Kvartalsrapport Q1 2026

Automatiskt nyckeltalsindex

Detta är sökträffar och textkontext, inte verifierade eller normaliserade redovisningsvärden.

Fulltext

===== SIDA 1 =====

-
Interim report 
First quarter 2026

===== SIDA 2 =====

Interim report first quarter 2026 
 
2 
Slow conversion in a cautious market
January - March 2026 
• Net sales SEK 46.9m (74.1), a decrease of 37%  
compared to same quarter previous year 
• Gross profit decreased to SEK 10.5m (27.5) with a gross 
margin of 22.4% (37.1) 
• Operating income SEK -40.4m (-12.3) 
• Net income SEK -39.8m (-15.7) 
• Operating cash flow SEK -92.7m (-79.3) 
• Earnings per share (basic and diluted) SEK  
-0.69 (-0.27) 
 
 
 
 
 
 
 
 
 
Significant events during the first 
quarter 
• Announcement that PowerCell joins European GAMMA 
project, a project funded by Horizon Europe for a total of 
EUR 17m to retrofit a bulk carrier with hydrogen-based 
fuel cell system. 
• PowerCell joined the MiNaMi project, an EU-funded 
initiative to develop Europe’s first megawatt-scale Proton 
Exchange Membrane (PEM) fuel cell system for maritime 
use. PowerCells share valued EUR 2.6m. 
• A review of the company’s technology was published in 
media. PowerCell responded to the claims with a press 
release pointing out that the news publication was based 
on older technology that has been replaced by new 
generations of technology as well as completely new 
industrial processes. 
• PowerCell Nomination Committee proposes Katarina 
Bonde as new Chari of the Board. 
Significant events after the first        
quarter 
• No significant events after the first quarter. 
 
 
.
 
Key performance indicators  
SEK million, unless other stated    Jan-Mar 2026 Jan-Mar 2025 Jan-Dec 2025 
Net sales    46.9 74.1 385.0 
Gross profit    10.5 27.5 174.2 
Gross margin, %    22.4 37.1 45.2 
EBITDA*    -31.9 -7.1 3.9 
Operating income *    -40.4 -12.3 -22.9 
Net income    -39.8 -15.7 -29.5 
Earnings per share (basic and diluted), SEK    -0.69 -0.27 -0.51 
Equity asset ratio, %    61.5 65.3 64.6 
Operating cash flow    -92.7 -79.3 -10.1 
* 2025 Q1 is affected by reclassification of blocked bank funds  of SEK 1.0m.

===== SIDA 3 =====

Interim report first quarter 2026 
 
3 
CEO comments 
Slow conversion in a cautious market 
While we are disappointed with the first quarter of 2026, the development is in line with the 
increased volatility in demand we highlighted in the Q4 report. 
Revenue rolling twelve months (R12) is down 
approximately 7 percent compared to R12 Q4 2025 and flat 
compared to R12 Q1 2025, while revenues for the quarter 
declined by 36 percent year-on-year. Delays in deliveries, 
postponed orders and lower royalty revenues led to a 
weaker short-term outcome. This reflects a continued 
pattern of delayed decision-making, where underlying 
demand remains but conversion to orders is uneven.  
 
Our position still remains strong. During the quarter, we 
initiated measures to enhance efficiency, cost control and 
flexibility, with the objective of supporting profitability at 
lower volume levels. These actions are being implemented 
independently and reflect a continued focus on disciplined 
execution while maintaining scalability. Further, we are 
comfortable that our financial position supports execution 
of our strategy. 
 
Taken together, this builds on the progress made during 
2025, where improved cost discipline, industrial execution 
and product maturity enabled positive EBITDA at a lower-
than-planned top line. The current quarter should be seen in 
that context: 2026 will be characterized by market 
uncertainty, and we are resilient to operate across different 
outcomes. 
 
Commercial progress and industrial application 
We signed orders and agreements in the quarter with a total 
value of approximately 50 MSEK. The Minami project, with a 
value of approximately 28 MSEK, is the most notable. It is a 
development project and an important step in scale and 
operational validation, with >10 MW installation and an 
expected lifetime of 80,000 hours. 
 
The HiWyWay initiative in Sweden is strategically important 
with a focus on the implementation of mobile power 
generation solutions, where we see increasing demand and 
a clear path to deployment. These developments confirm 
continued traction across segments, where the portfolio is 
increasingly applied in real-world, mission-critical 
environments. In parallel with ongoing deliveries, integration 
work and project execution, we have also faced media 
scrutiny during the quarter. It is important to underline that 
this scrutiny does not reflect the quality of our systems, 
our validation, or the work underway towards delivery, 
integration, and operation in customer applications 
 
Market dynamics and outlook 
Geopolitical uncertainty, capital discipline and 
infrastructure readiness continue to influence investment 
decisions. Recent disruptions around the Strait of Hormuz 
have added to volatility in global energy markets, 
underscoring the vulnerability of energy supply and the 
strategic importance of energy security. Against this 
backdrop, the need to accelerate the use of alternative 
energy sources and resilient power is even clearer. 
 
Demand for energy resilience, reliable power and lower 
emissions is increasing across segments such as marine, 
data centers and distributed energy systems. According to 
IEA’s Energy and AI report, electricity demand from data 
centers increased by 17% in 2025, while global electricity 
demand grew by 3%. The report projects that global 
electricity consumption from data centers will double by 
2030, reaching around 945 TWh, while power use from 
those focused on AI will triple. 
 
This reinforces a broader trend: as power demand rises, the 
need for efficient, reliable and scalable energy solutions 
becomes increasingly urgent. In that context, we believe our 
technology is well positioned to address growing customer 
needs in applications where resilience, performance and 
emissions reduction are critical. 
 
The direction is clear, but the pace of conversion isw 
uneven. As outlined in our Q4 report, we operate in a market 
with a wide range of possible outcomes, and that remains 
the case. Our strategy is built accordingly: robust at lower 
volumes, while maintaining the ability to scale as demand 
converts more consistently. 
 
To summarize, we are not satisfied with the short-term 
outcome. At the same time, we remain confident in the 
position we have built. The company today is structurally 
stronger, operationally more disciplined and better 
positioned to navigate an uncertain market that is moving in 
our direction, but not in a straight line. 
 
Gothenburg, April 2026  
CEO Richard Berkling

===== SIDA 4 =====

Interim report first quarter 2026 
 
4 
Financial performance January-March 2026 
Net sales  
Net sales amounted to SEK 46.9m (74.1), a decrease of 
37%. Royalty and license fees from Robert Bosch GmbH in 
total accounted to SEK 3.3m (18.0).  
 
Rolling 12 months, sales are at even level at end of Q1 2026 
compared to end of Q1 2025. Comparing to Q4 2025 rolling 
12 months sales have declined by 7%. 
 
Gross profit and operating income/loss 
Gross profit decreased to SEK 10.5m (27.5) with a gross 
margin of 22.4% (37.1). Margin is impacted by the 
proportion of licence fees income received in the quarter. 
During the first quarter margin is affected by a positive 
currency effect of SEK 3.7m (-18.0), following re-evaluating 
project reported as percentage of completion.   
 
Research and development costs increased to SEK -32.7  
(-27.9) partly due to periodization effects between quarters 
partly to depreciation of capitalized development -3.5m.   
 
Other operating income amounted to SEK 17.0m (24.1). 
Income from grants amounted to 9.9m and currency effect 
to SEK 7.1m. The decrease between quarters is in majority 
related to currency effect on operating activities.  
 
In the quarter, SEK 3.4m (10.5) 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- 3.4m (0.2).  
 
 
 
Net income and financial items 
Net financial items amounted to SEK 0.5m (-3.5). 
 
Net income in the quarter was SEK -39.8m (-15.7).  
 
Cash flow 
During the quarter operating cash flow amounted to SEK  
-92.7m (-79.3). Cash flow for the quarter is affected by 
planned working-capital activities. Milestone payments for 
projects reported as percentage of completions is invoiced 
during quarter but will affect cashflow first in April.  
Continued investments in line with proceeds in 2024’ 
capital raise, also impact short term cash flow. 
 
Cash flow from investing activities was affected by product 
development capitalisation. In the quarter, SEK 3.4m (10.5) 
was capitalised as intangible assets. Reclassification 
between long-term and short-term accounts payables 
14.5m (0) affected investing activities.  
 
Cash flow from financing activities amounts to SEK 26.5m 
(-1.9) and relates in majority to newly introduced project 
financing. 
 
Total cash flow for the quarter amounts to SEK -55.8m  
(-92.1).  
 
Financial position  
On March 31, 2026, cash and cash equivalents amounted 
to SEK 23.8m (123.3) and available liquidity amounted to 
SEK 73.8m including unused credit facility that amounted to 
SEK 50m.  
 
 
  
0%
10%
20%
30%
40%
50%
60%
70%
0%
10%
20%
30%
40%
50%
60%
70%
Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26
Gross profit margin, % R12  Gross profit margin %
Gross profit %
0
50
100
150
200
250
300
350
400
450
0
50
100
150
200
250
300
350
400
450
Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26
Net sales, SEK million R12M
Net sales

===== SIDA 5 =====

Interim report first quarter 2026 
 
5 
 
Condensed income statement - Group 
SEK thousand Note   Jan-Mar 2026 Jan-Mar 2025 Jan-Dec 2025 
Net sales  3   46,946 74,110 384,958 
Costs of goods and services sold     -36,440 -46,601 -210,790 
Gross profit     10,506 27,509 174,168 
Selling and administrative costs 4   -24,085 -30,379 -119,120 
Research and development costs    -32,747 -27,889 -114,363 
Other operating income 6   17,017 24,100 54,898 
Other operating costs * 7   -11,065 -5,667 -18,526 
Operating income *    -40,374 -12,326 -22,943 
Net financial items *    516 -3,456 -6,662 
Profit (loss) after financial items    -39,858 -15,782 -29,605 
Income tax    94 84 75 
Profit (loss) for the period    -39,764 -15,698 -29,530 
Other comprehensive income:        
Items that may be reclassified to profit or loss        
Exchange differences from foreign operations     -45 -165 -140 
Other comprehensive income for the period     -45 -165 -140 
Total comprehensive income for the period     -39,809 -15,863 -29,670 
 
Profit (loss) for the period and total comprehensive income are, in their entirety, attributable to shareholders of the Paren t Company. 
* 2025 Q1 is affected by adjustments in reclassification of blocked funds of 1.037 TSEK  
Earnings per share, calculated on profit (loss) for the year attributable to Parent Company shareholders of ordinary shares:  
SEK Note   Jan-Mar 2026 Jan-Mar 2025 Jan-Dec 2025 
Earnings per share, basic 5   -0.69 -0.27 -0.51 
Earnings per share, diluted 5   -0.69 -0.27 -0.51

===== SIDA 6 =====

Interim report first quarter 2026 
 
6 
Condensed balance sheet - Group 
SEK thousand    2026-03-31 2025-03-31 2025-12-31 
ASSETS       
Non-current assets       
Intangible assets    78,045 72,749 78,814 
Right of use assets (leasing)    18,650 25,775 20,592 
Tangible fixed assets    17,412 23,251 18,923 
Deferred tax assets    575 437 526 
Long term trade receivables    24,920 - 39,407 
Total non-current assets    139,602 122,212 158,262 
       
Current assets       
Inventories    232,723 133,859 216,833 
Current receivables *    168,089 231,955 144,021 
Cash and cash equivalents *     23,790 123,270 78,823 
Total current assets    424,602 489,084 439,677 
       
TOTAL ASSETS    564,204 611,296 597,939 
       
EQUITY AND LIABILITIES       
Equity attributable to Parent Company 
shareholders       
Share capital    1,274 1,274 1,274 
Other contributed capital    816,892 816,892 816,892 
Reserves    -502 -482 -457 
Retained earnings (including profit (loss) for the 
year) 
   -470,941 -418,575 -431,177 
Total equity attributable to Parent Company 
shareholders 
   346,723 399,109 386,532 
       
Liabilities       
Non-current liabilities leases    10,144 16,352 12,370 
Non-current liabilities    131 334 179 
Current liabilities leases    7,209 7,183 6,685 
Current liabilities    199,997 188,318 192,173 
Total liabilities    217,481 212,187 211,407 
       
TOTAL EQUITY AND LIABILITIES    564,204 611,296 597,939 
 
* 2025 Q1 is affected by adjustments in reclassification of blocked funds of 1 7.502 TSEK

===== SIDA 7 =====

Interim report first quarter 2026 
 
7 
Condensed statement of changes in equity - Group 
  Attributable to shareholders of the Parent Company 
SEK thousand Note Share capital 
Other 
contributed 
capital Reserves 
Retained 
earnings incl. 
profit (loss) for 
the year Total equity 
Opening balance 1 January 2026  1,274 816,892 -457 -431,177 386,532 
Profit (loss) for the period  - - - -39,764 -39,764 
Other comprehensive income for the period   - - -45 - -45 
Total comprehensive income for the period   - - -45 -39,764 -39,809 
Closing balance 31 March 2026  1,274 816,892 -502 -470,941 346,723 
       
Opening balance 1 January 2025  1,274 816,892 -317 -404,146 413,703 
Profit (loss) for the period  - - - -15,698 -15,698 
Other comprehensive income for the period   - - -165 - -165 
Total comprehensive income for the period   - - -165 -15,698 -15,863 
Transactions with shareholders       
Share-based compensation to employees   - - - 1,269 1,269 
Closing balance 31 March 2025  1,274 816,892 -482 -418,575 399,109

===== SIDA 8 =====

Interim report first quarter 2026 
 
8 
Condensed cash flow - Group 
SEK thousand    Jan-Mar 2026 Jan-Mar 2025 Jan-Dec 2025 
Cash flow from operating activities       
Operating profit (loss) *    -40,374 -12,326 -22,943 
Adjustments for non-cash items    8,389 1,589 24,548 
Interest paid/received    -371 -46 -1,178 
Paid income tax    -821 -288 272 
Cash flow from operating activities before 
changes in working capital * 
   -33,177 -11,071 699 
       
Cash flow before changes in working capital        
Increase/decrease of inventories    -15,950 10,326 -72,647 
Increase/decrease of current receivables *    -24,059 -43,598 44,304 
Increase/decrease of current liabilities    -19,495 -34,967 17,563 
Total changes in working capital *    -59,504 -68,239 -10,780 
       
Cash flow from operating activities     -92,681 -79,310 -10,081 
       
Cash flow from investing activities       
Acquisitions of tangible and intangible assets     -4,129 -10,931 -27,936 
Change in financial assets    14,487 - -39,407 
Cash flow from investing activities    10,358 -10,931 -67,343 
       
Cash flow from financing activities       
Borrowed (+)/repaid (-) short-term loans    28,398 - -50,000 
Repayment of leasing liability    -1,856 -1,856 -7,367 
Cash flow from financing activities    26,542 -1,856 -57,367 
       
Decrease/increase of cash and cash 
equivalents  
   -55,781 -92,097 -134,791 
Opening cash and cash equivalents **    78,823 218,919 218,919 
Effects of exchange rate changes on cash and 
cash equivalents * 
   748 -3,552 -5,305 
Closing cash and cash equivalents */**    23,790 123,270 78,823 
 
* 2025 Q1 is affected by adjustments in reclassification of blocked funds of 1.037 TSEK  
** Q1 is affected by reclassification of blocked bank funds of 18.539 TSEK  made for YE 2024

===== SIDA 9 =====

Interim report first quarter 2026 
 
9 
Condensed income statement - Parent Company 
SEK thousand Note   Jan-Mar 2026 Jan-Mar 2025 Jan-Dec 2025 
Net sales     46,946 74,110 384,958 
Costs of goods and services sold     -36,440 -46,601 -210,790 
Gross profit     10,506 27,509 174,168 
Selling and administrative costs    -23,674 -28,777 -115,086 
Research and development costs    -32,528 -38,478 -132,816 
Other operating income    17,017 23,979 54,667 
Other operating costs*    -11,065 -5,667 -18,526 
Operating income*    -39,744 -21,434 -37,593 
Net financial items*    692 -3,216 -5,918 
Profit (loss) after financial items    -39,052 -24,650 -43,511 
Income tax    49 23 113 
Profit (loss) for the period    -39,003 -24,627 -43,398 
       
In the Parent Company there are no items recogni sed as other comprehensive income, which is why total comprehensive income corresponds 
to profit (loss) for the period. 
* 2025 Q1 is affected by adjustments in reclassification of blocked funds of 1.037 TSEK

===== SIDA 10 =====

Interim report first quarter 2026 
 
10 
Condensed balance sheet - Parent Company 
SEK thousand    2026-03-31 2025-12-31 2024-12-31 
ASSETS       
Non-current assets       
Intangible assets    2,444 5,443 3,189 
Tangible fixed assets    17,412 23,251 18,923 
Financial assets    28,681 3,623 43,119 
Total non-current assets    48,537 32,317 65,231 
       
Current assets       
Inventories    232,723 133,859 216,833 
Current receivables*    172,437 232,965 147,262 
Cash and bank balances*    20,418 119,943 76,087 
Total current assets    425,578 486,767 440,182 
       
TOTAL ASSETS    474,115 519,084 505,413 
       
EQUITY AND LIABILITIES       
Restricted equity       
Share capital    1,274 1,274 1,274 
Total restricted equity    1,274 1,274 1,274 
       
Non-restricted equity       
Share premium reserve    737,392 737,392 737,392 
Retained loss    -425,327 -383,159 -381,929 
Profit (loss) for the period    -39,003 -24,627 -43,398 
Total non-restricted equity    273,062 329,606 312,065 
Total equity    274,336 330,880 313,339 
       
Liabilities       
Current liabilities    199,779 188,204 192,074 
Total liabilities    199,779 188,204 192,074 
       
TOTAL EQUITY AND LIABILITIES    474,115 519,084 505,413 
 
* 2025 Q1 is affected by adjustments in reclassification of blocked funds of 1 7.502 TSEK

===== SIDA 11 =====

Interim report first quarter 2026 
 
11 
Notes to the consolidated statements
Note 1 | General 
Powercell Sweden AB (publ) (PowerCell), Corp. Id. No 
556759-8353, 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 April 23, 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 
2025. This Interim financial statement report has been 
prepared in accordance with IAS 34 Interim Financial 
Reporting and the Swedish Annual Accounts Act.  
 
For 2026, no new or amended standards or interpretations 
have come into effect that have impacted the group’s 
financial statements. The introduction of IFRS 18, which 
will replace IAS 1 on January 1, 2027, will result in changes 
in the presentation and disclosures in the financial 
statements. PowerCell is monitoring the development of 
IFRS 18 and is evaluating the effects on the company’s 
financial statements. 
 
The Parent Company applies RFR 2 Accounting for legal 
entities and the Swedish Annual Accounts Act. The  
accounting policies and definitions adopted are consistent 
with those described in the most recent Annual Report. 
 
Note 3 | Net sales 
Revenue from contracts with customers 
The 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 customers 
SEK thousand   Jan-Mar 2026 Jan-Mar 2025 Jan-Dec 2025 
Hardware   604 9,084 37,025 
Services   4,701 4,419 32,421 
Royalty and license fees   3,320 18,046 112,136 
Projects according to percentage of completion    38,321 42,561 203,376 
Total    46,946 74,110 384,958 
 
Royalty and license fees are presented together for the first time in this report. The numbers for year 2025 have been 
adjusted to obtain fair comparison figures. 
 
Revenue from contracts with customers per country, based on where customers are located  
   Jan-Mar 2026 Jan-Mar 2025 Jan-Dec 2025 
Sweden   336 5,673 6,748 
Germany   8,980 19,145 149,055 
Netherlands   7,862 984 42,539 
US   1,219 -3,089 -3,369 
Norway   5,738 454 12,198 
Italy   13,774 44,931 133,320 
Other   9,037 6,012 44,467 
Total    46,946 74,110 384,958

===== SIDA 12 =====

Interim report first quarter 2026 
 
12 
 
Note 4 | Related party transactions 
No significant transactions with related parties have taken place in the period. 
 
 
 
Note 5 | Earnings per share 
 
SEK   Jan-Mar 2026 Jan-Mar 2025 Jan-Dec 2025 
Earnings per share, basic   -0.69 -0.27 -0.51 
Earnings per share, diluted   -0.69 -0.27 -0.51 
      
 
Performance measures used in the calculation of earnings per share   
 
Profit/loss attributable to the shareholders of the Parent Company used in the calculation of earnings per share, basic and d iluted 
 
SEK thousand      
Profit (loss) attributable to Parent Company shareholders    -39,809 -15,863 -29,670 
      
 
 
Number      
Weighted average number of ordinary shares at the calculation 
of earnings per share, basic 
  57,892,434 57,892,434 57,892,434 
Adjustment for the calculation of earnings per share, diluted    57,892,434 57,892,434 57,892,434 
      
 
Note 6 | Other operating income 
 
SEK thousand   Jan-Mar 2026 Jan-Mar 2025 Jan-Dec 2025 
Currency exchange gains   7,096 12,842 28,400 
Grants   9,916 11,255 25,787 
Other   5 3 711 
Total   17,017 24,100 54,898 
      
The majority of the R&D 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 R&D costs.  
 
Note 7 | Other operating cost 
 
SEK thousand   Jan-Mar 2026 Jan-Mar 2025 Jan-Dec 2025 
Currency exchange losses *   -11,065 -5,667 -18,526 
Total   -11,065 -5,667 -18,526 
      
* 2025 Q1 is affected by reclassification of blocked bank funds of 1.0 37 TSEK

===== SIDA 13 =====

Interim report first quarter 2026 
 
13 
 
 
 
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 share 
Net 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 months 
Net 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.

===== SIDA 14 =====

Interim report first quarter 2026 
 
14 
Other information 
Employees 
On March 31, 2026, the Group had 144 (146) employees 
measured as full-time equivalents, FTE. 
 
The share 
The share is listed on Nasdaq Stockholm under the ticker 
PCELL. On March 31, 2026, the total number of outstanding 
shares was 57,892,434. PowerCell holds no treasury 
shares. 
 
Risks and uncertainties 
Through 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 35-36 and pages 43-
44 in the Annual Report for 2025.  
 
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 Company 
The main part of the Group’s activity is carried out in the 
Parent Company PowerCell Sweden AB. Out of 144  
employees, 142 are employed by the Parent Company. The 
Parent Company’s revenue amounted to SEK 46.9m (74.1) 
in the first quarter. Operating income for the quarter 
amounted to SEK -39.7m (-21.4). 
 
 
 
 
 
Ten largest owners March 31, 2026 
Name     
Number of 
Shares 
Votes and  
capital 
Robert Bosch Investment Nederland B.V.     6,493,531 11.22% 
Avanza Pension     1,933,285 3.34% 
Axon Partners Group Investment SGEIC     1,048,056 1.81% 
green benefit AG     875,821 1.51% 
Global X Management Company LLC     815,060 1.41% 
ÖKOWORLD     600,000 1.04% 
Legal & General     469,345 0.81% 
VanEck     451,821 0.78% 
SEB Funds     387,358 0.67% 
Handelsbanken Fonder     342,696 0.59% 
Total ten largest owners     13,416,973 23.18% 
Others     44,475,461 76.82% 
Total     57,892,434 100.00% 
       
 
Source: Modular Finance AB. Compiled and processed data from various sources, including Euroclear, Morningstar and the Swedis h Financial  
Supervisory Authority (Finansinspektionen).

===== SIDA 15 =====

Interim report first quarter 2026 
 
15 
 
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. 556759-8353, 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 
auditor. 
 
 
 
 
 
 
 
  
Gothenburg, April 23, 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

===== SIDA 16 =====

Interim report first quarter 2026 
 
16 
Financial calendar  
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/q1-report-
2026 
 
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/q1-report-
2026/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 
 
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 April 23, 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. 
 
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
richard.berkling@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