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GOTHENBURG, Sweden, May 4, 2026 /PRNewswire/ -- CEO Dr Martin Edlund: "An intense first quarter has seen progress in market and technology development." Significant events January-March 2026 In January, Minesto was selected for in-depth investment advisory support by the European Investment Bank (EIB) under the PDA (Project Development Assistance) programme. The program offers extensive free of charge financial advisory support to a few carefully selected investment opportunities within the renewable energy sector in the EU. The Minesto investment case chosen for the programme is a 10MW Dragon Farm (tidal energy array) located at a new targeted site within EU waters. The EIB advisory support focus's on increasing the financial attractiveness and overall quality of the investment offer, aiming to raise 25 M EUR in capital. Minesto was awarded 24,000 EUR grant funding from the Swedish Energy Agency (SEA) through the Global Innovation Accelerator (GIA) programme, aiming to accelerate the company's market development in Taiwan. As part of the programme, Minesto officially took part in the high-level Nordic-Taiwan Sustainable Energy Forum, held in Taipei in December. Minesto initiated collaboration with expert ocean energy site developer Haf-Afl for the Icelandic market. Minesto continues to follow through with a market entry strategy based on collaboration with strong local site development and project investment partners. With the signing of a new partnership agreement (MOU) with ocean energy site developer Haf-Afl, the Icelandic market is added to Minesto's range of markets actively pursued. Minesto's Dragon testing in Vestmanna continued. Minesto's microgrid scale powerplant Dragon 4 (100kW) is installed and produces electricity to the Faroese grid, generating valuable data for the upcoming microgrid installation partly funded by the Swedish Energy Agency. The Minesto tidal energy kite Dragon 12 (1.2 MW) was successfully recovered after 10 months in the water in Vestmannasund. After proving robustness and stability beyond commercial service intervals, the unique megawatt Dragon is on shore for inspection and maintenance. After the end of the period No significant events after the end of the period. The Group in summary 1 January–31 March 2026 Total operating income for the period amounted to SEK 5,619 thousand (6,298) and mainly consist of capitalised development work. Net sales amounted to SEK 0 thousand (0). Operating loss for the period amounted to SEK –7,065 thousand (–10,697). The negative result is largely attributable to business development and administration related to technology development. During the period personnel costs of SEK 5,619 thousand (6,298) has been capitalised as development work. At the end of the period, the intangible fixed assets amounted to SEK 581,541 thousand (553,664), of which capitalised development costs SEK 563,118 thousand (536,192) and capitalised patent expenses SEK 18,423 thousand (17,471). Grants of SEK 2 137 thousand (246) were accounted for during the period, of which SEK 2 137 thousand (246) has reduced the acquisition value of the capitalised development costs. At the end of the period, cash flow for the period amounted to SEK–17,516 thousand (–24,317). At the end of the period, cash and cash equivalents amounted to SEK 50,081 thousand (10,334). At the end of the period, equity amounted to SEK 623,478 thousand (557,716) divided into 260,111,612 shares (194,116,040), of which loss for the period amounted to SEK –6,886 thousand (–10,843). Year-End Report is available to download at Minesto's website: Minesto | Investor information CEO comment: An intense first quarter has seen progress in market and technology development. Our market development strategy based on a broad approach to match strong local partners and a favourable policy context for renewables with favourable site resource conditions is in full swing. We are closing in on active partnerships with strong site developers and utility partners in up to twenty markets. Our role in this large range of markets, with the exception of the Faroe Islands and Wales where active site development driven by Minesto is ongoing, is to support the local actors with Minesto specific operating parameters and feasibility study input. This puts us in a favourable position to capture step-in business opportunities and to build a solid longer term gigawatt pipeline. We have concluded joint development and verification of both our financial model and site project development set-up together with EIB sponsored consultants with exceptionally good results and mutual learnings at hand. This is a key enabler for attracting both private site investors (customers) and to submit business plans for different public-funding actors within EU and beyond. The current macro-economic turmoil has an accelerating effect on our market development activities. The need for local security of supply and yet another reminder of the volatility in fossil energy prices increase determination to push forward with new innovative solutions and new sources of energy such as ours. This situation adds to the general energy transition ambitions to fight climate change. On the product and technology side of the business we have ongoing solid energy production from Dragon 4 in Vestmanna as a part of the Microgrid project partly funded by the Swedish Energy Agency. We use this set-up to prepare for both battery charging and to accommodate the new upgraded 50% more powerful generator that has been delivered from the supplier. Our larger megawatt unit, Dragon 12, has been safely deinstalled for inspection and service after a nine-month installation period over autumn and winter. The unit is fully functional and has endured the ocean conditions in a satisfactory way. We will bring new valuable knowledge on service needs and design upgrades for upcoming customer delivery of power plants. The cost reduction measures taken during 2025 to adopt to a business development focused organization is in full effect influencing the cash-flow as intended. We work relentlessly to deliver the tidal and ocean current sector to the world, and we do it from a position of strength offering the lowest cost ocean energy with base-load characteristics to the largest exploitable market among known technologies. /Martin Edlund, CEO Contact:Cecilia Sernhage, Chief Communications Officer+46 735 23 71 58ir@minesto.com This information was brought to you by Cision http://news.cision.com https://news.cision.com/minesto-ab/r/interim-management-statement-1-january---31-march-2026,c4343869 The following files are available for download: https://mb.cision.com/Main/14621/4343869/4073672.pdf Minesto AB_Interim Management Statement_Q1 2026 https://news.cision.com/minesto-ab/i/minesto-megawatt-tidal-kite-dragon-12-on-shore-for-inspection,c3534425 Minesto megawatt tidal kite Dragon 12 on shore for inspection https://news.cision.com/minesto-ab/i/minesto-dragon-4-prepared-for-installation-photo-by-minesto,c3534426 Minesto Dragon 4 prepared for installation Photo by Minesto https://mb.cision.com/Public/14621/4343869/b248b58f2e728fb5.pdf PR 260504 Interim Management Statement 1 January 31 March 2026
GOTHENBURG, Sweden, April 30, 2025 /PRNewswire/ -- Leading ocean energy developer, Minesto, features in a new internationally broadcast documentary series `Engineering Tomorrow'. Minesto's pioneering underwater kite technology is showcased in the `Ocean Power' episode, selected as one of a few tidal energy technologies to be showcased. From SVT Play - "The ocean's tides could provide a fifth of the world's electricity, and tidal power is more reliable than solar or wind power. But the harsh conditions make it difficult to use machines. Some visionaries have created extraordinary inventions, from an underwater kite to a ship equipped with large rotor blades. If successful, these machines could provide clean, reliable energy to coastal communities around the world." The series is currently available via the following media channels, and will be broadcast in more countries around the world soon. SVT Play, in Sweden - svtplay.se/2-havens-outnyttjade-kraft Scheduled to be broadcast on Kunskapskanalen:Wednesday 30 April, 20.30Friday 2 May, 17.30Saturday 3 May, 19.15 Tuesday 6 May, 23.35 SBS, in Australia - sbs.com.au/engineering-tomorrow For additional information please contact Cecilia Sernhage, Chief Communications Officer+46 735 23 71 58ir@minesto.com About Minesto Minesto is a leading marine energy technology company with the mission to minimise the global carbon footprint of the energy industry by enabling commercial power production from the ocean. Minesto's award winning and patented product is the only verified marine power plant that operates cost efficiently in areas with low-flow tidal streams and ocean currents. With more than €45 million of awarded funding from the European Regional Development Fund through the Welsh European Funding Office, European Innovation Council and InnoEnergy, Minesto is the European Union's largest investment in marine energy to date. Minesto was founded in 2007 and has operations in Sweden, the Faroe Islands, Wales and Taiwan. The major shareholders in Minesto are BGA Invest and Corespring New Technology. The Minesto share (MINEST) is traded on Nasdaq First North Growth Market. Certified Adviser is G&W Fondkommission. Read more about Minesto at minesto.com Press images and other media material is available for download via minesto.com/media Financial information including reports, prospectuses and company descriptions are available in Swedish at minesto.com/investor. This information was brought to you by Cision http://news.cision.com https://news.cision.com/minesto-ab/r/minesto-features-in-internationally-broadcast-documentary---engineering-tomorrow-,c4143836 The following files are available for download: https://news.cision.com/minesto-ab/i/minesto-dragon-4---towing,c3404578 Minesto Dragon 4 - Towing
GOTHENBURG and VASTRA GOTALAND, Sweden, Jan. 25, 2024 /PRNewswire/ -- Minesto, leading ocean energy developer, continues to push the preparations to completion for commissioning of Dragon 12 in Vestmanna, Faroe Islands. Today, Minesto's CEO Dr. Martin Edlund comments on the multiple ongoing activities. The Dragon 12 is the world's first utility-scale tidal dragon. It has been through an installation and recovery cycle. Under extreme weather conditions with heavy snow and wind, the Minesto team has continued on-site work. Now final preparations are made before installation and production commence. Commissioning a first full-scale unit, precision and carefulness is essential. "There is a lot of attention locally in the Faroes, among our stakeholders in Sweden and globally on our progress. Our obvious priority is to set the D12 in production as soon as possible. We have an operational site with all infrastructure verified. Communications with the installed kite and all kite subsystems have been up and running during the installation trials and to our satisfaction. Nonetheless, even the smallest aspect will need attention and evaluation before we start production," says Dr Martin Edlund, CEO of Minesto. "We are genuinely trailblazing - no one has ever installed and flown an underwater kite at megawatt scale. There are many processes and procedures that we carry out for the first time. Normal operational procedures such as on-shore handling of the long tether, connecting the kite control system on-shore or opening up a rudder module to check a sensor has to follow certain steps and conducted by the right experts for it to be safe and secure," says Dr Martin Edlund. "We are of course very eager to start electricity production, and the expectation on us as a company is rightfully high," says Dr Martin Edlund. Dragon 4 "In the meantime, the Dragon 4 has produced electricity during the winter, and thus demonstrated the capacity for production of dispatchable base power through this renewable energy source. With predictable production as a central part of the energy mix, both CAPEX and OPEX could be reduced while maintaining reliability. The Dragon 4 is now brought to quayside for planned service," says Dr Martin Edlund. Minesto's drone footage of the first launch of Dragon 12 is today being released at the Minesto Youtube channel; Minesto - YouTube For additional information, please contact: Cecilia Sernhage, Chief Communications Officer+46 735 23 71 58ir@minesto.com The following files are available for download: https://news.cision.com/minesto-ab/i/minesto-tidal-energy-kite-dragon-12-towing-vestmanna,c3260882 Minesto tidal energy kite Dragon 12 towing Vestmanna https://news.cision.com/minesto-ab/i/minesto-towing-of-dragon-12-tidal-energy-kite,c3260883 Minesto Towing of Dragon 12 tidal energy kite https://news.cision.com/minesto-ab/i/minesto-tidal-energy-kite-dragon-12-lift-faroe-islands,c3260884 Minesto tidal energy kite Dragon 12 lift Faroe Islands
GOTHENBURG, Sweden, Jan. 30, 2026 /PRNewswire/ -- Minesto, leading ocean energy developer, has been awarded 24,000 EUR grant funding from the Swedish Energy Agency (SEA) through the Global Innovation Accelerator (GIA) programme, aiming to accelerate the company's market development in Taiwan. As part of the programme, Minesto officially took part in the high-level Nordic-Taiwan Sustainable Energy Forum, held in Taipei in December. With the 24,000 EUR grant funded by SEA through the GIA programme, Minesto targets to secure investments and partnerships for build out of tidal energy power plants at identified sites near Keelung and at Green Island, Most recently, Minesto successfully concluded its participation at the 2025 Nordic-Taiwan Sustainable Energy Forum, held in Taipei in December 2025, where the company presented its ocean-energy technology and engaged with key stakeholders across Taiwan's energy industry. The forum, co-organised by Business Sweden Taiwan and the Energy Administration of Taiwan, brought together policymakers, researchers, and industry leaders to discuss energy resilience and the importance of international collaboration. "Participating in the Nordic-Taiwan Sustainable Energy Forum and advancing our work under the Global Innovation Accelerator programme builds momentum for Minesto in Taiwan," says Dr. YungLung Chen, Project Developer, Minesto Taiwan Ltd. "The GIA programme provides a structured pathway for us to broaden our partner base and secure project finance for the first Dragon Farms in Taiwanese waters." Taiwan remains a strategically important market for Minesto, with the collaboration with National Taiwan Ocean University and an industrial partnership with Taiwan Cement Green Energy in place, supporting joint efforts to advance the commercialisation of ocean-energy solutions tailored to Taiwan's future baseload renewable power needs. National assessments continue to highlight strong tidal streams and robust ocean-current flows in Taiwan's surrounding waters, underscoring the long-term potential for predictable, renewable electricity generation. These conditions align closely with Minesto's tidal technology and Taiwan's ambition to build a resilient, low-carbon energy system. About the Nordic-Taiwan Sustainable Energy Forum: What's New - News & Releases - Ministry of Economic Affairs,R.O.C. Contact Cecilia Sernhage, Chief Communications Officer+46 735 23 71 58ir@minesto.com This information was brought to you by Cision http://news.cision.com https://news.cision.com/minesto-ab/r/minesto-accelerates-market-development-in-taiwan-through-swedish-energy-agency-s-global-innovation-a,c4300386 The following files are available for download: https://mb.cision.com/Main/14621/4300386/3908486.pdf PR 260130 Minesto accelerates market development in Taiwan through Global Innovation Accelerator Programme https://news.cision.com/minesto-ab/i/nordic-taiwan-sustainable-energy-forum-photo-credit-business-sweden,c3506573 Nordic-Taiwan Sustainable Energy Forum photo credit Business Sweden https://news.cision.com/minesto-ab/i/minesto-representatives-ruiqi-lee-and-dr-yunglung-chen-presenting-in-taipei-photo-credit-business-sw,c3506574 Minesto representatives Ruiqi Lee and Dr YungLung Chen presenting in Taipei Photo credit Business Sweden
GOTHENBURG, Sweden, Feb. 26, 2026 /PRNewswire/ -- CEO Dr Martin Edlund: "A year of global brand and technology exposure and grid-connected electricity production with commercial-scale powerplant" Significant events October-December 2025 On 28 October, Minesto announced the outcome of the company's rights issue of up to 82,364,595 shares. 33,436,356 shares, corresponding to approximately 40.6 percent of the Rights Issue, had been subscribed for with the support of subscription rights. Additionally, applications for subscription of 575,828 shares, corresponding to approximately 0.7 percent of the Rights Issue, had been received for subscription of shares without the support of subscription rights. In aggregate, the subscriptions with the support of subscription rights and the applications for subscription without the support of subscription rights correspond to approximately 41.3 percent of the Rights Issue. Hence, guarantee commitments of 19,501,329 shares, corresponding to approximately 23.7 percent of the Rights Issue, will be utilized. The Rights Issue provides the company with proceeds of approximately SEK 99.0 million before deduction of costs related to the Rights Issue. On 30 October, Git Sturesjö Adolfsson resigned as a member of the Company's Board. Deputy Board Member Andreas Gunnarsson assumed her position. The Board of Directors resolved to allow Fenja Capital to set off its outstanding loan claims, including accrued interest, totalling approximately SEK 22.2 million as payment for part of the shares that Fenja Capital has been allocated and subscribed for in the Rights Issue. On 8 October, Minesto invited investors and the public with an interest in technology and energy systems to a unique opportunity to experience firsthand the tidal energy kite Dragon 4 "Íðunn" as she was brought home for a break from production duty at the company's demonstration site in the North Atlantic where it produces electricity to the Faroe Islands grid. The event attracted around 150 guests. In October, Minesto was part of a high-level Swedish delegation to South Korea aiming to explore new partnerships and strengthen bilateral collaboration in the green transition. The delegation was led by HRH Crown Princess of Sweden and supported by Swedish minister for Foreign Affairs and Swedish minister for Infrastructure and Housing. The delegation was part of Focus Asia - Sweden's strategy for trade and investment in the region. Extensive tidal and ocean current resources make South Korea a highly attractive market for Minesto. In November, Minesto participated in high-level Swedish business delegation to Canada in connection with the royal couple's state visit. The delegation, led by the Swedish Minister for Energy and Business and Minister for Defence, aimed to strengthen Swedish-Canadian relations and promote innovation with focus on AI, defence & security and electrification. Significant ocean resources with tidal streams and political support for ocean energy make Canada a highly attractive market for Minesto. Minesto was selected to be part of InnoEnergy's annual industry event The Business Booster, this year in Lisbon in October. InnoEnergy, initiated by the European Institute of Innovation and Technology (EIT), is Europe's investment company at the forefront of clean energy transition and Minesto was invited as one of the industrial scale-ups driving Europe's energy transition. Minesto announced that incentive programme LTI 2021 was completed, LTI 2025 will commence and that major shareholder, the CEO and other senior executives have increased their shareholdings. The Company's Board of Directors dismissed a claim for damages directed against them from the former major shareholder BGA Invest AB as unfounded. The claim for damages is allegedly based on the Board of Directors' resolution to allot shares to BGA in the Company's rights issue carried out during autumn 2025. After the end of the period In January, Minesto was selected for in-depth investment advisory support by the European Investment Bank (EIB) under the PDA (Project Development Assistance) programme. The program offers extensive free of charge financial advisory support to a few carefully selected investment opportunities within the renewable energy sector in the EU. The Minesto investment case chosen for the programme is a 10MW Dragon Farm (tidal energy array) located at a new targeted site within EU waters. The EIB advisory support focus's on increasing the financial attractiveness and overall quality of the investment offer, aiming to raise 25 M EUR in capital. Minesto was awarded 24,000 EUR grant funding from the Swedish Energy Agency (SEA) through the Global Innovation Accelerator (GIA) programme, aiming to accelerate the company's market development in Taiwan. As part of the programme, Minesto officially took part in the high-level Nordic-Taiwan Sustainable Energy Forum, held in Taipei in December. Minesto initiated collaboration with expert ocean energy site developer Haf-Afl for the Icelandic market. Minesto continues to follow through with a market entry strategy based on collaboration with strong local site development and project investment partners. With the signing of a new partnership agreement (MOU) with ocean energy site developer Haf-Afl, the Icelandic market is added to Minesto's range of markets actively pursued. The Group in summary 1 July-31 December 2025 Total operating income for the period amounted to SEK 14,843 thousand (19,486) and mainly included capitalised development work. Net sales amounted to 0 (0). Operating loss for the period amounted to SEK -14,843 thousand ( -14,076). The negative result is largely attributable to business development and administration related to technology development. Of the personnel costs, SEK 10,737 thousand (12,184) has been capitalised as development work. At the end of the period, intangible assets amounted to SEK 574,424 thousand (544,924), of which capitalised development costs amounted to SEK 556,236 thousand (527,708) and capitalised patent expenses amounted to SEK 18,188 thousand (17,217). During the period, payments of SEK 5,144 thousand (176) were received from public funding schemes, of which SEK 0 thousand (176) is approved claims and the remaining part is advance payments. Grants of SEK 2,190 thousand ( 686) were accounted for of which SEK 2,170 thousand ( 694) has reduced the acquisition value of the capitalised development costs. Cash flow amounted to SEK 37,426 thousand ( -41,234). At the end of the period, cash and cash equivalents amounted to SEK 67,573 thousand (34,890). At the end of the period, equity amounted to SEK 630,357 thousand (568,649) divided into 260,081,036 shares (194,116,040), of which net loss for the period amounted to SEK -14,865 thousand ( -12,961). 1 January-31 December 2025 Total operating income in the end of the financial year amounted to SEK 27,077 thousand (33,035) and mainly included capitalised development work. Net sales amounted to SEK 0 thousand (75). Operating loss, at the end of the financial year, amounted to SEK -34,659 thousand ( -37,345). The negative result is largely attributable to business development and administration related to technology development. Of the personnel costs, SEK 22,969 thousand (25,636) has been capitalised as development work. At the end of the financial year, intangible assets amounted to SEK 574,424 thousand (492,928), of which capitalised development costs amounted to SEK 556,236 thousand (527,708) and capitalised patent expenses amounted to SEK 18,188 thousand (17,217). During the financial year, payments of SEK 5,198 thousand (27,803) were received from public funding schemes, of which SEK 54 thousand (26,474) is approved claims and the remaining part is advance payments. Grants of SEK 2,913 thousand (1,100) were accounted for, of which SEK 2,893 thousand (1,100) has reduced the acquisition value of the capitalised development costs. Cash flow amounted to SEK 33,006 thousand (19,436). At the end of the period, cash and cash equivalents amounted to SEK 67,573 thousand (34,890). At the end of the financial year, equity amounted to SEK 630,357 thousand (568,649) divided into 260,071,036 shares (194,116,040), of which net loss for the year amounted to SEK -36,635 thousand ( -36,104). Year-End Report t is available to download at Minesto's website: Minesto | Investor information CEO comment: A year of global brand and technology exposure and grid-connected electricity production with commercial-scale powerplant 2025 was the year we showed our technology to the world with the largest communication campaign ever for an Ocean Energy Technology, together with our strategic partner SKF. The Faroe Islands Space Program has so far resulted in more than 500 million exposures. We also promoted our unique Dragon Technology at the World Exhibition in Japan, at high-level Swedish state visits to South-Korea and Canada. Showcasing our Dragon 4 unit in Göteborg created interest from to Philippine and Indonesian key stakeholders. This year's external communication is arguably the broadest brand and product exposure ever for a novel renewable energy technology. We are overwhelmed by the level of enthusiasm and number of commercial inquiries into our Dragons derived from this exposure. Invitations to tender, requests for feasibility assessment of new sites and engagement with new local site-development partners are at record levels. Our main task is now to turn these opportunities into business. In order to manage the commercial roll-out, we have reshaped the Minesto team to deliver on this number one priority to reach solid commercial deals and broaden the range of infrastructure projects, both in our priority market Faroe Islands and in additional 16 follow-on geographic markets (still counting). This creates short term opportunities for sales of site development services and step in installation projects as well as outlining a medium/long term project pipeline. The now existing Dragon farm project pipeline strongly motivates the substantial global market and scaleup into Gigawatt deployment volumes. During 2025, we have tested our megawatt power plant Dragon 12 extensively. The megawatt machine has provided valuable production and operational data, proved robustness and stability beyond commercial service intervals. We now choose to limit electricity production with the Dragon 12 due to reduced access to cost effective marine operational resources (our local installation vessel is undergoing service). In parallel, we are preparing together with our partners and the local utility Sev, for production into the new microgrid set-up at Vestmanna by upgrades onshore and at the seabed. We have formed a consortia to offer microgrids, with initial joint investments of 56 MSEK to install and demonstrate a complete microgrid with battery storage that is "market ready". We have also advanced our understanding of "the value of tidal in the grid mix" by developing an in-house power systems analysis model and applying it on the Faroe Island energy system. Our initial conclusions from this work is very promising in favour of tidal energy from Minesto dragons: We create an energy mix where tidal energy production from different geographic locations feeds base-load energy into the grid. We deliver a cost effective 100-percent renewable energy system with minimum storage needs and build out of over capacity. This work gives us a hands-on sales tool that provides in-depth understanding of how our Minesto Dragons can be implemented in an energy system to provide renewable base-load energy to deliver an affordable and feasible energy transition in the many global markets with a tidal energy resource. The geopolitical market context is changing with more limited verbal support from leading politicians on sustainability. However, the energy transition is happening at a faster pace than ever in terms of megawatts installed and investments committed. No political hesitation will stop this transition, since it is driven by commercial logic and creation of clear customer value. The most significant shift in priority on energy policy is related to increased focus on security of supply. This is an additional strong argument for relying on tidal energy from our Dragons. Moving away from fossil imports from politically unstable countries into geographically distributed ocean renewable energy based on local operations is most helpful. Minesto Dragon farms that are distributed in-shore and hidden from view in the water column are among the strongest options available to deliver real security of supply. We impatiently push forward to deliver Dragon-generated tidal energy to the world. /Dr. Martin Edlund, CEO ContactCecilia Sernhage, Chief Communications Officer+46 735 23 71 58ir@minesto.com This information was brought to you by Cision http://news.cision.com https://news.cision.com/minesto-ab/r/minesto-publishes-year-end-report-2025,c4313276 The following files are available for download: https://mb.cision.com/Main/14621/4313276/3953612.pdf Minesto Year-End Report 2025_ https://mb.cision.com/Public/14621/4313276/9319c1e30bf24b01.pdf PR 260226 Minesto publishes Year-End Report 2025
GOTHENBURG, Sweden and VÄSTRA GÖTALAND, Sweden, Nov. 27, 2025 /PRNewswire/ -- CEO Dr Martin Edlund:"Minesto moves forward with a funded and reinforced action plan for commercial breakthrough." Significant events July-September 2025 In July Minesto announced a reorganization over the last year was completed, resulting in readiness to deliver commercial projects and reduced fixed costs. Reshaping of the organization include relocation geographically, management team set-up and product development focus. The completed reorganization resulted in a reduction of fixed costs by approximately 35%. In August the company appointed new CFO, Alexander Jancke, strengthening the business development agenda with start October 2025. Former CFO Gustav Kvibling leaves his position to pursue opportunities outside the company. Together with project partners Sev, Capture Energy and IVL, Minesto completed a planning and project set-up workshop for the 25 MSEK Microgrid Project awarded by Swedish Energy Agency. In parallel with the project, Minesto has added an integration of two local end-user applications of tidal energy in the Faroe Islands to strengthen customer involvement. On 16 September 2025, Minesto announced that the Board of Directors, conditional on the subsequent approval of an extraordinary general meeting, had resolved on a rights issue of shares of approximately SEK 152.4 million. The subscription price was determined to SEK 1.85 per share. Minesto received guarantee commitments subject to customary conditions which, in aggregate, amount to SEK 99.0 million, corresponding to approximately 65.0 percent of the Rights Issue. After the end of the period On 28 October, Minesto announced the outcome of the company's rights issue of up to 82,364,595 shares. 33,436,356 shares, corresponding to approximately 40.6 percent of the Rights Issue, had been subscribed for with the support of subscription rights. Additionally, applications for subscription of 575,828 shares, corresponding to approximately 0.7 percent of the Rights Issue, had been received for subscription of shares without the support of subscription rights. In aggregate, the subscriptions with the support of subscription rights and the applications for subscription without the support of subscription rights correspond to approximately 41.3 percent of the Rights Issue. Hence, guarantee commitments of 19,501,329 shares, corresponding to approximately 23.7 percent of the Rights Issue, will be utilized. The Rights Issue provides the company with proceeds of approximately SEK 99.0 million before deduction of costs related to the Rights Issue. On 30 October, Git Sturesjö Adolfsson resigned as a member of the Company's Board. Deputy Board Member Andreas Gunnarsson assumed her position. The Board of Directors resolved to allow Fenja Capital to set off its outstanding loan claims, including accrued interest, totalling approximately SEK 22.2 million as payment for part of the shares that Fenja Capital has been allocated and subscribed for in the Rights Issue. On 8 October, Minesto invited investors and the public with an interest in technology and energy systems to a unique opportunity to experience firsthand the tidal energy kite Dragon 4 "Íðunn" as she was brought home for a break from production duty at the company's demonstration site in the North Atlantic where it produces electricity to the Faroe Islands grid. The event attracted around 150 guests, presentations are available on the company's youtube channel. In October, Minesto was part of a high-level Swedish delegation to South Korea aiming to explore new partnerships and strengthen bilateral collaboration in the green transition. The delegation was led by HRH Crown Princess of Sweden and supported by Swedish minister for Foreign Affairs and Swedish minister for Infrastructure and Housing. The delegation was part of Focus Asia – Sweden's strategy for trade and investment in the region. Extensive tidal and ocean current resources make South Korea a highly attractive market for Minesto. In November, Minesto participated in high-level Swedish business delegation to Canada in connection with the royal couple's state visit. The delegation, led by the Swedish Minister for Energy and Business and Minister for Defence, aimed to strengthen Swedish-Canadian relations and promote innovation with focus on AI, defence & security and electrification. Significant ocean resources with tidal streams and political support for ocean energy make Canada a highly attractive market for Minesto. Minesto was selected to be part of InnoEnergy's annual industry event The Business Booster, this year in Lisbon in October. InnoEnergy, initiated by the European Institute of Innovation and Technology (EIT), is Europe's investment company at the forefront of clean energy transition and Minesto was invited as one of the industrial scale-ups driving Europe's energy transition. During the third quarter, Minesto continued to attract credible media publicity – the tidal energy kites were featured in Forbes online as well as in a new in-depth TV documentary, airing on Arte and available in German and French. The Group in summary 1 January–30 September 2025 Total operating income for the period amounted to SEK 17,046 thousand (19,320) and mainly consist of capitalised development work. Net sales amounted to SEK 0 thousand (75). Operating loss for the period amounted to SEK –28,158 thousand (–32,884). The negative result is largely attributable to business development and administration related to technology development. During the period personnel costs of SEK 17,045 thousand (19,222) has been capitalised as development work. At the end of the period, the intangible fixed assets amounted to SEK 567,805 thousand (531,569), of which capitalised development costs SEK 549,991 thousand (514,633) and capitalised patent expenses SEK 17,814 thousand (16,937). During the period, payments of SEK 4,416 thousand (27,803) were received from public funding schemes, of which SEK 54 thousand (26,474) is approved claims and the remaining part is advance payments. Grants of SEK 1,263 thousand (716) were accounted for during the period, of which SEK 1,263 thousand (716) has reduced the acquisition value of the capitalised development costs. Cash flow for the period amounted to SEK –8,182 thousand (39,418). At the end of the period, cash and cash equivalents amounted to SEK 26,422 thousand (54,790). At the end of the period, equity amounted to SEK 554,230 thousand (571,836) divided into 205,911,488 shares (194,116,040), of which loss for the period amounted to SEK –30,138 thousand (–32,731). The Interim Management Statement t is available to download at Minesto's website: www.minesto.com/investor/investor-information CEO comment: Minesto moves forward with a funded and reinforced action plan for commercial breakthrough This Third quarter and beyond have been a busy period for Minesto. First and foremost, we have secured funding by a rights issue to keep pushing our commercial agenda forward. This was achieved in a tough capital market with proceeds of SEK 99 million before deduction of transaction fees and loan payback. The size of this investment is satisfactory and immediately creates momentum in reinforcing our action plan for commercial breakthrough. However, the overall message from the capital market to Minesto is clear: the commercial roll-out needs to accelerate. Let me give you a brief run-through on how we execute our plan to deliver business based on our groundbreaking innovation. A unique sales team The volume of sales offers is on the rise, as well as the number of markets where step-in offers are made. It is no secret that most actors in a novel market are "late movers" so the increasing volume in market activities and sales offers is key to push customers into faster and larger commitments. We have expanded and organized a multidisciplinary commercial team with expertise in key areas necessary for promoting our power plants: Site identification expertise (ocean flow simulations etc.) Power plant design adaptation to maximize production yield Design of tidal energy parks and associated business simulation Construction of project investment cases Energy system analysis for assessment of the value of adding tidal energy production Our approach is process-oriented where re-use and improvement iterations of product descriptions, tender documentation, legal-frameworks and content of customer offers also supports an increased volume of sales activities, but even more so the quality of our work. Given the novel nature of our ocean energy sector and the uniqueness of our technology, we have been forced to and succeeded with putting together a truly unique sales team to deliver business. Putting the Rights issue investment to work The purpose of our recent investment round is to strengthen our commercial offer and contribute to risk reduction of investment offers for Dragon farms (tidal array projects). This marks a substantial shift in focus, built on the following core activities. Since August, with substantial technical contributions from partners and funding from the Swedish Energy Agency of 25 MSEK, we are expanding the test site in Vestmanna into a complete microgrid-system for sales and delivery. With this system, we will be able to address non-grid connected needs in the Faroe Islands, but also to offer tidal microgrids in all suitable commercial contexts globally. We have end-customer involvement to make it into a complete microgrid business set-up where we will be paid for fossil fuel and CO2 emission reductions. We are also adding substantial value to the project investment case at Hestfjord in the Faroe Islands via site development activities. We have progress in a range of areas to further reduce environmental risks (an example of this includes sound measurements), to make assessments of production yield more robust (with simulations of array design) and improvements of our maintenance set-up. This work is all done in close collaboration with SEV and other potential commercial partners. Our goal is clearly within reach, to secure that the world's first commercial tidal array at scale will be a Minesto Dragon Farm. We limit site development investments to the Hestfjord project, but all aspects of maturing that project has merits for other Dragon Farm opportunities, both existing and new. In this way, our ability to on-board project development partners and site project investments is significantly increasing. Our extended sales capability combined with the site-development achievements in Hestfjord makes it possible for us to revisit existing partnerships in markets such as Wales, Taiwan and the Philippines, but also to add new ones in a range of markets such as Canada, Ireland and Japan. Our go-to-market model is based on forming strategic partnerships with project developers in basically all relevant tidal markets. We have serious interest from potential partners across the globe and are organized to engage with all of them. The value of tidal energy from our Dragons Minesto continues to lead the industry in terms of LCOE, with a 2,5 M EUR/MW in CAPEX, thanks to our outstanding power-to-weight-ratio and efficient energy conversion. With the first 30 M EUR investment for the first tidal energy farm (10 MW), we foresee an LCOE at 150 EUR/MWh – outperforming other ocean renewables. Notably, this is the world-first installation and standard cost-reductions from learning and increased scale will enable large scale (multimegawatt) commercial build out at competitive cost-levels. As an extension to our business development work on analyzing our cost-competitiveness, we now also assess how our tidal electricity production contributes to the total cost of electricity to serve consumers in a given market. In-short, markets with a solid tidal resource can shape a cost-efficient roadmap towards net-zero if they rely on our Dragons. If not, the cost of storage, build of over-capacity and system losses makes it economically unfeasible to reach net-zero relying only on the so-called mature renewables, solar and wind. We conclude that for our target markets an energy system including our tidal technology will be able to cut cost-of-electricity in half compared to a renewable scenario without us. The message we send to potential customers and energy stakeholders is that it may be perceived as risky to "bet" on our novel renewable energy technology, but it is even more risky to stick to existing solutions that are proven insufficient to deliver an affordable energy transition towards sustainability. Thus, our tidal energy offer has a key role to play with its base-load characteristics and competitive cost levels. We are, more than ever in the driver's seat to be the true pioneers, delivering the large-scale commercial breakthrough for ocean renewable energy. /Martin Edlund, CEO of Minesto ContactCecilia Sernhage, Chief Communications Officer+46 735 23 71 58ir@minesto.com This information was brought to you by Cision http://news.cision.com https://news.cision.com/minesto-ab/r/interim-management-statement-1-january---30-september-2025,c4273429 The following files are available for download: https://mb.cision.com/Main/14621/4273429/3810868.pdf Minesto AB_Interim Management Statement Q3_2025 https://mb.cision.com/Public/14621/4273429/8d391cf52a968824.pdf PR 271125 Interim Management Statement 1 January 30 September 2025 Minesto AB
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