Stiesdal SkyClean A/SAktiv

Stiesdal SkyClean develops and commercialises pyrolysis-based carbon removal technology that converts agricultural and forestry residues into biochar and renewable energy. The resulting biochar provides a durable carbon sink, while the energy-rich gas and oil fractions can be upgraded into sustainable fuels. This integrated approach enables the delivery of permanent atmospheric carbon removal alongside valuable green energy products.The SkyClean platform is designed for cost-efficient, industrial-scale deployment. By combining negative emissions from biochar sequestration with revenue streams from carbon certificates and renewable energy, the technology offers a commercially viable pathway to carbon removal. Its modular and flexible design supports deployment across a range of applications and geographies, including hard-to-abate sectors.Management believes that SkyClean has the potential to become a leading cost-competitive solution for atmospheric carbon removal. The company is well positioned to benefit from the Danish government’s forthcoming pyrolysis support scheme, expected to be tendered in early 2027, which is anticipated to contribute to increased market activity and support industry scale-up.

In 2025, Stiesdal SkyClean focused on securing stable operation of its 20 MW pyrolysis plant in Vrå, which continues to be one of the world’s largest facilities of its kind for combined carbon removal and biochar production. While operations faced technical and cost-related challenges early in the year, resulting in additional development expenditures, the year concluded with performance in line with targets, confirming the economic viability of the pyrolysis technology. Development of the SkyClean core pyrolysis concept is therefore considered substantially complete, with ongoing investments focused on the refinement and optimisation of sub-processes.The company recorded a net loss of DKK 13.7 m in 2025 (2024: DKK 32.5 m). Equity stood at DKK 303.9 m as of 31 December 2025. Capitalised development costs for the year amounts to DKK 68.8 m, reflecting the substantial completion of development activities in relation to the SkyClean core pyrolysis concept. The financial performance is considered in line with expectations for a company in a development and scaling phase.Throughout 2025, the company’s cash position was supported by credit facilities provided by the parent company, reflecting the current strategy of capitalisation via the parent company rather than as a standalone entity.To ensure liquidity through 2026, the Stiesdal Group in March 2026 obtained a new loan from the existing shareholders amounting to minimum DKK 63 mio. Based on approved budgets and ongoing support

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