Interim report
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- Interim report Second quarter 2025
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Interim report second quarter 2025 2 From Milestones to Momentum: Record Sales and Positive Result April–June 2025 • Net sales SEK 130.0m (66.3), an increase of 96% compared to same quarter previous year • Gross profit increased to SEK 80.1m (11.0) with a gross margin of 61.6% (16.6) • Operating income before items affecting comparability SEK 21.9m (-39.5) • Net income SEK 22.4m (-8.6) • Operating cash flow SEK 6.9m (-50.6) • Earnings per share (basic and diluted) SEK 0.24 (-0.33) January–June 2025 • Net sales SEK 204.1m (118.3), an increase of 72% compared to same period previous year • Gross profit increased to SEK 107.6m (35.5) with a gross margin of 52.7% (30.0) • Operating income before items affecting comparability SEK 10.6m (-68.8) • Net income SEK 6.7m (-33.7) • Operating cash flow SEK -72.4m (-11.9) • Earnings per share (basic and diluted) SEK -0.18 (-1.00) Significant events during the second quarter • Expansion of strategic partnership with Robert Bosch GmbH to accelerate fuel cell adoption in China was signed generating royalty and license fees in total of SEK 62.2m. • The Marine System 225 receives Type Approval from Lloyd’s Register. • Received a commercial order to supply hydrogen fuel cell systems for Hitachi Energy’s new Hyflex™ platform. • Signed a SEK 44 million agreement with a leading Italian marine OEM customer for the development and delivery of a new high-power marine fuel cell system. Key performance indicators SEK million, unless other stated Apr-Jun 2025 Apr-Jun 2024 Jan-Jun 2025 Jan-Jun 2024 2024 Net sales 130.0 66.3 204.1 118.3 334.3 Gross profit 80.1 11.0 107.6 35.5 116.2 Gross margin, % 61.6 16.6 52.7 30.0 34.8 EBITDA* 27.4 -3.9 21.4 -27.6 -30.9 Operating income 21.9 -9.5 10.6 -38.8 -53.7 Net income 22.4 -8.6 6.7 -33.7 -47.3 Earnings per share (basic and diluted), SEK 0.24 -0.33 -0.18 -1.00 -1.52 Equity asset ratio, % 73.6 57.0 73.6 57.0 62.5 Operating cash flow 6.9 -50.6 -72.4 -11.9 -18.6 *2024 including items affecting comparability
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Interim report second quarter 2025 3 CEO comments From Milestones to Momentum: Record Sales and Positive Result Revenue reached SEK 130m, a record for Q2, and rolling 12-month revenue passed SEK 400m for the first time. We also report a positive EBITDA of SEK 27m, the first time we deliver positive earnings on a rolling 12-month basis. These results mark the shift from isolated milestones to real operational momentum in line with our strategic direction. While we remain in the early stages of scaling our industry, the results confirm that the market is taking shape and that our strat- egy is holding. We are becoming more predictable in how we en- gage, deliver, and build value, both with existing customers and in new segments. Continued Commercial Progress During the quarter, we secured a first commercial order from Hi- tachi Energy for their new Hyflex™ system, a clean, off grid hydro- gen generator that represents an important breakthrough in sta- tionary power. This order is the result of long-term collaboration and our consistent focus on commercial readiness, and it marks a natural extension of our partnership, as well as an entry point into a strategically important, previously untapped segment for PowerCell. We also signed a SEK 44 million agreement with a leading Italian marine OEM for the development and delivery of our next gener- ation system, a 1 MW marine fuel cell solution based on our MW-class stack platform. This is our first commercial order for the new platform, and a strong signal of the market's interest in more powerful and space-efficient fuel cell systems. In parallel, we signed a new agreement with Robert Bosch GmbH that includes licensing of IP. Over the past 18 months, it has been more challenging to monetize IP in a way that reflects long-term value. This agreement shows a positive shift, a re- newed willingness among industrial players to invest in future capability, and a recognition of the long -term relevance of our technology. Market Signals and Visibility Our participation at Nor Shipping and the Electric & Hybrid Ma- rine Expo confirmed that the marine segment continues to ac- celerate. Dialogue with shipyards, integrators, and operators is shifting from demonstration to deployment. The momentum is supported by regulatory pressure, including the IMO’s updated targets to reduce both greenhouse gas emissions and hazardous air pollutants such as NOx, SOx and particulate matter, areas where fuel cells offer clear operational advantages. Interest in our methanol-based solutions is growing, and we are seeing increased engagement from OEMs and system architects looking to integrate fuel cells into core vessel systems. The feed- back is clear: the market now views fuel cells not as a niche add on, but as a viable, scalable power source. We are driving that shift, in both marine and stationary applica- tions, by delivering systems that meet real world requirements and reduce technical risk for our customers. This is the result of our focus on industrialized innovation: scalable, certified pl at- forms that allow for customer specific integration without com- promising performance or delivery precision. The increasing traction confirms that our growth strategy is be- ginning to take hold, with more installations, and higher value per installation through system integration and platform adaptabil- ity. The quality of the order intake confirms that our model is gaining traction, with contracts that reflect both repeatability and long - term relevance. Our ability to scale without expanding fixed cost, and to integrate IP and technology into customer programs, sup- ports a balanced path to growth and profitability. Forward Outlook Our financial performance mirrors consistent focus on customer value, an asset light industrial setup and a growing alignment be- tween our offer and the market’s needs. We have done the hard work, invested in product performance, and stayed diligent in optimizing internal processes thus protecting our margins. The result this quarter reflect choices made over time in product development, partnerships, and operational structure. The envi- ronment remains complex, but we are moving with control, rele- vance, and a strategy built to deliver long-term value. Gothenburg, July 2025 CEO Richard Berkling
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Interim report second quarter 2025 4 Financial performance April-June 2025 Net sales Net sales amounted to SEK 130.0m (66.3), an increase of 96%. Royalty and license fees from Robert Bosch GmbH in total accounted to SEK 62.2m (4.6). Although license fees in this period are significant, it is still a business model that Powercell has proven and is expected to continue to ex- plore going forward, not with the same outcome in every quarter but still on a continuous base. Gross profit and operating income/loss Gross profit increased to SEK 80.1m (11.0) with a gross margin of 61.6% (16.6). Margin is largely impacted by the royalty and license fees income received in the quarter. During the second quarter margin is affected by a positive currency effect of 6.7m (-2.7m), following re-evaluating project reported as percentage of completion. Other operating income amounted to SEK 6.4m (22.7). The difference compared to previous year is predominantly caused by currency exchange effects and less projects sub- ject for grants. In the quarter, SEK 9.8m (10.4) was capitalised as development expenditures. The majority of the capitalised expenditures are related to the development of a new version of PS200 system. Net income and financial items Net financial items amounted to SEK 0.6m (0.8). Net income in the quarter was SEK 22.4m (-8.6). Cash flow During the quarter operating cash flow amounted to SEK 6.9m (-50.6). The improved operating cash flow during the quarter derives predominantly from the positive operating result boosted by the license fees. Cash flow from investing activities was affected by product development capitalisation. In the quarter, SEK 9.8m (10.4) was capitalised as intangible assets. Investing activities was also affected by a change in financial assets of SEK 14.5m related to the license fee invoiced during the quarter that is considered long-term. The cash flow from financing activities was affected by a loan amortization when a loan was conversed to a credit fa- cility of SEK 50m Total cash flow for the quarter amounts to SEK -69.5m (-16.8). Financial position On June 30, 2025, cash and cash equivalents amounted to SEK 72.3m (85.2) and unused credit facility amounted to SEK 50m (0). 0% 10% 20% 30% 40% 50% 60% 0% 10% 20% 30% 40% 50% 60% 70% Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Gross profit margin, % R12 Gross profit margin % Gross profit % 0 50 100 150 200 250 300 350 400 450 0 20 40 60 80 100 120 140 160 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Net sales, SEK million R12M Net sales
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Interim report second quarter 2025 5 Financial performance January-June 2025 Net sales Net sales amounted to SEK 204.1m (118.3), an increase of 72%. Royalty and license fees from Robert Bosch GmbH accounted to SEK 80.3m (7.4). ). Although license fees in this period are significant, it is still a business model that Powercell has proven and is expected to continue to ex- plore going forward, not with the same outcome in every quarter but still on a continuous base. Gross profit and operating income/loss Gross profit increased to SEK 107.6m (35.5) with a gross margin of 52.7% (30.0). Margin is largely impacted by the li- cense and royalty fees received in the second quarter. Mar- gin was held back compared to last year by negative cur- rency effects EUR/SEK, approximately SEK -12.7m (4.1m), following re-evaluating project reported as percentage of completion. Other operating income amounted to SEK 30.5m (29.5). During the first six months, SEK 20.2m (19.9) was capital- ised as development expenditures. The majority of the capi- talised expenditures are related to the development of a new version of PS200 system. Net income and financial items Net financial items amounted to SEK -3.9m (4.9). Net income in the first six months was SEK 6.7m (-33.7). Cash flow During the first six months operating cash flow was SEK -72.4m (-11.9). The negative operating cash flow is predominantly related to significant changes in accounts re- ceivable and accounts payable totalling approximately SEK -65m impacting operating cash flow negatively. This situa- tion is partly deriving from large pre-buys for projects during Q4 and a milestone for invoicing in customer project plans during Q2 (SEK 47m), not yet collected. The rollover effect between quarters was expected and mentioned in the Q4 presentation. Cash flow from investing activities was affected by product development capitalisation. In the first six months, SEK 20.2m (19.9) was capitalised as intangible assets. Investing activities was also affected by a change in financial assets of SEK 14.5m related to the license fee invoiced during the second quarter that is considered long-term. Cash flow from financing activities was affected by a loan amortization when a loan was conversed to a credit facility of SEK 50m. Total cash flow for the first six months amounts to SEK -161.6m (9.7). Financial position On June 30, 2025, cash and cash equivalents amounted to SEK 72.3m (85.2) and unused credit facility amounted to SEK 50m (0).
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Interim report second quarter 2025 6 Condensed income statement - Group SEK thousand Note Apr-Jun 2025 Apr-Jun 2024 Jan-Jun 2025 Jan-Jun 2024 2024 Net sales 129,979 66,280 204,089 118,346 334,278 Costs of goods and services sold -49,860 -55,293 -96,461 -82,806 -218,107 Gross profit 80,119 10,987 107,628 35,540 116,171 Selling and administrative costs 4 -32,279 -31,564 -62,658 -60,717 -113,334 Research and development costs -25,049 -36,861 -52,939 -59,626 -110,877 Other operating income 7 6,427 22,682 30,527 29,541 48,908 Other operating costs 8 -7,316 -4,699 -11,946 -13,512 -24,611 Operating income before items affecting comparability 21,902 -39,455 10,612 -68,774 -83,743 Items affecting comparability 6 - 30,000 - 30,000 30,000 Operating income 21,902 -9,455 10,612 -38,774 -53,743 Net financial items 580 803 -3,912 4,870 6,159 Profit (loss) after financial items 22,482 -8,652 6,700 -33,904 -47,584 Income tax -69 86 14 190 299 Profit (loss) for the period 22,413 -8,566 6,714 -33,714 -47,285 Other comprehensive income: Items that may be reclassified to profit or loss Exchange differences from foreign operations 18 -44 -146 -228 -317 Other comprehensive income for the period 18 -44 -146 -228 -317 Total comprehensive income for the period 22,431 -8,610 6,568 -33,942 -47,602 Profit (loss) for the period and total comprehensive income are, in their entirety, attributable to shareholders of the Parent Compa ny. Earnings per share, calculated on profit (loss) for the year attributable to Parent Company shareholders of ordinary shares: SEK Note Apr-Jun 2025 Apr- Jun 2024 Jan-Jun 2025 Jan-Jun 2024 2024 Earnings per share, basic 5 0.24 -0.33 -0.18 -1.00 -1.52 Earnings per share, diluted 5 0.24 -0.33 -0.18 -1.00 -1.52
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Interim report second quarter 2025 7 Condensed balance sheet - Group SEK thousand 2025-06-30 2024-06-30 2024-12-31 ASSETS Non-current assets Intangible assets 81,757 44,059 62,769 Right of use assets (leasing) 24,481 30,400 26,326 Tangible fixed assets 20,972 29,764 25,440 Deferred tax assets 470 367 413 Long term trade receivables 14,490 - - Total non-current assets 142,170 104,590 114,948 Current assets Inventories 155,308 120,306 144,180 Current receivables 204,445 119,283 165,854 Cash and cash equivalents 72,286 85,226 237,458 Total current assets 432,039 324,815 547,492 TOTAL ASSETS 574,209 429,405 662,440 EQUITY AND LIABILITIES Equity attributable to Parent Company share- holders Share capital 1,274 1,147 1,274 Other contributed capital 816,892 635,007 816,892 Reserves -463 -228 -317 Retained earnings (including profit (loss) for the year) -394,894 -391,016 -404,146 Total equity attributable to Parent Company shareholders 422,809 244,910 413,703 Liabilities Non-current liabilities leases 15,046 20,422 17,174 Non-current liabilities 278 509 395 Current liabilities leases 7,456 6,905 6,646 Current liabilities 128,620 156,659 224,522 Total liabilities 151,400 184,495 248,737 TOTAL EQUITY AND LIABILITIES 574,209 429,405 662,440
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Interim report second quarter 2025 8 Condensed statement of changes in equity - Group Attributable to shareholders of the Parent Company SEK thousand Note Share capital Other contri- buted capital Reserves Retained earn- ings incl. profit (loss) for the year Total equity Opening balance 1 January 2025 1,274 816,892 -317 -404,146 413,703 Profit (loss) for the period - - - 6,714 6,714 Other comprehensive income for the period - - -146 - -146 Total comprehensive income for the period - - -146 6,714 6,568 Transactions with shareholders Share-based compensation to employees - - - 2,538 2,538 Closing balance 30 June 2025 1,274 816,892 -463 -394,894 422,809 Opening balance 1 January 2024 1,147 635,007 - -360,720 275,434 Profit (loss) for the period - - - -33,714 -33,714 Other comprehensive income for the period - - -228 - -228 Total comprehensive income for the period - - -228 -33,714 -33,942 Transactions with shareholders Share-based compensation to employees - - - 3,418 3,418 Closing balance 30 June 2024 1,147 635,007 -228 -391,016 244,910
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Interim report second quarter 2025 9 Condensed cash flow - Group SEK thousand Apr-Jun 2025 Apr-Jun 2024 Jan-Jun 2025 Jan-Jun 2024 2024 Cash flow from operating activities Operating profit (loss) 21,902 -9,455 10,612 -38,774 -53,743 Adjustments for non-cash items 6,502 -20,319 8,091 -9,971 2,184 Interest paid/received 63 47 18 205 -980 Paid income tax -179 -7 -467 -648 -413 Cash flow from operating activities before changes in working capital 28,288 -29,734 18,254 -49,188 -52,952 Cash flow before changes in working capital Increase/decrease of inventories -21,449 13,794 -11,123 -3,256 -26,542 Increase/decrease of current receivables 9,898 -23,073 -34,737 28,579 -20,409 Increase/decrease of current liabilities -9,808 -11,608 -44,774 11,961 81,333 Total changes in working capital -21,359 -20,887 -90,634 37,284 34,382 Cash flow from operating activities 6,929 -50,621 -72,380 -11,904 -18,570 Cash flow from investing activities Acquisitions of tangible and intangible assets -10,108 -14,354 -21,039 -24,672 -46,542 Change in financial assets -14,490 - -14,490 - Cash flow from investing activities -24,598 -14,354 -35,529 -24,672 -46,542 Cash flow from financing activities Borrowed short-term loans -50,000 50,000 -50,000 50,000 50,000 Repayment of leasing liability -1,851 -1,798 -3,706 -3,683 -7,321 Share issue - - - - 182,012 Cash flow from financing activities -51,851 48,202 -53,706 46,317 224,691 Decrease/increase of cash and cash equiva- lents -69,520 -16,773 -161,616 9,741 159,579 Opening cash and cash equivalents 140,772 101,216 237,458 70,809 70,809 Effects of exchange rate changes on cash and cash equivalents 1,034 783 -3,556 4,676 7,070 Closing cash and cash equivalents 72,286 85,226 72,286 85,226 237,458
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Interim report second quarter 2025 10 Condensed income statement - Parent Company SEK thousand Note Apr-Jun 2025 Apr -Jun 2024 Jan-Jun 2025 Jan-Jun 2024 2024 Net sales 129,979 66,280 204,089 118,346 334,278 Costs of goods and services sold -49,860 -55,293 -96,461 -82,806 -218,107 Gross profit 80,119 10,987 107,628 35,540 116,171 Selling and administrative costs -31,205 -30,569 -59,982 -58,997 -114,314 Research and development costs -34,662 -47,104 -73,140 -79,345 -150,555 Other operating income 6,426 22,666 30,405 29,496 48,818 Other operating costs -7,316 -4,678 -11,946 -13,507 -24,606 Operating income before items affecting comparability 13,362 -48,698 -7,035 -86,813 -124,486 Items affecting comparability - 30,000 - 30,000 30,000 Operating income 13,362 -18,698 -7,035 -56,813 -94,486 Net financial items 759 1,212 -3,495 4,784 6,449 Profit (loss) after financial items 14,121 -17,486 -10,530 -52,029 -88,037 Income tax 33 23 57 87 134 Profit (loss) for the period 14,154 -17,463 -10,473 -51,942 -87,903 In the Parent Company there are no items recogni sed as other comprehensive income, which is why total comprehensive income corresponds to profit (loss) for the period.
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Interim report second quarter 2025 11 Condensed balance sheet - Parent Company SEK thousand 2025-06-30 2024-06-30 2024-12-31 ASSETS Non-current assets Intangible assets 4,692 7,700 6,194 Tangible fixed assets 20,972 29,764 25,440 Financial assets 18,146 1,382 1,429 Total non-current assets 43,810 38,846 33,063 Current assets Inventories 155,308 120,306 144,180 Current receivables 208,153 122,101 168,910 Cash and bank balances 67,582 82,688 232,993 Total current assets 431,043 325,095 546,083 TOTAL ASSETS 474,853 363,941 579,146 EQUITY AND LIABILITIES Restricted equity Share capital 1,274 1,147 1,274 Total restricted equity 1,274 1,147 1,274 Non-restricted equity Share premium reserve 737,392 555,507 737,392 Retained loss -381,890 -296,967 -296,525 Profit (loss) for the period -10,473 -51,942 -87,903 Total non-restricted equity 345,029 206,598 352,964 Total equity 346,303 207,745 354,238 Liabilities Current liabilities 128,550 156,196 224,908 Total liabilities 128,550 156,196 224,908 TOTAL EQUITY AND LIABILITIES 474,853 363,941 579,146
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Interim report second quarter 2025 12 Notes to the consolidated statements Note 1 | General Powercell Sweden AB (publ) (PowerCell), Corp. Id. No 556759-8353, is a Parent Company registered in Sweden and domiciled in Gothenburg, with address Ruskvädersgatan 12, 418 34 Gothenburg, Sweden. The Board has approved this interim consolidated financial statement for publication on July 17, 2025. All amounts are stated in SEK thousand unless stated otherwise. Amounts in brackets refer to the comparative year. Note 2 | Accounting policies PowerCell applies IFRS as endorsed by the EU. The accounting policies and definitions adopted are consistent with those described in PowerCell Group’s Annual Report 2024. This Interim financial statement has been prepared in accordance with IAS 34 Interim Financial Reporting and the Swedish Annual Accounts Act. The Parent Company applies RFR 2 Accounting for legal entities and the Swedish Annual Accounts Act. Note 3 | Net sales Revenue from contracts with customers Sales are reported as revenue when control of the goods is transferred to the customer, which normally coincides with its delivery. Revenue from contracts with customers SEK thousand Apr-Jun 2025 Apr-Jun 2024 Jan-Jun 2025 Jan-Jun 2024 2024 Hardware 11,812 17,550 20,896 32,513 71,278 Services 75,201 8,492 93,308 14,918 36,901 Royalty fees -4,710 4,570 317 7,370 37,787 Projects according to percentage of completion 47,676 35,668 89,568 63,545 188,312 Total 129,979 66,280 204,089 118,346 334,278 Revenue from contracts with customers per country, based on where customers are located Apr-Jun 2025 Apr-Jun 2024 Jan-Jun 2025 Jan-Jun 2024 2024 Sweden 838 1,666 6,511 1,970 3,031 Germany 64,949 20,893 84,094 28,383 71,429 Great Britain 6,361 3,655 8,338 5,764 12,047 US -40 1,877 -3,129 4,870 21,204 Norway 6,695 34,773 7,149 55,672 100,575 Italy 40,391 - 85,322 3,036 87,284 Other 10,785 3,416 15,804 18,651 38,708 Total 129,979 66,280 204,089 118,346 334,278 Note 4 | Related party transactions No significant transactions with related parties have taken place in the period.
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Interim report second quarter 2025 13 Note 5 | Earnings per share SEK Apr-Jun 2025 Apr-Jun 2024 Jan-Jun 2025 Jan-Jun 2024 2024 Earnings per share, basic 0.24 -0.33 -0.18 -1.00 -1.52 Earnings per share, diluted 0.24 -0.33 -0.18 -1.00 -1.52 Performance measures used in the calculation of earnings per share Profit/loss attributable to the shareholders of the Parent Company used in the calculation of earnings per share, basic and d iluted SEK thousand Profit (loss) attributable to Parent Company shareholders 14,154 -17,463 -10,473 -51,942 -87,903 Number Weighted average number of ordinary shares at the calculation of earnings per share, basic 57,892,434 52,142,434 57,892,434 52,142,434 57,892,434 Adjustment for the calculation of earnings per share, diluted 57,892,434 52,142,434 57,892,434 52,142,434 57,892,434 Note 6 | Items affecting comparability SEK thousand Apr-Jun 2025 Apr-Jun 2024 Jan-Jun 2025 Jan-Jun 2024 2024 Government loan converted into grant - 30,000 - 30,000 30,000 Total - 30,000 - 30,000 30,000 Note 7 | Other operating income SEK thousand Apr-Jun 2025 Apr-Jun 2024 Jan-Jun 2025 Jan-Jun 2024 2024 Currency exchange gains 3,072 6,416 15,914 8,859 16,913 Grants 3,335 15,409 14,590 18,992 30,735 Other 20 857 23 1,690 1,260 Total 6,427 22,682 30,527 29,541 48,908 The majority of the R&D grants come from the EU and relate to projects within the aviation segment. Costs related to the EU -granted projects are to be found in operating expenses as R&D costs. Note 8 | Other operating cost SEK thousand Apr-Jun 2025 Apr-Jun 2024 Jan-Jun 2025 Jan-Jun 2024 2024 Currency exchange losses -7,316 -4,699 -11,946 -13,512 -24,611 Total -7,316 -4,699 -11,946 -13,512 -24,611
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Interim report second quarter 2025 14 Definition of key financial indicators In this financial report, there are references to several per- formance measures. Some of the measures are defined in IFRS, others are alternative performance measures and are not disclosed in accordance with applicable financial reporting frameworks or other legislations. The perfor- mance measures are used by the Group to assist both investors and management in analysing PowerCell’s business. The performance measures in this financial report are described and defined below. The reason for the use of the performance measure is also disclosed. Equity/assets ratio, % Equity in relation to total assets. The ratio can help inves- tors understand how much of the company’s assets are funded by issuing stock rather than borrowing money and may indicate how financially stable the company may be in the long run. Earnings per share Net income is divided by the weighted average number of outstanding shares. Gross margin, % Net revenue less cost of goods sold through net revenue. Gross margin may help investors understand how much revenue the company retains, which can be used to pay other costs. Net sales rolling twelve-month Net sales for a period that is determined monthly and consists of the previous twelve consecutive calendar months. Net sales rolling twelve months can give investors an understanding of the company’s sales development on a more current basis than the previous financial year.
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Interim report second quarter 2025 15 Other information Employees On June 30, 2025, the Group had 152 (152) employees measured as full-time equivalents, FTE. The share The share is listed on Nasdaq Stockholm under the ticker PCELL. On June 30, 2025, the total number of outstanding shares was 57,892,434. PowerCell holds no treasury shares. Risks and uncertainties Through its operations, PowerCell is exposed to risks and uncertainties, which have been increasingly present during the last months of global financial uncertainties. For exten- sive information on the most significant operational and fi- nancial risks, please see pages 59-60 and pages 66-67 in the Annual Report for 2024. PowerCell’s underlying markets are driven by the strong megatrend of electrification and society’s need to transition to emission-free energy. However, severe declines in economic activity can have an impact on the timing of customers’ investment decisions. Parent Company The main part of the Group’s activity is carried out in the Parent Company Powercell Sweden AB. Out of 152 employees, 149 are employed by the Parent Company. The Parent Company’s revenue amounted to SEK 130.0m (66.3) in the second quarter. Operating income for the quarter amounted to SEK 13.4m (-7.0). Ten largest owners June 30, 2025 Name Number of Shares Votes and capital Robert Bosch 6,493,531 11.22% Norges Bank Investment Management 2,902,657 5.01% Avanza Pension 2,014,588 3.48% Axon Partners Group Investment SGEIC 1,055,193 1.82% green benefit AG 953,802 1.65% Ruth Asset Management 700,254 1.21% Global X Management Company LLC 534,560 0.92% Carnegie Fonder 459,837 0.79% Nordnet Pensionsförsäkring 429,523 0.74% Handelsbanken Fonder 331,896 0.57% Total ten largest owners 15,875,841 27.41% Others 42,016,593 72.59% Total 57,892,434 100.00% Source: Modular Finance AB. Compiled and processed data from various sources, including Euroclear, Morningstar and the Swedis h Financial Supervisory Authority (Finansinspektionen).
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Interim report second quarter 2025 16 Assurance of the Board of Directors The Board of Directors and the CEO warrant that this interim report for Powercell Sweden AB (publ), Corp. Id. No. 556759-8353, provides a true and fair picture of the Parent Company’s and the Group’s operations, financial position and results and describes the significant risks and uncertainties of the Parent Company and the companies included in the Group. This report has not been reviewed by the Company’s auditor. Gothenburg, July 17, 2025 Magnus Jonsson Chairman Nicolas Boutin Director Helen Fasth Gillstedt Director Riku-Pekka Hägg Director Karin Ryttberg-Wallgren Director Uwe Hillmann Director Annette Malm Justad Director Richard Berkling CEO
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Interim report second quarter 2025 17 Financial calendar Interim report Q3 2025, October 23 Interim report Q4 and year-end report 2025, February 4, 2026 Webcast presentation An online presentation will take place today at 08:30 am CEST. The presentation can be listened to online or by calling in. A question-and-answer session will follow the presentation. The presentation is held in English. If you wish to participate online, please use the link: https://powercell-group.events.inderes.com/q2-report- 2025 You can ask questions in writing at the online presentation. If you wish to participate in the telephone conference, you can register using the link: https://conference.inderes.com/teleconfer- ence/?id=5008805 Following registration, you will receive telephone numbers and a conference ID to log in to the conference. You can ask questions verbally at the telephone conference. Contact details: CEO Richard Berkling +46 (0) 31 7203620 richard.berkling@powercellgroup.com CFO Anders Düring +46 (0) 70 8887733 anders.during@powercellgroup.com This information constitutes information that Powercell Sweden AB (publ) is obliged to make public according to the EU Market Abuse Regulation and the Swedish Securities Market Act. The information was submitted for publication through the contact person set out above at 07:30 am CEST on July 17, 2025. Every care has been taken in the translation of this interim report. If there are discrepancies, the Swedish original will supersede the English translation. The addition of the totals presented may result in minor rounding differences. About PowerCell PowerCell is a world leader in hydrogen electric solutions with unique fuel cell stacks and systems. With decades of experience, we use our expertise to accelerate the transi- tion to an emission-free, more sustainable world. We target industries such as aviation, marine, off-road, on-road and stationary power generation. With our cutting-edge products, we help our customers to reach net zero emissions already today. We are headquartered in Gothenburg, Sweden with sales globally. PowerCell is listed on Nasdaq Stockholm. To read more about our products and services, visit https://powercellgroup.com. Powercell Sweden AB (publ) Corp. Reg. No. 556759-8353 Ruskvädersgatan 12, SE-418 34 Gothenburg Tel: +46 (0) 31 720 36 20 powercellgroup.com