INTERIM REPORT Q1 2026
PHOTOCAT A/S PCAT CORP, ID NO 32 35 79 03
Q1 2026: SUMMARY
INTERIM REPORT Q1 2026
Highlight during 1st Quarter 2026
Entered into an agreement with Simon Hertzum to lead Photocat's commercial deployment
and representation within the Glassfibre Reinforced Concrete (GRC) segment.
Finalized the installation of air quality monitoring equipment at the Schiphol Airport freight terminal in collaboration with POSSEHL, with the objective of validating NOxOFF performance for large-scale airport applications.
Secured the first commercial customer in Denmark utilizing Swanlabel Ice & Dust Away and InnoLig as the primary solution for infrastructure and gravel road maintenance.
Gross Profit: DKK 3.24 million (Q1 2025: DKK 1.62 million)
EBITDA: DKK 1.91 million (Q1 2025: DKK 0.33 million), yielding a 34.3% EBITDA margin
Net Profit: DKK 1.37 million, a reversal from a net loss of DKK 0.37 million in Q1 2025
Highlight after 31st March 2026
Won first project in Spain as independent supplier to asphalt project of approx 30.000 sqm
in Madrid.
Polish Partner Domena Maczka won first tender for de-icing in Polish military airport facility.
Amounts in DKK '000s | Q1 2026 | Q1 2025 | 2025 |
2026-01-01 | 2025-01-01 | 2025-01-01 | |
2026-03-31 | 2025-03-31 | 2025-12-31 | |
Revenue | 5.567 | 3.175 | 13.391 |
Gross profit | 3.245 | 1.617 | 7.270 |
EBITDA | 1.911 | 334 | 1.924 |
P/L before tax | 1.293 | -507 | -748 |
Net profit | 1.373 | -371 | -295 |
Assets | 25.130 | 19.290 | 24.052 |
Equity | 11.661 | 10.212 | 10.288 |
Debt | 13.469 | 9.078 | 13.764 |
Cash at Hand | 317 | 290 | 443 |
INTERIM REPORT Q1 2026
Dear Shareholders,
In the first quarter of 2026, Photocat achieved critical milestones across our core product segments, expanding our market infrastructure and securing key regulatory renewals.
Operationally, the period was marked by the strengthening of our distribution networks and the execution of key pilot installations.
Financial Performance
During Q1 2026, Photocat recorded total revenue of DKK 5.57 million (Q1 2025: DKK 3.18 million), representing a year-on-year expansion of 75.3%. Managed operational costs alongside increased commercial activity improved profitability margins across all key metrics:
Gross Profit: DKK 3.24 million (Q1 2025: DKK 1.62 million)
EBITDA: DKK 1.91 million (Q1 2025: DKK 0.33 million), yielding a 34.3% EBITDA margin
Net Profit: DKK 1.37 million, a reversal from a net loss of DKK 0.37 million in Q1 2025
Financial Commentary: The quarterly expansion was primarily driven by prolonged winter conditions in Denmark and Germany, accelerating seasonal volume distributions of our fluid deicing solution, Ice & Dust Away. Early volume support was further provided by our newly established dust suppressant distribution network in Denmark and targeted marketing campaigns toward the Spanish infrastructure tender market. The conversion of this revenue growth into an improved EBITDA margin demonstrates enhanced operational efficiency and scalable asset utilization.
Operational Developments
De-Icing Solutions (Ice & Dust Away): A prolonged cold winter across Denmark and Germany generated strong demand for our fluid de-icing solution, Ice & Dust Away, driving robust volume distributions during the quarter. Furthermore, the product successfully obtained recertification under the Nordic Swan Ecolabel, navigating a newly implemented and highly rigorous approval process. This renewal secures our long-term competitive position within ecologically sensitive municipal markets.
Dust Suppressant Infrastructure: In Denmark, we successfully established a commercial infrastructure for our dust suppressant products. By partnering with market-leading operators within the gravel road maintenance segment, we have secured a solid scalable platform for broader regional deployment.
CEO Letter - MANAGEMENT UPDATEINTERIM REPORT Q1 2026
Aviation Segment Air Quality: Following initial post-quarter deployments, air quality monitoring equipment utilizing Photocat technology was successfully installed at Schiphol Airport. The system is operational, and the first monthly air quality data reports have been delivered, validating our technical performance in high-density infrastructure environments.
Strategic Expansion in Spain: We continue to advance our position within the Spanish asphalt market. Our strategy focuses on capturing a larger share of the value chain by targeting contractors who have secured public tenders for road maintenance and new construction containing photocatalytic specifications. To support this effort, direct targeted marketing campaigns directed at municipal infrastructure contractors in major Spanish cities were initiated during the quarter.
Thank you for your continued trust and support. Sincerely,
Michael Humle Chief Executive Officer, Photocat A/S
INTERIM REPORT Q1 2026
PHOTOCAT ENVIRONMENTAL IMPACTSaved Health Cost - Improved Life Quality
506 mDKK 2025 0.3 mDKK 2015The value of accumulated health benefits of removed NOx amount to DKK 506min 2026 end of March.
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
-600.000
-640.000
-680.000
REMOVED NOxAccumulated NOx removed is equivalent to the pollution from 632,718 cars
Source: https://www.eurekaselect.com/article/109045 5
INTERIM REPORT Q1 2026
PHOTOCAT ENVIRONMENTAL IMPACTThe chart above shows Photocat now has installed more than 11,9 m SQM
surfaces with active NOx degrading surfaces
Allocated to type of surface in %
15
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Floor Bitumen Asphalt ConcreteThe 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 Q1 2026
Amounts in DKK '000s
Revenue development
6.000
2.356
1.290
1.594
2.674
738
5.000
4.000
11
3.000
2.000
1.000
0
Q1 2025 Q1 2026
NOxOFF actiFLOOR Garden CMA InnoLig+ OtherMarket 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 Q1 2026
Q1 2026 | Q1 2025 | 2025 | ||
Amounts in DKK '000s | Notes | 2026-01-01 | 2025-01-01 | 2025-01-01 |
2026-03-31 | 2025-03-31 | 2025-12-31 | ||
Revenue | 5.567 | 3.175 | 13.391 | |
Work on own account recognised in assets | 362 | 615 | 2.058 | |
Expenses for raw materials and consumables | -1.324 | -1.013 | -2.913 | |
Other extenal expenses | 1 | -1.360 | -1.160 | -5.266 |
Gross profit | 3.245 | 1.617 | 7.270 | |
Staff expenses | -1.334 | -1.282 | -5.346 | |
EBITDA | 1.911 | 334 | 1.924 | |
Depreciation, amortisation and impairment of intangible | -582 | -478 | -1.906 | |
Profit/loss before financial income and expenses | 1.328 | -143 | 18 | |
Financial expenses | -35 | -363 | -767 | |
Profit/loss before tax | 1.293 | -507 | -748 | |
Taxes | 80 | 135 | 453 | |
Net profit/loss | 1.373 | -371 | -295 |
INTERIM REPORT Q1 2026
2026 | 2025 | |
Amounts in DKK '000s | 2026-03-31 | 2025-12-31 |
Completed development projects | 5.521 | 5.467 |
Acquired patens | 1.342 | 1.375 |
Other Acquired patens | 4.271 | 4.388 |
Development projects in progress | 4.702 | 4.702 |
Intangible assets | 15.836 | 15.933 |
Plant and equipment | 3.602 | 3.719 |
Other fixtures and fittings, tools and equipment | 38 | 44 |
Tangible assets | 3.640 | 3.763 |
Other investments | 0 | 0 |
Deposits | 301 | 301 |
Fixed assets investment | 301 | 301 |
Fixed assets | 19.777 | 19.997 |
Inventories | 393 | 393 |
Trade receivables | 4.027 | 1.176 |
Other receivables | 32 | 1.373 |
Corporation tax | 533 | 453 |
Prepayments | 51 | 217 |
Receivables | 4.643 | 3.218 |
Cash at bank and in hand | 317 | 443 |
Current assets | 5.353 | 4.055 |
Total assets | 25.130 | 24.052 |
INTERIM REPORT Q1 2026
2026 | 2025 | |
Amounts in DKK '000s | 2026-03-31 | 2025-12-31 |
Share capital | 5.995 | 5.995 |
Reserve for development cost | 7.148 | 7.214 |
Retained earnings | -1.482 | -2.920 |
Equity | 11.661 | 10.288 |
Other payables | 4.512 | 4.512 |
Shareholders and management | 995 | 809 |
Total non-current liablities | 5.507 | 5.321 |
Other credit institutions and bank loans | 824 | 1.718 |
Trade payables | 5.450 | 5.269 |
Other payables | 1.688 | 1.456 |
Total current liabilities | 7.963 | 8.443 |
Total liablities | 13.469 | 13.764 |
Total equity and liablities | 25.130 | 24.052 |
INTERIM REPORT Q1 2026
Share capital | Reserve for development expenditure | Retained earnings | Total | |
Equity at 1 January 2025 | 5.995.000 | 7.279.108 | -2.690.625 | 10.583.483 |
Cash capital increase | 0 | 0 | 0 | 0 |
Retained earnings for the year | 0 | 0 | 0 | 0 |
Development costs for the year | 0 | -1.670.996 | 1.670.996 | 0 |
Depreciation, amortisation and impairment for the year | 0 | 1.605.430 | -1.605.430 | 0 |
Net profit/loss for the year | 0 | 0 | -295.300 | -295.300 |
Equity at 31 December 2025 | 5.995.000 | 7.213.542 | -2.920.359 | 10.288.183 |
Equity at 1 January 2026 | 5.995.000 | 7.213.542 | -2.920.359 | 10.288.183 |
Cash capital increase | 0 | 0 | 0 | 0 |
Development costs for the year | 0 | 0 | 0 | 0 |
Depreciation, amortisation and impairment for the year | 0 | -1.670.996 | 1.670.996 | 0 |
Transfers to/from other reserves | 1.605.430 | -1.605.430 | 0 | |
Net profit/loss for the year | 0 | 0 | 1.372.761 | 1.372.761 |
Equity at 31 March 2026 | 5.995.000 | 7.147.976 | -1.482.032 | 11.660.944 |
INTERIM REPORT Q1 2026
Q1 2026 | 2025 | |
Amounts in DKK '000s | 2026-01-01 | 2025-01-01 |
2026-03-31 | 2025-12-31 | |
Net profit/loss | 1.373 | -295 |
Adjustments | 538 | 2.220 |
Change in working capital | -931 | 4.103 |
Cash flow from operating activities before financial income and expenses | 980 | 6.027 |
Financial expenses | -35 | -767 |
Cash flow from ordinary activities | 944 | 5.260 |
Corporate tax paid | 0 | 331 |
Cash flow from operating activities | 944 | 5.591 |
Purchase of intangible fixed assets | -362 | -2.655 |
Purchase of tangible assets | 0 | -3.377 |
Purchase of fixed asset investments | 0 | 0 |
Cash flow from investering activities | -362 | -6.031 |
Changes in long-term payables | 0 | 301 |
Cash capital increase | 0 | 0 |
Changes in short-term bank loans | -894 | 204 |
Raising of loans from shareholders and management | 186 | 73 |
Cash flow from financing activities | -708 | 578 |
Change in cash and cash equivalents | -126 | 137 |
Cash and cash equivalents start | 443 | 306 |
Cash and cash equivalents end | 317 | 443 |
Analysis of cash and cash equivalents | ||
Cash at bank and in hand | 317 | 443 |
Cash and cash equivalents | 317 | 443 |
INTERIM REPORT Q1 2026
Note 1 - Other external expenses
Note 1: Other external expenses | |||
Q1 2026 | Q1 2025 | 2025 | |
Amounts in DKK '000s | 2026-01-01 | 2025-01-01 | 2025-01-01 |
2026-03-31 | 2025-03-31 | 2025-12-31 | |
Marketing cost | -564 | -390 | -1.630 |
Premises | -307 | -278 | -1.167 |
Other cost | -490 | -492 | -2.469 |
Total other external expenses | -1.360 | -1.160 | -5.266 |
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
Q1 2026 | Q1 2025 | 2025 | |
Amounts in DKK '000s | 2026-01-01 | 2025-01-01 | 2025-01-01 |
2026-03-31 | 2025-03-31 | 2025-12-31 | |
Earnings per share, DKK | 0,23 | -0,06 | -0,05 |
Before dilution | 0,23 | -0,06 | -0,05 |
After dilution | 0,22 | -0,06 | -0,05 |
Note 5- The number of outstanding shares
Q1 2026 | Q1 2025 | 2025 | |
2026-01-01 | 2025-01-01 | 2025-01-01 | |
Amounts in DKK '000s | 2026-03-31 | 2025-03-31 | 2025-12-31 |
The number of outstanding shares | 5995 | 5995 | 5995 |
The average number of outstanding share | 5995 | 5995 | 5995 |
Before dilution | 5995 | 5995 | 5995 |
After dilution | 6245 | 6245 | 6245 |
INTERIM REPORT Q1 2026
FINANCIAL CALENDARRelease date Item
21st of May 2026 Q1 2026 Interim Report (01/01/2026 - 31/03/2026) 29th of May 2026 General Assembly and Annual Report 2025
19th of August 2026 Q2 2026 Interim Report (01/04/2026 - 30/06/2026) 4th of November 2026 Q3 2026 Interim Report (01/07/2026 - 30/09/2026)
INTERIM REPORT Q1 2026
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 annual report for PHOTOCAT A/S has been presented in accordance with the Danish Financial Statements Act regulations concerning reporting class B enterprises. Furthermore, the company has decided to comply with certain rules applying to reporting class C enterprises.
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