Atome (ATOM) Investor update summary

Strategic partnerships and project progress

• Secured key partnerships with Casale (EPC), Yara (offtake), and Hy24 (equity), enhancing credibility and financial strength.

• Hy24's entry as anchor equity investor marks a significant milestone, supporting the final investment decision (FID) and financial close in the coming months.

• All major permits, including environmental and operating licenses, are in place, and front-end engineering and design are completed.

• The Villeta project is positioned as the world's largest and most advanced dedicated green fertilizer facility, targeting 260,000 tonnes per year using 100% renewable hydropower.

• The project blueprint is set to accelerate future developments in Paraguay and Costa Rica.

Financial structure and valuation

• Project financing targets a 60% debt and 40% equity split, with $400 million senior debt and $230 million equity.

• Hy24's investment values the project at a $60 million pre-money valuation, reflecting a 20% carry for existing shareholders.

• Debt is expected to be long-term (10+ years) at attractive rates, supported by oversubscription and Paraguay's investment grade status.

• Average analyst estimates for Villeta's first full year EBITDA are around $70 million, with revenues of $110 million.

• Group EBITDA potential projected at over $230 million by 2030 from the current project pipeline.

Market opportunity and demand

• Latin America imports over 30 million tons of nitrogen fertilizer annually; Villeta's output is less than 1% of this, ensuring strong local demand.

• Green fertilizer addresses both carbon emissions (5% of global emissions from synthetic fertilizers) and food security risks.

• Carbon taxes and border adjustments in Europe and the UK are expected to increase demand and pricing for zero-carbon fertilizer.

• Yara's offtake agreement ensures premium pricing and market access.

• Latin America is highly dependent on imported, fossil-based fertilizer, creating strong regional demand for green alternatives.