Hello everyone, and welcome to Solar Foods' annual review of 2025. My name is Laura Sinisalo, and I'm here today with Rami Jokela and Ilkka Saura.

On the agenda today, we will go through strategy recap at first, and then go through the significant events of 2025. Then we move on to financial review, and finally, we look what has happened after the review period.

Finally, in a later stage, we have a Q&A. As always, you at the webcast, you have the possibility to ask questions throughout the session, which we will answer at the Q&A.

Now let's start, and I welcome Rami Jokela to the stage, and welcome again.

Thank you, Laura. If I summarize the last year, it was a pivotal year towards the growth and scaling.

We started our commercial journey. We actually signed the first letter of intent and memorandum of understandings.

Actually, the volume of those is more than what we have design capacity of our next factory, Factory 02. We also actually signed the deals and delivered the first Solein to our customers.

I'm very excited for that, to see actually Solein really in a customer side, and customers start to do the formulation and the repo actually launches for those. Some of the places like Singapore already launched.

We had a €105,000 revenues also booked last year. The next very significant part which is scaling.

Our production capacity today is this 160 tons. We started the project, the Factory 02, where actually we are targeting this 6.4 kilotons capacity.

The project started, I will let tell more about that. Part of the project also we announced that we are looking for the strategic partners to scale globally and make a blueprint whole factory setup.

That is a very, very good news, and we have a GEA, who is a global leading food processing technology company coming from the Germany, but global presence, big company, who is actually partnering strategically with us. Next, our technology is well-proven.

We announced that we made this 100-fold scaling compared to laboratory. Our Factory 01 meets all the productivity targets what we had, 1 gram per liter per hour, and energy efficiency actually is even better what was actually targeted.

Then finally, actually, for the finance or funding, we received the grants from the Business Finland, €10 million, which are very, very happy, and thanks for that. Also we have the equity round where we increased the equity by €25 million.

As a summary, lot of things are happening, but perhaps the key point is still the commercial journey has started. Let me tell a little bit more once more actually what is our strategy and actually what are the highlights of the 2025.

Strategy recap. We base our business the megatrends, and we have three major megatrends which are supporting us over the many years, over the decades.

Those are the health and wellness, sustainability, and now which is rising a lot, food sovereignty as well. Health and wellness, I can say that perhaps two words, there is a happening protein boom at the moment, even more what we expected last year.

It's happening at the moment. If I just refer perhaps some of the analyses, like Barclays Research was commenting recently that 37% growth expected by the end of the decade.

I can take any other research as well, all are indicating there is even more demand for the protein what was perhaps 1 year ago. Why is that?

There's increased health and wellness focus among all the consumers. Protein-enriched products are coming mainstream across many categories.

Also personalized nutrition in the GLP-1 users, where the end of the decade in US, for example, will be or expected to be 30 million of those. There's a 20% growth year-on-year actually for that, and of course, protein is one of the big part of the nutrition for the group of the people.

Also, gut health and fibers are starting to be big, big topic also health and wellness. This is perhaps one part, but another part actually health and wellness, what is happening, the big companies, Starbucks, Dunkin', Chipotle, also big CPG companies, consumer packaged goods companies, they have announced they will go for the protein.

Why they do so? They get better prices when they are selling something what is a protein-enriched.

We can see that that's perhaps also creating the demand for the protein itself. Perhaps the last what I can comment that the US nutrition guidelines were updated.

Those are indicating or giving guidelines double the protein intake daily, have a more portions to where the protein during the day should be eaten, and actually what type of protein, it's a very high-quality protein every meal what they are expecting. Where we are very happy as a Solar Foods, they also are mentioned the fermentation, very good notation there as well, because we are in a fermentation business, gas fermentation.

All in all, this health and wellness market, which is all $2 trillion according to McKinsey, and nutrition is a big part of that, and protein is absolutely growing a lot in that kind of segment, helping us a lot actually for the future. Sustainability is other big topic.

Global supply gap of the proteins need to be addressed by the sustainable way, and we have the most sustainable protein in the world. We are very happy with that, because it's helping actually our momentum.

I can comment about what kind of discussions we have with the big CPG companies. They have kept their targets, ambitious sustainability targets, CO2 reductions.

Our discussions with this kind of global big companies is that if they would use our LCA, life-cycle assessment, how much we have CO2, how this can actually change their CO2 footprint in the whole company, huge company, and that kind of the collaborations we have with this big CPG companies, and examples, you can find our top 10 of those companies. The last one, the food sovereignty, what I said, that has been rising a lot actually.

It was not in a radar perhaps first, but now because of the global food system is facing huge challenges, and that is pressing actually food security, localization of food production. What we have seen, we get contacted around the world, many different countries, can we set up the factory in their country, that they can secure the food supply, protein production locally for the need.

There's many different reasons I believe for that one. There is a geopolitical volatility, there's climate challenges, there are economical challenges, there's a supply challenges, price challenges, also quality volatility.

You can see that all these are pressing that the countries also have their national agenda. They want to secure that the people in the country will get a good quality food, which is also sustainable way produced.

I can give one very concrete example here. European Commission actually launched recently this Food Agri Biotech Vision.

That vision is saying that by 2035, publicly the Europe should invest €1 billion now, and actually create also 200,000 new jobs for this kind of biotech area, and also do it so that it will be environmental-positive protein system, which is very good, also supporting actually our business very well. Gas fermentation in this document is highly appreciated, and also allocase of the money for that kind of technology is well-listed, actually.

We are very happy with that one as well, and we are part of this dialogue with the European Union, of course. You can see, if I summarize, we have this three megatrends, perhaps different angles.

They are helping us, and perhaps my main message here is what 1 year ago we learned, where we are today, everything is moving even more positive to support long-term for us. Let's go back to our business.

We have selected our key market, big market, which is US. US health and performance segment, where is a $10 billion market.

That's growing, like we say, the 10 per our categories, more than 10% year-on-year, very good news. On the right-hand side, you can see that that's the challenge what I was talking about.

Demand is more than supply, and if you think about the bars, how much there is this kind of high-grade whey protein, which is actually highest standard, also in the US actually most needed for the all these categories what I mentioned now, you can see there's a supply gap. You can see this kind of white box on the right, actually, 100 kilotons gap at the moment expected in the next 2 years' time coming, even you take all the supply additions actually what's globally is happening.

That means that if you think about our next factory, which is about 6.4 kilotons, we should actually have 15 factories just to take this gap, not only one factory what we talk about now. There is a great opportunity to Solar Foods similar type of companies as well.

As you can expect, when there's more need, demand, and less supply, the prices are going up. We are referred actually whey protein isolate and concentrate, and you can see this dot here what we have Solein price, what we have publicly said, we are targeting this kind of €17 per kilo in average.

You can see what has happened, compare actually 1 year ago how the Vesper price indexes for the whey protein are showing all prices are going up. In 1 year time, 60% increase in the whey protein prices, isolate and concentrate.

Isolate is on top, you can see the more dark blue, and light blue actually concentrate. This is also good news for us actually, it's confirming our price point very well, what we are targeting.

It seems so that it's a positive signal and a development towards actually what we are targeting. That is the key news, and one of the key reason is there is no supply enough, and that's why customers are looking for the alternatives also for whey protein, whey protein isolate and concentrate, and we are that alternative.

In Solar Foods, we have two major value propositions. One is a Solein itself.

It's excellent in a nutrition point of view: all the protein, 80% protein, 10% the fibers, 6% of the healthy fats. That's why we are compared to whey protein isolate.

We have our opinion also some more actually to give like this fibers, and beta-glucans is a big part of that. Gut health, for example, this is what the people who are targeting the increase for the focus for that one, we are the good choice.

Also, we are very mild in a taste, very functional, animal-free, dairy-free, gluten-free, soya-free, non-GMO, we are free of the major allergens. That's also very good news for the many of the consumers, sustainable, ethical.

Also, what is very key, what I say, that we are not dependent of the weather or climate conditions. Meaning actually that you can scale this production all places in the Earth.

That's why actually secure the supply, quality and price volatility will be managed, what is actually not the situation today globally, like I commented. Also, we have learned that seems so that we are better than the plant proteins, and that's why we are giving more value, and towards actually what the whey protein isolate, and that's where they are compared.

You can say put in a nutshell that we are combined best part of the plant proteins, and then we are the best part of animal proteins, whey protein, and then that's actually what we are as a Solein. That's one of the absolutely key value proposition what we have.

Then other big value proposition is our platform, gas fermentation platform, how we produce the Solein. You can see in the middle this box, Solar Foods, we are, technological point of view, make a paradigm shift.

We are 10-folding production compared to the photosynthesis, 10 times. That's a paradigm shift.

Food is coming out of our factory in a 3 days' time, 3 days. That's actually the key.

Technology point of view, we have something absolutely unique, and our IP what we have. In order to scale it well globally, we are looking for the strategic partners.

You can see in the middle actually for the platform, we are looking for the partners for the process, heating, cooling, and real estate, and the hydrogen production. Then you can see the left-hand side, of course, all this hydrogen, oxygen, and CO2, and also the electricity, we are looking for the partners, plus if you think about this food companies who are partners go-to-market, go to different kind of markets, health and performance nutrition, for example, or healthy snacking, it could be mayonnaise companies, dairy replacement formulations, egg replacement, and so on.

We start with the health and performance nutrition from the top: protein drinks, powders, bars, and so on. Of course, we have a possibility to do much, much more.

If you think about market point of view, on the right-hand side, we are talking this $10 billion market now. Then actually later $40 billion and $80 billion, what you saw the bubbles.

If you think about only ice cream, ice cream market is around $90 billion, pasta market is about $80 billion, mayonnaise market $7 billion, and the dairy market $1 trillion, if you think of this egg replacement $200 billion. It's a huge market opportunity, and that's why we are looking for the partners how we can make sure that we can scale.

We make a blueprint, and then we start to scale together with our partners to make this factories more than one. We need to make many.

All right, what is our mission? In a big picture, we see that this Solein product and our platform, this two big value propositions what we have in a company, we are revolutionizing the global food system, making actually new way to produce the food.

You can see that the most sustainable, but global leading technology platform, and actually to make it so that food ingredient to where we have B2B to go our customers, health and performance, we are targeting this 1 billion consumers globally. It's a big thing, but that's our target.

We believe we are able to do that one through our partnerships when we have customer side, but also actually the platform side, and also the if you think about upstream, downstream point of view. That's why we have selected actually three major priorities.

One is this sales and product to make it so sure that we will start with the US with the big success and launching those; number two, make sure that our blueprint for the Factory 02, and then the production capacity can increase; and actually number three, of course, we need investment program to invest actually that once we will be the profitable company after Factory 02, of course, that will make easier, but before that, we need the grants and investments and loans. All right, so that was a recap what we announced already last year, and confirming many of the topics, like I say that the direction where the world is moving seems so it's a very much supporting what we are doing as well.

Our value propositions are confirmed, and actually progress is the next. What are the highlights?

Highlights, of course, you can see I'm smiling, I'm happy actually talk about commercial success. We have started our journey.

We have five contracts to launch Solein products in US. We have signed this LOIs, MOUs, four of those, and actually that's covering the volume point of view the whole design capacity of the Factory 02.

Though, of course, now that we need to convert those to firmer contracts at the end, but the intentions are there. Those are global leading companies, just like to mentioned, it's not just you pick up somebody, but we are really talking with the global leading companies here.

The next one, consumer products, we are very happy with the Japanese company, Ajinomoto, which is global company. They have brought actually different kind of products more or less every month in Singapore.

You have seen either you have ice cream, you have this kind of iced latte, or you have a bakery products, and so on. By the way, I have tested by myself in Singapore, those taste very, very good indeed.

I'm very happy with what Ajinomoto have been doing, and that this partnership has been multiple years, more than 3 years already. Of course, we are launching with Fermenta, Potos, and later like Ilkka will comment, we have a few more contracts coming as well where we are launching.

That's perhaps the key attention next, that US launches. US customers will see our products, Solein-based products also on the markets and on the shop and shelves.

Product concepts, we have protein bars, protein shakes, and as well you have drinks as well. That's actually what we have been doing a lot.

We have also announced that we can do mayonnaise, much more what actually today, if you have egg yolk, how egg yolk compared to Solein works. Solein actually functionality point of view is very, very good in that.

I will not go to more detail, because focus for the health and performance at the moment. Regulatory point of view, we applied the non-question letter in the US.

We have a self-GRAS, we can actually do business, but we like to go to the highest level of this kind of verification of the country as well. Then, of course, we have been in the application process in the Europe and UK sometime, and we expect to get actually the approvals this year.

Customer collaboration is a key. What actually is happening here?

You can see some logos: we have Ajinomoto, Atelier 72, Sensient, Pure, who is actually our go-to-market partner for the flavors; okay, Fazer as well; Potos; Gutsy, which is actually Fermenta brand. What we are doing here, we are working actually with the health and performance nutrition companies, fast movers first, to get the product quickly to the market.

Then, but same time, we are working also with the significant global CPG companies, consumer packaged goods companies, and those where you can see all the different kind of food products are in your retail shops every day. Very good discussions.

What I'm personally surprised positively that really we have access the highest level decision-makers. Why is that?

I believe it because of the value proposition what we have. We have very strong value proposition, and of course, our customers, they have a big need, we can help them as well.

We are doing the product development. We are test production runs and also the consumer testing, how this our formulation works and lock in, and then it goes to launches.

Underneath actually, you can see the curve, this fast-moving health and performance company typically takes with all these different stages when you start actually concepting and positioning the product, and see the market, and then you make application development, and then manufacturing test runs actually in the factories, and then actually you go to commercialization. What you do then actually, you're thinking of what kind of packaging you have, what kind of labeling you have, which market you start, what kind of brand you use, and actually what is a channel to market.

It's a very detailed that, and that typically even you are fast company, like this kind of health and performance company, it might take even year. If you are working with this kind of bigger global CPG company, it could be actually almost twice as long, because, of course, it's a huge investment for those companies, and understand, that's why they'll really like to make sure everything actually goes well.

Investments actually when the launches are happening, of course, will create a lot nicer returns. We have great feedback from our B2B customers and consumers.

Of course, we are collecting it, and I can say that if I summarize the feedback, how the Solein has been tested, how they see it, nine out of 10 consumers are saying, 'This is great. This is absolutely great.'

Also, story is great with how the food or ingredient actually is created as well. We are very happy with that.

In our Solein kitchen, what we have in Vantaa, we have had a thousands of the visitors. We are doing also this kind of checking that, okay, how the taste actually of this our Solein menu, if you have ice cream, if you have a pasta, and so on.

It have been very good feedback as well. I'm very proud being part of this discussions and hearing by myself what our visitors are saying, how they see it.

Typically, they say that the taste, texture is very good. We always have seen seeing is believing, and taste is everything.

Seeing the factory, it works; taste is everything. Actually, this Solein-based dishes and treats are very, very good.

We continue our development in the Solein product. Personally, I can see that I have been now in leading this company about 11 months, I have seen three generations how we have been making better the ingredient, and better fit for the ready-to-mix or ready-to-drink or actually protein bar.

You can see the continuous development there as well. All right.

Technology point of view, what I commented, we made already this 100-fold scaling, but you can see the whole journey, 8 years' time, and where we are today. Personally, I'm very, very happy what our people in technology team have been doing.

They achieved all the production parameters in a Factory 01. Actually, we are using, of course, that as a basis when we are designing Factory 02.

Of course, now with those parameters what we have achieved in a company, we can make a Factory 02 already very profitable. Very good information.

Perhaps other one, many of the visitors have been asking, are we in a batch production or continuous production? We are in a continuous production.

Last year actually longest production run was 8 months continuously. That is also one of the reason why how we can get our cost of operation so low.

It's a continuous production it indeed, and of course, very simple if you think about this end-to-end what is happening. Of course, with bioreactor and this kind of IP and knowledge, that's in our hands, and then, of course, with our partners, we are able to do that one.

I mentioned already designing the Factory 02. What we did February, we announced that let's start the pre-engineering of Factory 02, and then over the time, after half year, August, we noticed actually better to do phased investment plan.

We have three different phases how we are going to use the money, because then it used the money and immediately you get already payback and volumes. October actually we announced that we implement a strategic network of the partners, meaning actually what the slide what I was showing earlier that we are looking for the partners for the platform is a cooling, heating, hydrogen production, or real estate, and of course, partners how the electricity will be bought as well actually, partners at the end how this will be go-to-market.

December, we announced that we selected Lappeenranta in Finland to be our site. It was not easy.

We have a lot of criteria what we are looking for, and inside Finland, there was many sites, and also outside. Finally, why Lappeenranta was chosen: electricity availability in neighborhood, 1.5 km away, there is a 1.5 GW electro-energy available, as well actually there's a lot of workforce who knows the processing industry in neighborhood, as well as Finland have this kind of Business Finland grant program where we are part of actually what we expect to get also grants and support actually for the Factory 02.

Many of the more parameters were there as well. We were looking for that, and that was our final conclusion.

I'm very happy, actually, cooperation with Lappeenranta, city of Lappeenranta, have been very good and smooth. We expect this project and factory building will develop very, very nicely.

Perhaps on my side, last comment for the year 2025 was that I made a organization changes. I reinforced our go-to-market organization, so that we have sales, sales operations, we have marketing, branding, plus actually product application development, regulatory affairs, business development, nutrition science, all in a one one leadership.

Why is that? Customers, they are looking for journey what you saw.

It's not only the sales people, but actually develop the product together, go to market together, branding it together, and also how the nutrition science, or it might be regulatory point of view, intended use, how this works actually for our product in different countries as well. It's all dialogue together with customer.

It makes much, much easier and faster our side, but also customer more happy, for sure, actually, because we can make sure the priorities are right. We also inside the company moved the resources to support Factory 02 project, because we have a lot of capabilities, we have a lot of learnings, expertise actually in the people, how we can utilize the best way for next factory.

We also have had a lot of R&D, and also R&D we funneled so that it support the product development. Solein applications and products, how we make sure that this R&D can be utilized for the customer benefit as soon as possible.

Those are the changes what was done. I think, Ilkka, you know the numbers very well, and what you can comment about that, how about if you take over now?

Oh,

thank you, Rami. Good afternoon everyone.

My name is Ilkka Saura, I'm CFO of the firm. Report is out, financial results of FY25.

I'm very pleased to share with you some of the key highlights of the year from the financial point of view. Operating loss ticked at €10.4 million, somewhat material increase from last year.

That's mainly because of the growth in our operations. We have recruited more people to Vantaa and internationally.

We have ran the factory almost throughout FY25 at very high productivity levels. These factors mainly resulted in the increase of operating loss, and this kind of reflects the situation and the status of the company.

We continue to invest in our growth what comes to the technology itself, commercial excellence, as well as the scaling to the industrial levels. From the balance sheet point of view, net debt remained at €8.9 million, and net gearing at 77%, we see a increase there.

Net gearing remained at relatively moderate level, and the equity ratio on a very good level in the year-end '25. From the cash flow point of view, those increased also as expected.

Net cash flow for the year, €5.4 million, and we ended the year with a cash balance of €8 million. Some of the highlights from this slide I would like to mention is the order book.

What we do is that we report the firm, committed orders of quantities and price throughout our public reporting. Order book increased from last year to €1.5 million, and it comprises of two larger supply agreements with the health and performance and snacking companies based in the US and EU.

Little bit of significant events after the period end, and I can tell you that what a year it already has been, FY26. We kicked off the year with a successful private placement.

The company executed a fundraising project called Fuji by way of an accelerated bookbuilding process on 23rd of January, according to the plan that was communicated in the fall FY25. 55% of the allocable demand was from abroad.

The round was led by our strategic partner, GEA, and followed by a number of institutional investors like pension funds and others, largest shareholder Fazer, family offices, and private individuals. This indeed takes us closer to the final investment decision of FO2, and allows us to execute our strategy.

I want to still personally thank all investors for their support, and joining the round. Then another great news from the field was this one: so, Ambrosia Collective ordered a material amount of Solein, and that was announced early this year.

It is a company that is bringing ready-to-mix protein powders and products designed for American sports and performance enthusiasts who demand a lot: clean nutrition, functionality, and great results. We're more than happy to support Ambrosia on this journey, and want to mention that Ambrosia is a real brand in the market, by the way.

Their products are being sold throughout the US through online channels as well as retail channels. We know that their products are being sold through thousands of retail stores like The Vitamin Shoppe, GNCs, and likes.

A clear sort of a flagship logo for us, and is a great win, and it validates nicely our value proposition and Solein's appeal to the forward-looking customers in the US markets. Then another news was the partnership with GEA.

Like we told, we're looking for and building a network of partners in the areas of utilities, power, bioprocessing, and real estate. GEA, which is a leading DAX-listed technology company in this space with whom we have built FO1, joined us through the equity issuance, and by doing that, we also agreed upon a exclusivity with GEA to negotiate on the supply terms of the next factory.

GEA will be focusing on the bioprocess, the very core of the company, and by having these great results from FO1, we believe as a company that GEA is the best partner for us on this journey. More to come.

Want to mention that we continue to negotiate with other partner candidates on long-term strategic partnerships on the utilities and real estate sides, and want to mention at the end of this presentation that what's the news, more to come. With that, hand over to Laura.

Thanks.

Perfect. Thank you very much, Ilkka and Rami.

It's time for the Q&A, and there's a very nice flow of questions coming through. I suggest we start and go ahead.

Let's begin with a question regarding our commercialization. The first question is, how are you progressing with Solein's commercialization?

All right, I try to explain that our strategy actually select the fast-moving health and performance companies and the US. We have now five deals done and announced globally.

Ambrosia Collective is the biggest one of those, well-known brand. That's our key part, first part.

We select perhaps five to eight those. We are innovative brands we grow together.

Then we, same time, what is perhaps not publicly able to yet announce, but we are working with huge CPG companies. Typically, their process is very long.

We also like to make sure that our Factory 01 volume, we have something left for them for testing and limited launches and test marketing as well. What I want to say that what I'm very positive surprised, coming also by myself the huge companies in the past, that we have access to this big CPG companies' decision-makers.

One more time actually, why is that? I have been wondering and discussing with Ilkka, our value proposition of Solein very good.

Demand is now. There's not enough good whey protein, high-grade whey protein available.

We know that it's timing now, and so commercialization is continuing. There's more to see this year.

This will be very exciting year, my opinion actually, that things goes very well. Then we have something great to announce.

Thank you, Rami. I would continue with a question regarding whey, because you mentioned it.

Why do you compare Solein to whey protein?

If you compare actually the plant proteins and whey protein, whey protein you have perhaps two different types: you have whey protein isolate, which is actually don't have a lactose, which don't have actually this kind of saturated fats, those are filtered away; whey protein concentrate 80 actually, they still have a lactose and also this kind of saturated fats, which is not very very good perhaps for some of the people who are selecting. If you think about Solein, our protein content is 80%, which is more than many of those plant proteins, and amino acid profile is equal or similar what is whey protein.

As well, if you think about the PDCAAS, how well actually this protein you can digest in a human body, we have to say that theoretically it's a 1. It's the same what is a whey protein.

If you go to plant proteins, then it's always less. The plant proteins, you might have also some other challenges: taste, texture as well.

Whey protein taste, texture is always very good, it's easy to compare. That's why we are seen, and by the way, some of the even big companies when they have been testing, they have been commenting to us that they compare us to whey protein as such.

We are very happy with that, because you can see that how the price of the whey was developing, going up, and the supply gaps, we can help.

Yeah. One more regarding commercialization.

You touched upon this already, but there's a question regarding offtakes. When will there be offtakes from major food brands?

Offtakes typically comes bigger brands, this kind of fast-moving health and performance, they are growing, of course, they have more the volume than we grow together. Then the bigger offtakes will come with this kind of big health and performance companies or then this CPG companies.

We are in the process. We are in application development process for them, formulating, and they are testing.

You saw actually this kind of sequences: first, they need to think what is the value proposition, how the positioning of the product, the Solein will go as ingredient. Next is all this kind of product application formulation, that and also the later actually the even manufacturing testing how this works.

Then we'll come to all the launch plans, commercialization plans. This could take actually 2 years.

I would love to have it faster, but it's a process what this kind of food companies, especially big food companies, like to go through. We are in a journey together with many of them at the moment.

Thank you, Rami. Then there's a question, what are the major upcoming steps to receive the sales permit for Solein in Europe and in UK?

Perhaps I will take this as well. In Europe, we have been now 4.5 years already in the process.

It's very long process. We see that we are now end part of the process.

There should not be too many questions anymore coming. We have announced that earlier that this year we expect to get all the agreements as well.

We are hopeful it will happen this way that it will be 5-year process, more or less, or even more. The UK, it seems to be it's a little bit faster.

UK changed the legislation that no need to go to parliament final approval, once the authorities have approved actually, then it's possible to already go to market. It might be even half year faster in that sense.

Then, yeah, that's why we expect that it will be this year, the both actually happening.

Thank you. Then, perhaps for Ilkka, let's see.

The FO1 order backlog remained unchanged in H1 and H2. Why were no new orders secured during H2?

I can briefly, and you please feel happy to comment also. The order book remained flat, that's right, in the H2 of first half report the order book remained at €1.5 million.

However, these orders that we have announced and the increase in revenue signal that there's been a lot more. We can expect to have more of those.

There are kind of two kinds of contracts: there are shorter contracts and there are longer contracts. These long-term kind of committed quantities and prices are being recorded and recognized in the order book, whereas the short-term, quarterly deliveries and orders, those over the 6 months review period, we typically have the time to deliver, bill, and collect all those.

That's why, no, those are not in the order book.

Thank you, Ilkka.

I can comment actually as well. We want also secure the available volume for this big CPG companies.

Purposely we are a little bit selective that we don't want to actually have at this moment with a big order book smaller companies and long many years, because it might be that we don't have volume actually to make all this kind of test-limited launches with the bigger companies, because bigger companies will lead us with the offtakes. We are using Factory 01 demo factory really to actually make this kind of lead towards the big offtakes and Factory 02.

Thank you, Rami and Ilkka. Then, you said you are negotiating with GEA about a partnership.

What does this mean for Solar Foods?

I can comment. GEA is a global leading food processing company.

They also have been investing a lot in a foodtech. You can see GEA actually all this kind of global foodtech events as well.

They are very visible. As a Solar Foods, I think we should be very happy that GEA actually selected us.

Because I think they know all different kind of platforms and companies, and I believe they also like Ilkka was commenting that Factory 01, we have been doing 3 years of work together. All the downstream processing part is coming from GEA, we know how it works as well.

It is not just actually go to test, but we have tested it already many years. It's a very good confirmation for this our platform, gas fermentation platform, where actually we have got a very good comments also Good Food Institute and other places that this is the leading platform.

We see ourselves one of the leading companies in this whole area. Now GEA coming actually to supporting even globally for global scaling, it's very good.

Thank you, Rami. Let's continue this topic a little bit, because there's a question.

You say you are looking for collaboration based primarily on heating, cooling, and hydrogen provision. Are no licensed royalty scenarios possible?

Currently, we continue to work with the existing strategy on entering the health and performance markets in the US by selling the ingredients through B2B business model. Licensing remains as a long-term target beyond the existing strategy period, but of course, is continuously being evaluated.

Currently, the most lucrative way to continue is to pursue this particular strategy.

Thank you, Ilkka. Then, there's a question: going into '26, does Solar Foods prioritize finding new large industrial-scale clients for the Factory 02 plants, or smaller fast-moving players that could come to market with Solein products faster?

Great question again. Perhaps I will take it.

Key for us in a strategy is to get Solein products, or Solein ingredient products, to the market quickly. That's why we're selecting this fast health and performance nutrition companies.

You can see that less than a year time actually now our launches are happening. This is actually, even if you go any of consultants, they are saying, 'Wow, this is actually faster than they expected for that.'

The bigger companies, it takes time. That's why you can see we have two focus boxes: get product quickly to the market and grow with the innovative brands, like Ambrosia Collective is a good example, but same time work with this kind of long journey and get the big volumes.

Those are typically the big multi-billion CPG companies. It takes perhaps up to the 2 years that everything is done, and then you have everything actually the way, and we are well in the process.

Thank you, Rami. Let's take a last question, and this is to you, Rami, actually.

Rami, what are the main changes you have aimed to implement at Solar Foods during your time as a CEO? What have been the main surprises you have run into?

Wow, that's

Personal financial statement.

I have to say that Solar Foods, I knew that when I of course was chosen actually by the board of the Solar Foods, okay, come to CEO, but also I was looking at that time. I have to say that I was looking something always that there's megatrends supporting, there's a big markets, there's a good value proposition, and then who are the ecosystem partners, stakeholders around, and all the people, experts around.

That has all confirmation to me that the spirit doing actually, 'Let's do it,' it's all there. Our value proposition very good, both in a Solein as well actually this gas fermentation platform.

I don't know if it's a confirmation, it's not so surprise. Big surprise actually has been that we have had access this multi-billion companies the highest level decision-makers, and Ilkka, me, and our people have been able to go there.

Why is that? There's so much demand, and we have a solution, and our value proposition works.

Perhaps that has been the surprise for me that at least the dialogues typically it might take access and all this will take time, and then you need to do something. Here we have had I don't know if it's by luck, but at least I think our product works.

Our product is so good,

and

then actually when they are testing, dialogues will start. This is perhaps positive surprise.

Then, of course, it's absolutely positive surprise like a GEA coming to our strategic partner, investing actually the Solar Foods as well, confirmation of our platform, and our other dialogues what we have in a pipeline with other partners as well. I'm very pleased with that, and looking forward what to announce perhaps next.

Thank you, Rami. Any last words before we close this off?

Ilkka, should we

Go ahead.

Let's thanks all our customers, existing customers and future customers, as well the partners, strategic partners, like we mentioned a few of those as well. I'm very thankful for the all the great work what our professionals in the Solar Foods has been doing the last year, and I'm very excited for this year.

We have a nice, nice opportunities ahead of us. Let's make it happen.

Thank you.

Thank you very much for joining us today, and have a good rest of the day.