Continued growth in the Advanced segment

At the beginning of 2025, Svenska Aerogel introduced a new segment - Advanced. This segment includes customers who use Quartzene® as an additive material to develop technologically advanced and innovative products that offer competitive advantages, for example in the textile and personal care industries.

During the year, a North American customer in the outdoor industry has placed recurring orders. Their applications include insulating materials used in products such as tents, boots, jackets, protective gear, and workwear.

"To date, they have ordered materials worth over 1 million (M) SEK, and according to the customer, this is only the beginning. They are participating in major tenders in the U.S. market. If they win any of the tenders, the potential for us is substantial, with an estimated value of approximately 20 - 30 MSEK annually once the projects reach a mature phase," says Tor Einar Norbakk.

Another customer active in the same area is Outlast® Technologies, which has developed a solution enabling Quartzene® to be integrated into padding used in products such as pillows and duvets, jackets, boots, and protective clothing. The company launched their product Aersulate® at the beginning of the year. In October, Outlast® was recognized as one of the top ten innovations at Performance Days in Munich an award achieved in competition with more than 2,000 submissions.

"Outlast® is a well-established brand in the European textile market, and they currently have several customers evaluating their latest product, Aersulate®," says Tor Einar.

Watch the video presenting Aersulate® here: Aersulate(R) Fibers on Vimeo

Strong potential in the Building & Construction and Transport segments

Within the transport segment, Belcor® - a European supplier of nonwoven-based solutions for thermal insulation and fire protection of electric vehicle (EV) batteries - is currently engaged in projects with leading OEMs in the automotive battery industry. During the year, the company has further advanced its products in line with the OEMs' specific requirements.

"We have several ongoing customer projects within transport and safety solutions for electric batteries, and together with Building and Construction, this is the segment where we see the greatest potential," continues Tor Einar. Belcor® is considered one of the customers closest to a potential breakthrough.

Expanding customer project pipeline

The number of customer projects continues to grow and has now surpassed 170. The total potential value in the business development funnel is approximately 700 MSEK once the projects reach maturity.

"This year, the number of customers in the commercial phase has tripled - from three to eleven - and conditions are favourable for additional customers to make the transition before the end of the year. Our experience shows that customers' development processes are often time-consuming and require perseverance. At the same time, we believe that the prospects for achieving a breakthrough with our customers have never been more promising," concludes Tor Einar Norbakk.

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For further information, please contact:

Tor Einar Norbakk, CEO. Telephone: +46 (0)70 616 08 67. E-mail: toreinar.norbakk@aerogel.se

About Svenska Aerogel Holding AB (publ)

Svenska Aerogel manufactures and commercializes the mesoporous material Quartzene®. Svenska Aerogel's business concept is to meet the market's need for new materials that are in line with global sustainability objectives. Quartzene® is flexible and can be tailored to different applications to add essential properties to an end product. The company's vision is to be the most valued business partner providing pioneering material solutions for a sustainable world.

Svenska Aerogel Holding AB is listed on Nasdaq First North Growth Market. Certified Adviser is FNCA.

Gävle, December 1, 2025.