Interim report
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Customized metal processing for hydrogen- and much more . 02 Interim Report January - June 2026 CELLIMPACT
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Period in summary CEO’s comments This is Cell Impact Financial overview Other information Share & shareholders Financial reporting Signatures & assurance Second quarter, April–June 2026 Numbers in () indicate the corresponding period from the previous year. Quarter Period Full year (SEK thousand) Apr–Jun 2026 Apr–Jun 2025 Jan–Jun 2026 Jan–Jun 2025 Jan–Dec 2025 Net sales 1,431 2,121 3,610 4,061 5,570 Operating profit/loss –17,361 –19,998 –33,920 –40,774 –127,915 Profit/loss before tax –17,657 –21,230 –36,103 –42,770 –131,979 Profit/loss after tax, attributable to the Parent Company’s shareholders –17,649 –21,232 –36,135 –42,772 –131,984 Cash flows from operating activities –2,416 –11,909 –12,149 –22,710 –45,364 Earnings per share before and after dilution (SEK) –0.04 –0.03 –0.09 –0.06 –0.78 (SEK thousand) Jun 30, 2026 Jun 30, 2025 Dec 31, 2025 Cash and cash equivalents at the end of the period 424 955 10,859 Debt/equity ratio at the end of the period (%) 1) 75 78 74 Equity/share 0.21 0.25 0.41 1) Debt/equity ratio: Equity as a percentage of total assets. Second quarter, April–June 2026 • Net sales totaled SEK 1.4 million (2.1). • The operating loss (EBIT) amounted to SEK –17.4 million (–20.0). • The Group’s loss after financial items was SEK –17.7 million (–21.2). • Earnings per share attributable to the Parent Company’s shareholders before and after dilution totaled SEK –0.04 (–0.03). • Debt/equity ratio was 75 percent (78) on the balance sheet date. • Cash flows from operating activities amounted to SEK –2.4 million (–11.9). • On the balance sheet date, the Group’s cash and cash equivalents totaled SEK 0.4 million (1.0). As of August 4, 2026, the cash balance amounted to SEK 2.9 million. Events during the quarter • June 17, 2026 | Cell Impact reported limited liquidity following delayed transaction. • June 27, 2026 | Cell Impact received order worth SEK 5.3 million from a major US OEM. • June 29, 2026 | Cell Impact resolved on a rights issue of units of approximately SEK 53.6 million and procured bridge financing of SEK 15 million. • July 2, 2026 | Cell Impact announced that CFO Malin Lundberg is to leave Cell Impact. This English translation of the original document is for convenience purposes only. In the event of any discrepancy between the Swedish version and the English translation, the Swedish version shall take precedence. Period in summary CEO’s comments This is Cell Impact Financial overview Other information Share & shareholders Financial reporting Signatures & assurance CELL IMPACT AB / INTERIM REPORT Q2 / JANUARY–JUNE 2026 2
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Period in summary This is Cell Impact Financial overview Other information Share & shareholders Financial reporting Signatures & assuranceCEO’s comments Progress continues despite prolonged lead times CEO’s comments Net sales for the quarter decreased to SEK 1.4 million (2.1) compared with the same quarter in 2025. Our operating loss amounted to SEK –17.3 million (–20.0). It is worth mentioning that we still exhibited a high degree of cost awareness, and that the adaptations made to our operations continued to clearly impact our costs. Market growth was slower than we and other industry players had previously anticipated. During the first half of the year, we worked on a major transaction involving the sale of a large num- ber of machines. The transaction was in the final stage of nego- tiations but was temporarily put on hold due to developments in the customer’s project. However, it is important to note that the transaction has not fallen through and that our dialogue with the customer is continuing. The delay was one important reason for the financing measures we implemented during the quarter. We decided to conduct a rights issue of approximately SEK 53.6 mil- lion, before issue costs and repayment of bridge loans. Our collaboration with this particular customer also illus - trates the situation that typifies many of our other customer relationships. The projects are moving forward, the customers remain interested and the long-term plans stand firm. How - ever, the timing of commercial decisions and major orders is being affected by factors beyond Cell Impact’s control – from technical challenges on the part of the customer to the fact that the customer’s own products must reach the market or postponed investment decisions. At the same time, it is important to emphasize that our work in recent years has brought us much closer to commer - cial deliveries. Customer and investor confidence Our customer relationships and financial activities during the period confirmed the confidence shown in Cell Impact, our technology and our future potential. At a time when many players in the hydrogen industry have had to adapt their plans or postpone investments, our customers are continuing to advance their projects together with us. We consider this to be an important testament to the fact that our solutions have a clear role to play in our customers’ long-term plans. Our ambition remains unchanged: to create the necessary conditions to secure and deliver the major orders we believe lie ahead of us, and to continue strengthening our position as a leading supplier of cost-efficient flow plates and related production solutions. During the second quarter, we continued to make progress on customer projects, strengthen customer relationships and prepare our operations for our upcoming volume production. In parallel, we were impacted by long lead times and delayed investment decisions, which continued to dominate the hydrogen market. CELL IMPACT AB / INTERIM REPORT Q2 / JANUARY–JUNE 2026 3
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Period in summary This is Cell Impact Financial overview Other information tomer has conducted a large number of technical evaluations of our technology and our manufacturing capabilities. The outcome has reinforced our opinion that we offer a solution that combines high precision, product quality and cost-effec - tiveness in a manner that the market appreciates. Continued focus on next step Overall, the quarter was characterized by activity in our cus - tomer projects, and several advances were made that will strengthen our position for the future. The market is still growing slower than desired, but we can also see concrete signs that more projects are nearing commercial delivery. We continue to believe in the value of a strategy that com - bines technological development, cost control and close col - laboration with our customers. By gradually building up our expertise, processes and capacity, we have created a plat - form that is ready to handle increased volumes as customers take the next step in their projects. We are continuing to move forward, step by step, focusing on customer relationships, cost control and business activi - ties that generate sales, cash flow and long-term value. Daniel Vallin, CEO Karlskoga, August 2026 More projects approaching continuous production After the end of the quarter, we announced an order for flow plates valued at SEK 5.3 million from a long-standing cus - tomer. This order is important to us for several reasons. Firstly, it provides confirmation to us that our long-term customer relationships are continuing to develop. Secondly, the order concerns a delivery of flow plates to a project that has made significant progress in its commercial development. Thirdly, the order will have a direct positive impact on our cash flow since we already have the materials, processes and capacity in place to complete the deliveries. This is not an isolated example. We have other customer relationships where our work is nearing regular manufactur - ing and continuous deliveries of flow plates. In addition, some projects are in earlier phases, and we are continuing to develop these together with customers. Overall, we currently have a number of customer projects at various stages of development that are bringing us closer to repeat business and higher production volumes. It is this breadth in our project portfolio that enables us to have a positive outlook. Even if individual projects are delayed or change over time, our long-term potential is based on a num- ber of customer relationships in different geographic regions and application areas. This reduces our dependence on the progress of individual projects and improves our opportunities to gradually increase the number of commercial deliveries. Important progress in Japan After the end of the quarter, we also had the privilege of wel - coming representatives from a Japanese customer for further discussions and verification of our technology. This partner - ship has been established over a longer period of time, and the customer has carried out comprehensive validation of both products and technical solutions. The results have been highly positive, and we have met the set requirements. During the course of this work, the cus - Continued “Overall, we currently have a number of customer projects at various stages of development that are bringing us closer to repeat business and higher production volumes.” CEO’s comments Share & shareholders Financial reporting Signatures & assurance CELL IMPACT AB / INTERIM REPORT Q2 / JANUARY–JUNE 2026 4
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Period in summary CEO’s comments Financial overview Other information Share & shareholders Financial reporting Signatures & assuranceThis is Cell Impact This is Cell Impact Around the world, a major shift from fossil fuels to renewable energy sources is taking place, and Cell Impact is part of this development. Fuel cells produce electricity and heat through an electrochemical reaction where hydrogen and oxygen are combined and where the only byproduct from the process is water. With the help of electrolyzers, electricity from renew - able sources can be used to split water and thus produce green hydrogen gas. Cell Impact Forming We have developed Cell Impact Forming, a unique, high-preci - sion method for forming very thin flow plates. The method relies on a hydraulic impact unit that very quickly, and with incredible accuracy, forms a metallic substance between two precision tools. The high energy levels make it possible to form the extremely exact patterns required for high efficiency in a modern fuel cell, with a high degree of consistency and quality. Advantages Cell Impact Forming offers many advantages over conven - tional forming technology, or what is known as progressive forming. The method consumes little energy and does not Cell Impact develops and manufactures customized metal flow plates for fuel cells and electrolyzers. Our proprietary and patented forming technology, Cell Impact Forming™, makes it possible to produce large volumes of flow plates in a cost-efficient way, which is a prerequisite for a breakthrough for environmentally friendly hydrogen technology. The same technology is also being made available for use in other, more mature industrial segments. require lubricants, thus eliminating the need for water-intensive cleaning – clear improvements compared with progressive forming. The technology also reduces tool costs by up to 50 percent and requires minimal maintenance, making Cell Impact Forming a very attractive and environmentally friendly manufacturing method. In addition to offering many technical advantages, Cell Impact Forming can also substantially reduce the cost per pro - duced plate. It is the rational process with initial low investment and installation costs combined with low operational costs that enables customers to gain this crucial competitive advantage. Offering Cell Impact’s offering also includes highly specialized design services for flow plates and tools, manufacturing of prototype series and continuous production of large volumes of flow plates. We produce both single and bipolar flow plates. Cell Impact’s technology can also be applied in other contexts where forming and cutting technologies are required processes. What makes this technology in demand is its ability to handle materials more rapidly and more efficiently than other tech - niques, and the fact that after cutting, the material can be given particularly desirable properties. This makes Cell Impact’s unique technology suitable for mature industries that are characterized by short lead times, more predictable decision-making processes and clear industrial needs – any without additional investments. Market Cell Impact’s market comprises mainly vehicle and fuel cell manufacturers that offer hydrogen-powered fuel cells as an energy source in electric vehicles such as lifts, cars, buses, trucks, ships and aircraft. Another market segment is fuel cells for reserve power used, for example, in mobile networks, hospitals and data centers. Flow plates for electrolyzers also represent a growing market segment in the global transition to renewable energy. In addition, there are potential custom - ers looking to benefit from efficient material processing in more traditional manufacturing industries. Cell Impact addresses a global market with customers in North America, Europe and Asia, where Japan and China are significant markets. Customized metal processing for hydrogen – and much more. Organization 25 employees. Locations Head office and production facility in Karlskoga, Sweden. Subsidiary in Japan (Cell Impact Japan Inc.) and local presence in Germany. Cell Impact Forming™ Unique production technology protected by global patents. Business model – Project revenue – Sales of tools and prototypes – Sales of flow plates – Machine sales to the hydrogen segment and other industries – License revenue from local production CELL IMPACT AB / INTERIM REPORT Q2 / JANUARY–JUNE 2026 5
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Period in summary CEO’s comments This is Cell Impact Other information Share & shareholders Financial reporting Signatures & assuranceFinancial overview Financial overview Quarter, April–June 2026 Revenue The Group’s net sales during the quarter amounted to SEK 1.4 million (2.1), down 32 percent. During the second quarter of 2025, raw materials were resold, which makes the comparison misleading. Sales during the quarter consisted mainly of tooling and development projects. Operating profit/loss (EBIT) The Group’s operating loss for the quarter amounted to SEK –17.3 million (–20.0). Other external expenses during the quarter totaled SEK –5.4 million (–3.3). Payroll expenses totaled SEK –7.4 million (–8.2). Depreciation and amortization totaled SEK –6.2 million (–7.6). The company is continuing to display good cost control. The adaptations to our operations implemented in pre- vious quarters also remain in place and are having an impact. Net finance income Net finance income totaled SEK –0.3 million (1.2). Profit/loss for the quarter The loss for the quarter attributable to the Parent Company’s shareholders amounted to SEK –17.6 million (–21.2). Financial position & liquidity The company’s total assets as of June 30, 2026 amounted to SEK 135.9 million (224.5). On the same date, equity attributable to the Parent Company’s shareholders was SEK 102.1 million (175.3). The company’s debt/equity ratio 1) as of June 30 was 75 per - cent (78). Cash and cash equivalents as of June 30, 2026 amounted to SEK 0.4 million (1.0). During the quarter, a decision was announced concerning a rights issue of approximately SEK 53.6 million, before issue costs and repayment of bridge loans. Bridge financing of SEK 15 million was secured in connection with this, but was not received by the company until after the end of the quarter, in early July. Cash flows & investments Cash flow from operating activities amounted to SEK –2.4 mil - lion (–11.9). Investments totaled SEK –0.2 million (–0.1). Cash flow from financing activities amounted to SEK –0.9 million (7.0) and pertained to the net proceeds from part of the bridge loan solution, which was received before the bridge financing, as well as interest payments and repayment of debt. Cash flows for the period amounted to SEK –3.5 million (–4.9). Net sales, SEK million 1) Debt/equity ratio: Equity as a percentage of total assets. Q1-26 Q2-26Q4-25Q2-25 Q3-25 Revenue SEK MILLION 2.1 1.1 2.2 1.4 0.4 CELL IMPACT AB / INTERIM REPORT Q2 / JANUARY–JUNE 2026 6
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Period in summary CEO’s comments This is Cell Impact Financial overview Share & shareholders Financial reporting Signatures & assuranceOther information Other information Employees The total number of employees at the end of the quarter was 25 (35). Parent Company As the operations of the Parent Company essentially corre - spond to those of the Group, comments for the Group as a whole also apply to the Parent Company. Seasonal variations The operations of Cell Impact are not impacted by any seasonal variations. Dividend So far, Cell Impact has not distributed any dividend. There are also no guarantees that a dividend will be proposed or resolved on in any given year. The Board of Directors of Cell Impact does not intend to propose a dividend in the near future. The intention is to reinvest any profit in the operations and use it for continued expansion. Transactions between related parties Cell Impact did not purchase any services from or carry out any transactions with related parties during the quarter. Risks and uncertainties Risks and uncertainties related to the company were described in the prospectus that was prepared in connection with the rights issue in 2025, which is available at investor.cellimpact.com Estimates & judgments The preparation of Cell Impact’s consolidated accounts required a number of estimates and judgments that may affect the value of assets, liabilities and provisions reported at the time the accounts were closed. In addition, the recog - nized value of expenses during the reporting periods may also be affected. Estimates and judgments are evaluated continu - ally and are based on historic experience and other factors, including expectations of future events that are considered to be reasonable under current conditions. Financing During the quarter, a decision was announced concerning a rights issue of approximately SEK 53.6 million, before issue costs and repayment of bridge loans. Bridge financing of SEK 15 million was secured in connection with this, but was not received by the company until after the end of the quarter, in early July. Environmental impact The company’s operations are not subject to an environmental permit (categories A or B). According to the Swedish Environ - mental Code (SFS 1998:808 and the Ordinance concerning Environmentally Hazardous Activities and the Protection of Public Health, 1998:899), the company’s operations are classi - fied in category C, which means that the operations are sub - ject to notification. Consequently, the operations have been notified to the Environment & Public Health Department in Karlskoga as a company that conducts operations as category C. The company complies with all statutes and regulations governing to environmental impact. Events during & after the period • June 17, 2026 | Cell Impact reported limited liquidity following delayed transaction. • June 27, 2026 | Cell Impact received order worth SEK 5.3 million from a major US OEM. • June 29, 2026 | Cell Impact resolved on a rights issue of units of approximately SEK 53.6 million and procured bridge financing of SEK 15 million. • July 2, 2026 | Cell Impact announced that CFO Malin Lundberg is to leave Cell Impact. Financial calendar Q3 Interim Report November 6, 2026 Year-End Report February 12, 2027 Annual Report 2026 March 19, 2027 Annual General Meeting 2027 April 22, 2027 Auditor’s review This report has not been the subject of any review by the company’s auditors. CELL IMPACT AB / INTERIM REPORT Q2 / JANUARY–JUNE 2026 7
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Period in summary CEO’s comments This is Cell Impact Financial overview Other information Financial reporting Signatures & assuranceShare & shareholders The share As of June 30, 2026, the number of registered shares was 487,225,174, with each share conferring the right to one vote. The company’s registered share capital amounted to SEK 60,903,147. The shares have a quota value of approximately SEK 0.125. Largest shareholders in Cell Impact AB (publ) The ten largest shareholders as of June 30, 2026 are outlined below. Name Number of shares Holdings, % Avanza Pension 29,024,811 5.96 Nordnet Pensionsförsäkring 16,928,191 3.47 Lars Bergström 5,705,000 1.17 Johan Rönnelid 5,353,110 1.10 Mats Boquist 5,200,000 1.07 Johan Paulsson 4,540,766 0.93 Mats Franzén 4,210,000 0.86 Lennart Larsson 4,000,000 0.82 Peter Fäldt 3,000,380 0.62 Johan Karlberg 3,000,000 0.62 Other 381,669,396 78.34 Total 487,225,174 100.00 Certified Adviser FNCA Sweden AB has been appointed Certified Adviser for Cell Impact. Analysts following Cell Impact Axel Ljunghammer (axel@analystgroup.se) at Analyst Group and Catarina Ihre (catarina.ihre@aktiespararna.se) at Analysguiden. Share & shareholders Signatures & assuranceFinancial reporting CELL IMPACT AB / INTERIM REPORT Q2 / JANUARY–JUNE 2026 8
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Period in summary CEO’s comments This is Cell Impact Financial overview Other information Share & shareholders Signatures & assuranceFinancial reporting Summary consolidated statement of income Amounts in SEK thousand Note Apr–Jun 2026 Apr–Jun 2025 Jan–Jun 2026 Jan–Jun 2025 Jan–Dec 2025 Net sales 1,431 2,121 3,610 4,061 5,570 Change in finished goods inventory and work in progress 595 358 597 –1,525 –3,621 Other operating income 71 –14 86 32 116 Total 2 2,098 2,465 4,293 2,567 2,065 Raw materials and consumables –279 –3,253 –1,261 –4,717 –7,035 Other external expenses –5,486 –3,318 –9,882 –8,063 –17,462 Payroll expenses –7,382 –8,182 –14,194 –16,454 –29,496 Amortization, depreciation and impairment of property, plant and equipment and intangible assets –6,195 –7,591 –12,470 –13,972 –72,888 Other operating expenses –116 –119 –405 –135 –3,098 Operating profit/loss –17,361 –19,998 –33,920 –40,774 –127,915 Net finance income –296 –1,233 –2,182 –1,995 –4,065 Profit/loss before tax –17,657 –21,230 –36,103 –42,770 –131,979 Taxes 8 –1 –33 –2 –5 Profit/loss for the period attributable to the Parent Company’s shareholders –17,649 –21,232 –36,135 –42,772 –131,984 Earnings per weighted number of shares, before and after dilution Amounts in SEK thousand Apr–Jun 2026 Apr–Jun 2025 Jan–Jun 2026 Jan–Jun 2025 Jan–Dec 2025 Average number of ordinary shares outstanding 1) 487,225,174 696,271,128 419,734,594 696,271,128 169,076,801 Total number of shares at the end of the period 1) 487,225,174 696,271,128 487,225,174 696,271,128 294,584,745 Earnings per weighted number of shares, before and after dilution, SEK 1) –0.04 –0.03 –0.09 –0.06 –0.78 1) Average number of ordinary shares outstanding and total number of shares at the end of the period have been affected by the 1:10 reverse share split on August 26, 2025. Earnings per share have been restated for all comparative periods. Summary consolidated statement of comprehensive income Amounts in SEK thousand Apr–Jun 2026 Apr–Jun 2025 Jan–Jun 2026 Jan–Jun 2025 Jan–Dec 2025 Profit/loss for the period –17,649 –21,232 –36,135 –42,772 –131,984 Other comprehensive income Items that will be reclassified to profit and loss Translation differences for the period in the translation of foreign operations — 23 31 29 100 Other comprehensive income for the period after tax — 23 31 29 100 Total comprehensive income for the period –17,649 –21,209 –36,105 –42,743 –131,884 Total comprehensive income for the year attributable to the Parent Company’s shareholders –17,649 –21,209 –36,105 –42,743 –131,884 Financial reporting 9 CELL IMPACT AB / INTERIM REPORT Q2 / JANUARY–JUNE 2026
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Period in summary CEO’s comments This is Cell Impact Financial overview Other information Share & shareholders Signatures & assuranceFinancial reporting Summary consolidated balance sheet Amounts in SEK thousand Jun 30, 2026 Jun 30, 2025 Dec 31, 2025 Assets Non-current assets Intangible assets 7,164 6,955 9,072 Property, plant and equipment 68,709 155,498 76,920 Right-of-use assets 3,788 11,725 5,900 Other financial assets 13 14 13 Total non-current assets 79,675 174,192 91,905 Current assets Inventories 50,165 39,395 50,021 Trade receivables 88 663 713 Other current receivables 5,580 9,280 9,874 Cash and cash equivalents 424 955 10,859 Total current assets 56,257 50,293 71,468 Total assets 135,932 224,485 163,372 Amounts in SEK thousand Jun 30, 2026 Jun 30, 2025 Dec 31, 2025 Equity and liabilities Share capital 60,903 80,598 58,917 Other contributed capital 721,830 733,730 725,336 Retained earnings including profit/loss for the period –680,593 –638,987 –663,223 Equity attributable to the Parent Company’s shareholders 102,140 175,341 121,029 Non-current liabilities Liabilities to credit institutions — 1,875 — Other interest-bearing liabilities 714 1,429 1,071 Lease liabilities 3,405 8,309 5,904 Total non-current liabilities 4,119 11,613 6,976 Current liabilities Liabilities to credit institutions 1,875 7,500 5,625 Other interest-bearing liabilities 714 12,161 9,194 Other loans1) 2,300 — — Lease liabilities 4,905 4,748 4,839 Trade payables 9,095 4,446 4,372 Other current liabilities 3,503 1,803 1,892 Accrued expenses and deferred income 7,281 6,873 9,445 Total current liabilities 29,673 37,531 35,367 Total equity and liabilities 135,932 224,485 163,372 1) This item refers to a temporary, non-interest-bearing loan that was raised before the end of the quarter and repaid after the end of the quarter through the bridge financing paid out on July 3, 2026. 10 CELL IMPACT AB / INTERIM REPORT Q2 / JANUARY–JUNE 2026
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Period in summary CEO’s comments This is Cell Impact Financial overview Other information Share & shareholders Signatures & assuranceFinancial reporting Summary consolidated statement of cash flow Amounts in SEK thousand Apr–Jun 2026 Apr–Jun 2025 Jan–Jun 2026 Jan–Jun 2025 Jan–Dec 2025 Operating activities Operating profit/loss –17,361 –19,998 –33,920 –40,774 –127,915 Adjustments for non-cash items 6,195 7,741 12,470 16,724 79,680 Net finance income –288 –418 –273 –865 –2,188 Income taxes paid –21 –1 –61 –2 –5 Cash flows from operating activities before changes in working capital –11,475 –12,677 –21,784 –24,918 –50,427 Increase (–)/decrease (+) in inventories –609 1,663 –144 1,643 4,103 Increase (–)/decrease (+) in operating receivables 3,220 –204 4,906 –1,009 –34 Increase (+)/decrease (–) in operating liabilities 6,448 –691 4,873 1,575 994 Cash flows from operating activities –2,416 –11,909 –12,149 –22,710 –45,364 Investing activities Acquisition of property, plant and equipment –96 –51 –150 –571 –1,926 Acquisition of intangible assets –87 — –87 — — Divestment of property, plant and equipment — — — — 4,226 Acquisition of financial assets — — — — — Cash flows from investing activities –183 –51 –237 –571 2,300 Amounts in SEK thousand Apr–Jun 2026 Apr–Jun 2025 Jan–Jun 2026 Jan–Jun 2025 Jan–Dec 2025 Financing activities New share issue — — 7,222 — 39,232 Expenses for new issue — –777 –1,055 –777 –5,399 Borrowings 2,300 10,819 2,300 10,819 22,208 Repayment of lease liabilities –1,180 –2,971 –2,417 –4,107 –3,454 Repayment of debt –2,054 –28 –4,107 –2,082 –18,902 Cash flows from financing activities –934 7,043 1,943 3,853 33,684 Cash flows for the period –3,532 –4,917 –10,443 –19,427 –9,380 Cash and cash equivalents at the beginning of the period 3,950 5,829 10,859 20,391 20,391 Exchange rate difference, cash and cash equivalents 6 44 9 –8 –153 Cash and cash equivalents at the end of the period 424 956 424 956 10,859 11 CELL IMPACT AB / INTERIM REPORT Q2 / JANUARY–JUNE 2026
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Period in summary CEO’s comments This is Cell Impact Financial overview Other information Share & shareholders Signatures & assuranceFinancial reporting Summary consolidated statement of changes in equity Amounts in SEK thousand Apr–Jun 2026 Apr–Jun 2025 Jan–Jun 2026 Jan–Jun 2025 Jan–Dec 2025 Equity at the beginning of the year according to the adopted balance sheet 122,136 197,547 121,029 219,081 219,081 Comprehensive income for the year Profit/loss for the period –17,649 –21,232 –36,135 –42,772 –131,984 Other comprehensive income — 23 31 29 100 Comprehensive income for the period –17,649 –21,209 –36,105 –42,743 –131,884 Transactions with owners Contributions from and value transfers to owners New share issue — — 25,043 — 44,992 Expenses for new issue –2,346 –997 –8,917 –997 –12,550 Warrants — — 1,090 — 1,391 Total transactions with owners –2,346 –997 17,216 –997 33,832 Closing balance, equity attributable to the Parent Company’s shareholders 102,140 175,341 102,140 175,341 121,029 Directed issue of warrants 2026 As a part of the compensation under the terms of the bridge loan, the Board resolved, based on the authorization granted by the Extraordinary General Meeting on January 30, 2026, to carry out a directed issue of 25,643,500 warrants to Fenja. The warrants have been issued free of charge. Each warrant entitles the holder to subscribe for one (1) new share in the company at an exercise price corresponding to 140 percent of the subscription price in the rights issue, meaning SEK 0.18 per share. The warrants may be exercised from the date on which the warrants were registered with the Swedish Companies Registration Office until March 31, 2031. Shares can be subscribed for by exercising warrants on a continuous basis throughout the term. If the company undertakes any action with a dilutive effect, such as a rights issue or a directed share issue, the terms of the warrants shall be adjusted or the company shall issue additional warrants to Fenja in order to protect Fenja against the dilution that the action would otherwise entail. The effect of the Group’s commitment to issue warrants was taken into account in the initial recognition of the loan on Decem - ber 23, 2025, whereby a liability of SEK 3,466 thousand was recognized. In the financial statements, this liability was valued at SEK 3,096 thousand. Since the number of warrants and the subscription price in connection with the rights issue have now been determined, a final valuation has been made at SEK 1,096 thousand, after which this amount was reclassified from a liability to equity as of the issue date on March 4, 2026. 12 CELL IMPACT AB / INTERIM REPORT Q2 / JANUARY–JUNE 2026
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Period in summary CEO’s comments This is Cell Impact Financial overview Other information Share & shareholders Signatures & assuranceFinancial reporting Summary Parent Company income statement Amounts in SEK thousand Note Apr–Jun 2026 Apr–Jun 2025 Jan–Jun 2026 Jan–Jun 2025 Jan–Dec 2025 Net sales 1,443 2,434 2,190 4,108 5,872 Change in finished goods inventory and work in progress 595 358 597 –1,525 –3,621 Other operating income 71 –14 86 32 116 Total 2 2,109 2,777 2,874 2,615 2,367 Raw materials and consumables –278 –2,583 –1,212 –4,006 –6,305 Other external expenses –7,050 –5,221 –13,111 –11,387 –24,109 Payroll expenses –7,221 –7,992 –13,867 –16,067 –28,765 Amortization, depreciation and impairment –5,155 –6,239 –10,356 –11,254 –63,919 Other operating expenses –116 –119 –405 –135 –3,098 Operating profit/loss –17,710 –19,377 –36,076 –40,234 –123,829 Profit/loss from participations in Group companies — — — — –1,492 Net finance income –75 –955 –2,035 –1,115 –1,625 Profit/loss after financial items –17,786 –20,333 –38,111 –41,349 –126,946 Profit/loss before tax –17,786 –20,333 –38,111 –41,349 –126,946 Taxes — — — — — Profit/loss for the period –17,786 –20,333 –38,111 –41,349 –126,946 Summary Parent Company statement of comprehensive income Amounts in SEK thousand Apr–Jun 2026 Apr–Jun 2025 Jan–Jun 2026 Jan–Jun 2025 Jan–Dec 2025 Profit/loss for the period –17,786 –20,333 –38,111 –41,349 –126,946 Other comprehensive income — — — — — Other comprehensive income for the period after tax — — — — — Comprehensive income attributable to the Parent Company’s shareholders –17,786 –20,333 –38,111 –41,349 –126,946 13 CELL IMPACT AB / INTERIM REPORT Q2 / JANUARY–JUNE 2026
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Period in summary CEO’s comments This is Cell Impact Financial overview Other information Share & shareholders Signatures & assuranceFinancial reporting Summary Parent Company balance sheet Amounts in SEK thousand Note Jun 30, 2026 Jun 30, 2025 Dec 31, 2025 Assets Non-current assets Intangible assets 7,164 6,955 9,072 Property, plant and equipment 68,709 148,232 76,920 Financial assets 462 462 462 Total non-current assets 76,336 155,649 86,454 Current assets Inventories 50,165 39,395 50,021 Trade receivables 84 546 709 Other current receivables 6,724 19,024 12,770 Cash and bank balances 113 796 10,391 Total current assets 57,086 59,761 73,891 Total assets 133,421 215,411 160,345 Amounts in SEK thousand Note Jun 30, 2026 Jun 30, 2025 Dec 31, 2025 Equity and liabilities Restricted equity Share capital 60,903 80,598 58,917 Development expenditure reserve 6,551 5,930 8,250 Non-restricted equity Share premium reserve 1) 700,923 716,012 704,459 Retained earnings –626,634 –585,896 –520,153 Profit/loss for the period –38,111 –41,349 –126,946 Total equity 103,631 175,295 124,527 Non-current liabilities Liabilities to credit institutions — 1,875 — Other interest-bearing liabilities 714 1,429 1,071 Other non-current liabilities 4,270 4,145 4,279 Total non-current liabilities 4,984 7,449 5,350 Current liabilities Liabilities to credit institutions 1,875 7,500 5,625 Other loans2) 2,300 — — Other interest-bearing liabilities 714 12,161 9,194 Trade payables 9,095 4,446 4,372 Other current liabilities 3,437 1,704 1,847 Accrued expenses and deferred income 7,384 6,853 9,428 Total current liabilities 24,805 32,665 30,466 Total equity and liabilities 133,421 215,411 160,345 1) The change in the share premium reserve compared with December 31, 2025 is attributable to the rights issue. 2) This item refers to a temporary, non-interest-bearing loan that was raised before the end of the quarter and repaid after the end of the quarter through the bridge financing paid out on July 3, 2026. 14 CELL IMPACT AB / INTERIM REPORT Q2 / JANUARY–JUNE 2026
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Period in summary CEO’s comments This is Cell Impact Financial overview Other information Share & shareholders Signatures & assuranceFinancial reporting Note 1 – Accounting policies The Group applies the IFRS® Accounting Standards as adopted by the EU. The interim report for the Group has been prepared in accordance with the Swedish Annual Accounts Act (1995:1554), IAS 34 and RFR 1. The Parent Company applies the Annual Accounts Act (1995:1554) and RFR 2. The accounting policies applied correspond to the financial year that ended on December 31, 2025 with the exception of new or revised standards applied from January 1, 2026. No new IFRS or IFRIC interpretations with application as of 2026 are expected to have a material impact on the Group. Note 2 – Distribution of revenue Revenue As revenue from external parties is reported to the Board of Directors, it is valued in the same way as in the consolidated statement of comprehensive income. Revenue for flow plates and raw materials are reported at a point in time, while revenue for the project and service is reported over time. Group Quarter Period Full year Amounts in SEK thousand Apr–Jun 2026 Apr–Jun 2025 Jan–Jun 2026 Jan–Jun 2025 Jan–Dec 2025 Flow plates 601 243 673 628 774 Raw materials — 1,134 — 1,134 1,134 Projects 207 690 1,852 2,129 3,413 Services 623 55 1,085 170 249 Total net sales 1,431 2,121 3,610 4,061 5,570 Changes in inventory and work in progress 595 358 597 –1,525 –3,621 Other operating income 71 –14 86 32 116 Total 2,098 2,465 4,293 2,567 2,065 Parent Company Quarter Period Full year Amounts in SEK thousand Apr–Jun 2026 Apr–Jun 2025 Jan–Jun 2026 Jan–Jun 2025 Jan–Dec 2025 Flow plates 601 243 673 628 774 Raw materials — 1,134 — 1,134 1,133 Projects 219 1,002 432 2,177 3,716 Services 623 55 1,085 170 249 Total net sales 1,443 2,434 2,190 4,108 5,872 Changes in inventory and work in progress 595 358 597 –1,525 –3,621 Other operating income 71 –14 86 32 116 Total 2,109 2,777 2,874 2,615 2,367 Note 2, cont. 15 CELL IMPACT AB / INTERIM REPORT Q2 / JANUARY–JUNE 2026
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Period in summary CEO’s comments This is Cell Impact Financial overview Other information Share & shareholders Signatures & assuranceFinancial reporting Note 3 – Segment reporting Description of segments and main activities: Cell Impact’s Board of Directors represents the chief operating decision maker for the Group and evaluates the Group’s finan - cial position and earnings in addition to making strategic decisions. The Board has defined the operating segment based on the information processed, which is used as a basis for allocating resources and evaluating performance. The Board follows up and evaluates the Group as one operating segment: the Group as a whole. Operating profit is the Board’s primary means of assessing the Group’s performance. Quarter Period Full year Group Apr–Jun 2026 Apr–Jun 2025 Jan–Jun 2026 Jan–Jun 2025 Jan–Dec 2025 Net sales (external revenue) 1,431 2,121 3,610 4,061 5,570 Change in finished goods inventory and work in progress 595 358 597 –1,525 –3,621 Own work capitalized — — — — — Other operating income 71 –14 86 32 116 Total 2,098 2,465 4,293 2,567 2,065 Raw materials and consumables –279 –3,253 –1,261 –4,717 –7,035 Other external expenses –5,486 –3,318 –9,882 –8,063 –17,462 Payroll expenses –7,382 –8,182 –14,194 –16,454 –29,496 Depreciation and amortization of property, plant and equipment and intangible assets –6,195 –7,591 –12,470 –13,972 –72,888 Other operating expenses –116 –119 –405 –135 –3,098 Total –19,459 –22,463 –38,213 –43,342 –129,979 Operating profit/loss –17,361 –19,998 –33,920 –40,774 –127,915 The Group’s primary sales are made directly from the office and factory in Karlskoga, Sweden. Of the Group’s total assets, SEK 135,621 thousand (217,140) is attributable to Sweden and SEK 311 thousand (7,344) to Japan. Of the Group’s total non-current assets, SEK 79,675 thousand (167,231) is attributable to Sweden and SEK 0 thousand (6,961) to Japan. 16 CELL IMPACT AB / INTERIM REPORT Q2 / JANUARY–JUNE 2026
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Period in summary CEO’s comments This is Cell Impact Financial overview Other information Share & shareholders Financial reporting Signatures & assurance Karlskoga, August 4, 2026 Mats Boquist Chairman of the Board Lars Bergström Board member Mats Franzén Board member Jan Pieters Board member Daniel Vallin CEO Signatures & assurance The Board of Directors and the CEO affirm that this interim report provides an accurate overview of the operations, financial position and performance of the Group and the company and describes the significant risks and uncertainties faced by the company. More information For more information about Cell Impact, visit www.cellimpact.com Contact details Daniel Vallin, CEO, +46 73 068 66 20, daniel.vallin@cellimpact.com Malin Lundberg, CFO , +46 70 390 79 59, malin.lundberg@cellimpact.com Signatures & assuranceFinancial reportingShare & shareholders CELL IMPACT AB / INTERIM REPORT Q2 / JANUARY–JUNE 2026 17
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Cell Impact AB Källmossvägen 7A 691 52 Karlskoga, Sweden info@cellimpact.com cellimpact.com Certified Adviser FNCA Sweden AB Box 5807 102 48 Stockholm, Sweden Humlegårdsgatan 5 Tel: +46 8 528 003 99 info@fnca.se fnca.se Auditor PwC Sweden Box 89 701 41 Örebro, Sweden Fabriksgatan 47 Tel: +46 10 213 18 00 Account operator Euroclear Sweden AB Box 191 101 23 Stockholm, Sweden Klarabergsviadukten 63 Tel: +46 8 402 90 00