Metacon: Prepayment de-risks backlog, estimates unchanged

Metacon has received a 2.1 MEUR advance payment on its previously announced 7.5 MW electrolysis contract in Romania, confirming that the project is moving into execution and supporting near term liquidity. Since the order was already included in our backlog and revenue assumptions, the payment does not change our estimates but reinforces our positive view the company's ability to execute on projects.

Advance payment secures start of Romanian project

Metacon has received an advance payment of 2.1 MEUR (~23.4 MSEK) from Elektra Power SRL for the previously announced 7.5 MW electrolysis plant in Romania, a contract worth ~7.1 MEUR (~78 MSEK) signed at the beginning of October 2025. The payment is an initial installment for the delivery of a pressurized alkaline electrolyzer plant with ancillary equipment.

Confirmation of project execution

The advance payment is a clear confirmation to us that the Romanian project is progressing and lowers both implementation and cancellation risk. The ~78 MSEK order was already included in Metacon’s reported backlog and in our estimates, but the 2.1 MEUR (~23.4 MSEK) upfront cash improves backlog quality, strengthens a Q3 cash position of 119 MSEK and supports working capital in the early phase of the project. Together with the ~166 MSEK milestone payment from the Motor Oil project in Q3, it provides meaningful support for Metacon’s ability to execute on its current project pipeline.

Since the Elektra Power order was already included in our backlog and revenue assumptions, the payment does not change our earnings or revenue estimates. We view the news positively, as the advance payment confirms that the project is progressing toward delivery and that backlog should convert as expected.