Pryme - Trading Update

12 Nov 2025 18:00 CET

Pryme - Trading Update

Rotterdam, November 12th, 2025

Pryme (the “Company”) is providing the following trading update which provides
information regarding the Company’s strategy and plans for Pryme One and Pryme
Two, Pryme’s liquidity status and need for funding, and updates on selected
other items.

Pryme One – change in strategy

In Q4 2024, Pryme revised its production capacity estimate for Pryme One to
16,700 tons per year, reflecting updated technical assumptions and operational
learnings. 2025 brought tremendous learnings to the team about the Pryme One
process, facility, and its potential as the Company focused on improving plant
reliability, enhancing production efficiency, and increasing the quality of its
pyrolysis oil. Pryme successfully executed its test plan, validating that the
core pyrolysis process operates effectively at scale, with high oil yields (75%)
and consistent product quality. In parallel, the Company renegotiated its main
off-take agreement, securing improved pricing and broader product
specifications.

Despite these achievements, total production for 2025 year-to-date reached only
785 tons; more than 70% below the targeted volumes. This prevented the Company
from reaching its targets and led to serious funding shortfalls as only
negligible revenues have been earned to date. The main reasons for the
disappointing production volumes were persistent reactor reliability issues
(leading to very short periods of plant up-time) and internal scaling in the
reactor (which significantly reduced the reactor conversion rate over time as a
scaling layer built up). Reactor-related failures accounted for 97% of the
unplanned downtime in 2025, while scaling alone was shown to reduce capacity by
more than 70% over time.

The testing program has demonstrated that, with the exception of the reactor,
the entire Pryme One installation can operate at or above the performance levels
that were originally estimated. The reactor is the “weak link” in the
installation and needs to either be replaced or significantly improved.

To unlock Pryme One’s full potential and improve Pryme One’s production rate and
cash flow performance, the Company is considering to replace the current reactor
with a new, more reliable and better performing reactor. Pryme estimates that
such a reactor upgrade could significantly improve uptime and throughput,
enabling annual production levels of between 16,500 to 21,500, well within the
cash breakeven level for the Pryme One plant.

If such change in reactor strategy is undertaken, the construction, delivery and
installation of the new reactor is estimated to last until the second half of
2027 with commissioning expected to commence in Q4 2027.

Pryme expects to decide on its reactor strategy for Pryme One no later than in
the first quarter of 2026. The period until a final reactor decision is made
will mark a critical period for Pryme that will influence not only Pryme One and
its performance, but also strongly impact the Company’s future plant designs.
Naturally, if the Company decides to install a new reactor, this will lead to a
phase where production will need to be halted for an extensive period of time
when the new reactor would be installed. Such shut-down period is expected to
take place for a portion of 2027 if the new reactor project were to be
undertaken.

Naturally, replacing the reactor would have a significant impact on the
Company’s funding needs. This is further described in the “Liquidity Status &
Need for Funding” section below.

The consideration to seek a better performing reactor in the Pryme One
installation is driven by 1) the need to create a Pryme One that does not
require ongoing funding, but rather is cash flow positive on a standalone plant
basis and 2) to have a proven and demonstrated industrial scale test plant in
operation acting as the technical basis for Pryme Two.

In addition to the reactor considerations, the Company is evaluating broad cost
reduction alternatives thereby seeking to eliminate any non-essential costs in
order to reduce the cash burn to the lowest level possible.

Liquidity Status & Need for Funding

As indicated in the trading update dated October 20th, 2025, and in the Q3 2025
report, Pryme is seeking at least €5 million in funding in the near term,
ideally before the end of 2025. The potential change in reactor strategy would
seriously impact Pryme’s funding needs. Early estimates by the Company indicate
that a total of €25 30 million would be required in the short- to medium-term if
a new reactor were to be installed and put into operations at Pryme One.

If a new reactor is to be constructed, installed and put into operations, the
Company anticipates that there will be two funding rounds; 1) a bridge funding
of €5 million in Q4 2025 to support short-term operations and fund the
preparations for the reactor evaluation and 2) a funding round of approximately
€25 million in Q1 2026 to finance the new reactor project and extend the
Company’s runway until the end of 2027. At that time the Company would expect
Pryme One to be cash-flow positive and the fundamental Pryme Two design to have
progressed to the point where Pryme Two growth funding would start to be
prepared.

Currently, conversations with Pryme’s largest institutional shareholders and
some other potential institutional sector investors are taking place in order to
sense such investors’ interest in participating in the “bridge funding” and the
larger Q1 2026 funding round. The Company’s two largest shareholders are
expected to fund the “bridge funding” under the condition that they receive
sufficient comfort that other institutional current and sector investors would
be likely to significantly participate in the larger Q1 2026 funding round.

Pryme is seeking to obtain a strong indication of support from select
institutional sector investors, some of which are current shareholders. With
this backing – and the Company’s clear roadmap to address technical challenges
and unlock production capacity – Pryme believes it will be well-positioned to
secure the necessary funding, deliver on its strategic objectives, and
accelerate its contribution to the circular economy

Other updates

As per the date of this trading update,
• The production at Pryme One has still not restarted. As announced on November
5th, 2025, the production is still expected to resume in the second half of
November, 2025.
• The Company has a cash balance of € 4.0 million.
• The October cash burn rate was € 0.5 million. Pryme expects the November and
December, 2025 cash burn rates to amount to approximately € 1.4 and € 1.4
million, respectively.
• The estimated Q4, 2025 cash burn rate amounts to € 3.3 million.

Disclaimer

This disclosure (the "Disclosure") has been produced by Pryme N.V. (the
“Company” or “Pryme”). This Disclosure and any information contained herein or
provided in this Disclosure are being made available for informational purposes
only, and may not be distributed to any other person, reproduced, published or
used in whole or in part for any other purpose. It does not constitute, and
should not be construed as, any offer or invitation or recommendation to buy or
sell any of the Company’s securities. No representation, warranty, or
undertaking, express or implied, is made to, and no reliance should be placed
on any information, including projections, estimates, targets and opinions,
contained herein, and no liability whatsoever is accepted as to any errors,
omissions or misstatements contained herein, and, accordingly, the Company
accepts no liability whatsoever arising directly or indirectly from the use of
this Disclosure, or its contents or otherwise arising in connection therewith.

All information in this Disclosure is subject to verification, correction,
completion and change without notice. In publishing this Disclosure, the Company
undertakes no obligation to provide the recipient with access to any additional
information or to update this Disclosure or any information or to correct any
inaccuracies in any such information.

This Disclosure contains several forward-looking statements relating to the
business, financial performance and results of the Company and/or the industry
in which it operates. Forward-looking statements concern future circumstances
and results and other statements that are not historical facts, sometimes
identified by the words “believes”, “expects”, “predicts”, “intends”,
“indicates”, “projects”, “plans”, “estimates”, “aims”, “foresees”, “forecasts”,
“anticipates”, “targets”, “will”, “should”, “may”, “continue” and similar
expressions. Forward-looking statements include statements regarding
objectives, goals, strategies, outlook and growth prospects; future plans,
events or performance and potential for future growth; liquidity, capital
resources and capital expenditures; profit; margin, return on capital, cost or
dividend targets; economic outlook and industry trends; developments of the
Company’s markets; the impact of regulatory initiatives; and the strength of the
Company’s competitors. The forward-looking statements contained in this
Disclosure, including assumptions, opinions and views of the Company, are based
upon various assumptions, including without limitation management’s examination
of historical operating trends, data contained in the Company’s records and
other data available from third party sources. Although the Company believes
that these assumptions were reasonable when made, the statements provided in
this Disclosure are solely opinions and forecasts that are uncertain and subject
to risks, contingencies and other important factors which are difficult or
impossible to predict and are beyond its control. A number of factors can cause
actual results to differ significantly from any anticipated development
expressed or implied in this Disclosure. No representation is made that any of
these forward-looking statements or forecasts will come to pass or that any
forecast result will be achieved, and you are cautioned not to place any undue
reliance on any forward-looking statement. The information obtained from third
parties has been accurately reproduced and, as far as the Company is aware and
able to ascertain from the information published by that third party, no facts
have been omitted that would render the reproduced information to be inaccurate
or misleading.

This Disclosure has not been reviewed, approved, authorized or registered with
any public authority, stock exchange or regulated marketplace.

This announcement is considered by the Company to include inside information
pursuant to the EU Market Abuse Regulation and is subject to the disclosure
requirements pursuant to section 5-12 the Norwegian Securities Trading Act. This
stock exchange announcement was published by René de Graaf, General Counsel of
Pryme N.V., on November 12th, 2025 at 18:00 CET on behalf of the Company.

More information:
Access the news on Oslo Bors NewsWeb site

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