INTERIM REPORT Q4 2025
PHOTOCAT A/S PCAT CORP, ID NO 32 35 79 03
Q4 2025: SUMMARY
INTERIM REPORT Q4 2025
Highlight during 4th Quarter 2025
Revenue Growth: Photocat recorded revenue of DKK 4.5 million in Q4 2025, compared to DKK 3.7 million in Q4 2024.
EBITDA Improvement: Quarterly EBITDA reached DKK 2.0 million, an increase from DKK 0.96 million in the same period last year.
Full-Year Profitability: The company delivered a net profit of DKK 0.86 million for the full year 2025, a reversal from the DKK 2.5 million loss in 2024
Market Expansion: Secured the first customers for the InnoLig dust suppressant in Denmark and Poland following the initial testing phase.
Product Portfolio: Finalized preparations for a dual de-icing offering (fluid and solid) for the 2026 market.
Strategic Licensing: License sales for photocatalytic water-cleaning technology provided a significant contribution to quarterly revenue.
2026 guidance issued: Projected Revenue of DKK 13 - 15 million and EBITDA DKK 0.5 - 1.5
million
Highlight after 31st December 2025
Strategic Partnership: Entered into an agreement with Simon Hertzum for representation within the Glassfibre Reinforced Concrete (GRC) segment.
Aviation Segment Development: Initiated air quality monitoring at the Schiphol freight terminal in collaboration with POSSEHL to validate NOxOFF performance for NOx reduction at the airport.
InnoLig Market Entry: Secured the first customer in Denmark utilizing InnoLig as the primary solution for gravel road maintenance.
Q4 2025: SUMMARY
INTERIM REPORT Q4 2025
Highlight - Q4 2025: Summary
Amounts in DKK '000s | Q4 2025 | Q4 2024 | 2025 | 2024 |
2025-10-01 | 2024-10-01 | 2025-01-01 | 2024-01-01 | |
2025-12-31 | 2024-12-31 | 2025-12-31 | 2024-12-31 | |
Revenue | 4.509 | 3.725 | 13.743 | 12.113 |
Gross profit | 3.376 | 2.351 | 8.328 | 6.279 |
EBITDA | 2.016 | 963 | 3.007 | 848 |
P/L before tax | 1.423 | -793 | 406 | -2.852 |
Net profit | 1.535 | -718 | 859 | -2.522 |
Assets | 24.879 | 19.624 | 24.879 | 19.624 |
Equity | 11.442 | 10.583 | 11.442 | 10.583 |
Debt | 13.437 | 9.041 | 13.437 | 9.041 |
Cash at Hand | 443 | 306 | 443 | 306 |
INTERIM REPORT Q4 2025
Dear Shareholders,
In the fourth quarter of 2025, Photocat focused on preparing its de-icing solutions for new market segments. Driven by market demand, we have expanded our capability to deliver both the traditional fluid Ice & Dust Away and a solid granulate designed for pavements and similar surfaces. We have successfully procured the production equipment, recipes, and rights for this product line, enabling Photocat to offer a dual de-icing portfolio starting in 2026.
Photocat delivered revenue of DKK 4.5 million in Q4 2025, compared to DKK 3.7 million in Q4 2024. For the full year 2025, total revenue reached DKK 13.7 million, an increase from DKK 12.1 million in 2024.
Quarterly earnings:
EBITDA for Q4 2025 was DKK 2.0 million, compared with DKK 0.96 million in Q4 2024.
Net Profit for the quarter reached DKK 1.5 million, a reversal from the DKK 0.7 million loss in the same period last year.
The full-year Net Profit for 2025 ended at DKK 0.86 million, compared to a loss of DKK 2.5 million in 2024.
Operational Developments
InnoLig : Following a testing phase, our dust suppressant has secured its first customers in Denmark and Poland. The product was presented together with Essity at the London Build Expo, receiving positive initial feedback from visitors.
Spain: We have initiated a push to capture a larger share of the value chain in the asphalt market. We are building a network to deliver direct offerings to major asphalt contractors to match regional competition.
Technology Licensing: Sales of licenses for photocatalytic water-cleaning technology, developed with Aarhus University, contributed significantly to the quarterly revenue. Conversely, sales of NOxOFF in the Spanish concrete paver and bitumen roofing segments were lower than anticipated.
Thank you for your continued trust and support. Sincerely,
Michael Humle, Chief Executive Officer, Photocat A/S
INTERIM REPORT Q4 2025
PHOTOCAT ENVIRONMENTAL IMPACTSaved Health Cost - Improved Life Quality
474 mDKK 2025 0.3 mDKK 2015The value of accumulated health benefits of removed NOx amount to DKK 474 million 2025 end of December.
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
REMOVED NOxAccumulated NOx removed is equivalent to the pollution from 593,085 cars
Source: https://www.eurekaselect.com/article/109045 5
INTERIM REPORT Q4 2025
PHOTOCAT ENVIRONMENTAL IMPACTThe chart above shows Photocat now has installed more than 11,6 m SQM
surfaces with active NOx degrading surfaces
Allocated to type of surface in %
15
55 28
2
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 Q4 2025
Amounts in DKK '000s
Revenue development
5.000
2.547 | ||||
793 | ||||
981 | ||||
1.952 | 1.026 | |||
930 | ||||
4.500
4.000
3.500
3.000
2.500
2.000
1.500
1.000
500
0
Q4 2024 Q4 2025
NOxOFF actiFLOOR Garden CMA Innolig+ License & 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 Q4 2025
Q4 2025 | Q4 2024 | 2025 | 2024 | ||
Amounts in DKK '000s | Notes | 2025-10-01 | 2024-10-01 | 2025-01-01 | 2024-01-01 |
2025-12-31 | 2024-12-31 | 2025-12-31 | 2024-12-31 | ||
Revenue | 4.509 | 3.725 | 13.743 | 12.113 | |
Work on own account recognised in assets | 507 | 343 | 2.058 | 1.502 | |
Expenses for raw materials and consumables | -789 | -864 | -3.383 | -3.350 | |
Other extenal expenses | 1 | -852 | -853 | -4.090 | -3.986 |
Gross profit | 3.376 | 2.351 | 8.328 | 6.279 | |
Staff expenses | -1.360 | -1.388 | -5.321 | -5.431 | |
EBITDA | 2.016 | 963 | 3.007 | 848 | |
Depreciation, amortisation and impairment of intangible | -459 | -1.689 | -1.900 | -3.105 | |
Profit/loss before financial income and expenses | 1.557 | -726 | 1.107 | -2.257 | |
Financial expenses | -134 | -67 | -701 | -596 | |
Profit/loss before tax | 1.423 | -793 | 406 | -2.852 | |
Taxes | 112 | 75 | 453 | 331 | |
Net profit/loss | 1.535 | -718 | 859 | -2.522 |
INTERIM REPORT Q4 2025
2025 | 2024 | |
Amounts in DKK '000s | 2025-12-31 | 2024-12-31 |
Completed development projects | 7.413 | 6.688 |
Acquired intangible assets | 3.784 | 853 |
Other Acquired intangible assets | 5.388 | 4.857 |
Development projects in progress | 2.644 | 2.644 |
Intangible assets | 19.229 | 15.042 |
Plant and equipment | 385 | 504 |
Other fixtures and fittings, tools and equipment | 68 | 25 |
Tangible assets | 453 | 529 |
Other investments | 0 | 0 |
Deposits | 301 | 301 |
Fixed assets investment | 301 | 301 |
Fixed assets | 19.983 | 15.871 |
Inventories | 439 | 438 |
Trade receivables | 1.933 | 2.193 |
Other receivables | 1.620 | 392 |
Corporation tax | 453 | 331 |
Prepayments | 8 | 94 |
Receivables | 4.014 | 3.009 |
Cash at bank and in hand | 443 | 306 |
Current assets | 4.896 | 3.753 |
Total assets | 24.879 | 19.624 |
INTERIM REPORT Q4 2025
2025 | 2024 | |
Amounts in DKK '000s | 2025-12-31 | 2024-12-31 |
Share capital | 5.995 | 5.995 |
Reserve for development cost | 7.279 | 7.279 |
Retained earnings | -1.832 | -2.691 |
Equity | 11.442 | 10.583 |
Other payables | 4.422 | 4.210 |
Shareholders and management | 809 | 736 |
Defered income | 0 | 0 |
Total non-current liablities | 5.230 | 4.947 |
Other credit institutions and bank loans | 1.718 | 1.514 |
Trade payables | 5.228 | 2.178 |
Other payables | 1.260 | 402 |
Total current liabilities | 8.206 | 4.094 |
Total liablities | 13.437 | 9.041 |
Total equity and liablities | 24.879 | 19.624 |
INTERIM REPORT Q4 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 | 858.542 | 858.542 |
Equity at 31 December 2025 | 5.995.000 | 7.279.108 | -1.832.083 | 11.442.025 |
INTERIM REPORT Q4 2025
2025 | 2024 | |
Amounts in DKK '000s | 2025-01-01 | 2024-01-01 |
2025-12-31 | 2024-12-31 | |
Net profit/loss | 859 | -2.522 |
Adjustments | 2.148 | 2.590 |
Change in working capital | 3.025 | 1.369 |
Cash flow from operating activities before financial income and expenses | 6.031 | 1.437 |
Financial expenses | -701 | -539 |
Cash flow from ordinary activities | 5.330 | 898 |
Corporate tax paid | 331 | 407 |
Cash flow from operating activities | 5.661 | 1.304 |
Purchase of intangible fixed assets | -5.949 | -1.502 |
Purchase of tangible assets | -62 | -367 |
Purchase of fixed asset investments | 0 | 15 |
Cash flow from investing activities | -6.011 | -1.855 |
Changes in long-term payables | 211 | 0 |
Cash capital increase | 0 | 860 |
Changes in short-term bank loans | 204 | -234 |
Raising of loans from shareholders and management | 73 | 0 |
Cash flow from financing activities | 488 | 626 |
Change in cash and cash equivalents | 137 | 76 |
Cash and cash equivalents start | 306 | 230 |
Cash and cash equivalents end | 443 | 306 |
Analysis of cash and cash equivalents | ||
Cash at bank and in hand | 443 | 306 |
Cash and cash equivalents | 443 | 306 |
INTERIM REPORT Q4 2025
Note 1 - Other external expenses
Q4 2025 | Q4 2024 | 2025 | 2024 | |
Amounts in DKK '000s | 2025-10-01 | 2024-10-01 | 2025-01-01 | 2024-01-01 |
2025-12-31 | 2024-12-31 | 2025-12-31 | 2024-12-31 | |
Marketing cost | -442 | -362 | -1.630 | -1.481 |
Premises | -293 | -268 | -1.167 | -998 |
Other cost | -117 | -222 | -1.293 | -1.507 |
Total other external expenses | -852 | -853 | -4.090 | -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
Q4 2025 | Q4 2024 | 2025 | 2024 | |
Amounts in DKK '000s | 2025-10-01 | 2024-10-01 | 2025-01-01 | 2024-01-01 |
2025-12-31 | 2024-12-31 | 2025-12-31 | 2024-12-31 | |
Earnings per share, DKK | 0,26 | -0,12 | 0,14 | -0,42 |
Before dilution | 0,26 | -0,12 | 0,14 | -0,43 |
After dilution | 0,25 | -0,11 | 0,14 | -0,40 |
INTERIM REPORT Q4 2025
Note 5 - The number of outstanding shares
Q4 2025 | Q4 2024 | 2025 | 2024 | |
Amounts in DKK '000s | 2025-10-01 | 2024-10-01 | 2025-01-01 | 2024-01-01 |
2025-12-31 | 2024-12-31 | 2025-12-31 | 2024-12-31 | |
The number of outstanding shares | 5995 | 5995 | 5995 | 5995 |
The average number of outstanding share | 5995 | 5995 | 5995 | 5935 |
Before dilution | 5995 | 5995 | 5995 | 5850 |
After dilution | 6245 | 6245 | 6245 | 6245 |
Note 6 - Appropriation of earnings and audit
The final proposal for appropriation of earnings will be presented in the Annual Report. This report has not been reviewed by the Company's auditor
INTERIM REPORT Q4 2025
FINANCIAL CALENDARRelease date Item
18thof February 2026 Q4 2025 Interim Report (01/10/2025 - 31/12/2025)
21st of April 2026 Publish Annual Report 2025 available at https://www.photocat.net
20th of May 2026 General Assembly and Annual Report 2025
21st of May 2026 Q1 2026 Interim Report (01/01/2026 - 31/03/2026)
INTERIM REPORT Q4 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.
1166
2