Metacon pays up for working capital to protect deliveries

Metacon announced on Tuesday that it has secured 50 MSEK of interim project financing from Fenja Capital. The terms are clearly expensive, but the facility functions as a bridge for working capital until expected milestone payments. We will revise our financing cost assumptions, but the news does not change our view on the company’s operational direction.

50 MSEK project financing to support working capital

Metacon has secured temporary project financing of 50 MSEK from Fenja Capital II A/S to bridge working capital until milestone payments from ongoing customer projects are received. The structure seems cash costly, and the all-in cost rises quickly the longer repayment takes. The 5.0% setup fee equals 2.5 MSEK. Interest is 1.5% per commenced 30-day period, equal to 0.75 MSEK per started month. If repaid at the latest date of September 30, 2026, the ~253 days from January 20, 2026, correspond to nine commenced 30-day periods, implying 6.75 MSEK of interest plus the 2.5 MSEK fee. That is 9.25 MSEK of cash cost, equal to 18.5% of the 50 MSEK principal over the period. If instead three commenced 30-day periods are charged, the total cost is 4.75 MSEK (2.25 MSEK interest plus 2.5 MSEK fee), equal to 9.5% of principal. On an effective annualized basis, this implies ~28% in the first scenario. In the three commenced 30-day periods scenario, the effective annualized rate is 44%. We assume in both scenarios that the fee is not deducted upfront.

Expensive bridge financing reflects the capital-intensive nature of the project business

The need for financing is not a complete surprise, even though Metacon reported cash of 119 MSEK at the end of Q3. Large delivery projects can tie up significant working capital, since supplier payments often occur before customer payments are received. This loan appears designed to cover that timing gap.

In the first nine months of 2025, the company booked 3.3 MSEK of interest expense. Against that baseline, this bridge loan is cash expensive, and the all-in cost escalates quickly if repayment is delayed. The cost is a clear negative and will pressure earnings through higher financing costs. On the positive side, Metacon has secured external market-based funding without a dilutive equity issue at this stage, which will be used to support the execution of the backlog.

Financing secures delivery capability, limited impact on estimates

The arrangement reinforces our view that Metacon’s current growth phase and large project execution require meaningful capital support. The facility should improve near-term liquidity and protect delivery capacity while the company waits for milestone payments.

We will update our 2026 estimates to reflect higher financing costs. The arrangement does not affect our revenue or EBIT assumptions, and our investment view on the strategy and long-term potential remains unchanged.