Interim report
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WE CLEAN THE AIR WE BREATHE INTERIM REPORT H1 2025 PHOTOCAT A/S PCAT CORP , ID NO 32 35 79 03
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2 H1 2025: SUMMARY 2 INTERIM REPORT H1 2025 Highlights during the first half year of 2025 Highlights after 30 June 2025 • Listed Photocat shares on Spotlight trading platform with first trading day being 5th August 2025 • Positive results in concrete precast elements for selfcleaning and performing above the current product choice in external test. • 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. 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
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3 CEO Letter – MANAGEMENT UPDATE 3 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.
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4 CEO Letter – MANAGEMENT UPDATE 4 INTERIM 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
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PHOTOCAT ENVIRONMENTAL IMPACT 5 INTERIM REPORT H1 2025 -560.000 -520.000 -480.000 -440.000 -400.000 -360.000 -320.000 -280.000 -240.000 -200.000 -160.000 -120.000 -80.000 -40.000 0 2015 2017 2019 2021 2023 2025 Saved Health Cost - Improved Life Quality 412 mDKK 2025 0.3 mDKK 2015 Accumulated NOx removed in kg Accumulated NOx removed is equivalent to the pollution from 515,444 cars Source: https://www.eurekaselect.com/article/109045 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 REMOVED NOx SAVED HEALTH COST 412,355,000 515,000
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PHOTOCAT ENVIRONMENTAL IMPACT 6 INTERIM REPORT H1 2025 The chart above shows Photocat now has installed more than 11 m SQM surfaces with active NOx degrading surfaces 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 15 27 2 50 Allocated to type of surface in % Floor Bitumen Asphalt Concrete Active surfaces 11 m SQM
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7 REVENUE DEVELOPMENT 7 INTERIM REPORT H1 2025 Amounts in DKK ‘000s 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 5.388 4.744 39 36 1.344 960 494 55 22 0 1.000 2.000 3.000 4.000 5.000 6.000 7.000 8.000 H1 2024 H1 2025 Half year revenue development NOxOFF actiFLOOR Garden CMA Innolig+ ShineOn & Others
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8 INCOME STATEMENT 8 INTERIM REPORT H1 2025 p - p Amounts in DKK '000s Q2 2025 Q2 2024 H1 2025 H1 2024 2024 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
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9 BALANCE SHEET, assets 9 INTERIM REPORT H1 2025 Amounts in DKK '000s Q2 2025 Q2 2024 2024 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
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10 BALANCE SHEET, liabilities & equity 10 INTERIM REPORT H1 2025 Amounts in DKK '000s Q2 2025 Q2 2024 2024 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
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11 STATEMENT OF CHANGE IN EQUITY 11 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
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12 CASH FLOW STATEMENT 12 INTERIM REPORT H1 2025 Amounts in DKK '000s H1 2025 H1 2024 2024 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
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13 FINANCIAL NOTES 13 INTERIM REPORT H1 2025 ▪ … Note 1 - Other external expenses 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 Note 5 – Earnings per share p - p Notes 6 – The number of outstanding shares Amounts in N0s 1 Jul - 31 Dec 2022 1 Jul - 31 Dec 2021 1 Jan - 31 Dec 2022 1 Jan - 31 Dec 2021 Earnings r Note 5- The number of outstanding shares0,37 -0,4 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 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 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 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
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14 FINANCIAL CALENDAR 14 INTERIM REPORT H1 2025 Release date Item 20th of August 2025 H1.2025 Interim Report (01/01/2025 – 30/06/2025) 4th of November 2025 Q3 2025 Interim report 18th of February 2026 H2.2025 Interim Report (01/07/2025 – 31/12/2025)
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15 WHO IS PHOTOCAT A/S 15 INTERIM REPORT H1 2025 Photocat 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.