Interim report
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INTERIM REPORT ES Group AB (publ) January–June 2026
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ES GROUP INTERIM REPORT Q2 JANUARY–JUNE 2026 Summary | 2 Low net revenue in the second quarter on account of seasonal variations, but stronger key figures compared with the same period last year. Second quarter: April–June 2026 • Operating income increased by 42 per cent to SEK 23.6 million (16.7). • Net revenue increased by 30 per cent to SEK 20.0 million (15.4). • Earnings before interest and taxes (EBIT) amounted to SEK −13.4 million (−16.0). • Profit/loss for the quarter totalled SEK −13.6 million (−16.2). • Earnings per share amounted to SEK −2.1 (−2.5). • Operating cash flow totalled SEK –6.9 million (–8.6). • ES Energy Save and JS Energi entered into a spare parts partnership for the Nordic region. • ES Energy Save Holding AB changed its name to ES Group AB (publ). Reporting period: January–June 2026 • Operating income increased by 4 per cent to SEK 77.0 million (73.8). • Net revenue increased by 0.2 per cent to SEK 69.4 million (69.3). • Earnings before interest and taxes (EBIT) amounted to SEK −17.6 million (−20.0). • Profit/loss for the period totalled SEK –18.1 million (–20.1). • Earnings per share amounted to SEK −2.7 (−3.1). • Operating cash flow totalled SEK –5.0 million (–32.1). Significant events after the end of the period • ES Energy Save and Enrad entered into a technology partnership in the field of propane heat pumps for industrial and commercial properties. • ES Group proposed a targeted issue of units made up of class B shares and warrants amounting to around SEK 17.8 million, as well as announcing the placement of existing shares amounting to around SEK 4.4 million. Interim report Q2 January–June 2026 Key figures, Group QUARTER PERIOD 12 MONTHS PREV. FISCAL YEAR APR–JUN 2026 APR–JUN 2025 JAN–JUN 2026 JAN–JUN 2025 JUL 2025–JUN 2026 JAN–DEC 2025 Operating income, TSEK 23,638 16,680 76,977 73,801 195,149 191,973 Net revenue, TSEK 20,013 15,427 69,438 69,320 186,102 185,983 Gross profit, TSEK 8,709 5,738 27,514 24,273 65,985 62,744 Gross margin, operating income, % 36.8 34.4 35.7 32.9 33.8 32.7 Gross margin, net revenue, % 25.4 29.1 28.8 28.6 30.6 30.5 EBITDA, TSEK –10,086 −14,482 –11,094 −16,653 –8,724 −14,284 EBITDA margin, % –42.7 −86.8 –14.4 −22.6 –4.5 −7.4 Operating result (EBIT), TSEK –13,378 −16,024 –17,565 −19,997 –19,731 −22,163 Operating margin (EBIT margin), % –56.6 −96.1 –22.8 −27.1 –10.1 −11.5 Result after financial items, TSEK –13,645 −16,156 –18,103 −20,127 –20,764 −22,788 Profit/loss for the period, TSEK –13,645 −16,156 –18,103 −20,127 –20,764 −22,788 Operating cash flow, TSEK –6,893 −8,578 –5,046 −32,126 –8,140 –43,470 Equity ratio, % 73.7 75.1 73.7 75.1 73.7 70.5 Earnings per share before dilution, SEK –2.1 −2.5 −2.7 −3.1 –3.2 −3.5 Earnings per share after dilution, SEK –2.1 −2.5 −2.7 −3.1 –3.2 −3.5
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ES GROUP INTERIM REPORT Q2 JANUARY–JUNE 2026 CEO’S statement | 3 The second quarter, like the corresponding quarter of the previous year, was characterised by low net revenue, largely due to lower order intake from ODM and white label customers, with planned orders having been postponed to balance inventory levels. We expect these orders to be placed later in the year, as was the case last year, which will have a positive impact on the third and fourth quarters of the year. Provided that no unforeseen events occur, we remain of the view that the second half of the year will be strong enough for us to approach break-even for the full year. Net revenue for the quarter totalled SEK 20.0 million (15.4); representing an increase of 30 per cent compared with the same period in the previous year, albeit from low levels. However, this represents a decrease of 60 per cent compared with the first quarter of 2026. The difference for sales under the Company's own ES Energy Save brand, compared with the previous quarter, was also due to seasonal variations. Revenue under our own product brand increased compared with the corresponding quarter of 2025. Earnings before interest and taxes (EBIT) for the quarter improved slightly but remained negative, amounting to SEK −13.4 million (−16.0). The gross margin was relatively low, amounting to 25 per cent (29), this was mainly due to the ongoing phasing out of products in stock using older refrigerants. A stronger shareholder base and increased capacity for action In the summer, we announced a targeted issue of units of around SEK 17.8 million, subscribed for by investors both existing and new. The decision by the management and the Board of Directors, together with external inves- tors, to invest their own funds in the Company reflects their confidence in ES Group, as well as our strategy and future potential. From an operational perspective, I am very posi - tive about the share issue. Not only does it broaden our CEO'S STATEMENT In an strong position for the next phase of growth We are well equipped to capitalise on the opportunities created by the European energy transition thanks to our reinforced capital base, new strategic partnerships and continuing emphasis on business development. ES GROUP INTERIM REPORT Q2 JANUARY–JUNE 2026 CEO’S statement | 3 "Provided that no unforeseen events occur, we remain of the view that the second half of the year will be strong enough for us to approach break-even for the full year."
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ES GROUP INTERIM REPORT Q2 JANUARY–JUNE 2026 CEO’S statement | 4 shareholder base with new strategic investors who can contribute expertise, networks and business oppor - tunities, it also provides capital that strengthens our ability to accelerate our ODM and white label initia - tives, as well as the development of our operations within Commercial properties. Overall, this places us in a stronger position from which to capitalise on the market opportunities that are emerging as part of the ongoing energy transition. The Annual General Meeting also resolved to change the company's name to ES Group AB (publ), which was approved by the Swedish Companies Registra - tion Office on 4 June. Our change of name reflects the Company's transition towards a new business and organisational structure. ES Group reflects our role as a technology and platform company, while ES Energy Save remains the product brand used to dis - tribute our heat pump solutions through distributors in the European market. Our change of name creates a clearer structure and a stronger foundation for further expansion. Partnerships that strengthen our offering Throughout the quarter, we continued developing our operations in line with our partnership strategy, imple- menting initiatives that strengthen both our offering and our market position. These initiatives included entering into a partnership with JS Energi for the distri- bution of spare parts in the Nordic region, strength - ening our aftermarket business, improving service to installers and customers, and increasing our opera - tional capacity in our core markets. We also entered into a technology partnership with Enrad in the field of propane-based heat pump solu - tions for the industrial and property sectors. This partnership is based on complementary technolo - gies and creates opportunities to offer a broader and more competitive product offering within Commercial properties, while allowing each company to retain its own customer relationships and distribution channels. We stepped up our training initiatives for distribu - tors and installers across Europe during the quarter. Our training programmes are an important element in our preparations for the continued market launch of our R290 range for both the Residential and the Commercial property sectors. That said, our training programmes cover far more than just our heat pumps. They also focus on our digital platform, connected services and the opportunities that digital monitoring, control and support create for installers, property owners and end users. Limited access to highly trained installers is causing a bottleneck in many European markets. Our training initiatives are helping us to reinforce both our ecosys - tem and our competitiveness. Collectively, these initiatives illustrate how we com - bine development of proprietary technology with stra - tegic partnerships in order to strengthen our offering, increase our scalability and create new opportunities for growth in the European heat pump market. The electrification of Europe is creating new opportunities Previous reports have highlighted electrification as a key factor in Europe's ability to meet its climate commitments under the Paris Agreement. However, we have seen a number of national governments reducing their support for green technology in recent years, thereby slowing investment in solu - tions that could accelerate the energy transition. However, the EU's recently pub - lished Electrification Action Plan indi- cates that electrification con tinues to be a high priority at a European level, not least on account of a desire to enhance resilience. The plan's objectives include reducing the cost gap between gas and electricity by amending tax rules and grid tariffs as a way of promoting smart electri fication by means of heat pumps, for example. In fact, heat pumps are identified in the plan as a particular priority. At the present time, the cost of electricity is more than t wice as high as the cost of gas in all EU countries, except in Sweden and Finland. This substantial price differen- tial is one of the main barriers to the electrification of the European energy market. Overall, we are of the opinion that the initiatives now being implemented at EU level will help to increase electrification and further reinforce the position of heat pump technology as an attractive solution for heating and cooling buildings. Part of Europe's transition All of these aspects give me great confidence in the future. A stronger financial position, a growing part - ner base and favourable long-term market conditions place us in an excellent position from which we can go on developing our operations and capitalising on the opportunities arising from the energy transition. The heatwave experienced across Europe also under- lines the need for new and effective ways of dealing with extreme heat. I feel we are well positioned to assist in Europe's transition in this regard, too. Yibo Zhao CEO, ES Group Alingsås, August 2026 ES GROUP INTERIM REPORT Q2 JANUARY–JUNE 2026 CEO’S statement | 4 The decision by the management and the Board of Directors, together with external investors, to invest their own funds in the Company reflects their confidence in Energy Save, as well as our strategy and future potential.
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ES GROUP INTERIM REPORT Q2 JANUARY–JUNE 2026 Distribution of sales | 5 Distribution of sales April– June 2025 compared to April– June 2026 Net revenue by brand ODM/WL ES Energy Save 11,201 (73 %) 13,824 (69 %) 4,226 (27 %) 6,189 (31 %) 0 5,000 10,000 15,000 20,000 25,000 Q2 2026Q2 2025 TSEK Net revenue by business area Services and After-sales Commercial property Residential property 13,276 (86 %) 17,304 (86 %) 1,747 (11 %) 2,370 (12 %)403 (3 %) 338 (2 %) 0 5,000 10,000 15,000 20,000 25,000 Q2 2026Q2 2025 TSEK Net revenue by geographical area Europe outside of Scandinavia Scandinavia 1,555 (10 %) 4,796 (24 %) 13,872 (90 %) 15,217 (76 %) 0 5,000 10,000 15,000 20,000 25,000 Q2 2026Q2 2025 TSEK
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ES Energy Save products are available through distributor networks in 32 countries. ES Group develops green and innovative solutions for both Residential- and Commercial properties, helping customers meet their needs and achieve their climate goals. Through innovative technology development, we have established a prefabricated product concept that is energy efficient and easy to install. Our new line of propane machines is designed to be a direct replacement for gas boilers across Europe. We have developed a complete digital ecosys - tem that is based on groundbreaking technology and ensures that our heat pumps are reliable and easy to use, while our digital solutions reduce pro - cess costs for installation and system design. Our digital ecosystem is made up of ES Configurator, ES Calculator, ES Fleet Manager and an end-user app. Scalable business model and partnership approach ES Group has established a business model that ensures short lead times and low development, production and delivery costs for heat pump systems. Our systems offer higher industrial scalability compared to site-built systems and create opportunities for entirely new applications and customer segments. Together with partners, we are involved in every - thing from product development to production, and have a well-defined route to market for both Residential- and Commercial properties. Sales are made through distributors under the ES Energy Save brand, but also through ODM and white label part - nerships, which allows us to leverage these part - ners' established customer relationships in markets where we are not yet sufficiently established. We currently have distributors in 32 countries and we are developing our supply chain by establishing production capacity in Europe. Digitalisation as a competitive advantage Digitalisation is a key factor in the development of the heat pump industry – and a prerequisite for managing the transition to green electrification that Europe is facing. Our systems assist in providing the flexibility required to balance the power grids during this transition. Our hybrid systems meet Europe's substantial demand for electrified building heating, both during construction and throughout a building's lifetime. Our digital services and tools ensure high perfor - mance and quality, not only by stream lining con - About ES Group ES Group AB is an innovative Swedish energy technology company which uses intelligent, cost-effective air-to-water heat pump systems to assist in the sustainable energy transition in Europe. The Company has been supplying heat pumps to the European market since 2009 and is listed on the Nasdaq First North Growth Market. ES GROUP INTERIM REPORT Q2 JANUARY–JUNE 2026 About Energy Save | 6
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ES GROUP INTERIM REPORT Q2 JANUARY–JUNE 2026 About Energy Save | 7 figuration, installation and monitoring, but also by easily integrating with other parts of a building's energy system. The heat pump solutions can be synchro nised with other energy sources and sys - tems in the building, creating a holistic approach to energy manage ment and optimisation. Our exper - tise in hybrid technology positions us at the heart of the energy system of the future. ES Group's digital offering also creates significant customer value through the ability to optimise opera- tions based on the price of energy and so-called peak shaving, which means an opportunity to smooth out the system's peak loads to reduce energy costs. These benefits are made possible by being able to combine different energy sources and optimise the operation of heat pump systems through new control intelligence. This capacity is one of the crucial factors that makes ES Group a key player in the industry, contributing to increased competitive - ness, improved margins and opportunities for new business models and revenue streams. In summary, the Company's growth is driven by the following factors and strengths: • Huge market potential, driven by climate demands and electrification • Product development and product design for both the Company's own product range and as a development partner to ODM and white label customers • Successfully extended our product range in both the Residential and the Commercial property sectors • Innovative technology development, especially in hybrid technology, and with a patented and cost-effective product concept • A niche player with a scalable business model and a partnership-based go-to-market strategy • Financial strength and a secure ownership structure Welcome to a greener world!
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ES GROUP INTERIM REPORT Q2 JANUARY–JUNE 2026 Financial summary | 8 ES Group AB Q2 Interim Report Financial summary January–June 2026 Second quarter: April–June 2026 Net revenue for the second quarter of the fiscal year totalled SEK 20.0 million (15.4). This is an increase of 30 per cent compared with the same quarter of the previous fiscal year. This increase came about on account of higher sales both under the Company's own ES Energy Save brand, which grew by SEK 2.6 million or 23 per cent, and within the ODM/white label sector, which grew by SEK 2.0 million or 46 per cent compared with the second quarter of the previous year. Both the second quarter of 2026 and the corresponding quar - ter of 2025 were affected by increases in inventory levels among ODM/white label customers, resulting in postponement of these customers' orders until the second half of the year. Net revenue fell by 60 per cent compared to the previous quarter. Operating income for the quarter totalled SEK 23.6 million (16.7), up 42 per cent compared to the sec- ond quarter last year. Operating income was affected by SEK 3.1 million (3.4) in capitalised work performed for own account, as well as other operating income consisting primarily of exchange rate fluctuations amounting to SEK 0.5 million (–2.1). Operating income fell by 56 per cent compared to the previous quarter. Gross profit for the quarter totalled SEK 8.7 million (5.7), with the gross margin based on operating income increasing to 37 per cent (34). Gross margin based on net revenue fell compared with the same quarter last year to 25 per cent (29). Compared with the pre - vious quarter, the gross margin based on net revenue decreased by 5 percentage points. The decline in gross margin is mainly due to the ongoing phasing out of products in stock using older refrigerants. Other expenses for the quarter decreased by 13 per cent to SEK 8.4 million (9.7), while personnel expenses decreased by 1 per cent to SEK 10.4 million (10.5). Compared with the same quarter last year, the reduction in the cost base that came about on account of the cost-cutting programme implemented is continuing to have an impact. Strong emphasis on cost control continued in the second quarter of 2026. Depreciation, amortisation and impairment of tangible and intangible fixed assets, consisting mainly of amortisation of internally accrued intangible assets, increased to SEK 3.3 million (1.5). Financial items for the quarter consisted of interest income amounting to SEK 0.1 million (0.1) and interest expenses amounting to SEK −0.3 million (−0.3). Operating result (EBIT) for the quarter totalled SEK −13.4 million (−16.0), corresponding to an EBIT margin of −57 per cent (−96). EBITDA totalled SEK −10.1 million (−14.5), while profit/loss for the quarter totalled SEK −13.6 million (−16.1). There were 6,586,161 (6,586,161) shares outstanding at the end of the quarter. Earnings per share amounted to SEK −2.1 before dilution (−2.5) and SEK −2.1 after dilution (−2.5). Revenue and earnings QUARTER PERIOD 12 MONTHS PREV. FISCAL YEAR APR–JUN 2026 APR–JUN 2025 JAN–JUN 2026 JAN–JUN 2025 JUL 2025–JUN 2026 JAN–DEC 2025 Net revenue 20,013 15,427 69,438 69,320 186,102 185,983 Gross profit 8,709 5,738 27,514 24,273 65,985 62,744 EBIT –13,378 −16,024 –17,565 −19,997 –19,731 −22,163
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ES GROUP INTERIM REPORT Q2 JANUARY–JUNE 2026 Financial summary | 9 Period: January–June 2026 Net revenue for the period January−June 2026 a mou nt ed t o SEK 69 . 4 m i l l i on ( 69 .3) . Th i s w as a n increase of 0.2 per cent compared with the same period of the previous year. Both the second quarter of 2026 and the corresponding quarter of 2025 were affected by increases in inventory levels among ODM/ white label customers, resulting in postponement of these customers' orders until the second six months of the year. As a result, net revenue for the period Jan- uary–June 2026 was in line with the corresponding period last year. Operating income for the period totalled SEK 77.0 million (73.8), up 4 per cent compared to the same period last year. Besides net revenue, operating income comprised capitalised work for own account amount- ing to SEK 6.2 million (6.5), as well as other operating income, primarily consisting of exchange rate fluctua- tions of SEK 1.3 million (–2.0). Gross profit for the period totalled SEK 27 .5 million (24.3), with the gross margin based on operating income increasing to 36 per cent (33). The gross mar- gin based on net revenue amounted to 29 per cent (29). Other expenses for the period decreased by 10 per cent to SEK 18.6 million (20.7), personnel expenses falling by 1 per cent to SEK 20.0 million (20.2). The reduction in total other costs mainly came about on account of lower consultancy fees as a result of the cost-cutting programme implemented, as well as lower costs for premises and inventories. Depreciation, amortisation and impairment of intan - gible fixed assets, which consisted mainly of internally accrued intangible assets, increased by 94 per cent to SEK 6.5 million (3.3). The increase in amortisation was due to the fact that internally developed intangible assets, consisting of product concepts, were com - pleted and made available for sale to a greater extent than during the comparative period. Financial items for the period, consisting of inter - est income and interest expenses, amounted to SEK −0.5 million (−0.1). Earnings before interest and taxes (EBIT) for the period totalled SEK –17.6 million (–20.0), correspond- ing to an EBIT margin of –23 per cent (–27). EBITDA totalled SEK −11.1 million (−16.6), while profit for the period totalled SEK −18.1 million (−20.1). Profit mar - gins were supported primarily by higher revenue from other operating income and lower costs within other expenses. There were 6,586,161 (6,586,161) shares outstanding at the end of the period. Earnings per share amounted to SEK −2.7 before dilution (−3.1) and SEK −2.7 after dilution (−3.1). Jul–Sep 2024 Oct–Dec 2024 Jan–Mar 2025 Apr–Jun 2025 Jul–Sep 2025 Oct–Dec 2025 Jan–Mar 2026 Apr–Jun 2026 n Net revenue 51,171 53,012 53,893 15,427 46,334 70,329 49,425 20,013 n Operating income 53,081 63,043 57,121 16,680 46,776 71,396 53,339 23,638 Net revenue and operating income (TSEK) 0 30,000 20,000 10,000 40,000 50,000 60,000 70,000 80,000
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ES GROUP INTERIM REPORT Q2 JANUARY–JUNE 2026 Financial summary | 10 Breakdown of net revenue January–June 2026 Second quarter: April–June 2026 Breakdown by business area For the Residential property business area, net rev - enue increased year-on-year by 30 per cent to SEK 17.3 million (13.3). Net revenue fell by 61 per cent compared to the previous quarter. Net revenue for the Commercial property business area totalled SEK 2.4 million (1.7) during the quarter, representing an increase of 36 per cent compared to the same quarter last year. Net revenue fell by 20 per cent compared to the previous quarter. The Services and After-sales business area generated net revenue of SEK 0.3 mil - lion (0.4) during the quarter. Compared with the previ - ous quarter, net revenue decreased by SEK 1.7 million. Of total net revenue, the Residential property busi - ness area accounted for 86 per cent (86), the Com - mercial property business area for 12 per cent (11), and the Services and After-sales business area for 2 per cent (3). Jul–Sep 2024 Oct–Dec 2024 Jan–Mar 2025 Apr–Jun 2025 Jul–Sep 2025 Oct–Dec 2025 Jan–Mar 2026 Apr–Jun 2026 n Residential property 44,309 47,922 49,474 13,276 40,616 66,659 44,487 17,30 4 n Commercial property 6,368 4,395 1,959 1,747 5,372 3,100 2,947 2,370 n Services and After-sales 494 695 2,460 403 346 570 1,992 338 51,171 53,012 53,893 15,427 46,334 70,329 49,425 20,013 Net revenue by business area, quarter 0 10,000 20,000 30,000 40,000 50,000 70,000 TSEK 60,000
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ES GROUP INTERIM REPORT Q2 JANUARY–JUNE 2026 Financial summary | 11 Breakdown by brand: ES Energy Save and ODM/white label Net revenue under the ES Energy Save brand increased by 23 per cent to SEK 13.8 million (11.2) compared with the same quarter last year. Net revenue fell by 13 per cent compared to the previous quarter. Net revenue within the ODM/white label sector amounted to SEK 6.2 million (4.2) during the quarter, an increase of 46 per cent compared with the same quarter last year. Net revenue fell by 82 per cent compared to the previous quarter. The ES Energy Save brand accounted for 69 per cent (73) of total net revenue, while ODM/ white label accounted for 31 per cent (27). Geographical distribution Net revenue in the Scandinavian market increased by 208 per cent to SEK 4.8 million (1.6) during the second quarter of the fiscal year. Net revenue in Scandinavia fell by 31 per cent compared to the previous quarter. For Europe outside of Scandinavia, net revenue rose by 10 per cent to SEK 15.2 million (13.9) in the second quarter, but net revenue fell by 64 per cent compared to the previous quarter. A majority of the net revenue in the rest of the European market consisted of sales to the Polish market, which accounted for SEK 6.5 million, corresponding to 43 per cent of net revenue in Europe outside of Scandinavia and 32 per cent of total net reve- nue for the quarter. In Scandinavia, Sweden accounted for the majority of net revenue at SEK 3.5 million, repre- senting 72 per cent of net revenue in Scandinavia and 17 per cent of total net revenue for the quarter. Jul–Sep 2024 Oct–Dec 2024 Jan–Mar 2025 Apr–Jun 2025 Jul–Sep 2025 Oct–Dec 2025 Jan–Mar 2026 Apr–Jun 2026 n ES Energy Save 15,355 16,343 8,009 11,201 18,487 18,575 15,928 13,824 n ODM/WL 35,816 36,669 45,884 4,226 27,847 51,755 33,497 6,189 51,171 53,012 53,893 15,427 46,334 70,329 49,425 20,013 Net revenue by brand, quarter 0 30,000 20,000 10,000 40,000 50,000 60,000 TSEK Jul–Sep 2024 Oct–Dec 2024 Jan–Mar 2025 Apr–Jun 2025 Jul–Sep 2025 Oct–Dec 2025 Jan–Mar 2026 Apr–Jun 2026 n Scandinavia 5,470 5,209 1,040 1,555 3,449 6,954 6,905 4,796 n Europe outside of Scandinavia 45,701 47,803 52,853 13,872 42,885 63,376 42,520 15,217 51,171 53,012 53,893 15,427 46,334 70,329 49,425 20,013 Net revenue by geographical distribution, quarter 0 20,000 10,000 40,000 30,000 50,000 60,000 70,000 TSEK
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ES GROUP INTERIM REPORT Q2 JANUARY–JUNE 2026 Financial summary | 12 Reporting period: January–June 2026 Breakdown by business area For the Residential property business area, net reve - nue decreased in the January–June 2026 period by 2 per cent in comparison with the same period of the previous year to SEK 61.8 million (62.7). Net revenue for the Commercial property business area totalled SEK 5.3 million (3.7) during the period, representing an increase of 43 per cent compared to the same period last year. The Services and After-sales business area had a turnover of SEK 2.3 million (2.9) for the period, down SEK 0.6 million. Of total net revenue for the period January– June 2026, the Residential property business area accounted for 89 per cent (91), the Commercial property business area for 8 per cent (5), and the Services and After-sales business area for 3 per cent (4). Breakdown by brand: ES Energy Save and ODM/WL Net revenue under the ES Energy Save brand increased by 55 per cent during the period to SEK 29.8 million (19.2) compared with the same period last year. The ODM/white label sector had net revenue of SEK 39.7 million (50.1) during the period, a decrease of 21 per cent compared to the same period last year. The ES Energy Save brand accounted for 43 per cent (28) of total net revenue, while ODM/white label accounted for 57 per cent (72). Geographical distribution Net revenue in the Scandinavian market increased by 351 per cent to SEK 11.7 million (2.6) during the period January–June 2026. For Europe outside of Scandinavia, net revenue decreased by 13 per cent to SEK 57.7 million (66.7). Net revenue on the Polish mar- ket, totalling SEK 40.1 million, accounted for most of the net revenue in the European market outside of Scandinavia, corresponding to 69 per cent of net rev - enue in Europe outside of Scandinavia and 58 per cent of total net revenue for the period. Number of heat pumps sold The number of heat pumps sold during the period Janu- ary–June 2026 increased by 9 per cent to 1,977 (1,813) compared with the same period of the previous year. Number of heat pumps sold The number of heat pumps sold increased by 64 per cent to 405 (247) compared with the same quar - ter last year. The number of heat pumps sold fell by 74 per cent compared with the immediately preced - ing quarter, which was a clear reflection of seasonal variations. Jul–Sep 2024 Oct–Dec 2024 Jan–Mar 2025 Apr–Jun 2025 Jul–Sep 2025 Oct–Dec 2025 Jan–Mar 2026 Apr–Jun 2026 n Heat pumps 1,284 1,337 1,566 247 1,134 1,918 1,572 405 Number of heat pumps sold, quarter 0 500 1,000 1,500 2,000 2,500 NUMBER
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ES GROUP INTERIM REPORT Q2 JANUARY–JUNE 2026 Financial summary | 13 Financial position and liquidity The Group's total assets amounted to SEK 189.1 mil - lion (213.2) as at 30 June 2026. Of this, fixed assets accounted for SEK 74.3 million (71.0) and current assets for SEK 114.8 million (142.2). The Group's equity totalled SEK 139.4 million (160.1) as at 30 June 2026. Provisions totalled SEK 1.5 million (1.0), while liabilities totalled SEK 48.2 million (52.2). Cash flow and cash and cash equivalents During the quarter, cash flow from operating activities amounted to SEK −3.6 million (−5.6), cash flow from investing activities amounted to SEK −3.3 million (−2.9), and cash flow from financing activities amounted to SEK 1.7 million (−0.0). Total cash flow (total change in cash and cash equivalents) during the quarter totalled SEK –5.2 million (−8.6), while cash and cash equivalents at the end of the quarter amounted to SEK 18.4 million (20.7). Operating cash flow totalled SEK –6.9 million (−8.6) during the quarter. An operating result of SEK −13.4 million, a reduction in inventories of SEK 6.5 million, a reduction in current liabilities of SEK 3.3 million, and the acquisition of capitalised work per- formed for own account totalling SEK 3.2 million had the greatest impact on cash flow during the quarter. As of 30 June, 95 per cent of the share capital relating to the investment in the factory in Turkey had been paid in and the remaining SEK 1.2 million is a debt to the Turkish company. The remaining share capital will be paid in on an ongoing basis in line with capital needs, but no later than two years after the establishment of the Turkish company. Parent company The parent company's net revenue during the quarter amounted to SEK 0.1 million (0.0) and total operating income amounted to SEK 2.9 million (2.2). Of this, cap- italised work performed for own account amounted to SEK 2.6 million (2.2). Operating result (EBIT) amounted to SEK −8.9 million (−7.4) and profit/loss for the quarter amounted to SEK −8.9 million (−7.3). Financial position With air-to-water heat pumps and smart control, microgrids can be created. They will be part of future decentralised energy systems, and are a prerequisite for Europe to cope with the ongoing green electrification. The Company's heat pumps are certified as SG- ready, which means that they meet the controllability requirements for approval in smart grids.
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Other information | 14ES GROUP INTERIM REPORT Q2 JANUARY– JUNE 2 026 Other information Accounting principles The interim report has been prepared in accordance with the Swedish Annual Accounts Act and BFNAR 2012:1 Annual Report and Consolidated Financial Statements. The principles are unchanged compared to the 2025 fiscal year. Supplementary disclosures This interim report has not been subject to review by the Company's auditors. ES Group AB (publ) is the parent company of the Group, which includes the subsidiaries ES Heat Pumps AB with corporate identity number 556784-6505, ES Systems AB with corporate identity number 556867-7974, HEFOS Sver- ige AB with corporate identity number 556939-1310, Energy Save AS with corporate identity number 991 347 194, Energy Save Nordic d.o.o. with corporate identity number 851 248 5000 and Hefos sp. z o.o. with corporate identity number 7773232845. Risk and uncertainty ES Group's operations are subject to a number of risks, the effects of which on the Company's earnings and financial position can be controlled to varying degrees. That is why it is important to take these risk factors into account when assessing the future development of the Company. Commercial risks There is a risk that strategic investments in the com - mercial business areas and the green energy transition will be delayed. Construction is a relatively conservative industry, so this could potentially delay commercialisa- tion. Growth in the European market is dependent on subsidies, as the current relative cost of heat pumps remains high in many countries. There is a risk that opportunity costs remain high and that investing in heat pumps is therefore not economically viable in these countries. Production and distribution risks ES Group outsources its production to Chinese partner Amitime. There is a risk that production quality, volume and delivery times will fail to fulfil the requirements of the Company or the market. The supplier may also face component shortages, and the situation in the freight market may cause delays in deliveries and increased freight costs. This may result in postponed or cancelled sales. ES Group works actively with distributors all over the world. This means that ES Group is dependent on the networks and sales performance of its distributors. Most of the agreements with distributors are for one year and are renewed annually if the distributors deliver on their targets. Changes to these agreements, or if successful distributors choose to partner with a competitor instead, could damage the company's position in the market.
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ES GROUP INTERIM REPORT Q2 JANUARY–JUNE 2026 Other information | 15 Market risks The heat pump market is characterised by fierce com - petition in the various segments. This fierce com - petition could lead to price pressure, which could harm a smaller player like ES Group. In addition, the market may prioritise a heat pump supplier with a wider product range. Macroeconomic and regulatory risks ES Group is impacted by amendments to laws, regu - lations, taxes and policy instruments in the markets in which the Company operates. Geopolitical conflicts, increasing uncertainty in the global economy and global trade barriers such as tariffs, sanctions and disruptions to international trade flows may impact the cost structure, supply chains and demand. Demand for heat pumps is also impacted by the macroeconomic climate. High inflation, rising interest rates and changes in electricity and gas prices may make households and property owners less willing to invest. Moreover, there is a risk that a rapid pace of change in external conditions may be impossible to predict or manage. Further information on the Company's risks can be found in the company description for ES Group AB (publ). No additional risks or uncertainties are deemed to have arisen during the period Seasonal variations ES Group’s activities and market are impacted by sea- sonal variations. The final six months of the year are generally stronger than the first six months. Amended terminology As of Q1 2026, ES Group will be using the terms orig - inal design manufacturer (ODM) and white label (WL) in place of the term original equipment manufacturer (OEM) which was used previously. Organisation and staff At the end of the quarter, the number of employees in the Group amounted to 33 (34), of which 21 were men and 12 were women. Events during the quarter • ES Energy Save and JS Energi entered into a spare parts partnership for the Nordic region. • ES Energy Save Holding AB changed its name to ES Group AB (publ). Significant events after the end of the period • ES Energy Save and Enrad will be entering into a technology partnership in the field of propane heat pumps for industrial and commercial buildings. • ES Group proposed a targeted issue of units made up of class B shares and warrants amounting to around SEK 17.8 million, as well as announcing the placement of existing shares amounting to around SEK 4.4 million. Related party transactions During the January–June 2026 period, the Group pur - chased consulting services amounting to SEK 269,280 from Olausson Konsult AB, which is 100 per cent owned and controlled by Board member Inge Olaus - son. The Company is of the opinion that all transactions have been conducted on market terms. Otherwise, no transactions have taken place between the ES Group and related parties that have significantly affected the Company's position and profit.
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ES GROUP INTERIM REPORT Q2 JANUARY–JUNE 2026 Definitions and explanations of KPIs | 16 Definitions and explanations of KPIs KPI Definition Explanation Operating income, SEK Revenue including capitalised work performed for own account and other operating income. Indicates the total revenue generated by the business. Net revenue, TSEK Revenue from the sale of goods and services less discounts given, VAT and other taxes directly linked to revenue. Indicates the business's ability to generate sales revenue. Gross profit, TSEK Profit after operating income and cost of goods sold. Indicates the product profitability of the core business. Gross margin, operating income Gross profit in relation to operating income. Indicates the product profitability of the core business. Gross margin, net revenue Gross profit less capitalised work performed for own account and other operating income in relation to net revenue. Indicates the product profitability of the core business. Earnings before interest and taxes (EBIT), TSEK Operating result after depreciation, amortisation and impairment of tangible fixed assets and intangible assets. Enables comparisons of profitability regardless of capital structure or tax situation. Operating margin (EBIT margin) Operating result in relation to operating income. Enables comparisons of profitability regardless of capital structure or tax situation. EBITDA Operating result before depreciation, amortisation and impairment of tangible and intangible fixed assets. Indicates the profitability of the Company's operating activities regardless of its capital structure, and facilitates comparability with other companies in the same industry. EBITDA margin EBITDA in relation to operating income. Indicates the profitability of the Company's operating activities regardless of its capital structure, and facilitates comparability with other companies in the same industry. Operating cash flow, TSEK Cash flow from operating and investing activities, excluding acquisitions and disposals. Facilitates analysis of cash flow generation in operating activities. Equity ratio, % Equity divided by total assets (balance sheet total). Describes the Company's long-term solvency. Earnings per share before dilution, SEK Profit/loss for the period divided by the number of shares outstanding. Facilitates analysis of the value of the company's outstanding shares. Earnings per share after dilution, SEK Profit/loss for the period divided by the average number of shares outstanding at the end of the period plus the number of shares that would be added if all dilutive potential shares were converted into shares. Only those option pro- grammes whose issue price is below the average share price for the period can lead to a dilution effect. Facilitates analysis of the value of the company's outstanding shares.
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ES GROUP INTERIM REPORT Q2 JANUARY–JUNE 2026 Shares | 17 The share Name Number of class A shares Number of class B shares Capital, % Votes, % Gulbrandsen, Christian 674,320 252,786 14.1 37.4 Sävenstrand, Fredrik C/O Project Air AB 674,320 223,670 13.6 37.2 Theodor Jeansson Jr. 0 611,641 9.3 3.3 Nordea Fonder 0 520,386 7.9 2.8 UBS AG London Branch 0 365,950 5.6 2.0 Partner Fondkommission AB 0 295,720 3.8 1.5 Avanza Pension 0 230,955 3.5 1.2 Henrik Nilsson 0 195,732 3.0 1.1 Nordea Liv & Pension 0 141,097 2.1 0.8 Linus Lindström 0 135,535 2.1 0.7 Top 10 total 1,348,640 2,973,472 65.0 88.0 Others 0 2,264,049 35.0 12.0 Total 1,348,640 5,237,521 100.0 100.0 A verage number of class B shares Apr–Jun 2026 Apr–Jun 2025 Jan–Jun 2026 Jan–Jun 2025 Opening balance 5,237,521 5,237,521 5,237,521 5,237,521 New share issue 0 0 0 0 Number of shares at balance sheet date 5,237,521 5,237,521 5,237,521 5,237,521 Average number of shares before and after dilution 5,237,521 5,237,521 5,237,521 5,237,521 Quotient value, SEK 2.5 2.5 2.5 2.5 Certified advisor Company Phone Email Redeye Nordic Growth AB +46 (0)8-121 576 90 certifiedadviser@redeye.se Analysts covering ES Group AB Company Name Phone Email ABG Sundal Collier Karl Bokvist +46 (0)8-566 286 33 karl.bokvist@abgsc.se ABG Sundal Collier Lara Mohtadi +46 (0)8-566 286 88 lara.mohtadi@abgsc.se Advisers Company Name Phone Email Partner Fondkommisson Torben Oskarsson +46 (0)31-761 22 30 torben.oskarsson@partnerfk.se As of 30 June 2026, the number of shares in ES Group amounted to 6,586,161, corre - sponding to a share capital of SEK 16,465,392.30. The largest shareholders are Christian Gulbrandsen with 14.1 per cent, Fredrik Sävenstrand through Project Air AB with 13.6 per cent, Theodor Jeansson Jr. with 9.3 per cent and Nordea-fonder with 7.9 per cent.
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ES GROUP INTERIM REPORT Q2 JANUARY–JUNE 2026 Financial reports | 18 Financial reports The Group ES Group AB The Group Income statement QUARTER PERIOD 12 MTHS PREV. FISCAL YEAR (TSEK) APR–JUN 2026 APR–JUN 2025 JAN–JUN 2026 JAN–JUN 2025 JUL 2025–JUN 2026 JAN–DEC 2025 Operating income, etc. Net revenue 20,013 15,427 69,438 69,320 186,102 185,983 Capitalised work performed for own account 3,104 3,384 6,232 6,486 11,990 12,243 Other operating income 521 −2,130 1,306 −2,004 –2,943 −6,254 23,638 16,680 76,977 73,801 195,149 191,973 Operating expenses Cost of goods sold –14,929 −10,942 –49,463 −49,528 –129,164 −129,229 Other external costs –8,441 −9,721 –18,631 −20,701 –36,832 −38,902 Personnel expenses –10,353 −10,498 –19,976 −20,225 –37,877 −38,125 Depreciation/amortisation and impairment of tangible and intangible fixed assets –3,292 −1,542 –6,471 −3,344 –10,950 −7,822 Other operating expenses 0 0 0 0 −58 −58 –37,015 −32,704 –94,542 −93,798 –214,880 −214,136 Operating result –13,378 −16,024 –17,565 −19,997 –19,731 −22,163 Profit from financial items Income from other securities and receivables classified as fixed assets 0 0 0 0 0 0 Other interest income and similar financial income 81 120 172 355 310 493 Interest expenses and similar financial expenses –348 −253 –710 −485 –1,343 −1,118 –267 −132 –538 −130 –1,032 −624 Profit/loss after financial items –13,645 −16,156 –18,103 −20,127 –20,764 −22,788 Profit/loss before tax –13,645 −16,156 –18,103 −20,127 –20,764 −22,788 Tax on profit for the period 0 0 0 0 0 0 Profit/loss for the period –13,645 −16,156 –18,103 −20,127 –20,764 −22,788 Earnings per share (SEK) –2.1 −2.5 −2.7 −3.1 –3.2 −3.5 Number of shares at the end of the period 6,586,161 6,586,161 6,586,161 6,586,161 6,586,161 6,586,161
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ES GROUP INTERIM REPORT Q2 JANUARY–JUNE 2026 Financial reports | 19 ES Group AB The Group Balance sheet (TSEK) 30 Jun 2026 30 Jun 2025 31 Dec 2025 ASSETS Fixed assets Intangible fixed assets Capitalised work performed for own account 44,579 42,197 45,944 Concessions, patents, licences, brands, etc. 2,473 658 505 47,052 42,855 46,449 Property, plant and equipment Equipment, tools, fixtures and fittings 3,196 4,051 3,729 3,196 4,051 3,729 Financial fixed assets Investments in associates and jointly controlled entities 0 0 0 Other long-term securities holdings 23,645 23,645 23,645 Other non-current receivables 426 426 424 24,071 24,071 24,069 Total fixed assets 74,319 70,977 74,247 Current assets Inventory, etc. Finished goods and cost of goods sold 72,257 97,302 81,743 Advances to suppliers 831 2,882 2,571 73,088 100,184 84,313 Current receivables Accounts receivable 16,094 13,886 33,843 Current tax asset 241 586 67 Other receivables 1,487 1,984 1,425 Prepaid expenses and accrued income 5,484 4,856 6,070 23,306 21,312 41,406 Cash and bank balances 18,376 20,720 23,072 Total current assets 114,770 142,216 148,791 TOTAL ASSETS 189,090 213,193 223,039
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ES GROUP INTERIM REPORT Q2 JANUARY–JUNE 2026 Financial reports | 20 ES Group AB The Group Cont. balance sheet (TSEK) 30 Jun 2026 30 Jun 2025 31 Dec 2025 EQUITY AND LIABILITIES Equity, Group Share capital 16,465 16,465 16,465 Other contributed capital 196,230 196,230 196,230 Other equity including profit/loss for the period −73,326 −52,612 −55,470 Equity attributable to the parent company's shareholders 139,369 160,083 157,225 Non-controlling interests 0 0 0 Total equity, Group 139,369 160,083 157,225 Provisions Guarantees 1,536 955 1,508 Deferred tax liability 0 0 0 Total provisions 1,536 955 1,508 Non-current liabilities Liabilities to credit institutions 2,375 2,425 2,400 Other liabilities 201 997 234 Total non-current liabilities 2,576 3,422 2,634 Current liabilities Overdraft facility 4,293 13,046 1,918 Liabilities to credit institutions 18,800 4,200 20,800 Advances from customers 5,713 4,248 7,925 Trade payables 9,239 8,009 19,056 Current tax liability 0 0 0 Other liabilities 1,883 13,773 6,836 Accrued expenses and deferred income 5,680 5,455 5,136 Total current liabilities 45,609 48,733 61,672 TOTAL EQUITY AND LIABILITIES 189,090 213,193 223,039 Condensed consolidated statement of changes in equity (TSEK) PERIOD PREV. FISCAL YEAR JAN–JUN 2026 JAN–JUN 2025 JAN–DEC 2025 Amount at period start 157,225 180,300 180,300 New issue (after deduction of issue costs) 0 0 0 Profit/loss for the period –18,103 −20,127 −22,788 Change in the Group's structure 0 0 0 Difference 247 10 −287 Amount at period end 139,369 160,183 157,225
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ES GROUP INTERIM REPORT Q2 JANUARY–JUNE 2026 Financial reports | 21 ES Group AB The Group Cash flow statement QUARTER PERIOD 12 MTHS PREV. FISCAL YEAR (TSEK) APR–JUN 2026 APR–JUN 2025 JAN–JUN 2026 JAN–JUN 2025 JUL 2025–JUN 2026 JAN–DEC 2025 Operating activities Operating result –13,378 −16,024 –17,565 −19,997 –19,731 −22,163 Adjustments for items not included in cash flow 3,222 1,668 6,745 3,463 11,579 8,247 Interest received 81 120 172 355 310 493 Interest paid –348 −253 –710 −485 –1,343 −1,118 Income tax paid 0 0 0 0 0 –425 Cash flow from operating activities before changes in working capital –10,423 −14,489 –11,358 −16,663 –9,184 –14,966 Cash flow from changes in working capital Decrease (+) /increase (−) in inventories and work in progress 6,512 3,749 11,225 −1,329 27,095 14,542 Decrease (+) /increase (−) in trade receivables 1,770 4,543 17,749 3,899 –2,208 −16,058 Decrease (+) /increase (−) in receivables –477 7,648 350 2,079 215 2,012 Decrease (−) /increase (+) in trade payables 2,379 −6,853 –12,028 −10,596 2,695 4,127 Decrease (−) /increase (+) in current liabilities –3,319 −227 –4,441 128 –12,461 –4,866 Cash flow from operating activities –3,559 −5,629 1,496 −22,483 6,153 –15,209 Investing activities Acquisition of capitalised work performed for own account –3,223 −3,463 –4,451 −6,481 –12,195 –13,579 Acquisition of concessions, patents, licences, etc. –64 0 –2,068 −84 –2,068 0 Acquisition of equipment, tools, fixtures and fittings –47 513 −23 422 –29 –264 New lending to third parties 0 0 0 0 0 0 Repayment of loans from third parties 0 0 0 0 0 –10,919 Acquisitions of financial fixed assets 0 0 0 −3,500 0 −3,500 Disposal of financial assets 0 0 0 0 0 0 Cash flow from investment activities –3,334 −2,949 –6,542 −9,643 –14,293 –28,262 Financing activities Share issue during the period 0 0 0 0 0 0 Long-term loans raised 0 0 0 2,500 25,000 25,000 Change in current financial liabilities 2,704 1,152 2,374 −1,476 –8,753 –12,604 Repayment of long-term loans −1,013 −1,163 –2,025 −2,325 –10,450 0 Cash flow from financing activities 1,691 −10 349 −1,301 5,797 12,396 Change in cash and cash equivalents –5,202 −8,589 –4,696 −33,427 −2,344 −31,074 Cash and cash equivalents at start of period 23,578 29,308 23,072 54,146 20,720 54,146 Cash and cash equivalents at end of period 18,376 20,720 18,376 20,720 18,376 23,072
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ES GROUP INTERIM REPORT Q2 JANUARY–JUNE 2026 Financial reports | 22 Parent company ES Group AB Parent company Income statement QUARTER PERIOD 12 MTHS PREV. FISCAL YEAR (TSEK) APR–JUN 2026 APR–JUN 2025 JAN–JUN 2026 JAN–JUN 2025 JUL 2025–JUN 2026 JAN–DEC 2025 Operating income, etc. Net revenue 124 35 124 54 3,176 3,105 Capitalised work performed for own account 2,562 2,181 4,693 3,828 6,036 5,170 Other operating income 209 −60 419 −23 957 514 2,896 2,156 5,237 3,858 10,168 8,789 Operating expenses Cost of goods sold −1 0 −3 0 29 31 Other external costs –6,294 −5,240 –13,124 −10,183 –23,213 −20,272 Personnel expenses –4,417 −4,181 –8,640 −8,368 –16,280 −16,008 Depreciation/amortisation and impairment of tangible and intangible fixed assets –1,106 −89 –2,166 −178 –3,634 −1,646 Other operating expenses 0 0 0 0 0 0 –11,818 −9,511 –23,933 −18,730 –43,098 −37,894 Operating result –8,923 −7,355 –18,697 −14,871 –32,930 −29,105 Profit from financial items Profit from participations in Group companies 0 0 0 0 6,000 6,000 Profit from other securities and receivables that are fixed assets 0 0 0 0 0 0 Other interest income and similar financial income 46 91 96 275 173 352 Interest expenses and similar financial expenses −21 −24 −42 −42 −85 −85 25 67 54 232 6,088 6,267 Profit/loss after financial items –8,897 −7,288 –18,643 −14,639 –26,842 −22,838 Profit/loss before tax –8,897 −7,288 –18,643 −14,639 –26,842 −22,838 Tax on profit for the period 0 0 0 0 0 0 Profit/loss for the period –8,897 –7,288 –18,643 −14,639 –26,842 −22,838
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ES GROUP INTERIM REPORT Q2 JANUARY–JUNE 2026 Financial reports | 23 ES Group AB Parent company Balance sheet (TSEK) 30 June 2026 30 June 2025 31 Dec 2025 ASSETS Fixed assets Intangible fixed assets Capitalised work performed for own account 22,160 15,149 19,424 Concessions, patents, licences, brands, etc. 367 567 467 22,527 15,715 19,891 Property, plant and equipment Equipment, tools, fixtures and fittings 1,116 989 1,179 1,116 989 1,179 Financial fixed assets Shares in Group companies 25,850 25,850 25,850 Other long-term investments in securities 23,645 23,645 23,645 Other non-current receivables 0 0 0 49,495 49,495 49,495 Total fixed assets 73,138 66,200 70,564 Current assets Inventory, etc. Finished goods and cost of goods sold 0 0 0 Advances to suppliers 0 0 0 0 0 0 Current receivables Accounts receivable 60 70 70 Receivables from Group companies 48,281 96,000 75,057 Current tax asset 0 0 0 Other receivables 0 345 194 Prepaid expenses and accrued income 2,768 2,177 2,875 51,110 98,592 78,197 Cash and bank balances 12,827 9,787 11,875 Total current assets 63,936 108,379 90,072 TOTAL ASSETS 137,074 174,578 160,636
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ES GROUP INTERIM REPORT Q2 JANUARY–JUNE 2026 Financial reports | 24 ES Group AB Parent company Cont. balance sheet (TSEK) 30 June 2026 30 June 2025 31 Dec 2025 EQUITY AND LIABILITIES Equity, Group Share capital 16,465 16,465 16,465 Development expenditure fund 3,881 0 3,881 Other contributed capital 196,229 196,229 148,938 Other equity including profit/loss for the period –88,771 –58,048 –22,838 Equity attributable to the parent company's shareholders 127,804 154,646 146,447 Non-controlling interests 0 0 0 Total equity 127,804 154,646 146,447 Provisions Guarantees 0 0 0 Deferred tax liability 0 0 0 Total provisions 0 0 0 Non-current liabilities Liabilities to credit institutions 2,375 2,425 2,400 Other liabilities 0 710 0 Total non-current liabilities 2,375 3,135 2,400 Current liabilities Liabilities to credit institutions 50 50 50 Trade payables 2,762 1,666 2,699 Current tax liability 324 0 494 Other liabilities 1,393 12,752 6,090 Liabilities to Group companies 0 0 276 Accrued expenses and deferred income 2,366 2,329 2,181 Total current liabilities 6,895 16,798 11,788 TOTAL EQUITY AND LIABILITIES 137,074 174,578 160,636
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ES GROUP INTERIM REPORT Q2 JANUARY–JUNE 2026 Financial reports | 25 ES Group AB Parent company Cash flow statement QUARTER PERIOD 12 MTHS PREV. FISCAL YEAR (TSEK) APR–JUN 2026 APR–JUN 2025 JAN–JUN 2026 JAN–JUN 2025 JUL 2025–JUN 2026 JAN–DEC 2025 Operating activities Operating result –8,923 –7,355 –18,643 –14,871 –32,930 –29,105 Adjustments for items not included in cash flow 1,106 90 2,112 177 3,633 1,645 Interest received 46 91 96 275 173 352 Interest paid −21 −24 −42 −42 −85 −85 Income tax paid 0 0 0 0 0 107 Cash flow from operating activities before changes in working capital –7,791 –7,198 –16,476 –14,461 –29,208 –27,086 Cash flow from changes in working capital Decrease (+) /increase (−) in inventories and work in progress 0 0 0 0 0 0 Decrease (+) /increase (−) in trade receivables 10 0 10 6,229 10 6,229 Decrease (+) /increase (−) in receivables 13,987 –5,135 26,801 –11,328 47,472 9,067 Decrease (−) /increase (+) in trade payables 421 –191 63 –256 1,096 776 Decrease (−) /increase (+) in current liabilities –2,778 –658 –4,682 –1,964 –11,708 –6,272 Cash flow from operating activities 3,849 –13,182 5,717 –21,781 7,662 –17,286 Investing activities Acquisition of capitalised work performed for own account –2,562 –2,181 –4,693 –3,900 –10,178 –9,393 Acquisition of concessions, patents, licences, etc. 0 0 0 33 0 0 Acquisition of equipment, tools, fixtures and fittings 0 0 –48 39 –394 –268 Acquisition of Group companies 0 0 0 0 0 0 Acquisition of financial fixed assets 0 0 0 –3,500 0 –3,500 Disposal of financial fixed assets 0 0 0 0 0 0 Cash flow from investment activities –2,562 –2,181 –4,740 –7,327 –10,572 –13,161 Financing activities Share issue during the period 0 0 0 0 0 0 Group contributions 0 0 0 0 0 0 Dividends from Group companies 0 0 0 0 6,000 6,000 Long-term loans raised 0 0 0 2,500 0 0 Repayment of long-term loans −13 −13 −25 −25 −50 −99 Cash flow from financing activities −13 −13 −25 2,475 5,950 5,901 Change in cash and cash equivalents 1,274 –15,376 952 −26,634 3,040 −24,546 Cash and cash equivalents at start of period 11,552 25,162 11,875 36,421 9,787 36,421 Cash and cash equivalents at end of period 12,827 9,787 12,827 9,787 12,827 11,875
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ES GROUP INTERIM REPORT Q2 JANUARY–JUNE 2026 Financial reports | 26 ES Group AB (publ) Metallgatan 2–4 · SE-441 32 Alingsås · Sweden +46 (0)322 790 50 · info@esgroup.co · esgroup.co ES Group AB (publ), trading under the name ES Group, is a Swedish heat pump technology and platform company. ES Group enables brands to establish and grow their presence in the heat pump market through white label and ODM partnerships based on its proprietary hardware architecture and control platform. ES Group also distributes heat pumps under its own brand, ES Energy Save, through its network of installers and distributors in the European market. The Company has been active in the European heat pump market since 2009 and is listed on Nasdaq First North Growth Market Stockholm (ticker: ESGR B). Redeye Nordic Growth AB is the Company's Certified Adviser. All reports are published on the ES Group website: https://investorrelations.energysave.se/investorrelations/financial-reports/ 260821-01 Addresses Financial calendar Interim Report Q3 13 November 2026 Year-end report Q4 26 February 2027 The Company ES Group AB Metallgatan 2–4 SE-441 32 Alingsås Sweden Tel. +46 (0)322 790 50 Yibo Zhao CEO, ES Group AB yz@esgroup.co Advisers Partner Fondkommission AB Lilla Nygatan 2 SE-411 04 Gothenburg Sweden Tel. +46 (0)31 761 22 30 Redeye Nordic Growth AB Mäster Samuelsgatan 42 Box 7141 SE-103 87 Stockholm Sweden Tel. +46 (0)8 545 013 30 Auditor Cedra Väst KB Bohusgatan 15 SE-411 39 Gothenburg Sweden Tel. +46 (0)31 719 17 00 Central securities depository Euroclear Sweden AB Klarabergsviadukten 63 SE-111 64 Stockholm Sweden Tel. +46 (0)8 402 90 00