Metacon is an energy technology company that develops and sells small and large energy systems for the production of hydrogen, electricity and heat. The company's offering includes electrolysis, reforming and combined energy systems, with customers in industry, transport and real estate. Metacon operates internationally. The company was founded in 2011 and is headquartered in Örebro.
Metacon announced on Monday that its majority-owned subsidiary, Botnia Hydrogen AB, has received a decision for the final disbursement of 10 MSEK from the Klimatklivet investment support program. While the amount is relatively small compared to the company's larger electrolysis backlog, we view the news positively as it settles outstanding receivables and provides additional support to Metacon's liquidity position. The announcement does not lead to changes in our estimates or recommendation.
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Metacon announced on Friday that it has received a milestone payment of 2.6 MEUR (approx. 28 MSEK) from Motor Oil Hellas regarding the ongoing 50 MW electrolysis project in Greece. While the payment supports near-term liquidity, it was already included in our cash runway assumptions. Therefore, it does not change our estimates but reinforces our positive view of the company's ability to execute on projects.
Lönsamheten stack ut positivt i Q4-rapporten från Björn Borg, 2025 var ett rekordår för Metacon och har vi sett starten på vändningen för värmepumpsmarknaden och NIBE? Lyssna på denna analytikerintervju där vi behandlar 2025 i stora pensel drag och dyker oss ner i bolagens senaste kvartalsrapporter.
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.
Metacon's Q4 figures significantly exceeded our expectations, marking the strongest quarter in the company's history. However, the company has not announced new orders since September 2025, and we had anticipated another large-scale order by now. As a result, as we consider order intake the most important driver of revenue visibility, we have taken a more cautious stance in our near-term estimates. Despite these downward revisions, we believe that the current valuation offers an attractive risk/reward profile. As a result, we increase our recommendation to Buy (was Accumulate) but lower our target price to SEK 0.40 per share (prev. SEK 0.60), mainly due to lower estimates.
Metacon publicerade idag sin rapport för det fjärde kvartalet 2025, som visade att både Q4 och helåret 2025 var de starkaste finansiella perioderna i bolagets historia. I intervjun diskuteras helårsresultatet för 2025, viktigaste i Q4-rapporten samt bolagets planer och prioriteringar för 2026.
Metacon will publish its Q4 interim report on Wednesday, February 11, 2026. We expect the report to show a significant year-on-year increase in revenue driven by the continued execution of the large-scale Motor Oil project, and we anticipate that profitability will remain negative as the company continues its commercial scale-up phase. Our focus will be on the progress of the current order backlog, gaining further insight into the company’s financial position, and detecting any signs of new large-scale project wins.
