Interim report
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Interim Report January–September 2026
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2 Interim Report January–September 2026 Group Jul–Sep Jul–Sep Jan–Sep Jan–Sep Jan–Dec SEK million 2026 2025 2026 2025 2025 Net sales 141.6 81.0 498.7 276.7 491.6 Organic growth, % 51.4 24.1 57.1 8.1 26.8 Growth % 74.8 24.1 80.2 8.1 26.8 Gross profit 1) 69.3 69.6 247.1 183.3 313.7 Gross margin, % 49.0 85.9 49.5 66.3 63.8 Operating profit (EBIT) -27.1 1.3 -50.7 -9.8 37.8 Operating margin (EBIT margin), % -19.1 1.6 -10.2 -3.5 7.7 Net profit for the period -25.6 -2.5 -51.0 -17.3 14.7 Cash flow from operating activities -44.2 -18.3 -46.8 -46.2 -7.4 Net financial debt 253.9 -17.9 253.9 -17.9 -28.5 Order intake 77 93 713 522 730 Order backlog 823 569 823 569 566 1) Gross profit is defined as net sales less the cost of raw materials and consumables. Gross margin is calculated as gross profit divided by net sales Financial summary Strong Demand – Focus on Deliveries and Profitability Significant events during the quarter ׇW5 Solutions issued a preliminary earnings update for the third quarter and preliminary guidance for the full year 2026. ׇThe Board of Directors of W5 Solutions resolved on a directed share issue of SEK 165 million before transaction costs, subject to approval by an Extraordinary General Meeting. Significant events after the end of the quarter ׇThe Extraordinary General Meeting of W5 Solutions approved the Board’s resolution on the directed share issue of SEK 165 million and elected Anna Söderblom as the new Chair of the Board. July–September 2026 Net sales amounted to SEK 141.6 (81.0) million, an increase of 74.8 per cent. Gross profit amounted to SEK 69.3 (69.6) million. Gross margin amounted to 49.0 (85.9) per cent. Operating profit (EBIT) amounted to SEK -27.1 (1.3) million and, adjusted for non-recurring acquisition- related costs, to SEK -26.2 (1.3) million. Operating margin (EBIT margin) amounted to -19.1 (1.6) per cent, and, adjusted for non-recurring items related to the acquisition, to -18.5 (1.6) per cent. Net profit for the period amounted to SEK -25.6 (-2.5) million. Earnings per share before and after dilution amounted to SEK -1.31 (-0.16). Cash flow from operating activities amounted to SEK -44.2 (-18.3) million. Order intake for the period amounted to SEK 77 (93) million, with an order backlog at the end of the period totalling SEK 823 (569) million. January–September 2026 Net sales amounted to SEK 498.7 (276.7) MSEK, million, an increase of 80.2 per cent. Gross profit amounted to SEK 247.1 (183.3) million. Gross margin amounted to 49.5 (66.3) per cent. Operating profit (EBIT) amounted to SEK -50.7 (-9.8) million, and, adjusted for non-recurring acquisition- related costs, to SEK -31.3 (-1.3) million. Operating margin (EBIT margin) amounted to -10.2 (-3.5) per cent, and, adjusted for non-recurring items related to the acquisition, to -6.3 (1.6) per cent. Net profit for the period amounted to SEK -51.0 (-17.3) million. Earnings per share before and after dilution amounted to SEK -2.71 (-1.09). Cash flow from operating activities amounted to SEK -46.8 (-46.2) million. Order intake for the period amounted to SEK 713 (522) million, with an order backlog at the end of the period totalling SEK 823 (569) million.
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3 Interim Report January–September 2026 Net sales and EBIT margin per quarter Order intake and order backlog per quarter Financial Targets 2027 EBIT margin 10% Net sales SEK1 000M Financial Performance -25% -20% -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 Q3 2023 2024 2025 2026 SEK million Ne t sa les EBIT margin 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 Q3 2023 2024 2025 2026 SEK million Order intake Order backlog
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4 Interim Report January–September 2026 An intense third quarter In a geopolitical environment that remains challenging, demand for W5’s products and services remains strong, and the organisation is working with determination to fulfil its commitments to customers. The third quarter was characterised by continued strong growth, but also by delivery challenges. Net sales increased by 75 per cent, of which 51 per cent was organic, and below the previously indicated growth rate of 90 per cent. EBIT amounted to SEK -27 million, supported by an improved gross margin compared with the previous quarter, and was hence in line with previous communication. Delivery challenges As a result of supply-chain challenges and customer requirements being defined at a late stage, a number of planned deliveries were postponed, which had a negative impact on the quarter’s net sales and profitability. Removing these delivery constraints is our highest priority, and we are working actively with both suppliers and customers to reduce the risk of further delays while realising the potential in our strong order backlog. However, the challenges are continuing into the fourth quarter. Our current assessment is therefore that net sales growth for the full year 2026 will amount to 50–60 per cent, with EBIT of approximately SEK -25 million to SEK -35 million. Improved gross margin Following the weaker development in the second quarter, the gross margin improved to 49 per cent. Although the level remains well below our long-term ambitions, the improvement provides an initial indication that price adjustments, improved procurement processes and a continued focus on cost efficiency are beginning to have an effect. With regard to indirect costs, we have initiated an efficiency programme with the objective of reducing the existing cost base by approximately SEK 30 million during the coming financial year. Continued strong demand Order intake during the quarter mainly comprised a large number of smaller, recurring orders, well distributed across our three business areas. The absence of major contracts during the period reflects the natural variation between quarters in our market, where individual large orders have a significant short-term impact on order intake. Demand for our solutions remains strong in both smaller and larger transactions and, together with a high level of sales activity and a healthy prospect pipeline, creates the conditions for a growing order backlog over time. Improved financial position Strong growth has increased the need for working capital, and against this background we completed a share issue in October. The capital contribution strengthens our financial position and improves our ability to manage the increased capital tied up in a rapidly growing business. In parallel, we have intensified measures aimed at reducing capital tied up in relation to net sales. Full focus on the fourth quarter We are now entering an important and intense fourth quarter. The postponement of deliveries presents a clear challenge, and during the final months of the year our absolute focus is on minimising the remaining delivery constraints. This requires a lot from the organisation and on our ability to identify new solutions quickly and effectively. A number of initiatives are ongoing to realise the remaining potential for the year, whilst we in parallel implement measures intended to take full effect and lay the foundation for significantly stronger profitability in the next financial year. We are doing our utmost to finish the year as strongly as possible and will enter 2027 with our sights firmly set on our financial targets of an EBIT margin of 10 per cent and net sales of SEK 1 billion.. A number of initiatives are ongoing to realise the remaining potential for the year, whilst we in parallel implement measures intended to take full effect and lay the foundation for significantly stronger profitability in the next financial year. Evelina Hedskog President and CEO CEO Comment Strong Demand – Focus on Deliveries and Profitability
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5 Interim Report January–September 2026 Business area Integration Business area Integration combines systems integration with specialised harnesses, communication solutions and mobile, modular and rapidly deployable shelter systems. The offering includes customised systems and infrastructure designed to protect aircraft, helicopters, drones and other critical equipment in demanding environments. Developments during the period Business and market Interest in Integration’s solutions remains strong, driven by increased demand for shelters as well as integration and harnesses solutions from both military and civilian customers. A trend towards broader commitments is particularly evident among the business area’s larger industrial partners. To meet the demands of the growing order backlog, production capacity in Shelters was strengthened through expanded facilities and improved production flows. In parallel, the integration of KT-Shelter continued according to plan, and preparations were made for expanded manufacturing responsibility within Systems Integration. During the period, certain projects were affected by changes in customer requirements and additional design work, resulting in delays. The delays are considered temporary and are not expected to affect the long-term development of the business area. Financial Performance Net sales for the quarter amounted to SEK 110 (38) million, an increase of 189 per cent compared with the corresponding quarter last year. The increase was mainly driven by the acquisition of KT-Shelter. EBIT amounted to SEK -11 (9) million, corresponding to an EBIT margin of -10.2 (23.8) per cent. Earnings were negatively affected by delays in certain projects as a result of changed customer requirements and additional design work. At the same time, the efficiency measures initiated to reduce the cost base and strengthen profitability are being implemented. Business Model ׇProject-based business with customised solutions and end-to-end responsibility from design to delivery ׇRecurring business throughout the systems’ lifecycles through service, upgrades and adaptations Jul–Sep Jan–Sep SEK million 2026 2025 ∆ 2026 2025 ∆ Net sales1) 109.7 37.9 71.8 262.2 117.9 144.4 Operating profit (EBIT) -11.1 9.0 -20.1 -1.9 18.2 -20.0 Operating margin (EBIT margin), % -10.2 23.8 -33.9 -0.7 15.4 -16.1 1) Net sales by business area include intra-group sales, which are eliminated at Group level. LTM refers to the last twelve months. KT-Shelter’s net sales are included from the acquisition date, 25 May 2026. Sales by geography, LTM Net sales SEK110 M Order backlog SEK 243 M As at 30 September 2026 EBIT margin -10.2 % 56% 21% 22% 1% Sweden Finla nd Norway Rest of E u ro p e
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6 Interim Report January–September 2026 Business area Training Business area Training develops and delivers live fire training systems that enhance accuracy, efficiency and operational capability. The offering includes 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. Developments during the period Business and market Interest in the business area’s training solutions remained high, particularly for mobile training systems and solutions linked to the growing need to detect and counter unmanned aerial vehicles. During the period, several important deliveries were completed for both Nordic and international customers, including final deliveries under a major project and additional deliveries to existing customers. In parallel, work continued on price adjustments, stronger production control and expanded capacity to improve delivery performance and profitability over time. Financial Performance Net sales for the quarter amounted to SEK 54 (10) million, an increase of 440 per cent compared with the corresponding quarter last year. EBIT amounted to SEK -6 (-2) million, corresponding to an EBIT margin of -11.5 (-22.4) per cent. Efficiency initiatives are continuing and are expected to reduce the cost base further and strengthen profitability going forward. Business Model ׇStandardised systems and short lead times enable scalability ׇRecurring revenue from service, spare parts, software and upgrades Jul–Sep Jan–Sep SEK million 2026 2025 ∆ 2026 2025 ∆ Net sales1) 53.7 9.9 43.7 170.5 82.2 88.3 Operating profit (EBIT) -6.2 -2.2 -3.9 -23.9 -1.2 -22.7 Operating margin (EBIT margin), % -11.5 -22.4 11.0 -14.0 -1.5 -12.6 1) Net sales by business area include intra-group sales, which are eliminated at Group level. LTM refers to the last twelve months. Net sales SEK 54 M Order backlog SEK 33 M As at 30 september 2026 EBIT margin -11.5 % Sales by geography, LTM 39% 18% 18% 24% 1% Sweden Finla nd Norway Rest of E u ro p e Rest of t h e world
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7Interim Report January–September 2026 Business area Power Business area Power develops and manufactures power supply solutions for use in demanding environments, as well as simulator hardware. The portfolio includes battery systems, chargers, and diesel and hybrid generators that ensure continuous and reliable operation, as well as hardware for simulators used in vehicles, aircraft cockpits and weapon systems. Developments during the period Business and market Demand for Power’s products and solutions remained high during the quarter. The trend towards larger series deliveries of generators, hybrid generators, batteries and chargers is particularly evident and is driven by the defence sector’s increased need for robust energy solutions. Order intake for chargers developed positively. Existing customers are increasingly seeking to engage the business area in a broader role as a systems supplier. During the quarter, both net sales and profitability were negatively affected by delays in the supply chain and changed customer requirements in certain projects. Work to strengthen the supply of materials, production and skills continued in order to improve delivery performance going forward. Financial Performance Net sales for the quarter amounted to SEK 47 (37) million, an increase of 26 per cent compared with the corresponding quarter last year. EBIT amounted to SEK -9.8 (-5.5) million. Power’s increased net sales reflect the continuously growing order backlog. EBIT was primarily attributable to increased personnel and other costs to meet the order backlog, while delivery delays postponed expected revenue. The delays related to major projects, supply-chain delays and changed customer requirements in certain projects. Efficiency measures to reduce the cost base and strengthen profitability are under way. Business Model ׇProject-based and customised solutions for generators and simulator hardware, with long development and delivery cycles ׇStandardised battery and charging solutions with repeat business through service, upgrades and technical support Jul–Sep Jan–Sep SEK million 2026 2025 ∆ 2026 2025 ∆ Net sales1) 47.2 37.4 9.8 156.8 94.2 62.6 Operating profit (EBIT) -9.8 -5.5 -4.3 -24.9 -26.7 1.9 Operating margin (EBIT margin), % -20.8 -14.7 -6.1 -15.9 -28.4 12.5 1) Net sales by business area include intra-group sales, which are eliminated at Group level. LTM refers to the last twelve months. Sales by geography, LTM Net sales SEK 47M Order backlog SEK 546 M As at 30 September 2026 EBIT margin -20.8 % 53% 9% 1% 36% 1% Sweden Finla nd Norway Rest of E u ro p e Rest of t h e world
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8 Interim Report January–September 2026 Financial Comments Third quarter, July–September 2026 Sales and orders Net sales for the third quarter amounted to SEK 141.6 (81.0) million, an increase of 75 per cent. Net sales increased organically by 51 per cent. Order intake amounted to SEK 77 (93) million, a decrease of 17 per cent compared with the corresponding quarter last year. Order intake mainly comprised small and medium-sized orders. At the end of the quarter, the order backlog amounted to SEK 823 (569) million, an increase of 45 per cent compared with the end of the corresponding quarter last year. Gross profit and gross margin Gross profit amounted to SEK 69.3 (69.6) million, corresponding to a gross margin of 49.0 (85.9) per cent. The gross margin was lower than in the corresponding period last year, which was characterised by an exceptionally high margin as a result of non-recurring effects. Compared with the second quarter of 2026, the gross margin developed positively. EBIT och EBIT margin EBIT amounted to SEK -27.1 (1.3) million, corresponding to an EBIT margin of -19.1 (1.6) per cent. EBIT was negatively affected by postponed deliveries in several of the Group’s larger projects. To strengthen profitability, an efficiency programme has been initiated with the objective of reducing the existing cost base by approximately SEK 30 million during the coming financial year. Finance net Finance net amounted to SEK -4.9 (-6.7) million and mainly comprised net interest of -5.2 (-0.9) million, as well as foreign exchange effects and other financial items totalling SEK 0.3 (-5.6) million. Finance net was attributable to net interest expense arising from the fair value measurement of contingent consideration, Interest expense on utlization of overdraft facilities and the accounting for foreign exchange hedges. Net profit Net profit for the period amounted to SEK -25.6 (-2.5) million. Earnings per share before and after dilution amounted to SEK -1.31 (-0.16). Cash flow and investments Cash flow from operating activities amounted to SEK -44.2 (-18.3) MSEK. Changes in working capital affected cash flow by SEK -12.1 (-26.8) million, mainly due to inventory build-up related to delivery delays. Cash flow from investing activities amounted to SEK -0.6 (-5.9) million and was mainly affected by capitalised development expenditure and the acquisition of subsidiaries. Cash flow from financing activities amounted to SEK 35.9 (69.6) million and was mainly attributable to a net change in liabilities to credit institutions. Cash flow for the period amounted to -8.8 (45.4) million. Nine-month period, January–September 2026 Sales and order Net sales for the nine-month period amounted to SEK 498.6 (276.6) million, an increase of 80 per cent compared with the corresponding period last year. The development was mainly driven by organic growth and reflects strong market demand. Order intake amounted to SEK 713 (522) million, an increase of 37 per cent compared with the corresponding period last year. Order intake during the first nine months of the year was characterised by continued strong demand for the Group’s products and services. Gross profit and gross margin Gross profit amounted to SEK 247.1 (183.3) million, corresponding to a gross margin of 49.5 (66.3) per cent. The gross margin was mainly affected by the project mix. EBIT och EBIT margin EBIT amounted to SEK -50.7 (-9.8) million, corresponding to an EBIT margin of -10.2 (-3.5) per cent. Excluding transaction costs of SEK 19.3 million related to the acquisition of KT-Shelter, EBIT amounted to SEK -31.3 (-10.2) million and the EBIT margin to -6.2 (-3.5) per cent. The negative earnings development during the period was mainly attributable to the lower gross margin. Finance net Finance net amounted to SEK -9.1 (-10.5) million and were in line with the previous year. Net profit Net profit for the period amounted to SEK -51.0 (-17.2) million. Earnings per share before and after dilution amounted to SEK -2.71 (-1.09). Cash flow and investments Cash flow from operating activities amounted to SEK -46.8 (-46.1) million. Changes in working capital affected cash flow by SEK -1.7 (-48.9) million. Cash flow from investing activities amounted to SEK -301.6 (-19.1) million, and was mainly affected by the acquisition of KT- Shelter and the payment of contingent consideration relating to Box Modul in the second quarter. Cash flow from financing activities amounted to SEK 341.1 (95.7) million and was mainly affected by the share issue in the second quarter and changes in liabilities to credit institutions. Cash flow for the period amounted to SEK -7.2 (30.3) million. Liquidity and financial position As per reporting date, the Group’s cash and cash equivalents amounted to SEK 50 (52) million. In addition, the Group had three credit facilities of SEK 120.0 (28.0) million, NOK 5.0 (5.0) million and EUR 5.0 million. The credit facilities were partially utilised at the end of the period, with SEK 74.0 (0.0) million, NOK 0.0 (0.0) million and EUR 0.8 million. At the end of the period, equity amounted to SEK 536.0 (441.6) million, and the equity ratio to 45.9 (63.0) per cent. The Group’s interest-bearing liabilities amounted to SEK 304.8 (34.9) million.
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9 Interim Report January–September 2026 The Group’s net debt excluding lease liabilities amounted to 253.9 million, compared with SEK -28.5 million at the beginning of the year. The Group’s net debt including lease liabilities amounted to SEK 304.8 million compared with SEK 29.0 million at the beginning of the year.The change was mainly attributable to new loans raised in connection with acquisitions, utilisation of the bank overdraft facility and changes arising from new and terminated lease agreements. 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 35.0 (48.4) million. 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. For further information, refer to Note 3. 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 ownership interest in the associated company Sytrac AB and a 40 per cent ownership interest in Swedef AB. Seasonal variations The Group’s strongest quarter is typically the fourth quarter (Q4), followed by the second quarter (Q2), while the third quarter (Q3) is usually the weakest due to the summer holiday period. As the Group often works with large, long-term contracts, order intake and cash flow can vary significantly between individual quarters Employees The average number of employees during the period January–September 2026 was 246 (195), of whom 77 (49) were women. Significant risks and uncertainties The risk factors outlined in the annual report for 2025, onpages 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 SEK per share. All shares are of the same class and carry equal voting rights. At the end of the period, the Company had 10 230 shareholders. W5 Solutions AB (publ) is listed on Nasdaq First North Growth Market. Ten Largest Shareholders as at 30 September 2026 Name Number of shares Percentage % Cajory Defence AB 3 379 257 17.3 Salénia AB 2 080 554 10.6 Nvest Sverige AB 1 293 046 8.7 Vargtornet AB 1 165 638 6.0 Nordnet Pensionsförsäkring 1 146 942 5.9 Ingvar Jensen 961 582 4.9 Avanza Pension 689 434 3.5 Skogstornet AB 600 392 3.1 Thomas Wernhoff 475 000 2.4 Swedbank Robur Fonder 285 250 1.5 Other 7 482 176 36.2 Total 100 Incentive programmes The Group has share savings programmes with three-year measurement periods commencing on 1 May 2023 and 1 October 2023, respectively. 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”). For the programme with a measurement period commencing on 1 May 2023, the performance and vesting periods have ended. The outcome has been determined, and the programme will be settled in cash during the fourth quarter of 2026. For the programme with a measurement period commencing on 1 October 2023, the vesting period has ended. The final outcome will be determined in accordance with the programme’s terms after the calculation period ends in the fourth quarter of 2026. For further information about the Group’s share savings programmes, please refer to the 2025 Annual Report. At the 2025 Annual General Meeting, a resolution was passed to establish a three-year warrant programme 2025/2028 comprising 180 000 warrants for senior executives, which were transferred at market value. Each warrant 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 warrants runs from 1 June 2028 to 31 August 2028. Forward-Looking Information This report may contain forward-looking information reflecting the current expectations of Group Management. Although management considers these expectations reasonable, there can be no guarantee that they will prove to be accurate. Consequently, actual future outcomes may differ materially from those indicated in the forward-looking information. Such differences may arise from, among other factors, changes in market conditions affecting the Group’s products, broader changes in the economy, 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 during the third quarter amounted to SEK 1.0 (28.3) million and profit before tax amounted to SEK -3.0 (-11.4) million. As at the balance sheet date, cash and cash equivalents amounted to SEK 4.0 (47.9) million and equity amounted to SEK 480.3 (410.2) million. The number of employees amounted to 4(4).
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10 Interim Report January–September 2026 The Group’s Financial Reports Jul–Sep Jul–Sep Jan–Sep Jan–Sep Jan–Dec SEK thousand Note 2026 2025 2026 2025 2025 Operating income Net sales 2 141 613 81 009 498 652 276 658 491 647 Other operating income 3 242 672 5 908 1 811 2 873 Total operating income 144 854 81 681 504 559 278 469 494 520 Operating expenses Capitalised development expenses 1 568 3 413 10 814 12 371 16 483 Raw materials and consumables -72 282 -11 398 -251 591 -93 353 -177 926 Other external expenses -31 761 -19 869 -114 931 -56 856 -83 356 Personnel expenses -57 770 -42 297 -166 776 -125 956 -177 934 Depreciation and amortisation -10 979 -7 877 -29 951 -21 344 -29 993 Other operating expenses -721 -2 373 -2 805 -3 130 -4 028 Total operating expenses -171 944 -80 401 -555 239 -288 268 -456 753 OPERATING PROFIT (EBIT) -27 090 1 279 -50 680 -9 798 37 766 Finance net 3 -4 910 -6 669 -9 105 -10 564 -18 036 PROFIT AFTER FINANCIAL ITEMS -32 000 -5 389 -59 784 -20 362 19 730 Income tax 6 365 2 862 8 760 3 075 -5 041 NET PROFIT FOR THE PERIOD -25 635 -2 527 -51 024 -17 287 14 689 Earnings per share Number of shares at the end of the period 19 559 271 17 559 271 19 559 271 17 559 271 17 559 271 Weighted average number of shares before dilution 19 559 271 16 104 867 18 855 974 15 807 415 16 778 215 Weighted average number of shares after dilution 19 559 271 16 179 433 18 855 974 15 881 981 17 126 185 Earnings per share before dilution (SEK) -1.31 -0.16 -2.71 -1.09 0.88 Earnings per share after dilution (SEK) -1.31 -0.16 -2.71 -1.09 0.86 Jul–Sep Jul–Sep Jan–Sep Jan–Sep Jan-Dec SEK thousand Note 2026 2025 2026 2025 2025 NET PROFIT FOR THE PERIOD -25 635 -2 527 -51 024 -17 287 14 689 Items that may be reclassified subsequently to profit and loss Translation difference 9 549 -2 173 17 652 -3 372 -2 584 Other comprenhensive income for the period 9 549 -2 173 17 652 -3 372 -2 584 Comprehensive income for the period -16 086 -4 700 -33 372 -20 659 12 105 Attributable to shareholders of the parent company -16 086 -4 700 -33 372 -20 659 12 105 Condensed consolidated income statement Consolidated statement of comprehensive income
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11 Interim Report January–September 2026 Condensed consolidated balance sheet SEK thousand Note 30/09/2026 30/09/2025 31/12/2025 ASSETS Non-current assets Goodwill 4 497 477 235 416 234 903 Intangible assets 91 798 87 449 87 331 Right-of-use assets 90 111 39 516 36 647 Property, plant and equipment 22 595 11 663 14 805 Deferred tax assets 15 390 10 242 251 Other financial non-current assets 3 776 284 407 Total non-current assets 721 148 384 571 374 343 Current assets Inventories 223 544 127 318 118 059 Accounts receivables 80 788 92 939 101 898 Other current receivables 89 238 42 947 46 475 Cash and equivalents 50 899 52 928 57 537 Total current assets 444 469 316 132 323 969 TOTAL ASSETS 1 165 616 700 703 698 312 SEK thousand Note 30/09/2026 30/09/2025 31/12/2025 EQUITY AND LIABILITIES Equity Share capital 978 878 878 Other contributed capital 515 760 419 861 419 089 Currency translation reserve 13 879 -3 372 -3 773 Retained earnings incl. Net profit for the period 5 438 24 294 56 367 Equity attributable to shareholders of the parent company 536 055 441 661 472 560 Non-current liabilities Lease liabilities 67 586 27 309 24 132 Non-current interest-bearing liabilities 201 347 11 995 6 009 Other non-current liabilities 3 37 358 37 083 13 639 Deferred tax liabilities 13 599 15 508 15 052 Total non-current liabilities 319 891 91 895 58 831 Current liabilities Lease liabilities 22 788 11 958 12 553 Current interest-bearing liabilities 103 456 23 000 23 000 Accounts payables 81 572 40 177 43 410 Other current liabilities 3 101 854 92 011 87 958 Total current liabilities 309 670 167 146 166 921 TOTAL EQUITY AND LIABILITIES 1 165 616 700 703 698 312
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12 Interim Report January–September 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 -16 -17 288 -17 304 Other comprehensive income for the period -3 372 -3 372 Comprehensive income for the period - -16 -3 372 -17 288 -20 676 Transactions with owners New share issue (net) 121 139 625 139 746 Proceeds from warrants 1 705 1 705 Share based payment 3 215 3 215 Total transactions with owners 121 139 625 4 920 144 666 Closing balance, 30 September 2025 878 419 073 -4 561 26 263 441 653 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 -51 024 -51 024 Other comprehensive income for the period 17 652 17 652 Comprehensive income for the period - - 17 652 -51 024 -33 372 Transactions with owners New share issue (net) 100 96 671 96 771 Proceeds from warrants 0 - Share based payment 97 97 Total transactions with owners 100 96 671 - 97 96 868 Closing balance, 30 September 2026 978 515 760 13 879 5 438 536 056 Jul–Sep Jul–Sep Jan–Sep Jan–Sep Jan–Dec SEK thousand 2026 2025 2026 2025 2025 Cash flow from operating activities Operating profit (EBIT) -27 090 1 279 -50 680 -9 798 37 766 Adjustment for non-cash items 8 665 11 834 29 840 26 100 35 539 Taxes paid -8 623 -2 105 -15 180 -7 721 -10 293 Received/Paid interest -5 060 -2 403 -9 026 -5 813 -7 069 Changes in working capital -12 129 -26 863 -1 770 -48 942 -63 385 Cash flow from operating activities -44 237 -18 257 -46 815 -46 174 -7 441 Investing activitites Changes in intangible assets -1 054 -4 542 -12 794 -12 318 -16 656 Changes in tangible assets -377 -1 424 -5 710 -4 803 -6 122 Changes in financial assets - 5 - 7 74 Acquisition of subsidiaries, net of cash 779 0 -283 110 -2 060 -18 244 Cash flow from investing activities -652 -5 961 -301 614 -19 173 -40 948 Financing activities New share issue -147 103 728 96 771 139 746 139 746 Warranty program - 426 - 1 705 1 705 Net changes in liabilities to credit institution 40 609 -31 798 258 906 -37 768 -43 727 Payment of lease liabilities -4 465 -2 699 -14 500 -7 942 -13 973 Cash flow from financing activities 35 997 69 657 341 177 95 741 83 751 CASH FLOW FROM THE PERIOD -8 892 45 439 -7 252 30 393 35 362 Change in cash & cash equivalents Cash and cash equivalent, beginning of period 57 537 7 503 57 537 22 809 22 809 Exchange rate differences on cash and cash equivalents 2 254 -14 614 -274 -633 Cash and cash equivalents, end of period 50 899 52 928 50 899 52 928 57 537 Condensed consolidated cash flow statement
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13 Interim Report January–September 2026 Parent Company’s Financial Reports Condensed Parent Company income statement Jul–Sep Jul–Sep Jan–Sep Jan–Sep Jan–Dec SEK thousand 2026 2025 2026 2025 2025 Operating income Net sales 1 071 28 307 20 813 50 066 112 761 Other operating income 10 135 -778 14 161 282 526 Total operating income 11 206 27 529 34 974 50 348 113 287 Operating expenses Raw materials and consumables -1 306 -20 508 -20 585 -34 998 -86 561 Other external expenses -7 371 -6 039 -35 551 -13 806 -21 289 Personnel expenses -2 773 -4 728 -11 480 -12 260 -16 276 Depreciation -13 -9 -40 -37 -48 Other operating expenses -7 -8 384 -68 -8 749 -1 971 Total operating expenses -11 470 -39 668 -67 724 -69 851 -126 145 OPERATING PROFIT (EBIT) -264 -12 140 -32 750 -19 503 -12 858 Finance net -2 782 664 -2 475 783 -17 855 PROFIT AFTER FINANCIAL ITEMS -3 046 -11 476 -35 225 -18 720 -30 713 Appropriations - - - - 22 204 PROFIT BEFORE TAX -3 046 -11 476 -35 225 -18 720 -8 509 Income tax for the period 310 4 078 3 933 4 290 -1 664 NET PROFIT FOR THE PERIOD* -2 736 -7 398 -31 293 -14 430 -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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14 Interim Report January–September 2026 Condensed Parent Company balance sheet SEK thousand 30/09/2026 30/09/2025 31/12/2025 ASSETS Non-current assets Intangible assets 1 981 - - Property, plant and equipment 180 51 220 Shares in subsidiaries 666 185 289 483 381 503 Other financial non-current assets 3 998 12 989 2 075 Total non-current assets 672 344 302 522 383 798 Current assets Accounts receivables 498 23 427 28 351 Other current receivables 209 877 184 166 149 714 Cash and cash equivalents 4 063 47 958 42 353 Total current assets 214 438 255 551 220 419 TOTAL ASSETS 886 782 558 073 604 217 SEK thousand 30/09/2026 30/09/2025 31/12/2025 EQUITY AND LIABILITIES Equity Restricted equity 978 878 878 Unrestricted equity 479 407 409 330 413 932 Total equity 480 385 410 208 414 810 Provisions 35 004 48 445 13 639 Non-current liabilities Non-current interest-bearing liabilitites 190 250 10 000 4 250 Total non-current liabilities 190 250 10 000 4 250 Current liabilities Current interest-bearing liabilities 103 456 23 000 23 000 Accounts payables 2 259 2 221 5 553 Other current liabilities 75 428 64 199 142 965 Total current liabilities 181 143 89 420 171 518 TOTAL EQUITY AND LIABILITIES 886 782 558 073 604 217
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15 Interim Report January–September 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. Order Backlog by Business Area (SEK million) Integration Training Power 33 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 EBIT level. Sales of goods and services between segments are carried out on market terms. W5 Solutions’ operations and management structure are organised into three business areas, which also constitute the Group’s operating segments: Integration, Training and Power, after the allocation of group costs. For a description of the business areas and their development during the period, see pages 5–7. 546 243
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16 Interim Report January–September 2026 Note 3 Fair value of financial instrument he 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 30/09/2026 30/09/2025 31/12/2025 FINANCIAL ASSETS AND LIABILITIES Financial assets and liabilities measured to fair value Contingent considerations for earn-outs 3 35 004 48 445 38 638 Total 35 004 48 445 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 contingent consideration may amount to a minimum of SEK 10 million and a maximum of SEK 41 million (discounted). Changes in the balance sheet item are presented in the table. SEK thousand 30/09/2026 30/09/2025 31/12/2025 Opening balance 38 638 42 740 42 740 Acquisitions 19 334 - - Payment -25 266 -2 060 -18 204 Measurement to fair value accounted as operating expenses 6 842 Measurement to fair value accounted as finance net 2 298 923 14 102 Closing balance 35 004 48 445 38 638 Jul-Sep 2026 SEK thousand Integration Training Power Elimination Total Net sales 109 669 53 663 47 184 -68 903 141 613 Operating profit (EBIT) -11 137 -6 154 -9 799 - -27 090 Finance Net -4 910 Income tax 6 365 Net profit for the period -25 635 Jul–Sep 2025 SEK thousand Integration Training Power Elimination Total Net sales 37 882 9 946 37 357 -4 176 81 009 Operating profit (EBIT) 9 004 -2 231 -5 493 1 279 Finance Net -6 669 Income tax 2 862 Net profit for the period -2 528 Jan–Sep 2026 SEK thousand Integration Training Power Elimination Total Net sales 262 234 170 464 156 789 -90 835 498 652 Operating profit (EBIT) -1 892 -23 936 -24 852 -50 680 Finance Net -9 105 Income tax 8 760 Net profit for the period -51 025 Jan–Sep 2025 SEK thousand Integration Training Power Elimination Total Net sales 117 866 82 150 94 192 -17 550 276 658 Operating profit (EBIT) 18 153 -1 216 -26 734 -9 798 Finance Net -10 564 Income tax 3 075 Net profit for the period -17 287
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17 Interim Report January–September 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. Statement by the CEO The Chief Executive Officer certifies that this 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 November 2026 Evelina Hedskog President and CEO By authorisation of the Board of Directors 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 Revenue 64 136 Operating profit (EBIT) 24 226 Impact if the acquisition had been completed at the beginning of the financial year Revenue 110 410 Operating profit (EBIT) 14 255 * The purchase price allocation is preliminary.
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18 Interim Report January–September 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 embedded in our business model and central to our mission: to develop and deliver defence and security technology that strengthens defence capabilities and supports a more resilient and sustainable society. Guided by our values of Innovation, Collaboration and Excellence, we work to ensure that security and sustainability go hand in hand. Our products are designed for long service lives and are upgraded and maintained to optimise resource use and reduce environmental impact. This work is supported by ISO- certified 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 251 FTE Growth markets The Nordics and Western Europe
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19 Interim Report January–September 2026 Presentation of W5 Solutions’ Interim Report for Q3 2026 W5 Solutions invites investors, analysts, and media to a live webcast presentation of the results for January–September 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 CET on 5 november 2026. Presentation and Financial Calendar Financial Calendar W5 Solutions publishes financial reports on a quarterly basis. Upcoming reporting dates are as follows: Y ear-end Report 2026 17 February 2027 Interim Report Q1 2027 29 April 2027 Interim Report Q2 2027 16 July 2027 Interim Report Q3 2027 28 October 2027 Y ear-end Report 2027 17 February 2028 The Annual General Meeting is scheduled to be held on 29 April 2027. To participate in the presentation, please register via the following link: 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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20 Interim Report January–September 2026 Definitions and terminology W5 Solutions uses supplementary financial and operational measures to facilitate an understanding of the Group’s development, performance and financial position. The definitions of these measures are presented below. Net sales growth, % Change in net sales compared with the corresponding period in the previous year. Organic growth, % Change in net sales compared with the corresponding period in the previous year, excluding the effects of acquisitions and divestments. Gross profit Net sales less the cost of raw materials and consumables. Gross margin, % Gross profit in relation to net sales. EBIT Operating profit. EBIT margin, % Operating profit (EBIT) in relation to net sales. Net debt Interest-bearing liabilities, including lease liabilities, plus contingent consideration, less cash and cash equivalents. Equity ratio, % Equity, including non-controlling interests, divided by total assets. Order intake The value of new orders received by W5 Solutions during the period. The estimated or maximum value of framework agreements is excluded. Orders under framework agreements are included when the customer places a call-off order. Order backlog The value of orders received that have not yet been recognised as revenue at the end of the period. The estimated or maximum value of framework agreements is excluded. .
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Empowering Defence W5 SOLUTIONS AB (PUBL) reg. no.: 556973-2034 Jakobsdalsvägen 19 131 52 Nacka Strand, Sverige 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.