changed the presentation of its income statement from a nature-based to a functional classification.Due to this change, certain amounts included in the statement of profit or loss for the period ended 30 June 2025have been reclassified. As a result of the reclassification, the comparative period has been presented on a basis consistent with the presentation adopted for the 2026 statement of profit or loss.•Expenses previously presented by nature, includingpersonnel expenses,depreciation and impairment, and other operating expenses, have been reallocated to research and development expenses, sales and marketing expenses and general and administrative expenses.The reclassification has not affectedthe operating profit (loss), profit before appropriations and taxes, or profit (loss) for the period.•The company hasalsodiscontinuedthe gross presentation of internally generated assets, and these items are now presented on a net basis within research and development expenses.
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04 24 The wayforward H1 2026 REVIEW
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H1 2026 REVIEW During 2026, we will continue to execute our strategy and work to internationalize the company, pursue growth, and expand production capacity of Solein. The company continues to prepare the investment decision for Factory 02, with the work focusing, among other things, on•Securing sufficient binding customer agreements•Building the company’s partner network•Advancing the design of Factory 02•Implementing the financing plan•Research & development of Solein•The novel food approval in the EU •A No Questions Letter from the U.S. Food and Drug Administration (FDA) 04 25 The way forward
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05 26 Q&A H1 2026 REVIEW
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H1 2026 REVIEW Thankyou 27
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H1 2026 REVIEW Appendix 28
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H1 2026 REVIEW Appendix 29 Profitand loss(FAS, EUR)EUR 1-6/20266 months1-6/20256 months1-12/202512 MONTHSRevenue 52,19914,313123,595Research and development expenses-6,384,582-6,025,987-12,956,128 Sales and marketing expenses-1,314,572-843,311-1,969,711 General administrationexpenses-4,028,313-2,237,241-5,072,436 Other operating income4,899,1404,308,1099,474,334 Operating profit (loss)-6,776,127-4,784,117-10,400,346Financial income and expenses-646,313-605,762-1,117,257 Profit (loss) for the period-7,422,441-5,389,880-11,517,603
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H1 2026 REVIEW Appendix 30 Balancesheet(FAS, EUR)EUR 30th June202630th June 2025ASSETSNon-currentassetsIntangibleassetsDevelopmentexpenditure3,762,2993,936,751Intangiblerights 515,895734,971Otherintangibleassets1,708,746 2,871,280Total intangibleassets 5,986,9417,543,002 TangibleassetsMachineryand equipment3,970,606 10,637,118Othertangibleassets 335 166,640Advance payments and construction in progress 2,294,701928,849Total tangibleassets 6,265,642 11,732,607Total non-currentassets12,252,583 19,275,609 CurrentassetsLong-termreceivablesOtherreceivables2,906,537576,670Total long-termreceivables2,906,537576,670Short-termreceivablesAccountsreceivable26,154 0Otherreceivables563,812 218,181Prepaymentsand accruedincome4,515,879 5,660,036Total short-termreceivables5,105,845 5,878,217Total receivables8,012,382 6,454,887Cash and cash equivalents27,044,12912,737,891Total currentassets 35,056,51119,192,778Total assets 47,309,09338,468,387
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H1 2026 REVIEW Appendix 31 Balancesheet(FAS, EUR)EUR 30th June 202630th June 2025EQUITY AND LIABILITIESCapital and reservesSubscribed capital80,000 80,000Reserve for invested unrestricted equity76,704,580 51,409,984Retained earnings-40,052,125-28,534,522Profit (loss) for the period-7,422,441-5,389,880Total capital and reserves29,310,01517,565,583 LiabilitiesNon-current liabilitiesLoans from credit institutions12,790,00014,911,667Total non-current liabilities12,790,00014,911,667 Current liabilitiesLoans from credit institutions2,716,667 3,311,667Advances received179,468 664,773Trade payables422,013 911,004Other payables95,354 101,845Accruals and deferred income1,795,577 1,001,848Total current liabilities5,209,079 5,911,137Total liabilities17,999,07920,902,804Total equity and liabilities47,309,09338,468,387
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H1 2026 REVIEW Appendix 32 Statementof cashflows(FAS, EUR) STATEMENT OF CASH FLOWS (FAS, EUR)1-6/20261-6/20252025Cash flows from operating activities:Profit before appropriations and taxes-7,422,441-5,389,880-11,517,603Adjustments for:Depreciation according to plan4,730,140 4,710,2789,461,324Financial income and expenses646,313604,9441,117,257Operating profit before working capital changes: -2,045,987-74,658-939,022Working capital changes:Increase (-) or decrease (+) in trade and other receivables-1,183,394 2,590,529945,401Increase (+) or decrease (-) in trade payables-576,396 -1,587,334-1,008,521Cash generated from operations-1,759,790 1,003,195-63,119 Interest received130,019Interest paid and payments for other finance costs -779,851 -618,907-1,127,826Net cash from operating activities-4,455,609 309,631-2,129,967Cash flows from investing activities:Investments in tangible and intangible assets-2,087,729-3,506,090-6,239,000Investment grants received1,731,9013,880,8265,593,080Net cash used in investing activities:-355,828374,736-645,921Cash flows from financing activities:Proceeds from issuance of share capital25,000,251Execution of option rights223,818 15,36385,891 Repayments of long-term loans-1,358,333 -1,358,333-2,716,667 Net cash used in financing activities23,865,736 -1,342,970-2,630,776 Net increase/decrease in cash and cash equivalents19,054,299 -658,603-5,406,664Cash and cash equivalents at beginning of period 7,989,83013,396,49413,396,494Cash and cash equivalents at end of period27,044,129 12,737,8917,989,830
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H1 2026 REVIEW Appendix 33 Statementof changesin equity(FAS, EUR)EUR Subscribed capitalReserve for invested unrestricted equity Retained earningsTotal Equity January 1, 202680,00051,480,512-40,052,12611,508,386Issuanceof sharecapital25,000,25125,000,251Execution of option rights223,818223,818Profit (loss) for the period-7,422,441-7,422,441Equity June30, 202680,00076,704,581-47,474,56729,310,015 Equity January 1, 202580,00051,394,621-28,534,52222,940,099Issuance of share capitalExecution of option rights15,36315,363Profit (loss) for the period-5,389,880-5,389,880Equity June 30, 202580,00051,409,984-33,924,40217,565,583