Terrafame2025Q1公司净销售额同比减少5.5%至1.229亿欧元，经营业绩为亏损660万欧元

Investment Rating - The report recommends the industry [4] Core Insights - In Q1 2025, the company's net sales decreased by 5.5% year-on-year to €122.9 million, impacted by falling prices of nickel sulfate and metals, despite record production in battery chemicals [1][2] - The battery chemicals segment generated net sales of €46.9 million, a 31.7% increase from the previous year, but a 53% decrease from the previous quarter [1][2] - The metal intermediates segment saw net sales of €76.0 million, down 19.5% year-on-year and 20% quarter-on-quarter [1][2] - The company's EBITDA for Q1 2025 was €14.8 million, a 62.9% decrease from the previous year, and operating loss was €6.6 million compared to a profit of €2.36 million in the same period last year [2][10] - Operating cash flow was negative at €10.0 million, worsened from -€3.4 million year-on-year, influenced by increased inventory and decreased accounts payable [2][10] Financial Performance Summary - Q1 2025 net sales: €122.9 million, down from €130.0 million in Q1 2024 [10] - Battery chemicals business: €46.9 million in Q1 2025, up from €35.6 million in Q1 2024 [10] - Metal intermediates business: €76.0 million in Q1 2025, down from €94.4 million in Q1 2024 [10] - EBITDA: €14.8 million in Q1 2025, down from €39.9 million in Q1 2024 [10] - Operating result: -€6.6 million in Q1 2025, compared to €23.6 million profit in Q1 2024 [10] - Operating cash flow: -€10.0 million in Q1 2025, compared to -€3.4 million in Q1 2024 [10] Important Events - Terrafame is seeking permission to appeal a ruling from the Vaasa Administrative Court regarding operational limits, which could significantly impact its operations and costs [3][5] - The company announced a financing arrangement of €100 million to support future investment plans, including €50 million in shareholder loans and €50 million in equity financing commitments [6] - Terrafame is modifying its Kolmisoppi project plan to proceed in two phases, with the first phase's license application submitted in summer 2023 [8][9]