Betolar

The Enersense agreement provides Betolar's protection business with delivery capability, but revenue is still awaiting the first project-specific orders.

The protective fence to be installed on the seabed has been validated in a customer project, and commercialization will begin with engineering. This announcement does not change our forecasts.

The most significant changes are that ScaleWolf's investment is also targeted at protecting critical infrastructure and that a portion of the convertible capital notes, worth 2 MEUR, will likely convert into equity investments in subsidiaries.

The strengthened liquidity position resulting from the financing arrangements provides the new management room to maneuver in advancing commercialization.

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.