PowerCell Sweden AB (publ) (PCELL) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Welcome to the PowerCell Group Q4 2025 report presentation. For the first part of the presentation, participants will be in listen-only mode. During the questions and answers session, participants are able to ask questions by dialing pound key 5 on their telephone keypad. Now, I will hand the conference over to the CEO, Richard Berkling, and CFO, Anders Doering. Please go ahead. Good morning and thank you for joining us. 2025 was an important year for Powercell, not because everything moved fast, but because the right things moved forward. We operated in a market where interest in hydrogen and fuel cell clearly increased, but the investment decision remained cautious and uneven, which affected the market. That combination of market conditions requires discipline more than optimism and execution more than ambition. And that is what we saw in 2025 and what we will present here in this quarter four presentation. So again, that backdrop, Parcel continued our shift from technology development to more industrial execution. We delivered a record year when it comes to several aspects. We have improved margins materially. We generated positive EBITDA for the first time for a full year. And we strengthened our cash position. All this while operating at a slightly lower top level than we initially anticipated. This is not where we want to end up, but it's also a very clear confirmation that our fundamentals are strengthening. It shows that we as a company can execute control costs and deliver industrial performance in a very demanding environment. So as we enter into 2026, we're not managing to watch a single market forecast. We are deliberately building a structure that can protect earnings at a lower activity scenario while still remaining ready to scale when the opportunity ...