INTERIM REPORT H1 2025
PHOTOCAT A/S PCAT CORP, ID NO 32 35 79 03
H1 2025: SUMMARY
INTERIM REPORT H1 2025
Highlights during the first half year of 2025
Photocat impact on Environment increase at a higher rate and has now removed pollution from
more than 500.000 cars emissions.
Photocat continues to generate positive EBITDA during H1 2025
Revenue down with 7.3 % compared to H1 2024
Ice & Dust Away customer base continue to increase, despite a warmer winter season compared to the year before.
The company maintains its guidance for 2025 with a turnover of 11.-13.0 mDKK, and a positive EBITDA of 0-1 .5 mDKK.
Highlights after 30 June 2025
Listed Photocat shares on Spotlight trading platform with first trading day being 5thAugust
2025
Positive results in concrete precast elements for selfcleaning and performing above the current product choice in external test.
Amounts in DKK '000s | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | 2024 |
2025-04-01 | 2024-04-01 | 2025-01-01 | 2024-01-01 | 2024-01-01 | |
2025-06-30 | 2024-06-30 | 2025-06-30 | 2024-06-30 | 2024-12-31 | |
Revenue | 3.151 | 2.313 | 6.327 | 6.826 | 12.113 |
Gross profit | 1.530 | 1.374 | 3.147 | 3.439 | 6.279 |
EBITDA | 192 | -64 | 526 | 693 | 848 |
P/L before tax | -335 | -711 | -841 | -572 | -2.852 |
Net profit | -227 | -621 | -598 | -388 | -2.522 |
Assets | 20.130 | 22.242 | 20.130 | 22.242 | 19.624 |
Equity | 9.985 | 12.717 | 9.985 | 12.717 | 10.583 |
Debt | 10.145 | 9.524 | 10.145 | 9.524 | 9.041 |
Cash at Hand | 306 | 222 | 306 | 222 | 306 |
INTERIM REPORT H1 2025
Dear Shareholders,
The first half of 2025 has been a period of both strategic recalibration and foundational progress for Photocat. While we encountered certain market-specific implementation challenges, particularly within the Bitumen sector, and observed a softer winter season for our Ice & Dust Away (CMA) products compared to the previous year, our underlying trajectory remains robust. This seasonal fluctuation in Ice & Dust Away (CMA) is offset by a sustained increase in customer acquisition within the de-icing market segment, driven by the compelling advantage of our solution's compatibility with urban rainwater reuse strategies, offering a superior alternative to traditional salt applications.
From a regulatory perspective, we note that the implementation of the new Air Quality directive by certain EU member countries has experienced delays. Simultaneously, we observe a growing professionalism among airport authorities who are actively establishing expert groups. These initiatives are designed to evaluate and integrate innovative solutions that address increasing air traffic demands while mitigating their environmental impact on air quality - an area where Photocat's solutions are particularly pertinent.
Our commitment to innovation and demonstrable impact is further evidenced by the recent advancements in our Badalona project. The data from Badalona has been updated with a longer observation period, extending from six to twelve months, and these comprehensive results are now being released for public use. The findings are highly encouraging, with key claims demonstrating efficient NOx reduction and a compelling return on investment (ROI) achievable in less than six months. Based on these outstanding results, we are actively developing a robust communication platform to amplify our message and market impact. Furthermore, following the closure of the first half of the year, we successfully applied for listing at Spotlight, with our first trading day having commenced on August 5th. This strategic move provides Photocat with an enhanced platform to generate shareholder value and engage more directly with the investor community.
Photocat's product portfolio consistently offers the market documented environmental impact at attractive costs and is designed for easy integration. A persistent challenge, however, remains the focus of urban planning on measures such as reducing parking lots and establishing environmental zones, which, despite their intentions, have not consistently demonstrated a documented effect on air quality comparable to our technological solutions. This underscores the critical need for Photocat to strengthen its public advocacy and influence public priorities, ensuring that proven, technology-driven air quality improvements are given due consideration.
CEO Letter - MANAGEMENT UPDATEINTERIM REPORT H1 2025
Our market strategy continues to navigate dynamic conditions. The photocatalytic business faces ongoing challenges due to a lack of prioritized focus on air quality in several European countries, notwithstanding the significant health impact of air pollution across the continent. Additionally, the current concentration wave within the bitumen membrane market presents a complex landscape for implementation with new partners. Despite these headwinds, our Intellectual Property Rights (IPR) in this market segment remain exceptionally strong. In Spain, the public tenders have provided invaluable learning experiences for our team and local partners, refining our approach to public sector engagements. In the UAE, we have observed a temporary decline in activity following the COP meeting. While our De-Ice partners are in their early stages of integration, we anticipate future revenue generation from these collaborations. Conversely, our Dust Control product portfolio is robust, and our commercial team is collaboratively developing an aggressive business plan with Essity to capitalize on this segment's potential.
Operationally, our unwavering focus remains on generating positive cash flow, aiming to demonstrate sustainable growth to our stakeholders. The 7.3% decline in revenue from H1 2024 to H1 2025 is primarily attributable to delayed implementations of our technology within partner production facilities, rather than a fundamental erosion of demand.
In summary, the first half of 2025 has highlighted the imperative of cultivating a stronger pipeline of customers and partners across all segments, from initial lead generation to full-scale launch.
This will be our foremost strategic focus moving forward. The successful listing on Spotlight further empowers Photocat to enhance shareholder value and deepen our engagement in investor relations.
Thank you for your continued trust and support. Sincerely,
Michael Humle CEO, Photocat
INTERIM REPORT H1 2025
PHOTOCAT ENVIRONMENTAL IMPACTSaved Health Cost - Improved Life Quality
412 mDKK 2025
0.3 mDKK 2015
The value of accumulated health benefits of removed NOx amount to DKK 412m in 2025 end of H1
Source: Numbers based on the officiel data from the Danish Centre for Environment and Energy (DCE). https://dce.au.dk/fileadmin/dce.au.dk/Udgivelser/Notater_201 9/Miljoeoekonomiske_beregningspriser_for_emissioner.pdf
Accumulated NOx removed in kg
2015 2017 2019 2021 2023 2025
0
-40.000
-80.000
-120.000
-160.000
-200.000
-240.000
-280.000
-320.000
-360.000
-400.000
-440.000
-480.000
-520.000
-560.000
REMOVED NOxAccumulated NOx removed is equivalent to the pollution from 515,444 cars
Source: https://www.eurekaselect.com/article/109045 5
INTERIM REPORT H1 2025
PHOTOCAT ENVIRONMENTAL IMPACTThe chart above shows Photocat now has installed more than 11 m SQM
surfaces with active NOx degrading surfaces
Allocated to type of surface in %
15
50
27
2
The pie chart shows the percentage split of how many square meters surfaces in
each of the 4 main categories: Concrete, Bitumen, Floors and newest Asphalt
6
REVENUE DEVELOPMENT
INTERIM REPORT H1 2025
Amounts in DKK '000s
Half year revenue development8.000
7.000 | 55 | 22 | ||||
6.000 | 1.344 | 494 | ||||
5.000 | 39 | 960 36 | ||||
4.000 | ||||||
3.000 2.000 | 5.388 | 4.744 | ||||
1.000 |
0
H1 2024 H1 2025
Market trend: The total market for
photocatalyst products is forecasted to grow at a CAGR of approximately 12.5% during the next five years.
Source: Green Millennium
INCOME STATEMENT
INTERIM REPORT H1 2025
Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | 2024 | ||
Amounts in DKK '000s | Notes | 2025-04-01 | 2024-04-01 | 2025-01-01 | 2024-01-01 | 2024-01-01 |
2025-06-30 | 2024-06-30 | 2025-06-30 | 2024-06-30 | 2024-12-31 | ||
Revenue | 3.151 | 2.313 | 6.327 | 6.826 | 12.113 | |
Work on own account recognised in assets | 490 | 412 | 1.105 | 835 | 1.502 | |
Expenses for raw materials and consumables | -1.023 | -728 | -2.036 | -1.752 | -3.350 | |
Other extenal expenses | 1 | -1.089 | -624 | -2.249 | -2.470 | -3.986 |
Gross profit | 1.530 | 1.374 | 3.147 | 3.439 | 6.279 | |
Staff expenses | -1.338 | -1.438 | -2.620 | -2.746 | -5.431 | |
EBITDA | 192 | -64 | 526 | 693 | 848 | |
Depriciation, amortisation and impairment of intan | -481 | -471 | -959 | -945 | -3.105 | |
Profit/loss before financial income and expenses | -289 | -535 | -432 | -251 | -2.257 | |
Financial expenses | -46 | -176 | -409 | -321 | -596 | |
Profit/loss before tax | -335 | -711 | -841 | -572 | -2.852 | |
Taxes | 108 | 91 | 243 | 184 | 331 | |
Net profit/loss | -227 | -621 | -598 | -388 | -2.522 |
INTERIM REPORT H1 2025
Q2 2025 | Q2 2024 | 2024 | |
Amounts in DKK '000s | 2025-06-30 | 2024-06-30 | 2024-12-31 |
Completed development projects | 7.157 | 6.109 | 6.688 |
Acquired patens | 817 | 889 | 853 |
Other Acquired patens | 4.622 | 5.166 | 4.857 |
Development projects in progress | 2.644 | 4.280 | 2.644 |
Intangible assets | 15.240 | 16.444 | 15.042 |
Plant and equipment | 441 | 227 | 504 |
Other fixtures and fittings, tools and equipment | 59 | 43 | 25 |
Tangible assets | 500 | 269 | 529 |
Other investments | 0 | 0 | 0 |
Deposits | 301 | 316 | 301 |
Fixed assets investment | 301 | 316 | 301 |
Fixed assets | 16.042 | 17.029 | 15.871 |
Inventories | 226 | 940 | 438 |
Trade receivables | 2.520 | 3.067 | 2.193 |
Other receivables | 481 | 255 | 392 |
Corporation tax | 574 | 591 | 331 |
Prepayments | 0 | 138 | 94 |
Receivables | 3.574 | 4.051 | 3.009 |
Cash at bank and in hand | 289 | 222 | 306 |
Current assets | 4.088 | 5.213 | 3.753 |
Total assets | 20.130 | 22.242 | 19.624 |
INTERIM REPORT H1 2025
Q2 2025 | Q2 2024 | 2024 | |
Amounts in DKK '000s | 2025-06-30 | 2024-06-30 | 2024-12-31 |
Share capital | 5.995 | 5.995 | 5.995 |
Reserve for development cost | 7.279 | 7.795 | 7.279 |
Retained earnings | -3.289 | -1.073 | -2.691 |
Equity | 9.985 | 12.717 | 10.583 |
Other payables | 4.307 | 3.916 | 4.210 |
Shareholders and management | 736 | 674 | 736 |
Defered income | 0 | 780 | 0 |
Total non-current liablities | 5.043 | 5.371 | 4.947 |
Other credit institutions and bank loans | 1.577 | 1.723 | 1.514 |
Trade payables | 2.495 | 2.399 | 2.178 |
Other payables | 1.030 | 32 | 402 |
Total current liabilities | 5.102 | 4.154 | 4.094 |
Total liablities | 10.145 | 9.524 | 9.041 |
Total equity and liablities | 20.130 | 22.242 | 19.624 |
INTERIM REPORT H1 2025
Share capital | Reserve for development expenditure | Retained earnings | Total | |
Equity at 1 January 2024 | 5.850.000 | 7.795.225 | -1.400.101 | 12.245.124 |
Cash capital increase | 145.000 | 0 | 715.039 | 860.039 |
Retained earnings for the year | 0 | 0 | -2.521.680 | -2.521.680 |
Development costs for the year | 0 | 1.171.900 | -1.171.900 | 0 |
Depreciation, amortisation and impairment for the year | 0 | -1.688.017 | 1.688.017 | 0 |
Net profit/loss for the year | 0 | 0 | 0 | 0 |
Equity at 31 December 2024 | 5.995.000 | 7.279.108 | -2.690.625 | 10.583.483 |
Equity at 1 January 2025 | 5.995.000 | 7.279.108 | -2.690.625 | 10.583.483 |
Cash capital increase | 0 | 0 | 0 | 0 |
Development costs for the year | 0 | 0 | 0 | 0 |
Depreciation, amortisation and impairment for the year | 0 | 0 | 0 | 0 |
Net profit/loss for the year | 0 | 0 | -598.440 | -598.440 |
Equity at 30 June 2025 | 5.995.000 | 7.279.108 | -3.289.065 | 9.985.043 |
INTERIM REPORT H1 2025
H1 2025 | H1 2024 | 2024 | |
Amounts in DKK '000s | 2025-01-01 | 2024-01-01 | 2024-01-01 |
2025-06-30 | 2024-06-30 | 2024-12-31 | |
Net profit/loss | -598 | -388 | -2.522 |
Adjustments | 1.125 | 1.081 | 2.590 |
Change in working capital | 836 | -64 | 1.369 |
Cash flow from operating activities before financial income and expenses | 1.362 | 629 | 1.437 |
Financial expenses | -409 | -321 | -539 |
Cash flow from ordinary activities | 953 | 309 | 898 |
Corporate tax paid | 0 | 0 | 407 |
Cash flow from operating activities | 953 | 309 | 1.304 |
Purchase of intangible fixed assets | -1.087 | -835 | -1.502 |
Purchase of tangible assets | -42 | -17 | -367 |
Purchase of fixed asset investments | 0 | 0 | 15 |
Cash flow from investering activities | -1.129 | -852 | -1.855 |
Changes in long-term payables | 96 | 0 | 0 |
Cash capital increase | 0 | 860 | 860 |
Changes in short-term bank loans | 62 | -293 | -234 |
Raising of loans from shareholders and management | 0 | -32 | 0 |
Cash flow from financing activities | 159 | 535 | 626 |
Change in cash and cash equivalents | -17 | -8 | 76 |
Cash and cash equivalents start | 306 | 230 | 230 |
Cash and cash equivalents end | 289 | 222 | 306 |
Analysis of cash and cash equivalents | |||
Cash at bank and in hand | 289 | 222 | 306 |
Cash and cash equivalents | 289 | 222 | 306 |
INTERIM REPORT H1 2025
Note 1 - Other external expenses
Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | 2024 | |
Amounts in DKK '000s | 2025-04-01 | 2024-04-01 | 2025-01-01 | 2024-01-01 | 2024-01-01 |
2025-06-30 | 2024-06-30 | 2025-06-30 | 2024-06-30 | 2024-12-31 | |
Marketing cost | -349 | -203 | -739 | -924 | -1.481 |
Premises | -308 | -172 | -586 | -452 | -998 |
Other cost | -432 | -248 | -924 | -1.094 | -1.507 |
Total other external expenses | -1.089 | -624 | -2.249 | -2.470 | -3.986 |
Note 2 - Share Capital
The Company's share capital is DKK 5,995,000 divided into shares of DKK 1.
Note 3 - Number of employees
Total number of employees is ten, including commercial agents operating in Mexico and Europe.
Note 4 - Earnings per share
Amounts in DKK '000s | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | 2024 |
2025-04-01 | 2024-04-01 | 2025-01-01 | 2024-01-01 | 2024-01-01 | |
2025-06-30 | 2024-06-30 | 2025-06-30 | 2024-06-30 | 2024-12-31 | |
Earnings per share, DKK | -0,04 | -0,10 | -0,10 | -0,06 | -0,42 |
Before dilution | -0,04 | -0,10 | -0,10 | -0,06 | -0,42 |
After dilution | -0,04 | -0,10 | -0,10 | -0,06 | -0,40 |
Note 5- The number of outstanding shares
Amounts in DKK '000s | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | 2024 |
2025-04-01 | 2024-04-01 | 2025-01-01 | 2024-01-01 | 2024-01-01 | |
2025-06-30 | 2024-06-30 | 2025-06-30 | 2024-06-30 | 2024-12-31 | |
The number of outstanding shares | 5995 | 5995 | 5995 | 5995 | 5995 |
The average number of outstanding share | 5995 | 5898 | 5995 | 5874 | 5935 |
Before dilution | 5995 | 5995 | 5995 | 5995 | 5995 |
After dilution | 6245 | 6245 | 6245 | 6245 | 6245 |
INTERIM REPORT H1 2025
FINANCIAL CALENDARRelease date Item
20thof August 2025 H1.2025 Interim Report (01/01/2025 - 30/06/2025) 4thof November 2025 Q3 2025 Interim report
18thof February 2026 H2.2025 Interim Report (01/07/2025 - 31/12/2025)
INTERIM REPORT H1 2025
WHO IS PHOTOCAT A/SPhotocat A/S manufactures patented coating materials for both outdoor and indoor applications with the effect to degrade NOx and VOC´s when exposed to light. Both NOx and VOC´s are severely damaging to human health. Photocat´s patented technology is a very efficient and economically viable alternative to many of the traditional technologies targeting NOx and VOC's.
We also sell and distribute products that reduce air born particles and dust as PM1.0 PM2.5 and PM10. It also acts as a de-icing agent, and an alternative to salt.
Photocat´s shares was listed on Nasdaq in Stockholm November 20, 2015, with the ticker symbol PCAT. From August 5, 2025 shares are listed on Spotlight.
This report has not been reviewed by the company's auditor.
The company's report has been prepared in accordance with the provisions of the Danish Financial Statements Act applying for enterprises of reporting class B, and provisions applying for to reporting class C entities.
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