Svenska Aerogel (AERO) investor relations material

Product innovation and technology

• Developed a water-based process for aerogel production, enabling cost-effective, scalable manufacturing with simple equipment and advanced chemistry, and offering lower climate impact compared to traditional aerogels.

• Quartzene® is a next-generation, customizable mesoporous silica aerogel with fine granularity, extremely low density, and superior thermal insulation, outperforming still air due to its pore structure.

• Holds five active patents (seven total, with two pending), is ranked #3 among global aerogel producers, and has installed production capacity of 225 tons, expandable to over 1,000 tons.

• Certified under ISO 9001 and ISO 26000, supporting responsible production and climate goals.

• Material can be tailored for hydrophilic or hydrophobic properties, fire resistance, and controlled release, serving diverse customer needs.

Market segments and customer applications

• Focuses on building, real estate, process industry, transport, advanced materials, and textile sectors, with in-house expertise for application development and testing.

• Key customer needs include low weight, insulation, fire protection, and energy efficiency, with advanced applications developed by customers using supplied materials.

• Significant growth in fire protection for electric vehicle batteries and dual-use applications, including defense industry insulation, IR signature management, and compliance with NATO durability standards.

• Matrix Brands partnership involves a five-year contract for a patented personal care product application.

• Outlast® Technologies collaboration targets thermal textiles, with a 2025 launch and award recognition.

Commercial progress and financial performance

• Over 170 customer projects, with 15 currently in the commercial phase; commercial phase customers have launched products and are purchasing material, demonstrating a functioning industrial concept.

• Achieved over 20% reduction in net burn rate in 2025, with break-even projected at 160 tons of production.

• EBITDA is projected to exceed SEK 50 million with 15 commercial customers and 450 tons in production; 600 tons could yield nearly SEK 90 million EBITDA.

• Rolling 12-month invoicing grew from SEK 2.6 million at end-2024 to nearly SEK 5 million in 2025, with Q4 2025 sales at 1.2 MSEK and continued growth.

• Commercial customer base could generate SEK 120 million in mature phase, with additional pipeline potential exceeding SEK 500 million; business development pipeline includes prospects with a potential mature-phase revenue of 258 MSEK.