Coming clean: transparency about our figures and growth

We are a growing company that was partially financed through crowdfunding. Because we regularly receive questions about this, we want to be as transparent as possible on all our channels about everything we do. We share the facts as they are, even when things are not yet going perfectly.

On Saturdays, our advertisements appear full-page in the newspaper, and we organize investor events every quarter where you can ask all your questions. Additionally, every month we share the current figures of The Good Roll B.V. with our shareholders, and soon with our bondholders as well. We regularly post updates via our other channels. Not just about our paper chain and impact, but specifically about our figures and investments too.

Do you have a question? Please feel free to email it to Sander@thegoodroll.nl.

What is going well:

• Improved results: Our operational results are visibly improving. In the Netherlands, we have been EBITDA positive since March 2026.

• Production in Ghana: The factory in Ghana is operational and producing bamboo pulp for the international paper industry. We have a multi-year purchase agreement with the largest toilet paper producer in Ghana for 50 tons of bamboo pulp per day, with the intention to jointly build four additional production lines. Thanks to rising pulp prices, positive cash flow in Ghana is approaching rapidly.

• Financial obligations: To date, we have always met our interest obligations punctually. Moreover, the first bond loan, issued in 2022 via Duurzaaminvesteren, has been fully repaid on time.

Financing via the crowd:

Our growth has been made possible in part by private investors through consecutive bond loans from Goodroll Holding B.V. As of June 30, 2026, there is approximately 13 million euros in debt outstanding, along with other interest-bearing financing. For further expansion, we are currently primarily seeking banking and professional financing that fits our current growth phase and the expansion of our bamboo pulp production lines in Ghana.

Thanks to the crowd, The Good Roll has built much more than just a strong toilet paper brand. Together, we have realized a fully integrated value chain: from locally harvested bamboo and our own pulp mill in Ghana to a growing European brand and a structural contribution to The Good Roll Foundation, which provides clean and safe toilets in schools in Ghana. It is precisely this unique combination of commerce, vertical integration, and social impact that forms the core value of The Good Roll, our Circle of Goodness.

Our chain begins with thousands of Ghanaian farmers who earn an average of 59% extra income thanks to the sale of bamboo. Furthermore, from 2027 onwards, we expect to sell residual products via our own pyrolysis plant, where biochar (biological charcoal) is produced. In this way, every step in the chain strengthens both our financial performance and our impact.

Where we are behind (and why)

The 2024 annual accounts have not yet been finalized and filed; the statutory deadline for this has since passed. The reason for this is not uncertainty about the figures, but our rapid international growth. The expansion into multiple companies in the Netherlands and Ghana and the establishment of an entirely new financial administration simply took more time.

That should not have taken this long, and we acknowledge that immediately. The annual accounts for 2024 and 2025 are now ready in draft form. We expect to have the summaries for Ghana and the holding company complete by the end of Q3. As soon as the final publication date for the filing is known, we will share it immediately on this page.

Because the 2024 annual accounts have not yet been finalized, nothing has been published in the Trade Register for 2025 either. As a result, our current figures remain indicative. Lisama Holding B.V. (our director) is also behind on filing due to the same administrative backlog. We are very aware that a late-filed annual account is rightly seen as a warning sign. Therefore, we are working hard to permanently clear this backlog.

Receivables between group companies

Goodroll Holding B.V. has outstanding receivables from its operating companies, while those companies collectively have negative equity. This means that the value of those receivables depends directly on the future earning capacity of the factory in Ghana, and not on the existing assets of the subsidiaries.

Given our current development phase, we find this justifiable, but these receivables do not in themselves offer hard collateral. Investors must always weigh this risk themselves.

Risk and expected return

Our bonds are not a savings product. They fit a high-risk profile, and a high risk requires a correspondingly high return. That more than 6,000 private investors have chosen The Good Roll so far does not mean it is a suitable investment for everyone.

Our prospectus currently does not contain detailed multi-year scenarios. However, we are now working on an independent valuation report for a proposed equity financing. Various scenarios and sensitivity analyses are being developed in this report. As soon as this report is ready, we will share the insights that are relevant to our bondholders.

What we are doing now:

1. Finalizing & filing: Finalizing and filing the annual accounts of Goodroll Holding B.V. and Lisama Holding B.V.

2. Securing structure: Implementing our new, centralized financial organization to deliver future reports strictly on time.

3. Continuing to communicate: Keeping investors accurately informed via monthly updates of all our results, including setbacks.