Welcome. I'm Vibeke Krohn, and I'm the President and CEO of Betolar.

Thank you for joining us today. We are here to present our Q2 numbers, and in this webcast, you'll meet myself, Vibeke Krohn, and our CFO, Mikko.

I have recently joined Betolar as the CEO. Over the past weeks, I've spent time with our employees, our board, our customer, and our partners, building my understanding of opportunities and challenges ahead.

We close off a first quarter with a continued revenue growth, strengthened financing, and a sharpened strategic focus. What has impressed me with Betolar is our strong foundation in technology, our ability to turn market opportunities into solutions and real customer demand, both in metal extraction and critical infrastructure protection, and also finally that it's a strong foundation and a purpose-driven setup.

Betolar operates in the intersection of resource efficiency, critical raw material, circular economy, and industrial decarbonization, all topics that are increasingly more important globally. Challenging geopolitics continue to highlight the importance of resilience, creating new opportunities and market demand for critical infrastructure protection and proprietary extraction of rare earth metals.

Building on our strong foundation and our material knowledge, we're well placed to meet this demand and to really drive our strategic focus areas going forward. Here today we will share a little bit about the details, both some highlights and we will also share financials underlying this revenue growth that is continued and our financing situation.

This is our disclaimer about forward-looking statements, please review. Our agenda today is highlights, as I said, financials, we'll open up for questions, and you get a chance to get to know me.

Who am I? Prior to joining Betolar, I have focused on building businesses.

I've built businesses across many markets, but mainly building business, scaling technologies, and rapid commercialization. I bring with me about 15 years of CEO roles and C-suite roles in various scale-ups, difficult, and multinational corporations.

I'm very much driven by purpose and solving global challenges. I'm super excited about Betolar.

What really attracted me was the opportunity to help scale the transition from technology development to commercial growth and industrial implementation. It is early on for me.

It's my day 8 and 1/2. Today's focus will very much be pre my time and our current business and performance.

Looking ahead, though, my priorities as CEO will be to drive commercialization and customer adaptation. We need to be disciplined, we need to be focused, and execution-oriented to continue develop the company, to drive value both for customers, partners, and shareholders.

With that, Mikko, I think I'll hand over to you.

Okay. Thank you, Vibeke.

Let's then move to the business highlights of the second quarter. Indeed we had quite eventful quarter here, and we will fo- first focus on the business side, and then then move to the fina- financing arrangements which we also had during the second quarter.

Starting with with the metal extraction side and and the strengthening the financing and partnerships that what what are we then using to drive the growth in our metal extraction business. Starting from the partnership with Scale Wolf, and first explaining what is Scale Wolf.

Scale Wolf is a venture capital fund, and that is that is partner we have been partnering with them and signed an a letter of intent with them. The plan is that we are then accelerating the implementation of our our metal extraction technology business.

Scale Wolf is very much providing providing access to access to capi- capital for us us together with them, and they are extremely well connected to dif- different parties there. For example, they have good NATO connections, and also also that they are they have a impressive track record in in building building businesses businesses and finding funding for them.

The first step that where where they have been committed is to our financ- financing arrangements for for convertible hybri- hybrid loan, and I will talk about that later on later on today. That's not all, that we are also planning planning there to make some structural changes there there under the letter of intent.

All the details will will be the- then disclosed that when when we have been then executing those. The plan is that we would would be doing establishing a new new entities under under our parent entity together with Scale Wolf, and and and wi- with their help, then we are able to able to collect more more capital to these entities where we can actually actually then create value for our sharehol- holders, and also also also for all the owners of dif- different entities there.

We will then disclose more details that when we are pro- progressing with this collaboration there. The first step anyhow is that that that during the third quarter then then is that that the Scale Wolf that will be then participating then our convertible hybrid loan program.

The second second new deal what what we announced there du- during the second quarter in June is that we secured the exclusive rights to utilize titanium-rich mine tailings from Otanmäki mining area in in Finland. Just to give some some of the scale of that how big is is the mine mining area and the tailings there.

There are roughly 10 million tonnes of titanium-rich mine tailings in the mining area. Otanmäki, that that's that's place place in in in Finland, Finland, some Finland there.

What what is then essential there, that it's closed mine, and when the mine was oper- operating operating, during that time all all the extraction technologies weren't not that efficient. That that's why the mine tailings are having having big quantities of valuable metals.

If we transfer the titanium value value the when we when that has been then refined to a metal metals, we are talking roughly about €7 billion value of the metals. It's it's big opportunity, and and to capture the value from from these mine tailings there, we nee- need of course that partners, and Scale Wolf is is the main partner there, and that's why these two arrangements are also linked.

Then a third point in the metal extraction si- side is that we have been applying for further further grants from EU, and we secured €2.1 million grant fro- from EU LIFE program. The program is called MINERVA Project, and that is that is then collaboration project that that is related then the Sokli mine project in Finland Finland as well.

Betolar's role there is to extract the metals out from the mine tailings, and and also to produce low-carbon circular cement. Regarding this project that we will then disclose al- also also that the results there when the prog- program is the- then advancing.

This is a multiyear program program there, and and which is about to start start during the second half of this year. Then if we move to the critical infrastruc- protection side, we see the demand increase there, and bas- basically the the increasing security concerns, and then we have see- seeing the physical damages done done to the critical infrastructure, and the threat is gro- growing all the time there, and we have seen drone attacks happening happening there in in dif- different part parts of the Europe, Europe, and also some drones drones la- landing to the Fin- Finnish side there.

We have been developing developing our our solutions there and and innovation, and we have been patenting patenting new technologies there regarding regarding the critical infrastructure protection si- side the- there. We have also announced the letter of intent with the cooperation with with Enersense, so that we can then protect electrical substations.

More more also to be disclosed about about this co- cooperation later on when we when we are then moving moving forward with our commercialization, and and and building building our solutions. As Vibeke was mentioning, that the critical infrastructure protection side that is that there we really see the growing growing demand growing growing future.

The last point is, of course, that in the circular materials side, we are continuing there there that we have the ongoing operations operations in India, and also also as we have been mentioning earlier, that we we have we have our our own slag slag available in Finland, and this is also what we have been communicating during the second second quarter, and and also also now lately after the quarter, is that it's it's available there in in Fin- Finland, and we ha- have progressed that a- progressed with all all the preparations preparations with all the paperworks, and and the product is ready to be used from from our terminal, terminal to our customers. Next moving to the financing arrangements what what we announced in June.

Starting from the top, that that the last day of June, we announced that that we are we have agreed, or actually we sign- signed during the last day of June that we agreed that we are then having a €3 million term loan from from Danske Bank, and this is then guaranteed by European Investment Fund and and one one of our largest owners, Virala. On top of that one, then we have issued convertible capita- capital notes or or as we are say- saying that that in in the review that we are also talking about convertible hybrid loan loan, meaning that that the capital notes are convertible to the equity that wi- with the strike at 2.1 per share, and this has no maturity date, and and we have then then classified this as an equity in our our group financial statements.

We had our our largest owner, Virala, and Ni- Nidoco, Ilmarinen, and A grand participating participating this program with €1 million each. Thi- this was issued in at the end of June.

On top of this one, that we we released that that whe- where we have the tap issue on the convertible capital notes, and and this is that where Scale Wolf has committed to subscribe with the same terms as mentioned mentioned above with with the other investors. Thi- this was then subject to approval from our extraordinary general meeting that took place last week, and and we got the green light there, and now now we are working on to execute execute this last last part of this financing deal.

With all all of this financing that we we are then collecting €9 million, and and with with that money that we are then securing the run- runway there there to the 2028 side. Let's then move to the financial operational in- indicators side.

Starting from the revenue, our revenue growth continued, and that more than doubled year on year when loo- looking at the H1 numbers, and we are very close to the numbers of entire year 2025, meaning that our first-half revenue was €902,000. Then when reviewing our EBITDA levels, the EBITDA level is is roughly on the same level level where we were a year a year ago there.

There are few few main reasons there there that one is the other operating income, and as mentioned in the first quarter, we had one one-off item item in in the first quarter other operating income regarding the grants, and that that's one reason why we have been coming we are on the same level with the with the EBITDA. Then turning turning looking at the balance sheet side there, the liquidity that the cash balance was roughly €6 million at the end at at the end of the quarter, and and then the total liquidity and undrawn grants totaling then then more more than €12 million.

On top of that that one will then com- come the convertible notes notes then from Scale Wolf, which will increase increase the number then then after the third quarter. Then turning turning to the order intake side, order in- intake was un- unfortunately low low there, and but now going forward there, that we are concentrating on on the execution of our strate- strategy and speeding up the commercialization in all of our bu- businesses, especially in in the critical protecting the critical infrastructure side.

Then finally, having a look then our about for our financial position and out- outlook, and starting from the outlook, the guidance for the entire year remains unchanged, and the revenue for 2026 is expected to grow si- compared to the previous year. The financial position mentioned al- all already ready, the cash balance roughly €6 million, and on top of that one, that we have the the European Union's LIFE grant, €2.1 million, then we have some €0.5 million remaining of Business Finland grant, and then some €100,000 related to oth- other grants that are still still remain to be un- undrawn.

Then at the end of June, we ha- had the entire amount of the senior loan undrawn, and then €1 million of the convertible capital notes that that did not land to our bank account dur- during then end of end of second quarter, so that came came in the early days of June, so that was in the numbers. All in all, we are there there there more than €12 million with our liquidity and undrawn grants.

This was in a nutshell the highlights from the business side and also from the financial side, and I will then then hand it over back back to Vibeke.

Good. Thank you.

Exciting. Many things ongoing, lots of customer interest, adoption slower than perhaps we expected and perhaps even the market expected.

We have lots of great questions and and great engagement, and and you know that you can continuously ask questions. I will, with the help of Mikko, now try to address the the main questions that we've had, perhaps not everyone, there's quite a few, but but let me try to take them in in order of priority.

There's a few questions on the partnership with Scale Wolf and the opportunities relating to to MET, also on the opportunity mentioned by Mikko, the Otanmäki mine tailings that I will try to cover. We've also had some questions on the opportunity or the market, customer segments prioritized for for critical infra, and a few more.

Let's see how far we get. Let me start from the top.

We are obviously very excited about the opportunities in the metal extraction space. We have over time got to know and and also now entered into a partnership with quite an interesting company called Scale Wolf, which is a strong growth VC with quite an impressive track record in building dual-use companies, defense companies, critical infra.

They tend to invest in companies they find mission-critical and and that has demand, customer demand from private sector and or governmental demand. They're backed by strong American funds and wide investors, it's it's a good party to be be part of.

They is quite they're quite excited about the Otanmäki opportunity, and you are well aware that we have secured the exclusive rights for the the tailings. We are developing now a structure where we will together with Scale Wolf explore the opportunity, understand in in more depth the I guess the the scope and and the metal concentration that we can find in in Otanmäki to really build a strong case.

Far, there has been a strong case for the market and also investors, and and we're very much excited. We have about five, six months now where we work closely with Scale Wolf to execute on this opportunity.

On the CIP side, several questions. First, a question on market sizing.

I think the market size for critical protection is rather huge, and it's always a little bit comparing apples and pears and depending on what you put in, and and we haven't provided you with a direct number. The reason for that is is that we more so look to the various customer cases or the customer segments.

Some of the customer segments that we've explored over the last few months is subsea. We have explored and are exploring in great depth on-land solutions for power grid, for water supply, and for dual-use and and defense.

Far, one could argue that the customer uptake is slower. We've had a couple of good cases that have given us some revenue, but we are really seeing great interest and and also perhaps a pent-up demand on the critical infra.

That said, though, I think it is important to say that building critical infrastructure for subsea, for land obviously has some lead time to to get to market, but we are it's really our our focus going forward. With the likes of Enersense on on power grid, we are very much excited about the LOI with Enersense and that we will move this into hopefully a joint joint go-to-market effort to secure power grids and substations.

Other questions, there was a couple of questions on on revenue and order intake that I'd like to cover. Having now worked in in listed companies for more than 20 years, I think revenue expectations or revenue forecasts is is probably one of the the difficult ones.

The challenge isn't necessarily the the demand. It's it's more the timing of commercialization.

I think Betolar perhaps is is a good company there where we have spent time, we have spent time to develop to conduct R&D and to develop technology to to get into position now to start commercializing and and also to drive and to build customer solutions and to drive actual commercialization. We our forecast obviously, we try to be as honest as we can.

Our forecasts reflect the realities of of what we see, but but perhaps the realities of some of these customer projects, especially on the on the CIP side, are a little bit longer due to customer decision cycles, regulation, and and rather complex installation. Think subsea installation and and on-land installation as well.

We are pushing ahead, and I think as much as I with you perhaps look at direct order book a little bit lower than expected, that's that's really going to be my first priority going forward. Anything else, Mikko, that we want to cover?

There was a couple of questions on grants. Yes, we have been, and we are in well positioned for for grants both from EU and the MINERVA Project.

We have a good strong long-standing relations with Business Finland and and also Tesi, I think we're well placed. I think it is important, though, that in the shift towards commercialization, we should not live on grants.

We should definitely get to actual revenues, so that that's also where our focus is. I think, you know what, credibility comes from delivered and not really on the forecast, and that's that's what I live by.

Yep.

If there's no more questions, perhaps we we go to concluding remarks. I'd like to thank you.

We we're in the midst of a strategic, turnaround. We're really pushing towards towards commercialization of our solutions.

In short, four points: I think the geopolitics that we have around us provide opportunities for Betolar, both within critical infra, infrastructure protection and metal extraction; we are shifting from technology development to commercialization; our partnerships also discussed today, e.g., our partnership with Scale Wolf and Enersense, really scale help us scale with lower capital intensity; and we're coming from a strong base of technology, and technology development gives us, I guess, the reason to play, but execution is what creates value. With that, thank you so much.

We have enjoyed this time. We have, as normal, a quarterly presentation upcoming, then next one coming in October.

We also would like to invite you for a Capital Markets Day, day to be announced very soon, and we intend to then go a little bit deeper in terms of strategic priorities, focus areas, that we also do deep dives on on our strategic business areas, and that we hopefully can come back with some exciting news, both on on the revenue side and also on partnership and how we drive long-term value for owners and society in general. Thank you.

Thank you.