Q4: An eventful year focusing on the future

Fourth quarter 2023 (Q4 2022)

  • Order intake amounted to SEK 117 million (107), up 9 per cent compared to the same period in the previous year
  • Sales decreased 36 per cent to SEK 94 million (147)
  • Operating profit totalled SEK -9 million (18)
  • Adjusted operating profit totalled SEK -2 million (14)
  • Profit after tax totalled SEK -9 million (15)
  • Earnings per share amounted to SEK -0.09 (0.25)
  • Cash flow from operating activities totalled SEK 27 million (-5)

Jan – Dec 2023 (Jan – Dec 2022)

  • Order intake increased year-on-year by 3 per cent to SEK 456 million (445)
  • Sales decreased 21 per cent to SEK 451 million (569)
  • Operating profit totalled SEK 23 million (105), corresponding to 5 per cent (18) of revenue
  • Adjusted operating profit totalled SEK 29 million (95)
  • Profit after tax totalled SEK 13 million (81)
  • Earnings per share amounted to SEK 0.22 (1.37)
  • Cash flow from operating activities totalled SEK -7 million (113)

Key events in the fourth quarter of 2023

  • On 19 December, Altor PC presented a public cash offer to the shareholders of Permascand. The Board of Directors of Permascand announced its recommendation to shareholders to accept the offer.

CEO comment

In 2023, we achieved strong growth in Electrification & Renewables and Industrial Solutions, while Water Treatment slowed significantly. During the year we also boosted our pipeline of hydrogen projects, and are well positioned for large-scale manufacture of components for the production of green hydrogen on a commercial scale.

Order intake for the fourth quarter totalled SEK 117 million and is mainly attributable to aftermarket services in Industrial Solutions. This is an increase of 9 per cent year-on-year. After a good start to the period, we experienced a slight slowdown in order intake towards the end of the quarter, mainly in Electrification & Renewables due to the postponement of major investment decisions for hydrogen projects.

Sales for the quarter totalled SEK 94 million. This is a decrease of 36 per cent year-on-year. The lower sales are attributable to reduced sales in Water Treatment, as well as the weak order intake at the beginning of the year.

Gross profit for the quarter totalled SEK 29 million, corresponding to a gross margin of 31 per cent. The gross margin in the quarter is in line with the previous year and is expected to increase as we achieve higher sales volumes and thus better capacity utilisation.

Our development projects in electrode development and manufacturing technology to strengthen Permascand for the future have proceeded according to plan. Our innovation centre – to be inaugurated in June – will play a key role in our ability to continue and also accelerate our efforts in technology development. These developments are necessary to produce and deliver products of even greater efficiency on a large scale.

Electrification & Renewables
Sales in Electrification & Renewables were SEK 25 million in the quarter, which is in line with the corresponding period last year. Although we received a commercial hydrogen order totalling SEK 17 million and a development order amounting to SEK 3 million during the quarter, several hydrogen customers postponed their investment decisions, with increased capital costs, delayed infrastructure and unclear investment support and subsidies referred to as the most compelling reasons. So while we are seeing the number of hydrogen projects announced globally continuing to grow, the timeline for their realisation is moving forward. We are seeing a clear trend of increasing demand for the highly efficient electrodes for advanced alkaline electrolysis that Permascand supplies. These high-performance, long-life electrodes are a necessity for our customers in terms of ensuring that they are able to remain within their budgets for investment and operations. We are well positioned for when the market takes off in this area. Within the segment, we are witnessing greater interest in electrowinning and electricity transmission. These areas are also central to the green transition.

Industrial Solutions
Sales in Industrial Solutions totalled SEK 67 million, which meant sales in this segment were also in line with the corresponding period last year. We are seeing our profitable aftermarket business continue to grow steadily, partly due to our success in increasing our market share in the North American market. In parallel, new projects for new installations, known as greenfield projects, are being negotiated.

Water Treatment
The significant decrease in order intake and revenue in Water Treatment is due to a decline in the global market linked to the installation cycle and customer stockpiling. With the exception of smaller supplementary orders, we are delivering existing orders, with the order book not expected to grow until after 2026, when the aftermarket business in the segment is expected to achieve more significant volumes.

Outlook
The order book amounted to SEK 373 million at the end of the year, of which it is planned that about 80 per cent will be delivered in 2024, while the second half of the year is expected to be stronger, with increasing sales. In terms of order intake, 2024 has started as cautiously as 2023 ended. Due to the postponement of hydrogen projects around the world, we do not expect to receive any commercial-scale hydrogen orders until the second half of 2024 at the earliest. These are likely to be small orders initially.

In terms of the next few years, we are well equipped with good production capacity for strong growth when the production volumes arrive. In line with the global green transition, our long-term ambition is to expand with our customers and follow their plans for establishment around the world so we can provide them with high-efficiency electrodes on a large scale for green hydrogen production. This will require us to meet customer needs for local manufacturing and support, as well as subsequent aftermarket services, no matter where they are located in the world.

In December, Permascand’s Board of Directors issued its recommendation to shareholders to accept Altor’s public cash offer. Altor announced on 5 February that the offer had been accepted by shareholders representing approximately 95 per cent of the total number of outstanding shares and votes in Permascand. The management team remains focused on developing the business and strengthening the company to ensure long-term, sustainable and profitable growth, as well as playing an important role in the green energy transition.

Peter Lundström, CEO Permascand

Link to report
The report is attached to this announcement and can be found at: https://permascand.com/investors/financial-reports/

Statement from the Board of Directors of Permascand Top Holding AB in relation to Altor PC AB[1]’s public offer

The Board of Directors of Permascand Top Holding AB (“Permascand” or the “Company”) has unanimously resolved to recommend the shareholders of Permascand to accept Altor PC AB’s public offer.

This statement is made by the Board of Directors[2] of Permascand pursuant to section II.19 of the Takeover rules for certain trading platforms (the “Takeover rules”).

Background
Altor PC AB (“Altor PC”), a company controlled by Altor Fund VI (No. 1) AB and Altor Fund VI (No. 2) AB (“Altor Fund VI”)[3], has today, on 19 December 2023, announced a public cash offer to the shareholders of Permascand to tender all their shares in the Company to Altor PC (the “Offer”). Altor PC offers a cash consideration of SEK 17 per share in Permascand, corresponding to a value of all shares in the Company of SEK 1,008 million[4].

The Offer represents a premium of:

• 58 percent compared to the closing price of SEK 10.75 on Nasdaq First North Premier Growth Market on 18 December 2023, which was the last trading day prior to the announcement of the Offer.

• 94 percent compared to the volume-weighted average price of SEK 8.78 on Nasdaq First North Premier Growth Market during the last 90 trading days prior to the announcement of the Offer.

The acceptance period for the Offer is expected to commence on or around 19 December 2023 and end on or around 19 January 2024, subject to any extensions. Completion of the Offer is subject to customary conditions, inter alia, that Altor PC becomes the owner of more than 90 percent of the total number of shares in the Company. Altor PC reserves the right to waive, in whole or in part, these and other conditions for completion.

The Board of Directors has, upon written request from Altor PC, allowed Altor to, on behalf of Altor PC, conduct a limited confirmatory due diligence review of the Company in connection with the preparations for the Offer and Altor has in connection therewith also met with the Company’s management. Altor has not received any inside information from Permascand in connection with its due diligence review.

A number of shareholders in the Company[5], including the Board member Ingar Jensen through Ulven Invest AB, with a total holding of approximately 68 percent of the shares and votes in the Company, have entered into irrevocable undertakings to accept the Offer. Given that Ingar Jensen has undertaken to accept the Offer, he has not participated, and will not participate, in the Board of Directors’ handling of or resolutions regarding matters related to the Offer.

For further information regarding the Offer, please refer to the press release published by Altor PC today and the offer document regarding the Offer that will be published prior to the commencement of the acceptance period.

The Board of Directors has retained Carnegie Investment Bank AB (publ) as financial advisor and Törngren Magnell & Partners Advokatfirma KB as legal advisor in connection with the Offer.

As part of the Board of Directors’ evaluation of the Offer, the Board of Directors has also retained Grant Thornton Sweden AB (”Grant Thornton”) to issue a fairness opinion regarding the Offer. The fairness opinion issued by Grant Thornton, which is attached to this press release, states that Grant Thornton considers the Offer to be fair from a financial point of view, based on the assumptions and considerations set forth in the opinion. For the fairness opinion, Grant Thornton will receive a fixed fee irrespective of the size of the offer consideration, the acceptance level of the Offer, and whether or not the Offer is completed.

The Board of Directors’ evaluation of the Offer

The Board of Directors’ opinion of the Offer is based on a number of factors that the Board of Directors has considered relevant in relation to the evaluation of the Offer. These factors include, but are not limited to, the Company’s current financial position, prevailing market conditions, the expected future development of the Company and related opportunities and risks.

Further, the Board of Directors has evaluated the Offer using methods generally used when evaluating public offers for listed companies, including Permascand’s valuation relative to comparable listed companies and comparable transactions, offer premiums in previous public offers, equity analysts’ and the stock market’s expectations regarding the development of Permascand’s share price as well as Permascand’s long-term value based on expected future cash flows. In evaluating the Offer, the Board of Directors has considered the fairness opinion issued by Grant Thornton, according to which the Offer is fair to Permascand’s shareholders from a financial point of view, based on the assumptions and considerations set forth in the opinion.

In view of the above, the Board of Directors considers the Offer to be attractive to the shareholders. Against this background, the Board of Directors unanimously recommends the shareholders of Permascand to accept the Offer.

Impact on Permascand and its organisation

Pursuant to the Takeover rules, the Board of Directors shall, based on the content of Altor PC’s announcement of the Offer, present its opinion regarding the impact that the implementation of the Offer may have on the Company, particularly in terms of employment, and its opinion regarding Altor PC’s strategic plans for Permascand and the effects it is anticipated that such plans will have on employment and on the locations where the Company conducts its operations. In the announcement of the Offer, Altor PC states the following:

Altor has followed Permascand closely over the last year and is highly impressed by the development of Permascand, and the work done by the management team and employees so far. Altor see Permascand as a true pioneer within electrochemistry and believe the Company’s long-term track record, research and development capabilities and experience within electrode manufacturing is unique.

Given the significant capex investments required to increase manufacturing capacity, particularly in relation to the renewables end-market, Altor strongly believes that the Company should be operated in a private setting. Altor shares the Company’s and management’s vision in developing Permascand to become a global leader in electrode manufacturing and supply within the fast-growing green hydrogen industry, and identify potential in several areas, including:

• further strengthening Permascand’s position in Europe and globally as a leading electrode manufacturer;

• leveraging Permascand’s advantageous market position to capture a significant market share in green hydrogen as a supplier of high efficiency electrodes within the Alkaline Water Electrolysis segment;

• expanding the existing capacity footprint to increase Permascand’s global market share within several end-markets;

• reinforcing the research and development department to sustain and bolster Permascand’s long-term competitive edge; and

• allocating investments towards employer branding initiatives and expand talent pool sourcing to attract top talent on a global scale.

Based on these intentions and Altor’s characteristics as an investor, Altor PC believe that Altor would be a suitable partner for Permascand for the next phase of growth.

Altor places great value on Permascand’s organisation and expects that the Offer will support growth and create long-term positive effects for employees, customers and other stakeholders impacted by the operations of Permascand. Altor PC has not made any resolutions that are expected to cause the Offer to have an impact on Permascand’s organisation, management teams or employees, including their terms of employment, or on the locations of Permascand’s operations.

The Board of Directors assumes that this is a correct description and has no reason to take a different view in relevant aspects.

This statement shall in all respects be governed by and construed in accordance with substantive Swedish law. Disputes arising from this statement shall be settled exclusively by Swedish courts.

Ljungaverk, 19 December 2023

Permascand Top Holding AB

The Board of Directors

_____

[1] Under name change from Goldcup 34285 AB.
[2] The Board member Ingar Jensen has, through Ulven Invest AB, undertaken towards Altor PC to accept the Offer. Taking into account the contractual relationship between Altor PC and Ulven Invest AB and the Takeover rules, Ingar Jensen has not participated, and will not participate, in the Board of Directors’ handling of or resolutions regarding matters related to the Offer.
[3] Managed by Altor Fund Manager AB (together with Altor Fund VI, “Altor”).
[4] Based on a total number of shares of 59,313,529.
[5] Shareholders in the Company refer to Norvestor VI L.P., Ingar Jensen through Ulven Invest AB, Fredrik Herlitz through 5J Holding AB, and Peter Lundström.

Q3 2023: Stronger order intake and improved gross margin

Third quarter 2023 (Q3 2022)

  • Order intake increased year-on-year to SEK 154 million (143)
  • Sales decreased 35 per cent to SEK 78 million (120)
  • Operating profit totalled SEK 7 million (11), corresponding to 10 per cent (9) of revenue
  • Adjusted operating profit totalled SEK 5 million (6)
  • Profit after tax totalled SEK 4 million (8)
  • Earnings per share amounted to SEK 0.07 (0.13)
  • Cash flow from operating activities totalled SEK 43 million (39)

January–September 2023 (January–September 2022)

  • Order intake totalled SEK 340 million (338) compared with the year-earlier period
  • Sales decreased 16 per cent to SEK 357 million (422)
  • Operating profit totalled SEK 33 million (87), corresponding to 10 per cent (13) of revenue
  • Adjusted operating profit totalled SEK 31 million (82)
  • Profit after tax totalled SEK 23 million (66)
  • Earnings per share amounted to SEK 0.38 (1.12)
  • Cash flow from operating activities totalled SEK -34 million (119)

Events during the third quarter of 2023

  • On 18 September, Permascand announced that it had received two orders from one of the world’s largest commodity trading companies regarding aftermarket services in electrowinning.
  • On 12 September it was announced that Permascand had joined Hydrogen Europe, a leading organisation in the world of hydrogen. The membership will enhance Permascand’s presence in the European green hydrogen ecosystem.

Significant events after the end of the reporting period

  • On 25 October, Permascand announced that the company had signed a letter of intent with a leading green hydrogen technology provider concerning high-performance electrodes for advanced alkaline electrolysis.
  • On 2 November, Permascand announced a SEK 17 million order for advanced electrodes for hydrogen production.

CEO comment

The third quarter of the year was characterised by a stronger order intake and progress in our Electrification & Renewables segment, which is continuing its robust growth and where we have advanced our positions in our hydrogen gas offering.

Order intake for the quarter totalled SEK 154 million, mainly consisting of two orders in Electrification & Renewables that we announced in September. These orders pertain to aftermarket services in electrowinning and confirm that our customer focus is leading to strong, long-term customer relationships. The orders will be delivered at regular intervals during 2024.

Sales for the third quarter totalled SEK 78 million. This is a decrease of 35 per cent year-on-year, which is attributable primarily to the sharp decrease in sales in Water Treatment in line with our forecasts. Sales were driven by deliveries in both Electrification & Renewables and Industrial Solutions, both of which grew compared with the year-earlier period.

Gross profit for the quarter totalled SEK 26 million, corresponding to a gross margin of 33 per cent (22). The main reason for the stronger gross margin is the product mix for the quarter in Industrial Solutions’ aftermarket business. We can also state that we have a positive cash flow of SEK 43 million from operating activities during the quarter, as a result of lower trade receivables and advance payments from customers in conjunction with new orders.

To stay on the leading edge and strengthen our offering, Permascand will continue to invest in research and development. Developing the market’s most efficient, high-quality products with energy efficiency, extended life cycle and stability as our areas of focus. These factors are increasingly in demand, are central to Permascand’s core technology offering as well as being necessary components in being able to reduce the costs of producing green hydrogen.

Electrification & Renewables
In Electrification & Renewables, sales increased 77 per cent to SEK 23 million. Sales comprise mainly of development projects with the long-term ambition to start serial production resulting in improved margins. We leave the quarter with a strong order book while the level of activity remains intensive in all areas: hydrogen, electrowinning and electricity transfer. In green hydrogen, we recently signed a letter of intent with a leading supplier of green hydrogen technology, with Permascand’s product and production offering being central to achieving future levels of ambition. After the end of the quarter, we won a commercial order of SEK 18 million for hydrogen from an unnamed customer. It pertains to high-efficiency electrodes for advanced alkali electrolysis of water, with planned delivery in 2024. We are seeing increased volumes of electrodes as an initial sign that hydrogen projects are nearing the commercialisation phase.

Industrial Solutions
Industrial Solutions accounted for the majority of sales, which increased 20 per cent to SEK 49 million. In the quarter, sales consisted mainly of aftermarket services, after having also delivered orders for major greenfield projects in the first half of the year. The gross margin performed positively because of this larger share of aftermarket business. The order intake varies between quarters, just as sales do. After the end of the quarter, a large aftermarket order of SEK 52 million was placed for delivery in 2024.

Water Treatment
The sharp decrease in the levels of order intake and revenue in Water Treatment was due to a decline in the global market linked to the installation cycle and stockpiling among customers. We are now delivering from our existing order book, which is not expected to grow substantially until after 2026 when the aftermarket business in the segment is estimated to achieve meaningful volumes.

Outlook
As regards order intake, the fourth quarter has gotten off to a good start with a commercial order for hydrogen as well as aftermarket business in Industrial Solutions, which strengthens Permascand’s order book for 2024 and beyond.

In line with previous assessments, sales for full-year 2023 are expected to be lower than in the preceding year as a result of the decrease in sales in Water Treatment. Over the short term, sales performance will be adversely impacted by the downturn within Water Treatment, but over time it is expected to be fully offset by Industrial Solutions and Electrification & Renewables.

We are experiencing a continued high level of activity and advanced dialogues with many of our customers, which means we see a favorable outlook for the order intake in the months ahead – including in the form of larger commercial orders in hydrogen, where we are pursuing far-reaching discussions with several operators, as well as in the form of aftermarket services in Industrial Solutions.

We enter the final quarter of the year with yet another profitable quarter of positive cash flows behind us. With a strengthened order book and commercial advances in hydrogen while Industrial Solutions is continuing its stable growth over time, we look forward with confidence to the end of the year and the quarters immediately following.

Peter Lundström, CEO Permascand

Report presentation
CEO Peter Lundström and CFO Linda Ekman will present the report in a conference call today at 10:30 CET. The presentation will be held in English and will conclude with a Q&A session.

Webcast
https://ir.financialhearings.com/permascand-top-holding-q3-report-2023

Registration
To participate via teleconference, please register via the link below. After registration, you will be provided with telephone numbers and a conference ID to access the conference. You can ask questions verbally via the telephone conference.

https://conference.financialhearings.com/teleconference/?id=5003308

After the presentation, a recording of the webcast will be available on the webcast link and on the company’s website www.permascand.com

Link to report
The report is attached to this announcement and can be found at: https://permascand.com/investors/financial-reports/

Permascand receives two orders totaling 130 MSEK from one of the world’s largest commodity trading companies

Permascand has received two orders from one of the world's largest commodity trading companies regarding aftermarket services in electrowinning, within the Electrification & Renewables segment. The order value totals approximately SEK 130 million and will be included as order intake in the third quarter of 2023. The orders are expected to be delivered in 2024.

"These orders are further proof that our customer-centric focus is bearing fruit. It is gratifying to continue this well-established cooperation in our growth segment Electrification & Renewables where our mission-critical solutions enable the extraction of metals central to the green energy transition and make the process more sustainable", says Peter Lundström, CEO of Permascand.

The business partnership is well established, and Permascand has historically delivered aftermarket services to the customer's facilities. The customer is one of the world's largest global diversified natural resource companies and a major producer and marketer of more than 60 commodities that advance everyday life.

Q2 2023: A quarter of intense deliveries with a changed revenue mix towards future growth segments

Second quarter 2023 (Q2 2022)

  • Order intake increased year-on-year to SEK 154 million (4)
  • Sales increased 3 per cent to SEK 167 million (163)
  • Operating profit totalled SEK 17 million (45), corresponding to 10 per cent (28) of revenues
  • Adjusted operating profit totalled SEK 17 million (45)
  • Profit after tax totalled SEK 12 million (35)
  • Earnings per share amounted to SEK 0.21 (0.58)
  • Cash flow from operating activities totalled SEK -40 million (58)

January–June 2023 (Q2 2022)

  • Order intake decreased 5 per cent year-on-year to SEK 185 million (195)
  • Sales decreased 8 per cent to SEK 279 million (303)
  • Operating profit totalled SEK 25 million (76), corresponding to 9 per cent (25) of revenues
  • Adjusted operating profit totalled SEK 25 million (76)
  • Profit after tax totalled SEK 18 million (58)
  • Earnings per share amounted to SEK 0.31 (0.37)
  • Cash flow from operating activities totalled SEK -77 million (80)

Events during the second quarter of 2023

  • On 12 May, Permascand announced that the company was strengthening its presence in North America by signing a collaboration and supply agreement with Chemetry. Permascand is also investing in the company as a growth partner.

CEO comment

The second quarter of the year was characterised by continued changes to the revenue mix, with growth in the Electrification & Renewables and Industrial Solutions segments that successfully offset a decrease in sales in Water Treatment.

Sales for the quarter totalled SEK 167 million, up 3 per cent year-on-year. Sales were driven by robust growth in both Industrial Solutions and Electrification & Renewables. Successfully setting a new sales record for a single quarter, despite the changes to the revenue mix with a sharp decrease in sales in Water Treatment, is quite an achievement.

Order intake for the quarter totalled SEK 154 million, driven primarily by Electrification & Renewables, our future pillar, and Industrial Solutions, our stable industrial business. One of the highlights of the quarter was the order in Electrification & Renewables, under which the company will supply cells for the construction of a new lithium extraction facility, expected to be delivered in 2025. Customer activity levels continue to be high, but we are still experiencing cautiousness from customers in their orders caused by the uncertainty brought about by the situation in the global market.

Gross profit for the quarter totalled SEK 45 million. That corresponds to a gross margin of 27 per cent, which is lower than the 38 per cent achieved in the year-earlier period. We achieve a lower gross margin due to changed product mix where we in the quarter have a smaller series of manufacturing in Electrification & Renewables, and a price pressured water treatment business.

Permascand's three segments are in three different phases. Industrial Solutions is a very stable aftermarket business with good visibility and profitability. The Water Treatment business has during the period 2018-2022 gone through a strong growth phase with new installations. In total, we delivered around 5,500 cells before installations declined from the first quarter of 2023 and we expect the aftermarket business to reach significant levels after 2026 with the refurbishment of systems installed before 2018. Thus, after 2026, two out of three segments are expected to be in stable aftermarket phases. Permascand's next growth engine is Electrification & Renewables where we have an ambition to reach 5GW capacity for green hydrogen manufacturing in 2030.

Electrification & Renewables
The segment posted one of the strongest quarters in its history in terms of sales, while we experienced a high level of activity and increasingly intensive customer dialogues within all parts of the segment, electrowinning, power transmission and hydrogen. The electrowinning orders received in lithium extraction are a success in line with our strategic focus on winning business in new construction. The recoating cycle is estimated at between two and five years, which presents opportunities for attractive and recurring aftermarket business.

In green hydrogen, it is clear that our customers’ investment decisions are largely governed by the global market and financing opportunities. Owing to the investments in our production capacity over the last few years, we are ready to do our part – delivering on orders for components for production of green hydrogen on a commercial scale. We currently have over ten active customers with orders, sales and ongoing development and qualification processes. At the same time, we have another ten customers with ongoing dialog and exchange of information.

Industrial Solutions
The Industrial Solutions business area is driven by a stable and profitable aftermarket business and has potential for growth through new construction and capacity increases. The segment is our engine for the quarter. In May, we could announce that we had signed a collaboration and supply agreement with California-based Chemetry, which boosts the company’s presence in North America. The partnership pertains to commercialisation of a more efficient and sustainable process technologies for commodity chemicals. The development is proceeding in accordance with plans, with expectations that the demonstration facility at Braskem will be in full use in the first half of 2024.

Water Treatment
In water treatment, we are delivering on our existing order book. We believe that orders will not grow appreciably until after 2026, when it is expected that the segment’s aftermarket business will generate increased revenue. We are continuing to work on our offering in the area of water treatment in industry and public water supply. This is an area where we see continued potential for growth, and the possibility for our technology to be developed in a new area of application.

Outlook
Visibility in the short term remains low on how the market and customer orders will develop in the near future. It is clear that the situation in the global market is leading to restraint and caution among our customers – and their customers – in their investment decisions, which is expected to continue into the second half of the year. Given the patterns in customer orders and deliveries, we believe that sales for the full-year 2023 will be lower than that of 2022. Owing to the market environment we expect an unchanged level of our gross margin in the coming quarters.

However, the underlying long-term demand among our customers remains strong. For example, customers postponing investments in new and existing facilities result in increased operating costs, due to lower performance and higher energy consumption, which creates a pent-up need that must be met in the future. Further on, we expect that Electrification & Renewables and Industrial Solutions will continue to grow and even better offset the decrease in sales in Water Treatment. We see good chances that the first order for hydrogen on a commercial scale will be made before the end of the year. This is an area that is expected to gain in momentum in 2024 before a major breakthrough is expected in 2025.

Permascand has a strong position in the market, with our technology and solutions meeting customer expectations for quality and performance. All together, we feel positive about the long-term market outlook driven by the global green transition.

Peter Lundström, CEO Permascand

Report presentation
CEO Peter Lundström and CFO Linda Ekman will present the report in a conference call today at 10:30 CEST. The presentation will be held in English and will conclude with a Q&A session.

Webcast
https://ir.financialhearings.com/permascand-top-holding-q2-2023

Registration
To participate via teleconference, please register via the link below. After registration, you will be provided with telephone numbers and a conference ID to access the conference. You can ask questions verbally via the telephone conference.

https://conference.financialhearings.com/teleconference/?id=200910

After the presentation, a recording of the webcast will be available on the webcast link and on the company’s website www.permascand.com

Link to report
The report is attached to this announcement and can be found at: https://permascand.com/investors/financial-reports/