Interim report 1 January – 30 September 2025: Steady growth and solid margins

2025.10.23

- Q3 2025 marks another solid quarter for PowerCell. We continue to grow steadily, deliver higher margins, and strengthen our operational foundation, even as we manage the temporary cash flow effects from planned working capital activities, says Richard Berkling, CEO at PowerCell

July - September 2025

Net sales SEK 85.8m (71.9), an increase of 19% compared to same quarter previous year
Gross profit increased to SEK 33.1m (23.1) with a gross margin of 38.6% (32.1)
Operating income before items affecting comparability SEK -14.3m (-15.7)
Net income SEK -15.3m (-15.9)
Operating cash flow SEK -57.4m (-7.4)
Earnings per share (basic and diluted) SEK -0.23 (-0.46)

January - September 2025

Net sales SEK 289.9m (190.2), an increase of 52%
compared to same period previous year
Gross profit increased to SEK 140.7m (58.6) with a gross margin of 48.5% (30.8)
Operating income before items affecting comparability SEK -3.7m (-84.4)
Net income SEK -8.6m (-49.6)
Operating cash flow SEK -129.8m (-19.3)
Earnings per share (basic and diluted) SEK -0.41 (-1.45)

Significant events during the third quarter

PowerCell signs SEK 43m contract with E-Cap Marine to supply two hydrogen-powered bulk carriers to be built by GMI Rederi AS.
As part of PowerCell transition into its next phase of growth changes in the management team were announced.

Significant events after the third quarter

PowerCell PowerCell signs SEK 4,3m order for fuel cell systems from Zeppelin Power Systems.

Key performance indicators
SEK million, unless other stated	Jul-Sep 2025	Jul-Sep 2024	Jan-Sep 2025	Jan-Sep 2024	2024
Net sales	85.8	71.9	289.9	190.2	334.3
Gross profit	33.1	23.1	140.7	58.6	116.2
Gross margin, %	38.6	32.1	48.5	30.8	34.8
EBITDA*	-6.7	-9.9	14.6	-37.6	-30.9
Operating income	-14.3	-15.7	-3.7	-54.4	-53.7
Net income	-15.3	-15.9	-8.6	-49.6	-47.3
Earnings per share (basic and diluted), SEK	-0.23	-0.46	-0.41	-1.45	-1.52
Equity asset ratio, %	73.4	55.1	73.4	55.1	62.5
Operating cash flow	-57.4	-7.4	-129.8	-19.3	-37.1

*2024 including items affecting comparability

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-2025
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/q3-report-2025/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.

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.