Interim report
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W5 Empowering defence . Q2 Interim Report January - June 2026
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2 Interim Report January – June 2026 Apr–June Apr–June Jan–June Jan–June Jan–Dec SEK million 2026 2025 2026 2025 2025 Net sales 227.9 111.1 357.0 195.6 491.6 Operating profit −24.3 −8.0 −23.6 −11.1 37.8 EBIT Margin (%) −10.7% −7.2% −6.6% −5.7% 7.7% Net profit for the period −23.3 −10.5 −25.4 −14.8 14.7 Order intake 234 358 636 467 730 Order backlog 865 597 865 597 566 Financial summary Record Growth and a Clear Focus for the Future Significant events during the quarter ׇW5 Solutions was awarded a contract by the Swedish Defence Materiel Administration (FMV) for electrical installation work at the Swedish Armed Forces’ training centre. The contract value was approximately SEK 46 million, with options worth an additional SEK 4.5 million. ׇW5 Solutions completed the acquisition of KT-Shelter Oy. The purchase price amounted to EUR 22.0 million on a cash- and debt-free basis, and the company was consolidated into the Group from 25 May 2026. ׇW5 Solutions’ business area Training entered into a framework agreement with the Swedish Armed Forces covering service, support, spare parts and additional equipment for training and simulation systems. The framework agreement has an estimated total value of approximately SEK 700 million over its full term, including options to extend the agreement. ׇFigures in parentheses refer to the corresponding period in the previous year. April–June 2026 ׇNet sales amounted to SEK 227.9 million (111.1). ׇEBIT amounted to SEK –24.3 million (–8.0). Adjusted for non-recurring items related to the acquisition, EBIT amounted to SEK –7.0 (–8.0) million. ׇEBIT margin was –10.7% (–7.2%). Adjusted for non- recurring items related to the acquisition, the EBIT margin was –3.1% (–7.2%) per cent. ׇNet profit for the period amounted to SEK –23.3 million (–10.5). ׇEarnings per share before dilution amounted to SEK –1.19 (–0.66) and after dilution amounted to SEK –1.17 (–0.64). ׇCash flow from operating activities amounted to SEK 40.7 million (–18.5). ׇOrder intake during the period amounted to SEK 234 million (358) with an order backlog at the end of the period totalling SEK 865 million (597). January–June 2026 ׇNet sales amounted to SEK 357.0 million (195.6). ׇEBIT amounted to SEK –23.6 million (–11.1). Adjusted for non-recurring items related to the acquisition, EBIT amounted to SEK –5.1 (–11.1) million. ׇEBIT margin was –6.6% (–5.7%). Adjusted for non- recurring items related to the acquisition, the EBIT margin was –1.4% (–5.7%). ׇNet profit for the period amounted to SEK –25.4 million (–14.8). ׇEarnings per share before dilution amounted to SEK –1.31 (–0.93) and after dilution amounted to SEK –1.28 (–0.91). ׇCash flow from operating activities amounted to SEK –2.6 million (–27.9). ׇOrder intake during the period amounted to SEK 636 million (467) with an order backlog at the end of the period totalling SEK 865 million (597).
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3 Interim Report January – June 2026 Net sales and EBIT margin per quarter Order intake and order backlog per quarter Financial Targets 2027 EBIT margin 10% Net sales 1 000 MSEK Financial Performance -15% -10% -5% 0% 5% 10% 15% 20% 25% 0 50 100 150 200 250 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2023 2024 2025 2026 SEK million Ne t sa les EBIT % 0 100 200 300 400 500 600 700 800 900 1 000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2023 2024 2025 2026 SEK million Order intake Order backlog
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4 Interim Report January – June 2026 External factors affecting operations The second quarter was marked by continued geopolitical instability. Russia’s war of aggression against Ukraine intensified, while uncertainty persisted in the Middle East, with several conflicts still ongoing. These developments underline the growing need to strengthen Europe’s defence capabilities, as reflected in the high level of activity across W5 Solutions during the quarter. At the same time, the unstable geopolitical environment has increased cost pressures in parts of the supply chain, negatively affecting operations. Record-high growth and continued strong demand With sales growth of 105 per cent and organic growth of 66 per cent compared with the corresponding period last year, we demonstrate our ability to scale up production capacity. At the same time, order intake has remained stable and the order book has been strengthened for the coming years. One particularly significant event during the quarter was the framework agreement signed with the Swedish Armed Forces, with an estimated business volume of approximately SEK 700 million over the next eight years. Challenges with profitability In May, the acquisition of KT-Shelter was also completed, which not only contributes to increased sales but also strengthens profitability. At the same time, the Group’s profitability is still remains unsatisfactory. This was partly due to exceptional costs related to the acquisition, but also due to excessively high direct costs associated with deliveries completed during the quarter, caused by factors including higher purchase prices and lead-time challenges. This increase in direct costs, combined with challenges related to working capital as a result of the rapid growth, now requires an increased focus on cost control and efficiency improvements. Several actions have already been implemented and further efforts are underway to follow up and strengthen the Group’s cash flow and profitability. Clear priorities for the second half of the year As we enter the second half of 2026, we are stepping up our efforts not only to continue growing, but also to do so with improved profitability. The second quarter confirmed our ability to deliver strong growth, and the focus going forward is now on cost control, efficiency improvements and actions to strengthen the gross margin. At the same time, we look forward to integrating KT-Shelter as a natural part of the Group, which further strengthens our position as a leading Nordic company in the defence market. W5 has an important role to play, and our aim is to deliver with high quality and precision while creating long-term value for both customers and shareholders. With sales growth of 105 per cent and organic growth of 66 per cent compared with the corresponding period last year, we demonstrate our ability to scale up production capacity. Evelina Hedskog President and CEO CEO comment Record Growth and a Clear Focus for the Future
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5 Interim Report January – June 2026 KT-Shelter is now part of W5 Solutions Strengthens the offering in rapidly deployable defence infrastructure KT-Shelter is a Finnish defence technology company specialising in modular shelter systems for helicopters, fighter aircraft, unmanned aerial vehicles and other critical defence equipment. The company’s proprietary systems provide protected and deployable facilities for operations, storage, maintenance and repair in demanding environments where permanent infrastructure is unavailable. The solutions are used globally by armed forces and other government agencies. KT-Shelter’s product portfolio complements W5 Solutions’ existing offering and will be integrated into the business area Integration. The acquisition creates opportunities for commercial synergies and strengthens the Group’s position in critical defence infrastructure. EBIT margin 2025 15% Net sales 2025 145 MSEK KT-Shelter’s presence in Finland Operations in Helsinki, Kuopio and Lappeenranta. Through the acquisition, W5 Solutions further strengthens its presence and position in the Finnish defence market. Growth 2020–2025 38% CAGR
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6 Interim Report January – June 2026 Financial Comments Second quarter April–June 2026 Sales and orders Net sales for the second quarter amounted to SEK 227.9 million (111.1), an increase of 105 per cent. Order intake during the second quarter amounted to SEK 234 million (358), a decrease of 34.7 per cent compared with the same period last year. The decrease is explained by exceptionally high order intake during the comparative period. Order backlog amounted to SEK 865 million (597), corresponding to an increase of 44.9 per cent compared with the same period last year, and by SEK 36.8 million since the beginning of the year. Operating profit (EBIT) and EBIT margin EBIT amounted to SEK –24.3 million (–8.0), with an EBIT margin of –10.7% (–7.2%). Excluding transaction costs of SEK 17.3 million related to the acquisition of KT-Shelter, EBIT amounted to SEK –7.0 (–8.0) million and the EBIT margin was –3.1% (–7.2%) per cent. Net profit Net profit amounted to SEK –23.3 million (–10.5). Earnings per share before dilution amounted to SEK –1.19 (–0.66) and after dilution to SEK –1.17 (–0.64). Cash flow and investments Cash flow from operating activities for the quarter amounted to SEK 40.7 million (–18.5). Working capital amounts to SEK 61.0 million (–21.2), manily due to changes in trade payables and other operating liabilities. Cash flow from investing activities amounted to SEK –291.0 million (–3.8) of which SEK –257.8 million relates to the acquisition of KT-Shelter, and contingent consideration of SEK –26.0 million paid in relation to Box Modul. Cash flow from financing activities amounted to SEK 296.3 million (0.7) and is explained by a share issue amounting to SEK 96.9 million, new loans of SEK 205 million, loan repayments SEK –2.7 million, repayments of lease liabilities of SEK –6.7 million and a change of SEK 3.9 million in the bank overdraft facility. Total cash flow for the quarter amounted to SEK 46.0 million (–21.6). First half of the year, January–June 2026 Sales and orders Net sales for the first half of the year amounted to SEK 357.0 million (195.6), an increase of 82.5 per cent. Order intake during the period amounted to SEK 636 million (467), an increase of 36.2 per cent compared with the first half of last year. Operating profit (EBIT) and EBIT margin EBIT amounted to SEK –23.6 million (–11.1), with an EBIT margin of –6.6% (–5.7%). Excluding transaction costs of SEK 18.5 million related to the acquisition of KT-Shelter, EBIT amounted to SEK –5.1 (–11.1) million and the EBIT margin was –1.4% (–5.7%) per cent. Net profit Net profit amounted to SEK –25.4 million (–14.8). Earnings per share before dilution amounted to SEK –1.31 (–0.93) and after dilution to SEK –1.28 (–0.91). Cash flow and investments Cash flow from operating activities during the period amounted to SEK –2.6 million (–27.9). Working capital amounted to SEK 12.8 million (–22.1) and was mainly due to changes in trade payables and other operating liabilities. Cash flow from investing activities amounted to SEK –301.0 million (–13.2), and was mainly due to the acquisition of KT-Shelter for SEK –257.8 million and the earn-out payment relating to Box Modul of SEK –26.0 million. Cash flow from financing activities amounted to SEK 305.2 million (26.1), mainly affected by a share issue of SEK 96.9 million (36.1) and a net change in liabilities to credit institutions of SEK 218.1 million (–6.0). Total cash flow for the first half of the year amounted to SEK 1.6 million (–15.0). Liquidity and financial position As per reporting date, the Group’s cash and cash equivalents amounted to SEK 59.8 million (7.5). In addition to cash and cash equivalents, the Group has three credit facilities of SEK 120 million (28), NOK 5 million (5) and EUR 5 million. The credit facilities were partially utilised at the end of the period, with SEK 0.1 million (5.9), NOK 0 million (0) and EUR 2.4 million. At the end of the period, equity amounted to SEK 550.1 million (339.7). The equity ratio amounted to 45 (57) per cent. The Group’s interest- bearing debt amounted to SEK 265.2 million (67.4). Financial liabilities measured at fair value Contingent considerations are recognised under non-current and current liabilities, respectively. At the end of the period, these amounted to a total of SEK 33.5 million (41.3). The amount reflects management’s best estimate of the expected outcome. The contingent considerations are continuously assessed and revised if indications suggest that an outcome different from previous estimates is more likely. Other information Group structure As at the reporting date, the Group comprises the parent company W5 Solutions AB (publ) and seven wholly owned subsidiaries: W5 Sweden AB, W5 Solutions Teleanalys AB, W5 Omnifinity AB, W5 Finland Oy, W5 Norway AS, W5 Box Modul AB and KT-shelter Oy. In addition, the Group holds a 50 per cent interest in the associate Sytrac AB and a 40 per cent interest in Swedef AB. Seasonal variations The Group’s strongest quarter is normally the fourth quarter (Q4), followed by the second quarter (Q2). The third quarter (Q3) is generally the weakest due to the holiday period. Due to the nature of the Group’s long-term, high-value contracts, significant variations in order intake and cash flow may occur between quarters.
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7 Interim Report January – June 2026 Employees The average number of employees during the period January– June 2026 was 241 (176), of whom 58 (43) were women. Significant risks and uncertainties The risk factors outlined in the annual report for 2025, on pages 44 to 46, remain relevant. No additional risks have been identified. Share capital and number of shares The number of shares at the end of the period amounted to 19 559 271. The nominal value was SEK 0.05 per share. All shares are of the same class and carry equal voting rights. At the end of June 2026, the company had a total of 10 717 shareholders. W5 Solutions AB (publ) is listed on Nasdaq First North Growth Market. Ten largest shareholders as at 30 June 2026 Name Number of shares Percentage Cajory Defence AB 3 379 257 17.3% Salénia AB 2 080 554 10.6% Nordnet Pensionsförsäkring 1 561 648 8.0% Nvest Sverige AB 1 293 046 6.6% Vargtornet AB 1 165 638 6.0% Ingvar Jensen 961 582 4.9% Avanza Pension 723 082 3.7% Skogstornet AB 600 392 3.1% Thomas Wernhoff 475 000 2.4% Nowo Fund Management AB 289 315 1.5% Other shareholders 7 029 757 36.0% Total 19 559 271 100% Incentive programmes Outstanding share savings programme have a three-year measurement period commencing on 1 October 2023, and ending three years thereafter. For each investment share, participants are entitled to receive additional shares in W5 Solutions free of charge upon completion of the measurement period, provided that the performance targets are met (“performance shares”). A preliminary calculation of the outcome of the 2023/2026 programme has been carried out. At the end of the quarter, a total of 30 155 investment shares were held. At the 2024 Annual General Meeting, a resolution was passed to establish a three-year warrant programme 2025/2028 comprising 180 000 share options for senior executives, which were transferred at market value. Each share option entitles the holder to subscribe for one new share in the Company at a subscription price of SEK 98.70 per share. The exercise period for the share options runs from 1 June 2028 to 31 August 2028. Forward-Looking Information This report may contain forward-looking information based on the current expectations of the Group’s management. Although management believes that these expectations are reasonable,no assurance can be given that such expectations will prove to be correct. Accordingly, future outcomes may differ materially from those expressed in the forward-looking information as a result of, among other things, changes in market conditions for the Group’s products, more general changes in economic conditions, markets and competition, changes in legal requirements or other political measures, and fluctuations in exchange rates. The Parent Company The Parent Company’s operations comprise management and administrative functions, as well as other central costs. The Parent Company charges its subsidiaries for these costs. The Parent Company’s net sales for the second quarter amounted to SEK 16.3 million (16.2) with profit before tax of SEK –19.3 million (–3.4). As at the balance sheet date, cash and cash equivalents amounted to SEK 34.9 million (2.5). Equity amounted to SEK 487.4 million (312.5). The number of employees was 4 (6). Annual General Meeting W5 Solutions’ 2026 Annual General Meeting was held in Stockholm on 7 May 2026. The Annual General Meeting resolved to re-elect Jonas Rydin, Erik Heilborn and Anna Söderblom as members of the Board of Directors and to elect Olof Rudbeck and Björn Lenander as new Board members. Jonas Rydin was re-elected as Chair of the Board. Öhrlings PricewaterhouseCoopers AB (PwC) was re-elected as the Company’s auditor. PwC has announced that authorised public accountant Andreas Skogh will remain auditor-in-charge. The Annual General Meeting also resolved to amend the Articles of Association in order to align the limits for the share capital and the number of shares with the Company’s acquisition strategy, reflect changes in applicable laws and regulations, and clarify the object of the Company’s business. The Annual General Meeting further resolved to authorise the Board of Directors, on one or more occasions until the next Annual General Meeting, to resolve on issues of shares, warrants and/or convertible instruments corresponding to a maximum of 10 per cent of the total number of shares outstanding in the Company at the time of the 2026 Annual General Meeting. The purpose of the authorisation is to enable the financing of acquisitions and investments in new or existing operations, meet the Company’s capital requirements and increase its financial flexibility. Definitions and terminology Net sales growth, % The increase in the company’s sales for the period compared with a previous period. EBIT margin,% Operating profit in relation to net sales. Equity ratio, % Equity, including non-controlling interests, divided by total assets.
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8 Interim Report January – June 2026 The Group’s Financial Reports Apr–June Apr–June Jan–June Jan–June Jan–Dec SEK thousand Note 2026 2025 2026 2025 2025 Operating income Net sales 2 227 860 111 147 357 039 195 649 491 647 Other operating income 1 249 108 2 666 1 139 2 873 Total operating income 229 109 111 255 359 705 196 788 494 520 Operating expenses Capitalised development expenses 2 278 2 892 9 246 8 958 16 483 Raw materials and consumables −132 253 −50 133 −179 309 −81 955 −177 926 Other external expenses −54 078 −17 648 −83 170 −36 987 −83 356 Personnel expenses −59 467 −44 638 −109 005 −83 659 −177 934 Depreciation and amortisation −10 106 −9 660 −18 972 −13 467 −29 993 Other operating expenses 172 −35 −2 084 −756 −4 028 Total operating expenses −253 453 −119 223 −383 295 −207 866 −456 753 OPERATING PROFIT −24 344 −7 969 −23 589 −11 078 37 766 Finance net 3 −1 745 −2 392 −4 195 −3 896 −18 036 PROFIT AFTER FINANCIAL ITEMS −26 089 −10 361 −27 784 −14 974 19 730 Income tax 2 802 −102 2 408 213 −5 041 NET PROFIT FOR THE PERIOD −23 287 −10 463 −25 376 −14 761 14 689 Earnings per share Number of shares at the end of the period 19 559 271 15 962 974 19 559 271 15 962 974 17 559 271 Weighted average number of shares before dilution 19 559 271 15 962 974 19 425 938 15 908 475 16 778 215 Weighted average number of shares after dilution 19 907 241 16 310 944 19 773 908 16 256 445 17 126 185 Earnings per share before dilution (SEK) −1.19 −0.66 −1.31 −0.93 0.88 Earnings per share after dilution (SEK) −1.17 −0.64 −1.28 −0.91 0.86 Apr–June Apr–June Jan–June Jan–June Jan-Dec SEK thousand Note 2026 2025 2026 2025 2025 NET PROFIT FOR THE PERIOD −23 287 −10 463 −25 376 −14 761 14 689 Items that may be reclassified subsequently to profit and loss Translation difference 5 086 25 8 103 −1 199 −2 584 Other comprenhensive income for the period 5 086 25 8 103 −1 199 −2 584 Comprehensive income for the period −18 200 −10 438 −17 273 −15 960 12 105 Attributable to shareholders of the parent company −18 200 −10 438 −17 273 −15 960 12 105 Condensed consolidated income statement Consolidated statement of comprehensive income
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9 Interim Report January – June 2026 Condensed consolidated balance sheet SEK thousand Note 30/06/2026 30/06/2025 31/12/2025 ASSETS Non-current assets Goodwill 4 490 949 235 449 234 903 Intangible assets 94 008 87 730 87 331 Right-of-use assets 94 890 41 263 36 647 Property, plant and equipment 23 146 11 049 14 805 Deferred tax assets 6 566 2 042 251 Other financial non-current assets 1 389 299 407 Total non-current assets 710 949 377 830 374 343 Current assets Inventories 183 799 101 607 118 059 Accounts receivables 231 447 69 187 101 898 Other current receivables 47 352 36 764 46 475 Cash and equivalents 59 801 7 503 57 537 Total current assets 522 398 215 061 323 969 TOTAL ASSETS 1 233 347 592 891 698 312 SEK thousand Note 30/06/2026 30/06/2025 31/12/2025 EQUITY AND LIABILITIES Equity Share capital 978 798 878 Other contributed capital 515 908 315 434 419 089 Currency translation reserve 4 330 −2 388 −3 773 Retained earnings incl. Net profit for the period 28 882 25 854 56 367 Equity attributable to shareholders of the parent company 550 098 339 698 472 560 Non-current liabilities Lease liabilities 71 927 28 626 24 132 Non-current interest-bearing liabilities 233 604 17 924 6 009 Other non-current liabilities 3 33 530 29 987 13 639 Deferred tax liabilities 14 143 15 988 15 052 Total non-current liabilities 353 204 92 525 58 831 Current liabilities Lease liabilities 21 920 12 118 12 553 Current interest-bearing liabilities 31 639 49 430 23 000 Accounts payables 110 979 33 546 43 410 Other current liabilities 3 165 508 65 574 87 958 Total current liabilities 330 045 160 668 166 921 TOTAL EQUITY AND LIABILITIES 1 233 347 592 891 698 312
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10 Interim Report January – June 2026 Condensed consolidated statement of changes in equity SEK thousand Share capital Other contributed capital Translation difference Retained earnings incl. Net profit for the period Total Equity Opening balance, 1 January 2025 757 279 464 −1 189 38 631 317 663 Net profit for the period −7 −14 761 −14 768 Other comprehensive income for the period −1 199 −1 199 Comprehensive income for the period - −7 −1 199 −14 761 −15 967 Transactions with owners New share issue (net) 41 35 977 36 018 Proceeds from warrants 1 278 1 278 Share based payment 706 706 Total transactions with owners 41 35 977 - 1 984 38 002 Closing balance, 30 June 2025 798 315 434 −2 388 25 854 339 698 SEK thousand Share capital Other contributed capital Translation difference Retained earnings incl. Net profit for the period Total Equity Opening balance, 1 January 2026 878 419 089 −3 773 56 366 472 560 Net profit for the period −25 376 −25 376 Other comprehensive income for the period 8 103 8 103 Comprehensive income for the period - - 8 103 −25 376 −17 273 Transactions with owners New share issue (net) 100 96 818 96 918 Proceeds from warrants - Share based payment −2 108 −2 108 Total transactions with owners 100 96 818 - −2 108 94 810 Closing balance, 30 June 2026 978 515 908 4 330 28 882 550 098 Apr–June Apr–June Jan–June Jan–June Jan–Dec SEK thousand 2026 2025 2026 2025 2025 Cash flow from operating activities OPERATING PROFIT −24 344 −7 969 −23 589 −11 078 37 766 Adjustment for non-cash items 9 523 10 030 18 756 14 266 35 539 Taxes paid −3 223 3 413 −6 557 −5 616 −10 293 Received/Paid interest −2 276 −2 762 −3 940 −3 410 −7 069 Changes in working capital 61 025 −21 162 12 778 −22 079 −63 385 Cash flow from operating activities 40 705 −18 450 −2 552 −27 917 −7 441 Investing activitites Changes in intangible assets −3 773 −1 709 −11 741 −7 776 −16 656 Changes in tangible assets −3 359 −2 071 −5 334 −3 378 −6 122 Changes in financial assets 0 2 0 2 74 Acquisition of subsidiaries, net of cash −283 889 0 −283 889 −2 060 −18 244 Cash flow from investing activities −291 021 −3 778 −300 963 −13 212 −40 948 Financing activities New share issue 96 918 0 96 918 36 017 139 746 Warranty program - 1 278 - 1 278 1 705 Net changes in liabilities to credit institution 206 169 1 868 218 148 −5 969 −43 727 Payment of lease liabilities −6 740 −2 497 −9 911 −5 243 −13 973 Cash flow from financing activities 296 348 650 305 155 26 084 83 751 CASH FLOW FROM THE PERIOD 46 032 −21 578 1 640 −15 045 35 362 Change in cash & cash equivalents Cash and cash equivalent, beginning of period 13 759 29 353 57 537 22 809 22 809 Exchange rate differences on cash and cash equivalents 10 −272 624 −261 −633 Cash and cash equivalents, end of period 59 801 7 503 59 801 7 503 57 537 Condensed consolidated cash flow statement
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11 Interim Report January – June 2026 Parent Company’s Financial Reports Condensed Parent Company income statement Apr–June Apr–June Jan–June Jan–June Jan–Dec SEK thousand 2026 2025 2026 2025 2025 Operating income Net sales 16 268 16 213 31 742 21 759 112 761 Other operating income 17 −220 26 1 061 526 Total operating income 16 285 15 993 31 768 22 820 113 287 Operating expenses Raw materials and consumables −7 803 −11 886 −19 280 −14 491 −86 561 Other external expenses −22 926 −3 478 −28 180 −7 767 −21 289 Personnel expenses −4 986 −4 458 −8 707 −7 533 −16 276 Depreciation −13 −12 −27 −28 −48 Other operating expenses −54 −353 −60 −365 −1 971 Total operating expenses −35 784 −20 187 −56 254 −30 184 −126 145 OPERATING PROFIT −19 499 −4 194 −24 486 −7 364 −12 858 Finance net 231 759 307 120 −17 855 PROFIT AFTER FINANCIAL ITEMS −19 268 −3 435 −24 180 −7 244 −30 713 Appropriations - - - - 22 204 PROFIT BEFORE TAX −19 268 −3 435 −24 180 −7 244 −8 509 Income tax for the period 967 0 1 975 212 −1 664 NET PROFIT FOR THE PERIOD* −18 301 −3 435 −22 205 −7 032 −10 173 * The Parent Company has no items recognised in other comprehensive income. Accordingly, total comprehensive income for the year is equal to profit for the year.
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12 Interim Report January – June 2026 Condensed Parent Company balance sheet SEK thousand 30/06/2026 30/06/2025 31/12/2025 ASSETS Non-current assets Intangible assets 1 944 - - Property, plant and equipment 194 115 220 Shares in subsidiaries 663 830 289 483 381 503 Other financial non-current assets 4 345 8 910 2 075 Total non-current assets 670 313 298 507 383 798 Current assets Accounts receivables 7 188 14 376 28 351 Other current receivables 203 337 159 653 149 714 Cash and cash equivalents 34 872 2 491 42 353 Total current assets 245 397 176 520 220 419 TOTAL ASSETS 915 710 475 027 604 217 SEK thousand 30/06/2026 30/06/2025 31/12/2025 EQUITY AND LIABILITIES Equity Restricted equity 978 798 878 Unrestricted equity 486 437 311 657 413 932 Total equity 487 415 312 455 414 810 Provisions 33 530 41 349 13 639 Non-current liabilities Non-current interest-bearing liabilitites 222 600 15 750 4 250 Total non-current liabilities 222 600 15 750 4 250 Current liabilities Current interest-bearing liabilities 4 541 49 419 23 000 Accounts payables 17 588 898 5 553 Other current liabilities 150 036 55 156 142 965 Total current liabilities 172 165 105 472 171 518 TOTAL EQUITY AND LIABILITIES 915 710 475 027 604 217
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13 Interim Report January – June 2026 Notes Note 1 Basis of preparation and accounting policies for the Group The consolidated financial statements of W5 Solutions have been prepared in accordance with IFRS Accounting Standards as adopted by the EU, the Swedish Annual Accounts Act, and the Swedish Corporate Reporting Board’s recommendation RFR 1 Supplementary Accounting Rules for Groups. The Parent Company’s financial statements have been prepared in accordance with the Swedish Annual Accounts Act and RFR 2 Accounting for Legal Entities. The interim report for the Group has been prepared in accordance with IAS 34, Interim Financial Reporting, and the interim report for the parent company has been prepared in accordance with Chapter 9 of the Swedish Annual Accounts Act. Disclosures in accordance with IAS 34 are presented both in the notes and elsewhere in the interim report. The accounting policies and calculation methods applied are consistent with those described in the annual report for 2025. New and amended IFRS standards and interpretations effective from 2026 have not had a material impact on the financial statements. Rounding differences may occur in tables and statements. Note 2 Operating segments Segment information is presented based on management’s perspective, and operating segments are identified based on the internal reporting provided to the Group’s chief operating decision maker. W5 Solutions has identified the CEO as its chief operating decision maker, and the internal reporting used by the CEO to monitor operations and allocate resources forms the basis for the segment information presented. Segment performance is monitored at the operating profit level. Sales of goods and services between segments are carried out on market terms. W5 Solutions’ operations are organised into three business areas, which also constitute the Group’s operating segments: Integration, Training and Power, after the allocation of group costs. Business area Integration has strong capabilities in systems integration – ranging from the design and development of complete system solutions to the production of specialised harnesses that ensure operational reliability in complex environments. The business area develops and manufactures communication solutions for demanding conditions, along with mobile, modular and rapidly deployable shelter systems. The offering includes both customised units for a range of operational applications and defence infrastructure designed to protect aircraft, helicopters, drones and other critical equipment. Business area Training develops and delivers live-fire training systems that enhance accuracy, efficiency and operational capability. The offering comprises a comprehensive range of training solutions for shooting ranges and training areas – from target systems for infantry and armoured vehicles to software for the analysis and evaluation of shooting performance. Business area Power develops and manufactures power supply solutions for use in demanding environments, as well as simulator hardware. Within power supply, the portfolio includes battery systems, chargers, and diesel and hybrid generators that ensure continuous and reliable operation. The business area also delivers hardware for simulators used in vehicles, aircraft cockpits and weapon systems, supporting modern military training. Order backlog by business area (SEK million) Integration Training Power 549 34 282
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14 Interim Report January – June 2026 Apr–June 2026 SEK thousand Integration Training Power Elimination Total Net sales 97 734 66 175 66 924 −2 973 227 860 Operating profit 2 517 −15 796 −11 065 −24 344 Finance Net −1 745 Income tax 2 802 Net profit for the period −23 286 Apr–June 2025 SEK thousand Integration Training Power Elimination Total Net sales 45 635 49 395 28 056 −11 939 111 147 Operating profit 5 430 1 873 −15 272 −7 969 Finance Net −2 392 Income tax −102 Net profit for the period −10 463 Jan–June 2026 SEK thousand Integration Training Power Elimination Total Net sales 152 565 116 801 109 605 −21 932 357 039 Operating profit 8 651 −16 792 −15 449 −23 590 Finance Net −4 195 Income tax 2 408 Net profit for the period −25 377 Jan–June 2025 SEK thousand Integration Training Power Elimination Total Net sales 79 984 72 204 56 835 −13 374 195 649 Operating profit 9 149 1 014 −21 241 −11 078 Finance Net −3 896 Income tax 213 Net profit for the period −14 761 Comments on the segments’ financial results for the second quarter The quarter was characterized by strong sales development, with Power accounting for the majority of the Group’s organic growth. Operating profit (EBIT) in all business areas was negatively affected by increased group costs related to the acquisition of KT-Shelter, amounting to SEK 17.3 million for the second quarter. In addition, profitability during the quarter was impacted by higher direct costs. Integration Net sales in the second quarter doubled compared to the corresponding period last year, mainly due to the acquisition of KT Shelter. Operating profit (EBIT) was negatively impacted by higher direct costs during the quarter, while KT-Shelter contributed positively to earnings. Training Net sales in the second quarter increased by 34 percent compared to the same period last year. The lower operating profit (EBIT) is explained by higher group costs and increased direct costs in a number of customer projects. Power Net sales in the second quarter increased by 139% compared to the same period last year. Operating profit (EBIT) – adjusted for group costs related to the acquisition of KT-Shelter – continued to improve in the quarter.
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15 Interim Report January – June 2026 Note 3 Fair value of financial instrument The valuation principles and classification of the Group’s financial assets and liabilities, as set out in W5 Solutions’ annual report for 2025. SEK thousand Level 30/06/2026 30/06/2025 31/12/2025 FINANCIAL ASSETS AND LIABILITIES Financial liabilities measured to fair value Contingent considerations for earn-outs 3 33 530 41 349 38 638 Total 33 530 41 349 38 638 The Group holds no derivative instruments or other financial instruments measured at fair value. The fair value of non-current and current interest-bearing liabilities is not considered to differ materially from their carrying amounts. For financial instruments measured at amortised cost – including trade receivables, other receivables, cash and cash equivalents, trade payables and other non-interest-bearing liabilities – fair value is considered to be a reasonable approximation of the carrying amount. Contingent consideration is measured at fair value in accordance with Level 3 of the fair value hierarchy. The calculation of contingent consideration is based on parameters specified in each agreement. These parameters are primarily linked to revenue and/or EBITA. The fair value of contingent consideration is based on Group Management’s assessment of the amount expected to be paid. The estimated value has been discounted to present value using a discount rate of 8 per cent. The payment of SEK 26 million during the quarter relates to contingent consideration paid to the former owners of Box Modul AB. SEK thousand 30/06/2026 30/06/2025 31/12/2025 Opening balance 38 638 42 740 42 740 Acquisitions 19 334 - - Payment −26 046 −2 060 −18 204 Measurement to fair value accounted as operating expenses 669 Measurement to fair value accounted as finance net 1 604 14 102 Closing balance 33 530 41 349 38 638 Note 4 acquisition KT-Shelter Oy* SEK thousand Intangible assets 1 415 Property, plant and equipment 4 609 Financial assets 196 Inventory 43 558 Current assets 36 714 Non-current liabilitites −9 354 Curent liabilities −51 019 Net of identified assets and liabilities 26 119 Cash consideration 257 843 Contingent consideration for earn-out 19 334 Total purchase consideration 277 177 Acquired net assets 26 119 Goodwill 251 058 Impact on the Group’s cash and cash equivalents Cash consideration paid 257 843 Acquired cash and cash equivalents - Net cash flow effect 257 843 Impact included in the Group’s results after the acquisition date of 25 May 2026 Revenue 45 154 Operating profit 19 663 Impact for the period ended 30 June 2026 if the acquisition had been completed at the beginning of the financial year Revenue 90 959 Operating profit 9 789 * The purchase price allocation is preliminary regarding of the valuation of contingent consideration and fair value adjustments.
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16 Interim Report January – June 2026 Note 5 Related party transactions There were no material related party transactions during the period, apart from intra-group transactions conducted as part of normal business operations. Review This interim report has not been subject to review by the company’s auditors. The Board of Directors’ and the CEO´s Assurance The Board of Directors and the CEO certify that the interim report provides a true and fair view of the development of the Group’s and the Parent Company’s operations, financial position and results, and describes the significant risks and uncertainties facing the Group and the Parent Company. Nacka 5 August 2026 Jonas Rydin Chair of the Board Erik Heilborn Board Member Anna Söderblom Board Member Olof Rudbeck Board Member Björn Lenander Board Member Evelina Hedskog President and CEO
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17 Interim Report January – June 2026 W5 Solutions in Brief Sustainability – an integrated part of our strategy We combine the power of technology with human responsibility – for a safer and more sustainable future Sustainability is not a separate initiative at W5 Solutions – it is integrated into our business model and forms a core part of our mission: to develop and deliver defence and security technology that strengthens defence capabilities and contributes to a more resilient and sustainable society. With innovation, collaboration, and excellence as our foundation, we ensure that security and sustainability go hand in hand. Our products are designed for long life cycles and are upgraded and maintained to improve resource efficiency and reduce environmental impact. This work is supported by certified ISO management systems. Foundation ׇA double materiality assessment was conducted to identify the Group’s most material sustainability topics. ׇA common governance structure was established, with Group-wide targets and follow-up procedures. Implementation ׇA Supplier Code of Conduct was implemented. ׇA framework for climate reporting across the value chain was developed. ׇA Head of Sustainability and Quality was appointed to strengthen governance. ׇThe Group joined the UN Global Compact, the world’s largest global initiative for responsible business. Going forward ׇSustainability fully integrated into the Group’s governance and decision-making processes. ׇIncreased transparency, monitoring, and comparability in sustainability efforts. ׇContinued focus on long-term value creation and sustainable growth. W5 Solutions is a Nordic provider of defence technology, with a vision to become the leading global provider of sustainable defence technology. We develop and deliver solutions within Integration, Training and Power that strengthen the defence capabilities of our own and allied forces. The Group was formed Founded in 2018, with roots dating back to the 1940s Business areas Integration, Training and Power Operations Sweden, Norway and Finland – headquarters in Stockholm Listing Nasdaq First North Growth Market (2021, ticker: W5) Organisation 241 FTE Growth markets The Nordics and Western Europe
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18 Interim Report January – June 2026 Presentation of W5 Solutions’ Interim Report for Q2 2026 W5 Solutions invites investors, analysts, and media to a live webcast presentation of the results for January–June 2026. The presentation will be held in English and will conclude with a Q&A session. Participants will have the opportunity to submit questions via the chat during the broadcast. The live presentation will begin at 11:00 CEST on 5 August 2026. Presentation and Financial Calender Financial Calendar W5 Solutions publishes financial reports on a quarterly basis. Upcoming reporting dates are as follows: Interim Report Q3 2026 5 November 2026 Y ear-end Report 2026 17 February 2027 To attend the presentation, please register here: REGISTER HERE Access the company’s financial reports here: FINANCIAL REPORTS IR contact For enquiries regarding W5 Solutions’ financial reporting, corporate governance or investor relations, please contact: Hannah Falkenström Director of Communications and IR Evelina Hedskog President and CEO Y ou are welcome to contact us: Tel: +46 8 650 08 88 | Email: ir@w5solutions.com
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Empowering Defence W5 SOLUTIONS AB (PUBL) reg. no.: 556973-2034 Jakobsdalsvägen 19 131 52 Nacka Strand, Sweden Box 1156 131 26 Nacka Strand, Sweden +46 8 650 08 88 ir@w5solutions.com This information is information that W5 Solutions AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation (EU) No 596/2014. The information was submitted for publication, through the agency of the contact person set out above, at the time stated by W5 Solutions AB’s (publ) news distributor MFN.