Betolar Oyj · OMXHEX:BETOLAR
Betolar Oyj — Investor Day (May 2025)
45 slides from Betolar Oyj's investor day presentation, May 14, 2025
Slide 1: Transforming the World of Mining & Metals
BETOLAR Transforming The World of Mining & Metals
Slide 2: Capital Markets Day, Helsinki, May 14, 2025
BETOLAR Transforming The World of Mining & Metals Capital Markets Day Helsinki, May 14, 2025 E ‘ iS
Slide 3: Betolar's journey from pavement stones to green cement
BETOLAR Betolar’s journey from pavement stones to sreen cement Tuija Kalpala President & CEO Capital Markets Day, May 14, 2025
Slide 4: Forward-looking statements
Certain statements in this presentation may constitute forward-looking statements. These statements relate to future events or Betolar’s future financial performance that involve known and unknown risks, uncertainties and other factors that may cause Betolar’s or its businesses’ actual results, leve
Slide 5: Agenda
BETOLAR Agenda Betolar’s journey from pavement stones to green cement Accelerating business with Data and Al-assisted material research Betolar’s innovation to extract critical and strategic metals and producing new type of green cement Financials Q38A Tuija Kalpala, President & CEO Olli Kilpelainen
Slide 6: Presenters
Tuija Kalpala Jyri Talja Mikko Wirkkala Soila Söderström President & CEO Chief Growth Officer Chief Finance Officer SVP & General Counsel
Slide 7: Betolar timeline 2016-2025
2025 – Metal Extraction proof 2024 – Breakthrough of concept in Metal extraction and first successful 2021 – Betolar is listed 2023 - Hollow- tests in Kannonkoski in the Nasdaq’s First core slabs North Growth Market, development 2024 – First mining Data & AI focus pilots & customers, 2024 - Extensiv
Slide 8: Vision and mission
BETOLAR VI S | @) N Your partner : We create value from industrial for sidestreams and reduce emissions by AS MISSION 4 — zero waste ee Stover eoutona,
Slide 9: We focus on industrial sidestreams and international clients in mining and metals
We focus on industrial sidestreams and international clients in the mining and metals industries. Establishing a strong position in the utilization of sidestreams is essential to unlocking greater value creation potential. Our business is built on a proprietary AI-powered platform that accelerates s
Slide 10: Application areas: mining and metals, industrial sidestreams, construction
Mining Industrial and Metals sidestreams Construction Application areas Application areas Application areas • Cementless backfill solutions Industrial side streams requiring Large structural concrete elements • Shotcrete a specific analysis and solution used in house building e.g. Hollow • Stabilisa
Slide 11: Critical and strategic metals, green cement, zero waste
11 Critical and Strategic Metals The process improves the yield of metal extraction from slag - up to 99% Green Cement The residual slag from the process is utilised as low-carbon green cement Zero Waste Converting unutilised industrial € € sidestreams into valuable materials
Slide 12: Continuing to advance metal recovery and green cement
We will continue to advance our Our efforts in producing green We are dedicated to leading the metal recovery method, ensuring cement will lead the industry market with our innovative Geoprime that we maximize the extraction of towards more environmentally solution. By developing cost-efficient valu
Slide 13: Accelerating business with Data- and AI-assisted material research
BETOLAR \ Accelerating business with Data- and Al-assisted material research Olli Kilpelainen VP, Data & R&D
Slide 14: Differentiation: AI-native approach from day one
BETOLAR. Differentiation Al native approach adopted from day one Working in a traditional industry... oun with AFnative approach | | Landscape 2025 <P smartly DIGITAL WoRKFORCE N Nightingale ‘ BETOLAR BUSINESS Hearth FINLAND. . vArsg ““—— 3€ RELEX Al-native Scaleups and listed Al-startups Capital Ma
Slide 15: Geoprime accelerated by AI-powered Data Platform
Cement substitute binder + + = Selected concrete Industrial sidestream Geoprime ® activator(s) Geoprime® products are aggregates comparable to traditional cement- based concrete in terms of curing time, and strength Accelerated by Betolar’s AI-powered Data Platform
Slide 16: Unique data asset collected from real experiments
Betolar has systematically collected and curated relevant data from real experiments for several years. We have created a high-quality and a unique data asset in our industry. Extensive database Consistent Advanced data covering over 100,000 investment in data science techniques, measurements with c
Slide 17: Continuous learning platform approach
BETOLAR. \ \ Continuous learning X~ N — Platform approach enables constant improvement Data collection Test and gather OD dl i ji Al assisted R&D information =~ = —@ BETOLAR eas Platform for constantly improving solutions Material Samples New project Se 2p Cumulative knowledge Commercial application
Slide 18: AI technologies: LLM, RAG and optimization
* LLM – large language model *** Optimization for lowest CO2 and/or price ** RAG – retrieval augmented generation
Slide 19: Creating value with data and AI
BETOLAR Internal efficiency and new services Creating value with data and Al Betolar’s data and Al approach BETOLAR uniquely enhances both our R&D and bs be business operations, setting us apart S | eC p i] f Y \@™ in the industry, enabling faster growth Moreover, we can directly empower BETOLAR our
Slide 20: SidePrime
betolar.com/sideprime BETOLAR SidePrime™ BETOLAR Betolar's unique Al enhanced service SidePn Ui e i jitabiltyy Re uncovers the possibilities of circular Binder Suitability Repo! economy-based business ll 1. Comprehensive binder suitability assessment , a Analysis Num. 20250550A 2. Access to high-val
Slide 21: Betolar Optimize
BETOLAR perouan Betolar Optimize O ptimize A revolutionary Al-powered optimization Optimizati " i oe service minimizes the cost and carbon footprint of the mix designs Mix Design ID 2560922F inimnici FI Binders Ca eCEESS 1. Minimizing the amount of binder for each Application Hes products 2. Optimal
Slide 22: Summary and Conclusion
BETOLAR. Summary and Conclusion Creating unique value with data and Al Al-native approach Platform considering perspective for Al-enabled services Capital Markets Day, May 14, 2025
Slide 23: Innovation to extract critical and strategic metals and produce green cement
BETOLAR Betolar’s innovation to extract critical and strategic metals and produce new type of green cement Jyri Talja Chief Growth Officer
Slide 24: High price and limited availability of green cement
High metal content Solution: High price and Metal extraction preventing the use limited availability and own green of many of green cement cement sidestreams
Slide 25: Metal Extraction Technology
BETOLAR. Metal Extraction Technology Extraction of critical and strategic metals and Betolar’s green cement COLD / HEATED (MOLTEN) Smelter slags Mine tailings a Leaching residues Critical & strategic metals T-liquidus Viscosity Optimizing the Slag composition Critical metals Strategic metals Other m
Slide 26: Benefits
BETOLAR. Benefits Our innovate method has significant impact on society Significant environmental Unlocking valuable metals Lower CO, emissions impact GEOPRIME. 100% SEMENT-FREE Industrial side streams Filer, grav crushed stone 7 For example ground grenuisted blast furnace slag Activator chemicale I
Slide 27: Our innovation process
BETOLAR. Our innovation process \N ™ ~ We have seen consistent results throughout the innovation process Al-assisted Thermo- dynamic modelling Thorough know-how on sidestreams and cement alternatives Experimental composition uss modelling rkets Day May 14, 2025
Slide 28: Optimization Process
Optimization Process • Initial slag composition • Optimize the sidestreams with respect to • Quantity & quality • Availability & costs • Location & logistics • Slag chemistry & heat balance • Metal recovery • Green cement quality
Slide 29: Laboratory scale, bench-scale, pilot-scale
Laboratory scale → Bench-scale → Pilot-scale
Slide 30: Highest value potential metals proven in pilot scale
Other critical and strategic metals with high recovery Highest value potential metals – currently proven in pilot scale potential so far: • Cobalt - strategic metal Chromium Nickel • Manganese - strategic metal > 99 % > 99 % • Phosphorus - critical metal recovery recovery • Titanium - strategic meta
Slide 31: Process features
Tailings / Slag Process features • Main process will not be affected • All equipment needed are proven technology Betolar Molten slag • Furnace metal Green cement extraction • Granulation unit • Highly energy efficient Metals • High metal recovery Steel plant • Minimal additional energy Metal needed
Slide 32: Total value from steel plant slag
32 Total value* Environmental impact 50 B€ 10 % of all global cement Green cement 1 % reduction in global CO2 150 B€ emission Metals Zero waste 1000+ Active 500 Million tons of non- Steel Plants utilized / very low value Globally* slag-based sidestreams produced annually* *)Global Iron and Steel Tra
Slide 33: Value potential in mine tailings
33 20 000 B € Metals Globally 200 000 Mt potential of non- Certain tailings have high value 10 000 active mines utilized tailings available for and exploitation potential 2 000 000 closed mines recovery of critical and strategic metals *) Source: Miningdataonline for active mines, Betolar’s estimate
Slide 34: Ferrochrome plant value example
34 Total value MEUR Assumptions • Ferrochrome plant produces 500 kt of slag annually 50 M€ Green • Slag with 6 % chromium cement content 120 M€ • Green cement volume 550 kt Metals • Green cement price assumed at 100 €/ton • Ferrochrome price assumed at 2000 €/ton Value to be shared between the parti
Slide 35: Betolar's zero waste solution
Increasing the yield of Production of Enabling the circular Critical & Strategic Betolar’s Green economy resulting in Metals Cement Zero Waste
Slide 36: Financial review
BETOLAR Financial review Mikko Wirkkala CFO Capital Markets Day May 14, 2025
Slide 37: Net sales, EBITDA, liquidity and undrawn grants
Net Sales EBITDA Liquidity and undrawn grants 0,8 -1,0 0,5 0,3 12,4 M€ -5,8 0,2 Q1/2025 -10,0 2022 2023 2024 Q1/2025 -11,2 2022 2023 2024 Q1/2025
Slide 38: 2024 net sales by regions
2024 net sales by regions Company presence Focus markets Other countries 24% Finland 37% 39% Europe
Slide 39: Financial targets to 2026 and 2033
Achieve positive cash flow Achieve one billion euros in from operating activities by revenue and a 30% EBITDA the end of 2026 margin by the end of 2033
Slide 40: Success factors by phase
Success factors Phase 3 • Commercialization and value capture of metal extraction and own green cement • Material processing capabilities • Logistics and warehousing Phase 2 • Sidestream sourcing and sales • Material processing capabilities • Logistics and warehousing Phase 1 • Commercial accelerati
Slide 41: Share price and shareholders
Share price Shareholders 7,00 Nidoco 6,00 28% 5,00 EUR/ share 4,00 Others 50% 3,00 2,00 YTD 52% 7% Juha Leppänen 1,00 1,16 7% 0,00 5% Ajanta Innovations 4% Dec 2021 Dec 2022 Dec 2023 Dec 2024 Voima Ventures Fund II Ilmarinen
Slide 42: Priorities
BETOLAR. \ \ \ Priorities NX Commercial acceleration and capturing the value Oo from innovations ee Long-term value creation through metal Commercial Proactive liquidity management acceleration extraction and own green cement Capital Markets Day, May 14, 2025
Slide 43: Q&A
BETOLAR Capital Markets Day, May 14, 2025,
Slide 44: Transforming the World of Mining & Metals
BETOLAR Transforming The World of Mining & Metals Capital Markets Day, May 14, 2025,
Slide 45: Transforming the World of Mining & Metals
BETOLAR Transforming The World of Mining & Metals