Discipline in a weak quarter and a challenging market with early signs of growth

During Q3, we began to see the effects of cost and organizational measures initiated earlier in the year. Combined selling, administrative and R&D expenses decreased by 25 per cent compared with Q3 2025, while selling and administrative expenses decreased by 20 per cent year to date compared with the corresponding period last year. Our measures are expected to result in an annual cost level approximately SEK 50 million lower in 2027. After the quarter, we signed a non-binding MOU with Bosch to jointly address growing demand for Power Generation solutions, driven by data center expansion and an increasing focus on energy resilience and strategic autonomy.

July - September 2026

  • Net sales SEK 33.1m (85.8), a decrease of 61% compared to same quarter previous year.
  • Gross profit decreased to SEK 9.1m (33.1) with a gross margin of 27.5% (38.6)
  • Operating income SEK -33.7m (-14.4)
  • Net income SEK -34.2m (-15.3)
  • Operating cash flow SEK -1.2m (-39.4)
  • Earnings per share (basic and diluted) SEK -0.59 (-0.26)


January – September 2026

  • Net sales SEK 117.0m (289.9), a decrease of 60% compared to same period previous year. Excluding the one-off effect of the major licensing transaction with Bosch last year, revenue decreased by 41%.
  • Gross profit decreased to SEK 23.5m (140.7) with a gross margin of 20.0% (48.5)
  • Operating income SEK -126.3m (-4.4)
  • Net income SEK -125.2m (-8.6)
  • Operating cash flow SEK -74.4m (-126.3)
  • Earnings per share (basic and diluted) SEK -2.16 (-0.15)

Significant events during the third quarter

  • PowerCell secured multi-MW Power Generation order for AI data center, valued approximately SEK 30m.
  • Announced a 300 MW+ Hydrogen Power Partnership for AI Data Centers with ECL, supported by Bosch.
  • Secured an order from DLR for integrated Fuel-to-Power system, valued approximately SEK 21m.
  • Vlad Månsson assumed his position as Chief Commercial Officer (CCO) on 31 August 2026.
  • The Nomination Committee has been appointed ahead of Powercell Sweden AB’s (publ.) 2027 Annual General Meeting.


Significant events after the third quarter

  • PowerCell secures a follow-up order from GMI Group AS for two additional hydrogen-electric bulk carriers worth SEK 27m.
  • Board member Nicolas Boutin leaves Powercell Sweden AB’s (publ.) Board of Directors due to time constraints. Effective immediately.
  • Signed a non-binding MOU with Bosch to jointly address rising Power Generation demand from data centers and utilities.
Key performance indicators
SEK million, unless other stated Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Jan-Dec 2025
Net sales 33.1 85.8 117.0 289.9 385.0
Gross profit 9.1 33.1 23.5 140.7 174.2
Gross margin, % 27.5 38.6 20.0 48.5 45.2
EBITDA* -26.0 -6.9 -101.9 13.9 3.9
Operating income * -33.7 -14.4 -126.3 -4.4 -22.9
Net income -34.2 -15.3 -125.2 -8.6 -29.5
Earnings per share (basic and diluted), SEK -0.59 -0.26 -2.16 -0.15 -0.51
Equity asset ratio, % 48.7 73.4 48.7 73.4 64.6
Operating cash flow** -1.2 -39.4 -74.4 -126.3 -49.5

* 2025 is affected by reclassification of blocked bank funds of SEK Q1 -1.0m, Q2 0.5m and Q3 -0.1m
** 2025 is affected by a correction of SEK Jul-Sep 0,1m, Jan-Sept -14.4m, Jan-Dec-39.4m. No impact on total cash flow.

Webcast presentation

An online presentation will take place today at 08:30 am CEST. The presentation can be listened to online or by
calling in. A question-and-answer session will follow the presentation. The presentation is held in English.

If you wish to participate online, please use the link:
https://powercell-group.events.inderes.com/q3-report-2026

This information constitutes information that Powercell Sweden AB (publ) is obliged to make public according to the EU Market Abuse Regulation and the Swedish Securities Market Act. The information was submitted for publication through the contact person set out above at 07:30 am CEST on October 22, 2026.

Every care has been taken in the translation of this interim report. If there are discrepancies, the Swedish original will supersede the English translation. The addition of the totals presented may result in minor rounding differences.

For more information, please contact:
Richard Berkling
CEO
Phone: +46 31 720 36 20
Email: richard.berkling@powercellgroup.com

For more information, please contact:
Anders Düring
CFO
Phone: +46 31 720 36 20
Email: anders.during@powercellgroup.com

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 2026-10-22 07:30 CEST.

Attachments
PowerCell Q3 2026 EN