Solar Foods Oyj Class K · OMXHEX:SFOODS
Solar Foods Oyj Class K — H1 2026 Earnings Presentation
34 slides from Solar Foods Oyj Class K's earnings presentation, Aug 11, 2026
Slide 1: H1 2026 Review
H1 2026 REVIEW 1 SOLAR FOODS OYJ H1 2026 REVIEW RAMI JOKELA, CEO | ILKKA SAURA, CFO AUGUST 11, 2026
Slide 2: Disclaimer
H1 2026 REVIEW 2 Disclaimer Solar Foods Plc and its business Although Solar Foods believes that statements, beyond what is are exposed to various risks and the expectations reflected in such required by applicable law or uncertainties. forward-looking statements are applicable Nasdaq First North rea
Slide 3: Speaking today
H1 2026 REVIEW 3 01 Speaking today Rami Ilkka Jokela Saura Chief Executive Officer Chief Financial Officer
Slide 4: Today's Agenda
H1 2026 REVIEW 4 01 Today’s Agenda 01 Welcome 02 Significant events in H1 2026 03 Financial highlights in H1 2026 04 The way forward 05 Q&A 06 Appendix
Slide 5: Towards growth and scaling
H1 2026 REVIEW 01 Towards growth and scaling Commercial Funding 01 First consumer product available in the United States First consumer Grants product launched in +EUR 39M Funding through equity, grant 02 the United States in and loan May Equity R&D loan EUR 25M equity, EUR 39,6M grant, EUR 38,1M lo
Slide 6: Three megatrends: Solar Foods sits in the middle
H1 2026 REVIEW 01 Three megatrends: Solar Foods sits in the middle, where decarbonisation, protein demand and food sovereignty meet Protein Food sovereignty GLP-1, health & wellness & security of supply ≈€1.6tn Price shocks: • El Niño +9% • Fertilizer volatility Hydrogen & decarbonisation ≈€2.1tn/yr
Slide 7: Significant events in H1 2026
H1 2026 REVIEW 7 02 Significant events in H1 2026
Slide 8: Solein enters the United States Health & Performance nutrition market
H1 2026 REVIEW 8 02 Solein enters the United States Health & Performance nutrition market Planta powered by Solein® Great feedback Ready-to-mix protein powder Planta powered by Solein has Planta powered by Solein received great and enthusiastic available in the US feedback from consumers GLP-1 The H
Slide 9: Solein's value propositions
H1 2026 REVIEW 9 02 Solein’s value propositions Sustainability & Supply & decarbonization price Nutrition Applications
Slide 10: Supply and price: whey protein supply challenges and price increases
H1 2026 REVIEW 1 0 02 Supply and price: Protein megatrend has created whey protein supply challenges and price increases Global supply gap of high-grade Why whey cannot simply scale whey protein, KT ~630-660 • Price has roughly tripled — WPI €10 → €31/kg (EU) in 3 yrs; experts do not expect a return
Slide 11: Whey protein reference prices have risen ~3× since 2023
H1 2026 REVIEW 02 Supply and price: Whey protein reference prices have risen ~3× since 2023, converging near €25–31/kg after a steep H1 2026 spike Price comparison · EUR/MT · 2 Aug 2023 – 29 Jul 2026 40K • Barclays estimate that the global protein market has already reached approximately $1.7 trilli
Slide 12: Nutrition: Solein delivers every macro in one clean-label ingredient
H1 2026 REVIEW 1 2 02 Nutrition: Solein delivers every macro our customers sell — plus fiber, B12 and iron — in one clean-label ingredient Clean-label claims 80% Non-GMO Lactose-free 43% essential amino acids 20% BCAA Gluten-free Soy-free Balanced amino-acid profile Protein High in protein High in f
Slide 13: Applications: Solein excels as an ingredient in Health & Performance
H1 2026 REVIEW 13 02 Applications: Solein excels as an ingredient in Health & Performance PROTEIN BARS PROTEIN DRINKS READY-TO-MIX • Superior mouthfeel • High solubility in cold and ambient liquids • Outstanding binding properties • No graininess • Stable across broad pH and temperature ranges • Exc
Slide 14: Commercial progress
H1 2026 REVIEW 02 Commercial progress • Concept sales model: Continuing the development of Solar Foods' own product concepts for the food industry • Targeting both agile Health & Performance companies with ability to bring products to market quickly, as well as large international CPG companies • Tu
Slide 15: Commercializing Solein with concept sales model
H1 2026 REVIEW 15 02 Commercializing Solein with concept sales model Illustrative sales distribution across customer segments, % of total capacity Factory 01 Volumes Factory 02 Volumes • The concept sales model 100% introduced at CMD 2024 is Solar Foods' deliberate method for landing a novel 80% Maj
Slide 16: Driving growth through scaling at Factory 02 with strategic partners
H1 2026 REVIEW 16 02 Driving growth through scaling at Factory 02 with strategic partners FACTORY 02 DESIGN PROCESS EQUIPMENT ENERGY SERVICES REAL ESTATE • Factory 02 proceeded • Agreements with GEA to • Development agreement • We are also exploring real from advanced concept negotiate the delivery
Slide 17: Building a new ecosystem for food and energy industries
H1 2026 REVIEW 17 02 Building a new ecosystem for food and energy industries – Scaling through network of factories Technology platform Protein drinks Hydrogen Protein powders Oxygen Protein bars Carbon dioxide Snacks Strategic partners Dairy replacement Renewable electricity Egg replacement Strateg
Slide 18: Financial highlights in H1 2026
H1 2026 REVIEW 18 03 Financial highlights in H1 2026
Slide 19: Summary of Key Figures H1
H1 2026 REVIEW 03 Summary of Key Figures H1 P&L Balance sheet Cash flows The operating loss Net debt Net cash flow EUR EUR -11.5 million (5.5) EUR 19.1 million (-0.7) 6.8 million Non-current debt Operations Investments Financing (4.8) EUR EUR EUR EUR 12.8 million (14.9) -4.5M -0.4M 23.9M Net gearing
Slide 20: Key figures
H1 2026 REVIEW 20 03 Key figures MEUR 1-6/2026 1–6/2025 CHANGE, % Revenue 0.1 0.0 265% Other operating income 4.9 4.3 14% Operating profit/loss -6.8 -4.8 -42% Profit/loss for the period -7.4 -5.4 -37% Equity ratio, % 62% 46% 35% Investments -0.4 0.4 -200% Cash and cash equivalents 27.0 12.7 112% at
Slide 21: Financial program
H1 2026 REVIEW 21 03 Financial program • In October 2025, Solar Foods specified its financing needs for implementing its growth strategy, consisting of equity, grants and debt financing. • Solar Foods successfully completed a directed share issue of 5,154,691 new shares raising approximately EUR 25
Slide 22: Company's financing has been ~71% secured
H1 2026 REVIEW 2 2 03 Company’s financing has been ~71% secured; ~€55m remaining ahead of the 2026 FID S ou r c e of f u nd s Secured vs Target (10/25) % Sec u red of t a rg et (10/ 2 5) Equity (ECM) €25m raised €25m raised Jan 2026 (Nasdaq FN Helsinki) 100% Grants — EU IPCEI €68m €39,6m (Jun'26) +
Slide 23: Change in income statement presentation
H1 2026 REVIEW 23 03 Change in income statement presentation • During 2026, as part of the development of the company’s financial reporting processes, Solar Foods Oyj reassessed the presentation of its income statement. Based on this assessment, the company concluded that presenting expenses by func
Slide 24: The way forward
H1 2026 REVIEW 24 04 The way forward
Slide 25: The way forward
H1 2026 REVIEW 25 04 The way forward During 2026, we will continue to execute our strategy and work to internationalize the company, pursue growth, and expand production capacity of Solein. The company continues to prepare the investment decision for Factory 02, with the work focusing, among other t
Slide 26: H1 2026 Review Q&A
SOLAR FOODS eoeeoe Hi 2026 REVIEW 26
Slide 27: Thank you
H1 2026 REVIEW 27 Thank you
Slide 28: Appendix
H1 2026 REVIEW 28 Appendix
Slide 29: Profit and loss (FAS, EUR)
H1 2026 REVIEW 29 Appendix EUR 1-6/2026 6 months 1-6/2025 6 months 1-12/2025 12 MONTHS Revenue 52,199 14,313 123,595 Profit and loss Research and development expenses -6,384,582 -6,025,987 -12,956,128 (FAS, EUR) Sales and marketing expenses -1,314,572 -4,028,313 -843,311 -2,237,241 -1,969,711 -5,072
Slide 30: Balance sheet (FAS, EUR)
H1 2026 REVIEW 30 Appendix EUR 30th June 2026 30th June 2025 ASSETS Balance sheet Non-current assets Intangible assets (FAS, EUR) Development expenditure 3,762,299 3,936,751 Intangible rights 515,895 734,971 Other intangible assets 1,708,746 2,871,280 Total intangible assets 5,986,941 7,543,002 Tang
Slide 31: Balance sheet (FAS, EUR)
H1 2026 REVIEW 31 30th June 30th June Appendix EUR 2026 2025 EQUITY AND LIABILITIES Balance sheet Capital and reserves Subscribed capital 80,000 80,000 (FAS, EUR) Reserve for invested unrestricted equity 76,704,580 51,409,984 -28,534,522 Retained earnings -40,052,125 Profit (loss) for the period -7,
Slide 32: Statement of cashflows (FAS, EUR)
H1 2026 REVIEW 32 Appendix STATEMENT OF CASH FLOWS (FAS, EUR) 1-6/2026 1-6/2025 2025 Statement of Cash flows from operating activities: Profit before appropriations and taxes -7,422,441 -5,389,880 -11,517,603 Adjustments for: Depreciation according to plan 4,730,140 4,710,278 9,461,324 cashflows Fin
Slide 33: Statement of changes in equity (FAS, EUR)
H1 2026 REVIEW 33 Appendix Statement of changes in equity EUR Subscribed capital Reserve for invested unrestricted Retained earnings Total (FAS, EUR) equity Equity January 1, 2026 80,000 51,480,512 -40,052,126 11,508,386 Issuance of share capital 25,000,251 25,000,251 Execution of option rights 223,
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