Metacon

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.

28:37

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.

Tapping on a liquidity patch to protect project momentum.

Metacon recently announced that it has increased its ownership in Botnia Hydrogen AB, becoming the majority shareholder. The transaction was executed through a set-off issue and will not affect the company's current cash position.

2.1 MEUR prepayment strengthens liquidity and confirms backlog conversion is unfolding well.