Minesto (MINEST) investor relations material

Executive summary

• Achieved significant improvements in cash flow and cost base during Q1, with a focus on financial discipline, targeted investments, and cost reduction measures positively impacting results.

• Progressed market and technology development, expanding into new markets such as Iceland and Taiwan, and advancing partnerships.

• Continued successful operation and upgrades of Dragon 4 and Dragon 12 units in Vestmanna and the Faroe Islands, with robust test cycles and data collection.

• Strengthened liquidity position provides a solid platform for executing strategic priorities.

• Business development advanced through collaboration with the European Investment Bank, enhancing financial modeling and investment case quality.

Financial highlights

• Q1 cash flow improved to SEK -17.5 million from SEK -24.3 million year-over-year.

• Operating loss reduced to SEK -7,065 thousand from SEK -10,697 thousand year-over-year.

• Net loss for the period was SEK -6,886 thousand, improved from SEK -10,843 thousand in Q1 2025.

• Cash and cash equivalents at period end were SEK 50,081 thousand, up from SEK 10,334 thousand a year earlier.

• Total operating income for Q1 2026 was SEK 5,619 thousand, mainly from capitalised development work.

Outlook and guidance

• Increased confidence in long-term value creation and disciplined capital allocation, with a focus on commercial milestones and partnerships in up to twenty markets.

• Market development strategy leverages favorable policy and resource conditions for renewables.

• Macro-economic volatility and energy security concerns are accelerating market opportunities.

• First commercial Dragon Farm seen as a matter of 'when,' not 'if,' with faster deal cycles anticipated after its operation.