Metacon announced on Monday that its majority-owned subsidiary, Botnia Hydrogen AB, has received a decision for the final disbursement of 10 MSEK from the Klimatklivet investment support program. While the amount is relatively small compared to the company's larger electrolysis backlog, we view the news positively as it settles outstanding receivables and provides additional support to Metacon's liquidity position. The announcement does not lead to changes in our estimates or recommendation.

Incremental support for liquidity and working capital

The 10 MSEK disbursement follows the approved final report for the construction of two production-integrated hydrogen refueling stations. We believe this payment, combined with the recently announced 2.6 MEUR (~28 MSEK) milestone payment from the Motor Oil Hellas project, strengthens the company's cash runway. At the end of Q4'25, Metacon's cash position stood at 69.0 MSEK, though a significant portion (25.3 MSEK) was restricted.

As we have previously highlighted, Metacon's project-driven business model requires substantial working capital, as the company often pays suppliers before receiving customer payments. Therefore, we consider the successful finalization of the Botnia project and the resulting cash inflow to be important steps in maintaining a healthy balance sheet while the company executes its broader order backlog.

Strategic path toward asset divestment

Metacon reiterated that it does not intend to operate individual refueling facilities, such as those owned by Botnia Hydrogen, over the long term. Instead, the company's strategy focuses on establishment and value creation, with the goal of a potential future divestment to specialized operators. We believe this approach is sound, as it allows Metacon to focus its resources on its core electrolysis and reforming technologies while eventually recycling capital from operational assets back into growth initiatives.