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Annual Report 2025 and Financial StatementsJANUARY-DECEMBER 2025 12 FEBRUARY 2026
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2 2 January-December 2025Spinnova developed its technology to be more cost efficient and advanced the consortium building.Operative & strategic•A strategic review of the joint venture Woodspin was initiated in February 2025, and Spinnova completed the transaction to buy Suzano’s stake in Woodspin Oy and Suzano Finland Oy (currently Spinnova Refining Oy) in October 2025.•Spinnova announced its own updated strategy on 10 June 2025.•First announcements regarding the Spinnova ecosystem (consortium) building with ARMEDANGELS, Fashion for Good, and TOMMY HILFIGER. 2
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3 Spinnova acquired full ownership of Woodspin joint venture and Suzano Finland•Spinnova Plc acquired all shares of Woodspin Oy and Suzano Finland Oy from Suzano S.A. for a price of two euros.•The transaction gave Spinnova full ownership of both Woodspin and Suzano Finland.•Suzano made a EUR 5 million capital contribution in Woodspin and Suzano Finland, in addition to the previously budgeted capital contribution.•Woodspin’s production has been suspended for the time being. The SPINNOVA® fibers produced in early 2025 will cover the needs of existing partnerships, and production will only be restarted when it is commercially or strategically justified.•The transaction had a negative net impact on Spinnova’s 2025 result.
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Under the new ownership arrangement, all demo-factory fibre and raw-material production assets were transferred to Spinnova Mechanical refining Fibre spinningDryingFibreYarnFabricProduct PRODUCT Mixing SPINNOVA’S PROPRIETARY PROCESS 32 456789 Acquired Suzano Finland (now Spinnova Refining) and Spinnova’s own MFC-pilot Pilot environment, Woodspin demo factory, and lab aquipment for testing R&D yarn-spinning line at partner’s facilities in Portugal and other partners in the supply chain Manufacturing partners in the supply chainBrand partners and other fibre customers Raw material1 Parters in raw material manufacturing and supplying(pulp-and waste streams)
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Firstcollaborationannouncementsregarding Spinnova’s ecosystem building •The German fashion brand ARMEDANGELS signed a Letter of Intent to secure access to SPINNOVA® fibre volumes in the future.•Fashion for Good supports the development and structuring of Spinnova’s ecosystem.•PVH Corp.’s brand TOMMY HILFIGER joined the ecosystem (consortium) built by Spinnova to secure access to SPINNOVA® fibre and to develop fabrics made from the fibre.After the reporting period: •A Portuguese yarn spinning mill, Tearfil Textile Yarns, signed a Letter of Intent to secure access to SPINNOVA® fibre volumes.•INSIDER, Brazil’s leading techwear and responsible fashion brand, signed a Letter of Intent to secure access to SPINNOVA® fibre volumes.
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6 6 January-December 2025Management & personnel •Spinnova’s CEO, Tuomas Oijala, informed on 12 March that he will leave the Company. •Spinnova’s Board of Directors appointed Janne Poranen as CEO effective 20 March 2025. He also continued as Chair of the Board. •During the period, Spinnova made changes in its Management Team to align roles better according to the current development stage. •Spinnova adjusted its organisational structure to the company’s current development stage and the changed operating environment. Significant events after the period•Spinnova appointed Mikko Lassila as Chief Commercial Officer and management team member, and he will start in his position latest on 15 April 2026. 6
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77 Key figuresJANUARY-DECEMBER 2025EUR (thousand)7-12/20257-12/20241-12/20251-12/2024Revenue (net sales)244400344762Impairment loss of joint ventures---18 433-Operating result (EBIT)-14465-8443-41338-18349Profit for the period-14404-7680-40694-16833Earnings per share (EUR, diluted and undiluted) 1) -0.28-0.15-0.78-0.32Net cash* 18161408811816140881Equity ratio, %48%85%48%85%Number of permanent employees, end of period 84578457 Number of permanent employees, average67636168 EUR (thousand)31.12.202531.12.2024Liquid funds total**44 42547 243*The decrease in the Group’s net cash position is explained by an increase in lease liabilities, primarily related to the lease liability of Woodspin Oy’s production facility, amounting to EUR 15 051 thousand in total.**Of which the parent company’s liquid funds totalled approximately 38 million euros at the end of 2025.
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8 Spinnova’s updated strategy focuses on cost efficiency and technology commercialisation
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9 Focus areas and priorities in 2025-2026 and progressThe technology concept is developed to be more cost competetive. •The energy consumption of MFC (microfibrillated cellulose) production has been reduced by more than 50% compared to the previous concept used at the Woodspin demo factory.•The fibre recipe was developed to improve cost efficiency, which also enhanced fibre quality, further improving its performance in downstream processing. The cost of additives in the recipe decreased by about one-fifth.•Towards the end of the year, fibre finishing concept was developed. Pilot-scale tests have produced good results demonstrating the viability of the concept, and the work is progressing toward demo scale.•The development of the new drying concept has advanced to the testing phase. If the concept performs as expected, it is anticipated to significantly reduce investment costs relative to production capacity.•Investment costs can also be reduced through optimal supplier and location choices. Work to refine this is underway.
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10 Focus areas and priorities in 2025-2026 and progressTo further develop the SPINNOVA® fibre properties, also for non-textile applications.•We are actively exploring various non-textile applications for the fibres to identify higher-value markets.•Pilot-scale testing and development are underway with several partners. Select wood-based and other cellulose-based raw materials for the Spinnova process.•Promising results have been achieved using both wood-based pulps and, for example, oat husk waste as raw materials for the fibre.•Projects are progressing, and active negotiations are underway to move them toward industrial scaling.
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11 To build an international consortium of companies to advance the scaling of Spinnova’s technology.•Our goal is to find the right partners with whom we can advance the commercial scaling of our technology.•Five partnerships have been announced for the consortium so far (ARMEDANGELS, Fashion for Good, TOMMY HILFIGER, Tearfil, and INSIDER).•Although the partnerships are not yet significantly reflected in revenue, they are highly important for future scaling.•Discussions with various value-chain operators remain very active. Focus areas and priorities in 2025-2026 and progress
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12 Focus areas and priorities in 2025-2026 and progressAdvancing the commercialisation objectives of the Respin joint venture co-owned with ECCO.•We successfully produced leather waste–based fibre for ECCO’s 2026 product launch.•The fibre is of particular interest to luxury brands, and the goal is to accelerate the scaling of Respin with them. To target EUR 500 000 annual cost savings through consolidation of Spinnova’s sites in Jyväskylä, Finland.•Planning is underway. Any potential consolidation of sites will depend particularly on the future plans for Woodspin’s demo factory.
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Commercial launches •ASK Scandinavia launched a naturally dyed handbag made from SPINNOVA® fibres in January 2025.•In early 2026, JACK & JONES women’s fashion brand JJXXintroduced new outfits made from SPINNOVA® fibre into its collection, strengthening its commitment to material innovations.
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1414 Financial guidance for 2026Spinnova will not give financial guidance for the year 2026.
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15 Summary•Key results in improving cost efficiency: •Energy consumption in MFC production decreased by over 50% compared to the previous concept.•The total cost of the fibre recipe decreased by one-fifth, and fibre quality improved.•Development of the new drying concept has progressed to the testing phase. The concept is expected to significantly reduce investment costs relative to production capacity.•Investment costs can also be reduced through optimal supplier and location choices.•Consortium building is progressing well.•We strengthened our operational foundation by acquiring full ownership of Woodspin and Suzano Finland (now Spinnova Refining Oy).•We are developing SPINNOVA® fibre properties for applications beyond textiles.•We successfully produced leather waste-based fibre for ECCO’s commercial launch.
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Thank youQ&A@spinnova_fibre@SpinnovaPlc SPINNOVA® CONTACT: IR@SPINNOVA.COM
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1717 JANUARY-JUNE 2024 Appendix•Group Income Statement January-December 2025•Group Balance Sheet 31 December 2025•Group Cash Flow Statement January-December 2025
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18 Consolidated Statement of Profit and Loss and Other Comprehensive Income EUR (thousand)Note7-12/20257-12/20241-12/20251-12/2024Revenue (net sales)1. 244400344762Other operating income2 1385952 6971 109Materials and services-86 -12 - 88 -56Personnel expenses -2 860-2 815-6 501-7 922Depreciation, amortisation, and impairment losses2. -12 013-1 392-13 380-2 733Other operating expenses-1 850-3 876-4 161-6 008Share of result in joint ventures-38 -1 344-1 817-3 502Impairment loss of joint ventures- - -18 433-Operating Result (EBIT)-14465-8 443-41 338-18 349Financial income 487 9661 1441 982Financial expenses -401 -67 - 460 -153Result before taxes-14 380-7 544-40 654-16 521Income tax -24 -136- 41 -312Result for the period-14 404-7 680-40 694-16 833Attributable to Equity holders of the parent-14404-7 680-40 694-16 833Total comprehensive income for the period-14 404-7 680-40 694-16 833Attributable to Equity holders of the parent-14 404-7 680-40 694-16 833Earnings per share, EUREarnings per share, diluted & undiluted-0.28-0.15-0.78-0.32
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19 Consolidated Statement of Financial PositionEUR(thousand)Note31 Dec. 202531 Dec. 2024AssetsNon-current assetsIntangible assets2. 9 02410 297Property, plant, and equipment2. 1 4121 841Right-of-use assets2. 9991 226Investments in joint ventures5. & 6.1 60920 909Other non-current receivables2 405108Deferred tax assets5 6Total non-current assets 15 45434 388 Current assetsInventories 32-Trade Receivables222429Other current receivables852708Prepayments & accruals2 341525Investments4. 36 89745 262Cash and cash equivalents4. 7 5281 981Total current assets47 87148 905Total assets 63 32683 293 EUR(thousand)Note31 Dec. 202531 Dec. 2024Equity and liabilitiesEquityShare capital 8080Reserve for invested unrestricted equity135 090135 090Retained earnings / accumulated deficit-104 625-64 002Equity attributable to shareholders of the parent 30 54571 168Total equity 30 54571 168Non-current liabilitiesBorrowings3.9 4764 579Provisions 2 280-Lease liabilities3.14 604478Deferred tax liabilities1 031992Total non-current liabilities27 3916 050Current liabilitiesBorrowings3. 9525Provisions 270-Lease liabilities3.2 174780Trade payables6062 591Accrued expenses1 4711 487Other current liabilities858693Total current liabilities5 3896 076Total liabilities32 78012 125Total equity and liabilities63 32683 293
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20 Consolidated Statement of Cash Flows EUR (thousand)Note7-12/20257-12/20241-12/20251-12/2024Operating activitiesResult for the period-14404-7 680-40 694-16 833Adjustments to reconcile result to net cash flows for the period:Income tax expense2413641312Depreciation and impairment3.120131 39213 3802 733Finance income and expenses148-102- 247-28Net result on financial instruments at fair value through profit or loss-234-798- 437-1 801Share-based payment expense129-11872596Share of profit from associates and joint ventures381 3441 8173 502Impairment of joint ventures--18 433-Bargain purchase gain7.-681-- 681-Other non-cash transactions15-15-Change in working capital:Increase (-) / decrease (+) in current non-interest-bearing receivables-1 05325- 8061 648Increase (+) / decrease (-) in current non-interest- bearing liabilities -4791 641-2 601-1 258Increase (-) / decrease (+) in inventories6-6-Net change in working capital-1 5261 666-3 4012 906Interest received from operating activities 8-1784Interests and other payments for financial expenses-162--181-61Income tax paid----Net cash flow from operating activities (A)- 4 631-4 177-11 877-8 668 EUR (thousand)Note7-12/20257-12/20241-12/20251-12/2024Net cash from investing activitiesPurchase of tangible and intangible assets 2.-256-24- 366-323Purchase of financial instruments-12-11- 23-22Proceeds from the sale of investments3 0003 0019 5013 001Acquisition of subsidiaries, net of cash acquired7.7 371-7 371-Investments to joint ventures5.-136-2 370- 948-5 520Net cash from investing activities (B)9 96859515 536-2 864Net cash from financing activitiesShare issue3. -35-76Repayment of principal portion of lease liabilities3.-1 013-528-1 485-1 025Proceeds from borrowings3.1 059-53 38238Repayments of borrowings3. -5-250-9-750Net cash from financing activities (C)40-7481 888-1 660 Net change in cash and cash equivalents (A+B+C) increase (+) / decrease (-) 5 377-4 3305 546-13 192Cash and cash equivalentsin the beginning of the period2 1516 3111 98215 174Cash and cash equivalentsat the end of the period7 5281 9817 5281 981 EUR (thousand)Note31 Dec. 202531. Dec. 2024Cash and cash equivalents4. 7 5281 981Current investments4. 36 89745 262Total net liquid funds44 42547 243
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21 DISCLAIMER Certain statements in this communication may constitute forward looking statements. These statements are based on assumptions that are believed to be reasonable at the time they are made and are subject to risks and uncertainties. You should not rely on these forward-looking statements as predictions of future events. Our actual results may differ materially and adversely from any forward-looking statements discussed on this call due to several factors.