===== 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to the claims with a press release pointing out that the news publication was based on older technology that has been replaced by new generations of technology as well as completely new industrial processes.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