Betolar

We expect revenue to have more than doubled, driven by deliveries from an infrastructure order received in late 2025, but we anticipate that the result remains clearly unprofitable.

The goal is to process tailings in Kajaani in cooperation with a Lithuanian investor.

The change of CEO came as a surprise to us, and we believe it increases the risk level for Betolar's short-term forecasts.

In the short term, the strategy relies on solutions for critical infrastructure protection, and in the longer term, on metal separation technology.