Invest in a clean future

CEO's review

Managing Director Kirsi Suopelto after the third quarter of 2023:

The Meriaura Group’s performance in the third quarter met our expectations. Our revenue in the third
quarter was EUR 15.7 million, and our revenue in January–September amounted to around EUR 47 million.

In maritime transport, the third quarter is typically the slowest quarter of the year, and this year was no
exception. In 2022, however, the third quarter was the best of the year, which is exceptional. In 2023, as
expected, demand was subdued during the summer holiday season in July and August but started to grow
towards the end of the third quarter. In bulk transport, the volumes have remained relatively stable because of
long-term customer contracts. The general deterioration of the economic situation and increased uncertainty
affected the demand for and cargo levels of spot shipments to some extent in the third quarter. The demand
for project shipments decreased in the middle of the summer but returned to normal levels towards the end of
the quarter. Fuel prices being higher than in the second quarter, which had a positive impact on revenue as it
was reflected in the price of marine fuel charged to customers.

In January–September, the Meriaura Group’s EBITDA was EUR 4.3 million (EUR -3.3 million), or 9% of revenue.

Since the summer, the Renewable Energy business has been preparing for the implementation of the delivery
contract with Bauer Holzenergie GmbH. As we announced after the review period, we have agreed with Bauer
Holzenergie to start the project despite the delay in the building permit for the project. Bauer Holzenergie uses
solar heat for both district heating and industrial process heat.

Increasing the use of renewable energy remains a priority for industry and district heating companies.
According to market forecasts, the solar heat market is expected to grow significantly in the coming years,
especially in industrial heat production. According to a market survey by Solrico, a German market research
agency, there are around 40 large solar heat projects in Europe that are currently in the planning phase and will
possibly be completed within the next three years. This would mean an increase of 50% in installed capacity
between 2024 and 2026. Growth is boosted by support from society to reduce carbon dioxide emissions. In
Germany, for example, the government approved a funding package of around EUR 13 billion for investments
in renewable energy in August.

In Marine Logistics, we expect that demand will start to grow towards the end of the year thanks to our strong
contract base and new project orders.
In the spring, we carried out a restructuring process in which the Renewable Energy business became a
subsidiary in the same manner as the Marine Logistics business. This streamlining has progressed well.

We are well positioned to respond to the growth in demand thanks to the Group’s structural changes, strong
balance sheet and good tender backlog.”

– Meriaura’s Business Review, on 6th November 2023