A weak quarter – but a stronger strategic position

We are not satisfied with the second quarter. Although the development is consistent with the market conditions we described in our year-end report and revisited in our first-quarter report.

April - June 2026

• Net sales SEK 37.0m (130.0), a decrease of 72% compared to same quarter previous year. Excluding the one-off effect of the major licensing transaction with Bosch last year, revenue decreased by 46%.
• Gross profit decreased to SEK 3.9m (80.1) with a gross margin of 10.4% (61.6)
• Operating income SEK -52.2m (22.4)
• Net income SEK -51.2m (22.4)
• Operating cash flow SEK 4.6m (6.9)
• Earnings per share (basic and diluted) SEK -0.88 (0.39)

January – June 2026

• Net sales SEK 83.9m (204.1), a decrease of 59% compared to same period previous year. Excluding the one-off effect of the major licensing transaction with Bosch last year, revenue decreased by 35%.
• Gross profit decreased to SEK 14.4m (107.6) with a gross margin of 17.1% (52.7)
• Operating income SEK -92.6m (10.1)
• Net income SEK -91.0m (6.7)
• Operating cash flow SEK -88.1m (-72.4)
• Earnings per share (basic and diluted) SEK -1.57 (0.11)

Significant events during the second quarter

• Signed a follow-up order within aviation, worth approximately SEK 12m.
• Contract signed to supply 4 MW marine fuel cell systems for two cargo ships. Value approximately SEK 50m.
• The Annual General Meeting elected Katarina Bonde as Chair of the Board.
• PowerCell appointed Vlad Månsson as Chief Commercial Officer. Assumes the position during Q3 2026.
• The number of shared and votes in Powercell Sweden AB (publ) increased by 265,159, due to share subscription within the framework of the LTI 2021 programme.

Significant events after the second quarter

• Secured multi-MW Power Generation order for AI data center, valuted approximately SEK 30m.
• Announced a 300+ MW Hydrogen Power Partnership for AI Data centers with ECL, supported by Bosch.

* 2025 is affected by reclassification of blocked bank funds of SEK Q1 -1.0m, Q2 -0.2m.

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/q2-report-2026

You can ask questions in writing at the online presentation.

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: [email protected]

For more information, please contact:
Anders Düring
CFO
Phone: +46 31 720 36 20
Email: [email protected]

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 and the Securities Markets Act. The information was submitted for publication, through the agency of the contact persons set out above, at 2026-07-16 07:30 CEST.