Interim report
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M metacon INTERIM REPORT January - June 2026 It is clear that the market is currently gearing up for the next wave of growth . Christer Wikner President and CEO Q2 2026 This interim report has been prepared in Swedish and translated into English . In the event of any discrepancies between the Swedish original and the translation , the Swedish shall have precedence .
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Metacon Interim report January –June 2025 2 Interim report 1 January–30 June 2026 Quarter April–June • Net revenue amounted to SEK 65.0 (56.7) million • Earnings before depreciation and amortization (EBITDA) amounted to SEK -29.2 (-8.0) million • Operating profit (EBIT) amounted to SEK –32.2 (-11.1) mil- lion • Profit/Loss after financial items amounted to SEK - 36.9 (-12.9) million • Earnings per share amounted to SEK -0.03 (-0.01) Period January–June • Net revenue amounted to SEK 13 8.5 (106.8) million • Earnings before depreciation and amortization (EBITDA) amounted to SEK -29.4 (-20.1) million • Operating profit (EBIT) amounted to SEK - 35.2 (-26.2) mil- lion • Profit/Loss after financial items amounted to SEK - 43.3 (-27.9) million • Earnings per share amounted to SEK -0.03 (-0.02) Events during and after the quarter • On 29 April, Metacon announced that the company had received customer payments totalling approximately EUR 4.1 million during the spring in connection with its projects with Motor Oil. • On 2 June, Metacon’s Board of Directors resolved to raise up to approximately SEK 144 million through a rights issue of shares and a directed issue of convertible bonds. • On 4 June, Metacon published an information document relating to the rights issue. • On 12 June, Metacon announced that the company had received a customer payment of EUR 1.2 million and that previously restricted bank funds had been released. • On 26 June, Metacon announced the preliminary outcome of the rights issue. • On 29 June, Metacon announced that the rights issue had generated approximately SEK 77 million for the company. • On 1 July, Metacon announced the company is developing an advanced catalytic test unit for a European research customer. • On 2 July, Metacon was awarded approximately SEK 111 million in funding from Klimatklivet for the construction of a reference facility for hydrogen production in Uppsala. • On 22 July, Metacon resolved on a directed issue of warrants to Fenja Capital. • On 10 August, Metacon announced that CFO Mattias Jansson will leave the company in November 2026 to pursue a new opportunity. Key figures for the Group MSEK Apr-Jun 2026 Apr-Jun 2025 Jan-Jun 2026 Jan-Jun 2025 LTM1) Jan-Dec 2025 Net revenue 65.0 56.7 138.5 106.8 269.5 237.8 Operating income -32.2 -11.1 -35.4 -26.2 -67.0 -57.9 Profit/loss after financial items -36.9 -12.9 -43.3 -27.9 -75.9 -60.6 Earnings per share, SEK -0.03 -0.01 -0.03 -0.02 -0.06 -0.05 Equity/asset ratio (%) 30.3 65.8 30.3 65.8 30.3 42.7 Share price at end of period, SEK 0.19 0.28 0.19 0.28 0.19 0.40 Order intake 0.5 22.4 16.2 138.3 88.9 216.0 For a complete key ratio table and definitions of key figures, see page 1 5. 1) LTM refers to the last 12 months, from the current date and goes back in time for the previous 12 months. LTM enables a comparable analysis over time and eliminates the effect of seasonality for a more accurate assessment of company performance. Net revenue LTM, MSEK - 25 50 75 100 125 150 175 200 225 250 275 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2023 2024 2025 2026
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Metacon Interim report January–June 2026 3 Comments from the CEO New financing and increasing growth opportunities in a market gearing up for the next phase of expansion During the quarter, net revenue amounted to SEK 65 million, com- pared to SEK 57 million in the same quarter last year, which corre- sponds to an increase of 15 percent. For the first half of the year, net revenue landed at SEK 138 million, which is an increase of 30 percent compared to the same period last year. The increase is mainly due to a higher level of activity in our major projects in Greece and Roma- nia, together with increased revenues from ongoing delive ries. Gross profit amounted to SEK -3 million during the quarter, corre- sponding to a gross margin of - 5 percent. The margin during the quarter was mainly affected by unforeseen cost increases of a one- off nature in our large projects and in the scaling up of our produc- tion in Electrolysis. For the first half of the year, the gross margin re- mained positive and amounted to 6 percent. As we have previously reported on several occasions, one can expect a non -linear margin and profit development during a build -up phase and where the economy rests on a limited number of projects. Going forward, we focus on utili sing the lessons learned and the knowledge we acquired in our first major projects and implementing these in the company's processes. The goal is to reduce cost devia- tions and create more stable profitability over time. During the period, we completed our rights issue, which provides the company with approximately SEK 77 million before issue costs. In connection with the issue, we also entered into an agreement for a convertible loan of up to SEK 35 million. The financing strengthens our financial position and improves our ability to continue to pursue projects and continue to develop our operations. Strategic reference facility in Uppsala Another important announcement during the period was that Meta- con was granted up to approximately SEK 111 million in support from Klimatklivet to build a 10 MW plant for local production of green hy- drogen in Uppsala. The support corresponds to 55 percent o f the es- timated investment. When fully developed, the plant is expected to have an annual production capacity of approximately 1,480 tonnes of hydrogen, with a focus on deliveries to industry and filling stations for fossil-free transport in central Sweden . For Metacon, this is more than a single production facility. The pro- ject gives us the opportunity to establish a full -scale reference facil- ity where customers and partners can evaluate our technology, sys- tem integration and operation under real commercial conditions. It also gives us valuable experience from the ongoing operation, maintenance and optimi sation of major electrolysis systems. The plant can thus become an important platform in future customer di- alogues and contribute to strengthening our position in the market. The project also has clear opportunities for efficient use of re- sources. The oxygen generated during production is planned to be used in Uppsala Vatten's leachate treatment, while the excess heat can be used for heating in the area. In this way, the plant can con- tribute to reduced emissions, increased local access to green hydro- gen and a more efficient use of energy and resources. An important ambition with our planned plant in Uppsala is to adapt production to the electricity market and, above all, to produce hy- drogen when electricity prices are low or negative. In this way, we can show in practice how flexible hydrogen production can contrib- ute to a better use of renewable electricity and at the same time cre- ate value for both the energy system and our customers. Project deliveries and technical development During the second quarter, activity continued at a high level in our major projects. In our 50 MW project in Greece, work is proceeding according to plan, while installation at the customer's site is carried out by a third party. In our factory in Patras and at our subcontrac- tors, components and customi sed piping are manufactured for join- ing with the components delivered from China. This work, which is being carried out in a expedited manner, has turned out to be of a significantly larger scope than previously estimated and is largely due to late and necessary changes in the design of the facility and due to the customer's deadlines linked to granted grants. In Roma- nia, we are working on the delivery of the majority of the plant, where the majority of the equipment is expected to reach the cus- tomer in the third quarter. During the period, we also received a new assignment from the Dutch research institute DIFFER. Our R&D center in Patras will de- velop an advanced test facility for research in catalytic processes with carbon dioxide and hydrogen. The assignment demonstrates the breadth of our technical expertise in process and reactor design, system integration and control systems. It strengthens our position in advanced process chemical R&D and can at the same time create opportunities for more future collaborations and new business. A market focused on real needs Interest in hydrogen remains high and increasing, judging by the in- flow into our sales pipeline from both industry and other parts of the energy transition. At the same time, we see that the market is be- coming more concrete and that the focus is shifting t owards projects with clear use, real demand and financing that lasts. This is funda- mentally a positive development, although it can feel frustrating to have to be flexible to a changing world until the large and more ma- ture market takes off. It is clear th at the market is currently gearing up for the next wave of growth. Energiforsk writes in its recently launched project that "Despite a growing project pipeline and ambi- tious goals for hydrogen's role in the energy transition, few projects reach investment decisions." We share this view and also see that price competition is intensifying. This means that we will adapt to the current market situation. Metacon's strength remains unchanged in that we can take responsi- bility for the entire solution, from technology and system integration to operation in real -world environments. When more projects are now to go from idea to implementation, we are well equip ped. With the expertise, projects and initiatives we have in place, we look for- ward to the second half of 2026 and the various opportunities we are working intensively on. Christer Wikne r, President and CEO
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Metacon Interim report January–June 2026 4 The Group's financial development Net revenue Net revenue for the second quarter of 2026 amounted to SEK 65.0 (56.7) million. Net revenue in the quarter are mainly due to work on the 50 MW electrolyser plant for Motor Oil , where several key components are now being delivered. The project in Romania has also contributed, as most of the equipment is in the final stages of production and delivery is expected in the next quarter. Net revenue for the period January –June amounted to SEK 1 38.5 (106.8) million. The increase in net revenue is ex- plained by continued high project activity in the first two quarters of 2026. Earnings The operating profit for the second quarter amounted to SEK -32.2 (-11.1) million. Gross profit, calculated as net reve- nue less cost of goods and services sold, amounted to SEK - 3.2 (9.3) million for the quarter. Personnel costs have in- creased compared to the previous year, driven by strengthening the organization. Operating profit for the period Jan- uary–June amounted to SEK - 35.4 (-26.2). The lower result was mainly due to higher costs associated with updated project cost forecasts, which had a negative impact on gross profit. Cost of goods and services sold amounted to SEK -68.3 (-47.4) million in the second quarter, driven by continued work on our ongoing electrolysis projects. There has been a cost increase in Q2, primarily due to cost increases arising from assembly work at our factory in Patras, driven by late design changes and customer -related time constraints . During the period January –June, costs for the cost of goods and services sold amounted to SEK -129.6 (-87.2). Profit from financial items in the second quarter amounted to SEK - 4.7 (-1.8) million, mainly consisting of interest and borrowing costs. For the period January –June, the result from financial items was - 7.9 (-1.7). Profit after financial items for the second quarter amounted to SEK - 36.9 (-12.9) million. For the period January –June, the result after financial items amounted to SEK -43.3 (-27.9). MSEK Apr-Jun 2026 Apr-Jun 2025 Jan-Jun 2026 Jan-Jun 2025 LTM Jan-Dec 2025 Net revenue 65.0 56.7 138.5 106.8 269.5 237.8 EBITDA -29.2 -8.0 -29.4 -20.1 -55.4 -46.1 EBIT -32.2 -11.1 -35.4 -26.2 -67.0 -57.9 Profit after tax -36.9 -12.9 -43.3 -27.9 -75.9 -60.6 Net revenue per quarter, MSEK 0 10 20 30 40 50 60 70 80 90 100 Q1 Q2 Q3 Q4 2023 2024 2025 2026
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Metacon Interim report January–June 2026 5 Cash flow Cash flow from operating activities before changes in working capital ended at SEK –29.7 (-9.8) million in the second quarter, a deterioration mainly driven by higher expected costs in ongoing projects. For the period January –June, cash flow from operating activities before changes in working capital amounted to SEK - 35.9 (-21.9) million. Cash flow from operating activities after changes in working capital amounted to SEK - 15.3 (-26.5) million in the sec- ond quarter, where the change in working capital amounted to SEK 14.4 ( -16.7) million. The change is mainly attributa- ble to improved working capital tied up in ongoing customer projects. For the period January –June, cash flow from operating activities after changes in working capital amounted to SEK - 57.3 (-77.1) million, where the change in working capital amounted to SEK –21.5 (-55.2) million. Cash flow from investing activities during the second quarter amounted to - 4.7 (0.4) MSEK. For the period January – June, cash flow from investing activities amounted to - 5.8 (-0.8) MSEK. The amount of -5.8 MSEK for January–June includes payments for investm ents of -15.8 MSEK and a grant received of 10.0 MSEK. Cash flow from financing activities during the second quarter amounted to 31.2 (19.7) MSEK. For the period January – June, cash flow from financing activities amounted to 76.8 (26.2) MSEK. This primarily related to the project financing raised during Q1 and the convertible loan raised during Q2. After the end of the quarter, the project financing loan of 50 MSEK was repaid, and the proceeds from the new share issue ongoing as of June 30 were paid to Metacon. Both of these latter payments will be reported in t he cash flow statement in Q3. The second quarter's cash flow totalled SEK 11.3 ( -6.4) million. For the period January –June, the cash flow totalled SEK 13.7 (-51.8) million. Financial position At the end of the period, cash and cash equivalents amounted to SEK 83.4 (72.8) million, of which SEK 64.7 million (SEK 0 million) is blocked bank funds. Most of the blocked funds were attributable to the convertible loan and were released in July. In June, a bank guarantee of approximately EUR 2.1 million, about SEK 23.3 million, also expired. In connection with this, blocked bank funds of approximately SEK 56.5 million were released, which subsequently became available to Metacon. The equity/assets ratio was 30.3 percent (65.8) and interest -bearing liabilities amounted to SEK 60.3 (25.5) million, with the increase due to new loans. Equity amounted to SEK 74.6 (109.0) million. Equity includes SEK 29.3 million from the new share issue as of 30 June. This amount refers to payments in the new share issue that had been received by the issuing agent as of 30 June. The amount was further paid to Metacon after 30 June together with other cash and cash equivalents from the rights issue and will therefo re be included in the financing activities in the cash flow statement in the quarterly report for Q3. Equity per share amounted to SEK 0.05 (0.08). Parent company During the second quarter, the parent company's net revenue amounted to SEK 65.0 (55.2) million. The operating profit amounted to -30.9 (-5.7) million and the profit after financial items amounted to SEK - 35.5 (-7.5) million. During the period January –June, the parent company's net revenue amounted to SEK 138.5 (105.3) million. The operat- ing profit amounted to SEK - 28.7 (-14.6) million and the profit after financial items amounted to SEK - 36.3 (-16.3) mil- lion.
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Metacon Interim report January–June 2026 6 Other information Employees The number of employees in the Group amounted to 67 (54) employees at the end of the period . Significant risks and uncertainties In the group’s operations, there are both strategic and operational risks linked to the business and financing activities. Due to the uncertainty resulting from the war in Ukraine and Iran, the subsequent energy crisis and higher inflation, the group is affected by higher costs for raw materials and running costs. For a more in -depth view of the Company’s sig- nificant risks and uncertainty factors, please see the annual report for 202 5 and the prospectus for the rights issue in 2026 which can be found on the company’s website. Accounting principles This report has been prepared in accordance with the Annual Accounts Act and Swedish Accounting Standards Board’s general advice 2012:1 Annual report and consolidated accounts, K3. The principles are unchanged compared to the previous period. The report has not been reviewed by the company’s auditor. Related-party transactions During the second quarter, Metacon had costs of SEK 533 ,000 from N 3 Advokatbyrå AB, a company owned by Thomas Nygren, who is also a member of the company's board. Events after the end of the period • On July 1, Metacon announced that the company is developing an advanced catalytic test unit for a European re- search customer. • On July 2, Metacon was granted approximately SEK 111 million from Klimatklivet for the construction of a refer- ence plant for hydrogen production in Uppsala. • On July 22, Metacon resolved on a directed issue of warrants to Fenja Capital. • On 10 August, Metacon announced that CFO Mattias Jansson will leave the company in November 2026 to pursue a new opportunity. Financial calendar Metacon publishes the following reports during the year: • The Interim Report January-September 2026 will be published on November 4, 2026. • The year-end report 2026 will be published on 10 February 2027. Contact Christer Wikner, President & CEO, +46 707 647 389, christer.wikner@metacon.com Mattias Jansson, CFO, +46 722 316 862 Mattias.jansson@metacon.com This report is information that Metacon AB (publ) is obliged to make public pursuant to the EU Market Abuse Regula- tion. The information was submitted for publication through the agency of the contact person set out above, on August 12, 2026, at 08:00 CE ST. After publication, the report will be available on the company’s website, www.metacon.com
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Metacon Interim report January–June 2026 7 Consolidated income statement MSEK Apr-Jun 2026 Apr-Jun 2025 Jan-Jun 2026 Jan-Jun 2025 Jan-Dec 2025 Revenues Net revenue 65.0 56.7 138.5 106.8 237.8 Other operating income 2.6 4.4 14.5 4.7 6.7 67.6 61.6 153.1 111.5 244.5 Operating expenses Cost of goods and services sold -68.3 -47.4 -129.6 -87.2 -190.0 Other external costs -10.3 -9.7 -22.0 -18.2 -43.7 Employee expenses -12.0 -11.9 -23.2 -22.4 -46.5 Depreciation and amortisation of tangible and intangible assets -3.0 -3.1 -6.0 -6.0 -11.7 Other operating expenses -6.2 0.0 -7.7 -3.9 -10.5 Operating income -32.2 -11.1 -35.4 -26.2 -57.9 Result from financial items Profit or loss on securities that are fixed assets 0.0 -0.2 0.0 -0.2 -0.2 Interest receivable and similar items 0.1 0.2 0.3 0.4 1.1 Interest expenses and similar items -4.7 -1.8 -8 .1 -1.9 -3.7 Profit/loss after financial items -36.9 -12.9 -43.3 -27.9 -60.6 Profit/loss before tax -36.9 -12.9 -43.3 -27.9 -60.6 Profit/loss for the period -36.9 -12.9 -43.3 -27.9 -60.6 Attributable to Shareholders of the parent company -38.9 -12.9 -45.3 -27.9 -60.6 Non-controlling interests 2.0 0.0 2.0 0.0 0.0
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Metacon Interim report January–June 2026 8 Consolidated balance sheet MSEK 2026-06-30 2025-06-30 2025-12-31 ASSETS Fixed assets Intangible assets Capitalised expenditure on development works and similar works 8.6 2.4 3.3 Goodwill 2.3 11.2 6.8 10.9 13.8 10.1 Property. plant and equipment Machinery and other technical installations 65.7 18.2 14.1 Inventory. tools and installations 1.1 0.5 5.3 66.8 18.7 19.4 Financial assets Participations in associated company 1.3 6.2 7.2 Other long-term securities 0.0 0.1 0.0 Other long-term receivables 0.7 1.6 0.7 2.0 7.9 7.9 T otal fixed assets 79.7 40.4 37.4 Current assets Inventories. etc. Raw materials and consumables 12.4 8.1 12.1 Work in progress on behalf of third parties 7.5 7.2 7.3 19.8 15.4 19.4 Current receivables Accounts receivables 18.2 3.5 2.5 Other receivables 5.1 24.2 34.2 Work in progress on behalf of others 34.8 3.9 14.3 Prepayments and accrued income 5.4 5.5 3.8 63.5 37.1 54.8 Cash and cash equivalents 83.4 72.8 69.0 T otal current assets 166.8 125.2 143.1 TOT AL ASSETS 246.5 165.6 180.5
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Metacon Interim report January–June 2026 9 Consolidated balance sheet MSEK 2026-06-30 2025-06-30 2025-12-31 EQUITY AND LIABILITIES Equity Share capital 13.6 13.6 13.6 Ongoing new issue 29.3 0.0 0.0 Other equity 31.7 95.4 63.5 Equity attributable to shareholders of the parent company 74.6 109.0 77.1 Non-controlling interests 0.0 0.0 0.0 T otal equity 74.6 109.0 77.1 Non-current liabilities Other liabilities to credit institutions 1.1 2.7 1.9 Other non-current liabilities 6.4 1.2 0.4 7.5 3.9 2.3 Current liabilities Other liabilities to credit institutions 83.5 21.6 1.6 Work in progress on behalf of others 19.9 15.0 68.8 Accounts payable 46.1 2.3 17.2 T ax liabilities -0.3 0.7 1.1 Other current liabilities 10.5 2.3 2.8 Accrued costs and prepaid income 4.7 10.8 9.5 164.4 52.7 101.1 TOT AL EQUITY AND LIABILITIES 246.5 165.6 180.5
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Metacon Interim report January–June 2026 10 The Group’s change in equity MSEK Jan-jun 2026 Jan-jun 2025 Jan-dec 2025 Opening equity 77.1 130.1 130.1 Attributable to the parent company's shareholders 77.1 130.1 130.1 Non-controlling influence 0.0 0.0 0.0 77.1 130.1 130.1 Result for the period, parent company shareholders -45.3 -27.9 -60.6 Result for the period, non -controlling interest 2.0 0.0 0.0 Net share issue 29.3 7.5 8.0 Other items booked directly against equity -1.1 -0.7 -0.4 Change in minority interest excluding profit 12.6 0.0 0.0 Closing equity 74.6 109.0 77.1 Attributable to the parent company's shareholders 60.0 109.0 77.1 Non-controlling influence 14.6 0.0 0.0 74.6 109.0 77.1 The Group's cash flow statement MSEK Apr-jun 2026 Apr-jun 2025 Jan-jun 2026 Jan-jun 2025 Jan-dec 2025 Profit before net financial items -32.2 -11.1 -35.4 -26.2 -57.9 Net financial items – items affecting cash flow -0.5 -1.8 -0.8 -1.7 -2.5 T ax payments, net 0.0 0.0 0.1 0.0 0.0 Adjustment for items not included in cash flow 3.0 3.1 0.2 6.0 11.7 Cash flow from operating activities before changes in working capital -29.7 -9.8 -35.9 -21.9 -48.7 Cash flow from changes in working capital 14.4 -16.7 -21.5 -55.2 -8.5 Cash flow from operating activities -15.3 -26.5 -57.3 -77.1 -57.2 Cash flow from investing activities -4.7 0.4 -5.8 -0.8 -3.7 Cash flow from financing activities 31.2 19.7 76.8 26.2 5.5 Cash flow for the period 11.3 -6.4 13.7 -51.8 -55.4 Cash and cash equivalents at the beginning of the period 72.1 79.2 69.0 124.4 124.4 Cash flow for the period 11.3 -6.4 13.7 -51.8 -55.4 Exchange rate differences 0.1 0.0 0.1 0.2 0.0 Liquid funds in company acquisitions 0.0 0.0 0.7 0.0 0.0 Cash and cash equivalents at the end of the period 83.4 72.8 83.4 72.8 69.0
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Metacon Interim report January–June 2026 11 Parent Company's income statement MSEK Apr-Jun 2026 Apr-Jun 2025 Jan-Jun 2026 Jan-Jun 2025 Jan-Dec 2025 Revenues Net revenue 65.0 55.2 138.5 105.3 235.3 Other operating income 1.7 2.4 7.7 2.7 3.5 66.7 57.6 146.3 108.0 238.8 Operating expenses Cost of goods and services sold -73.3 -46.8 -130.4 -87.2 -195.7 Other external costs -8.0 -7.5 -17.7 -14.5 -35.2 Employee expenses -9.7 -8.7 -18.7 -16.6 -33.9 Depreciation and amortisation of tangible and Intangible assets -0.2 -0.3 -0.4 -0.5 -0.8 Other operating expenses -6.2 0.0 -7.7 -3.8 -10.5 Operating income -30.9 -5.7 -28.7 -14.6 -37.3 Result from financial items Profit or loss on participations in Group companies 0.0 0.0 0.0 0.0 -1.3 Profit or loss on securities that are fixed assets 0.0 -0.2 0.0 -0.2 -0.2 Interest receivable and similar items 0.1 0.2 0.3 0.4 1.1 Interest expenses and similar items -4.7 -1.8 -7.9 -1.9 -3.7 Profit/loss after financial items -35.5 -7.5 -36.3 -16.3 -41.4 Profit/loss before tax -35.5 -7.5 -36.3 -16.3 -41.4 Profit/loss for the period -35.5 -7.5 -36.3 -16.3 -41.4
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Metacon Interim report January–June 2026 12 Parent Company’s balance sheet MSEK 2026-06-30 2025-06-30 2025-12-31 ASSETS Fixed assets Intangible assets Capitalised expenditure on development and related works 7.8 1.7 2.3 7.8 1.7 2.3 Property. plant and equipment Machinery and other technical installations 8.8 8.9 8.9 Inventory. tools and installations 0.2 0.5 0.3 9.0 9.4 9.1 Financial assets Participations in Group companies 326.3 279.6 289.9 Participations in associated companies 0.0 6.2 6.2 Other long-term securities 0.0 0.0 0.0 Other long-term receivables 0.4 0.3 0.4 326.7 286.1 296.6 T otal fixed assets 343.5 297.2 308.0 Current assets Inventories. etc. Raw materials and consumables 5.0 1.3 4.9 5.0 1.3 4.9 Current receivables Accounts receivables 17.8 1.9 1.9 Receivables from group companies 27.8 16.4 15.3 Work in progress on behalf of others 5.1 24.2 34.2 Other receivables 33.3 2.9 7.7 Prepayments and accrued income 2.4 1.8 1.5 86.2 47.2 60.5 Cash and cash equivalents 79.9 69.0 65.2 T otal current assets 171.1 117.5 130.6 TOT AL ASSETS 514.6 414.7 438.6
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Metacon Interim report January–June 2026 13 Parent Company’s balance sheet MSEK 2026-06-30 2025-06-30 2025-12-31 EQUITY AND LIABILITIES Share capital Restricted equity Share capital 13.6 13.6 13.6 Ongoing new issue 29.3 0.0 0.0 Statutory reserve 0.0 0.0 0.0 Fund for development expenses 7.8 1.7 2.3 50.7 15.3 15.9 Non-restricted equity Share premium reserve 674.8 674.5 677.2 Balanced gain or loss -351.5 -310.5 -312.8 Fund for development expenses -7.8 -1.7 -2.3 Profit for the year -36.3 -16.3 -41.4 T otal equity 329.9 361.3 336.6 Long-term liabilities Other liabilities to credit institutions 1.1 2.7 1.9 1.1 2.7 1.9 Current liabilities Other liabilities to credit institutions 83.5 21.6 1.6 Work in progress on behalf of others 24.9 15.0 68.8 Accounts payable 25.7 2.2 17.0 Liabilities to Group company 18.7 0.0 0.9 T ax liabilities -0.5 0.7 1.1 Other current liabilities 4.9 1.1 1.5 Accrued expenses and deferred income 26.4 10.1 9.1 183.5 50.7 100.0 TOT AL EQUITY AND LIABILITIES 514.6 414.7 438.6
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Metacon Interim report January–June 2026 14 Parent Company’s change in equity MSEK Jan-Jun 2026 Jan-Jun 2025 Jan-Dec 2025 Opening equity 336.6 370.0 370.0 Result of the period -36.3 -16.3 -41.4 New share issue 29.3 7.6 8.0 Other items booked directly against equity 0.3 0.0 0.0 Closing equity 329.9 361.3 336.6 Parent Company's cash flow statement MSEK Apr-jun 2026 Apr-jun 2025 Jan-jun 2026 Jan-jun 2025 Jan-dec 2025 Profit before net financial items -30.9 -5.7 -28.7 -14.6 -37.3 Net financial i tems – items affecting cash flow -0.3 -1.7 -0.3 -1.6 -3.1 Tax payments, net -0.1 -0.1 -0.1 0.0 -0.9 Adjustment for items not included in cash flow 0.2 0.3 0.4 0.5 0.8 Cash flow from operating activities before changes in working capital -31.0 -7.1 -28.6 -15.7 -40.5 Cash flow from changes in working capital 25.0 -15.6 2.6 -53.8 -1.4 Cash flow from operating activities -6.0 -22.7 -26.0 -69.5 -41.9 Cash flow from investing activities -12.7 -2.0 -20.6 -3.7 -14.8 Cash flow from financing activities 30.2 -19.3 61.3 26.7 6.4 Cash flow for the period 11.5 -5.4 14.7 -46.5 -50.3. Cash and cash equivalents at the beginning of the period 68.4 74.4 65.2 115.5 115.5 Cash flow for the period 11.5 -5.4 14.7 -46.5 -50.3 Exchange rate differences 0.0 0.0 0.0 0.0 0.0 Liquid funds in company acquisitions 0.0 0.0 0.0 0.0 0.0 Cash and cash equivalents at the end of the period 79.9 69.0 79.9 69.0 65.2
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Metacon Interim report January–June 2026 15 The Group's key figures MSEK Apr-Jun 2026 Apr-Jun 2025 Jan-Jun 2026 Jan-Jun 2025 LTM Jan-Dec 2025 Net revenue 65.0 56.7 138.5 106.8 269.5 237.8 Revenue 67.6 61.6 153.1 111.5 286.1 244.5 Operating income -32.2 -11.1 -35.4 -26.2 -67.0 -58.0 Profit/loss after financial items -36.9 -12.9 -43.3 -27.9 -75.9 -60.6 T otal assets 246.5 165.5 246.5 165.5 246.5 180.3 Equity 74.6 109.0 74.6 109.0 74.6 76.9 Operating margin. % -49.6 -19.6 -25.6 -24.5 -24.9 -24.4 Net debt. % 1.6 -43.4 -85.0 -43.4 -126.7 -85.1 Equity/assets ratio. % 30.3 65.9 30.3 65.9 30.3 42.7 Number of shares at end of period ('000) 1 363 589 1 363 589 1 363 589 1 363 589 1 363 589 1 363 589 Average number of shares ('000) 1 363 589 1 321 536 1 363 589 1 322 775 1 363 589 1 363 589 Earnings per share. SEK -0.03 -0.01 -0.03 -0.02 -0.06 -0.05 Share price at end of period. SEK 0.19 0.284 0.19 0.284 0.19 0.40 Number of employees. annual average 66 54 63 54 69 57 Number of employees. end of period 67 54 67 54 67 59 Quarterly overview for the Group MSEK Apr-Jun 2026 Jan-Mar 2026 Oct-Dec 2025 Jul-Sep 2025 Apr-Jun 2025 Net revenue 65.0 73.5 90.1 40.9 56.7 Operating income -32.2 -3.2 -13.5 -18.3 -11.1 Profit/loss after financial items -36.9 -6.4 -13.5 -19.4 -12.9 Earnings per share. SEK -0.03 -0.01 -0.03 -0.01 -0.01 To ta l c a s h f l o w 13.7 2.4 -49.5 45.8 -6.4 Equity/assets ratio. % 30.3 36.5 42.7 43.4 65.9 Definitions key figures Average number of shares Average of number of shares outstanding during the period. Average number of employees Average of number of employees during the period converted into full-time positions. Net debt Long-term and short -term interest -bearing liabilities less cash and cash equivalents as a percentage of equity. R12 R12 refers to the last 12 months . from the current date and goes back in time for the previous 12 months. Net revenue Net revenue are the revenue from the sale of goods and services. Revenue Includes net revenue and other income. Earnings per share Profit attributable to the parent company's shareholders divided by the weighted average number of shares outstanding during the pe- riod. Operating results Profit before net financial items. Operating margin Operating profit as a percentage of net revenue. Solidity Equity as a percentage of total assets. Order intake Contracted orders during a period.
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Metacon Interim report January–June 2026 16 Metacon contributes to a renewable energy system and a sustainable future.
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Metacon Interim report January–June 2026 17 About Metacon Our vision T o be a leading European supplier of industrial-scale electrolysis systems and innovative reforming -based solutions for the green hydrogen markets. Business strategy T o provide powerful and innovative hydrogen solutions for fossil-free industry, energy and transport, enabling resilient and self -suffi- cient societies. Metacon AB (publ) is a leading energy technology company specializing in the development . manufacture and sale of products for the production , storage and handling of hydrogen , electricity and heat. We drive technological development and offer products that benefit both the environment and society. With tailor-made solutions . from design and installation to long-term support. we strive to meet the unique needs of our customers. Our expertise covers two main areas: Reforming and Electroly- sis. where we create tailor-made solutions for hydrogen pro- duction. We strive to offer high -quality affordable products with high quality and European industry standard and focus on innovation and tailor -made solutions. With fast and efficient project execution . we create profitable and sustainable invest- ments for our customers . Through innovative solutions and targeting large -scale indus- trial projects. we aim to reduce greenhouse gas emissions and maximize profitability. With a strong presence in Europe and Japan and the ability to quickly adapt to market needs . we aim to become the market leader in our industry. Metacon is headquartered in Uppsala . Sweden. with operations in five countries. Metacon's shares are traded on Nasdaq First North Stockholm, and our main market focus is Europe. We are dedicated to supporting our customers in their transition to zero-emission operations and play a crucial role in creating an emission-free and more sustainable world. Head office Stationsgatan 12 753 40 Uppsala +46 18 122200 info@metacon.com