Interim report
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WE CLEAN THE AIR WE BREATHE INTERIM REPORT Q3 2025 PHOTOCAT A/S PCAT CORP , ID NO 32 35 79 03
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2 Q3 2025: SUMMARY 2 INTERIM REPORT Q3 2025 Highlight during 3rd Quarter 2025 Highlight after 30th September 2025 • None. • Shares listed on Spotlight under same identity at Spotlight instead of Nasdaq first north development market. • Photocat higher revenue in 3rd Quarter 2025 compared to same 3rd Quarter 2024. • Realized first demonstration projects with InnoLig dust suppressant offering. • EBITDA developed better 3rd Quarter in 2025 than in 3rd Quarter 2024. 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
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3 CEO Letter – MANAGEMENT UPDATE 3 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.
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4 CEO Letter – MANAGEMENT UPDATE 4 INTERIM REPORT Q3 2025 Thank you for your continued trust and support. Sincerely, Michael Humle Chief Executive Officer, Photocat A/S
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PHOTOCAT ENVIRONMENTAL IMPACT 5 INTERIM REPORT Q3 2025 -600.000 -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 442 mDKK 2025 0.3 mDKK 2015 Accumulated NOx removed in kg Accumulated NOx removed is equivalent to the pollution from 553,397cars Source: https://www.eurekaselect.com/article/109045 The 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 REMOVED NOx SAVED HEALTH COST 442,703,000 553,000
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PHOTOCAT ENVIRONMENTAL IMPACT 6 INTERIM REPORT Q3 2025 The chart above shows Photocat now has installed more than 11,5 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 28 2 55 Allocated to type of surface in % Floor Bitumen Asphalt Concrete Active surfaces 11,5 m SQM
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7 REVENUE DEVELOPMENT 7 INTERIM REPORT Q3 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 1.136 2.539 0 37 415 185 65 11 81 0 500 1.000 1.500 2.000 2.500 3.000 3.500 Q3 2024 Q3 2025 Revenue development NOxOFF actiFLOOR Garden CMA Innolig+ ShineOn & Other
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8 INCOME STATEMENT 8 INTERIM REPORT Q3 2025 p - p Amounts in DKK '000s Q3 2025 Q3 2024 YTD 2025 YTD 2024 2024 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
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9 BALANCE SHEET, assets 9 INTERIM REPORT Q3 2025 Amounts in DKK '000s Q3 2025 Q3 2024 2024 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
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10 BALANCE SHEET, liabilities & equity 10 INTERIM REPORT Q3 2025 Amounts in DKK '000s Q3 2025 Q3 2024 2024 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
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11 STATEMENT OF CHANGE IN EQUITY 11 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
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12 CASH FLOW STATEMENT 12 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
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13 FINANCIAL NOTES 13 INTERIM REPORT Q3 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 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 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 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 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 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
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14 FINANCIAL CALENDAR 14 INTERIM REPORT Q3 2025 Release date Item 4th of November 2025 Q3 2025 Interim report 18th of February 2026 Q4 2025 Interim Report (01/10/2025 – 31/12/2025)
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15 WHO IS PHOTOCAT A/S 15 INTERIM REPORT Q3 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 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.