Interim report
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Interim Report Q3 2026 Positivt avslut på året och en miljon producerade Gapwaves-antenner Scale-up towards higher volumes continues
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Q3 2026 Jonas Ehinger, CEO Gapwaves The period in brief Third quarter: July-September 2026 • Net sales amounted to 9,0 MSEK (20,4), a decrease of 55,6% compared with the same quarter last year. • EBITDA amounted to -19,5 MSEK (-17,7), while EBITDA adjusted for results from shares in asso- ciated companies amounted to -14,2 MSEK (-15,3). • EBIT amounted to -21,4 MSEK (-19,3), whereas EBIT adjusted for results from shares in associa- ted companies amounted to -16,1 MSEK (-16,9). • The result for the period amounted to -38,8 MSEK (-19,1). • Earnings per share before and after dilution was neg. (neg.). • Total cash flow for the period amounted to -4,5 MSEK (-6,2). • The Group’s cash and cash equivalents amounted to 47,0 MSEK (28,0). January-September 2026 • Net sales amounted to 40,9 MSEK (67,2) a decrease of 39,1% compared with the same period in 2025. • EBITDA amounted to -48,4 MSEK (-30,6), while EBITDA adjusted for results from shares in asso- ciated companies amounted to -34,8 MSEK (-21,7). • EBIT amounted to -54,1 MSEK (-35,6), whereas EBIT adjusted for results from shares in associa- ted companies amounted to -40,5 MSEK (-26,6). • The result for the period amounted to -69,9 MSEK (-36,0). • Earnings per share before and after dilution was neg. (neg.). • Total cash flow for the period amounted to -41,8 MSEK (-11,8). KSEK July-Sep 2026 July-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Full Year 2025 Net sales 9 033 20 357 40 925 67 210 90 553 EBITDA -19 510 -17 660 -48 373 -30 629 -50 341 EBIT -21 434 -19 280 -54 083 -35 561 -57 082 Result for the period -38 801 -19 099 -69 911 -35 984 -58 241 Total cash flow for the period -4 509 -6 232 -41 774 -11 789 47 649 Equity/assets ratio, % 54,2 67,1 54,2 67,1 70,7 Average no. of shares 36 337 348 31 146 299 36 337 348 31 146 299 31 146 299 Earnings per share before and after dilution (SEK) neg neg neg neg neg No. of FTEs 38 43 40 46 41 Significant events during the period • An order was received from Valeo for additional and accelerated production capacity. • Gapwaves received a development order from Valeo for next-generation radar sensors. • Frencken ordered continued capacity expansion in the Valeo program. • Gapwaves took a strategic step into the Chinese automotive market through a supply agreement with Desay SV for series production of radar antennas for a global OEM. • Per Norén was elected as the new Chairman of the Board of Gapwaves. His international expe- rience in commercializing advanced technology, building global partnerships and scaling techno- logy companies will be a valuable addition. • During the quarter, Gapwaves fully wrote down the value of its shares in Sensrad and the remaining receivable relating to shareholder loans to the company. ”The increasing demand from Valeo, the continued capacity build-up and the new production agreement with Desay SV demonstrate the company's commercial and industrial progress. Work on scaling up production, broadening the customer base and developing new segments is ongoing.” Significant events after the end of the period • Gapwaves decided to transfer its 30 percent sha- reholding in Sensrad to the principal owner, Qamcom. Q3 2026 | 2 THE PERIOD IN BRIEF CEO STATEMENT ABOUT GAPWAVES OTHER DISCLOSURESFINANCIAL OVERVIEW SHAREHOLDER INFORMATION FINANCIAL REPORTS THE PERIOD IN BRIEF
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Growing product volumes and an increasingly strong base of recurring revenue Net sales amounted to 9,0 MSEK (20,4). The compa- rison quarter included sales of production equipment and significantly higher project revenue. We are now in a phase where product sales are our largest revenue stream and where steadily increa- sing production volumes are laying the foundation for our continued growth. During the quarter, production increased from 1,2 million antennas in the second quarter to 1,6 million in the third quarter, an increase of approximately 33 percent. The scale-up is thus continuing in a positive direction, with demand exceeding our original expectations. Although product sales do not yet fully offset previous project revenue, we see strong develop- ment in the ongoing scale-up. What we are seeing now is only the beginning of a powerful increase in volumes, as production gradually ramps up and is expected to have an increasingly clear impact on net sales in the coming quarters. At the same time, the multi-year product programs are creating the conditions for a growing, more stable and more pre- dictable revenue base. Increased demand and volumes above plan So far this year, 3,6 million antennas have been produced using Gapwaves’ technology, mainly through HELLA’s licensed production and our volume production for Valeo in China. Demand from Valeo continues to develop more strongly than expected, and we expect to deliver nearly twice as many antennas this year as originally planned. The positive volume development also means that we are continuing to prepare for the next step in the scale-up. During the quarter, Frencken ordered additional production equipment for the Valeo Scale-up towards higher volumes continues The third quarter confirms the transition: Gapwaves’ revenue increasingly comes from series production and less and less from individual development projects. Net sales of 9,0 MSEK are lower than last year, as project and equipment revenue has declined, but product sales are growing and Valeo is ordering larger volumes than planned. With increasing volumes, a new production agreement with Desay SV and further steps toward new market segments, the scale-up continues. Q3 2026 | 3 THE PERIOD IN BRIEF CEO STATEMENT ABOUT GAPWAVES OTHER DISCLOSURESFINANCIAL OVERVIEW SHAREHOLDER INFORMATION FINANCIAL REPORTS CEO STATEMENT
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program. The equipment is scheduled to be put into operation at the end of 2027 and will enable the higher volumes planned from 2028, within the pre- viously communicated capacity of approximately ten million antennas per year. In parallel, we are continuing our work to optimize production processes and the supply chain. We have taken important steps from pilot production to produc- tion in the millions, and we are now seeing the scale-up gradually take effect. This strengthens our position for the coming years and creates the con- ditions for continued volume growth and increasing product revenue. More customers and the next product generation Gapwaves’ products are now found in a growing number of car models in the most important markets. We have also started developing antennas for Valeo’s next generation of radar sensors, which means the collaboration now extends to upcoming products as well. Through the supply agreement with Desay SV, we are taking a first step into the Chinese automotive market: our waveguide antennas will be integrated into Desay SV’s radar products for a global Asian vehicle manufacturer, with start of production (SOP) planned for Q1 2027. Gapwaves is thus working in parallel to scale up production, develop new products, and establish new customer partnerships and geographic markets. Expansion into new growth markets The establishment of our technology in new market segments is intensifying in parallel with the scale-up in Automotive. The collaboration with Gotmic is a concrete example of this. Waveguide packages developed for Gotmic’s high-power amplifier modules open up new opportunities for our MLW technology in defense, satellite communi- cations and telecom. We are also continuing to evaluate additional applications where our techno- logy can create value through high performance, low losses and the ability to be produced cost- effectively at industrial scale. Sensrad After the end of the quarter, we decided to transfer our 30 percent shareholding in Sensrad to the company’s principal owner, Qamcom. Sensrad was a strategic initiative outlined in 2022 and launched in spring 2023, with the ambition of moving Gapwaves higher up the value chain in a market considered to have strong commercial potential. During the third quarter, Sensrad continued to perform weaker than expected due to new compe- titors entering the market and significantly lower sales. We have therefore decided not to contribute further capital, in order to instead focus Gapwaves’ financial resources on the ongoing scale-up of the core business as well as the areas where we see the best conditions for growth in the coming years. We Q3 2026 believe that transferring our shareholding is the best way forward. Against this background, the shares in Sensrad and the remaining receivable relating to shareholder loans to the company were written down in full. Financing In order to accelerate the scale-up by strengthen- ing commercial capacity, streamlining the supply chain, speeding up the commercialization of next-generation antenna technology and establish- ing a new growth platform in counter-drone systems, the Board of Directors is evaluating various options to strengthen the company’s financial position and flexibility in the near term. In conclusion, we now have established high- volume production, a strengthened supply chain and customer partnerships that cover both today’s and tomorrow’s products. In the coming quarters, growth in product sales, new production agree- ments and the cost per antenna produced will form the foundation of our scale-up. Thank you to our employees, customers, suppliers and shareholders for your trust. Gothenburg, 22 October 2026 Jonas Ehinger, CEO Gapwaves AB (publ) Q3 2026 | 4 THE PERIOD IN BRIEF CEO STATEMENT ABOUT GAPWAVES OTHER DISCLOSURESFINANCIAL OVERVIEW SHAREHOLDER INFORMATION FINANCIAL REPORTS CEO STATEMENT
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Q3 2026 5 reasons to invest in Gapwaves World-leading, patented technology and unique know-how Gapwaves' technology, backed by over 40 patents, enables cost-effective, compact, and high-performance antenna solutions. This is crucial for advanced radar systems where per- formance and cost-efficiency are paramount. Strong demand driven by tightened regula- tions and consumer demand for enhanced safety Stricter safety requirements and new features are increasing demand for radar sensors, where Gapwaves' world-leading antenna technology plays a central role. In the automotive industry, this relates to requirements within advanced driver assistance systems (ADAS), while in smart cities it concerns growing needs for traffic management. From research to commercial technology company Hella's volume production under licence started in 2024, and Gapwaves' technology is integrated in the Mercedes-Benz CLA EQ Technology, which began rolling out on Swedish roads during 2025. The technology and business model have proven competitive, as confirmed by customers within the automotive industry such as Valeo, Hella, Veoneer and Desay SV. Significant future potential across multiple markets Gapwaves holds a strong position in automotive and smart city sectors with additional growth opportunities in mobility, civil-military, telecom, and satellite communications. Attractive business model for both cus- tomers and shareholders Testing and production of customer-funded prototypes and small batch volumes are handled at Gapwaves’ own pilot line, while large-scale production is managed by selected partners. This setup offers flexibility and scala- bility, customized production, and low capital requirements compared to owning manufacturing facilities. Who we are Gapwaves is an innovative Swedish technology company that develops wireless solutions based on patented waveguide technology for millimeter-wave applications. Gapwaves was founded in 2011 by Professor Per-Simon Kildal at Chalmers University of Technology. What we do We develop, design, manufacture and deliver products that can be used in, for example, radar systems for driver assistance and autonomous driving within the automotive industry, as well as application areas such as industrial automation, telecom, satcom, smart cities and civil-military applications. Our vision Gapwaves’ vision is to be the most innovative supplier of millimeter-wave antenna systems and the preferred partner for those paving the way for the next generation of wireless technologies toward a safer and more sustainable society. >40 Patents 38 Employees >3 600 000 antennas produced YTD 2026 2016 IPO 2011 Founded This is Gapwaves Q3 2026 | 5 THE PERIOD IN BRIEF CEO STATEMENT ABOUT GAPWAVES OTHER DISCLOSURESFINANCIAL OVERVIEW SHAREHOLDER INFORMATION FINANCIAL REPORTS ABOUT GAPWAVES
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Q3 2026 Radar Smart Cities: Radar is on the way to play an important role in smart cities, where the need for optimized and monitored traffic flows is growing. High-performance radar sensors are used to monitor traffic and distinguish between vehicles, pedestrians, cyclists, and more. Meeting the perfor- mance requirements calls for waveguide antennas, which help radar sensors provide a clearer picture of traffic conditions. Mobility: Radar sensors are used in industrial and passenger transport, from mining to buses, trains, and aircraft, enabling autonomous vehicles like self-driving trucks and robotaxis. Radar's superior performance in poor weather and lighting, compared to lidar and cameras, is vital for safe, efficient future transport systems. Defense: Radar sensors are critical for autono- mous platforms such as vehicles, unmanned aerial vehicles (UAVs) and equipment for individual soldiers, owing to their superior performance in terms of range and robustness in challenging environments involving darkness, smoke and interference. Gapwaves' mm-wave technology enables a compact form factor - a critical consi- deration where space and weight are constrained - and contributes to the development of next- generation advanced defense systems. Trends and drivers Development in automotive radar is driven by tightened safety requirements, new legislation and increased automation - factors that are raising the number of sensors per vehicle and the demands on performance. Regulations are being tightened in the EU, the US and China, which is raising performance requirements. The focus is on higher resolution, longer range and the transition to higher frequencies (76–81 GHz), where waveguide antennas deliver superior performance compared with traditional antenna solutions. Although still a niche technology, it is expected to capture increasing market share as volume pro- duction grows and requirements intensify in advanced ADAS and autonomous driving systems, where seven to eleven radars per vehicle are required for full automation. Focus segments Automotive: Gapwaves' largest segment is the passenger car industry, where radar sensors are critical for ADAS. As safety requirements and autonomous features increase, so does the number of radar sensors per vehicle and the need for efficient antenna solutions. The average passenger car is then expected to be equipped with at least three radar sensors. Among Gapwaves' customers are several important and globally leading Tier-1 suppliers in Europe, the US and Asia, including Valeo, Hella, Veoneer and Desay SV. Focus segments Telecom Smart Cities, IoT, and autonomous vehicles require fast communication and high data throughput, especially in areas with many connected devices, such as airports and office buildings. This increases the need for higher frequencies (24–100 GHz and beyond), where traditional antennas fall short, while Gapwaves' technology delivers superior perfor- mance. Gapwaves technology can also be used in Fixed Wireless Access (FWA) systems for wireless broadband that can replace fiber connections. Satcom Satellite communication is rapidly expanding with LEO and MEO satellites* that offer global coverage and high data transmission. Advanced antenna technology is required to handle high frequencies and ensure reliable communication, driven by the growing need for bandwidth to support IoT, global connectivity, and fast data transfer - particularly in remote areas. Trends and drivers Increased demand for bandwidth is driving develop- ments in wireless communication, requiring tech- nologies capable of handling higher frequencies. In the telecom sector, 5G is central, with demands for low latency and high data speeds to support connected cities, IoT, and autonomous vehicles, placing high demands on antenna technology. In satellite communications (satcom), the need for high-performance waveguide-based antennas is growing in line with the next generation of satellites. In both segments, the combination of high perfor- mance and cost efficiency is critical. Wireless communication *New low- and medium-earth orbit satellites Market overview Q3 2026 | 6 THE PERIOD IN BRIEF CEO STATEMENT ABOUT GAPWAVES OTHER DISCLOSURESFINANCIAL OVERVIEW SHAREHOLDER INFORMATION FINANCIAL REPORTS ABOUT GAPWAVES
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Q3 2026 Business model Gapwaves' business model is designed to be able to generate revenue at every phase of a customer engagement, which can encompass four phases in total: from pre-study and prototype development, to contractual work, product development and the sale of production equipment, to the launch phase with Start of Production (SOP), and finally volume production. Non-recurring engineering (NRE) finances early-stage development, while sales of prototypes and industrialisation solutions generate revenue as the product matures. Once a customer reaches volume production - typically within two to three years of first engagement - Gapwaves captures a recurring revenue stream that normally runs for several years. As more customers progressively reach this stage, the revenue base is strengthened and broadened. The pricing structure is deliberately designed: higher margins in the early phases, lower unit prices at volume, over a longer time period and at greater scale. The result is a business model in which a new customer won today can translate into long-term revenue. Revenue opportunity at each phase Phase 1 6–18 months Phase 2 9–36 months Phase 3 1 year Pre-study Prototype project Contractual work Product development Start of Production Launch phase Volume production Phase 4 Several years Revenue streams Illustration of how a complete customer engagement may unfold over time Revenue duration by stream Prototype pricing Higher/unit Volume pricing Lower/unit → Short termNon-Recurring Engineering (NRE) Phase 1–3. From day 1. Short term Sale of prototypes Phase 1–3 Short termSale of production equipment Phase 2–3 Long termProduct sales / Royalties Phase 4. Recurring over several years Price per unit across the lifecycle Phase 1-3 Phase 4 Volume production → Volume development over the product lifecycle Q3 2026 | 7 THE PERIOD IN BRIEF CEO STATEMENT ABOUT GAPWAVES OTHER DISCLOSURESFINANCIAL OVERVIEW SHAREHOLDER INFORMATION FINANCIAL REPORTS ABOUT GAPWAVES
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Financial overview Quarter July-September 2026 Revenue The Group’s net sales for the quarter totalled 9,0 MSEK (20,4), repre- senting a decrease of 55,6% compared to the same quarter previous year. Net sales was primarily driven by product sales, which is the biggest revenue stream despite being in a ramp up phase. Project revenues and royalties from Hella, Valeo and Gotmic contributed to a smaller extent. In addition to sales revenue, the Group recognised research grants of 0,1 MSEK (0,9), invoiced costs to Sensrad AB and Qamcom Research and Technology AB totalling 0,7 MSEK (0,6) and positive FX effects of 0,2 MSEK (0,1). These items are reported under other operating income. EBITDA and operating result The Group's Earnings before interest, taxes, depreciation and amorti- zation (EBITDA) decreased during the quarter compared to the previous year, totalling -19,5 MSEK (-17,7). The result is impacted by lower revenues, partly offset by lower costs. The quarter on quarter decrease is primarily linked to increased loss of Sensrad, which is -3 MSEK higher than last year. Operating expenses excluding depreciation and results from shares in associated companies amounted to -24,2 MSEK (-37,1). The improve- ment compared to the same quarter last year is attributable to lower costs products (Cost of goods sold) as no production equipment has been sold during Q3 2026 and lower general OPEX. Cogs includes an impairment of inventory for Sensrad products of -0,6 MSEK. Personnel costs include non-cash cost for the LTI 2022 and 2026 programs totalling -0,2 MSEK (-0,8). EBITDA of -19,5 MSEK includes results from shares in associated companies of -5,3 MSEK (-2,4). Adjusted for this, EBITDA for the quarter amounts to -14,2 MSEK (-15,3). The operating result for the quarter amounted to -21,4 MSEK (-19,3), and -16,1 MSEK (-16,9) when adjusted for results from shares in associated companies. Result for the period Net financial items totalled -17,4 MSEK (0,2), mainly attributable to the non-cash impairment of the shareholder loans to Sensrad AB of -18,0 MSEK. The remainder consists of interest income of 0,3 MSEK (0,3), interest expenses of -0,1 MSEK (-0,1), exchange rate differences of 0,6 MSEK (0,0). The result for the period during the quarter amounted to –38,8 MSEK (-19,1). Financial position and liquidity Total assets as of 30 September 2026 amounted to 88,3 MSEK vs. 165,8 on 31 December 2025. Equity totalled 47,8 MSEK (117,3), and cash and cash equivalents 47,0 MSEK (87,2). During the quarter, the remaining portion of the trade finance loan was repaid. In order to accelerate the continued scale-up, the Board of Directors is evaluating various options to strengthen the company’s financial position and flexibility in the near term. Cash flow and investments Cash flow from operating activities was 4,2 MSEK (-5,1). Cash flow was positively impacted by working capital movements of 16,4 MSEK. Cash flow from investing activities totalled -2,9 MSEK (-1,1), primarily relating to the long-term loans to Sensrad AB and the office reloca- tion. Financing cash flow amounted to -5,9 MSEK, reflecting the repayment of the trade finance loan. Total cash flow for the period amounted to -4,5 MSEK (-6,2). Sensrad The development of our associated company Sensrad AB has not recovered during the quarter and several headwinds that arose during the quarter resulted in significantly lower sales and new players entering the market. The owners decided on a non cash, equity contri- bution of which Gapwaves took their pro rata share of 3,6 MSEK by converting the shareholder loan to equity, increasing the value of shares in Sensrad and decreasing the shareholder loan with the cor- responding amount. Following an updated impairment test of our assets based on this new development, a full impairment of the shares in Sensrad was made during the quarter of -5,3 MSEK. Due to the updated impairment test, an allowance of the remaining doubtful shareholder loan including interest was made of MSEK -18,0. Inventory items relating to projects with Sensrad amounting to -0,6 MSEK was also written off. In addition, a provision for a bank loan guarantee for Sensrad of -0,3 MSEK has been booked and is reflected in the financial net. The financial effects of these events are reflected in both the group's and parent company’s balance sheet by decreasing the value of the shares in associated companies, the shareholder loan, and inventory. While in the income statement the shares in associated companies affecting the financial net in the parent entity and "Results from shares in associated companies" in the group, while the shareholder loan and the provision for the guarantee affects the financial net and inventory cost of goods sold in both parent company and the group. Net sales (MSEK) Q4 2025 Q3 20,4 23,3 2026 Q1 18,8 Q2 13,1 Q3 9 Q3 2026 | 8 THE PERIOD IN BRIEF CEO STATEMENT ABOUT GAPWAVES OTHER DISCLOSURESFINANCIAL OVERVIEW SHAREHOLDER INFORMATION FINANCIAL REPORTS FINANCIAL OVERVIEW
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Financial overview January-September 2026 Revenue The Group's net sales during the period amounted to 40,9 MSEK (67,2), which corresponds to a decrease of 39,1 percent compared to the same period last year. Net sales was primarily attributable to product sales and project sales to Valeo. During the period, the Group also had revenue related to the sale of production equipment to Frencken Group of approximately 5,1 MSEK. In addition to sales revenues, research grants for approximately 2,5 MSEK (3,6) were recognized, along with currency exchange gains of 1,0 MSEK (0,8) and invoiced costs to Sensrad AB and Qamcom Research and Technology AB totalling 2,2 MSEK (1,6). These items are reported under other operating income. EBITDA and operating result The Group's Earnings before interest, taxes, depreciation and amorti- zation (EBITDA) decreased during the period compared to last year and amounted to -48,4 MSEK (-30,6). The year on year decrease on EBITDA is due to lower revenues and a shift of revenue mix towards product sales, which is in a ramp up phase. Also, the start-up costs for the volume production in China are contributing. Operating expenses excluding depreciation and results from shares in associated companies amounted to -81,3 MSEK (-94,6). Operating expenses are impacted by the launch costs. Personnel costs include non-cash costs for the LTI 2022 and LTI 2026 programs totalling -0,6 MSEK (-1,5). EBITDA amounted to -48,4 MSEK (-30,6), including the share of results from associated companies of -13,6 MSEK (-9,0). Adjusted for this, EBITDA for the period came in at -34,8 MSEK (-21,7). The operating result for the period was -54,1 MSEK (-35,6), and -40,5 MSEK (-26,6) when adjusted for the share of results from associated companies. Net financial items amounted to -15,8 MSEK (-0,4), which is mainly related to the impairment of the shareholder loans, including interest in Sensrad of -18,0 MSEK, partly offset by interest income of 1,1 MSEK (0,8) interest expenses of -0,2 MSEK (-0,3) and exchange rate differen- ces of 1,5 MSEK (-1,0) and a pledge related to Sensrad of 0,3 MSEK. The result for the period amounted to -69,9 MSEK (-36,0), of which -24,2 MSEK are related to the impairment of the Sensrad holding. Cash flow and investments Cash flow from operating activities during the period amounted to –18,0 MSEK (-6,8). Cash flow from investing activities amounted to -16,3 MSEK (-4,9) and is mainly related to production equipment capex (11 MSEK) for the flexline in Gothenburg and to a lesser extent to long-term loans to Sensrad AB and the relocation cost related to the office move. Total cash flow for the period amounted to -41,8 MSEK (-11,8). Sensrad The development of our associated company Sensrad AB has not recovered during the quarter and several headwinds that arose during the quarter resulted in significantly lower sales and new players entering the market. For the first nine months, equity contributions of which Gapwaves took their pro rata share of 3,6 MSEK by converting the shareholder loan to equity, increasing the value of shares in Sensrad and decrea- sing the shareholder loan with the corresponding amount have been made. For the first nine month – the total impairment of the shares in Sensrad amounts to -40,5 MSEK. Due to the updated impairment test, an allowance of the remaining doubtful shareholder loan including interest was made of MSEK -18,0. Inventory items relating to projects with Sensrad amounting to -0,6 MSEK was also written off. In addition, a provision for a bank loan guarantee for Sensrad of -0,3 MSEK has been booked and is reflected in the financial net. The financial effects of these events are reflected in both the group's and parent company’s balance sheet by decreasing the value of the shares in associated companies, the shareholder loan, and inventory. While in the income statement the shares in associated companies affecting the financial net in the parent entity and "Results from shares in associated companies" in the group, while the shareholder loan and the provision for the guarantee affects the financial net and inventory cost of goods sold in both parent company and the group. Q3 2026 | 9 THE PERIOD IN BRIEF CEO STATEMENT ABOUT GAPWAVES OTHER DISCLOSURESFINANCIAL OVERVIEW SHAREHOLDER INFORMATION FINANCIAL REPORTS FINANCIAL OVERVIEW
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Accounting policies The company applies the Swedish Annual Accounts Act and the Swedish Accounting Standards Board’s general advice BFNAR 2012:1 Annual reports and consolidated financial statements (K3). All balance sheet items are also measured at historical cost in accordance with Chapter 11 of K3. Risks and uncertainties Gapwaves is exposed to risks and uncertainties through its operations. For more detailed information on the main operational and financial risks, please refer to page 35 of the 2025 Annual Report. Seasonal variations The company's revenue mix is evolving: while development projects have historically constituted a significant share of sales, product-related revenues will gradually grow in importance. Project related revenues are in their nature short term and more volatile. As we ramp up production and shift revenue streams, revenues may vary between quarters and should be assessed over time rather than on a single-period basis, and the growth in product revenue is expected to gradually offset the lower project revenue over time. Organization The number of permanent employees in the Group as per September 30, 2026 was 38 (43). ESG activities We established our sustainability initiative in 2023, where we defined frameworks and strategies. We have continued our work by implementing additional measures during the quarter. We continue to validate and update our efforts as needed to ensure that we continue to make progress towards our sustainability goals. Related party transactions The company did not have any transactions with related parties during the quarter. Auditors’ review This report has been subject to a limited review by the Company’s auditors. Other disclosures Q3 2026 | 10 THE PERIOD IN BRIEF CEO STATEMENT ABOUT GAPWAVES OTHER DISCLOSURESFINANCIAL OVERVIEW SHAREHOLDER INFORMATION FINANCIAL REPORTS OTHER DISCLOSURES
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Share Gapwaves’ B share has been listed on Nasdaq First North Growth Market Stockholm since November 18, 2016, and trading takes place under the ticker GAPWB. As of September 30, 2026, the company had approx- imately 6 200 shareholders. The company has a total of 36 337 348 shares, of which 7 617 500 are A shares and 28 719 848 are B shares. Each A share entitles the holder to ten votes and each B share entitles the holder to one vote. As of September 30, 2026, the share capital was SEK 2 180 240,88 which represents a nominal value of SEK 0,06 per share. Certified adviser G&W Fondkommission is the company’s certified adviser. www.gwkapital.se Analysts following Gapwaves Redeye – Rasmus Jacobsson LTI 2022 At the Extraordinary General Meeting on August 19, 2022, the shareholders resolved to approve the Board’s proposal to issue a long-term incentive program for senior executives and other key individuals in the Group. The aim of the program is to strengthen the Group’s ability to recruit and retain key individuals. LTI 2022 can comprise a maximum of 13 key individuals in the Group. The maximum number of performance share rights that can be allocated in accordance with LTI 2022 is to be limited to 642 595. Per September 30, 2026, the program has 4 participants with the opportunity to vest a maximum of 198 680 performance share rights upon the program's conclusion 1 January 2027. During the quarter, an expense of -0,5 MSEK has been accrued for LTI 2022. LTI 2026 Shareholders resolved at the Annual General Meeting on May 6, 2026 to approve the Board of Directors’ proposal to implement a long-term incentive programme for senior executives and other key employees within the Group. The purpose of the programme is to strengthen the Group’s ability to recruit and retain key personnel. LTI 2026 comprises a maximum of seven key employees within the Group. The maximum number of performance share rights that may be granted under the programme is limited to 476 121. As of 30 September, 2026, seven key employees had been invited to participate, with the opportunity to earn up to 476 121 performance share rights over the term of the programme. During the third quarter, an expense of -0,1 MSEK was recognised in relation to LTI 2026. Warrants 2026 At the Annual General Meeting held on 6 May 2026, the shareholders resolved to approve a warrant-based incentive program for employees. The program has not yet been implemented. Due to changes in market conditions since the resolution was adopted, the Board of Directors considers that the program can no longer fulfill its purpose under the approved terms. The Board of Directors plans to revisit the matter of a revised program proposal ahead of the upcoming Annual General Meeting. Calendar 2027-02-11 Year End Report 2026 10 largest shareholders based on no. of votes per September 30, 2026 (A and B shares) A shares B shares Votes Capital share% Voting share% Kildal Antenn AB, incl. related parties 5 618 000 365 000 56 545 000 16,47% 53,91% Lars-Inge Sjöqvist incl. company* 748 000 121 526 7 601 526 2,39% 7,25% HELLA GmbH & Co. KGaA 300 000 2 804 200 5 804 200 8,54% 5,53% Jian Yang 409 500 232 957 4 327 957 1,77% 4,13% Abbas Vosoogh incl. company 265 000 534 450 3 184 450 2,20% 3,04% Peter Enoksson 185 500 139 125 1 994 125 0,89% 1,90% Nordnet Pensionsförsäkring - 1 831 691 1 831 691 5,04% 1,75% Avanza Pension - 1 594 134 1 594 134 4,39% 1,52% Ashraf Uz Zaman 65 000 217 000 867 000 0,78% 0,83% Nordea Liv & Pension - 731 428 731 428 2,01% 0,70% Others 26 500 20 148 337 20 413 337 55,52% 19,46% Total 7 617 500 28 719 848 104 894 848 100,00% 100,00% Source: Modular Finance * Last verified as of 31 March 2026. Nominee registration with a foreign custodian. Share and shareholders Q3 2026 | 11 THE PERIOD IN BRIEF CEO STATEMENT ABOUT GAPWAVES OTHER DISCLOSURESFINANCIAL OVERVIEW SHAREHOLDER INFORMATION FINANCIAL REPORTS SHAREHOLDER INFORMATION
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KSEK July-Sep 2026 July-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Full Year 2025 OPERATING INCOME Net sales 9 033 20 357 40 925 67 210 90 553 Other operating income 994 1 494 5 656 5 695 8 254 Total operating income 10 028 21 852 46 582 72 905 98 807 OPERATING EXPENSES Goods for resale -7 784 -16 821 -23 171 -33 144 -47 072 Other external costs -4 961 -8 053 -20 264 -22 535 -32 453 Personnel costs -10 845 -12 082 -36 737 -37 309 -51 264 Depreciation/amortization of property, plant and equipment and intangible assets -1 925 -1 620 -5 711 -4 932 -6 741 Other operating expenses -644 -187 -1 192 -1 586 -1 887 Total operating expenses -26 159 -38 763 -87 075 -99 506 -139 418 Results from shares in associated companies -5 303 -2 369 -13 590 -8 960 -16 471 EBIT -21 434 -19 280 -54 083 -35 561 -57 082 FINANCIAL ITEMS Financial income 1 629 553 4 521 1 966 2 524 Financial expenses -18 996 -372 -20 349 -2 389 -3 683 Total financial items -17 366 181 -15 827 -423 -1 159 Loss after financial items -38 801 -19 099 -69 911 -35 984 -58 241 TAX Tax on result for the period - - - - - LOSS FOR THE PERIOD -38 801 -19 099 -69 911 -35 984 -58 241 No. of shares at the end of the period 36 337 348 31 146 299 36 337 348 31 146 299 36 337 348 Average no. of shares during the period before dilution 36 337 348 31 146 299 36 337 348 31 146 299 31 146 299 No. of shares at the end of the period after full dilution* 36 337 348 31 648 840 36 337 348 31 648 840 36 337 348 Average no. of shares during the period after full dilution* 36 337 348 31 648 840 36 337 348 31 648 840 31 146 299 Earnings per share before and after dilution (SEK) Neg. Neg. Neg. Neg. Neg. *Including potential shares attributable to outstanding options as of the balance sheet date. Income statement Consolidated Group Q3 2026 | 12 FINANSIELLA RAPPORTERFINANCIAL REPORTSTHE PERIOD IN BRIEF CEO STATEMENT ABOUT GAPWAVES OTHER DISCLOSURESFINANCIAL OVERVIEW SHAREHOLDER INFORMATION
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KSEK 2026-09-30 2025-12-31 Assets Non-current assets Intangible assets Capitalized expenditure on research and development and similar works 117 466 Concessions, patents, licenses, trademarks and similar rights 2 814 5 612 Total intangible assets 2 931 6 079 Property, plant and equipment Equipment, tools, fixtures and fittings 15 345 6 546 Construction in progress 1 392 - Total property, plant and equipment 16 737 6 546 Financial assets Shares in associated companies - 9 990 Long-term receivables from associated companies - 15 407 Deferred tax 574 1 149 Long-term deposits 658 665 Total financial assets 1 232 27 211 Total non-current assets 20 900 39 836 Current assets Inventories 6 981 3 679 Total inventories 6 981 3 679 Current receivables Accounts receivable 8 740 16 128 Short-term receivables in associated companies 325 357 Other receivables 1 756 3 063 Accrued but unbilled revenue - 10 659 Prepaid expenses and accrued income 2 600 4 918 Total current receivables 13 422 35 124 Cash and bank balances Cash and bank balances 47 011 87 150 Total cash and bank balances 47 011 87 150 Total current assets 67 414 125 953 TOTAL ASSETS 88 314 165 789 Balance sheet Consolidated Group Q3 2026 | 13 FINANSIELLA RAPPORTERFINANCIAL REPORTSTHE PERIOD IN BRIEF CEO STATEMENT ABOUT GAPWAVES OTHER DISCLOSURESFINANCIAL OVERVIEW SHAREHOLDER INFORMATION
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KSEK 2026-09-30 2025-12-31 EQUITY AND LIABILITIES Equity Share capital 2 180 2 180 Other contributed capital 497 370 497 445 Other equity including loss for the period -451 710 -382 351 Total equity 47 841 117 274 Provisions Deferred tax 574 1 149 Other provisions 1 628 - Total provisions 2 202 1 149 Non-current liabilities Long term liabilities to credit institution 4 425 - Total non-current liabilities 4 425 - Current liabilities Liabilities to credit institution 1 755 13 522 Accounts payable 7 361 14 594 Current tax liabilities 206 668 Other liabilities 4 016 4 966 Billings in excess of costs 9 432 1 098 Accrued expenses and deferred income 11 074 12 519 Total current liabilities 33 846 47 367 TOTAL EQUITY AND LIABILITIES 88 314 165 789 Balance sheet Consolidated Group Q3 2026 | 14 FINANSIELLA RAPPORTERFINANCIAL REPORTSTHE PERIOD IN BRIEF CEO STATEMENT ABOUT GAPWAVES OTHER DISCLOSURESFINANCIAL OVERVIEW SHAREHOLDER INFORMATION
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Other equity including loss for the period KSEK Share capital Other contributed capital Retained earnings, etc Total equity Opening balance 2026-01-01 2 180 497 445 -382 351 117 274 Rights issue - -75 - -75 Share options program - 552 552 Loss for the period - - -69 911 -69 911 Closing balance 2026-09-30 2 180 497 370 -451 710 47 841 Statement of changes in equity Consolidated Group Q3 2026 | 15 FINANSIELLA RAPPORTERFINANCIAL REPORTSTHE PERIOD IN BRIEF CEO STATEMENT ABOUT GAPWAVES OTHER DISCLOSURESFINANCIAL OVERVIEW SHAREHOLDER INFORMATION
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KSEK July-Sep 2026 July-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Full Year 2025 Operating activities EBIT -21 434 -19 280 -54 083 -35 561 -57 082 Adjustments for non-cash items, etc* 9 402 4 436 20 962 15 674 25 583 Interest paid -61 -96 -235 -292 -1 173 Paid tax -66 49 -462 -146 -112 Cash flow from operating activities before changes in working capital -12 159 -14 891 -33 818 -20 324 -32 784 Changes in working capital Changes in operating receivables 10 616 7 895 19 209 10 656 -1 750 Changes in operating liabilities 7 078 2 052 -100 3 848 5 564 Changes in inventories -1 304 -199 -3 302 -1 022 -1 588 Cash flow from operating activities 4 232 -5 143 -18 011 -6 843 -30 557 Investing activities Acquisition of property, plant and equipment -1 393 -189 -12 754 -1 347 -1 977 Long-term deposits - - 7 - - Loans provided -1 500 -900 -3 600 -3 600 -4 950 Cash flow from investing activities -2 893 -1 089 -16 346 -4 947 -6 927 Financing activities Rights issue - - -75 - 71 611 Loans - - 9 607 - 13 522 Loan amortization -5 848 - -16 949 - - Cash flow from financing activities -5 848 - -7 417 - 85 133 Cash flow for the period -4 509 -6 232 -41 774 -11 789 47 649 Cash and cash equivalents at beginning of period 50 878 34 198 87 150 40 752 40 752 Exchange rate effects 642 -3 1 634 -1 000 -1 250 Cash and cash equivalents at end of period 47 011 27 963 47 011 27 963 87 150 *Non-cash flow items during the quarter mainly comprise of results from shares in associated companies, amounting to KSEK 5 303 (2 369), depreciation of tangible and intangible assets, amounting to KSEK 1 925 (1 620), and other provisions of KSEK 1 328 (0). Adjustments for non-cash items for the period January to September primarily consist of results from shares in associated com - panies amounting to KSEK 13 590 KSEK (8 960), depreciation of tangible and intangible assets, amounting to KSEK 5 711 (4 932), and other provisions of KSEK 1 328 (0). Cash flow statement Consolidated Group Q3 2026 | 16 FINANSIELLA RAPPORTERFINANCIAL REPORTSTHE PERIOD IN BRIEF CEO STATEMENT ABOUT GAPWAVES OTHER DISCLOSURESFINANCIAL OVERVIEW SHAREHOLDER INFORMATION
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KSEK July-Sep 2026 July-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Full Year 2025 OPERATING INCOME Net sales 9 033 20 357 40 925 67 210 90 553 Other operating income 995 1 494 5 656 5 695 8 254 Total operating income 10 028 21 852 46 582 72 905 98 807 OPERATING EXPENSES Goods for resale -7 784 -16 821 -23 171 -33 144 -47 072 Other external costs -4 952 -8 046 -20 254 -22 527 -32 444 Personnel costs -10 846 -12 082 -36 737 -37 309 -51 264 Depreciation/amortization of property, plant and equipment and intangible assets -995 -691 -2 923 -2 144 -3 024 Other operating expenses -644 -187 -1 192 -1 586 -1 887 Total operating expenses -25 221 -37 827 -84 278 -96 710 -135 692 EBIT -15 194 -15 975 -37 696 -23 805 -36 885 FINANCIAL ITEMS Financial income 1 629 553 4 521 1 966 2 524 Financial expenses -24 298 -372 -60 894 -2 389 -22 683 Total financial items -22 669 181 -56 372 -423 -20 159 Loss after financial items -37 863 -15 794 -94 068 -24 228 -57 044 TAX Tax on loss for the year - - - - - LOSS FOR THE PERIOD -37 863 -15 794 -94 068 -24 228 -57 044 Earnings per share before and after dilution (SEK) Neg. Neg. Neg. Neg. Neg. Average no. of shares for the period 36 337 348 31 146 299 36 337 348 31 146 299 31 146 299 Income statement Parent Company Q3 2026 | 17 FINANSIELLA RAPPORTERFINANCIAL REPORTSTHE PERIOD IN BRIEF CEO STATEMENT ABOUT GAPWAVES OTHER DISCLOSURESFINANCIAL OVERVIEW SHAREHOLDER INFORMATION
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KSEK 2026-09-30 2025-12-31 ASSETS Non-current assets Intangible assets Capitalized expenditure on research and development and similar works 117 466 Concessions, patents, licenses, trademarks and similar rights 27 37 Total intangible assets 143 503 Property, plant and equipment Construction in progress 15 345 6 546 Equipment, tools, fixtures and fittings 1 392 - Total property, plant and equipment 16 737 6 546 Financial assets Shares in subsidiaries 15 464 15 464 Shares in associated companies - 36 945 Long-term receivables in associated companies - 15 407 Long-term deposits 658 665 Total financial assets 16 122 68 481 Total non-current assets 33 002 75 531 Current assets Inventories 6 981 3 679 Total inventories 6 981 3 679 Current receivables Accounts receivable 8 740 16 128 Short-term receivables from associated companies 325 357 Other receivables 1 754 3 063 Accrued but unbilled revenue - 10 659 Prepaid expenses and accrued income 2 600 4 918 Total current receivables 13 420 35 124 Cash and bank balances Cash and bank balances 46 998 87 126 Total cash and bank balances 46 998 87 126 Total current assets 67 399 125 929 TOTAL ASSETS 100 401 201 460 Balance sheet Parent Company Q3 2026 | 18 FINANSIELLA RAPPORTERFINANCIAL REPORTSTHE PERIOD IN BRIEF CEO STATEMENT ABOUT GAPWAVES OTHER DISCLOSURESFINANCIAL OVERVIEW SHAREHOLDER INFORMATION
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KSEK 2026-09-30 2025-12-31 EQUITY AND LIABILITIES Equity Restricted equity Share capital 2 180 2 180 Development expenditure fund 117 466 Total restricted equity 2 297 2 647 Non-restricted equity Share premium reserve 497 370 497 445 Retained earnings -345 096 -288 954 Loss for the period -94 068 -57 044 Total non-restricted equity 58 206 151 446 Total equity 60 502 154 093 Provisions Other provisions 1 628 - Total provisions 1 628 - Non-current liabilities Long term liabilities to credit institutions 4 425 - Total non-current liabilities 4 425 - Current liabilities Liabilities to credit institution 1 755 13 522 Accounts payable 7 361 14 594 Current tax liabilities 206 668 Other liabilities 4 016 4 966 Billings in excess of costs 9 432 1 098 Accrued expenses and deferred income 11 074 12 519 Total current liabilities 33 846 47 367 TOTAL EQUITY AND LIABILITIES 100 401 201 460 Balance sheet Parent Company Q3 2026 | 19 FINANSIELLA RAPPORTERFINANCIAL REPORTSTHE PERIOD IN BRIEF CEO STATEMENT ABOUT GAPWAVES OTHER DISCLOSURESFINANCIAL OVERVIEW SHAREHOLDER INFORMATION
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Restricted equity Non-restricted equity KSEK Share capital Development expenditure fund Share premium reserve Retained earnings Loss for the year Total equity Opening balance 2026-01-01 2 180 466 497 445 -288 954 -57 044 154 093 Reallocation profit/loss prev. year - - - -57 044 57 044 - Rights issue - - -75 - - -75 Share options program - - - 552 - 552 Changes in development expenditure fund for the year - -350 - 350 - - Loss for the period - - - - -94 068 -94 068 Closing balance 2026-09-30 2 180 117 497 370 -345 096 -94 068 60 502 Statement of changes in equity Parent Company Q3 2026 | 20 FINANSIELLA RAPPORTERFINANCIAL REPORTSTHE PERIOD IN BRIEF CEO STATEMENT ABOUT GAPWAVES OTHER DISCLOSURESFINANCIAL OVERVIEW SHAREHOLDER INFORMATION
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KSEK July-Sep 2026 July-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Full Year 2025 Operating activities EBIT -15 194 -15 975 -37 696 -23 805 -36 885 Adjustments for non-cash items, etc* 3 170 1 138 4 584 3 927 5 395 Interest paid -61 -96 -235 -292 -1 173 Paid tax -66 49 -462 -146 -112 Cash flow from operating activities before changes in working capital -12 150 -14 884 -33 808 -20 316 -32 775 Changes in working capital Changes in operating receivables 10 618 7 897 19 211 10 658 -1 750 Changes in operating liabilities 7 078 2 052 -100 3 848 5 564 Changes in inventories -1 304 -199 -3 302 -1 022 -1 588 Cash flow from operating activities 4 243 -5 134 -17 999 -6 833 -30 549 Investing activities Acquisition of property, plant and equipment -1 393 -189 -12 754 -1 347 -1 977 Long-term deposits - - 7 - - Loans provided -1 500 -900 -3 600 -3 600 -4 950 Cash flow from investing activities -2 893 -1 089 -16 346 -4 947 -6 927 Financing activities Rights issue - - -75 - 71 611 Loans - - 9 607 - 13 522 Loan amortization -5 848 - -16 949 - - Cash flow from financing activities -5 848 - -7 417 - 85 133 Cash flow for the period -4 498 -6 223 -41 762 -11 779 47 657 Cash and cash equivalents at beginning of period 50 854 34 166 87 126 40 719 40 719 Exchange rate effects 642 -3 1 634 -1 000 -1 250 CASH AND CASH EQUIVALENTS AT END OF PERIOD 46 998 27 940 46 998 27 940 87 126 * Non-cash flow items during the quarter mainly consist of depreciation on tangible and intangible assets amounting to KSEK 996 (691), costs related to LTI of KSEK 405 (334) and other provisions of KSEK 1 328 (0). Non-cash flow items for the period January to September mainly consist of depreciation on tangible and intangible assets amounting to KSEK 2 923 KSEK (2 144), and other provisions of KSEK 1 328 (0). Cash flow statement Parent Company Q3 2026 | 21 FINANSIELLA RAPPORTERFINANCIAL REPORTSTHE PERIOD IN BRIEF CEO STATEMENT ABOUT GAPWAVES OTHER DISCLOSURESFINANCIAL OVERVIEW SHAREHOLDER INFORMATION
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Assurance from the board of directors The Board and CEO hereby assure that this interim report provides a true and fair view of the Group’s and the Parent Company’s operations, financial position and earnings of the company, and describes the significant risks and uncertain- ties faced by the Group and Parent Company. Gothenburg, 22 October 2026 Gapwaves AB (publ) Every care has been taken in the translation of this interim report. In the event of discrepancies, the Swedish original will supersede the English translation. For more information For more information about Gapwaves, please visit the company's website: www.gapwaves.com Auditors’ review This report has been subject to a limi- ted review by the Company’s auditors. Contact Jonas Ehinger, CEO Tel: +46 733 44 01 52 E-mail: jonas.ehinger@gapwaves.com Nils Mösko, CFO Tel: +46 701 71 47 54 E-mail: nils.mosko@gapwaves.com Per Norén Chairman of the Board Madeleine Schilliger Kildal Board member Ulrika Molander Board member Viktor Fritzén Board member Jonas Ehinger CEO Q3 2026 | 22 FINANSIELLA RAPPORTERFINANCIAL REPORTSTHE PERIOD IN BRIEF CEO STATEMENT ABOUT GAPWAVES OTHER DISCLOSURESFINANCIAL OVERVIEW SHAREHOLDER INFORMATION
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Auditor’s report To the Board of directors in Gapwaves AB, corporate identity number 556840-2829 Introduction We have conducted a limited review of the condensed interim financial information (interim report) for Gapwaves AB as of September 30, 2026, and the nine-month period ending on that date. The board of directors and the managing director are responsible for preparing and presenting this interim report in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our limited review. The focus and scope of the limited review We have conducted our limited review in accordance with the International Standard on Review Engagements ISRE 2410, "Review of Interim Financial Information Per- formed by the Independent Auditor of the Entity." A limited review consists of making inquiries, primarily of persons responsible for financial and accounting matters, per- forming analytical procedures, and other review procedures. A limited review has a different focus and a significantly smaller scope compared to the focus and scope of an audit conducted in accordance with ISA and generally accepted auditing standards. The review procedures taken in a limited review do not enable us to obtain the as- surance that we would become aware of all significant matters that might have been identified in an audit. Therefore, the conclusion expressed based on a limited review does not have the assurance that a conclusion expressed based on an audit has. Conclusion Based on our limited review, nothing has come to our attention that causes us to believe that the interim report is not, in all material respects, prepared for the group in ac- cordance with IAS 34 and the Annual Accounts Act and for the parent company in accordance with the Annual Accounts Act. Gothenburg, on the date indicated by our electronic signature Öhrlings PricewaterhouseCoopers AB Johan Malmqvist Authorized Public Accountant This is a translation of the Swedish language original. In the event of any differences between this translation and the Swedish language original, the latter shall prevail. Q3 2026 | 23 FINANSIELLA RAPPORTERFINANCIAL REPORTSTHE PERIOD IN BRIEF CEO STATEMENT ABOUT GAPWAVES OTHER DISCLOSURESFINANCIAL OVERVIEW SHAREHOLDER INFORMATION
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About Gapwaves AB (publ) Gapwaves AB (publ) develops wireless solutions based on unique and patented waveguide technology for millime- tre-wave applications. Our products are primarily used in antennas for radar systems enabling autonomous driving and advanced safety solutions within the automotive industry. Through collaborations with leading players in the sector, we contribute to the development of safer and more efficient transport systems. The technology is cost-efficient, combines high performance with a com- pact design and is also suitable for industrial automation, telecommunications, smart cities, and civil-military applications – areas where precision and reliability are crucial. Gapwaves was founded in 2011 from research at Chalmers University of Technology and is listed on Nas- daq First North Growth Market Stockholm (GAPW B), with G&W Fondkommission as certified adviser. Tech that sees the human side of things. Contact Gapwaves AB (publ) Reg. no. 556840-2829 Headquarters: Nellickevägen 22, 412 63 Gothenburg, Sweden Phone: +46 31-762 60 40 Email: info@gapwaves.com www.gapwaves.com