Vow Green Metals (VGM) H2 2024 earnings summary

Executive summary

• First shipment of product delivered for customer qualification, marking a key commercial milestone.

• Construction and installation at the Hønefoss facility progressed, with all pyrolysis reactors installed and mechanical completion of major installations in December 2024.

• Vardar increased its stake in the Hønefoss project to 33%, and additional bridge financing was secured in early 2025.

• Announced the Eiktyr project, a 30,000-ton facility as part of a green industry cluster in Orkland, with feasibility and pre-study completed.

• Zoning plan for Viken Park project approved, with appeal processing expected by end of Q2 2025.

Financial highlights

• EBITDA loss of NOK 17.7 million for H2 2024, compared to NOK 14.5 million loss in H2 2023; full-year EBITDA loss of NOK 31.6 million.

• Net loss for H2 2024 was NOK 24.2 million, compared to NOK 16.4 million in H2 2023; full-year net loss of NOK 39.9 million.

• Total assets as of 31 December 2024 were NOK 436.4 million, up from NOK 183.2 million at year-end 2023.

• Cash and cash equivalents stood at NOK 70.5 million at year-end 2024.

• Total equity stood at NOK 188.0 million, representing an equity ratio of 43%.

Outlook and guidance

• Targeting 200,000 tons of biocarbon production capacity, with over 80,000 tons matured in the project portfolio.

• Planned final investment decisions for Viken Park and Eiktyr projects in 2025.

• Regulatory and macroeconomic trends, including the EU Green Deal and rising EU ETS prices, are expected to drive demand for sustainable metals and biocarbon.

• Ongoing efforts to secure long-term financing and bridge loans to support project development and liquidity.

• Processing of Viken Park zoning appeal expected to complete by end of Q2 2025.