Interim report
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- Interim report Third quarter 2026
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Interim report third quarter 2026 2 Discipline in a weak quarter and a challenging market with early signs of growth July - September 2026 • Net sales SEK 33.1m (85.8), a decrease of 61% compared to same quarter previous year. • Gross profit decreased to SEK 9.1m (33.1) with a gross margin of 27.5% (38.6) • Operating income SEK -33.7m (-14.4) • Net income SEK -34.2m (-15.3) • Operating cash flow SEK -1.2m (-39.4) • Earnings per share (basic and diluted) SEK -0.59 (-0.26) January – September 2026 • Net sales SEK 117.0m (289.9), a decrease of 60% compared to same period previous year. Excluding the one-off effect of the major licensing transaction with Bosch last year, revenue decreased by 41%. • Gross profit decreased to SEK 23.5m (140.7) with a gross margin of 20.0% (48.5) • Operating income SEK -126.3m (-4.4) • Net income SEK -125.2m (-8.6) • Operating cash flow SEK -74.4m (-126.3) • Earnings per share (basic and diluted) SEK -2.16 (-0.15) Significant events during the third quarter • PowerCell secured multi-MW Power Generation order for AI data center, valued approximately SEK 30m. • Announced a 300 MW+ Hydrogen Power Partnership for AI Data Centers with ECL, supported by Bosch. • Secured an order from DLR for integrated Fuel-to-Power system, valued approximately SEK 21m. • Vlad Månsson assumed his position as Chief Commercial Officer (CCO) on 31 August 2026. • The Nomination Committee has been appointed ahead of Powercell Sweden AB’s (publ.) 2027 Annual General Meeting. Significant events after the third quarter • PowerCell secures a follow-up order from GMI Group AS for two additional hydrogen-electric bulk carriers worth SEK 27m. • Board member Nicolas Boutin leaves Powercell Sweden AB’s (publ.) Board of Directors due to time constraints. Effective immediately. • Signed a non-binding MOU with Bosch to jointly address rising Power Generation demand from data centers and utilities. Key performance indicators SEK million, unless other stated Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Jan-Dec 2025 Net sales 33.1 85.8 117.0 289.9 385.0 Gross profit 9.1 33.1 23.5 140.7 174.2 Gross margin, % 27.5 38.6 20.0 48.5 45.2 EBITDA* -26.0 -6.9 -101.9 13.9 3.9 Operating income * -33.7 -14.4 -126.3 -4.4 -22.9 Net income -34.2 -15.3 -125.2 -8.6 -29.5 Earnings per share (basic and diluted), SEK -0.59 -0.26 -2.16 -0.15 -0.51 Equity asset ratio, % 48.7 73.4 48.7 73.4 64.6 Operating cash flow** -1.2 -39.4 -74.4 -126.3 -49.5 * 2025 is affected by reclassification of blocked bank funds of SEK Q1 -1.0m, Q2 0.5m and Q3 -0.1m ** 2025 is affected by a correction of SEK Jul-Sep 0,1m, Jan-Sept -14.4m, Jan-Dec-39.4m. No impact on total cash flow.
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Interim report third quarter 2026 3 CEO comments Discipline in a weak quarter and a challenging market with early signs of growth During Q3, we began to see the effects of cost and organizational measures initiated earlier in the year. Combined selling, administrative and R&D expenses decreased by 25 per cent compared with Q3 2025, while selling and administrative expenses decreased by 20 per cent year to date compared with the corresponding period last year. Our measures are expected to result in an annual cost level approximately SEK 50 million lower in 2027. After the quarter, we signed a non-binding MOU with Bosch to jointly address growing demand for Power Generation solutions, driven by data center expansion and an increasing focus on energy resilience and strategic autonomy. Revenue declined by 61 per cent, reflecting a challenging market and significant timing effects. Supply -chain delays during the PS190 ramp-up shifted sales into Q4. Automotive royalties were significantly lower than anticipated, with China’s fuel -cell vehicle production down approximately 60 per cent year on year in the first nine months. Contrary to growth expectations, delayed implementation of incentives associated with the new five-year plan has held back deployment. Part of the royalty income anticipated in 2026 is now expected in 2027. In parallel, we have focused our commercial efforts on Marine and Power Generation. Marine remains our foundation, while our industrialised platforms, integration expertise and Energy Orchestration support an increasingly competitive Power Generation offering. Our priorities remain consistent: prepare for different outcomes, protect PowerCell’s financial, strategic and structural position, and retain the ability to scale. New orders and increased customer activity since June are encouraging, but it is too early to conclude that the broader market is improving. Prepared for uncertainty Our 2025 year -end report described a broad range of possible outcomes for 2026. Longer customer decision processes and uneven project timing continue to affect PowerCell and many other parts of industry. We have adapted our plans, resources and cost base a ccordingly, to reflect the lower Automotive royalty contribution. We continue to plan for a subdued underlying market into early 2027. Larger projects, particularly within Power Generation, could materially change business volumes, but their timing remains uncertain. We manage costs and commitments on that basis. Protecting our position and focusing our resources The measures behind Q3’s cost reductions will continue to take effect through the remainder of 2026 and into 2027. We are concentrating development resources on existing industrialised platforms, system integration, software and Energy Orchestration. This allows selective development spending while protecting the expertise needed for customer delivery and growth. Our asset -light approach supports this balance. Established manufacturing capacity enables us to address larger Power Generation volumes while limiting investment in our own production facilities. We focus our resources on application expertise, integration and optimisation of the complete power - generation solution. Cost control, working capital and disciplined use of capital remain central to our decisions. Commercial progress in our priority markets Continued order signing and growing customer activity in Marine and Power Generation support our commercial priorities. Marine provides established customer relationships, application knowledge and delivery experience, which also support related Fuel-to-Power applications. The ECL order announced in July marked our first multi-megawatt Power Generation order for an AI data -center. Following an extended customer evaluation, it provides an important reference for further installations. Our PS190 experience strengthens our confidence in the platform’s performance, competitiveness and customer value. Within Power Generation, we are seeing growing customer interest in installations substantially larger than those we have historically addressed. Data -center expansion and electricity infrastructure constraints are creating demand for reliable local power. Our commercial progress with the PS190 platform gives us a foundation to pursue these opportunities. For customers, the value lies in securing power when and where they need it, with additional benefits from recoverable water and low local emissions. MOU with Bosch for larger Power Generation installations PowerCell and Bosch have signed a non -binding memorandum of understanding to address growing interest and demand in Power Generation, particularly from data -centers and power utilities. The intended collaboration covers joint development and execution of s tationary power-generation projects with an output of at least 15 MW in the United States, Canada, Europe and the Middle East.
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Interim report third quarter 2026 4 Both parties see emerging potential in this market. The initiative combines Bosch’s industrial expertise and manufacturing capacity with PowerCell’s expertise in fuel -cell integration, optimisation and Energy Orchestration. For customers, this brings together solutions adapted to their operational needs and the industrial capacity to deliver at scale. The initiative builds on our PS190 commercial progress and strengthens Power Generation as our second pillar alongside Marine. The MOU envisages PowerCell granting additional technology license rights for joint activities with Bosch in return for EUR 5 million. Both parties intend to conclude a definitive agreement during Q4 2026. The license extension and payment remain subject to that agreement. Our priorities into 2027 We will maintain financial discipline, a lower cost base and clear commercial priorities. Secured orders and sales shifted into Q4 support activity in the coming period, while further cost benefits take effect. Our planning remains based on a challenging underlying market. I am proud of how our employees have managed a demanding year. Together with our customers, they have solved problems, completed deliveries and developed new opportunities. We will continue to protect PowerCell’s position and commit resources carefully, while remaining ready to deliver larger projects as we secure them. Gothenburg, October 22, 2026 Richard Berkling CEO
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Interim report third quarter 2026 5 Financial performance July-September 2026 Net sales Net sales amounted to SEK 33.1m (85.8), a decrease of 61% compared to the same quarter previous year. Royalty and license fees from Robert Bosch GmbH in total accounted to SEK 0.0m (11.3). Gross profit and operating income/loss Gross profit decreased to SEK 9.1m (33.1) with a gross margin of 27.5% (38.6). The absence of royalty in the quarter and significantly lower sales volume are the predominant reasons for the decline. Research and development costs decreased to SEK -22.7m (-26.7). Other operating income amounted to SEK 9.2m (10.6). Income from grants amounted to SEK 6.2m (5.4). In the quarter, SEK 2.4m (1.5) 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 in the quarter amounted to SEK -3.4m (-2.2). The third quarter result was affected by unrealized foreign exchange movements of SEK -8.0m. Net income and financial items Net financial items amounted to SEK -0.6m (-0.9). Net income in the quarter was SEK -34.2m (-15.3). Cash flow During the quarter operating cash flow amounted to SEK -1.2m (-39.4). Cash flow for the quarter is affected by the negative result however partly offset by milestone payments received for projects reported as percentage of completions. Cash flow from investing activities was affected by product development capitalisation. In the quarter, SEK -2.4m (-1.5) was capitalised as intangible assets. Cash flow from financing activities amounts to SEK -9.9m (-1.8) and relates in majority to amortization of credit facilities of SEK -8.5m. Total cash flow for the quarter amounts to SEK -16.6m (-43.9). Financial position On September 30, 2026, cash and cash equivalents amounted to SEK 18.1m (9.5) and available liquidity amounted to SEK 67.9m including unused credit facility that amounted to SEK 49.8m. 0% 10% 20% 30% 40% 50% 60% 70% 0% 10% 20% 30% 40% 50% 60% 70% Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 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 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Net sales, SEK million R12M Net sales
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Interim report third quarter 2026 6 Financial performance January-September 2026 Net sales Net sales amounted to SEK 117.0m (289.9), a decrease of 60%. Excluding the one-off effect of the major licensing transaction with Bosch in the second quarter last year, the revenue decreased by 41%. Royalty and license fees from Robert Bosch GmbH in total accounted to SEK 3.5m (91.6). Gross profit and operating income/loss Gross profit decreased to SEK 23.5m (140.7) with a gross margin of 20.0% (48.5). The absence of license revenue has affected the margin as well as extensive end-of-delivery work that has been done during the last months. Significantly lower sales volume is also a reason for the decline. The gross profit is also impacted by additional customer and delivery attention given following the negative media in the first and beginning of second quarter. Research and development costs increased to SEK -85.7m (-79.7) partly due to periodization effects between quarters partly to depreciation of capitalized development -10.3m (-2.0). Other operating income amounted to SEK 32.4m (41.8). Income from grants amounted to 24.9m (20.0) and currency effect on operating activities SEK 7.2m (21.8). In the first nine months of 2026, SEK 7.2m (21.7) was capitalised as development expenditures. The majority of the capitalised expenditures are related to the development of MRFC, a methanol reformer fuel cell integrated system. Amortization of the PS200 system in the period amounted to SEK -10.3m (-2.0). Unrealized foreign exchange movements affected the result for the first nine months of the year by SEK -17.8m. Net income and financial items Net financial items amounted to SEK 1.0m (-4.3). Net income in the first nine months was SEK -125.2m (-8.6). Cash flow During the period operating cash flow amounted to SEK -74.4m (-126.3). Operational Cash flow for the period is in majority affected by the negative result. Cash flow from investing activities amounts to SEK -12.7m (-23.7). During the period, SEK -7.2m (-21.7) was capitalised as intangible assets. Cash flow from financing activities amounts to SEK 24.8m (-55.5) and relates in majority to newly introduced project financing. Total cash flow for the first nine months amounts to SEK -62.2m (-205.5). Financial position On September 30, 2026, cash and cash equivalents amounted to SEK 18.1m (9.5) and available liquidity amounted to SEK 67.9m including unused credit facility that amounted to SEK 49.8m.
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Interim report third quarter 2026 7 Condensed income statement - Group SEK thousand Note Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Jan-Dec 2025 Net sales 3 33,076 85,800 117,013 289,889 384,958 Costs of goods and services sold -23,991 -52,704 -93,559 -149,165 -210,790 Gross profit 9,085 33,096 23,454 140,724 174,168 Selling and administrative costs 4 -19,864 -29,488 -72,756 -92,147 -119,120 Research and development costs -22,690 -26,737 -85,728 -79,676 -114,363 Other operating income ** 6 9,231 10,603 32,397 41,776 54,898 Other operating costs * 7 -9,459 -1,897 -23,652 -15,039 -18,526 Operating income */** -33,697 -14,423 -126,285 -4,362 -22,943 Net financial items */** -638 -899 1,012 -4,260 -6,662 Profit (loss) after financial items -34,335 -15,322 -125,273 -8,622 -29,605 Income tax 118 54 91 69 75 Profit (loss) for the period -34,217 -15,268 -125,182 -8,553 -29,530 Other comprehensive income: Items that may be reclassified to profit or loss Exchange differences from foreign operations 25 6 -29 -141 -140 Other comprehensive income for the period 25 6 -29 -141 -140 Total comprehensive income for the period -34,192 -15,262 -125,211 -8,694 -29,670 Profit (loss) for the period and total comprehensive income are, in their entirety, attributable to shareholders of the Paren t Company. * 2025 is affected by adjustments in reclassification of blocked funds of Q1 -1,037 TSEK, Q2 -160 TSEK and Q3 -149 TSEK ** 2025 is affected by adjustments in reclassification of blocked bank funds of Q2 645 TSEK and Q3 17 TSEK Earnings per share, calculated on profit (loss) for the year attributable to Parent Company shareholders of ordinary shares: SEK Note Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Jan-Dec 2025 Earnings per share, basic 5 -0.59 -0.26 -2.16 -0.15 -0.51 Earnings per share, diluted 5 -0.59 -0.26 -2.16 -0.15 -0.51
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Interim report third quarter 2026 8 Condensed balance sheet - Group SEK thousand 2026-09-30 2025-09-30 2025-12-31 ASSETS Non-current assets Intangible assets 74,257 80,290 78,814 Right of use assets (leasing) 53,052 22,848 20,592 Tangible fixed assets 16,713 19,741 18,923 Deferred tax assets 644 498 526 Long term trade receivables 21,529 14,374 39,407 Total non-current assets 166,195 137,751 158,262 Current assets Inventories 242,418 171,326 216,833 Current receivables * 113,333 238,347 144,021 Cash and cash equivalents * 18,102 9,531 78,823 Total current assets 373,853 419,204 439,677 TOTAL ASSETS 540,048 556,955 597,939 EQUITY AND LIABILITIES Equity attributable to Parent Company shareholders Share capital 1,280 1,274 1,274 Other contributed capital 816,892 816,892 816,892 Reserves -486 -458 -457 Retained earnings (including profit (loss) for the year) -554,574 -408,893 -431,177 Total equity attributable to Parent Company shareholders 263,112 408,815 386,532 Liabilities Non-current liabilities leases 44,323 14,236 12,370 Non-current liabilities 195 228 179 Current liabilities leases 6,050 6,826 6,685 Current liabilities 226,368 126,850 192,173 Total liabilities 276,936 148,140 211,407 TOTAL EQUITY AND LIABILITIES 540,048 556,955 597,939 * 2025-09-30 is affected by adjustments in reclassification of blocked funds of -16 TSEK
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Interim report third quarter 2026 9 Condensed statement of changes in equity - Group Attributable to shareholders of the Parent Company SEK thousand Note Share capital Other contributed capital Reserves Retained earnings incl. profit (loss) for the year Total equity Opening balance 1 January 2026 1,274 816,892 -457 -431,177 386,532 Profit (loss) for the period - - - -125,182 -125,182 Other comprehensive income for the period - - -29 - -29 Total comprehensive income for the period - - -29 -125,182 -125,211 Transactions with shareholders Transactions in subscription warrants, LTI 2021 6 - - 1,785 1,791 Closing balance 30 September 2026 1,280 816,892 -486 -554,574 263,112 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
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Interim report third quarter 2026 10 Condensed cash flow - Group SEK thousand Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Jan-Dec 2025 Cash flow from operating activities Operating profit (loss) * -33,697 -14,423 -126,285 -4,362 -22,943 Adjustments for non-cash items 7,037 9,156 23,374 17,247 24,548 Interest paid -399 -542 -648 -1,616 -2,448 Interest received 41 107 134 1,198 1,270 Paid income tax -2 - -854 -467 272 Cash flow from operating activities before changes in working capital * -27,020 -5,702 -104,279 12,000 699 Cash flow before changes in working capital Increase/decrease of inventories -9,684 -16,018 -25,644 -27,141 -72,647 Increase/decrease of current receivables */** 15,505 -15,730 49,126 -64,406 4,897 Increase/decrease of current liabilities 19,967 -1,959 6,435 -46,733 17,563 Total changes in working capital */** 25,788 -33,707 29,917 -138,280 -50,187 Cash flow from operating activities -1,232 -39,409 -74,362 -126,280 -49,488 Cash flow from investing activities Acquisitions of tangible and intangible assets -5,469 -2,708 -12,660 -23,746 -27,936 Cash flow from investing activities ** -5,469 -2,708 -12,660 -23,746 -27,936 Cash flow from financing activities Borrowed short-term loans - - 28,396 - - Amortized short-term loans - - - -50,000 -50,000 Utilized credit facility -8,335 - 177 - - Repayment of leasing liability -1,525 -1,804 -5,521 -5,511 -7,367 Transactions in subscription warrants, LTI 2021 - - 1,791 - - Cash flow from financing activities -9,860 -1,804 24,843 -55,511 -57,367 Decrease/increase of cash and cash equivalents -16,561 -43,921 -62,179 -205,537 -134,791 Opening cash and cash equivalents *** 34,465 54,298 78,823 218,919 218,919 Effects of exchange rate changes on cash and cash equivalents * 198 -846 1,458 -3,851 -5,305 Closing cash and cash equivalents */*** 18,102 9,531 18,102 9,531 78,823 * 2025 is affected by adjustments in reclassification of blocked funds of Q1 1 ,037 TSEK, Q2 -486 TSEK and for Q3 -132 TSEK ** 2025 is corrected following the identification of an error of 117 TSEK Q3, 14,373 TSEK Jan-Sep and 39,407 TSEK YE 2025. *** 2025 is affected by reclassification of blocked bank funds of Q1 -18,539 TSEK made for YE 2024, Q2 -17,502 TSEK and for Q3 -17,988 TSEK.
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Interim report third quarter 2026 11 Condensed income statement - Parent Company SEK thousand Note Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Jan-Dec 2025 Net sales 33,076 85,800 117,013 289,889 384,958 Costs of goods and services sold -23,991 -52,704 -93,559 -149,165 -210,790 Gross profit 9,085 33,096 23,454 140,724 174,168 Selling and administrative costs -20,135 -28,607 -73,526 -88,589 -115,086 Research and development costs -21,634 -25,876 -82,260 -99,017 -132,816 Other operating income** 9,221 10,603 32,388 41,654 54,667 Other operating costs* -9,459 -1,897 -23,652 -15,039 -18,526 Operating income*/** -32,922 -12,681 -123,596 -20,267 -37,593 Net financial items*/** -79 -725 1,010 -3,669 -5,918 Profit (loss) after financial items -33,001 -13,406 -122,586 -23,936 -43,511 Income tax 32 28 118 84 113 Profit (loss) for the period -32,969 -13,378 -122,468 -23,852 -43,398 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. * 2025 is affected by adjustments in reclassification of blocked funds of Q1 -1,037 TSEK, Q2 -160 TSEK and for Q3 -149 TSEK ** 2025 is affected by reclassification of blocked bank funds of Q2 645 TSEK and for Q3 17 TSEK
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Interim report third quarter 2026 12 Condensed balance sheet - Parent Company SEK thousand 2026-09-30 2025-09-30 2025-12-31 ASSETS Non-current assets Intangible assets 1,715 3,940 3,189 Tangible fixed assets 16,713 19,741 18,923 Financial assets 25,359 18,058 43,119 Total non-current assets 43,787 41,739 65,231 Current assets Inventories 242,418 171,326 216,833 Current receivables* 118,398 240,814 147,262 Cash and bank balances* 15,388 8,389 76,087 Total current assets 376,204 420,529 440,182 TOTAL ASSETS 419,991 462,268 505,413 EQUITY AND LIABILITIES Restricted equity Share capital 1,280 1,274 1,274 Total restricted equity 1,280 1,274 1,274 Non-restricted equity Share premium reserve 737,392 737,392 737,392 Retained loss -423,542 -380,621 -381,929 Profit (loss) for the period -122,468 -23,852 -43,398 Total non-restricted equity 191,382 332,919 312,065 Total equity 192,662 334,193 313,339 Liabilities Current liabilities 227,329 128,075 192,074 Total liabilities 227,329 128,075 192,074 TOTAL EQUITY AND LIABILITIES 419,991 462,268 505,413 * 2025-09-30 is affected by adjustments in reclassification of blocked funds of 1 6 TSEK
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Interim report third quarter 2026 13 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 22, 2026. 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 2025. This Interim financial statement report has been prepared in accordance with IAS 34 Interim Financial Reporting and the Swedish Annual Accounts Act. For 2026, no new or amended standards or interpretations have come into effect that have impacted the group’s financial statements. The introduction of IFRS 18, which will replace IAS 1 on January 1, 2027, will result in changes in the presentation and disclosures in the financial statements. PowerCell is monitoring the development of IFRS 18 and is evaluating the effects on the company’s financial statements. The Parent Company applies RFR 2 Accounting for legal entities and the Swedish Annual Accounts Act. The accounting policies and definitions adopted are consistent with those described in the most recent Annual Report. Note 3 | Net sales Revenue from contracts with customers The Group receives revenue from the transfer of goods and services both over time and at a point in time in the following categories and from the below geographic markets. Revenue from contracts with customers SEK thousand Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Jan-Dec 2025 Hardware 5,555 5,297 26,754 26,194 37,025 Services 1,228 5,959 7,973 17,991 32,421 Royalty and license fees 35 11,304 3,452 91,567 112,136 Projects according to percentage of completion 26,258 63,240 78,834 154,137 203,376 Total 33,076 85,800 117,013 289,889 384,958 Royalty and license fees are presented together for the first time in the interim report for the first quarter 2026. The numbers for year 2025 have been adjusted to obtain fair comparison figures. Revenue from contracts with customers per country, based on where customers are located Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Jan-Dec 2025 Sweden 98 122 649 6,633 6,748 Germany 9,440 40,949 28,857 125,043 149,055 Netherlands 4,240 14,893 19,121 22,455 42,539 US 3,075 - 5,791 -3,129 -3,369 Canada 5,919 184 11,133 1,794 6,527 Norway 3,989 -3,973 15,349 3,176 12,198 Italy 2,321 25,846 22,484 111,168 133,320 Other 3,994 7,779 13,629 22,749 37,940 Total 33,076 85,800 117,013 289,889 384,958
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Interim report third quarter 2026 14 Note 4 | Related party transactions No significant transactions with related parties have taken place in the period. Note 5 | Earnings per share SEK Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Jan-Dec 2025 Earnings per share, basic -0.59 -0.26 -2.16 -0.15 -0.51 Earnings per share, diluted -0.59 -0.26 -2.16 -0.15 -0.51 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 -34,217 -15,268 -125,182 -8,553 -29,530 Number Weighted average number of ordinary shares used in calculating basic earnings per share 58,157,593 57,892,434 57,892,434 57,892,434 57,892,434 Weighted average number of ordinary shares used in calculating diluted earnings per share 58,157,593 57,892,434 57,997,332 57,892,434 57,892,434 Note 6 | Other operating income SEK thousand Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Jan-Dec 2025 Currency exchange gains * 3,025 5,201 7,174 21,761 28,400 Grants 6,197 5,387 24,889 19,977 25,787 Other 9 15 334 38 711 Total 9,231 10,603 32,397 41,776 54,898 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. * 2025 is affected by reclassification of blocked bank funds of Q2 645 TSEK and for Q3 17 TSEK Note 7 | Other operating cost SEK thousand Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Jan-Dec 2025 Currency exchange losses * -9,459 -1,897 -23,652 -15,039 -18,526 Total -9,459 -1,897 -23,652 -15,039 -18,526 * 2025 is affected by reclassification of blocked bank funds of Q1 -1,037 TSEK, Q2 -160 TSEK and for Q3 -149 TSEK
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Interim report third quarter 2026 15 Other information Employees On September 30, 2026, the Group had 146 (156) employees measured as full-time equivalents, FTE. The share The share is listed on Nasdaq Stockholm under the ticker PCELL. On September 30, 2026, the total number of outstanding shares was 58,157,593. During June 2026, the number of shares and votes increased by 265,159 shares as a result of the Exercise of share warrants under LTI 2021, a performance based long-term incentive program adopted by the Annual General Meeting in 2021. PowerCell holds no treasury shares. Risks and uncertainties Through its operations, PowerCell is exposed to risks and uncertainties, which have been increasingly noticeable during the last years of global financial uncertainties. For extensive information on the most significant operational and financial risks, please see pages 35-36 and pages 43- 44 in the Annual Report for 2025. 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 activities 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 (publ.). Out of 146 employees, 144 are employed by the Parent Company. The Parent Company’s revenue amounted to SEK 33.1m (85.8) in the third quarter. Operating income for the quarter amounted to SEK -32.9m (-12.7). Ten largest owners September 30, 2026 Name Number of Shares Votes and capital Robert Bosch Investment Nederland B.V. 6,493,531 11.17% Avanza Pension 1,721,485 2.96% Global X Management Company LLC 1,592,244 2.74% green benefit AG 1,316,448 2.26% Axon Partners Group Investment SGEIC 1,048,056 1.80% Handelsbanken Fonder 450,000 0.77% VanEck 436,610 0.75% SEB Funds 402,920 0.69% Storebrand Asset Management 341,025 0.59% Per Arvid Stefan Sjöberg 214,140 0.37% Total ten largest owners 14,016,459 24.10% Others 44,141,134 75.90% Total 58,157,593 100.00% 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 third quarter 2026 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 22, 2026 Katarina Bonde Chair of the Board Helen Fasth Gillstedt Director Annette Malm Justad Director Riku-Pekka Hägg Director Karin Ryttberg-Wallgren Director Richard Berkling CEO Uwe Hillmann Director
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Interim report third quarter 2026 17 Review report Powercell Sweden AB (publ.) org nr 556759-8353 This is a translation of the Swedish language original. In the events of any differences between this translation and the Swedish original the latter shall prevail. 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. Scope of Review We conducted our 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 review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review has a different focus and is substantially less in scope than an audit conducted in accordance with ISA and other generally accepted auditing practices. The procedures performed in a review do not enable us to obtain a level of assurance that would make us aware of all significant matters that might be identified in an audit. Therefore, the conclusion expressed based on a review does not give the same level of assurance as a conclusion expressed based on an audit. Conclusion Based on our 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 Company in accordance with the Annual Accounts Act. Gothenburg, October 22, 2026 Deloitte AB Signature on Swedish original Harald Jagner Authorized Public Accountant
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Interim report third quarter 2026 18 Definition of key financial indicators In this financial report, there are references to several performance 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 performance 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. EBITDA Operating income before depreciation/amortization and write-downs. Equity/assets ratio, % Equity in relation to total assets. The ratio can help investors 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 months 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 third quarter 2026 19 Financial calendar Interim report Q4 2026, February 12, 2027 Interim report Q1 2027, April 29 Annual General Meeting, May 4 Interim report first half year 2027, July 15 Interim report Q3 2027, October 21 Interim report Q4 2027, February 10, 2028 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- 2026 You can ask questions in writing at the online presentation. 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 22, 2026. 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 transition 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