Interim report
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OXE MARINE AB (PUBL) 556889-7226 INTERIM REPORT, Q1 2022 OXE MARINE AB (PUBL) 1 INTERIM REPORT July - September 2025
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OXE MARINE AB (PUBL) 556889-7226 2 OXE Marine AB (publ) Interim Report July – September 2025 Third Quarter 2025 • Consolidated Net turnover amounted to SEK 42.8 m (SEK 45.6 m). • Consolidated Gross Profit amounted to SEK 12.8 m (SEK 18.1 m) with a gross margin of 30% (40%). • Consolidated EBITDA amounted to SEK –9.9 m (SEK –5.7 m). • The consolidated result for the quarter amounted to SEK -16.8 m (SEK -14.8 m). • Consolidated EPS and Diluted EPS amounted to SEK -0.02 (SEK -0.04). January - September 2025 • Consolidated Net turnover amounted to SEK 154 m (SEK 130.2 m). • Consolidated Gross Profit amounted to SEK 51.9 m (SEK 42.6 m) with a gross margin of 34% (33%). • Consolidated EBITDA amounted to SEK -16.4 m (SEK –36.4 m). • The consolidated result for the quarter amounted to SEK -37.7 m (SEK -68.7 m). • Consolidated EPS and Diluted EPS amounted to SEK -0.05 (SEK -0.21). Significant events during the third quarter • No significant events during the quarter Significant events during the year until September • OXE Marine receives the largest order in the company’s history of USD 6.6 m to supply a United States Governmental agency. • OXE Marine AB changes Certified Adviser to Redeye AB. Significant events after the reporting period • No significant events after the quarter * Refer to section Definitions of Key Business Ratios, Diluted Earnings Per Share. 2025 2024 2025 2024 2025 2024 2025 2024 Key Figures Jul - Sep Jul - Sep Jan - Sep Jan - Sep Jul - Sep Jul - Sep Jan - Sep Jan - Sep Net turnover, KSEK 42 769 45 593 154 049 130 160 42 175 32 774 116 894 110 928 Propulsion 34 759 30 270 123 742 89 382 35 630 19 248 91 798 79 690 Parts & Accessories 7 587 15 323 29 113 40 778 6 955 13 525 25 833 31 238 Gross Profit 12 750 18 300 51 856 42 712 7 349 7 437 15 803 24 566 Gross Margin % 30% 40% 34% 33% 17% 23% 14% 22% Operating expenses, KSEK -22 665 -24 013 -67 850 -78 462 -15 532 -16 925 -46 868 -53 561 Other operating income (costs) 280 151 133 -521 207 281 -270 -554 EBITDA, KSEK -9 915 -5 713 -16 382 -36 356 -8 183 -9 207 -31 454 -29 549 Net loss for the period, KSEK -16 764 -14 825 -37 674 -68 655 -13 962 -16 898 -48 353 -58 088 Earnings per share basic, SEK -0,02 -0,04 -0,05 -0,21 -0,02 -0,05 -0,07 -0,17 Earnings per share diluted* SEK -0,02 -0,04 -0,05 -0,21 -0,02 -0,05 -0,06 -0,17 Consolidated OXE Marine AB
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OXE MARINE AB (PUBL) 556889-7226 3 Resilient growth in Propulsion “While the quarter presented challenges ; a slower marine market and aggressive price promotions from the major gasoline outboard brands, OXE outboard sales remained resilient with 15% growth in propulsion sales. We continue to see opportunities for growth and continue to build our market and see increased requests for OXE engines in larger projects.” Apart from fulfilling existing US contracts, new sales during the quarter came from Europe , Asia and South America showing the increasing diversification of OXE projects. The OXE brand continues to grow and gain trust among marine professionals worldwide. During the quarter, OXE Marine released a series of videos highlighting its collaboration with North Star (UK), a leading offshore windfarm service operator that powers its fleet of daughter crafts with the OXE300 (see front cover). Business Performance Total sales amounted to SEK 42.8 m (SEK 45.6 m), a decline of 6% relative to the same quarter of the previous year . During the quarter, Propulsion Sales amounted to SEK 34.8 m (SEK 30.3 m), a 15% increase compared to the same quarter of the previous year . During the quarter the company completed the USD 5.9 m contract to a US boat builder , previously communicated in July 2024 , which meant a lower contribution from inboard sales to Propulsion Sales relative to previous quarters . Sales of Parts & Accessories (P&A) amounted to SEK 7.6 m (SEK 15.3 m), representing a 50% decrease compared to the same quarter of the previous year. One of the main reasons is that OXE has cleared its P&A order backlog, meaning improved delivery performance to end customers, which contributed towards lower P&A sales relative to the prior year . In addition , several deliveries during the quarter associated with the discount campaign (see below) did not include rigging accessories as the customers chose to take delivery of these items at a later stage. Gross margin amounted to 30% (40%). In response to an increasingly competitive outboard market, with several industry -wide discount campaigns, OXE ran targeted discount programs in select markets to maintain competitiveness. This resulted in a weaker gross margin for the quarter, although this is not expected to continue going forward. Gross margins were also negatively affected by a stronger SEK against the USD and EUR. Operating expenses (OPEX) for the quarter decreased by 6% and amounted to SEK -22.6 m (SEK -24.0 m), showing continued cost control. We are pleased with this improvement, as it remains below our target ceiling of SEK 25 m per quarter. The reduction reflects both a stronger SEK/USD and ongoing efforts to enhance profitability through disciplined cost management. At the operating level, E BITDA amounted to SEK –9.9 m (SEK –5.7 m), with the weaker result driven by lower sales and reduced gross profit. Cash flow from operating activities amounted to SEK 5.3 m (SEK –2.0 m), supported by positive changes in working capital. The quarter closed with SEK 9.3 m (SEK 6.1 m) in cash. Accounts receivable was higher at SEK 39.6 m (SEK 24.7 m), while accounts payable was lower at SEK 22.4 m (SEK 37.4 m) – both placing downward pressure on cash flow from working capital. The company maintained sufficient headroom in its US working capital facility at quarter-end. US Tariffs & US Government Shutdown Although not yet finalized, the proposed tariff increases in the US have already had an impact, rising from 2.5% to 15% on engines. Management continues to closely monitor developments, working to mitigate risks and explore available tariff relief measures. In the long term, finalized tariff levels will be incorporated into US product pricing. At the time of writing, the ongoing US government shutdown may also cause delays in new project awards and current business operations. Looking Ahead Despite a slower quarter, we remain confident in the company’s outlook. OXE propulsion solutions are being specified into several new global projects, the majority of which are in the US, where OXE Marine Inc. maintains a strong local presence. In the fourth quarter, production will begin for the new 2026 model based on the current OXE300 platform and includes several exciting new features . The product launch will take place at the METS trade show in November. I would like to extend my sincere thanks to the dedicated OXE team for their continued hard work and commitment. - Paul Frick, CEO
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OXE MARINE AB (PUBL) 556889-7226 4 Sales (SEKm) and Gross Margin Development (%) Total sales amounted to SEK 42.8 m (SEK 45.6 m) on a consolidated basis . Comparatively this is a decrease of 6% relative to the same quarter of the previous year . The gross margin for the quarter amounted to 30% relative to 40% in the same period of the previous year. Sales Propulsion (SEKm) Propulsion sales amounted to SEK 34.8 m (SEK 30.3 m) on a consolidated basis , an increase of 15% compared to the same quarter of the previous year. Sales Parts & Accessories (SEKm) Parts & Accessories (P&A) sales amounted to SEK 7.6 m (SEK 15.3 m) on a consolidated basis, a decrease of 50% compared to the same quarter of the previous year.
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OXE MARINE AB (PUBL) 556889-7226 5 Shareholders OXE Marine’s top ten shareholders as of 30 September 2025 are as follows: Top 10 Holding % Theodor Jeansson Jr. 158 646 541 22.9 PSP Stockholm AB 108 501 371 15.7 Scandinavian Credit Fund I AB 54 063 315 7.8 Christian von Koenigsegg 45 838 848 6,6 Jonas Wikström 31 989 083 4,6 Per Lindberg 29 798 887 4.3 Arne Andersson 22 121 088 3,2 Avanza Pension 19 522 105 2,8 Carl Rosvall 15 000 000 2,2 Sven Sandberg 12 802 000 1,8 Source: Monitor. Note the above analysis excludes share warrants held by the EIB (European Investment Bank) as a result of the refinancing that took place during last year. The EIB holds 70 239 859 share warrants which would be equal to 74 126 813 shares if converted and would amount to a holding of 9.7% after conversion. The outstanding share warrants can be exercised at any given time. Consolidated Financials General Information This interim report covers the Swedish parent company OXE Marine AB (publ), corporate registration number 556889-7226, and its subsidiaries. The parent company is a limited liability company with its registered office in Ängelholm, Sweden. The address of the main office is Metallgatan 6, 262 72 Ängelholm, Sweden. Interim Report - Basis of Preparation The interim report is prepared in accordance with the Swedish Annual Accounts Act and BFNAR 2012:1 (K3). The accounting and valuation principles applied are the same as those used in the most recent annual report. The interim report has not been reviewed by the company's auditor. The interim report should be read together with the 2024 Annual Report . The preparation of the interim report requires the use of accounting estimates and requires management to exercise judgment. For more information refer to the 2024 Annual Report. The Swedish kronor is the reporting currency, and all figures are presented in KSEK if not stated otherwise. Estimates and judgments Preparation of financial statements and application of accounting policies, are often based on assessments, estimates and assumptions that are reasonable at the time when the assessment is made. Estimates are based on historical experience and various othe r factors that are considered to be reasonable under the circumstances. The results of these are used to assess the carrying values of assets and liabilities, which are not otherwise apparent from other sources. The actual outcome may differ from these est imates. Estimates and assumptions are reviewed regularly. Risks and uncertainties The Risk and uncertainties of OXE Marine’s business is explained in detail within the ‘Risks and Uncertainties’ section of the 2024 Annual Report , available on OXE Marine’s website. The main risks facing OXE Marine are production risk, changes in exchange rates, rising inflation, rising interest rates, technical development risk, tariff risk and financial risk relating to liquidity due to working capital requirements in the growth phase of the business. The conflict between Russia and Ukraine does not impact the Company's supply chain in the short term. Current macro -economic events including interest rate movements and inflationary environment is monitored.
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OXE MARINE AB (PUBL) 556889-7226 6 Financial review Third quarter 2025 Consolidated Net Turnover amounted to SEK 42.8 m (SEK 45.6 m). Comparatively this is a decrease of 6% relative to the same quarter of the previous year. Sales from Propulsion amounted to SEK 34.8 m (SEK 30.3 m) and sales from Parts & Accessories amounted to SEK 7.6 m (SEK 15.3 m). Parts & Accessories contributed 18% ( 34%) of total revenue in the first quarter. Gross profit amounted to SEK 12.8 m (SEK 18.3 m) during the quarter, with a gross margin of 30% (40%). Operating expenses amounted to SEK -22.7 m (SEK - 24.0 m) excluding forex adjustments and depreciation and amortisation. The global organization consisted of 51 people. The US organization consists of 17 people and the Swedish organization 34 people as of 30 September 2025. The Company continues to be run as a slim organization and with a cost-conscious mindset. EBITDA amounted to SEK -9.9 m (SEK -5.7 m). The result for the third quarter 202 5 amounted to SEK - 16.8 m (SEK -14.8 m). Other operating income amounted to SEK 0.3 m (SEK 0.2 m) and other operating costs consists of foreign exchange movements on foreign denominated working capital movement amounted to SEK -0.0 m (SEK 0.0 m) during the quarter. Interest expense and similar profit/loss items amounted to SEK 0.2 m ( SEK -1.7 m) in the quarter. During the quarter there was SEK -0.2 m (SEK -3.1 m) in interest expense and SEK 0.4 m (SEK 1.4 m) in foreign exchange revaluation adjustments on long-term liabilities denominated in foreign currencies. Year to date, September 2025 Consolidated Net Turnover amounted to SEK 154.0 m (SEK 130.2 m). Sales from Propulsion amounted to SEK 123.8 m (SEK 89.4 m) and sales from Parts & Accessories amounted to SEK 29.1 m (SEK 40.8 m). Parts & Accessories contributed 19% ( 31%) of total revenue year to date. Gross profit amounted to SEK 51.9 m (SEK 42.7 m) year to date, with a gross margin of 34% (33%). Operating expenses amounted to SEK -67.9 m (SEK - 78.5 m) excluding forex adjustments and depreciation and amortisation. EBITDA amounted to SEK -16.4 m (SEK -36.4 m). The result year to date 2025 amounted to SEK -37.7 m (SEK -68.7 m). Other operating income amounted to SEK 0. 5 m (SEK 0.1 m) and other operating costs consists of foreign exchange movements on foreign denominated working capital movement amounted to SEK -0.4 m (SEK -0.6 m) during this period. Interest expense and similar profit/loss items amounted to SEK 0.2 m (SEK -10.7 m) in the quarter. During year to date there was SEK -0.6 m (SEK -9.2 m) in interest expense and SEK 0.8 m (SEK -1.5 m) in foreign exchange revaluation adjustments on long - term liabilities denominated in foreign currencies. Assets As of 30 September 2025, total assets amounted to SEK 262.2 m (SEK 310.9 m), a decrease of SEK -48.7 m relative to the end of 2024. OXE Marine’s fixed assets at the closing date were SEK 110.2 m (SEK 130.4 m), out of which capitalised R&D amounted to SEK 78.9 m (SEK 95.3 m) and patents and intangible assets relating to 2022 year’s acquisition amounted to SEK 26.1 m (SEK 29.5 m). Inventory amounted to SEK 85 m (SEK 107.3 m) at the end of the quarter , a decrease of SEK -22.3 m relative to December 2024. Accounts Receivable amounted to SEK 39.6 m (SEK 18.5 m). The Accounts Receivable balance is displayed net of provisions for doubtful debts amounting to SEK 1.9 m (SEK 1.5 m) as of 30 September 2025. Advanced payments to suppliers amounted to SEK 13.9 m (SEK 4.7 m) The increase is due to SEK 9.6 m in advanced payments to BMW for powerheads. OXE Marine had cash on hand of SEK 9.3 m (SEK 44.3 m) at the end of the quarter . The Company has a working capital facility of USD 2 m (SEK 18.8 m) via its wholly owned US subsidiary, OXE Marine Inc of which USD 0.73 m is drawn. The facility is on demand, open- ended and subject to a monthly borrowing basis,
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OXE MARINE AB (PUBL) 556889-7226 7 guaranteed by Powersports Plus LLC. The interest rate on the facility will be SOFR plus 2.65%. Equity and liabilities Total equity amounted to SEK 148.9 m (SEK 190.9 m). Total equity in the parent company is SEK 181.3 m. Management monitors the equity balance and maintains its equity base through equity funding from its shareholders. Long-term liabilities amounted to SEK 44.2 m (SEK 45.9 m). The remaining balance of MEUR 4 will be repaid over a seven -year period, by annual instalments each equal to 20 per cent of the consolidated EBITDA of the Company in the case where such EBITDA is positive, and any debt remaining after the seven -year period will be written off. Current liabilities amounted to SEK 52.4 m (SEK 62.2 m) at the end of the quarter , a decrease of SEK -9,8 m relative to December 2024. Accounts payable amounted to SEK 22.4 m (SEK 34.0 m), a decrease of SEK -11.6 m relative to end of December 2024. Cash Flow Third quarter 2025 On a consolidated basis cash flow from operating activities amounted to SEK 5.3 m (SEK -2 m) of which SEK -9.4 m (SEK -9.6 m) related to cashflow from operating activities before changes in working capital . The change in cashflow due to changes in working capital amounted to SEK 14.7 m (SEK 7.6 m) and the largest movement related to positive changes in accounts receivables of SEK 13.1 m and negative changes in trade payables of SEK –5 m. Year to date, September 2025 On a consolidated basis cash flow from operating activities amounted to SEK -32 m (SEK -24.5 m) of which SEK -19.8 m (SEK -40 m) related to cashflow from operating activities before changes in working capital. The change in cashflow due to changes in working capital amounted to SEK -12.2 m (SEK 15.5 m) and the largest movement related to negative changes in accounts receivables of SEK -21.1 m and trade payables of SEK -11.6 m and positive changes in inventory of SEK 13 m. Taxation The Company has unutilized carry forward tax losses in Sweden amounting to SEK 678.8 m as of 2024. The tax effect has not been recognized as a deferred tax asset in the balance sheet. The Company is currently reporting losses and therefore there is uncertainty around the ability to utilize these tax losses . Furthermore, the ability to utilize these tax losses in the future are influenced by changes in Company shareholding. Financial calendar • Q4 2025 Interim Report – 27 February 2026 07:00 CET All times indicated above are CEST/CET
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OXE MARINE AB (PUBL) 556889-7226 8 Consolidated Financial Statements for the Period to 30 September 2025 Consolidated Income Statement OXE Marine Group 2025 2024 2025 2024 2024 (amounts in KSEK) Jul - Sep Jul - Sep Jan - Sep Jan - Sep Jan - Dec Net Turnover 42 769 45 593 154 049 130 160 173 754 Other operating income 280 151 522 85 182 Goods for resale -30 299 -27 444 -102 715 -87 533 -118 975 Gross Profit 12 750 18 300 51 856 42 712 54 961 Other external expenses -11 548 -13 466 -30 944 -43 528 -56 936 Personnel costs -11 117 -10 547 -36 906 -34 934 -49 145 Depreciation and write-down of tangible and intangible assets -7 304 -7 334 -21 880 -22 094 -29 548 Other operating expenses 0 0 -389 -606 -1 535 Total operating costs -29 969 -31 347 -90 119 -101 162 -137 164 Operating Loss -17 220 -13 047 -38 262 -58 450 -82 203 Interest expenses and similar profit/loss items 164 -1 736 197 -10 668 -16 496 Profit/loss after financial items -17 055 -14 783 -38 065 -69 118 -98 699 Tax on profit for the year 291 -42 391 463 796 Profit/loss for the year -16 764 -14 825 -37 674 -68 655 -97 903
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OXE MARINE AB (PUBL) 556889-7226 9 Consolidated Balance Sheet OXE Marine Group (amounts in KSEK) 30 Sep 25 30 Sep 24 31 Dec 24 ASSETS Fixed Assets Intangible assets Capitalised expenditure for development and similar work 78 884 98 981 95 291 Concessions, patents, licenses, trademarks etc. 26 105 30 276 29 497 Total intangible assets 104 989 129 257 124 788 Tangible assets Improvement expenditure on leaseholds 286 1 027 401 Equipment, tools and installations 4 763 5 569 5 105 Total tangible assets 5 049 6 596 5 506 Financial assets Deferred tax assets 143 0 133 Total financial assets 143 0 133 Total fixed assets 110 181 135 853 130 427 Currents assets Inventory etc Inventory 85 008 99 297 107 258 Advance payments to suppliers 13 870 6 107 4 656 Total inventory etc 98 878 105 404 111 914 Current receivables Accounts receivables 39 605 24 653 18 544 Other receivables 2 014 2 757 3 688 Prepaid expenses and accrued income 2 155 2 423 1 976 Total current receivables 43 774 29 833 24 208 Cash on hand and in bank 9 320 6 068 44 320 Total current assets 151 972 141 305 180 442 TOTAL ASSETS 262 153 277 158 310 869
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OXE MARINE AB (PUBL) 556889-7226 10 Consolidated Balance Sheet *The remaining balance of MEUR 4 will be repaid over a seven-year period, by annual instalments each equal to 20 per cent of the consolidated EBITDA of the Company in the case where such EBITDA is positive, and any debt remaining after the seven-year period will be written off. (amounts in KSEK) 30 Sep 25 30 Sep 24 31 Dec 24 EQUITY AND LIABILITIES Equity Share capital 13 861 10 023 13 861 Other capital contributions 892 032 632 595 892 032 Loss brought forward incl loss for the period -756 982 -696 319 -714 969 TOTAL EQUITY 148 911 -53 701 190 924 Provisions Deferred tax liability 10 209 6 037 5 837 Other provisions 6 396 5 838 5 942 Total provisions 16 605 11 875 11 779 Long-term liabilities Corporate bonds 0 152 206 0 Liabilities to finance institutions* 44 226 90 400 45 946 Total long-term liabilities 44 226 242 606 45 946 Current liabilities Liabilities to finance institutions 6 827 9 084 7 149 Advance payments from customers 11 544 16 430 6 672 Accounts payable 22 406 37 394 33 996 Current tax liabilities 615 589 1 204 Other liabilities 2 137 2 539 2 178 Accrued expenses and deferred income 8 882 10 342 11 021 Total current liabilities 52 411 76 378 62 220 EQUITY AND LIABILITIES 262 153 277 158 310 869
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OXE MARINE AB (PUBL) 556889-7226 11 Consolidated Statement of Cash Flows * Adjustments not included in the cashflow for the period Apr – Jun includes adjustments of depreciation of SEK 7.3 m (SEK 7.5 m), change of provisions of SEK 0.9 m (SEK -0.4 m), and non-cash forex adjustments of SEK -0.1 m (SEK - 2.7 m). OXE Marine Group 2025 2024 2025 2024 2024 (amounts in KSEK) Jul - Sep Jul - Sep Jan - Sep Jan - Sep Jan - Dec Operating Activities Results before financial items -17 220 -13 047 -38 262 -58 450 -82 203 Adjustments for items not included in cash flow* 8 096 4 332 20 295 21 486 32 882 Tax paid - -105 -669 -747 -747 Interest paid -236 -764 -1 150 -2 255 -3 701 Cash flow from operating activities before changes in working capital -9 360 -9 584 -19 786 -39 966 -53 769 Cash flow from changes in working capital Change in Inventories 2 719 -548 13 036 10 832 4 322 Change in accounts receivable 13 068 11 473 -21 061 9 456 15 565 Change in other current receivables 494 967 1 495 -591 -1 075 Change in Trade payables -4 958 -6 317 -11 590 -1 828 -5 226 Change in other current liabilities 3 361 2 021 5 936 -2 389 -11 092 Cash flow from operating activities 5 324 -1 988 -31 970 -24 486 -51 275 Investing Activities Investments in property, plant and equipment - -656 -1 733 -1 710 -1 847 Divestments in property, plant and equipment - - 0 - 704 Investments in intangible fixed assets - - -625 -574 -2 828 Cash flow from Investing activities 0 -656 -2 358 -2 284 -3 971 Financing activities Proceeds from new share issue - - 0 992 69 688 Proceeds from loans 0 - 1 954 3 028 4 225 Repayment of loans -237 - -1 288 - -3 696 Cash flow from financing activities -237 0 666 4 020 70 217 Cash flow for the period 5 087 -2 644 -33 662 -22 750 14 971 Cash and bank balances at the beginning of the period 4 209 8 641 44 320 28 694 28 694 Exchange rate difference in cash and bank balances 24 71 -1 338 124 655 Cash and bank balances at the end of the period 9 320 6 068 9 320 6 068 44 320
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OXE MARINE AB (PUBL) 556889-7226 12 Consolidated Statement of Changes in Equity 2025 2024 2024 (amount in KSEK) 1 Jan - 30 sep 1 Jan - 30 sep 1 Jan - 31 Dec Opening balance equity (1 Jan) 190 924 13 361 13 361 Loss for the period -37 674 -68 655 -97 903 Debt-to-equity swap - - 201 451 New share issue less transaction costs - 992 69 688 Forex exchange revaluation reserve -4 339 601 4 327 Closing balance equity 148 911 -53 701 190 924
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OXE MARINE AB (PUBL) 556889-7226 13 Parent Company Financial Statements * Net Turnover includes intercompany sales to subsidiaries amounting to SEK 22.5 m during the quarter 2025 (SEK 17.7 m during Q3 2024), SEK 68.3 m (SEK 39.1 m) year to date and SEK 68.2 m during full year 2024. Intercompany purchases from subsidiaries amounting SEK 2.5 m (SEK 0.6 m) for the quarter, SEK 16.0 m (SEK 4.7 m) year to date and SEK 9.4 m during full year 2024. OXE Marine AB 2025 2024 2025 2024 2024 (amounts in KSEK) Jul - Sep Jul - Sep Jan - Sep Jan - Sep Jan - Dec Net Turnover* 42 175 32 774 116 894 110 928 155 343 Other operating income 207 280 118 52 52 Goods for resale -35 033 -25 336 -101 209 -86 362 -129 312 Gross Profit 7 349 7 718 15 803 24 618 26 083 Other external expenses -8 210 -9 844 -22 038 -29 970 -40 501 Personnel costs -7 322 -7 081 -24 830 -23 591 -33 755 Depreciation and write-down of tangible and intangible assets -6 057 -6 148 -18 114 -18 373 -24 546 Other operating expenses 0 0 -389 -606 -1 331 Total operating costs -21 588 -23 073 -65 371 -72 540 -100 133 Operating Loss -14 240 -15 355 -49 567 -47 922 -74 050 Interest expenses and similar profit/loss items 278 -1 543 1 214 -10 166 -15 785 Profit/loss after financial items -13 962 -16 898 -48 353 -58 088 -89 835 Tax on profit for the year 0 0 0 0 0 Profit/loss for the year -13 962 -16 898 -48 353 -58 088 -89 835
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OXE MARINE AB (PUBL) 556889-7226 14 Parent Company Balance Sheet OXE Marine AB (amounts in KSEK) 30 Sep 25 30 Sep 24 31 Dec 24 ASSETS Fixed Assets Intangible assets Capitalised expenditure for development and similar work 78 884 98 981 95 291 Concessions, patents, licenses, trademarks etc. 1 349 1 637 1 828 Total intangible assets 80 233 100 618 97 119 Tangible assets Equipment, tools and installations 2 784 2 636 2 215 Total Tangible assets 2 784 2 636 2 215 Financial assets Shares in group companies 100 001 100 001 100 001 Total financial assets 100 001 100 001 100 001 Total fixed assets 183 018 203 255 199 335 Currents assets Inventory etc Inventory 62 825 76 240 73 046 Advance payments to suppliers 13 828 6 107 3 751 Total inventory etc 76 653 82 347 76 797 Current receivables Accounts receivables 24 380 15 698 10 661 Receivables from group companies 18 466 17 335 36 838 Other receivables 2 013 2 716 2 958 Prepaid expenses and accrued income 1 793 1 584 1 790 Total current receivables 46 652 37 333 52 247 Cash on hand and in bank 3 131 2 335 38 702 Total current assets 126 436 122 015 167 746 TOTAL ASSETS 309 454 325 270 367 081
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OXE MARINE AB (PUBL) 556889-7226 15 Parent Company Balance Sheet *The remaining balance of MEUR 4 will be repaid over a seven-year period, by annual instalments each equal to 20 per cent of the consolidated EBITDA of the Company in the case where such EBITDA is positive, and any debt remaining after the seven-year period will be written off in accordance with the terms of the loan. (amounts in KSEK) 30 Sep 25 30 Sep 24 31 Dec 24 EQUITY AND LIABILITIES Restricted equity Share capital 13 861 10 023 13 861 Development fund 59 560 74 570 72 152 Total restricted equity 73 421 84 593 86 013 Non-restricted equity Share Premium 892 032 632 595 892 032 Retained loss -735 851 -667 894 -658 608 Loss for the period -48 352 -58 088 -89 835 Total non-restricted equity 107 829 -93 387 143 589 TOTAL EQUITY 181 250 -8 794 229 602 Provisions Other provisions 6 396 5 838 5 942 Total provisions 6 396 5 838 5 942 Long-term liabilities Corporate bonds 0 152 206 0 Liabilities to finance institutions* 44 226 90 400 45 946 Total non-current liabilities 44 226 242 606 45 946 Current liabilities Advance payments from customers 6 495 8 743 5 833 Accounts payable 21 071 28 045 28 518 Liabilities to group companies 39 607 36 517 38 276 Current tax liabilities 615 589 1 204 Other liabilities 1 273 1 192 1 174 Accrued expenses and deferred income 8 521 10 534 10 586 Total current liabilities 77 582 85 620 85 591 TOTAL EQUITY AND LIABILITIES 309 454 325 270 367 081
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OXE MARINE AB (PUBL) 556889-7226 16 Parent company Statement of Cash Flows *Adjustments not included in the cashflow for the period Jul – Sep includes adjustments of depreciation of SEK 6 m (SEK 6.1 m), change of provisions of SEK 0.9 m (SEK -0.4 m), and non-cash forex adjustments of SEK -0 m (SEK 0.1 m). OXE Marine AB 2025 2024 2025 2024 2024 (amounts in KSEK) Jul - Sep Jul - Sep Jan - Sep Jan - Sep Jan - Dec Operating Activities Results before financial items -14 239 -15 355 -49 566 -47 922 -74 050 Adjustments for items not included in cash flow* 6 895 5 827 18 252 17 647 23 823 Tax paid - - -589 -747 -747 Interest paid -82 -764 -290 -2 255 -3 031 Cash flow from operating activities before changes in working capital -7 426 -10 292 -32 193 -33 277 -54 005 Cash flow from changes in working capital Change in Inventories 6 518 -1 421 144 16 741 22 291 Change in accounts receivable -4 149 11 791 -13 719 3 757 8 794 Change in other current receivables 16 722 5 011 19 314 -6 364 -26 315 Change in Trade payables -4 285 -7 026 -7 447 1 873 2 346 Change in other current liabilities -5 301 -1 579 30 3 169 2 646 Cash flow from operating activities 2 079 -3 516 -33 871 -14 101 -44 243 Investing Activities Investments in property, plant and equipment - - -1 486 -906 -906 Investments in intangible fixed assets 314 - -311 -574 -2 828 Cash flow from Investing activities 314 0 -1 797 -1 480 -3 734 Financing activities Proceeds from new share issue - - - 992 69 688 Repayment of loans - - - - - Cash flow from financing activities 0 0 0 992 69 688 Cash flow for the period 2 393 -3 516 -35 668 -14 589 21 711 Cash and bank balances at the beginning of the period 710 5 909 38 702 16 821 16 821 Exchange rate difference in cash and bank balances 28 -58 97 103 170 Cash and bank balances at the end of the period 3 131 2 335 3 131 2 335 38 702
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OXE MARINE AB (PUBL) 556889-7226 17 Parent Company Statement of Changes in Equity 2025 2024 2024 (amount in KSEK) 1 Jan - 30 sep 1 Jan - 30 sep 1 Jan - 31 Dec Opening balance equity (1 Jan) 229 602 48 301 48 301 Loss for the period -48 352 -58 088 -89 835 Debt-to-equity swap - 201 448 New share issue less transaction costs - 993 69 688 Closing balance equity 181 250 -8 794 229 602
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OXE MARINE AB (PUBL) 556889-7226 18 Key Performance Indicators * Refer to section Definitions of Key Business Ratios, Diluted Earnings Per Share. (amounts in KSEK) Jul - Sep Apr - Jun Jan - Mar Oct - Dec Jul - Sep Apr - Jun Jan - Mar Net turnover 42 769 61 180 50 505 43 585 45 593 45 361 39 215 Propulsion 34 759 48 624 41 537 35 342 30 270 34 053 25 050 Parts & Accessories 7 587 12 556 8 968 8 243 15 323 11 308 14 165 Gross Profit 12 750 22 371 16 921 11 572 18 149 14 408 10 650 Gross Margin % 30% 37% 34% 27% 40% 32% 27% EBITDA, KSEK -9 915 -688 -5 234 -16 937 -5 713 -11 290 -18 882 Net loss for the period -16 764 -9 579 -10 738 -29 799 -14 825 -19 987 -33 292 Cash on hand 9 320 4 209 15 228 44 320 6 068 8 641 15 628 Intangible fixed assets 104 989 112 011 118 087 124 788 129 257 135 893 141 936 Total Equity 148 911 166 033 176 260 190 924 -53 701 -36 842 -16 152 Total Assets 262 153 280 869 297 951 310 869 277 158 298 443 316 680 Equity Asset ratio 57% 59% 59% 61% -19% -12% -5% Total shares outstanding 693 040 491 693 040 491 693 040 491 693 040 491 334 268 067 334 268 067 334 268 067 Average number of shares 693 040 491 693 040 491 693 040 491 447 359 375 334 268 067 334 268 067 334 136 199 Earnings per share, basic -0,02 -0,01 -0,02 -0,07 -0,04 -0.06 -0.10 Diluted earnings per share* -0,02 -0,01 -0,02 -0,07 -0,04 -0.06 -0.10 Number of employees 51 54 53 56 53 53 52 Consolidated 2025 2024 Consolidated (amounts in KSEK) Jul - Sep Apr - Jun Jan - Mar Oct - Dec Jul - Sep Apr - Jun Jan - Mar Net turnover 42 175 35 278 39 441 44 396 32 773 36 319 41 855 Propulsion 35 630 26 731 29 110 33 078 19 248 27 303 33 158 Parts & Accessories 6 955 8 547 10 331 11 318 13 525 9 016 8 697 Gross Profit 7 349 6 757 1 786 1 446 7 437 9 799 7 349 Gross Margin % 17% 19% 5% 3% 23% 27% 18% EBITDA, KSEK -8 183 -9 941 -13 330 -19 974 -9 207 -8 605 -11 718 Net loss for the period -13 962 -17 231 -17 161 -31 765 -16 898 -16 038 -25 134 Cash on hand 3 131 710 5 308 38 702 2 335 5 909 13 134 Intangible fixed assets 80 233 86 284 91 389 97 119 100 618 106 282 111 355 Total Equity 181 250 195 210 212 441 229 605 -8 794 8 102 24 138 Total Assets 309 454 332 494 356 321 367 081 325 270 350 372 361 822 Equity Asset ratio 59% 59% 60% 63% -3% 2% 7% Total shares outstanding 693 040 491 693 040 491 693 040 491 693 040 491 334 268 067 334 268 067 334 268 067 Average number of shares 693 040 491 693 040 491 693 040 491 447 359 375 334 268 067 334 268 067 334 136 199 Earnings per share, basic -0,02 -0,02 -0,02 -0,07 -0,05 -0.05 -0.08 Diluted earnings per share* -0,02 -0,02 -0,02 -0,07 -0,05 -0.05 -0.08 Number of employees 34 34 35 36 36 35 34 2024 Parent Company Parent Company 2025
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OXE MARINE AB (PUBL) 556889-7226 19 Definition and Key Business Ratios Net Turnover Main operating revenues and other revenue net of warranty costs, discounts and credit notes. Net turnover is split into two segments, Propulsion and Parts & Accessories. Gross Profit / Gross Margin % Net Turnover less goods for resale. Gross margin (%) is the calculated gross profit expressed as a percentage of total turnover. EBITDA Earnings before interest tax, depreciation and amortization and after the capitalization of research and development and patent cost . EBITDA includes other income and losses attributable to foreign exchange revaluation of working capital balances. Profit/loss after financial items Profits after financial items and costs, but before taxes. Financial items include interest expense and similar profit and loss items and includes foreign exchange revaluation of foreign debt balances. Number of employees Number of employees at the end of the financial period. Earnings Per Share, Basic (“EPS”) Net Profit/Loss for the period to average number of shares outstanding as of 30 September 2025. The average number of shares during the period 1 July – 30 September 2025 amounted to 693 040 491. The total number of shares at the end of the period amounted to 693 040 491. Diluted Earnings Per Share (“DEPS”) Due to the company being in a loss position, diluted earnings per share is equal to earnings per share s. The total amount of shares and dilutive instruments (outstanding warrants that are in-the-money) as of 30 September 2025 was 767 167 304. For further information, please contact: Paul Frick, CEO, paul.frick@oxemarine.com, +46 70-325 06 20 Jonas Wikström, Chair of the board, jonas.wikstrom@oxemarine.com, +46 70-753 65 66 Certified Adviser Redeye AB is Certified Adviser for OXE Marine AB (publ).
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OXE MARINE AB (PUBL) 556889-7226 20 OXE Marine AB (publ) (NASDAQ STO: OXE) is the company behind the world’s first high performance diesel outboard. The company’s unique and patented solutions for high torque transmission between powerhead and lower leg has led to a global high demand for the company’s outboards. Enabling improved performance and fuel efficiency in an outboard, OXE Marine redefines possibilities in the marine sector. OXE Marine AB (Publ) Metallgatan 6, SE-262 72 Ängelholm Sweden info@oxemarine.com, www.oxemarine.com