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Year-end report
January - December 2025
Execution, discipline and positioning in a volatile market
October - December 2025
Net sales SEK 65.1m (144.1), a decrease of 34% compared to same quarter previous year
Gross profit decreased to SEK 33.4m (57.6) with a gross margin of 35.2% (40.0)
Operating income SEK -18.6m (0.7)
Net income SEK -21.0m (2.3)
Operating cash flow SEK 101.8m (-17.8)
Earnings per share (basic and diluted) SEK
-0.34 (-0.21)
January - December 2025
Net sales SEK 385.0m (334.3), an increase of 15% compared to same period previous year
Gross profit increased to SEK 174.2m (116.2) with a gross margin of 45.2% (34.8)
Operating income SEK -22.6m (-53.7) *
Net income SEK -26,5m (-47.3)
Operating cash flow SEK -10.1m (-37.1)
Earnings per share (basic and diluted) SEK
-0.75 (-1.52)
The Board of directors proposes that no dividend will be paid for the fiscal year 2025
Significant events during the fourth quarter
PowerCell signs SEK 4,3m order for fuel cell systems from Zeppelin Power Systems.
PowerCell secured an order to deliver M2Power 250 methanol-to-power system to a European shipyard, valued SEK 43m.
An agreement was signed with US-based data center provider to supply two PowerCell PS160 fuel cell power systems for field validation in a data-center application.
PowerCell received an order from Enetech AS for the fuel cell system PS160.
PowerCell received a follow-up order from a leading European aerospace research institute. Valued at SEK 12m.
Current Chairman of the Board, Magnus Jonsson, decide to step down and not seek re-election at the Annual General Meeting in 2026.
Significant events after the fourth quarter
On January 16 2026, it was announced in a press release that PowerCell joins European GAMMA project, a project funded by Horizon Europe for at total of EUR 17m to retrofit a bulk carrier with hydrogen-based fuel cell system.
PowerCell has signed an additional credit facility allowing customer project financing within a frame of SEK 50m.
Key performance indicators
SEK million, unless other stated Oct-Dec 2025 Oct-Dec 2024 Jan-Dec 2025 Jan-Dec 2024
Net sales | 65.1 | 144.1 | 385.0 | 334.3 |
Gross profit | 33.4 | 57.6 | 174.2 | 116.2 |
Gross margin, % | 35.2 | 40.0 | 45.2 | 34.8 |
EBITDA* | -10.0 | 6.7 | 3.6 | -30.6 |
Operating income | -18.6 | 0.7 | -22.6 | -53.7 |
Net income | -21.0 | 2.3 | -26.5 | -47.3 |
Earnings per share (basic and diluted), SEK | -0.34 | -0.21 | -0.75 | -1.52 |
Equity asset ratio, % | 64.6 | 62.5 | 64.6 | 62.5 |
Operating cash flow ** | 101.8 | -17.8 | -10.1 | -37.1 |
*2024 including items affecting comparability, SEK 30m ** 2024 is affected by reclassification of blocked bank funds of SEK 18.5m
CEO comments
Execution, discipline and positioning in a volatile market:
The fourth quarter 2025 concluded a year in which PowerCell continued its shift from technology development to industrial execution, while operating in a market characterised by increasing interest but cautious investment decisions. Quarterly revenue declined compared to a strong comparative quarter in 2024, but the full-year outcome confirms tangible progress across product maturity, industrial capability and commercial positioning.
For the full year, net sales increased by 15 percent to SEK 385 million (334.3), with a gross margin improvement to
45.2 percent (34,8). Adjusted for foreign exchange effects, underlying growth was 24 percent and in line with our operational plan. Operating income improved materially compared to the previous year (-22.6 vs -53.7), reflecting a more industrialised portfolio, stronger project execution and sustained cost discipline. Operating cash flow strengthened significantly to -10.1 (-37.1), with a strong inflow in the fourth quarter driven by deliveries according to plan and active working capital management. We close the year with available cash of 126 MSEK, providing financial resilience and flexibility entering 2026.
A record year, with higher standards ahead
As communicated early in the year, 2025 followed a different profile than previous years, with revenue more evenly distributed across quarters rather than concentrated at year-end. This weighed on our fourth-quarter revenue and profitability versus 2024 but reflects better execution discipline and a healthier operating rhythm. We maintained positive EBITDA for the full year despite a lower-than-planned and FX-impacted top line, partly offset by IP-related revenues that remain an integrated and value-creating part of our business model.
2025 was a record year in several aspects, yet still below our long-term ambition. Positive EBITDA at a lower top line confirms progress in execution and cost control, while underlining the need to scale revenue more consistently and predictably. We see the year as evidence that our fundamentals are strengthening and remain focused on turning our technical leadership and industrial readiness into sustained profitability as the market matures.
Commercial progress across segments
During the quarter, PowerCell secured several strategically important orders that clearly show both execution in our core business and expanding demand in adjacent applications. Highlights include the SEK 43 million M2Power 250 methanol-to-power order to a European shipyard, the SEK 12 million follow-on order from a leading European aerospace research institute. And early traction in Power Generation through our recently launched PS160 with a field validation agreement with a US-based data center provider and
orders from Zeppelin Power Systems and the Norwegian system integrator Enetech AS. In marine, deliveries of MS225 systems were completed on time and customer programs have now progressed into the system integration phase.
Collectively, these wins demonstrate the breadth of our addressable markets, confirm the strength of our portfolio in mission-critical environments, and underline Power Generation as an emerging second pillar alongside our established segments.
Prepared for a wide range of outcomes
The market environment remains uncertain: demand, regulatory pressure and customer awareness are increasing across several segments, but geopolitical uncertainty, stricter capital discipline and cautious investment behavior continue to delay decisions, leaving a wide range of potential outcomes for 2026.
Our response is structural. In marine, we build on in-house system integration and a proven delivery track record. In Power Generation, we are creating a second pillar that leverages Bosch's manufacturing infrastructure, enabling scalable growth with limited capital exposure and maintained margin discipline. The combination is intentionally not built around a single forecast, but to remain resilient and flexible as the market takes shape. This approach is underpinned by the capabilities and commitment of our people, whose industrial execution and delivery discipline are central to our progress.
PowerCell enters 2026 with strengthened industrial capabilities, a broader and more competitive product portfolio and a solid financial position, well placed to manage risk and capture opportunity across this range of outcomes.
Gothenburg, October 2025 CEO Richard Berkling
Financial performance October-December 2025
Net salesNet sales amounted to SEK 65.1m (144.1), a decrease of 34%. License fees from Robert Bosch GmbH in total accounted to SEK 20.6m (23.0).
Gross profit and operating income/lossGross profit decreased to SEK 33.4m (57.6) with a gross margin of 35.2% (40.0). Margin is impacted by the licence fees income received in the quarter. During the fourth quarter margin is affected by a negative currency effect of -6.8m (5.6m), following re-evaluating project reported as percentage of completion.
Research and development costs increased to SEK -34.7
(-26.6) due to periodization effects between quarters within 2025.
Other operating income amounted to SEK 13.1m (8.6). The increase between quarters consists of the currency effect on operating activities.
In the quarter, SEK 2.6m (13.5) was capitalised as development expenditures. The majority of the capitalised expenditures are related to the development of the PS200 system. Amortization of the PS200 system in the quarter amounted to SEK- 3.3m (-0.2).
Net income and financial itemsNet financial items amounted to SEK -2.4m (1.6). Net income in the quarter was SEK -21.0m (2.3).
Cash flowDuring the quarter operating cash flow amounted to SEK 101.8m (-17.8). Major payment milestones for projects reported as percentage of completions improved the cashflow during the quarter. Continued investments in line with proceeds in last year's capital raise, also impact short term cash flow.
Cash flow from investing activities was affected by product development capitalisation. In the quarter, SEK 2.6m (13.5) was capitalised as intangible assets.
Total cash flow for the quarter amounts to SEK 70.7m (148.6).
Financial positionOn December 31, 2025, cash and cash equivalents amounted to SEK 78.8m (218.6) and available liquidity amounted to SEK 128.8m including unused credit facility that amounted to SEK 50m. In the fourth quarter of 2024 a direct issue took place generating a cash flow of SEK 182.0m.
Net sales Gross profit %
450
400
350
300
250
200
150
100
50
0
Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25
Net sales, SEK million R12M
450
400
350
300
250
200
150
100
50
0
70%
60%
50%
40%
30%
20%
10%
0%
Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25
Gross profit margin, % R12 Gross profit margin %
70%
60%
50%
40%
30%
20%
10%
0%
Financial performance January-December 2025
Net salesNet sales amounted to SEK 385.0m (334.3), an increase of 15%. Royalty and license fees from Robert Bosch GmbH accounted to SEK 112.1m (37.8). Although license fees in this period are significant, it is still a business model that PowerCell has proven and is expected to continue to explore going forward, not with the same outcome in every quarter but still on a continuous base.
Gross profit and operating income/lossGross profit increased to SEK 174.2m (116.2) with a gross margin of 45.2% (34.8). Compared to 2024, gross profit margin is largely impacted by license fees received in the second quarter. Margin was held back compared to last year by negative currency effects, approximately SEK
-21.4m (7.2m), following re-evaluating project reported as percentage of completion.
In Q3 2025 selling and administrative costs includes provision for organization changes of SEK 5m.
Other operating costs consists of currency effects on operating activities and amounted to SEK -18.5m (-24.6).
Other operating income consists of funding and currency effects on operating activities and amounted to SEK 54.6m (48.6). The income from funding has decreased with SEK 5m and the currency effect increased to SEK SEK 11m.
During the year, SEK 24.3m (40.3) has been capitalised as development expenditures. The majority of the capitalised expenditures are related to the development of a new version of PS200 system. Amortization of the PS200 system amounted to SEK -5.3m (-0.2).
Net income and financial itemsNet financial items amounted to SEK -6.7m (6.2).
Net income during the period was SEK -26.5m (-47.3).
Net income includes a total currency effect of SEK 4.6m (-0.7)
Cash flowDuring the period operating cash flow was SEK
-10.1m (-37.1). Cash flow for the quarter, like previous quarters in 2025, is affected by planned working-capital activities, a deliberate measure to secure supply, protect margins, and maintain delivery readiness in a volatile market.
Major payment milestones for projects reported as percentage of completions improved the cashflow during the last quarter.
Cash flow from investing activities was affected by product development capitalisation. During the year SEK 24.3m (40.3) was capitalised as intangible assets. Investing activities was also affected by a change in financial assets of SEK
36.4m mostly related to the license fees invoiced during second and fourth quarter that are classified as long-term.
Cash flow from financing activities was affected by a loan amortization when a loan was conversed to a credit facility of SEK 50m.
Total cash flow for the year 2025 amounts to SEK
-134.8m (141.0).
Financial positionOn December 31, 2025, cash and cash equivalents amounted to SEK 78.8m (218.6) and available liquidity amounted to SEK 128.8m including unused credit facility that amounted to SEK 50m.
In the fourth quarter of 2024 there was no credit facility but a loan of SEK 50m that was later converted to a credit facility during 2025. In the fourth quarter of 2024 a direct issue took place generating a cash flow of SEK 182.0m.
Condensed income statement - Group
SEK thousand Note Oct-Dec 2025 Oct-Dec 2024 Jan-Dec 2025 Jan-Dec 2024
Net sales | 3 | 65,066 | 144,080 | 384,658 | 334,278 |
Costs of goods and services sold | -61,625 | -86,513 | -210,760 | -218,107 | |
Gross profit | 33,444 | 57,567 | 174,168 | 116,171 | |
Selling and administrative costs | 4 | -26,674 | -26,305 | -116,120 | -113,334 |
Research and development costs | -34,687 | -26,867 | -114,363 | -110,877 | |
Other operating income | 7 | 13,123 | 8,626 | 54,868 | 48,608 |
Other operating costs | 8 | -3,487 | -6,285 | -18,526 | -24,611 |
Operating income before items affecting comparability | -18,581 | 706 | -22,G43 | -83,743 | |
Items affecting comparability | 6 | - | - | - | 30,000 |
Operating income | -18,581 | 706 | -22,G43 | -53,743 | |
Net financial items | -2,402 | 1,602 | -6,662 | 6,15G | |
Profit (loss) after financial items | -20,G83 | 2,308 | -2G,605 | -47,584 | |
Income tax | 6 | 26 | 75 | 266 | |
Profit (loss) for the period | -20,G77 | 2,334 | -2G,530 | -47,285 | |
Other comprehensive income: | |||||
Items that may be reclassified to profit or loss | |||||
Exchange differences from foreign operations | 1 | -64 | -140 | -317 | |
Other comprehensive income for the period | 1 | -64 | -140 | -317 | |
Total comprehensive income for the period | -20,G76 | 2,270 | -2G,670 | -47,602 | |
Profit (loss) for the period and total comprehensive income are, in their entirety, attributable to shareholders of the Parent Company.
Earnings per share, calculated on profit (loss) for the year attributable to Parent Company shareholders of ordinary shares:SEK Note Oct-Dec 2025 Oct-Dec 2024 Jan-Dec 2025 Jan-Dec 2024
Earnings per share, basic | 5 | -0.34 | -0.21 | -0.75 | -1.52 |
Earnings per share, diluted | 5 | -0.34 | -0.21 | -0.75 | -1.52 |
Condensed balance sheet - Group
SEK thousand | 2025-12-31 | 2024-12-31 |
ASSETS | ||
Non-current assets | ||
Intangible assets | 78,814 | 62,766 |
Right of use assets (leasing) | 20,562 | 26,326 |
Tangible fixed assets | 18,623 | 25,440 |
Deferred tax assets | 526 | 413 |
Long term trade receivables | 36,407 | - |
Total non-current assets | 158,262 | 114,G48 |
Current assets | ||
Inventories | 216,833 | 144,180 |
Current receivables | 144,021 | 184,363 |
Cash and cash equivalents | 78,823 | 218,616 |
Total current assets | 43G,677 | 547,4G2 |
TOTAL ASSETS | 5G7,G3G | 662,440 |
EQUITY AND LIABILITIES | ||
Equity attributable to Parent Company shareholders | ||
Share capital | 1,274 | 1,274 |
Other contributed capital | 816,862 | 816,862 |
Reserves | -457 | -317 |
Retained earnings (including profit (loss) for the year) | -431,177 | -404,146 |
Total equity attributable to Parent Company shareholders | 386,532 | 413,703 |
Liabilities | ||
Non-current liabilities leases | 12,370 | 17,174 |
Non-current liabilities | 176 | 365 |
Current liabilities leases | 6,685 | 6,646 |
Current liabilities | 162,173 | 224,522 |
Total liabilities | 211,407 | 248,737 |
TOTAL EQUITY AND LIABILITIES | 5G7,G3G | 662,440 |
Condensed statement of changes in equity - Group
Attributable to shareholders of the Parent Company
Retained earnings incl. profit
SEK thousand Note Share capital
Other contri-
buted capital Reserves
(loss) for the
year Total equity
Opening balance 1 January 2025 | 1,274 | 816,8G2 | -317 | -404,146 | 413,703 |
Profit (loss) for the period | - | - | - | -26,530 | -26,530 |
Other comprehensive income for the period | - | - | -140 | - | -140 |
Total comprehensive income for the period | - | - | -140 | -2G,530 | -2G,670 |
Transactions with shareholders | |||||
Share-based compensation to employees | - | - | - | 2,466 | 2,466 |
Closing balance 31 December 2025 | 1,274 | 816,8G2 | -457 | -431,177 | 386,532 |
Opening balance 1 January 2024 | 1,147 | 635,007 | - | -360,720 | 275,434 |
Profit (loss) for the period | - | - | - | -47,285 | -47,285 |
Other comprehensive income for the period | - | - | -317 | - | -317 |
Total comprehensive income for the period | - | - | -317 | -47,285 | -47,602 |
Transactions with shareholders | |||||
Share-based compensation to employees | - | - | - | 3,856 | 3,856 |
Share issue | 127 | 181,885 | - | - | 182,012 |
Closing balance 31 December 2024 | 1,274 | 816,8G2 | -317 | -404,146 | 413,703 |
Condensed cash flow - Group
SEK thousand | Oct-Dec 2025 | Oct-Dec 2024 | Jan-Dec 2025 | Jan-Dec 2024 |
Cash flow from operating activities | ||||
Operating profit (loss) | -18,581 | 706 | -22,643 | -53,743 |
Adjustments for non-cash items | 7,302 | 4,861 | 24,548 | 2,184 |
Interest paid/received | -761 | -326 | -1,178 | -680 |
Paid income tax | 736 | 234 | 272 | -413 |
Cash flow from operating activities before changes in working capital | -11,301 | 5,505 | 6GG | -52,G52 |
Cash flow before changes in working capital | ||||
Increase/decrease of inventories | -45,507 | -25,166 | -72,647 | -26,542 |
Increase/decrease of current receivables * | 64,338 | -62,660 | 44,304 | -38,648 |
Increase/decrease of current liabilities | 64,266 | 64,814 | 17,563 | 81,333 |
Total changes in working capital * | 113,127 | -23,315 | -10,780 | 15,843 |
Cash flow from operating activities * | 101,826 | -17,810 | -10,081 | -37,10G |
Cash flow from investing activities | ||||
Acquisitions of tangible and intangible assets | -4,160 | -13,504 | -27,636 | -46,542 |
Change in financial assets | -25,034 | - | -36,407 | - |
Cash flow from investing activities | -2G,224 | -13,504 | -67,343 | -46,542 |
Cash flow from financing activities | ||||
Borrowed (+)/repaid (-) short-term loans | - | - | -50,000 | 50,000 |
Repayment of leasing liability | -1,856 | -1,818 | -7,367 | -7,321 |
Share issue | - | 182,012 | - | 182,012 |
Cash flow from financing activities | -1,856 | 180,1G4 | -57,367 | 224,6G1 |
Decrease/increase of cash and cash equivalents * | 70,746 | 148,880 | -134,7G1 | 141,040 |
Opening cash and cash equivalents * | 6,531 | 67,865 | 218,616 | 70,806 |
Effects of exchange rate changes on cash and cash equivalents | -1,454 | 2,144 | -5,305 | 7,070 |
Closing cash and cash equivalents * | 78,823 | 218,G1G | 78,823 | 218,G1G |
* 2024 is affected by reclassification of blocked bank funds of 18.536 TSEK.
Condensed income statement - Parent Company
SEK thousand Note Oct-Dec 2025 Oct-Dec 2024 Jan-Dec 2025 Jan-Dec 2024
Net sales | 65,066 | 144,080 | 384,658 | 334,278 |
Costs of goods and services sold | -61,625 | -86,513 | -210,760 | -218,107 |
Gross profit | 33,444 | 57,567 | 174,168 | 116,171 |
Selling and administrative costs | -26,467 | -30,861 | -115,086 | -114,314 |
Research and development costs | -33,800 | -42,686 | -132,816 | -150,555 |
Other operating income | 13,014 | 8,582 | 54,667 | 48,818 |
Other operating costs | -3,487 | -6,285 | -18,526 | -24,606 |
Operating income before items affecting comparability | -17,326 | -13,G83 | -37,5G3 | -124,486 |
Items affecting comparability | - | - | - | 30,000 |
Operating income | -17,326 | -13,G83 | -37,5G3 | -G4,486 |
Net financial items | -2,248 | 1,755 | -5,G18 | 6,44G |
Profit (loss) after financial items | -1G,574 | -12,228 | -43,511 | -88,037 |
Income tax | 28 | 23 | 113 | 134 |
Profit (loss) for the period | -1G,546 | -12,205 | -43,3G8 | -87,G03 |
In the Parent Company there are no items recognised as other comprehensive income, which is why total comprehensive income corresponds to profit (loss) for the period.
Condensed balance sheet - Parent Company
SEK thousand | 2025-12-31 | 2024-12-31 |
ASSETS | ||
Non-current assets | ||
Intangible assets | 3,186 | 6,164 |
Tangible fixed assets | 18,623 | 25,440 |
Financial assets | 43,116 | 1,426 |
Total non-current assets | 65,231 | 33,063 |
Current assets | ||
Inventories | 216,833 | 144,180 |
Current receivables | 147,262 | 187,446 |
Cash and bank balances | 76,087 | 214,454 |
Total current assets | 440,182 | 546,083 |
TOTAL ASSETS | 505,413 | 57G,146 |
EQUITY AND LIABILITIES | ||
Restricted equity | ||
Share capital | 1,274 | 1,274 |
Total restricted equity | 1,274 | 1,274 |
Non-restricted equity | ||
Share premium reserve | 737,362 | 737,362 |
Retained loss | -381,626 | -266,525 |
Profit (loss) for the period | -43,368 | -87,603 |
Total non-restricted equity | 312,065 | 352,G64 |
Total equity | 313,33G | 354,238 |
Liabilities | ||
Current liabilities | 162,074 | 224,608 |
Total liabilities | 1G2,074 | 224,G08 |
TOTAL EQUITY AND LIABILITIES | 505,413 | 57G,146 |
Notes to the consolidated statements
Note 1 | General
Powercell Sweden AB (publ) (PowerCell), Corp. Id. No 556756-8353, is a Parent Company registered in Sweden and domiciled in Gothenburg, with address Ruskvädersgatan 12, 418 34 Gothenburg, Sweden.
The Board has approved this interim consolidated financial statement for publication on February 4, 2026.
All amounts are stated in SEK thousand unless stated otherwise. Amounts in brackets refer to the comparative year.
Note 2 | Accounting policies
PowerCell applies IFRS as endorsed by the EU. The accounting policies and definitions adopted are consistent with those described in PowerCell Group's Annual Report 2024.
This year-end report has been prepared in
accordance with IAS 34 Interim Financial Reporting and the Swedish Annual Accounts Act. The Parent Company applies RFR 2 Accounting for legal entities and the Swedish Annual Accounts Act.
Note 3 | Net sales
Revenue from contracts with customersThe Group receives revenue from the transfer of goods and services both over time and at a point in time in the following categories and from the below geographic markets.
Revenue from contracts with customersSEK thousand Oct-Dec 2025 Oct-Dec 2024 Jan-Dec 2025 Jan-Dec 2024
Hardware | 10,831 | 16,305 | 37,025 | 71,278 |
Services | 36,243 | 11,656 | 134,181 | 36,601 |
Royalty fees | -1,245 | 22,677 | 10,376 | 37,787 |
Projects according to percentage of completion | 46,240 | 62,836 | 203,376 | 188,312 |
Total | G5,06G | 144,080 | 384,G58 | 334,278 |
Sweden | 115 | 1,116 | 6,748 | 3,031 |
Germany | 24,011 | 33,000 | 146,055 | 71,426 |
Great Britain | -415 | 4,716 | 14,037 | 12,047 |
Netherlands | 20,085 | 1,153 | 42,536 | 5,626 |
US | -238 | -46 | -3,366 | 21,204 |
Norway | 6,022 | 11,643 | 12,168 | 100,575 |
Italy | 22,151 | 83,746 | 133,320 | 87,284 |
Other | 20,338 | 8,752 | 30,430 | 32,776 |
Total | G5,06G | 144,080 | 384,G58 | 334,278 |
Note 4 | Related party transactions
No significant transactions with related parties have taken place in the period.
Note 5 | Earnings per share
SEK | Oct-Dec 2025 | Oct-Dec 2024 | Jan-Dec 2025 | Jan-Dec 2024 |
Earnings per share, basic | -0.34 | -0.21 | -0.75 | -1.52 |
Earnings per share, diluted | -0.34 | -0.21 | -0.75 | -1.52 |
Profit/loss attributable to the shareholders of the Parent Company used in the calculation of earnings per share, basic and diluted
SEK thousand | ||||
Profit (loss) attributable to Parent Company shareholders | -16,546 | -12,205 | -43,368 | -87,603 |
Number | ||||
Weighted average number of ordinary shares at the calculation of earnings per share, basic | 57,862,434 | 57,862,434 | 57,862,434 | 57,862,434 |
Adjustment for the calculation of earnings per share, diluted | 57,862,434 | 57,862,434 | 57,862,434 | 57,862,434 |
Note 6 | Items affecting comparability
SEK thousand | Oct-Dec 2025 | Oct-Dec 2024 | Jan-Dec 2025 | Jan-Dec 2024 |
Government loan converted into grant | - | - | - | 30,000 |
Total | - | - | - | 30,000 |
Note 7 | Other operating income
SEK thousand Oct-Dec 2025 Oct-Dec 2024 Jan-Dec 2025 Jan-Dec 2024
Currency exchange gains | 6,636 | 2,260 | 28,400 | 16,613 |
Grants | 5,810 | 6,766 | 25,787 | 30,735 |
Other | 674 | -430 | 711 | 1,260 |
Total | 13,123 | 8,626 | 54,8G8 | 48,G08 |
The majority of the RsD grants come from the EU and relate to projects within the aviation segment. Costs related to the EU-granted projects are to be found in operating expenses as RsD costs.
Note 8 | Other operating cost
SEK thousand | Oct-Dec 2025 | Oct-Dec 2024 | Jan-Dec 2025 | Jan-Dec 2024 |
Currency exchange losses | -3,487 | -6,285 | -18,526 | -24,611 |
Total | -3,487 | -6,285 | -18,526 | -24,611 |
Definition of key financial indicators
In this financial report, there are references to several performance measures. Some of the measures are defined in IFRS, others are alternative performance measures and are not disclosed in accordance with applicable financial reporting frameworks or other legislations. The performance measures are used by the Group to assist both
investors and management in analysing PowerCell's business. The performance measures in this financial report are described and defined below. The reason for the use of the performance measure is also disclosed.
Equity/assets ratio, %Equity in relation to total assets. The ratio can help investors understand how much of the company's assets are funded by issuing stock rather than borrowing money and may indicate how financially stable the company may be in the long run.
Earnings per shareNet income is divided by the weighted average number of outstanding shares.
Gross margin, %Net revenue less cost of goods sold through net revenue. Gross margin may help investors understand how much revenue the company retains, which can be used to pay other costs.
Net sales rolling twelve-monthNet sales for a period that is determined monthly and consists of the previous twelve consecutive calendar months. Net sales rolling twelve months can give investors an understanding of the company's sales development on a more current basis than the previous financial year.
Other information
EmployeesOn December 31, 2025, the Group had 154 (146) employees measured as full-time equivalents, FTE.
The shareThe share is listed on Nasdaq Stockholm under the ticker PCELL. On December 31, 2025, the total number of outstanding shares was 57,862,434. PowerCell holds no treasury shares.
Risks and uncertaintiesThrough its operations, PowerCell is exposed to risks and uncertainties, which have been increasingly noticeable during the last years of global financial uncertainties. For extensive information on the most significant operational and financial risks, please see pages 56-60 and pages 66-67 in the Annual Report for 2024.
PowerCell's underlying markets are driven by the strong megatrend of electrification and society's need to transition to emission-free energy. However, lingering economic activities can have an impact on the timing of customers' investment decisions.
Parent CompanyThe main part of the Group's activity is carried out in the Parent Company PowerCell Sweden AB. Out of 154 employees, 152 are employed by the Parent Company. The Parent Company's revenue amounted to SEK 65.1m (144.1) in the fourth quarter. Operating income for the quarter amounted to SEK -17.3m (-14.0).
Ten largest owners December 31, 2025
Name
Number of Shares
Votes and capital
Robert Bosch | 6,463,531 | 11.22% |
Norges Bank Investment Management | 2,666,367 | 5.18% |
Avanza Pension | 2,376,562 | 4.11% |
Axon Partners Group Investment SGEIC | 1,048,056 | 1.81% |
Green Benefit AG | 875,821 | 1.51% |
Global X Management Company LLC | 776,415 | 1.35% |
Legal s General | 478,028 | 0.83% |
Magnus Konrad | 406,000 | 0.71% |
VanEck | 400,256 | 0.66% |
SEB Funds | 377,468 | 0.65% |
Total ten largest owners | 16,237,567 | 28.06% |
Others | 41,654,867 | 71.64% |
Total | 57,8G2,434 | 100.00% |
Source: Modular Finance AB. Compiled and processed data from various sources, including Euroclear, Morningstar and the Swedish Financial Supervisory Authority (Finansinspektionen).
Assurance of the Board of Directors
The Board of Directors and the CEO warrant that this
year-end report for Powercell Sweden AB (publ), Corp. Id. No. 556756-8353, provides a true and fair picture of the Parent Company's and the Group's operations, financial position and results and describes
the significant risks and uncertainties of the Parent Company and the companies included in the Group.
This report has not been reviewed by the Company's audi-
tor.
Gothenburg, February 4, 2026
Magnus Jonsson
Chairman
Nicolas Boutin
Director
Helen Fasth Gillstedt
Director
Riku-Pekka Hägg
Director
Karin Ryttberg-Wallgren
Director
Uwe Hillmann
Director
Annette Malm Justad
Director
Richard Berkling
CEO
Financial calendar
Interim report Q1 2026, April 23 Annual General Meeting, May 11
Interim report first half year 2026, July 16 Interim report Q3 2026, October 22
Interim report Q4 and year-end report 2026, February 3, 2027
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/q4-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/q4-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.
Contact details:
CEO Richard Berkling
+46 (0) 31 7203620
richard.berkling@powercellgroup.com
CFO Anders Düring
+46 (0) 70 8887733
anders.during@powercellgroup.com
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 February 4, 202c.
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.
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 https://powercellgroup.com.
Powercell Sweden AB (publ)
Corp. Reg. No. 556759-8353
Ruskvädersgatan 12, SE-418 34 Gothenburg
Tel: +46 (0) 31 720 36 20
powercellgroup.com