Cortus Energy (CE) investor relations material

Executive summary

• Achieved positive operating profit in Q4 2024, mainly due to a one-time retroactive reduction in employer contributions, resulting in a net profit of 3.6 MSEK compared to a loss of -22.2 MSEK in Q4 2023.

• Full-year 2024 showed improved but still negative results: net loss after tax of -53.7 MSEK, down from -83.5 MSEK in 2023.

• Production and availability records set for both biocoal and syngas at the Höganäs facility; new engineering projects and process improvements implemented.

Financial highlights

• Q4 2024 net sales increased to 1.5 MSEK (0.5 MSEK in Q4 2023); full-year net sales were 4.0 MSEK (6.8 MSEK in 2023).

• Q4 operating profit before depreciation was 5.7 MSEK (-19.1 MSEK); after depreciation, 4.4 MSEK (-20.4 MSEK).

• Q4 net profit after tax was 3.6 MSEK (-22.2 MSEK); EPS 0.04 SEK (-0.01 SEK).

• Full-year operating loss after depreciation was -44.1 MSEK (-76.4 MSEK); net loss after tax -53.7 MSEK (-83.5 MSEK).

• Cash flow for the year was 6.4 MSEK (-26.4 MSEK); cash and bank at year-end 9.4 MSEK (3.0 MSEK).

Outlook and guidance

• New biomass supply agreement for Höganäs expected to lower fuel costs in 2025.

• Biocoal sales accelerating in Q1 2025 despite seasonal lows; expectation to sell all produced volumes in coming quarters.

• Anticipated regulatory support for syngas could improve economics.

• Ongoing efforts to secure financing, including a 10 MSEK loan from Unidaco, are critical for continued operations and expansion.