Pyrum Innovations : Konzernzwischenbericht für das erste Quartal 2024 (Englische Version)

PYRUM INNOVATIONS AG

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Consolidated Interim Report, 1 January to 31 March 2024

PYRUM INNOVATIONS AG

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Consolidated Interim Report, 1 January to 31 March 2024

Consolidated Interim Report for the Period from

1 January to 31 March 2024

The Pyrum Group's KPIs at a glance

Results of operations and financial position

(EUR thousand)	1 Jan. 2024-	1 Jan. 2023-
31 Mar. 2024	31 Mar. 2023
Sales	336	218
Total output	2,177	3,188
Other operating income1	148	80
EBITDA2	-1,927	-1,608
EBIT3	-2,455	-2,162
Net income/loss	-2,684	-2,237

Net assets

(EUR thousand)	31 Mar. 2024	31 Dec. 2023
Total assets	55,724	50,926
Equity	19,969	22,380
Equity ratio4	35.3%	43.9%
Available liquidity	7,065	4,275
Employees5	76	73

1. Research grants, subsidies and R&D services
2. Consolidated net income for the period before depreciation, amortisation and write-downs, before financial result, before income taxes
3. Consolidated net income for the period before financial result, before income taxes
4. Equity/total assets
5. Annual average

PYRUM INNOVATIONS AG

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Consolidated Interim Report, 1 January to 31 March 2024

TABLE OF CONTENT

TABLE OF CONTENT
Company - Operating activities
Operating activities	8
Value chain	9
Shareholders and Group structure	10
Development of economic conditions	12
Results of operations, Net assets and Financial position
Results of operations	15
Net assets	16
Financial position	17
Report on own and customer projects	20
Supplementary report and Outlook	24
Interim Consolidated Financial Statements for the
1st Quarter 2024
Consolidated interim balance sheet	28
Consolidated income statement	30
Consolidated cash flow statement	31
Consolidated statement of changes in equity	32
Consolidated gross statement of changes in non-current assets	33
Financial calendar and legal notice	34

PYRUM INNOVATIONS AG

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Consolidated Interim Report, 1 January to 31 March 2024

PRELIMINARY REMARK

Preliminary remark

In this report, we provide information about the business performance of the Group of Pyrum Innovations AG in the period from 1 January 2024 to 31 March 2024 and about the prospects for future development.

The disclosures in this report have not been audited or reviewed by an auditor.

PYRUM INNOVATIONS AG

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Consolidated Interim Report, 1 January to 31 March 2024

Content

Company - Operating activities

Operating activities	8
Value chain	9
Shareholders and Group structure	10
Development of economic conditions	12

THE COMPANY

COMPANY - OPERATING ACTIVITIES

Operating activities

Pyrum Innovations AG operates with its patented thermolysis technology in the attractive recycling market for end-of-life tyres. Pyrum's thermolysis process is largely energy self-sufficient, saves significantly more carbon emissions than the recycling processes normally used for end-of-life tyres today according to the Fraunhofer Institute - especially compared to incineration at cement plants - and uses waste as input materials to produce new raw materials such as thermolysis oil, gas and recovered carbon black (rCB). Pyrum thus closes the recyclable material loop and has a sustainable business model.

As a pioneer, Pyrum Innovations AG was the first company in the end-of-life tyre recycling sector to receive, back in 2018, REACH registration from the European Chemicals Agency (ECHA) for the thermolysis oil it produces. The oil is thus recognised as an official raw material that can be used in production processes. In addition, Pyrum has received ISCC+ certification for its thermolysis oil and rCB. Both products are thus classed as sustainable and renewable raw materials. Based on the ISCC+ certification (since 2021), we can confirm to our customers that the secondary raw materials originate from sustainable production.

These successes have also been recognised by international experts and major companies in the tyre industry. For example, the tyre manufacturer Continental has held an equity interest in Pyrum since the company was first listed in Oslo in 2021 and uses recovered carbon black (rCB) from Pyrum in its Super Elastic solid tyres. BASF, which has held an equity interest in Pyrum Innovations AG since 2020 as part of its ChemCycling project, also uses thermolysis oil from Pyrum within its production network. Furthermore, Pyrum won in the Best Tyre Recycling Innovation category at the inaugural Recircle Awards in 2021 and has been nominated for the 'Grand Prix Mittelstand' by the German state of Saarland on more than one occasion.

PYRUM INNOVATIONS AG

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Consolidated Interim Report, 1 January to 31 March 2024

THE COMPANY

Value chain

This diagram presents an example of how one tonne of end-of-life tyres is processed. In order to guarantee the product safety and quality of its end products, Pyrum operates its own tyre shredder. The volume flow and the quality of the input materials can thus be actively managed and monitored.

The disposal fee that Pyrum receives for accepting the tyres is used to cover the running costs of the shredder.

The proportions of steel, textiles and rubber that are recovered vary depending on whether truck, car or bicycle tyres are being processed. The tyre wire that is recovered can be directly reprocessed into new products at steel plants.

The thermolysis reactor is energy self-sufficient and operated using electricity generated from the conversion of the thermolysis gas recovered during the process. More than 150 heat sources thus ensure optimal and controllable distribution of the temperature in the reactor. This is the basis for producing high-quality thermolysis oil and recovered carbon black (rCB) repeatedly over the long term.

As there are no moving parts in the reactor, unwanted inflows of oxygen, which can arise in conventional processes such as batch ovens or rotary kilns, are consistently excluded. An optimal thermolysis process is thus guaranteed.

The waste heat created by the in-house electricity generation can be used for the process to dry the rCB pellets, resulting in an additional carbon saving compared to the current recovery mix for end-of- life tyres.

With the delivery of the thermolysis oil to BASF, which manufactures high-quality products from it, and the use of the rCB in tyre production, optimal recycling is achieved.

PYRUM INNOVATIONS AG

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Consolidated Interim Report, 1 January to 31 March 2024

THE COMPANY

Shareholder structure of Pyrum Innovations AG

as at 31 March 2024

Pascal Klein*1

9,9 %

Amel Holding SA *1

10,0 %

Michael Kapf *1

1,2 %

Jürgen Opitz*2

8,0 %

Others 55,9 %

BASF Antwerpen NV

7,9 %

Benifin GmbH

7,1 %

*1 Major founding shareholders

*2 Including attributable shares

• Approximately 5,400 shareholders were recorded in the share register as at 31 March 2024.

PYRUM INNOVATIONS AG

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Consolidated Interim Report, 1 January to 31 March 2024