Interim report
Page 1
- Interim report Third quarter 2025
Page 2
Interim report third quarter 2025 2 Steady growth and solid margins July - September 2025 • Net sales SEK 85.8m (71.9), an increase of 19% compared to same quarter previous year • Gross profit increased to SEK 33.1m (23.1) with a gross margin of 38.6% (32.1) • Operating income before items affecting comparability SEK -14.3m (-15.7) • Net income SEK -15.3m (-15.9) • Operating cash flow SEK -57.4m (-7.4) • Earnings per share (basic and diluted) SEK -0.23 (-0.46) January - September 2025 • Net sales SEK 289.9m (190.2), an increase of 52% compared to same period previous year • Gross profit increased to SEK 140.7m (58.6) with a gross margin of 48.5% (30.8) • Operating income before items affecting comparability SEK -3.7m (-84.4) • Net income SEK -8.6m (-49.6) • Operating cash flow SEK -129.8m (-19.3) • Earnings per share (basic and diluted) SEK -0.41 (-1.45) Significant events during the third quarter • PowerCell signs SEK 43m contract with E-Cap Marine to supply two hydrogen-powered bulk carriers to be built by GMI Rederi AS. • As part of PowerCell transition into its next phase of growth changes in the management team were an- nounced. Significant events after the third quarter • PowerCell signs SEK 4,3m order for fuel cell systems from Zeppelin Power Systems. Key performance indicators SEK million, unless other stated Jul-Sep 2025 Jul-Sep 2024 Jan-Sep 2025 Jan-Sep 2024 2024 Net sales 85.8 71.9 289.9 190.2 334.3 Gross profit 33.1 23.1 140.7 58.6 116.2 Gross margin, % 38.6 32.1 48.5 30.8 34.8 EBITDA* -6.7 -9.9 14.6 -37.6 -30.9 Operating income -14.3 -15.7 -3.7 -54.4 -53.7 Net income -15.3 -15.9 -8.6 -49.6 -47.3 Earnings per share (basic and diluted), SEK -0.23 -0.46 -0.41 -1.45 -1.52 Equity asset ratio, % 73.4 55.1 73.4 55.1 62.5 Operating cash flow -57.4 -7.4 -129.8 -19.3 -37.1 *2024 including items affecting comparability
Page 3
Interim report third quarter 2025 3 CEO comments Steady growth and solid margins: Q3 2025 marks another solid quarter for PowerCell. We continue to grow steadily, deliver higher margins, and strengthen our operational foundation, even as we manage the temporary cash flow effects from planned working capital activities. Q3 showed continued operational progress and profitability trends. Compared to Q3 2024, net sales grew by 19% to SEK 86 million, and the gross margin strengthened to 39%, from improved product mix and cost efficiency. EBITDA re- mains positive on a rolling 12 -month basis, even after ab- sorbing the restructuring cost of about SEK 5 million due to reorganization. Cash flow for the quarter is affected by planned working - capital activities, a deliberate measure to secure supply, protect margins, and maintain delivery readiness in a volatile market. We continue to invest in line with last year’s capital raise, primarily our fully integrated methanol to power solu- tion (M2Power 250) and the next-generation stack platform. Both initiatives have already generated commercial traction, underscoring their importance to reinforce our competitive- ness, secure future capacity, an d build the foundation for long-term profitable growth. Progress Across Segments In marine, we secured a SEK 43 million order with GMI Rederi for two hydrogen powered bulk carriers, the world’s first of their kind. The project extends the reach of our Marine System 225 into a new vessel category and reinforces its po- sition as the market reference for marine electrification. After closing Q3, we secured a new order from Zeppeli n Power Systems, marking continued momentum in the power generation segment. The project, part of an EU -funded initi- ative in Greece, demonstrates how industrial players are now stepping into the hydrogen value chain to deliver relia- ble, zero-emission power for both off-grid and backup appli- cations. IMO Decarbonization Framework The International Maritime Organization (IMO) did not adopt its proposed Net-Zero Framework at this session. In parallel, the European Union continues to implement regulatory mechanisms such as the EU ETS and FuelEU Maritime, which introduce direct carbon-cost exposure for ship opera- tors. These measures are already influencing investment de- cisions and accelerating the adoption of low- and zero-emis- sion auxiliary- and propulsion technologies. Operations and Delivery Performance All through 2025 , manufacturing has run according to plan with strong output stability, record delivery volumes and consistent delivery precision. We now operate at a steady, efficient pace, evidence that our industrialization efforts are delivering results and that we are ready to scale with de- mand. Organizational Update During the quarter, we refined our management structure to strengthen focus and speed up execution. A setup to accel- erate decisions, facilitate coordination and articulate ac- countability in order to position PowerCell for the next growth phase. A new Chief Commercial Officer (CCO) role is being estab- lished to further strengthen our commercial drive and inter- national reach. I want to thank everyone who helped build the strong foun- dation we now stand on. This leaner organization gives us the clarity and pace to capture opportunities ahead. Outlook PowerCell enters the final quarter of 2025 with a solid foun- dation, strong margins, and a stable order pipeline. Market visibility is improving, driven by regulatory clarity and our proven delivery capability. We continue to scale with demand, maintain fiscal disci- pline, and convert industrial strength into commercial growth. Marine leads the transition, while power generation is now clearly accelerating, confirming that our strategy is serving us well and that PowerCell is well positioned for the next phase. Gothenburg, October 2025 CEO Richard Berkling
Page 4
Interim report third quarter 2025 4 Financial performance July-September 2025 Net sales Net sales amounted to SEK 85.8m (71.9), an increase of 19%. Royalty fees from Robert Bosch GmbH in total ac- counted to SEK 11.3m (7.4). Gross profit and operating income/loss Gross profit increased to SEK 33.1m (23.1) with a gross margin of 38.6% (32.1). Margin is impacted by the royalty fees income received in the quarter. During the third quarter margin is affected by a negative currency effect of -3.2m (- 2.6m), following re-evaluating project reported as percent- age of completion. Research and development costs increased to SEK -26.7 (-21.4) due to periodization effects between quarters within 2025. This means that they are cumulatively at the same level as the previous year. Selling and administrative costs includes provision for or- ganization changes of SEK 5m. Other operating income amounted to SEK 10.6m (10.7). In the quarter, SEK 1.5m (7.0) was capitalised as development expenditures. The majority of the capitalised expenditures are related to the development of a methanol reformer fuel cell integrated system. Amortization of the PS200 system starts in the quarter, SEK- 2.2m (0.0). Net income and financial items Net financial items amounted to SEK -1.0m (-0.3). Net income in the quarter was SEK -15.3m (-15.9). Cash flow Cash flow for the quarter, like previous two quarters in 2025, is affected by planned working-capital activities, a deliberate measure to secure supply, protect margins, and maintain delivery readiness in a volatile market. Continued investments in line with proceeds in last year’s capital raise, also impact short term cash flow. During the quarter operating cash flow amounted to SEK -57.4m (-7.4). Cash flow from investing activities was affected by product development capitalisation. In the quarter, SEK 1.5m (7.0) was capitalised as intangible assets. Total cash flow for the quarter amounts to SEK -61.8m (-17.6). Financial position On September 30, 2025, cash and cash equivalents amounted to SEK 9.5m (67.9) and available liquidity amounted to SEK 59,5m including unused credit facility that amounted to SEK 50m. In the third quarter of 2024 there was no credit facility but a loan of SEK 50m that was later converted to a credit facility during 2025. 0% 10% 20% 30% 40% 50% 60% 70% 0% 10% 20% 30% 40% 50% 60% 70% Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Gross profit margin, % R12 Gross profit margin % Gross profit % 0 50 100 150 200 250 300 350 400 450 0 50 100 150 200 250 300 350 400 450 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Net sales, SEK million R12M Net sales
Page 5
Interim report third quarter 2025 5 Financial performance January-September 2025 Net sales Net sales amounted to SEK 289.9m (190.2), an increase of 52%. Royalty and license fees from Robert Bosch GmbH accounted to SEK 91.6m (14.8). 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 140.7m (58.6) with a gross margin of 48.5% (30.8). 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, approximately SEK -15.1m (1.7m), following re-evaluating project reported as percentage of completion. In Q3 2025 selling and administrative costs includes provi- sion for organization changes of SEK 5m. Other operating costs consists of currency effects on oper- ating activities and amounted to SEK -13.7m (-18.3). Other operating income amounted to SEK 41.1m (40.3). During the year, SEK 21.7m (26.9) has been capitalised as development expenditures. The majority of the capitalised expenditures are related to the development of a new ver- sion of PS200 system. Amortization of the PS200 system starts in the third quarter with SEK 2.2m (0.0). Net income and financial items Net financial items amounted to SEK -4.9m (4.6). Net income during the period was SEK -8.6m (-49.6). Net income includes a total currency effect of SEK 3.2m (1.3) Cash flow During the period operating cash flow was SEK -129.8m (-19.3). The negative operating cash flow is partly related to significant changes in accounts receivable and accounts payable totalling approximately SEK -88m. This situation is partly deriving from pre-buys for projects during end of 2024 and milestone for invoicing in customer project with collection in Q4 2025. The rollover effect in Q1 2025 was expected and mentioned already in the Q4 presenta- tion. Cash flow from investing activities was affected by product development capitalisation. In the first nine months, SEK 21.7m (26.9) was capitalised as intangible assets. Investing activities was also affected by a change in financial assets of SEK 14.4m 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 nine months amounts to SEK -223.4m (-7.8). Financial position On September 30, 2025, cash and cash equivalents amounted to SEK 9.5m (67.9) and available liquidity amounted to SEK 59,5m including unused credit facility that amounted to SEK 50m. In the third quarter of 2024 there was no credit facility but a loan of SEK 50m that was later converted to a credit facility during 2025. On September 30, 2024, there was no credit facility but a loan of SEK 50m that was later converted to a credit facility during 2025.
Page 6
Interim report third quarter 2025 6 Condensed income statement - Group SEK thousand Note Jul-Sep 2025 Jul-Sep 2024 Jan-Sep 2025 Jan-Sep 2024 2024 Net sales 3 85,800 71,852 289,889 190,198 334,278 Costs of goods and services sold -52,704 -48,789 -149,165 -131,595 -218,107 Gross profit 33,096 23,063 140,724 58,603 116,171 Selling and administrative costs 4 -29,488 -23,312 -92,147 -84,029 -113,334 Research and development costs -26,737 -21,353 -79,676 -80,979 -110,877 Other operating income 7 10,586 10,741 41,113 40,282 48,908 Other operating costs 8 -1,748 -4,814 -13,693 -18,326 -24,611 Operating income before items affecting comparability -14,291 -15,675 -3,679 -84,449 -83,743 Items affecting comparability 6 - - - 30,000 30,000 Operating income -14,291 -15,675 -3,679 -54,449 -53,743 Net financial items -1,031 -314 -4,943 4,557 6,159 Profit (loss) after financial items -15,322 -15,989 -8,622 -49,892 -47,584 Income tax 54 83 69 273 299 Profit (loss) for the period -15,268 -15,906 -8,553 -49,619 -47,285 Other comprehensive income: Items that may be reclassified to profit or loss Exchange differences from foreign operations 6 -26 -141 -254 -317 Other comprehensive income for the period 6 -26 -141 -254 -317 Total comprehensive income for the period -15,262 -15,932 -8,694 -49,873 -47,602 Profit (loss) for the period and total comprehensive income are, in their entirety, attributable to shareholders of the Paren t Company. Earnings per share, calculated on profit (loss) for the year attributable to Parent Company shareholders of ordinary shares: SEK Note Jul-Sep 2025 Jul-Sep 2024 Jan-Sep 2025 Jan-Sep 2024 2024 Earnings per share, basic 5 -0.23 -0.46 -0.41 -1.45 -1.52 Earnings per share, diluted 5 -0.23 -0.46 -0.41 -1.45 -1.52
Page 7
Interim report third quarter 2025 7 Condensed balance sheet - Group SEK thousand 2025-09-30 2024-09-30 2024-12-31 ASSETS Non-current assets Intangible assets 80,290 50,307 62,769 Right of use assets (leasing) 22,848 28,376 26,326 Tangible fixed assets 19,741 28,261 25,440 Deferred tax assets 498 390 413 Long term trade receivables 14,374 - - Total non-current assets 137,751 107,334 114,948 Current assets Inventories 171,326 117,729 144,180 Current receivables 238,363 122,698 184,393 Cash and cash equivalents 9,515 67,895 218,919 Total current assets 419,204 308,322 547,492 TOTAL ASSETS 556,955 415,656 662,440 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 -458 -254 -317 Retained earnings (including profit (loss) for the year) -408,893 -406,695 -404,146 Total equity attributable to Parent Company shareholders 408,815 229,205 413,703 Liabilities Non-current liabilities leases 14,236 18,761 17,174 Non-current liabilities 228 448 395 Current liabilities leases 6,826 6,829 6,646 Current liabilities 126,850 160,413 224,522 Total liabilities 148,140 186,451 248,737 TOTAL EQUITY AND LIABILITIES 556,955 415,656 662,440
Page 8
Interim report third 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 - - - -8,553 -8,553 Other comprehensive income for the period - - -141 - -141 Total comprehensive income for the period - - -141 -8,553 -8,694 Transactions with shareholders Share-based compensation to employees - - - 3,806 3,806 Closing balance 30 September 2025 1,274 816,892 -458 -408,893 408,815 Opening balance 1 January 2024 1,147 635,007 - -360,720 275,434 Profit (loss) for the period - - - -49,619 -49,619 Other comprehensive income for the period - - -254 - -254 Total comprehensive income for the period - - -254 -49,619 -49,873 Transactions with shareholders Share-based compensation to employees - - - 3,644 3,644 Closing balance 30 September 2024 1,147 635,007 -254 -406,695 229,205
Page 9
Interim report third quarter 2025 9 Condensed cash flow - Group SEK thousand Jul-Sep 2025 Jul-Sep 2024 Jan-Sep 2025 Jan-Sep 2024 2024 Cash flow from operating activities Operating profit (loss) -14,291 -15,675 -3,679 -54,449 -53,743 Adjustments for non-cash items 9,156 7,264 17,247 -2,707 2,184 Interest paid/received -435 -859 -418 -654 -980 Paid income tax - - -467 -648 -413 Cash flow from operating activities before changes in working capital -5,570 -9,270 12,683 -58,458 -52,952 Cash flow before changes in working capital Increase/decrease of inventories -16,018 1,884 -27,141 -1,372 -26,542 Increase/decrease of current receivables -33,851 -4,567 -68,588 24,012 -38,948 Increase/decrease of current liabilities -1,959 4,558 -46,733 16,519 81,333 Total changes in working capital -51,828 1,875 -142,462 39,159 15,843 Cash flow from operating activities -57,398 -7,395 -129,779 -19,299 -37,109 Cash flow from investing activities Acquisitions of tangible and intangible assets -2,708 -8,366 -23,746 -33,037 -46,542 Change in financial assets 117 - -14,373 - Cash flow from investing activities -2,591 -8,366 -38,119 -33,037 -46,542 Cash flow from financing activities Borrowed (+)/reapaid (-) short-term loans - - -50,000 50,000 50,000 Repayment of leasing liability -1,804 -1,820 -5,511 -5,503 -7,321 Share issue - - - - 182,012 Cash flow from financing activities -1,804 -1,820 -55,511 44,497 224,691 Decrease/increase of cash and cash equiva- lents -61,793 -17,581 -223,409 -7,839 141,040 Opening cash and cash equivalents 72,286 85,226 237,458 70,809 70,809 Effects of exchange rate changes on cash and cash equivalents -978 250 -4,534 4,925 7,070 Closing cash and cash equivalents 9,515 67,895 9,515 67,895 218,919
Page 10
Interim report third quarter 2025 10 Condensed income statement - Parent Company SEK thousand Note Jul-Sep 2025 Jul-Sep 2024 Jan-Sep 2025 Jan-Sep 2024 2024 Net sales 85,800 71,852 289,889 190,198 334,278 Costs of goods and services sold -52,704 -48,789 -149,165 -131,595 -218,107 Gross profit 33,096 23,063 140,724 58,603 116,171 Selling and administrative costs -28,607 -24,455 -88,589 -83,452 -114,314 Research and development costs -25,876 -28,224 -99,017 -107,569 -150,555 Other operating income 10,586 10,741 40,991 40,237 48,818 Other operating costs -1,748 -4,815 -13,693 -18,322 -24,606 Operating income before items affecting comparability -12,549 -23,690 -19,584 -110,503 -124,486 Items affecting comparability - - - 30,000 30,000 Operating income -12,549 -23,690 -19,584 -80,503 -94,486 Net financial items -857 -89 -4,352 4,694 6,449 Profit (loss) after financial items -13,406 -23,779 -23,936 -75,809 -88,037 Income tax 28 23 84 111 134 Profit (loss) for the period -13,378 -23,756 -23,852 -75,698 -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.
Page 11
Interim report third quarter 2025 11 Condensed balance sheet - Parent Company SEK thousand 2025-09-30 2024-09-30 2024-12-31 ASSETS Non-current assets Intangible assets 3,940 6,945 6,194 Tangible fixed assets 19,741 28,261 25,440 Financial assets 18,058 1,405 1,429 Total non-current assets 41,739 36,611 33,063 Current assets Inventories 171,326 117,729 144,180 Current receivables 240,829 125,528 187,449 Cash and bank balances 8,374 64,564 214,454 Total current assets 420,529 307,821 546,083 TOTAL ASSETS 462,268 344,432 579,146 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 -380,621 -296,740 -296,525 Profit (loss) for the period -23,852 -75,698 -87,903 Total non-restricted equity 332,919 183,069 352,964 Total equity 334,193 184,216 354,238 Liabilities Current liabilities 128,075 160,216 224,908 Total liabilities 128,075 160,216 224,908 TOTAL EQUITY AND LIABILITIES 462,268 344,432 579,146
Page 12
Interim report third 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 October 23, 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 Jul-Sep 2025 Jul-Sep 2024 Jan-Sep 2025 Jan-Sep 2024 2024 Hardware 5,297 22,460 26,194 54,973 71,278 Services 6,514 10,024 99,821 24,943 36,901 Royalty fees 11,304 7,439 11,621 14,809 37,787 Projects according to percentage of completion 62,685 31,929 152,253 95,473 188,312 Total 85,800 71,852 289,889 190,198 334,278 Revenue from contracts with customers per country, based on where customers are located Jul-Sep 2025 Jul-Sep 2024 Jan-Sep 2025 Jan-Sep 2024 2024 Sweden 122 89 6,633 1,915 3,031 Germany 40,949 10,635 125,044 38,429 71,429 Great Britain 6,114 1,567 14,452 7,331 12,047 Netherlands 14,893 331 22,455 4,777 5,929 US - 16,237 -3,131 21,250 21,204 Norway -3,973 33,260 3,176 88,932 100,575 Italy 25,846 502 111,168 3,538 87,284 Other 1,849 9,231 10,092 24,026 32,779 Total 85,800 71,852 289,889 190,198 334,278 Note 4 | Related party transactions No significant transactions with related parties have taken place in the period.
Page 13
Interim report third quarter 2025 13 Note 5 | Earnings per share SEK Jul-Sep 2025 Jul-Sep 2024 Jan-Sep 2025 Jan-Sep 2024 2024 Earnings per share, basic -0.23 -0.46 -0.41 -1.45 -1.52 Earnings per share, diluted -0.23 -0.46 -0.41 -1.45 -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 -13,378 -23,756 -23,852 -75,698 -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 Jul-Sep 2025 Jul-Sep 2024 Jan-Sep 2025 Jan-Sep 2024 2024 Government loan converted into grant - - - 30,000 30,000 Total - - - 30,000 30,000 Note 7 | Other operating income SEK thousand Jul-Sep 2025 Jul-Sep 2024 Jan-Sep 2025 Jan-Sep 2024 2024 Currency exchange gains 5,184 5,764 21,098 14,623 16,913 Grants 5,387 4,977 19,977 23,969 30,735 Other 15 - 38 1,690 1,260 Total 10,586 10,741 41,113 40,282 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 Jul-Sep 2025 Jul-Sep 2024 Jan-Sep 2025 Jan-Sep 2024 2024 Currency exchange losses -1,748 -4,814 -13,693 -18,326 -24,611 Total -1,748 -4,814 -13,693 -18,326 -24,611
Page 14
Interim report third 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.
Page 15
Interim report third quarter 2025 15 Other information Employees On September 30, 2025, the Group had 156 (147) employ- ees measured as full-time equivalents, FTE. The share The share is listed on Nasdaq Stockholm under the ticker PCELL. On September 30, 2025, the total number of out- standing shares was 57,892,434. PowerCell holds no treas- ury 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, lingering economic activ- ities can have an impact on the timing of customers’ invest- ment decisions. Parent Company The main part of the Group’s activity is carried out in the Parent Company PowerCell Sweden AB. Out of 156 employees, 153 are employed by the Parent Company. The Parent Company’s revenue amounted to SEK 85.8m (71.9) in the third quarter. Operating income for the quarter amounted to SEK -12.5m (-23.7). Ten largest owners September 30, 2025 Name Number of Shares Votes and capital Robert Bosch 6,493,531 11.22% Norges Bank Investment Management 2,999,397 5.18% Avanza Pension 2,182,067 3.77% Axon Partners Group Investment SGEIC 1,055,193 1.82% Green Benefit AG 814,506 1.41% Global X Management Company LLC 630,665 1.09% Nordnet Pensionsförsäkring 552,391 0.95% Ruth Asset Management 500,000 0.86% VanEck 370,285 0.64% SEB Funds 343,447 0.59% Total ten largest owners 15,941,482 27.53% Others 41,950,952 72.47% 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).
Page 16
Interim report third 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. Gothenburg, October 23, 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
Page 17
Interim report third quarter 2025 17 Auditor’s report To the Board of directors in Powercell Sweden AB (publ), corporate identity number 556759-8353 Introduction We have conducted a limited review of the condensed interim financial information (interim report) for Powercell Sweden AB (publ) as of September 30, 2025, and the nine-month period ending on that date. The board of directors and the managing director are responsible for preparing and presenting this interim report in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our limited review. The focus and scope of the limited review We have conducted our limited review in accordance with the International Standard on Review Engagements ISRE 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity." A limited review consists of making inquiries, primarily of persons responsible for financial and accounting matters, performing analytical procedures, and other review procedures. A limited review has a different focus and a significantly smaller scope compared to the focus and scope of an audit conducted in accordance with ISA and generally accepted auditing standards. The review procedures taken in a limited review do not enable us to obtain the assurance that we would become aware of all significant matters that might have been identified in an audit. Therefore, the conclusion expressed based on a limited review does not have the as- surance that a conclusion expressed based on an audit has. Conclusion Based on our limited review, nothing has come to our attention that causes us to believe that the interim report is not, in all material respects, prepared for the group in accordance with IAS 34 and the Annual Accounts Act and for the parent com- pany in accordance with the Annual Accounts Act. Gothenburg 23 October 2025 Öhrlings PricewaterhouseCoopers AB Fredrik Göransson Authorized Public Accountant
Page 18
Interim report third quarter 2025 18 Financial calendar Interim report Q4 and year-end report 2025, February 4, 2026 Interim report Q1 2026, April 23 Annual General Meeting, May 5 Interim report first half year 2026, July 16 Interim report Q3 2026, October 22 Interim report Q4 and year-end report 2026, February 3, 2027 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/q3-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://events.inderes.com/powercell-group/q3-report- 2025/dial-in 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 October 23, 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