Interim report
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SOLAR FOODS 11 August 2026 1 ( 18 ) Solar Foods Oyj Half - year report January - June 2026 ( unaudited ) SIGNIFICANT STEPS TOWARDS SCALING OF PRODUCTION 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 .
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2 (18) 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.
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3 (18) 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).
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4 (18) Financial development January−June 2026 Revenue for the review period was EUR 0.1 million (0). The operating loss for the review period was EUR 6.8 million (4.8). The operating loss increased compared to the comparison period, mainly due to an increase in personnel and higher other operating expenses, which included costs related to the share issue completed during the review period. During the review period, more grant income was recognized than in the comparison period. Research and development expenses amounted to EUR 6.4 million (6.0), including capitalized development costs EUR 2.0 million (2.6). Sales and marketing expenses increased to EUR 1.3 million (0.8) as the Company invested in market entry activities and the commercialization of its product during the review period. General administrative expenses increased to EUR 4.0 million (2.2), primarily due to the advisory and transaction fees related to the EUR 25 million directed share issue completed at the beginning of the year. Other operating income was EUR 4.9 million (4.3), consisting of grants. Financial income and expenses amounted to EUR 0.6 million (0.6). Solar Foods’ loss-making result of EUR 7.4 million (5.4) reflects the company's development phase, where significant investments have been made to enable its future growth. The company's primary objective during the review period was to continue long-term product development, enhance production efficiency at the Factory 01 facility, and plan the new Factory 02 production facility. The order book at the end of the period amounted to EUR 0.2 million (1.5). The order book decreased during the review period as the result of the decision by the company that was a counterparty to a delivery agreement previously included in the order backlog to discontinue its operations and dissolve the company. Financial position and cash flow The company’s balance sheet total at the end of the review period was EUR 47.3 million (38.5) of which the share of equity was EUR 29.3 million (17.6). The company’s equity ratio at the end of the review period was 62% (46%). During the review period 2026, the balance sheet total and equity increased primarily as the result of a EUR 25 million directed share issue, despite the reporting period loss, which had a negative impact on equity. At the end of the review period, the company's net debt was EUR -11.5 million (5.5). Non-current debt amounted to EUR 12.8 (14.9) million. Net gearing at the end of the review period was -39% (31%). In January–June 2026, cash flow from operating activities amounted to EUR -4,5 million (0.3). Cash flow from investing activities was EUR -0.4 million (0.4) and cash flow from financing was EUR 23.9
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5 (18) million (-1.3). During the comparison period the company received material grant payments. During the review period, investments included Factory 02 production facility related investments and capitalized research and development costs. During the review period, the company received EUR 6.2 million (9.5) in grants related to the previous financial year. Financing cash flow increased as a result of the EUR 25 million directed share issue during the period. Cash and cash equivalents at the end of the period were EUR 27,0 million (12.7). Investments and R&D Investments in tangible and intangible assets amounted to EUR -0.4 million (0.4) during the review period. The change from the comparison period was due to the company receiving in the comparison period more grant payments related to the previous financial year than its own investments during the period were. Investments consisted mainly of capitalized development costs and Factory 02 product facility related investments. Personnel and management In the beginning of the review period, Solar Foods employed 56 people. During the review period, the number of employees grew to 61 people. At the end of the review period, the company’s Management Team consisted of Chief Executive Officer Rami Jokela, Chief Financial Officer Ilkka Saura, Chief Scientific Officer Juha-Pekka Pitkänen, Chief Commercial and Product Officer Godert Zijlstra, Chief Technology Officer Petri Tervasmäki, and Chief Operating Officer Tiia Kuusimäki. Shares and shareholders Solar Foods Oyj's stock has been trading on the First North Growth Market Finland marketplace maintained by Nasdaq Helsinki Ltd since 10 September 2024. The ISIN code of the share is FI4000577192 and the ticker is SFOODS. Solar Foods has one share class and each share entitles to one vote in the General Meeting. All shares have an equal right to dividend. At the end of the review period 30 June 2026, Solar Foods's registered share capital was EUR 80,000, and the number of shares 30,021,126 (24,688,127). The highest trading price of the Solar Foods share from January to June was EUR 5.75 and the lowest was EUR 4.08. The volume-weighted average share price in January to June was EUR 4.89 and the closing price at the end of the review period was EUR 4.68. Based on the closing price, the market capitalization of the shares was EUR 140.5 million. During the review period, the trading euro volume was EUR 10,171,957 and the trading volume was 2,111,966 shares. The average number of shares during review period was 29,205,936 (24,656,741). Solar Foods had a total of 9,462 (7,186) shareholders at the end of the review period on 30 June 2026. At the end of the review period, nominee registered shareholders held 15.73 percent of the company’s shares. At the end of the period, Solar Foods did not hold own shares. The table below presents Solar Foods’ ten largest registered shareholders by number of shares based on the shareholders’ register maintained by Euroclear Finland Ltd as of 30 June 2026.
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6 (18) Shareholder Number of shares Of all shares and votes, % Oy Karl Fazer Ab 3 457 342 11,52% Juha-Pekka Pitkänen 3 041 061 10,13% Skandinaviska Enskilda Banken Ab (Publ) Helsingin sivukonttori 2 726 189 9,08% Lifeline Ventures Fund iii Ky 2 607 044 8,68% Pasi Vainikka 2 330 000 7,76% VTT Ventures Oy 1 747 064 5,82% GEA Finland Oy 1 649 484 5,49% Citibank Europe Plc 1 595 368 5,31% Suomen Teollisuussijoitus Oy 1 441 910 4,80% Jero Ahola 930 276 3,10% Total ten largest 21 525 738 71,70% Others 8 495 388 28,29% Total 30 021 126 100% The company’s 100 largest shareholders are presented on the company’s website www.investors.solarfoods.com/en/investors/share_information/shareholders. Incentive schemes At the end of the review period, the company had four stock option plans (2020A, 2020B, 2/2024 and 1/2025-H), under which option holders can subscribe for a maximum of 2,457,250 new shares or the company's own shares. At the end of the review period, of this amount, options entitling to subscribe for a maximum of 1,710,772 company shares were allocated and not subscribed, which immediately dilutes the shareholders' relative ownership in the company by approximately 5.7 percent, if all option rights are exercised and they have the maximum number of new shares is subscribed, taking into account that the number of the company's shares at the end of the review period was 30,021,126 shares. Shares in option plans 2020A, 2020B and 2/2024 may be subscribed twice a year after the publication of the company’s financial statements release and half-year report or as separately decided by the company’s board of directors. The subscription price of the shares is EUR 0.2051 per share (2020A) and EUR 2.75 per share (2020B and 2/2024). The subscription period ends on 31 December 2029.
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7 (18) During the review period, 60,518 new shares were subscribed for under Option Plan 2020A, 15,350 new shares were subscribed for under Option Plan 2020B, 61,525 new shares were subscribed for under Option Plan 2/2024 for a total of 137,393 new shares of the Company, which were registered in the Trade Register. The subscription price of the shares, totaling EUR 223,817.81, was recorded in full in the Company's reserve for invested unrestricted equity. Summary of option programs and changes during the period Option plan Total number of Option rights at the end of the review period, pcs Total number of allocated but not subscribed option at the end of the review period, pcs Total number of subscribed and registered shares using option rights during the review period, pcs Subscription price, EUR Total Subscription price during the review period, EUR 2020A 284 000 128 801 60 518 0,2051 12 412,24 2020B 768 000 630 771 15 350 2,749956 42 211,82 2/2024 953 250 505 700 61 525 2,75 169 193,75 1/2025-H 20 000 20 000 0 7,1 0 1-2026 432 000 432 000 0 7,1 0 Total 2 457 250 1 710 772 137 393 223 817,81 Solar Foods has a short-term incentive plan (STI) in place for the company’s key personnel, designed to support the achievement of both the company’s strategic goals and priorities, as well as increasing shareholder value. The STI is based on predefined performance criteria approved by the Board of Directors, which include both individual and company-wide objectives. Annual General Meeting 2026 The Annual General Meeting of Solar Foods Oyj was held on 31 March 2026 at the Solar Foods headquarters at Härkälenkki 11, 01730 Vantaa, Finland. All proposals to the Annual General Meeting were accepted. In its organisational meeting held after the Annual General Meeting, the Board of Directors elected the Chair of the Board and Vice Chair as well as the members of the Board committees. The Annual General Meeting adopted the financial statements for the financial year ended 31 December 2025 and discharged the members of the company’s Board of Directors and the CEO from liability. The Annual General Meeting resolved that the loss shown in the company’s balance sheet for the financial year ended 31 December 2025 be recorded in the retained earnings/loss and that no dividend be distributed. The Annual General Meeting resolved that the remuneration of the Board of Directors be paid as follows: • Chair of the Board: fee of EUR 50,400 for the term • Vice Chair of the Board: fee of EUR 37,800 for the term • Members of the Board: fee of EUR 25,200 for the term.
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8 (18) A member of the Board can permanently select at the beginning of their term during the Board’s organizational meeting (or when possible under insider regulations) whether the fee for the term will be paid in the company’s shares or in cash. The remuneration payable in the company’s shares will be issued directly to the Board without consideration within a week of the publication of the company’s interim financial report for the period 1 January – 30 June 2026. If the issue of the shares cannot be carried out at the aforementioned time due to a reason related to the company or a member of the Board, the shares will be issued later, or the fee for the term will be paid in full in cash. The company will pay any costs and possible transfer tax related to the purchase of the company shares. The shares may not be disposed for a period of two years from receiving the shares. In addition, a remuneration of EUR 1,500 is paid to the Chair of the Board, EUR 750 to the Vice Chair of the Board and EUR 750 to each member of the Board for each meeting (excluding per capsulam - meetings). If the Vice Chair of the Board acts as the Chair of a meeting, a remuneration of EUR 1,500 shall be paid for such meeting (excluding per capsulam -meetings). Remuneration for meetings shall be paid twice in a year, and the meeting fee shall be paid in double, if participating in the meeting requires traveling from Europe to Finland, and in triple, if participating in the meeting requires traveling from outside of Europe to Finland. The meeting fees will be paid in cash. The remuneration for the Chair of the committees of the Board of Directors is EUR 1,000 per meeting and the remuneration for each other member is EUR 500 per meeting. In addition, expenses for travel and accommodation of Board members are to be reimbursed according to the company’s travel policy. The Annual General Meeting resolved that the number of the members of the Board of Directors shall be seven. The Annual General Meeting resolved that Sebastian Jägerhorn, Paula Laine, Juha Lindfors, Jukka Moisio, Petra Teräsaho and Pasi Vainikka are re-elected as members of the Board of Directors for a term that ends at the close of the Annual General Meeting 2027 and Karuna Rawal be elected as a new member of the Board of Directors for a term that ends at the close of the Annual General Meeting 2027. Auditing firm KPMG Oy Ab was re-elected as the auditor of the company for a term of office ending at the close of the next Annual General Meeting. KPMG Oy Ab has notified that Authorized Public Accountant Jussi Paski will be the company’s principal auditor. The auditor will be remunerated according to an invoice approved by the company. The Annual General Meeting resolved to amend the company’s Articles of Association to the effect that Section 3 of the Articles of Association is as follows: “The company develops, sells, licenses and rents sustainable manufacturing equipment and processes as well as technologies and production organisms for producing food raw materials. The company also develops, produces and sells nutritional ingredients, food raw materials and food products.” The Annual General Meeting authorised the Board of Directors to resolve on the repurchase of a maximum of 2,988,373 shares in the company, which corresponds to approximately 10% of the total number of shares in the company on the date of the notice to the Annual General Meeting, in one or several tranches. The own shares can only be acquired with company’s non-restricted equity at the value at the time of acquisition as determined by trading of the Nasdaq First North Growth Market Finland marketplace operated by Nasdaq Helsinki Ltd. The Board of Directors is authorized to resolve all the terms and conditions of the repurchase, including how the shares will be acquired. The authorization does not exclude the right of the Board of Directors to also decide on a directed repurchase of its own shares if there is a weighty financial reason for the company to do so. The
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9 (18) authorization may be used for important transactions for the company, such as completing possible M&A transactions, financing investments, implementation of the company’s commitment and incentive schemes or for such other purposes as the Board of Directors may decide where there is a weighty financial reason to repurchase its own shares. Own shares repurchased may be held by the company, annulled or reassigned. The authorization is valid until the end of the company’s next Annual General Meeting, however not later than 30 June 2027. The authorization replaces the authorization to repurchase own shares granted by the company’s Annual General Meeting on 25 March 2025. The Annual General Meeting authorised the Board of Directors to resolve on the issuance of shares, option rights and other special rights entitling to shares referred to in chapter 10, section 1 of the Finnish Companies Act, in one or more tranches, either against payment or free of charge. The total number of shares to be issued under the authorization may not exceed 8,965,120 shares (including shares issued on the basis of option rights and other special rights), which corresponds to approximately 30% of the total number of shares in the company as at the date of the notice to the General Meeting. The authorization entitles the company’s Board of Directors to decide on all the terms and conditions of the share issue, option rights and other special rights entitling to shares. The authorization includes the right to issue new shares or treasury shares held by the company. The Board of Directors may also decide to issue shares free of charge to the company itself. In the issue and transfer of shares, option rights and other special rights entitling to shares, the shareholders’ pre- emptive subscription rights (directed issue) may be deviated from if there is a weighty financial reason for the company to do so, or especially weighty financial reason when so required by the Companies Act. Shares, option rights and other special rights entitling to shares may be used to improve the company’s capital structure, to carry out possible mergers and acquisitions, investments or other arrangements within the scope of the Company’s business, as a part of the company’s commitment and incentive scheme or for other purposes decided by the Board of Directors of the company. The authorization is valid until the end of the company’s next Annual General Meeting, however not later than 30 June 2027. The authorization replaces the authorization granted by the Annual General Meeting on 25 March 2025. In its organizational meeting held after the Annual General Meeting, the Board of Directors elected Jukka Moisio as Chair of the Board and Pasi Vainikka as Vice Chair. Petra Teräsaho (Chair), Paula Laine and Juha Lindfors were elected members of the Audit Committee. Sebastian Jägerhorn (Chair), Jukka Moisio and Pasi Vainikka were elected members of the Nomination and Remuneration Committee of the Board of Directors. 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. Risks and uncertainties Risks related to the company's business The company is an early-stage growth company with significant activity-related risks. The company has small revenue relative to its operating expenses and has not yet generated a positive operating result. The company is in the early stages of commercialization and does not expect significant revenue before the deployment of Factory 02.
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10 (18) A key prerequisite for the implementation of the Company’s strategy is the making of the final investment decision for the Factory 02 production facility. Such investment decision requires sufficient binding customer commitments to enable the arrangement of the necessary debt financing and other external funding for the project among others. In addition, the investment decision requires sufficiently advanced technical plans, cost estimates and project execution readiness, as well as the securing of the overall financing for the project. Achieving profitable operations in line with the Company’s strategy requires the construction, commissioning and efficient utilization of the industrial-scale Factory 02 production facility. This, in turn, requires that the design, construction and commissioning phases of the project are successfully completed both technically and economically as planned. It is uncertain that the Company will be able to secure sufficient customer commitments and financing, or to commission the Factory 02 production facility within the planned schedule and budget. Any delays or failures in achieving these objectives could have a material adverse effect on the Company’s business, financing requirements and ability to execute its strategy. Risks related to the operating environment Companies have been significantly affected in recent years by global economic instability and uncertainty on the financial markets, including the ongoing war in Ukraine and geopolitical uncertainty. The uncertainty of trade sanctions, such as tariffs, and energy prices continues, and could negatively affect the economic growth in the markets Solar Foods operates in. These factors increase financial uncertainty, complicate business planning and predictability, and may hinder the company’s growth according to its strategy. In addition, intensifying competition and similar, substitutive or cheaper products developed by competitors may limit the company’s business opportunities. Solein competes with other protein sources, such as plant-based and cellular proteins, and there are already hundreds of companies on the market that develop new protein sources. If competitors develop a better product, it may force the company to lower its prices, which leads to shrinking net sales and margins. Risks related to the company's financial and economic position The company depends on external financing because it is currently not making a profit. If the company builds more factories, like Factory 02, it requires significant additional financing, which may be covered with equity, debt, and grant financing. In addition, the company’s operational expenses and early-stage business require additional financing. The company’s ability to obtain financing depends on many factors, and there is no certainty that funding will be available on reasonable terms or at all. The company is also exposed to exchange rate fluctuations as its business is planned for international markets, and changes in exchange rates may have a detrimental effect on its financial position. Assessment of future development The company will focus primarily on growth in the Health & Performance Nutrition segment and strengthening commercial activities as well as preparing for the investment decision of Factory 02 production facility together with its strategic partners. The company's existing financial targets continue to serve as its financial guidance. In accordance with Solar Food's disclosure policy, the company does not provide a separate short-term financial guidance.
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11 (18) Accounting principles for the half-year report Solar Foods Oyj’s half-year report has been prepared in accordance with national accounting legislation (FAS) and following good accounting practices. The figures of the half-year report are unaudited. The figures presented are rounded off from the exact figures. The financial information presented in this half-yearly report does not include all the notes to the financial statements of the company and should be read in conjunction with the financial statements for the fiscal year that ended on 31 December 2025. The Company’s subsidiaries had no business operations or transactions during the reporting period. Therefore, the consolidated figures are identical to those of the parent company. Change in income statement presentation During 2026, as part of the development of the company’s financial reporting processes, Solar Foods Oyj reassessed the presentation of its income statement. Based on this assessment, the company concluded that presenting expenses by function instead of by nature provides more relevant information to users of the financial statements. As a result, the company has changed the presentation of its income statement from a nature-based to a functional classification. Comparative figures for the periods ended 30 June 2025 and 31 December 2025 have been reclassified to ensure comparability. 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, including personnel 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 affected the operating profit (loss), profit before appropriations and taxes, or profit (loss) for the period. In the functional income statement, capitalized development costs presented under “Production for own use” in the income statement by nature of expenses are shown as a reduction of research and development expenses.
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12 (18) Table (unaudited) PROFIT AND LOSS (FAS, EUR) 1.1.-30.6.2026 1.1.-30.6.2025 1.1.-31.12.2025 Revenue 52,199 14,313 123,595 Research 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 administration expenses -4,028,313 -2,237,241 -5,072,436 Other operating income 4,899,140 4,308,109 9,474,334 Operating profit (loss) -6,776,127 -4,784,117 -10,400,346 Financial income and expenses -646,313 -605,762 -1,117,257 Profit before appropriations and taxes -7,422,441 -5,389,880 -11,517,603 Profit (loss) for the period -7,422,441 -5,389,880 -11,517,603
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13 (18) BALANCE SHEET (FAS, EUR) 30.6.2026 30.6.2025 31.12.2025 ASSETS Non-current assets Intangible assets Development expenses 3,762,299 3,936,751 3,886,622 Intangible rights 515,895 734,971 625,433 Other intangible assets 1,708,746 2,871,280 2,290,013 Total intangible assets 5,986,941 7,543,002 6,802,068 Tangible assets Machinery and equipment 3,970,606 10,637,118 7,278,802 Other tangible assets 335 166,640 54,607 Advance payments and construction in progress 2,294,701 928,849 1,799,870 Total tangible assets 6,265,642 11,732,607 9,133,280 Total non-current assets 12,252,583 19,275,609 15,935,348 Current assets Long-term receivables Other receivables 2,906,537 576,670 720,651 Total long-term receivables 2,906,537 576,670 720,651 Short-term receivables Accounts receivable 26,154 0 60,917 Other receivables 563,812 218,181 382,837 Accrued income 4,515,879 5,660,036 6,301,605 Total short-term receivables 5,105,845 5,878,217 6,745,359 Total receivables 8,012,382 6,454,887 7,466,010 Cash and cash equivalents 27,044,129 12,737,891 7,989,830 Total current assets 35,056,511 19,192,778 15,455,840 TOTAL ASSETS 47,309,093 38,468,387 31,391,188
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14 (18) BALANCE SHEET (FAS, EUR) 30.6.2026 30.6.2025 31.12.2025 EQUITY AND LIABILITIES Capital and reserves Subscribed capital 80,000 80,000 80,000 Reserve for invested unrestricted equity 76,704,580 51,409,984 51,480,511 Retained earnings -40,052,125 -28,534,522 -28,534,522 Profit (loss) for the period -7,422,441 -5,389,880 -11,517,603 Total capital and reserves 29,310,015 17,565,583 11,508,386 Liabilities Non-current liabilities Loans from credit institutions 12,790,000 14,911,667 13,850,833 Total non-current liabilities 12,790,000 14,991,667 13,850,833 Current liabilities Loans from credit institutions 2,716,667 3,311,667 3,014,167 Advances received 179,468 664,773 424,352 Trade payables 422,013 911,004 1,023,362 Other payables 95,354 101,845 127,518 Accruals and deferred income 1,795,577 1,001,848 1,442,570 Total current liabilities 5,209,079 5,911,137 6,031,969 Total liabilities 17,999,079 20,902,804 19,882,802 TOTAL EQUITY AND LIABILITIES 47,309,093 38,468,387 31,391,188
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15 (18) STATEMENT OF CASH FLOWS (FAS, EUR) 1.1.-30.6.2026 1.1.-30.6.2025 1.1.-31.12.2025 Cash flows from operating activities: Profit before appropriations and taxes -7,422,441 -5,389,880 -11,517,603 Adjustments for: Depreciation according to plan 4,730,140 4,710,278 9,461,324 Financial income and expenses 646,313 604,944 1,117,257 Operating profit before working capital changes -2,045,987 -74,658 -939,022 Working capital changes: Increase (-) or decrease (+) in trade and other receivables and other receivables -1,183,394 2,590,529 945,401 Increase (+) or decrease (-) in trade payables -576,396 -1,587,334 -1,008,521 Cash generated from operations -1,759,790 1,003,195 -63,119 Interest received 130,019 Interest paid and payments for other finance costs -779,851 -618,907 -1,127,826 Net cash from operating activities -4,455,609 309,631 -2,129,967 Cash flows from investing activities: Investments in tangible and intangible assets -2,087,729 -3,506,090 -6,239,000 Investment grants received 1,731,901 3,880,826 5,593,080 Net cash used in investing activities -355,828 374,736 -645,921 Cash flows from financing activities: Proceeds from issuance of share capital 25,000,251 Execution of option rights 223,818 15,363 85,891 Repayments of long-term loans -1,358,333 -1,358,333 -2,716,667 Net cash used in financing activities 23,865,736 -1,342,970 -2,630,776 Net increase/decrease in cash and cash equivalents 19,054,299 -658,603 -5,406,664 Cash and cash equivalents at beginning of period 7,989,830 13,396,494 13,396,494 Cash and cash equivalents at end of period 27,044,129 12,737,891 7,989,830
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16 (18) STATEMENT OF CHANGES IN EQUITY (FAS, EUR) Subscribed capital Reserve for invested unrestricted equity Retained earnings Total Equity January 1, 2026 80,000 51,480,512 -40 052 126 11,508,386 Execution of option rights 223,818 223,818 Share issue 25,000,251 25,000,251 Profit (loss) for the period -7,422,441 -7,422,441 Equity June 30, 2026 80,000 76,704,581 -47,474,567 29,310,015 Subscribed capital Reserve for invested unrestricted equity Retained earnings Total Equity January 1, 2025 80,000 51,394,621 -28,534,522 22,940,099 Execution of option rights 15,364 15,364 Profit (loss) for the period -5,389,880 -5,389,880 Equity June 30, 2025 80,000 51,409,984 -33,924,402 17,565,583 Subscribed capital Reserve for invested unrestricted equity Retained earnings Total Equity January 1, 2025 80,000 51,394,621 -28,534,522 22,940,099 Execution of option rights 85,891 85,891 Profit (loss) for the period -11,517,603 -11,517,603 Equity December 31, 2025 80,000 51,480,512 -40,052,126 11,508,386
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17 (18) Expenses by Nature The table below presents operating expenses classified by nature. EXPENSES BY NATURE 1.1.-30.6.2026 1.1.-30.6.2025 1.1.-31.12.2025 Personnel expenses -3,486,371 -2,813,391 -5,989,884 Depreciation and amortization -4,730,140 -4,710,278 -9,461,324 Other operating expenses -5,490,593 -4,157,540 -8,975,142 Total -13,707,104 -11,681,209 -24,426,351 Development costs capitalized and presented under "Production for own use" in the income statement by nature of expenses are shown as a reduction of research and development expenses in the functional income statement. PRODUCTION TO OWN USE 1.1.-30.6.2026 1.1.-30.6.2025 1.1.-31.12.2025 Production own use 1 979 637 2 574 670 4 428 076 Total 1 979 637 2 574 670 4 428 076 Off-balance sheet commitments Guarantees given and off-balance sheet commitments and pension liabilities: Guarantees given by type The amount of the debt or the (EUR thousand) guarantee with less value than debt 30th June 2026 (EUR thousand) Financial loans 15,506.7 Rental guarantees 576.7 Rental mortgages 46.8 Business mortgage 21,200.0 Guarantees 6,750.0 Others 480.3 Rental liabilities 2026-2043 excl. VAT Rental liabilities for the properties 22,009.5 Financial leasing 59.2 At the end of the financial year, unaudited grant settlements include a possible repayment liability corresponding to the amount of the grant received of EUR 33,607,185 (situation on 30 June 2026). The company is obliged to review the VAT deductions made on a real estate investment completed in 2023 if the taxable use of the property decreases during the review period. The last review year will be 2032. The maximum amount of the liability is EUR 576,000 (situation on 30 June 2026).
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18 (18) Definitions and calculation formulas for key indicators Indicator Definition or calculation formula Operating profit (EBIT) = Net sales + other operating income – materials and services – personnel expenses – other operating expenses – depreciation and impairment Equity ratio, % = Equity at the end of the period + appropriations / (Balance sheet total at the end of the period – Advances received at the end of the period) x 100 Long-term interest-bearing liabilities+ short-term interest-bearing liabilities – cash in hand and in banks Net debt (-cash) = Net debt (- cash) / equity + voluntary provisions + appropriations + equity loans Net gearing = Earnings (Loss) per share = Profit (loss) for the period / average amount of shares during the period Order book = Value of undelivered orders at the end of the company's financial period, calculated as: Order book at the beginning of the period + New orders − Delivered orders.