Metacon: Small add-on order from Motor Oil

Metacon has announced an add-on contract with Motor Oil for the supply of an oxygen purification system valued at approximately 10.4 MSEK (0.98 MEUR). We view the order as a positive signal, as it demonstrates Metacon’s ability to generate additional sales from its existing projects. While the contract value is small, it supports our current estimates but does not prompt any changes to our estimates or recommendation.

Integration into the 50 MW Motor Oil project

The order amounts to approximately 10.4 MSEK (0.98 MEUR) and includes a 2,000 NMCH oxygen purification system to be integrated into Motor Oil's 50 MW electrolysis-based hydrogen production plant under construction in Greece. Metacon will oversee the system's integration to enhance the plant's overall efficiency and performance.

Modest financial impact but improved visibility

Although the financial impact of the 10.4 MSEK order is modest, representing approximately 3% of our estimated revenue for 2026, we believe it is strategically significant because it shows Metacon’s ability to generate extra sales from existing projects. Securing add-on contracts for existing projects is, in our view, a cost-effective way to grow the backlog and reinforce the company's collaboration with a key regional partner.

In the bigger picture, Metacon's investment case hinges on commercializing its product portfolio through new orders that will expand and diversify the company's revenue base. Therefore, even though the order is small, we consider today's announcement positive as it supports our view that the company is actively moving forward in its key target markets. While uncertainty remains regarding the company's ability to consistently and profitably secure large orders, we believe that Metacon is better positioned for broader commercialization given the significantly stronger order inflow seen over the past year.