Interim report for the period January 1 - September 30, 2025

July – September 2025

• Net sales amounted to SEK 92.8 million (15.4)
• Operating profit/loss amounted to SEK -11.8 million (-27.1)
• Profit/loss after financial items amounted to SEK -11.4 million (-33.7)
• Earnings per share, before and after dilution, amounted to SEK -0.05 (-0.46)
• Cash flow from operating activities after changes in working capital amounted to SEK -19.2 million (-40.0)
• Production of potassium sulfate amounted to 15.4 thousand tons (3.4)

January – September 2025

• Net sales amounted to SEK 251.6 million (15.4)
• Operating profit/loss amounted to SEK -49.1 million (-61.3)
• Profit/loss after financial items amounted to SEK -77.7 million (-70.2)
• Earnings per share, before and after dilution, amounted to SEK -0.34 (-0.97)
• Cash flow from operating activities after changes in working capital amounted to SEK -76.1 million (-86.8)
• Production of potassium sulfate amounted to 39.5 thousand tons (6.9)

Significant events during the quarter

• In the month of July 2025, Cinis Fertilizer shipped another shipload of potassium sulfate of approximately 4,900 tons
• In the month of August, Cinis Fertilizer produced approximately 5.5 thousand tons of water-soluble potassium sulfate, an increase of 15 percent compared to the month of July
• In the month of September, Cinis Fertilizer produced approximately 5,000 tons of water-soluble potassium sulfate, a decrease of 10 percent compared to August. The company’s assessment is that production will not reach the previously communicated annual rate of 100,000 tons without additional investments

Significant events after the quarter

• In addition, the Board has initiated a strategic overview of the company’s operations and appointed a financial adviser
• In November, Cinis Fertilizer decided to carry out an overhaul of its plant, and temporarily suspend production in Örnsköldsvik
• Nomination committee ahead of the 2026 Annual General Meeting was appointed 

CEO'S COMMENT 

Production suspension will enable stable and increasing production

The third quarter of 2025 was been characterized by continued measures in line with the previous quarter. The focus was placed on increase in production volumes of potassium sulfate in accordance with the plan, in parallel with diligent work to reduce costs for input goods and increase sales revenues of finished products. 

In the beginning of the quarter, we noted very positive trends – increasing production volumes and a good sales pace indicated that we would be able to achieve our operational and financial targets for the year. Unfortunately, the development weakened towards the end of the quarter, as declining demand, lower market prices and rising raw material costs negatively affected our profitability. 

As a result of this – and a lower production volume in October (4,300 tonnes of potassium sulfate) – the Board and management decided to remove the target of an annual rate of 100,000 tons by the end of the year. At the same time, the Board has initiated a strategic review of the business to evaluate the possibilities of securing operations at the production facility in Örnsköldsvik. The assessment is that the planned improvement measures require more time and capital than previously estimated. 

To accelerate ongoing improvement work, we have decided to temporarily suspend production for 4 to 6 weeks in November. This will allow for a more efficient implementation of the technical upgrades required to increase production capacity and plant stability. In parallel, intensive efforts to raise capital are underway to secure the company’s operations and create conditions for further investments, with the aim to increase production capacity in 2026.

The experience and knowledge that has been accumulated through our daily work is a central asset at this stage. In recent months, we have been operating potassium sulfate production in parallel with ongoing installations, improvement measures and planning more extensive assembly and maintenance work.

Our ambition is to maintain a high pace in the strategic review and in the evaluation of various alternatives that strengthen Cinis Fertilizers’ financial position in both the short and long term. To support the company in this work, we have appointed Stockholm Corporate Finance as an independent financial advisor. Their assignment is to lead and coordinate the company’s strategic and financial alternatives. The goal is to ensure a capital structure that gives us sustainability and the opportunity to develop the business further.

Cinis Fertilizer is an important part of the circular economy – we use resources efficiently, reduce the extraction of raw materials and contribute to giving waste new life and value. Our business is based on an idea that is both sustainable and future-proof. At the same time, several external factors have worked against us during the year. Our intended partner in battery production did not reach full operation, which means that we did not have access to the planned the residual stream of sodium sulfate – one of our key inputs. This has forced us to purchase sodium sulfate from external suppliers, which negatively affects our profitability. At the same time, we are in ongoing dialogue with several industrial players for future supplies of sodium sulfate. Stakeholders include leading battery manufacturers, chemical companies and pulp mills in Europe, North America, Asia and Australia. These contacts show that our circular business concept is strong and relevant, especially in the right geographical and industrial context.

The strategic review also includes evaluating opportunities to finance projects in other locations, including the production of sodium chloride-based lye – a key component in the production of battery materials. More local production together with external partners is one way to accelerate our ambition to phase out fossil-based mineral fertilizers and chemicals, while spreading our unique experience and technology to more markets.

The year 2025 has been a challenging but educational year for Cinis Fertilizer. I am proud of the work our team does every day. Building and operating a chemical process is a complex task that requires knowledge as well as perseverance. We have come a long way, and with our committed organization and with our modern facility, we have a solid foundation for future growth. 

With a little more market momentum, we would have been profitable today. Now we are focusing on creating the conditions necessary to achieve a stable production rate and profitability. With our current plan – and continued determination – I am confident about the development in 2026.

Jakob Liedberg, CEO

For full report, please see attached file.

For more information, please contact:

Jakob Liedberg, CEO
[email protected]
+46 768 58 12 86

Anders Antonsson, IR and Communications Manager
[email protected]
+46 709 994 970

Henrik Andersson, CFO
[email protected]
+46 705 70 87 53

This information is such information that Cinis Fertilizer is obliged to make public pursuant to the EU’s Market Abuse Regulation. This report has been prepared with a Swedish and an English version. In the event of any discrepancies between the two, the Swedish version applies. This information was published, through the agency of the contact persons above, on November 13, 2025, at 08:00 a.m. CET.

About Cinis Fertilizer
Cinis Fertilizer is a Swedish greentech company that produces an environmentally friendly mineral fertilizer, potassium sulphate (SOP), by among other things, recycling residual streams from the manufacture of batteries and battery materials, as well as from the pulp and other industries. The patented technology uses half the energy of current production methods and results in a mineral fertilizer with a low carbon footprint. A unique and circular contribution that enables sustainable agriculture. FNCA Sweden AB is the company's Certified Adviser. For more information, visit www.cinis-fertilizer.com.