Interim report
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1 HALF-YEAR REPORT 1 JANUARY –30 JUNE 2026
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2 Significant events April–June 2026 Half-year report 1 January–30 June 2026Minesto AB (publ) 2 • The Annual General Meeting of Minesto AB 2026, resolved to elect Philippe Kavafyan as a new mem - ber of the Board of Directors. With more than 30 years of experience in the international energy sector, including leadership roles in the wind industry and offshore projects, Philippe will con - tribute with strategic expertise, global networks and valuable insights to support Minesto’s contin - ued growth and expansion. After the end of the period • In August, Minesto announced that the Dragon 4 power plant, upgraded with a new power-take-off (PTO) system that improves energy production throughout the tidal flow cycle, has delivered record breaking electricity generation over the summer in Vestmannasund, Faroe Islands. The upgraded PTO system successfully demonstrated improved energy production throughout all tidal flow cycles while simultaneously reducing system costs. • The company implemented organisational changes to enhance the commercial readiness of its ser - vice offering. Site installation and operations (installation and handling) are managed through customer delivery projects, such as the Vest - manna Site Project, relying on Minesto’s proprie - tary and proven methods and technology, but pri - marily delivered by external and local resources to enhance flexibility and efficiency. Technology development related to Operations methods and tools is integrated into Product Development led by Chief Technology Officer, Bernt Erik Westre. • The Faroe Islands Space Program, the global communication campaign featuring the unique Minesto Dragons, was awarded the Grand Prix at the Cannes Lions International Festival of Creativity 2026, recognising it as the world’s most outstanding B2B creative campaign of the year. To date, the campaign has generated more than 800 million impressions, bringing significant global exposure to Minesto’s Dragon technology.
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3 3 Half-year report 1 January–30 June 2026Minesto AB (publ) Minesto in short Minesto develops technology for plannable generation of renewable electricity from the ocean. With patented technology, tidal and ocean currents with low-flow velocities are exploited. The technology can be installed in areas where no other known technology can operate cost effectively. The Group consists of the parent company Minesto AB, which is headquartered in Gothenburg and the sub-sidiaries Minesto UK Ltd, Minesto T aiwan Ltd, Sp/f Drekin, Sp/f Minesto Føroyar, Minesto Warrants One AB and Holy-head Deep Ltd. The Group’s registered office is in Gothenburg and the parent company’s share (MINEST) is the subject of trading on Nasdaq First North Growth Market in Stockholm with G&W Fondkommission as Certified Adviser. Read more at www.minesto.com. This document is a translation of Minesto AB’s Half-year report in Swedish that was published on 20 August 2026. In the event of any incon- sistency between the English and the Swedish versions, the latter shall prevail.
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Minesto AB (publ) Half-year report 1 January–30 June 2026 4 The Group in summary 1 January–31 June 2026 • Total operating income for the period amounted to SEK 11,270 thousand (12,234) and mainly consist of capitalised development work. Net sales amounted to SEK 0 thousand (0). • Operating loss for the period amounted to SEK –15,440 thousand (–20,502). The negative result is largely attributable to business development and administration related to technology develop ment. During the period personnel costs of SEK 11,270 thousand (12,233) has been capitalised as development work. • At the end of the period, the intangible fixed assets amounted to SEK 588,460 thousand (562,112), of which capitalised devel op ment costs SEK 569,741 thousand (544,577) and capitalised patent expenses SEK 18,719 thousand (17,535). • Grants of SEK 3,623 thousand (723) were accounted for during the period, of which SEK 3,623 thousand (723) has reduced the acquisition value of the capitalised development costs. • At the end of the period, cash flow for the period amounted to SEK–29,330 thousand (–4,419). At the end of the period, cash and cash equivalents amounted to SEK 38,449 thousand (30,241). • At the end of the period, equity amounted to SEK 615,360 thousand (562,656) divided into 260,111,612 shares (205,911,488), of which loss for the period amounted to SEK –15,012 thousand (–21,769). SEK thousand Jan–Jun 2026 Jan–Jun 2025 Full Year 2025 Net sales — — — Operating profit/loss –15,4 4 0 –20,502 –34,659 Net profit/loss for the period –15,012 –21,769 –36,635 Cash flow for the period –29,330 –4,419 33,006
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Minesto AB (publ) Half-year report 1 January–30 June 2026 5 The first six months of 2026 have seen tangible progress across our business. We have verified electricity production performance over long production cycles, enhanced customer offerings, and multiplied our customer engagements. Our conviction is stronger than ever that tidal energy is moving from promise to reality, spearheaded by us. On the technology side, we have achieved record levels of elec tricity production in Vestmanna, Faroe Islands. Stable production over several months feeding electricity to the national grid con firms both performance and reliability. The production volumes achieved are safely above the energy production volumes needed for successful financial modelling of our tidal project investments. The energy fed into the electric grid demonstrates that tidal energy delivers predictable and reliable electricity from a local and untapped natural resource. Every day of successful operation strengthens not only Minesto’s position, but also confidence in tidal energy as a valuable component of future energy systems. These production results are vital for ongoing commercial dialogues. We have built unique expertise in analyzing tidal resources, developing sites, installing systems and operating power plants in challenging marine environments. That experience has evolved into a unique strategic asset. We are increasingly engaging with customers, governments and investors not only as a power plant technology provider, but as a partner in pioneering the first tidal energy projects in a given market. Individual site projects in different geographic markets demand a tailored approach highly adaptive to the local context and con ditions in order to be cost efficient and to fulfil customer require ments. For example, if a customer owns work boats, we adopt to use them for operations, and if the customers have technicians, we train them for involvement in service and operations. CEO comment Dragon power driving commercial progress Our conviction is stronger than ever that tidal energy is moving from promise to reality, spearheaded by us. Therefore, we have chosen to integrate operational develop ment into product and technology development and to fully inte grate site development, installation and operations into the indi vidual customer delivery projects. The result is a versatile customer offering, combining technology, methods, tools and know how into a platform for commercial deployment, where cost efficiency and customer value added are drivers. The second quarter brought increased international recogni tion. The global exposure generated through the Faroe Islands Space Program campaign has placed tidal energy in front of deci sion makers, investors and partners around the world. Winning ”the Oscar of B2B commercials” together with SKF is a remarka ble achievement. I also welcome Philippe Kavafyan to our Board of Directors. His vast experience and network in the energy sector, as well as his track record of bringing new technologies to market, strengthen our capability to scale internationally and navigate the ongoing commercial roll out. The transition to a sustainable energy system will require more than incremental improvements to existing technologies. It will rely on new renewable resources and new ways of generating electricity. The belief that tidal energy is one of them is shared by a growing number of stakeholders and potential customers. We work relentlessly to establish tidal energy as a global energy sector. We do so from a position of growing strength, built on proven technology, expanding market opportunities and an unwavering belief that the tidal currents will become a major contributor to the world’s energy supply. Martin Edlund, CEO
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Minesto AB (publ) Half-year report 1 January–30 June 2026 6 SEK thousand Jan–Jun 2026 Jan–Jun 2025 Full Year 2025 Operating income Net sales — — — Capitalised development work 11,270 12,233 22,969 Other operating income — 1 4,108 Total income 11,270 12,234 27, 077 Operating expenses Other external expenses –8,567 –10,78 4 –21,808 Personnel costs –18,033 –21,816 –39,676 Depreciation –110 –137 –252 Total costs –26,710 –32,736 –61,736 Operating loss –1 5 , 4 4 0 –20,502 –34,659 Profit/loss from financial items Interest income and similar income statement items 4 41 13 279 Interest expense and similar income statement items –13 –1, 28 0 –2,254 Total profit/loss from financial items 428 –1 , 267 –1 ,975 Loss after net financial items –1 5 , 01 2 –21,769 –36,634 Tax on net loss — — –1 Net loss –1 5 , 01 2 –21,769 –36,635 Attributable to Shareholders in the Parent Company –15,012 –21,769 –36,635 Capital structure Earnings per share before dilution, SEK –0.06 –0.11 –0.14 Earnings per share after dilution, SEK –0.06 –0.10 –0.17 Number of outstanding shares at the end of the reporting period before dilution 260,111,612 205,911,488 260,081,036 Number of outstanding shares at the end of the reporting period after dilution 265,391,393 212,511,519 265,360,817 Average number of outstanding shares before dilution 260,110,936 198,947,192 209,870,530 Average number of outstanding shares after dilution 265,390,717 205,547 ,223 215,150,311 Group Income Statement
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Minesto AB (publ) Half-year report 1 January–30 June 2026 7 SEK thousand 30 Jun 2026 30 Jun 2025 31 Dec 2025 ASSETS Non-current assets Intangible assets 588,460 562,112 574,424 Tangible assets 348 450 335 Financial assets 261 264 252 Total non-current assets 589,069 562,826 575,011 Current assets Current receivables 9,247 4,743 10,013 Cash and cash equivalents 38,448 30,241 67, 573 Total current assets 47, 695 34,985 77, 586 TOTAL ASSETS 636,764 597, 811 652,597 EQUITY AND LIABILITIES Equity 615,360 562,656 630,357 Noncurrent liabilities 500 500 500 Current liabilities 20,904 34,655 21,74 0 TOTAL EQUITY AND LIABILITIES 636,764 597, 811 652,597 Group Balance Sheet
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Minesto AB (publ) Half-year report 1 January–30 June 2026 8 SEK thousand Share capital Additional paidup capital Other equity incl. result for the period Total equity Full Year 2025 At beginning of the year 9,706 926,212 –3 67, 269 568,649 Changes Net loss — — –36,635 –36,635 Translation differences — — –341 –341 New shares according to warrants 3,300 112,825 — 116,125 Transaction costs related to a share issue — –17, 4 41 — –17, 4 41 Total changes 3,300 95,384 –36,976 61,708 Equity at the end of the year 13,006 1,021,596 –404,245 630,357 Jan–Jun 2026 At beginning of the year 13,006 1,021,596 –404,245 630,357 Changes Net loss — — –15,012 –15,012 Translation differences — — 15 15 Total changes — — –14 ,9 97 –14 ,9 97 Equity at the end of the period 13,006 1,021,596 –419,242 615,360 Group Statement of Changes in Equity
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Minesto AB (publ) Half-year report 1 January–30 June 2026 9 SEK thousand Jan–Jun 2026 Jan–Jun 2025 Full Year 2025 Operating activities Loss after net financial items –15,012 –21,769 –36,635 Adjustments for items not included in cash flow –53 193 250 Cash flow from operating activities before changes in working capital – 15,065 –21,576 –36,385 Changes in working capital Changes in operating receivables 812 636 –4,836 Changes in operating liabilities –918 – 4151 5,043 Cash flow from changes in working capital –10 6 –3, 515 207 Cash flow from operating activities –1 5 ,171 –25,091 –36,178 Investing activities Investments in intangible assets –14,036 –17,187 –29,50 0 Investments in property, plant and equipment –123 — — Change in financial assets — — — Cash flow from investing activities –14 ,1 59 –17,187 –29,50 0 Financing activities Exercised employee share options — — 34 Redeemed share option — 17, 0 91 17, 0 91 Rights Issue — — 99 ,000 Convertible loans — 22000 22,000 Repayment of convertible loans — — –22,000 Issue expenses — –1, 232 –17, 4 41 Cash flow from financing activities — 37, 859 98,684 Cash and cash equivalents at beginning of period 67, 573 34,890 34,890 Cash flow for the period –29,330 –4,419 33,006 Exchange rate difference for cash equivalents 205 –229 –323 Cash and cash equivalents at end of period 38,448 30,241 67, 573 Group Cash Flow Statement
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Minesto AB (publ) Half-year report 1 January–30 June 2026 10 Jan–Jun 2026 Jan–Jun 2025 Full Year 2025 Profitability Operating income, SEK thousand 11,270 12,234 27, 07 7 Operating loss, SEK thousand –15,4 4 0 –20,502 –34,659 Net loss for the year, SEK thousand –15,012 –21,769 –36,635 Return on equity, % neg. neg. neg. Capital structure Equity ratio, % 97 94 97 Personnel Average number of employees 31 41 37 Personnel costs, SEK thousand –18,033 –21,816 –39,676 Definitions, see page 17. Comments on the Income Statement and Balance Sheet Position and results The Group’s operating income for the reporting period amounted to SEK 11,270 thousand (12,234) and consisted mainly of capital ised development work. Net sales amounted to SEK 0 thousand (0) and operating loss was SEK –15,440 thousand (–20,502). The neg ative result is attributable to business development and adminis tration related to technology development. Of the personnel costs, SEK 11,270 thousand (12,233) has been capitalised as develop ment work. At the end of the period, intangible assets amounted to SEK 588,460 thousand (562,112), of which capitalised development costs amounted to SEK 569,741 thousand (544,577) and capital ised patent expenses amounted to SEK 18,719 thousand (17,535). All expenses are attributable to the development of Minesto’s technology and have been capitalised at the Parent Company. Grants accounted for during the period amounted to SEK 3,623 thousand (723), of which SEK 3,623 thousand (723) reduced the acquisition value of capitalised development costs. Cash flow and financial position At the end of the period the Group’s cash flow amounted to SEK –29,330 thousand (–4,419). At the end of the reporting period, cash and cash equivalents amounted to SEK 38,448 thousand (30,241). Changes in equity At the end of the reporting period, the Group’s equity amounted to SEK 615,360 thousand (562,656 ). During the reporting period 0 (11,795,448 ) new shares were issued. During the corresponding period of the previous year a total of SEK 0 thousand (15,859) net of issue expenses, was added to the Company’s equity. Further more, Group’s equity was affected by the net loss for the period of SEK –15,012 thousand (–21,769). At the end of the reporting period, there were 260,111,612 (205,911,488) registered shares, each with a quota value of SEK 0.05 (0.05). Parent company The core business of Minesto, i.e. the development of plannable generation of renewable electricity from the ocean, which is mostly conducted in the parent company. As the parent company forms such a large part of the Group, an account of the parent company’s results, financial position and cash flow would not provide any addi tional information to that described in the report on the Group. Therefore, this is only presented in report format on pages 11–15. Group Key Performance Indicators
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Minesto AB (publ) Half-year report 1 January–30 June 2026 11 SEK thousand Jan–Jun 2026 Jan–Jun 2025 Full Year 2025 Operating income Net sales — — — Capitalised development work 11,270 11,290 21,898 Other operating income — 1 21 Total income 11,270 11,291 21,919 Operating expenses Other external expenses –9,098 –13 ,529 –21,798 Personnel costs –17, 274 –18,297 –35,021 Depreciation –110 –137 –252 Total costs –26,482 –31,963 –57, 071 Operating loss –1 5 , 21 2 –20,672 –35,152 Profit/loss from financial items Interest income and similar income statement items 248 1 265 Interest expense and similar income statement items –50 –1,177 –2,071 Total profit/loss from financial items 198 –1 ,176 –1 , 8 0 6 Loss after net financial items –1 5 , 014 –21,848 –36,958 Tax on net loss — — — Net loss –1 5 , 014 –21,848 –36,958 Attributable to Shareholders in the Parent Company –15,014 –21,848 –36,958 Parent Company Income Statement
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Minesto AB (publ) Half-year report 1 January–30 June 2026 12 SEK thousand 30 Jun 2026 30 Jun 2025 31 Dec 2025 ASSETS Non-current assets Intangible assets 588,460 562,112 574,424 Tangible assets 348 450 335 Financial assets 5 600 2 176 4,228 Total non-current assets 594,408 564,738 578,987 Current assets Current receivables 8,080 2,587 5,354 Cash and cash equivalents 31,821 28,255 66,070 Total current assets 39,901 30,842 71,424 TOTAL ASSETS 634,309 595,580 650,411 EQUITY AND LIABILITIES Equity 615,055 562,354 630,069 Noncurrent liabilities 884 672 761 Current liabilities 18,370 32,554 19,581 TOTAL EQUITY AND LIABILITIES 634,309 595,580 650,411 Parent Company Balance Sheet
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Minesto AB (publ) Half-year report 1 January–30 June 2026 13 Parent Company Statement of Changes in Equity SEK thousand Share capital Fund for develop ment Share premium Balanced results Loss for the period Total equity Full Year 2025 At beginning of the year 9,706 527,70 8 80,201 –13 , 267 –36,005 568,343 Changes Net loss — — — — –36,958 –36,958 Allocation of previous year’s result — — — –36,005 36,005 — Fund for development — 28,529 — –28,529 — — New shares according to warrants 3,300 — 112,825 — — 116,125 Transaction costs related to a share issue — — –17, 4 41 — — –17, 4 41 Total changes 3,300 28,529 95,384 –64,534 –953 61,726 Equity at the end of the year 13,006 556,237 175,585 –7 7, 8 01 –36,958 630,069 Jan–Jun 2026 At beginning of the year 13,006 556,237 175,585 –7 7, 8 01 –36,958 630,069 Changes Net loss for the period — — — — –15,014 –15,014 Allocation of previous year’s result — — — –36,958 36,958 — Fund for development — 13,504 — –13 ,50 4 — — Total changes — 13,504 — –50,462 21,944 –1 5 , 014 Equity at the end of the period 13,006 569,741 175,585 –1 2 8 , 26 3 –1 5 , 014 615,055
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Minesto AB (publ) Half-year report 1 January–30 June 2026 14 SEK thousand Jan–Jun 2026 Jan–Jun 2025 Full Year 2025 Operating activities Loss after net financial items –15,014 –21,848 –36,958 Adjustments for items not included in cash flow 110 150 255 Cash flow from operating activities before changes in working capital –14 ,9 0 4 –21,698 –36,703 Changes in working capital Changes in operating receivables –2,727 625 –2,142 Changes in operating liabilities –1, 211 –1, 213 7, 814 Cash flow from changes in working capital –3,938 –589 5,672 Cash flow from operating activities –18 , 8 42 –22 , 287 –31,031 Investing activities Investments in intangible assets –14,036 –17,187 –29,50 0 Investments in property, plant and equipment –123 — — Change of receivables from Group companies –1, 371 1,011 –1,0 41 Cash flow from investing activities –1 5 , 53 0 –16 ,17 7 –30,541 Financing activities Exercised employee share options — — 34 Redeemed share option — 17, 0 91 17, 0 91 Rights Issue — — 99 ,000 Convertible loans — 22,000 22,000 Repayment of convertible loans — — –22,000 Issue expenses — –1, 232 –17, 4 4 0 Change of liabilities, Group companies 123 –859 770 Cash flow from financing activities 123 37 ,000 97,915 Cash and cash equivalents at beginning of period 66,070 29,731 29,731 Cash flow for the period –34,249 –1,4 6 4 36,343 Exchange rate difference for cash equivalents — –13 –4 Cash and cash equivalents at end of period 31,821 28,255 66,070 Parent Company Cash Flow Statement
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Minesto AB (publ) Half-year report 1 January–30 June 2026 15 Jan–Jun 2026 Jan–Jun 2025 Full Year 2025 Profitability Operating income, SEK thousand 11,270 11,291 21,919 Operating loss, SEK thousand –15, 212 –20,672 –35,152 Net loss for the year, SEK thousand –15,014 –21,848 –36,958 Return on equity, % neg. neg. neg. Capital structure Equity ratio, % 97 94 97 Personnel Average number of employees 29 32 31 Personnel costs, SEK thousand –17, 274 –18,297 –35,021 Definitions, see page 17. Parent Company Key Performance Indicators
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Minesto AB (publ) Half-year report 1 January–30 June 2026 16 Gothenburg on 20 August 2026 Martin Edlund CEO Future information 2026 1029 Interim Management Statement 1 Jan–30 Sep 2026 20270225 YearEnd Report 2026 20270311 Annual Report 2026 20270520 Annual General Meeting 2027 Accounting principles and auditing Risks The Interim Management Statement has been prepared in accordance with the Swedish Annual Accounts Act and Swedish Accounting Standards Board standard BFNAR 2012:1 – Annual Reports and Consolidated Reports (K3). Please see the Company’s Annual Report 2025 for more detailed principles. Due to rounding, figures presented in this report might not in some cases add up to the total. This Interim Management Statement has not been reviewed by the company’s auditor. The Company’s activity mainly involves developing and commer cialising new technology. The Company’s development is therefore associated with technical financial and regulatory risks. Risks and uncertainties are described in the Annual Report of 2025 which is available on the company’s web site www.minesto.com. At the time of publication of this half year report, these have not changed signifi cantly.
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Minesto AB (publ) Half-year report 1 January–30 June 2026 17 Definitions of Key Performance Indicators Contact Cecilia Sernhage, Chief Communications Officer +46 735 23 71 58 ir@minesto.com Minesto AB (publ) Corporate registration number 556719 4914 J A Wettergrens gata 14 421 30 Västra Frölunda, Sweden www.minesto.com Operating income All income, including capitalised development work. Operating result Result after depreciation. Net loss for the period Result after tax. Return on equity Profit after tax in relation to equity. Equity ratio Equity in relation to total assets. Earnings per share before dilution Loss after tax in relation to the weighted average number of shares. Earnings per share after full dilution Loss after tax in relation to the weighted average number of shares plus potential shares. Number of shares at the end of the period Outstanding shares at the beginning of the period adjusted with newly issued shares during the period. Number of shares at the end of the period after full dilution Outstanding shares at the beginning of the period adjusted with newly issued shares during the period and outstanding options per balance sheet date converted to potential shares. Average number of shares during the period before dilution Weighted number of outstanding shares during the period adjusted by weighted number of newly issued shares during the period. Average number of shares during the period after full dilution Weighted number of outstanding shares during the period adjusted with weighted number of newly issued shares during the period and outstanding options per balance sheet date converted to weighted number of potential shares. Average number of employees Average number of employees during the period.