Betolar (BETOLAR) Q3 2026 earnings summary

Executive summary

• Commercial execution advanced across critical infrastructure protection, metal extraction and circular materials; CEO Vibeke Krohn started on 1 August.

• January–September revenue rose 86% YoY to €1.179m, exceeding FY2025 revenue of €946k; Q3 revenue increased 27% YoY to €277k.

• Q3 advanced subsea solution validation, Otanmäki project studies and Finnish approval of blast furnace slag for low-carbon concrete calculations.

Financial highlights

• Q3 revenue was €277k ( €218k YoY); service sales represented 82% and material sales 18%.

• Q3 other operating income was €77k (€191k) and EBITDA was -€1.058m (-€969k); reduced grant income reflected completion of a Business Finland-funded R&D project.

• January–September revenue was €1.179m (€635k); mix was 83% service, 16% materials and 1% license income.

• January–September other operating income was €425k (€832k) and EBITDA was -€3.150m (-€3.092m).

Outlook and guidance

• FY2026 revenue guidance unchanged: revenue is expected to increase significantly compared with 2025.

• October order intake was approximately €300k; Finland GGBFS volumes are targeted to scale up in Q4 2026 and 2027.

• Further cable-tray project phases are planned for product development and pilot production by end-2026.

• An updated strategy is scheduled for presentation at the 26 November Capital Markets Day in Helsinki.