Eurobattery Minerals (BAT) Q4 2025 earnings summary

Executive summary

• Advanced two key mining projects in Spain and Finland, securing a 30-year mining licence extension for San Juan and progressing environmental and strategic applications for Hautalampi.

• Submitted applications for EU Strategic Project status under the Critical Raw Materials Act for both projects, reinforcing alignment with European supply chain goals.

• Strengthened ESG commitments, with FinnCobalt Oy completing a Towards Sustainable Mining audit and preparing a standalone sustainability report.

• Transitioned from exploration to near-term revenue generation with investment in San Juan and commencement of pilot plant construction.

Financial highlights

• Net sales remained at SEK 0 for both Q4 and full year 2025, unchanged from 2024.

• Operating loss after financial items improved to SEK -5,834 thousand in Q4 (Q4 2024: SEK -7,999 thousand) and SEK -21,559 thousand for the year (FY 2024: SEK -24,954 thousand).

• EBITDA for Q4 was SEK -5,362 thousand (Q4 2024: SEK -4,628 thousand); full year EBITDA was SEK -16,648 thousand (FY 2024: SEK -22,045 thousand).

• Cash and cash equivalents at year-end were SEK 2,151 thousand (2024: SEK 796 thousand); equity increased to SEK 130,383 thousand (2024: SEK 119,170 thousand).

• Cash flow from operating activities for the year was SEK -24,316 thousand (FY 2024: SEK -24,097 thousand); financing activities provided SEK 30,492 thousand.

Outlook and guidance

• Focus remains on advancing permitting and construction at San Juan and Hautalampi, with production at San Juan targeted for H2 2026.

• Awaiting updates on the Environmental Permit Application for Hautalampi in 2026.

• Strategic Project status under CRMA could unlock further support and funding.