PowerCell Sweden AB (publ)

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 materialize. Marine is remaining to be our execution backbone where we see the most growth and more stable income, but power generation is now emerging as a second pillar designed for scalable growth with a limited cash capital exposure. Let's see if we can flip here. So we said that 2025 was about execution over ambition. We said it was readiness over prediction and more from promise to performance. And that's really summarizing the year. We have executed on more or less all strategic ambitions, but we are also setting the bar higher for the future. So key takeaways on 2025 and quarter four. Our Q4 and accumulated 2025 results demonstrate a very solid execution on strategic priorities. Most notable, start of production and series of deliveries to marine on time to customers. The product launch of the power generation platform that gives us an additional pillar for future growth. The first industrial order on the methanol power plant, which was a significant milestone. And I really like the fact that when we do product introductions, we see immediate market traction, which gives us a confirmation that we have rather good precision in the efforts in product development, investment into new features, and then also market positioning to a very demanding market. And also, for a company like PowerShell to find the break-even point and deliver on it is extremely important. It is encouraging that we can deliver organic growth in a volatile or flattish market to some extent. If we look at growth year over year, where you take out the FX effect, it's actually 24% organic growth, which is strong. Once again, not necessarily to the level that we have as an ambition, but on the market conditions we see, we're quite happy with the development. We also delivered a very strong product offering in marine, introduced in 2024, which now was materialized into zero production and customer deliveries, which were now in commissioning and stop deployment. 2025 was about testing and proving that Parcel can execute, deliver, and remain financially disciplined also when the market is uneven. And to that, we stood the test. And going back to a year ago when we started, when we reported Q4 2024 and gave the introduction to 2025, we said that 2025 is a slightly different year because it's more even over the quarters. We don't have the hockey stick revenue which is then why we see that the quarter four compared to quarter four last year is the lower top line, but the full year is according to our expectation and we're happy to see the progress. With that, I will hand over to Anders and a more detailed presentation on numbers.

I will not skip so many slides at once. I will start here with the fourth quarter and the numbers. Now Richard has been through basically the numbers and everything that's in essence. I'd just like to highlight two things I think that's still important. When you see the numbers for last year, 144, the majority of that number is from one order that we had very late in the year. So as in this year, we have had several orders rather in the fourth quarter building up to 95. And then I think what we did after Q3 or when we presented Q3, we felt urged to give some guidance on the cash situation and the cash flow situation. Because we all realized that we've seen three quarters in a row where the paths have been different. quite downward. And we wanted to make sure that you, the market, and everyone around us understood that, yes, without living or giving forecasts, we would like to say that we are hopeful for the last quarter when it comes to cash flow. And now, as you can see, the last quarter came in approximately, which I say here, in line with expectations. And then everyone would ask, what were your expectations? Well, now we know this was what our expectations And we did our best to guide you without leaving a forecast. And that felt very pleasant to have that feeling for the company that one can say things and I see that that's delivered. Moving on to the full year, like Richard said, looking at the numbers straightforward, I mean, the growth is 15. If you reduce that for FX effects in 24, which were positive, and FX effects in 25 that were negative, you end up with 25 or 24% rather. The EBITDA level, I will get back to that on the next pitch, but just running through the numbers here, you see that we are basically doing better on all levels. And that includes the operating cash flow, of course, that ended up only minus 10. And I think every one of you that listened to us and read our report up to Q1, Q2, and Q3, we're a bit nervous about this. But we are happy to be where we are. And as you also noticed, we have added liquidity through this new credit facility on customer projects to our, let's say, asset bank when it comes to liquidity. So that feels good. Dan, just for the comparison, because Richard said in his introduction that the underlying business is growing. And I think the stress when the underlying business is growing, that important to recognize what the differences really are. If we eliminate the effects and the extraordinary items, and I think when it comes to extraordinary items, you that have followed us recognize that last, in 24, in Q2, there was a huge ticket on 30 million plus to the profits. And in this year, in Q3, we had a negative, similar thing, basically related to reorganizations. If you eliminate all those and the FX effect for the two years, the underlying growth, 24, like Richard said, but it's important also to recognize that the EBITDA change, 24 to 25, on that same account is 79 million. And that's With that, Richard, I'll leave it back to you.