Financial developments and significant events in the first quarter of 2025

Net sales revenues increased by 78% to KEUR 467 in Q1-25 compared to KEUR 263 in Q4-24. Revenues decreased 30% compared to KEUR 671 in Q1-24. The first quarter last year was impacted by a periodization of income from 2023, so the underlying trend is that sales performance is growing Q-on-Q for the last six quarters. Furthermore, the underlying development in the quality of the revenues is also positive. Eevia achieved sales from strategic customers, including a repeat order from a customer that made its first purchase in the summer of 2024.

Eevia received strong interest for its top elderberry and other high-concentrate extracts, elucidating poorly understood competitive advantages that was the basis for establishing a new separate product category - “High-Strength Extracts.” This category contains non-compendial, proprietary extracts that have the highest concentration of bioactives in the market.

The gross profit in Q1-25 was KEUR 276, an increase of 87% from KEUR 148 in Q4-24 and a decrease of 26% from KEUR 372 in Q1-24. The gross margin was 59% in Q1-25, up from 37% in Q4-24 and from 55% in Q1-24. The development from Q1-24 is due to a changing product mix.

The Management maintained a focus on reducing fixed costs during Q1-25, while also improving the balance of the organization. Four positions were terminated in Operations (Manufacturing) in addition to voluntary resignations, while Eevia added two new positions to Sales and Marketing. Still, personnel costs were down to KEUR 226 in Q1-25 from KEUR 240 in Q1-24 and KEUR 257 in Q4-24 (and KEUR 455 in Q1-23!). Similarly, Other operating expenses were down to KEUR 217 in Q1-25 from KEUR 249 in the first quarter of 2024.

EBITDA in Q1-25 came in at KEUR -166 compared to KEUR -103 in Q1-24. The EBITDA in Q4-24 was positive with KEUR 257 but was heavily impacted by “one-time” Other incomes. Adjusted for these items, the EBITDA was negative with KEUR -267 in Q4-24.

The net result after tax for Q1-25 was negative with KEUR - 499 compared to KEUR - 387 in Q1-24 and KEUR - 119 in Q4-24.

Cash flow from operations was negative with KEUR -434 in Q1-25 compared to a positive cash flow of KEUR 4 in Q4-24 and a negative cash flow of KEUR -253 in Q1-24. The negative cash flow in Q1-25 partly stems from the operating result and partly from a reduction in payables. The increase in the negative cash flow between the quarters stems primarily from changes in working capital in the period.

Eevia completed a rights issue in February which was intended to fill the MEUR 1.1 gap from the rights issue in June 2024. For the rights issue in February 2025, 59,787,210 new shares were subscribed that provided gross proceeds of KEUR 466. From the total subscriptions, KEUR 328 were debt-to-equity conversions, and KEUR 138 were cash proceeds. After fees and costs of KEUR 90, the cash proceeds were limited from this rights issue.

With two rights issues less than fully subscribed to, the Board has asked Management to prepare for private placement of shares for c. MEUR 0.6 during Q2-25 to fill the remaining funding gap. To leverage the equity funding, Eevia has also applied for non-dilutive loans from national funding institutions in Finland.

The Management decided to make write-downs of inventory for 2024 financial statements after the Year-End Report had been made public. The revised 2024 figures are presented in this Interim Report and will be further reported in statutory financial statements to be published June 10th, 2025.

Processes related to sales of equipment in connection with plans for a greenfield manufacturing facility in Kemijärvi, Lapland were initiated but then put on hold. A feasibility study related to a possible “super-sustainable”, green-chemistry green field plant in the very north of Finland, is slowly moving forward. However, the divestment transactions for this initiative are on hold. and the focus is on more short-term investment actions at the manufacturing facility in Kauhajoki, Finland to make it more energy efficient, sustainable and profitable. It is the Kauhajoki manufacturing facility that must handle the growth in the period 2025 – 2027.

Divestment of IP related to Retinari™ was confirmed and executed during Q1-25.

In the Extraordinary General Meeting on January 17th, Marinus Blåbjerg Sørensen was elected as a member of the Board.

This disclosure contains information that EEVIA HEALTH PLC must make public according to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication through the contact person’s agency on May 20, 2024, at 10:00 CET.