Solar Foods (SFOODS) investor relations material

Executive summary

• Transitioned to a commercial strategy focused on Health & Performance Nutrition, securing supply agreements and MoUs for 6,000 tonnes/year Solein, covering 50% of planned Factory 02 capacity in the US, Brazil, and Italy.

• Launched Solein-powered products with partners in Italy, Finland, Japan, and the US, receiving strong B2B and consumer acceptance.

• Achieved 100-fold scale-up in Factory 01, validating industrial parameters and supporting Factory 02 profitability.

• Initiated pre-engineering for Factory 02, with phased investment, site reservation in Lappeenranta, and potential for multiple facilities at one site.

• Management team restructured, including new CEO appointment, to accelerate growth and unify commercial and project functions.

Financial highlights

• Operating loss for H1 2025 was EUR 4.8 million, up from EUR 4.4 million year-over-year; net loss was EUR 5.4 million, improved from EUR 5.7 million.

• Cash and cash equivalents at period end were EUR 12.7 million, down from EUR 24.2 million year-over-year.

• Equity ratio at 46%, net gearing at 31%, and net debt at EUR 5.5 million.

• Order book reached EUR 1.5 million, reflecting new supply agreements.

• Other operating income, mainly grants, rose to EUR 4.3 million; EUR 19 million of EUR 44 million grant financing received.

Outlook and guidance

• Focus on building Factory 02 order book, targeting full production potential and strategic partnerships in Health & Performance Nutrition.

• Factory 02 investment decision expected in 2026, with phased expansion and first US consumer products anticipated in H2 2025.

• Capital requirement for 2025–2030 strategy period estimated at EUR 100–200 million with partners, or up to EUR 345 million without.

• Preparing for Factory 02 execution, optimizing CAPEX, and exploring a network of factories in multiple regions.

• No separate short-term financial guidance provided; existing financial targets maintained.