contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


metacon-prepayment-de-risks-backlog-estimates-unchanged

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

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Equity Research Analyst

Renato Rios

Metacon is an energy technology company that develops and sells small and large energy systems for the production of hydrogen, electricity and heat. The company's offering includes electrolysis, reforming and combined energy systems, with customers in industry, transport and real estate. Metacon operates internationally. The company was founded in 2011 and is headquartered in Örebro.

Metacon

2.1 MEUR prepayment strengthens liquidity and confirms backlog conversion is unfolding well.

<p>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&apos;s ability to execute on projects.</p>
<h2>Advance payment secures start of Romanian project</h2>
<p>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.</p>
<h2>Confirmation of project execution</h2>
<p>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&#x2019;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&#x2019;s ability to execute on its current project pipeline.</p>
<p>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.</p>

Inderes

<p><ul><li>Metacon received a 2.1 MEUR advance payment for a 7.5 MW electrolysis contract in Romania, enhancing near-term liquidity and confirming project execution.</li><li>The advance payment, part of a 7.1 MEUR contract, reduces implementation and cancellation risks, improving the quality of Metacon's backlog and supporting working capital.</li><li>The payment does not alter earnings or revenue estimates as the order was already included in the backlog, but it reinforces confidence in Metacon's project execution capabilities.</li></ul></p><p><em>This content is generated by AI. You can give feedback on it in the Inderes <a href="https://forum.inderes.com/t/inderes-fi-sisallon-kehitysideat/71/last">forum</a>.</em></p>

	2024	25e	26e
Revenue	40.4	212.3	476.3
growth-%	-32.8 %	425.5 %	124.4 %
EBIT (adj.)	-123.8	-58.3	-50.7
EBIT-% (adj.)	-306.4 %	-27.5 %	-10.6 %
EPS (adj.)	-0.19	-0.05	-0.05
Dividend	0.00	0.00	0.00
Dividend %
P/E (adj.)	neg.	neg.	neg.
EV/EBITDA	neg.	neg.	neg.

Metacon: Prepayment de-risks backlog, estimates unchanged

Summary

Advance payment secures start of Romanian project

Confirmation of project execution

Key Estimate Figures21.11