Eurobattery Minerals (BAT) Q3 2025 earnings summary

Executive summary

• Transitioned from exploration to extraction with acquisition of a majority stake in the San Juan wolfram mine in Spain, marking a strategic shift and portfolio diversification.

• Strengthened ESG focus, emphasizing environmental protection, water management, and community engagement in both Spain and Finland.

• Secured financing through rights and directed share issues to support project development and operational momentum.

Financial highlights

• Net sales remained at SEK 0 for both Q3 and the first nine months of 2025, unchanged from the previous year.

• Q3 operating loss after financial items was SEK -4,414 thousand (Q3 2024: SEK -4,464 thousand); nine-month loss was SEK -15,725 thousand (9M 2024: SEK -19,274 thousand).

• EBITDA for Q3 was SEK -3,564 thousand (Q3 2024: SEK -4,010 thousand); for nine months, SEK -11,315 thousand (9M 2024: SEK -16,406 thousand).

• Cash and cash equivalents at period end were SEK 8,700 thousand (Sep 2024: SEK 613 thousand); equity was SEK 136,935 thousand (Sep 2024: SEK 114,941 thousand).

• Cash flow from operating activities for Q3 was SEK -9,587 thousand; for nine months, SEK -21,722 thousand.

Outlook and guidance

• San Juan project expected to generate positive cash flow in H2 2026, with a pilot processing plant and offtake agreement in place.

• Plans to apply for Strategic Project status under the EU Critical Raw Materials Act for both San Juan and Hautalampi projects.

• Continued focus on responsible mining, ESG leadership, and building a secure European supply chain for critical minerals.