Interim report
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A CLEAR PATH TOWARD COMMERCIALIZATION SaltX Technology Holding AB (publ) INTERIM REPORT QUARTER 3 2025
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CONTENTS 2 SaltX T echnology Holding AB (publ) Interim Report Q3 2025 Interim Report Quarter 3 2025 3 The CEO’s address 4 SaltX Roadmap towards 2035 6 SaltX operations 7 Significant events 9 Financial overview 11 Consolidated financial statements 14 Notes 18 Note 1 Significant estimates and assessments for accounting purposes 18 Note 2 Revenue 19 Note 3 Financial instruments 19 Note 4 Transactions with affiliated parties 19 Parent company financial statements 20 Declaration of the Board of Directors and the CEO 22 Auditor's Report 23 Other information 25
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SaltX T echnology Holding AB (publ) Interim Report Q3 2025 3 KEY FIGURES Group, TSEK Q 3 2025 Q 3 2024 YTD Sep 2025 YTD Sep 2024 FY 2024 Net sales 2,931 70 24,329 21,415 39,897 Operating profit/loss (EBIT) -15,942 -20,972 -40,568 -20,972 -54,166 Earnings per share before and after dilution -0.08 -0.12 -0.23 -0.23 -0.32 Equity 148,257 136,198 148,257 136,198 119,898 Cash flow from operating activities -20,688 -11,206 -29,470 -50,708 -59,143 Equity ratio (equity/balance sheet total) 80% 74% 80% 74% 71% ” OUR DIRECTION IS CLEAR – FROM ONGOING TECHNO LOGY DEVELOPMENT TO PILOT PROJECTS AND FUTURE COMMERCIAL FACILITIES ACROSS ALL THREE APPLI CATION AREAS. READ MORE IN THE CEO'S ADDRESS, ON PAGE 4 INTERIM REPORT QUARTER 3 2025 FINANCIAL EVENTS Third quarter Net sales amounted to MSEK 2.9 (0.1) Operating profit/loss (EBIT) totaled MSEK -15.9 (-20.9) Cash flow from operating activities amounted to MSEK 20.7 (-11.2) Earnings per share before and after dilution amounted to SEK -0.08 (-0.12) Year-to-date January - September Net sales amounted to MSEK 24.3 (21.4) Operating profit/loss (EBIT) totaled MSEK -40.6 (-38.2) Cash flow from operating activities amounted to MSEK -29.4 (-50.7) Earnings per share before and after dilution amounted to SEK -0.23 (-0.23) SIGNIFICANT EVENTS Third quarter SaltX received MSEK 12 order from U.S. Direct Air Capture company SaltX partner SMA Mineral invests in the world’s first electric and zero-emission quicklime plant in Norway Year-to-date January – September Lina Jorheden appointed CEO of SaltX Technology SaltX achieved significant breakthrough at its plant for electrified, emission-free quicklime production SaltX and thyssenkrupp Polysius signed a Letter of Intent to design and engineer fully electrified production facilities SaltX deepened collaboration with SMA Mineral – signed license agreement worth MSEK 20.0 World-Unique steel production using electrically produced quicklime conducted at Björneborg Steel SaltX entered strategic partnership with Holcim to develop fully electrified cement technology, secured investment of MSEK 48.9 and resolved on a set-off issue of MSEK 21.5 After the end of the period SaltX appointed new CFO and acting COO in ongoing commercialization phase
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4 SaltX T echnology Holding AB (publ) Interim Report Q3 2025 THE CEO’S ADDRESS A CLEAR PATH TOWARD COMMERCIALIZATION AND EXPANSION Prior to this report, I had the great pleasure of presenting our company's roadmap toward full-scale commercialization for the first time since becoming CEO of SaltX – something we have long looked forward to. When I step back and look at the path we've established with our partners, I feel both proud and humbled by the responsibility to carry out our shared plans. The past quarter has been marked by focused and determined work, steadily strengthening our position step by step. The investment decision by SMA Mineral to build a pilot plant in Mo i Rana, based on our technology, marks an important mile - stone for SaltX’s ongoing development. Our direction is clear – from ongoing technol - ogy development to pilot projects and future com - mercial facilities across all three application areas. At the same time, we re - main mindful that not all answers are yet in place. Important decisions, lessons, and adjustments will still be made along the way. However, with strong engagement, ded - icated work across the organization, and close collaboration with our partners, we tackle these challenges with confi - dence and a strong belief in the future. FOCUS ON CONTINUED TECHNOLOGY DEVELOPMENT AND COMMERCIAL ROLLOUT During the quarter, we continued to build the foundation for our expan- sion. We strengthened the company’s financial position through capital raising, providing the re- sources to further develop our core technology and advance projects from pilot scale toward com- mercial implementation. With a clear focus on our core technology and a business model built on strong partnerships and scalable solutions, we continue to progress from testing and verifi - cation to implementation and global rollout. The combination of techno - logical leadership and deep industrial collabora - tion—working with both technology partners and end customers—positions SaltX in a strong position for the next phase of growth. We are also strengthen- ing the foundation for a scalable and sustainable business model. It is designed to be appeal - ing to our customers while supporting the company’s long-term profitability. The model is built around three main revenue streams: sales of our Electric Arc Calciner (EAC) modules, license fees, and revenues from service-related activities. Through the directed share issue carried out in connection with the strategic partnership with Holcim, SaltX raised approximately SEK 49 million – with Holcim investing SEK 39 million and Coeli Circulus in - vesting SEK 10 million. Additionally, loans and accrued interest totaling around SEK 22 million were converted into shares, meaning SaltX is now debt-free and once again fully in control of its patents. STEADY PROGRESS IN PARTNER PROJECTS In the lime segment, our collaboration with partner and shareholder SMA Mineral continues as planned. Prepara - ” SALTX IS NOW DEBTFREE AND ONCE AGAIN FULL Y IN CONTROL OF ITS PATENTS.
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SaltX T echnology Holding AB (publ) Interim Report Q3 2025 5 tions for building the pilot plant in Mo i Rana, Norway, are progressing alongside thyssenkrupp Polysius, with completion scheduled for 2027. SMA Mineral also plans to start construction of its first large-scale “megafacto - ry” in 2028. During the quarter, SaltX continued conducting paid material testing for SMA at our test and research facility in Hofors. The pilot plant in north - ern Norway, being devel - oped by SMA Mineral, will not only establish a new, electrified, and emis - sion-free lime industry – it also marks a crucial milestone for SaltX as a company. For cement, the part - nership with Holcim has made several notable ad - vancements. Together, we are creating the world’s first fully electric cement production method – a pioneering effort that has the potential to transform one of the most emis - sions-heavy industries globally. Over the quarter, activity increased through joint planning, kickoff meetings, and initial ma - terial testing at the SaltX laboratory. The next step involves ongoing material testing at our facility in Bollmo - ra, outside Stockholm, followed by large-scale verification at the Elec - tric Calcination Research Center (ECRC) in Hofors. In parallel, we have jointly initiated technology development to tackle the final challenge in the all-electric process – the electrification of clinker production. Direct Air Capture (DAC). Our collaboration with a U.S. customer has been both intense and productive. The recent focus has been on exten - sive material and process testing at our Bollmora facility, producing prom - ising results that confirm the strong potential of our technology in this rapidly growing area. For legal reasons, our cus - tomer is still unable to disclose the cooperation to the public. However, the current political climate in the United States has in - troduced uncertainty regarding the customer’s plans for a pilot facility, which could result in a delay of the project. MOVING FORWARD WITH DETERMINATION AND CONFIDENCE The third quarter further strengthened our posi - tion. Through structured and dedicated work, in close collaboration with our partners, we continue to verify our technology and build trust that is essential for long-term success. With a strong focus on execution and tangible results, we are making steady progress toward our overall goals. Thank you for your continued trust. Lina Jorheden, CEO, SaltX Technology Holding AB Lina Jorheden, CEO
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6 SaltX T echnology Holding AB (publ) Interim Report Q3 2025 PHASE 1 Concept validation & first pilot. 20232027 PHASE 2 2nd gen. pilots & first commercial plant. 20272030 NAME CAPACITY TRL* Research center (Hofors) 10 000 TPY** 7 Pilot 40–120 000 TPY 8 FOAK Factory*** 120–320 000 TPY 9 * Technology readiness level ** Tons per year *** First-of-a-kind factory PROOF OF CONCEPT EAC PILOT NORWAY LIMELIME CEMENTCEMENT DACDAC PILOT CALCINATION RESEARCH CENTER CLINKER PILOT RESEARCH CENTER CALCINATION SALTX ROADMAP TOWARDS 2035 Overview of the roadmap developed in collaboration with customers and partners (October 2025). It reflects our shared ambitions and may evolve over time.
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SaltX T echnology Holding AB (publ) Interim Report Q3 2025 7 PHASE 3 More FOAKs & commercial factories, Launch of 4 th application area. 20302035 PHASE 2 2nd gen. pilots & first commercial plant. 20272030 FOAK FOAK NORWAY COMMERCIAL PLANT COMMERCIAL FACTORY COMMERCIAL FACTORY PILOT RESEARCH CENTER NEW APPLICATION UPGRADE PILOT CLINKER FOAK ALLELECTRIC COMMERCIAL FACTORY
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8 SaltX T echnology Holding AB (publ) Interim Report Q3 2025 SALTX OPERATIONS SaltX has developed a technology enabling electrification of the indus- trial process known as calcination. In this process, material is heated to very high temperatures in order to alter the character of the material or expel a substance. For emission-intensive, high-temperature-de- pendent industries, the electrification of indus- trial processes is crucial for reaching the climate goals. The lime and ce- ment industry, which is the company’s focus area, accounts for approximate- ly 8% of the world’s CO22 emissions, and is classed as one of the most difficult industries to transition. The challenge lies partly in the large production vol- umes worldwide, partly in the fact that an energy-in- tensive process is involved, and finally in the fact that limestone releases large volumes of carbon dioxide during production. SaltX’s solution to the challenge is electrification of produc- tion and direct separation of the carbon dioxide re- leased from the limestone, creating a zero- emission manufacturing process. OUR PRODUCT: ELECTRIC ARC CALCINER (EAC) The technology and method developed and patented by SaltX means that fossil-based heating is replaced by electrical heating technology (plas- ma torches). The carbon dioxide released from the limestone during intense heating is separated and isolated in the same process. This enables a fully electrified and ze- ro-emission manufactur- ing process of lime and cement without the need for a separate carbon capture plant. The technology is also well suited to be used as a charging reactor for energy storage, which uses fossil-free energy to heat materials that can be, for example, discharged as high-value steam later. AREAS OF APPLICATION The company’s technol- ogy is aimed primarily at industries that depend on high-temperature and en- ergy-intensive processes. Current application areas include quicklime and dolomite (used in several industries, such as steel, paper and wa- ter treatment), cement, and other areas: energy storage, carbon capture, and the production of, for example, aluminium and magnesium. SaltX is a Swedish Greentech company that develops and markets sustainable technology that will benefit customers, the climate and society. The company is active in the electrification of emis- sion-intensive industries, such as the lime and cement industry. Its ambition is to become a leading player in the green industrial transition by delivering technology and projects that facilitate the elimination of millions of tons of carbon dioxide emissions. ELECTRIFICATION OF INDUSTRIAL PROCESSES IS CRUCIAL FOR REACHING THE CLIMATE GOALS ELECTRIFICATION AND CARBON DIOXIDE SEPARATION TECHNOLOGY FOR EMISSION INTENSIVE INDUSTRIES QUICKLIME CEMENT CARBON CAPTURE OTHER Energy Storage Production of e.g. aluminum and magnesium
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SaltX T echnology Holding AB (publ) Interim Report Q3 2025 9 SIGNIFICANT EVENTS ...IN THE THIRD QUARTER SaltX received an order worth MSEK 12 from a U.S.based Direct Air Capture (DAC) company SaltX Technology has received an order from a U.S.-based Direct Air Capture (DAC) company for approximately MSEK 12. The order covers delivery of key components and material testing services for technology that will be installed at the DAC company’s facility in the United States, targeted for completion during the first half of 2026. Preparatory work is already underway, and the companies have conducted multiple site visits to each other’s facilities. In parallel, initial material tests and analyses have been undertak - en at SaltX’s test facility in Bollmora, located just outside Stockholm, Sweden. SaltX partner SMA Mineral invests in the world’s first electric and zero-emission quicklime plant in Norway SaltX’s groundbreaking technology for electrifica - tion and carbon capture serves as the foundation for the world’s first fully electric and zero-emis - sion plant for quicklime production. SaltX share - holder and customer, SMA Mineral, has made its final investment decision, marking the start of the next phase of the project – the construction of an industrial-scale pilot plant in Mo i Rana, Northern Norway. ...YEARTO DATE, JANUARY – SEPTEMBER Lina Jorheden appointed CEO of SaltX Technology The SaltX Technology Board of Directors an - nounced that Lina Jorheden, the company's acting CEO, transitioned to the role of CEO effective January 1, 2025. SaltX achieved significant breakthrough at its plant for electrified, emission-free quicklime production SaltX announced that the company had achieved key milestones in material quality and opera - tional runtime during tests conducted at its pilot facility in collaboration with SMA Mineral. The company has also produced a significant volume of high-quality quicklime, which will now under - go testing and evaluation in steel production. This success marks an important breakthrough, paving the way for further commercialization and expansion. SaltX and thyssenkrupp Polysius signed a Letter of Intent to design and engineer fully electrified production facilities The parties have signed a Letter of Intent (LOI) to collaborate on establishing fully electric production facilities utilizing SaltX's electrifica - tion technology and thyssenKrupp Polysius' solutions for material preheating and cooling. This collaboration aims to jointly scale and further advance both the technology and the commercial business. SaltX deepened collaboration with SMA Mineral – signed a license agreement worth MSEK 20.0 SaltX Technology and SMA Mineral strengthed their strategic collaboration through a license agreement aimed at securing both parties’ com - mitments in the commercial rollout of electrified production plants planned by SMA Mineral. The agreement grants SMA Mineral exclusive rights to utilize SaltX’s Electric Arc Calciner (EAC) tech -
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10 SaltX T echnology Holding AB (publ) Interim Report Q3 2025 nology for production of quicklime across Europe for seven years in exchange for MSEK 20.0. Worldunique steel production using electrically produced quicklime conducted at Björneborg Steel SaltX and SMA Mineral’s groundbreaking con - cept for electrified and emission-free production of quicklime, ZEQL (Zero Emission Quicklime), reached another milestone. Following previous breakthroughs in material quality and opera - tional running times at SaltX’s test and research facility, significant volumes of ZEQL material were used to produce approximately 240 tons of steel at Björneborg Steel. The results confirmed that the electrically produced quicklime meets the steel industry’s quality and performance requirements. SaltX entered strategic partnership with Holcim to develop fully electrified cement technology, secured investment of MSEK 48.9 and resolved on a setoff issue of MSEK 21.5 SaltX Technology Holding AB announced a partnership, outlined in a letter of intent entered between SaltX and a subsidiary of Holcim, one of the world’s largest cement producers oper - ating in 45 countries. The intended partnership marks a significant milestone for SaltX’s vision to develop technology and solutions that electri - fy and enable the decarbonization of the entire cement manufacturing process. As part of the partnership, Holcim became a strategic share - holder in the Company through an investment of approximately MSEK 38.9. Furthermore, the Company secured an investment of ap - proximately MSEK 10.0 from Coeli Circulus to strengthen the Company’s financial capacity and enable partnership-related activities. …AFTER THE END OF THE PERIOD SaltX appointed new CFO and acting COO in ongoing commercialization phase SaltX Technology strengthened its management team by appointing a new CFO and an acting COO. These changes took place during the company’s intensive commercialization phase, with multiple customer projects running in parallel while the company continues to develop its patented electrification and carbon capture technology. Material heated in the EAC reactor.
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SaltX T echnology Holding AB (publ) Interim Report Q3 2025 11 FINANCIAL OVERVIEW JUL Y – SEPTEMBER QUARTER 3 2025 REVENUE, EXPENSES AND EARNINGS Net sales Net sales for the quarter amounted to TSEK 2,931 (70) and consisted of revenue from cooperation with customers re - garding material and functional tests. Capitalized work for own account Capitalized work for own ac - count amounted to TSEK 729 (—) in the quarter and related to build outs of ECRC in Hofors. Other income Other income in the quarter totaled TSEK 2,401 (2,400) in part of a grant totaling MSEK 19.4 from the Swedish Energy Agency for tests in the facility in Hofors (Electric Calciner Re - search Center, ECRC). The grant is recognized as income as the terms of the grant are met. Expenses Expenses during the quarter amounted to TSEK -22,003 (-23,442), broken down as raw materials and consumables TSEK 240 (-100), other external expenses TSEK -7,450 (-6,739), personnel costs TSEK -7,737 (-9,832), and depreciation of fixed assets, mainly the facility in Hofors (ECRC) and capitalized development expenses, of TSEK -7,056 (-6,771). Costs related to raw materials and consumables have been reclassified as other external expenses. Operating profit/loss (EBIT) Operating profit/loss was TSEK -15,942 (-20,972). Financial items Profit/loss from financial items amounted to TSEK -586 (-1,072) and consisted mainly of interest on loans from shareholders and changes in the fair value of the shares in Central Develop - ment Holdings Ltd, which were negative during the quarter at TSEK -435 (-1,015). Profit/loss before tax Profit/loss before tax was TSEK -16,528 (-22,044). Earnings per share before and after dilution amounted to SEK -0.08 (-0.12). CASH FLOW, INVESTMENTS AND FINANCIAL POSITION Cash flow and liquidity Cash flow from operating ac - tivities during the quarter was TSEK -20,688 (-11,206). Group cash equivalents at the end of the quarter amounted to TSEK 52,324 (32,342). Long-term liabilities Long-term liabilities amounted to TSEK 551 (1,482) and con- sisted of accrued social charges on potential future performance shares within the framework of the share savings program. Investments During the quarter, investments were made that impacted on the cash flow in the amount of TSEK -77 MSEK 8 (-81) related to the ECRC extension. Equity At the end of the quarter, equi- ty amounted to TSEK 148,257 (136,198) or SEK 0.75 (0.76) per share. The equity ratio on the same date was 80 (74) percent. On June 30 the company decided on a directed issue for a total of 13.6 million shares to the Swiss cement company Holcim and to the financial management company Coeli Circulus at a subscription price of SEK 3.60 which contributed MSEK 48.9 to the company, before deduction of issue expenses. At the same time the company also decided on an offset issue for a total of 6.0 million shares to Industri- fonden and SMA Mineral also at a subscription price of SEK 3.60 corresponding to an issue amount of MSEK 21.5 which was paid in the form of conversion of debts. These issues were regis- tered in July 2025.
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12 SaltX T echnology Holding AB (publ) Interim Report Q3 2025 DEVELOPMENT PER QUARTER TSEK Q 3 2024 Q 4 2024 Q 1 2025 Q 2 2025 Q 3 2025 Net sales 70 18,482 236 21,162 2,931 Operating profit/loss (EBIT) -20,972 -15,968 -22,876 -1,750 -15,942 Cash flow from operating activities -11,206 -8,435 -18,497 9,715 -20,688 Basic earnings per share, SEK -0.12 -0.09 -0.14 -0.01 -0.08 In August, an incentive program for employees from 2022 was completed through the exercise of warrants, resulting in the issuance of 766,782 shares at a price of SEK 5.66, raising MSEK 4.3 for the company. JANUARY – SEPTEMBER 2025 REVENUE, EXPENSES AND EARNINGS Net sales Net sales for the period amounted to TSEK 24,329 (21,415) and consisted of revenue from cooperation with customers regarding license, material and functional tests. The previous year, revenue consisted of cooperation and deliveries of components to SMA Mineral. Capitalized work for own account Capitalized work for own ac - count amounted to TSEK 816 (2,594) in the period. Other income Other income in the period totaled TSEK 7,201 (31,585) in part of a grant totaling MSEK 19.4 from the Swedish Energy Agency for tests in the facili- ty in Hofors (Electric Calciner Research Center, ECRC). The grant is recognized as income as the terms of the grant are met. Other income for the corre- sponding period in the previous year included a loan from the Swedish Energy Agency that was converted into a grant. Expenses Expenses during the period amounted to TSEK -72,914 (-93,792), broken down as raw materials and consumables TSEK — (-17,890), other ex - ternal expenses TSEK -28,139 (-29,412), personnel costs TSEK -23,932 (-26,243), and depreciation of fixed assets, mainly the facility in Hofors (ECRC) and capitalized devel - opment expenses, of TSEK -20,843 (-20,247). The previous year, expenses consisted of raw materials and consumables which were sold forward to SMA Mineral. Operating profit/loss (EBIT) Operating profit/loss was TSEK -40,568 (-38,198). Financial items Profit/loss from financial items amounted to TSEK -1,616 (-2,015) and consisted of inter - est on loans from shareholders and changes in the fair value of the shares in Central Develop - ment Holdings Ltd which were negative during the period at TSEK -415 (-1,006). Profit/loss before tax Profit/loss before tax was TSEK -42,184 (-40,213). Earnings per share before and after dilution amounted to SEK -0.23 (-0.23). CASH FLOW, INVESTMENTS AND FINANCIAL POSITION Cash flow and liquidity Cash flow from operating ac - tivities during the period was TSEK -29,470 (-50,708). Investments During the period, investments were made that impacted cash flow in the amount of TSEK -1,332 (-3,175). PARENT COMPANY The operations of the parent company, SaltX Technology CHANGE OF SHARE CAPITAL Change in Accumulated Change in Accumulated share capital share capital no. of shares no. of shares Opening balance 2025 — 14,287,679.36 — 178,595,992 Directed issue (July) 1,565,645.36 15,853,324.72 19,570,567 198,166,559 Issue through warrants (August) 61,342.56 15,914,667.28 766,782 198,933,341
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SaltX T echnology Holding AB (publ) Interim Report Q3 2025 13 Holding AB (publ), include Group-wide services, manage - ment of the subsidiary SaltX Technology AB, and mainte- nance of the company's listing on Nasdaq First North Premier Growth Market. Profit/loss before tax in the period was TSEK -7,121 (-6,252) and was affected by interest on loans and decreased value of shares. On September 30, the parent company held available cash equivalents amounting to TSEK 43,306 (30,687). SHARE CAPITAL The share capital at the end of the period amounted to SEK 15,914,667.28, consisting of 198,933,341 shares at a nomi - nal value of SEK 0.08. On June 30 the company decided on a directed issue for a total of 13.6 million shares to the Swiss cement company Holcim and to the financial management company Coeli Circulus at a subscription price of SEK 3.60 which contributed MSEK 48.9 to the company, before deduction of issue expenses. At the same time the company also decided on an offset issue for a total of 6.0 million shares to Industri- fonden and SMA Mineral also at a subscription price of SEK 3.60 corresponding to an issue amount of MSEK 21.5 which was paid in the form of conversion of debts. These issues were regis- tered in July 2025. In August, an incentive pro- gram for employees from 2022 was completed through the exercise of warrants, resulting in the issuance of 766,782 shares at a price of SEK 5.66, raising MSEK 4.3 for the company. SHARES Shares in SaltX are listed on Nasdaq First North Premier Growth Market. Earnings per share Earnings per share for the period amounted to SEK -0.23 (-0.23) based on an average of 197,236,957 (178,595,992) shares, before dilution. This has, however, not had an im - pact due to the negative result. Significant risks and uncertainties All business operations and share ownership are associated with risk. Risks that are managed well can entail opportunities and the creation of value, if not, they can lead to damage and losses. The risks can be divided into market-related, operations-relat- ed, and financial risks. Financing and continued operations The Board assesses that the parent company/group has sufficient capital to continue operations over the next twelve months. The company/group has initiated commercialization but is still in a development phase with negative cash flows. In order for the company to continue scaling according to its long-term plan, additional financing is expected in the coming year. The Board is ac- tively and continuously working on various options and forms of additional financing. If further financing cannot be obtained on terms acceptable to the Board, the company has the ability to adjust its costs and the pace of development and commercialization in order to remain a going concern. See also the company’s Annual Report on its website. Accounting policies The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) such as they have been adopted by the EU, RFR 1 Sup- plementary Accounting Rules for Groups, and the Swedish Annual Accounts Act. The Inter- im Report has been prepared in accordance with IAS 34 Interim Financial Reporting. The parent company’s fi- nancial statements have been prepared in accordance with the Swedish Annual Accounts Act and the Swedish Financial Reporting Board’s recommenda- tion RFR 2 Accounting for Legal Entities. The application of RFR 2 means that, in the interim report for the legal entity, the parent company applies all the IFRS, and statements adopted by the EU as far as this is pos- sible within the framework of the Swedish Annual Accounts Act, the Swedish Pension Ob- ligations Vesting Act and in consideration of the relationship between accounting and tax- ation. The Interim Report for the parent company has been prepared in accordance with the Swedish Annual Accounts Act. The accounting policies ap - plied are consistent with those described in the SaltX Group 2024 Annual Report.
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14 SaltX T echnology Holding AB (publ) Interim Report Q3 2025 CONSOLIDATED STATEMENT OF COMPREHENSIVE RESULT – SUMMARY TSEK Q 3 2025 Q 3 2024 YTD Sep 2025 YTD Sep 2024 FY 2024 Net sales 2,931 70 24,329 21,415 39,897 Work performed by the Company for its own use and capitalized 729 — 816 2,594 8,448 Other operating income 2,401 2,400 7,201 31,585 33,985 TOTAL 6,061 2,470 32,346 55,594 82,330 Raw materials and consumables 240 -100 0 -17,890 -32,959 Other external expenses -7,450 -6,739 -28,139 -29,412 -42,057 Personnel expenses -7,737 -9,832 -23,932 -26,243 -34,374 Depreciation of fixed assets -7,056 -6,771 -20,843 -20,247 -27,106 TOTAL OPERATING EXPENSES -22,003 -23,442 -72,914 -93,792 -136,496 OPERATING PROFIT/LOSS -15,942 -20,972 -40,568 -38,198 -54,166 Financial income 116 70 169 271 398 Financial expenses -702 -1,142 -1,785 -2,286 -2,745 FINANCIAL ITEMS - NET -586 -1,072 -1,616 -2,015 -2,347 PROFIT/LOSS BEFORE INCOME TAX -16,528 -22,044 -42,184 -40,213 -56,513 Income tax expense — – — — — PROFIT/LOSS FOR THE PERIOD -16,528 -22,044 -42,184 -40,213 -56,513 Earnings per share calculated on earnings attributable to parent company shareholders, SEK Basic earnings per share -0.08 -0.12 -0.23 -0.23 -0.32 Earnings per share after dilution -0.08 -0.12 -0.23 -0.23 -0.32 No items are reported in other comprehensive income in the Group, which is why the total comprehensive income corresponds to the result for the period. Profit for the period and total comprehensive income are attributable in full to the parent company's shareholders.
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SaltX T echnology Holding AB (publ) Interim Report Q3 2025 15 CONSOLIDATED BALANCE SHEET – SUMMARY TSEK Sep 30 2025 Sep 30 2024 Dec 31 2024 ASSETS Fixed assets Intangible assets Capitalized expenditure on development work 51,283 60,422 58,137 Patents and trademarks 1,693 1,926 1,690 52,976 62,348 59,827 Tangible assets Equipment, tools, and installations 358 537 492 Machinery and other technical fixed assets 53,541 62,812 64,828 Access-rights assets 1,376 3,028 2,615 55,275 66,377 67,935 Financial fixed assets Other long-term securities 4,176 4,412 4,591 4,176 4,412 4,591 Total fixed assets 112,427 133,137 132,353 Current assets Advance payments to suppliers 14,035 9,764 9,764 Accounts receivable 703 — — Other current assets 3,062 6,765 2,902 Prepaid expenses and accrued income 2,724 3,227 2,374 Cash and cash equivalents 52,324 32,342 21,925 T otal current assets 72,848 52,098 36,965 TOTAL ASSETS 185,275 185,235 169,318 EQUITY AND LIABILITIES Equity Share capital 15,915 14,288 14,288 Other contributed capital 954,576 885,660 885,660 Accumulated profit or loss including profit/loss for the year -822,234 -763,750 -780,050 Total equity 148,257 136,198 119,898 Long-term liabilities Other liabilities 550 — — Leasing liabilities 1 1,482 1,047 Total long-term liabilities 551 1,482 1,047 Current liabilities Loans from shareholders — 20,069 20,569 Accounts payable 2,924 3,191 2,179 Leasing liabilities 1,481 1,672 1,700 Other liabilities 493 767 549 Advance payment from customers 18,454 13,576 13,819 Accrued expenses and deferred income 13,115 8,280 9,557 Total current liabilities 36,467 47,555 48,373 TOTAL EQUITY AND LIABILITIES 185,275 185,235 169,318
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16 SaltX T echnology Holding AB (publ) Interim Report Q3 2025 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Attributable to Parent Company shareholders Accumulated Other profit/loss contributed incl. profit/loss T otal TSEK Share capital capital for the year equity Opening balance Jan 1, 2024 12,822 849,720 -723,537 139,005 Net income/loss Jan-Sep 2024 equal to total comprehensive income — — -40,213 -40,213 Total comprehensive income — — -40,213 -40,213 Transactions with shareholders in their capacity as shareholders: Directed issue 1,466 36,547 — 38,013 Issue expenses — -607 — -607 Closing balance Sep 30, 2024 14,288 885,660 -763,750 136,198 Opening balance Oct 1, 2024 14,288 885,660 -763,750 136,198 Net income/loss Oct-Dec 2024 equal to total comprehensive income — — -16,300 -16,300 Total comprehensive income — — -16,300 -16,300 Transactions with shareholders in their capacity as shareholders: Not applicable — — — — Closing balance Dec 31, 2024 14,288 885,660 -780,050 119,898 Opening balance Jan 1, 2025 14,288 885,660 -780,050 119,898 Net income/loss Jan-Sep 2025 equal to total comprehensive income — — -42,184 -42,184 Total comprehensive income — — -42,184 -42,184 Transactions with shareholders in their capacity as shareholders: Share issues 1,627 73,166 — 74,793 Issue expenses — -4,250 — -4,250 Closing balance Sep 30, 2025 15,915 954,576 -822,234 148,257
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SaltX T echnology Holding AB (publ) Interim Report Q3 2025 17 CONSOLITADED CASH FLOW STATEMENT TSEK Q 3 2025 Q 3 2024 YTD Sep 2025 YTD Sep 2024 FY 2024 Cash flow from operating activities Profit/loss after financial items -16,528 -22,044 -42,184 -40,213 -56,513 Adjustments for non-cash items etc. 8,041 7,786 21,808 -3,132 3,548 -8,487 -14,258 -20,376 -43,345 -52,965 Increase/decrease in operating receivables -6,822 2,935 -5,484 3,599 8,315 Increase/decrease in operating liabilities -5,379 117 -3,610 -10,962 -14,493 Cash flow from change of working capital -12,201 3,052 -9,094 -7,363 -6,178 Cash flow from operating activities -20,688 -11,206 -29,470 -50,708 -59,143 Cash flow from investing activities Acquisition of tangible assets -730 — -817 -2,709 -8,562 Acquisition of intangible assets -48 -81 -515 -466 -508 Cash flow from investing activities -778 -81 -1,332 -3,175 -9,070 Cash flow from financing activities Capital rights issues 53,253 — 74,793 38,013 38,013 Issue expenses -1,191 — -4,250 -607 -607 Amortization/set-off issue — — -20,539 — — Shareholder loans — 20,069 — 20,069 20,569 Change in long term leasing liabilities -151 -445 -1,046 -1,327 -1,774 Financing from public funds 4,050 — 12,243 3,860 7,720 Cash flow from financing activities 55,961 19,624 61,201 60,008 63,921 Cash flow for the period 34,495 8,337 30,399 6,125 -4,292 Cash equivalents at beginning of period 17,829 24,005 21,925 26,217 26,217 Cash equivalents at end of period 52,324 32,342 52,324 32,342 21,925
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18 SaltX T echnology Holding AB (publ) Interim Report Q3 2025 NOTE 1 SIGNIFICANT ESTIMATES AND ASSESSMENTS FOR ACCOUNTING PURPOSES The estimates and assumptions that represent a significant risk of material adjustments in the carrying amounts of assets and liabilities are: Intangible assets The second largest asset recognized in SaltX’s balance sheet is capitalized develop - ment expenditure. This is attributable to the basic tech - nology, the large-scale energy storage application, and the application electrification. An impairment test of this asset is carried out based on an esti - mate and assessment of what the group's technology may lead to in the form of future revenue and cash flow. Impor - tant components when calcu - lating these future values are volume growth, profit margin and discount rate. A significant change of important compo - nents in the calculation may mean that the balance sheet item needs to be adjusted. The cash flows that are discoun - ted for impairment testing are taken from the company's budget and long-term fore - cast, assuming that sufficient financing can be secured to continue operations in the long term. Development The Group assesses when the product or process is technically and commerci - ally viable and whether the Group has sufficient resour - ces to complete development and subsequently use or sell the intangible asset. If these conditions are met, an intan - gible asset is recognized in the balance sheet. Research and promotional measures During the period, the Group focused on the application electrification. In addition, resources have been put into initial sales promotion measu- res in the form of work on and preparation of pre-commerci- al plants in conjunction with partners. These activities and efforts are research and sales promotion-oriented activities in nature and are expensed as they arise. Estimates and assessments are continuously evaluated and are based on historical experience and other factors, including ex - pectations of future events that are considered reasonable under prevailing conditions. NOTE 2 REVENUE The Group has reported the following amounts in the income NOTES REVENUE Q 3 2025 Q 3 2024 YTD Sep 2025 YTD Sep 2024 FY 2024 Revenue from agreements with customers 2,931 70 24,329 21,415 39,897 Other revenue 2,401 2,400 7,201 31,585 33,985 Total revenue 5,332 2,470 31,530 53,000 73,882 The Group has revenues as specified below: Q 3 2025 Q 3 2024 YTD Sep 2025 YTD Sep 2024 FY 2024 Product sale — – — 17,255 34,963 License and royalty revenue — — 20,000 — — Consultancy services (technology) 2,931 70 4,329 4,160 4,934 Total revenue from customers 2,931 70 24,329 21,415 39,897
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SaltX T echnology Holding AB (publ) Interim Report Q3 2025 19 statement relating to revenue see the table on the previous page. NOTE 3 FINANCIAL INSTRUMENTS Regarding the fair value of short-term financial assets and liabilities, the fair value is esti - mated to correspond to the car - rying amount since the discount effect is not material. NOTE 4 TRANSACTIONS WITH AFFILIATED PARTIES No transactions have been conducted with affiliated parties in the period, other than the agreed remuneration to the Board of Directors and management. CHANGE IN FAIR VALUE OF SHARES Q 3 2025 Q 3 2024 YTD Sep 2025 YTD Sep 2024 FY 2024 Change in fair value of shares -435 -1,015 -415 -1 006 -827 FINANCIAL ASSETS ARE VALUED AT FAIR VALUE THROUGH THE INCOME STATEMENT Stock Market Listed Shares Sep 30 2025 Sep 30 2024 Dec 31 2024 Central Development Holdings Ltd 4,176 4,412 4,591 The assets have been valued in level 1 in the true value chain.
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20 SaltX T echnology Holding AB (publ) Interim Report Q3 2025 PARENT COMPANY INCOME STATEMENT TSEK YTD Sep 2025 YTD Sep 2024 FY 2024 Net revenue 1,800 1,800 2,400 NET REVENUE 1,800 1,800 2,400 Other external expenses -2,070 -2,251 -2,862 Personnel expenses -6,127 -8,142 -9,910 TOTAL OPERATING EXPENSES -8,197 -10,393 -12,772 OPERATING RESULT -6,397 -8,593 -10,372 Financial income 692 3,417 4,888 Financial expenses -1,416 -1,076 -1,397 FINANCIAL ITEMS - NET -724 2,341 3,491 PROFIT BEFORE TAX -7,121 -6,252 -6,881 Group contribution — — -100,000 Income tax — — — PROFIT/LOSS FOR THE PERIOD -7,121 -6,252 -106,881
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SaltX T echnology Holding AB (publ) Interim Report Q3 2025 21 PARENT COMPANY BALANCE SHEET TSEK Sep 30 2025 Sep 30 2024 Dec 31 2024 ASSETS Financial assets Participations in subsidiaries 197,270 197,270 197,270 Other long-term securities 4,176 4,412 4,591 Total financial assets 201,446 201,682 201,861 Current assets Other receivables 710 399 366 Accounts receivable from Group companies 19,493 91,672 906 Prepaid expenses and accrued income 445 545 281 Cash and bank deposits 43,306 30,687 20,238 Total current assets 63,954 123,303 21,791 TOTAL ASSETS 265,400 324,985 223,652 EQUITY AND LIABILITIES Equity Restricted equity Share capital 15,915 14,288 14,288 15,915 14,288 14,288 Non-restricted equity Share premium reserve 735,921 667,005 667,005 Retained earnings -482,061 -375,180 -375,180 Profit/loss for the year -7,121 -6,252 -106,881 246,739 285,573 184,944 TOTAL EQUITY 262,654 299,861 199,232 Long-term liabilities Other liabilities 70 — — Total long-term liabilities 70 — — Current liabilities Loan from shareholders — 20,069 20,569 Accounts payable 413 284 97 Other liabilities 118 351 173 Accrued expenses and deferred income 2,145 4,420 3,581 Total current liabilities 2,676 25,124 24,420 TOTAL EQUITY AND LIABILITIES 265,400 324,985 223,652
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22 SaltX T echnology Holding AB (publ) Interim Report Q3 2025 DECLARATION BY THE BOARD OF DIRECTORS AND THE CEO The Board of Directors and CEO confirm that this Interim Report provides a true and fair view of the parent company and the Group's operations, financial position and results for the period concerned. Stockholm, November 4, 2025 Board of Directors Andreas Nordbrandt Staffan Andersson Per Bodén Chairman Board member Board member Tobias Elmquist Björn Jonsson Karin van der Salm Board member Board member Board member Lina Jorheden CEO, SaltX Technology Holding AB
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AUDITOR’S REPORT 1 Auditor’s report To the Board of directors in SaltX Technology Holding AB (publ), corporate identity number 556917-6596 Introduction We have conducted a limited review of the condensed interim financial information (interim report) for SaltX Technology Holding AB (publ) as of September 30, 2025, and the nine-month period ending on that date. The board of directors and the managing director are responsible for preparing and presenting this interim report in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our limited review. The focus and scope of the limited review We have conducted our limited review in accordance with the International Standard on Review Engagements ISRE 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity." A limited review consists of making inquiries, primarily of persons responsible for financial and accounting matters, performing analytical procedures, and other review procedures. A limited review has a different focus and a significantly smaller scope compared to the focus and scope of an audit conducted in accordance with ISA and generally accepted auditing standards. The review procedures taken in a limited review do not enable us to obtain the assurance that we would become aware of all significant matters that might have been identified in an audit. Therefore, the conclusion expressed based on a limited review does not have the assurance that a conclusion expressed based on an audit has.
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24 SaltX T echnology Holding AB (publ) Interim Report Q3 2025 AUDITOR’S REPORT (CONT .) 2 Conclusion Based on our limited review, nothing has come to our attention that causes us to believe that the interim report is not, in all material respects, prepared for the group in accordance with IAS 34 and the Annual Accounts Act and for the parent company in accordance with the Annual Accounts Act. Stockholm, 4 November, 2025 Öhrlings PricewaterhouseCoopers AB Claes Sjödin Authorized Public Accountant This is a translation of the Swedish language original. In the event of any differences between this translation and the Swedish language original, the latter shall prevail.
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SaltX T echnology Holding AB (publ) Interim Report Q3 2025 25 OTHER INFORMATION CALENDAR Year-end Report 2025 February 18, 2026 ADDRESS SaltX Technology Holding AB (publ) Västertorpsvägen 135 SE-129 44 Hägersten Sweden For further information, please contact: Lina Jorheden, CEO + 46 (0)70 825 11 83 lina.jorheden@saltxtechnology.com Rickard Lindgren, CFO +46 (0)72 719 93 31 rickard.lindgren@saltxtechnology.com AUDITOR’S REPORT (CONT .)