Slides
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Interim Report 1 January–30 June 2026 Seasonally low revenue, but strengthened KPIs in the second quarter 1 ES GROUP AB (publ)
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Seasonally low net revenue in the second quarter resulted in a negative EBIT, but key metrics strengthened year-over-year. • Net revenue increased by 30% to 20.0 MSEK (15.4). Compared with the previous quarter, a decrease of 60% reflecting seasonality. • Sales of our own product brand ES Energy Save increased by 23% to 13.8 MSEK (11.2) and accounted for 69% of net revenue. ODM/WL sales increased by 46% to 6.2 MSEK (4.2), still held back by seasonal stock balancing among ODM/WL customers. • Operating expenses (OPEX) decreased by 7% to 18.8 MSEK (20.2) and gross profit increased to 8.7 MSEK (5.7). The low seasonal revenue nevertheless resulted in a negative EBIT of -13.4 MSEK, (-16.0) MSEK last year. • Sales and demand for our propane unit continued to grow across segments — commercial property, residential property, and ODM/WL. • Started a spare parts partnership with JS Energi in the Nordic region. • ES Energy Save Holding AB changed its name to ES Group AB (publ), with ES Energy Save retained as our product brand. • Directed Shares Issue after the end of the quarter securing 17.8 MSEK in growth capital from strategic investors for the continued acceleration of sales in the ODM/white label segment, as well as the commercial business segment. Interim Report January-June 2026
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3 Expected seasonal dip in net revenue - YoY growth Net revenue and operating income TSEK QUARTER Change Apr-Jun 2026 Apr-Jun 2025 Net revenue 30% 20,013 15,427 Operating income 42% 23,638 16,680 51 171 53 012 53 893 15 427 46 334 70 329 49 425 20 013 53 081 63 043 57 121 16 680 46 776 71 396 53 339 23 638 0 10 000 20 000 30 000 40 000 50 000 60 000 70 000 80 000 Jul-Sep 2024 Okt-Dec 2024 Jan-Mar 2025 Apr-Jun 2025 Jul-Sep 2025 Oct-Dec 2025 Jan-Mar 2026 Apr-Jun 2026 Net revenue Operating income
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4 Increased R290 net revenue Net revenue by business area TSEK 44 309 47 922 49 474 13 276 40 616 66 659 44 487 17 304 6 368 4 395 1 959 1 747 5 372 3 100 2 947 2 370 494 695 2 460 403 346 570 1 992 338 0 10 000 20 000 30 000 40 000 50 000 60 000 70 000 Jul–Sep 2024 Oct–Dec 2024 Jan–Mar 2025 Apr–Jun 2025 Jul–Sep 2025 Oct–Dec 2025 Jan–Mar 2026 Apr–Jun 2026 Residential property Commercial property Services and After-sales QUARTER Change Apr-Jun 2026 Apr-Jun 2025 Residential Property 30% 17,304 (86%) 13,276 (86%) Commercial Property 36% 2,370 (12%) 1,747 (11%) Services and After-sales 0,338 (2%) 0,403 (3%) 20,013 15,427
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5 Growth for both brands YoY comparison Net revenue by brand TSEK QUARTER Change Apr-Jun 2026 Apr-Jun 2025 ODM/WL +46% 6,189 (31%) 4,226 (27%) ES Energy Save +23% 13,824 (69%) 11,201 (73%) 20,013 15,427 15 355 16 343 8 009 11 201 18 487 18 575 15 928 13 824 35 816 36 669 45 884 4 226 27 847 51 855 33 497 6 189 0 10 000 20 000 30 000 40 000 50 000 60 000 Jul–Sep 2024 Oct–Dec 2024 Jan–Mar 2025 Apr–Jun 2025 Jul–Sep 2025 Oct–Dec 2025 Jan–Mar 2026 Apr–Jun 2026 ES Energy Save ODM/WL
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6 Increased Scandinavian net revenue Net revenue Geographic TSEK QUARTER Change Apr-Jun 2026 Apr-Jun 2025 Scandinavia 208% 4,796 (24%) 1,555 (10%) Europe outside of Scandinavia 10% 15,217 (76%) 13,872 (90%) 20,013 15,427 5 470 5 209 1 040 1 555 3 449 6 954 6 905 4 796 45 701 47 803 52 853 13 872 42 885 63 376 42 520 15 217 0 10 000 20 000 30 000 40 000 50 000 60 000 70 000 Jul–Sep 2024 Oct–Dec 2024 Jan–Mar 2025 Apr–Jun 2025 Jul–Sep 2025 Oct–Dec 2025 Jan–Mar 2026 Apr-Jun 2026 Scandinavia Europe outside of Scandinavia
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7 Seasonal Q2 trough with +64% YoY Number of heat pumps sold 1 284 1 337 1 566 247 1 134 1 918 1 572 405 0 500 1 000 1 500 2 000 2 500 Jul–Sep 2024 Oct–Dec 2024 Jan–Mar 2025 Apr–Jun 2025 Jul–Sep 2025 Oct–Dec 2025 Jan–Mar 2026 Apr–Jun 2026
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8 QUARTER Change Apr-Jun 2026 Apr-Jun 2025 Other external costs -13% 8,441 9,721 Personnel expenses -1% 10,353 10,498 OPEX -7% 18,794 20,220 Continued cost awareness OPEX TSEK
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9 Seasonally low EBIT – as expected EBIT TSEK QUARTER Apr-Jun 2026 Apr-Jun 2025 Gross profit 8,709 5,738 Gross margin net revenue, % 25 29 EBIT -13,378 -16,024 EBIT-margin, % -57 -96 Profit/Loss -13,645 -16,156 -10% -8% -7% -96% -7% 2% -8% -57% -120% -100% -80% -60% -40% -20% 0% 20% Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
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10 Continued reduced inventory levels Balance sheet TSEK Change Jun 30 2026 Jun 30 2025 Fixed Assets 5% 74,319 70,977 Current Assets Inventories -27% 73,088 100,184 Current receivables 9% 23,306 21,312 Cash and bank balances -11% 18,376 20,720 Total Assets -11% 189,090 213,193 Equity -13% 139,369 160,083 Provisions 61% 1,536 955 Non-current liabilities -25% 2,576 3,422 Current liabilities -6% 45,609 48,733 Total equity and liabilities -11% 189,090 213,193
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11 QUARTER Change Apr-Jun 2026 Apr-Jun 2025 Cash flow from operating activities -3,559 -5,629 Cash flow from investment activities -3,334 -2,949 Cash flow from financing activities 1,691 -0,10 Change in cash and cash equivalents -5,202 -8,589 Cash and cash equivalents at the end of the period -13% 18,376 20,720 Improved activities in seasonal low Cash Flow TSEK
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Interim Report January-June 2026 Summary Q2 Moving forward 2026 • The recently published EU Electrification Action Plan proves that electrification has a continued high priority on a European level, motivated partly by the fact that Europe's dependence on fossil fuels has repeatedly exposed its vulnerability to geopolitical shocks. • Capital from the directed shares issue will promote business development for both ODM/white label, as well as the commercial business segment. • Accelerated R290 training program, supporting our distributors and their installer network on both hardware and digital solutions, addresses one of Europe's key bottlenecks: the shortage of skilled installers. Together with digital solutions that cut costs in the project management phase and hardware that is quick to install, this strengthens our position in the value chain. • As we move into the heating season we expect, if planned orders materialise, to approach break-even for the full year 2026. Achievements and milestones in the period • Increased net revenue for both ES Energy Save and ODM/white label from low levels for the quarter. • Net revenue increased by 7% on a rolling 12-month comparison • Despite seasonal low net revenue, we achieved the highest quarterly net revenue for our R290 units under own ES Energy Save brand. With increased sales both within the residential property and the commercial property segment. • ES Energy Save Holding AB changed its name to ES Group AB (publ), with ES Energy Save retained as our product brand. • Started a spare parts partnership with JS Energi in the Nordic region.
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13 Q&A