INTERIM REPORT Q3 2025
PHOTOCAT A/S PCAT CORP, ID NO 32 35 79 03
Q3 2025: SUMMARY
INTERIM REPORT Q3 2025
Highlight during 3rd Quarter 2025
Shares listed on Spotlight under same identity at Spotlight instead of Nasdaq first north development market.
Photocat higher revenue in 3rdQuarter 2025 compared to same 3rdQuarter 2024.
Realized first demonstration projects with InnoLig dust suppressant offering.
EBITDA developed better 3rdQuarter in 2025 than in 3rdQuarter 2024.
Highlight after 30th September 2025
None.
Amounts in DKK '000s | Q3 2025 | Q3 2024 | YTD 2025 | YTD 2024 | 2024 |
2025-07-01 | 2024-07-01 | 2025-01-01 | 2024-01-01 | 2024-01-01 | |
2025-09-30 | 2024-09-30 | 2025-09-30 | 2024-09-30 | 2024-12-31 | |
Revenue | 2.907 | 1.562 | 9.233 | 8.388 | 12.113 |
Gross profit | 1.805 | 492 | 4.951 | 3.928 | 6.279 |
EBITDA | 465 | -804 | 991 | -115 | 848 |
P/L before tax | -176 | -1.423 | -1.017 | -2.059 | -2.852 |
Net profit | -78 | -1.351 | -676 | -1.804 | -2.522 |
Assets | 20.457 | 20.852 | 20.457 | 20.852 | 19.624 |
Equity | 9.907 | 11.301 | 9.907 | 11.301 | 10.583 |
Debt | 10.549 | 9.551 | 10.549 | 9.551 | 9.041 |
Cash at Hand | 346 | 137 | 346 | 137 | 306 |
INTERIM REPORT Q3 2025
Dear Shareholders,
The third quarter of 2025 marks Photocat's first reporting period as a listed company on Spotlight Stock Market. We are pleased with this transition and would like to acknowledge the 2026 season.professionalism and efficiency demonstrated by the Spotlight team throughout the approval process. Our focus now is to ensure that both existing and prospective shareholders
receive timely, transparent, and relevant information about Photocat's development and
performance.
The third quarter is traditionally a seasonally soft period for Photocat, as the Nordic markets experience holiday closures during the early part of the quarter, while Southern European markets slow down toward the end. Despite these cyclical factors, Photocat delivered a revenue of DKK 2.9 million in Q3 2025, compared to DKK 1.6 million in Q3 2024, representing a strong year-on-year increase.
EBITDA for the quarter improved significantly to DKK +465 thousand, compared with DKK -804 thousand in the same period last year, reflecting improved operational efficiency and higher gross margins.
During the quarter, the first unpaved roads were successfully treated with our new product, InnoLig , developed in cooperation with Essity. The field results have been highly encouraging and form a strong foundation for a broader market launch later this year. The target is to have full commercial readiness for dust-suppression and road-maintenance contractors ahead of the
In Spain, the Badalona asphalt trial continues to serve as a key commercial reference, demonstrating the tangible value of Photocat's air-purifying road solutions. The data generated are being integrated into our sales materials to support further adoption among infrastructure operators.
From community dialogues around Copenhagen Airport, we have gained valuable insight into the environmental challenges faced by nearby residents. In response, Photocat, together with a strategic partner, has developed a comprehensive solution package combining our NOx and PM-reduction technologies with our innovative de-icing formulation designed specifically for airports. Validation testing is ongoing, and results are expected during Q4 2025.
We remain committed to building long-term shareholder value through innovation, disciplined execution, and continued focus on sustainable growth.
CEO Letter - MANAGEMENT UPDATEINTERIM REPORT Q3 2025
Thank you for your continued trust and support. Sincerely,
Michael Humle
Chief Executive Officer, Photocat A/S
INTERIM REPORT Q3 2025
PHOTOCAT ENVIRONMENTAL IMPACTSaved Health Cost - Improved Life Quality
442 mDKK 2025 0.3 mDKK 2015The value of accumulated health benefits of removed NOx amount to DKK 442min 2025 end of September.
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
REMOVED NOxAccumulated NOx removed is equivalent to the pollution from 553,397cars
Source: https://www.eurekaselect.com/article/109045 5
INTERIM REPORT Q3 2025
PHOTOCAT ENVIRONMENTAL IMPACTThe chart above shows Photocat now has installed more than 11,5 m SQM
surfaces with active NOx degrading surfaces
Allocated to type of surface in %
15
55 28
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 Q3 2025
Amounts in DKK '000s
Revenue development
3.500
3.000
81
65
185
11
415
1.136
0
2.539
37
2.500
2.000
1.500
1.000
500
0
Q3 2024 Q3 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 Q3 2025
Q3 2025 | Q3 2024 | YTD 2025 | YTD 2024 | 2024 | ||
Amounts in DKK '000s | Notes | 2025-07-01 | 2024-07-01 | 2025-01-01 | 2024-01-01 | 2024-01-01 |
2025-09-30 | 2024-09-30 | 2025-09-30 | 2024-09-30 | 2024-12-31 | ||
Revenue | 2.907 | 1.562 | 9.233 | 8.388 | 12.113 | |
Work on own account recognised in assets | 446 | 325 | 1.551 | 1.160 | 1.502 | |
Expenses for raw materials and consumables | -559 | -729 | -2.594 | -2.486 | -3.350 | |
Other extenal expenses | 1 | -989 | -665 | -3.238 | -3.133 | -3.986 |
Gross profit | 1.805 | 492 | 4.951 | 3.928 | 6.279 | |
Staff expenses | -1.340 | -1.296 | -3.960 | -4.043 | -5.431 | |
EBITDA | 465 | -804 | 991 | -115 | 848 | |
Depreciation, amortisation and impairment | -482 | -471 | -1.441 | -1.416 | -3.105 | |
Profit/loss before financial income and expenses | -18 | -1.275 | -450 | -1.530 | -2.257 | |
Financial expenses | -158 | -148 | -567 | -529 | -596 | |
Profit/loss before tax | -176 | -1.423 | -1.017 | -2.059 | -2.852 | |
Taxes | 98 | 71 | 341 | 255 | 331 | |
Net profit/loss | -78 | -1.351 | -676 | -1.804 | -2.522 |
INTERIM REPORT Q3 2025
Q3 2025 | Q3 2024 | 2024 | |
Amounts in DKK '000s | 2025-09-30 | 2024-09-30 | 2024-12-31 |
Completed development projects | 7.295 | 6.101 | 6.688 |
Acquired patens | 799 | 871 | 853 |
Other Acquired patens | 4.505 | 5.086 | 4.857 |
Development projects in progress | 2.644 | 4.280 | 2.644 |
Intangible assets | 15.242 | 16.339 | 15.042 |
Plant and equipment | 409 | 195 | 504 |
Other fixtures and fittings, tools and equipment | 53 | 33 | 25 |
Tangible assets | 462 | 228 | 529 |
Other investments | 0 | 0 | 0 |
Deposits | 301 | 301 | 301 |
Fixed assets investment | 301 | 301 | 301 |
Fixed assets | 16.006 | 16.868 | 15.871 |
Inventories | 296 | 883 | 438 |
Trade receivables | 2.641 | 1.581 | 2.193 |
Other receivables | 482 | 531 | 392 |
Corporation tax | 672 | 662 | 331 |
Prepayments | 15 | 190 | 94 |
Receivables | 3.810 | 2.964 | 3.009 |
Cash at bank and in hand | 346 | 137 | 306 |
Current assets | 4.451 | 3.984 | 3.753 |
Total assets | 20.457 | 20.852 | 19.624 |
INTERIM REPORT Q3 2025
Q3 2025 | Q3 2024 | 2024 | |
Amounts in DKK '000s | 2025-09-30 | 2024-09-30 | 2024-12-31 |
Share capital | 5.995 | 5.995 | 5.995 |
Reserve for development cost | 7.279 | 7.279 | 7.279 |
Retained earnings | -3.367 | -1.973 | -2.691 |
Equity | 9.907 | 11.301 | 10.583 |
Other payables | 4.401 | 4.187 | 4.210 |
Shareholders and management | 736 | 659 | 736 |
Defered income | 0 | 780 | 0 |
Total non-current liablities | 5.137 | 5.626 | 4.947 |
Other credit institutions and bank loans | 1.758 | 1.538 | 1.514 |
Trade payables | 2.481 | 2.224 | 2.178 |
Other payables | 1.172 | 162 | 402 |
Total current liabilities | 5.412 | 3.924 | 4.094 |
Total liablities | 10.549 | 9.551 | 9.041 |
Total equity and liablities | 20.457 | 20.852 | 19.624 |
INTERIM REPORT Q3 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 | -676.031 | -676.031 |
Equity at 30 September 2025 | 5.995.000 | 7.279.108 | -3.366.656 | 9.907.452 |
INTERIM REPORT Q3 2025
Amounts in DKK '000s | 2025-01-01 | 2024-01-01 | 2024-01-01 |
2025-09-30 | 2024-09-30 | 2024-12-31 | |
Net profit/loss | -676 | -1.804 | -2.522 |
Adjustments | 1.667 | 1.689 | 2.590 |
Change in working capital | 756 | 1.106 | 1.369 |
Cash flow from operating activities before financial income and expenses | 1.747 | 991 | 1.437 |
Financial expenses | -567 | -529 | -539 |
Cash flow from ordinary activities | 1.180 | 463 | 898 |
Corporate tax paid | 0 | 0 | 407 |
Cash flow from operating activities | 1.180 | 463 | 1.304 |
Purchase of intangible fixed assets | -1.533 | -1.160 | -1.502 |
Purchase of tangible assets | -42 | -17 | -367 |
Purchase of fixed asset investments | 0 | 15 | 15 |
Cash flow from investering activities | -1.575 | -1.162 | -1.855 |
Changes in long-term payables | 191 | 271 | 0 |
Cash capital increase | 0 | 592 | 860 |
Changes in short-term bank loans | 244 | -210 | -234 |
Raising of loans from shareholders and management | 0 | -47 | 0 |
Cash flow from financing activities | 435 | 606 | 626 |
Change in cash and cash equivalents | 40 | -93 | 76 |
Cash and cash equivalents start | 306 | 230 | 230 |
Cash and cash equivalents end | 346 | 137 | 306 |
Analysis of cash and cash equivalents | |||
Cash at bank and in hand | 346 | 137 | 306 |
Cash and cash equivalents | 346 | 137 | 306 |
INTERIM REPORT Q3 2025
Note 1 - Other external expenses
Q3 2025 | Q3 2024 | YTD 2025 | YTD 2024 | 2024 | |
Amounts in DKK '000s | 2025-07-01 | 2024-07-01 | 2025-01-01 | 2024-01-01 | 2024-01-01 |
2025-09-30 | 2024-09-30 | 2025-09-30 | 2024-09-30 | 2024-12-31 | |
Marketing cost | -449 | -196 | -1.188 | -1.119 | -1.481 |
Premises | -288 | -279 | -874 | -729 | -998 |
Other cost | -252 | -190 | -1.176 | -1.285 | -1.507 |
Total other external expenses | -989 | -665 | -3.238 | -3.133 | -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
Q3 2025 | Q3 2024 | YTD 2025 | YTD 2024 | 2024 | |
Amounts in DKK '000s | 2025-07-01 | 2024-07-01 | 2025-01-01 | 2024-01-01 | 2024-01-01 |
2025-09-30 | 2024-09-30 | 2025-09-30 | 2024-09-30 | 2024-12-31 | |
Earnings per share, DKK | -0,01 | -0,23 | -0,11 | -0,30 | -0,42 |
Before dilution | -0,01 | -0,23 | -0,11 | -0,30 | -0,42 |
After dilution | -0,01 | -0,22 | -0,11 | -0,29 | -0,40 |
Note 5- The number of outstanding shares
Amounts in DKK '000s | Q3 2025 | Q3 2024 | YTD 2025 | YTD 2024 | 2024 |
01-07-2025 | 01-07-2024 | 01-01-2025 | 01-01-2024 | 01-01-2024 | |
30-09-2025 | 30-09-2024 | 30-09-2025 | 30-09-2024 | 31-12-2024 | |
The number of outstanding shares | 5995 | 5995 | 5995 | 5995 | 5995 |
The average number of outstanding share | 5995 | 5995 | 5995 | 5914 | 5935 |
Before dilution | 5995 | 5995 | 5995 | 5995 | 5995 |
After dilution | 6245 | 6245 | 6245 | 6245 | 6245 |
INTERIM REPORT Q3 2025
FINANCIAL CALENDARRelease date Item
4thof November 2025 Q3 2025 Interim report
18thof February 2026 Q4 2025 Interim Report (01/10/2025 - 31/12/2025)
INTERIM REPORT Q3 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 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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