Solar Foods Oyj, company announcement 26 February 2026 at 9.15 EET

Solar Foods Oyj Financial Statements Release 1.1.-31.12.2025: A pivotal year towards growth and scaled production

This announcement is a summary of Solar Foods Financial Statements Release 2025. The full Financial Statements Release 2025 is attached to this announcement and available at www.investors.solarfoods.com

January–December 2025 in brief   

• Cash and cash equivalents at the end of the period EUR 8.0 million (13.4) 
• Other operating income EUR 9.5 million (8.1) 
• Operating loss EUR 10.4 million (8.9) 
• Loss for the period EUR 11.5 million (11.0) 
• Cash flow from investments EUR -0,6 million (-9.1), change due to increased amount of received grants. 
• Loss per share EUR 0.47 (0.46) 
• Order book EUR 1.5 million (0) 

July–December 2025 in brief 

• Cash and cash equivalents at the end of the period EUR 8.0 million (13.4) 
• Other operating income EUR 5.2 million (5.2) 
• Operating loss EUR 5.6 million (4.6) 
• Loss for the period EUR 6.1 million (5.3) 
• Cash flow from investments EUR -1.0 million (-4.6), change due to increased amount of received grants. 
• Loss per share EUR 0.25 (0.21) 
• Order book EUR 1.5 million (0) 

Significant events in January–December 2025 

• The company signed its first supply agreements with U.S. customers, and two Health & Performance Nutrition companies announced that they aim to bring products made from Solein to consumers in the United States 2026 during the first half of 2026.  
• The company signed four letters of intent and memorandum of understandings concerning a commercialization plan for a total annual Solein production volume of 6.5–7.65 kilotonnes. If these lead to binding agreements, the total volume commitment would correspond to approximately 100–120 percent of the planned 6.4‑kilotonne production capacity of the upcoming Factory 02 production facility. 
• The Japanese food company The Ajinomoto Group launched several new products containing Solein in Singapore during the year. Solar Foods and Ajinomoto entered into a strategic product development partnership already in 2023. 
• Solar Foods confirmed the successful 100‑fold industrial scaling of Solein’s production technology compared to the pilot facility's production scale. The company achieved a productivity of 1 g/l/h and an energy efficiency value (O₂/CO₂) of 2.7 at Factory 01. This enables the production facility to operate at its full, 160‑tonne annual design capacity. 
• The company began the pre‑engineering of its first industrial‑scale production facility, Factory 02, in February. In October, Solar Foods updated the plans related to the execution of Factory 02 and assessed the need for total capital. The company decided to proceed with the construction of Factory 02 together with strategic partners. In December, Solar Foods selected a site located in Selkäharju, Lappeenranta, Finland, as the location for Factory 02. 
• In February, Business Finland granted Solar Foods EUR 10 million in funding related to the Company’s existing IPCEI notification (Important Projects of Common European Interest) approved by the European Commission. The maximum amount of IPCEI support granted to the company is approximately EUR 110 million, of which the remaining potential funding, approximately EUR 66 million, is intended to partially cover capital needs of the Factory 02 production facility.  
• Rami Jokela started as the company’s CEO and a member of the management team on 1 April 2025. 
• In autumn 2025, Solar Foods renewed the responsibilities and composition of its management team and reorganized its organization to better align with its strategic objectives. 
• In September, Solar Foods submitted a GRAS notification on Solein in the United States to obtain a no questions letter from the FDA. The notification follows obtaining the independent conclusion of GRAS status, also referred to as self-affirmed GRAS status, in September 2024, which enabled the company to initiate commercial activities in the United States. The company expects to receive regulatory approval in the EU and the UK during 2026.  

Significant events after the review period 

• In January, Solar Foods successfully completed a private placement share issue of 5,154,691 new shares, raising approximately EUR 25 million. 
• In January, Solar Foods announced that it had received a Solein order from the U.S. company Ambrosia Collective, which aims to introduce a ready‑to‑mix protein powder made from Solein to consumers in the United States during the first half of 2026. The order was delivered during the review period and is included review period’s revenue. 
• In January, the company announced that it had entered into agreements with the German company GEA to negotiate the delivery of process equipment for the Factory 02 production facility, as well as a strategic partnership. 

Key figures 

MEUR	7–12/2025	7–12/2024	Change %	1–12/2025	1–12/2024	Change %
Revenue	0.1	0.0	-	0.1	0.0	-
Other operating income	5.2	5.2	0	9.5	8.1	17
Operating profit/loss	-5.6	-4.6	-22	-10.4	-8.9	-17
Profit/loss for the period	-6.1	-5.3	-15	-11.5	-11.0	-5
Equity ratio, %				37	50	-26
Investments	-1.0	-4.6	79	-0,6	-9.1	93
Cash and cash equivalents at the end of the period				8.0	13.4	-40
Basic and diluted earnings per share (EPS), EUR	-0.25	-0.21	-19	-0.47	-0.46	-2
Personnel at the end of the period				56	53	6
Order book	1.5	0	-	1.5	0	-

CEO Rami Jokela: The first year of the new strategy period marked the launch of Solein’s international commercialisation  

The year 2025 was a turning point in Solar Foods’ history as the company transitioned from a technological innovator into a commercial operator. We entered a new strategy period centered on the international commercialization of Solein in the Health & Performance Nutrition category, chosen as the initial target market, and the expansion of our production capacity through the upcoming Factory 02 production facility. 

The Health & Performance Nutrition category is worth approximately USD 10 billion in the United States alone and has grown strongly at over 10% annually. We have received excellent feedback from customers on the qualities of Solein, which we have showcased also through our own product concepts. Solein is particularly well positioned to address the international supply limitations of whey protein, and consumers are increasingly seeking alternatives that do not contain animal-based ingredients. Thanks to its unique production method, Solein offers the food industry a versatile, environmentally friendly ingredient without supply constraints or price and quality fluctuations. 

In commercializing Solein, we focused especially on agile small and medium-sized companies operating in the Health & Performance Nutrition category, as well as major international Consumer Packaged Goods (CPG) companies, with whom we have carried out product development collaboration. We signed our first sales agreements with U.S. customers, and two companies announced that they aim to bring Solein-based consumer products to market in 2026. In 2025, several Solein-based consumer products from beverages to baked goods were launched in Singapore. We also signed four Letters of Intent and Memorandums of Understanding regarding commercialization plans for a total annual Solein production volume of 6.5–7.65 kilotonnes. If these lead to binding agreements, the total volume commitment would correspond to approximately 100–120 percent of the planned 6.4‑kilotonne production capacity of the upcoming Factory 02 facility. 

During the review period, our first commercial‑scale Factory 01 production facility achieved its design capacity of 160 tonnes per year, demonstrating a hundredfold scalability of Solein’s production technology compared to pilot scale. We also initiated the planning of the industrial‑scale Factory 02 production facility and selected Selkäharju in Lappeenranta, Finland, as its location. Finland offers excellent conditions for the production facility, particularly due to the cost‑efficient availability of renewable electricity. 

We decided to proceed with the design and execution of Factory 02 together with strategic partners, which would significantly reduce the company’s financing needs for implementing Factory 02. After the review period, we announced that we are negotiating with GEA, one of the world’s largest system providers for the food, beverage, and pharmaceutical industries, regarding both the supply of process equipment for Factory 02 and a long‑term strategic partnership. We also started exploring and seeking strong technological partners, who would be responsible for e.g. hydrogen production and heating and cooling capacity, aiming to build an entirely new type of industrial cluster for the food sector. 

Throughout 2025, we also examined various financing options and partners, while also specifying the company’s financing needs. After the review period, we successfully completed a private placement of 5,154,691 new shares, raising approximately EUR 25 million. This brings us closer to the final investment decision for the construction of Factory 02. In addition to equity, the remaining capital need is intended to be covered through loans and grants. 

In 2026, we will continue our work to internationalize the company, pursue growth, and expand production capacity. Our priorities for the year include accelerating the commercialization of Solein, selling the production capacity of Factory 01, the investment decision for Factory 02, and securing offtake agreements with major international CPG companies. We expect the first Solein‑based products to become available to U.S. consumers, and we also expect regulatory approval for Solein in the EU and the United Kingdom in 2026, which will open a significant new market for Solein.  

I would like to thank Solar Foods’ customers and partners for their support, as well as our dedicated team for their excellent work in advancing our ambitious goals. I am grateful and proud of the exceptional global interest in our company. It reflects the enormous potential of Solar Foods’ gas fermentation technology within the food industry. Solving the global food challenge and feeding billions of people requires new ways of producing food, as improvements to traditional methods do not scale quickly enough to meet future demand. Solein addresses the global food production challenge, as its production scales efficiently and it can replace traditional proteins in virtually any food. We are excited to continue our work toward more sustainable food production. 

Assessment of future development 

The company will focus primarily on growth in the Health & Performance Nutrition segment and strengthening commercial activities as well as preparing for the investment decision of Factory 02 production facility together with its strategic partners.  

The company's existing financial targets continue to serve as its financial guidance. In accordance with Solar Food's disclosure policy, the company does not provide a separate short-term financial guidance. 

Board of Directors’ proposal for the distribution of profits 

In the medium term, Solar Foods focuses on growth, and the company does not expect to distribute a dividend in the short to medium term. The distributable unrestricted equity of Solar Foods on 31 December 2025 was EUR 7,541,763.92, of which the result of the period was EUR -11,517,603.42. The Board of Directors proposes to the Annual General Meeting that no dividend be distributed for the financial year January-December 2025, and that the loss of the financial year is recorded in the retained earnings. 

Webcast

CEO Rami Jokela and CFO Ilkka Saura will present the main points of the release in a live webcast on 26 February 2026 at 12:30 EET. The event is in English and can be followed at https://solarfoods.events.inderes.com/q4-2025

Participants can ask questions during the webcast via the chat function of the video platform. A recording of the event will be published afterward on the company’s website at www.investors.solarfoods.com/en/.

Solar Foods Oyj

Board of Directors

Additional information:

CEO Rami Jokela, rami.jokela@solarfoods.com, tel. +358 10 579 3288

CFO Ilkka Saura, Ilkka.saura@solarfoods.com, tel. +358 10 579 3289

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About Solar Foods
Solar Foods produces Solein®, a protein created using carbon dioxide and electricity. This innovative production method is independent of weather and climate conditions, eliminating the need for traditional agriculture. Founded in Finland in 2017, Solar Foods is listed on the Nasdaq First North Growth Market Finland. Learn more at http://www.solarfoods.com and investors.solarfoods.com