PowerCell Sweden AB: Slow conversion in a cautious market

While we are disappointed with the first quarter of 2026, the development is in line with the increased volatility in demand we highlighted in the Q4 report.

January - March 2026

• Net sales SEK 46.9m (74.1), a decrease of 37% compared to same quarter previous year
• Gross profit decreased to SEK 10.5m (27.5) with a gross margin of 22.4% (37.1)
• Operating income SEK -40.4m (-12.3)
• Net income SEK -39.8m (-15.7)
• Operating cash flow SEK -92.7m (-79.3)
• Earnings per share (basic and diluted) SEK -0.69 (-0.27)

Significant events during the first quarter

• Announcement that PowerCell joins European GAMMA project, a project funded by Horizon Europe for a total of EUR 17m to retrofit a bulk carrier with hydrogen-based fuel cell system.
• PowerCell joined the MiNaMi project, an EU-funded initiative to develop Europe's first megawatt-scale Proton Exchange Membrane (PEM) fuel cell system for maritime use. PowerCells share valued EUR 2.6m.
• A review of the company's technology was published in media. PowerCell responded to the claims with a press release pointing out that the news publication was based on older technology that has been replaced by new generations of technology as well as completely new industrial processes.
• PowerCell Nomination Committee proposes Katarina Bonde as new Chari of the Board.

Significant events after the first quarter

• No significant events after the first quarter.

Key performance indicators
SEK million, unless other stated				Jan-Mar 2026	Jan-Mar 2025	Jan-Dec 2025
Net sales				46.9	74.1	385.0
Gross profit				10.5	27.5	174.2
Gross margin, %				22.4	37.1	45.2
EBITDA*				-31.9	-7.1	3.9
Operating income *				-40.4	-12.3	-22.9
Net income				-39.8	-15.7	-29.5
Earnings per share (basic and diluted), SEK				-0.69	-0.27	-0.51
Equity asset ratio, %				61.5	65.3	64.6
Operating cash flow				-92.7	-79.3	-10.1

* 2025 Q1 is affected by reclassification of blocked bank funds of SEK 1.0m.

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/q1-report-2026

You can ask questions in writing at the online presentation.

If you wish to participate in the telephone conference, you can register using the link:
https://events.inderes.com/powercell-group/q1-report-2026/dial-in

Following registration, you will receive telephone numbers and a conference ID to log in to the conference. You can ask questions verbally at the telephone conference.

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.

For more information, please contact:
Richard Berkling
CEO
Phone: [phone]
Email: [e-mail]

For more information, please contact:
Anders Düring
CFO
Phone: [phone]
Email: [e-mail]

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 powercellgroup.com.

This information is information that PowerCell Sweden AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2026-04-23 07:30 CEST.