• Forum
  • Premium
  • Stock Markets
    • MarketsLive prices, indices, and market performance
    • Morning ReviewDaily market recap and key overnight highlights
    • Stock CalendarUpcoming earnings, listings, and corporate events
    • Dividends CalendarFuture and past dividends
  • Companies
    • CompaniesBrowse and filter the full list of listed companies
    • DiscoveryInspiration for your next investment
    • IPOsNew listings and upcoming public offerings
    • AGM InvitationsAnnual general meeting dates and shareholder info
  • Stock Research
    • ResearchExpert stock analysis and recommendations
    • ArticlesNews, insights, and market commentary
    • PortfolioInderes model portfolio
    • FemmeBreaking barriers and building confidence in investing
  • Learn about investing
    • Analysis SchoolLearn how to read and understand stock analysis
    • Investing SchoolGuides and lessons to grow your investing knowledge
    • Portfolio buildersInvesting knowledge for every level, from first steps to advanced portfolio strategies.
    • inderesTVVideo hub for stock research, analysis, and expert commentary
    • TranscriptsFull text records of earnings calls and investor meetings
    • Stock ComparisonCompare financials and performance across multiple stocks
    • Earnings SeasonCompare EPS estimates to reported results
    • Insider TransactionsTrack buying and selling activity by company insiders
    • Virtual Analyst ChatAsk questions and get instant AI-powered investment insights
    • Compound Interest CalculatorSee how your savings grow with the power of compound interest.
Find us on social media
  • Inderes Forum
  • Youtube
  • Facebook
  • Instagram
  • X (Twitter)
  • Tiktok
  • Linkedin
Get in touch
  • info@inderes.fi
  • +358 10 219 4690
  • Porkkalankatu 5
    00180 Helsinki
Inderes
  • About us
  • Our team
  • Careers
  • Inderes as an investment
  • Services for listed companies
Our platform
  • FAQ
  • Q&A
  • Terms of service
  • Privacy policy
  • Disclaimer

Inderes’ Disclaimer can be found here. Detailed information about each share actively monitored by Inderes is available on the company-specific pages on Inderes’ website. © Inderes Oyj. All rights reserved.

A weak quarter – but a stronger strategic position

PCELLRegulatory press release16.07.2026 klo 08.30
Download the release

We are not satisfied with the second quarter. Although the development is consistent with the market conditions we described in our year-end report and revisited in our first-quarter report.

April - June 2026

  • Net sales SEK 37.0m (130.0), a decrease of 72% compared to same quarter previous year. Excluding the one-off effect of the major licensing transaction with Bosch last year, revenue decreased by 46%.
  • Gross profit decreased to SEK 3.9m (80.1) with a gross margin of 10.4% (61.6)
  • Operating income SEK -52.2m (22.4)
  • Net income SEK -51.2m (22.4)
  • Operating cash flow SEK 4.6m (6.9)
  • Earnings per share (basic and diluted) SEK -0.88 (0.39)


January – June 2026

  • Net sales SEK 83.9m (204.1), a decrease of 59% compared to same period previous year. Excluding the one-off effect of the major licensing transaction with Bosch last year, revenue decreased by 35%.
  • Gross profit decreased to SEK 14.4m (107.6) with a gross margin of 17.1% (52.7)
  • Operating income SEK -92.6m (10.1)
  • Net income SEK -91.0m (6.7)
  • Operating cash flow SEK -88.1m (-72.4)
  • Earnings per share (basic and diluted) SEK -1.57 (0.11)


Significant events during the second quarter

  • Signed a follow-up order within aviation, worth approximately SEK 12m.
  • Contract signed to supply 4 MW marine fuel cell systems for two cargo ships. Value approximately SEK 50m.
  • The Annual General Meeting elected Katarina Bonde as Chair of the Board.
  • PowerCell appointed Vlad Månsson as Chief Commercial Officer. Assumes the position during Q3 2026.
  • The number of shared and votes in Powercell Sweden AB (publ) increased by 265,159, due to share subscription within the framework of the LTI 2021 programme.


Significant events after the second quarter

  • Secured multi-MW Power Generation order for AI data center, valuted approximately SEK 30m.
  • Announced a 300+ MW Hydrogen Power Partnership for AI Data centers with ECL, supported by Bosch.


Key performance indicators
SEK million, unless other stated
Apr-Jun 2026Apr-Jun 2025Jan-Jun 2026Jan-Jun 2025Jan-Dec 2025
Net sales
37.0130.083.9204.1385.0
Gross profit
3.980.114.4107.6174.2
Gross margin, %
10.461.617.152.745.2
EBITDA*
-44.027.9-75.920.83.9
Operating income *
-52.222.4-92.610.1-22.9
Net income
-51.222.4-91.06.7-29.5
Earnings per share (basic and diluted), SEK
-0.880.39-1.570.11-0.51
Equity asset ratio, %
52.873.652.873.664.6
Operating cash flow
4.66.9-88.1-72.4-10.1

* 2025 is affected by reclassification of blocked bank funds of SEK Q1 -1.0m, Q2 -0.2m.

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/q2-report-2026

You can ask questions in writing at the online presentation.

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.

For more information, please contact:
Richard Berkling
CEO
Phone: +46 31 720 36 20
Email: richard.berkling@powercellgroup.com

For more information, please contact:
Anders Düring
CFO
Phone: +46 31 720 36 20
Email: anders.during@powercellgroup.com

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 powercellgroup.com.

This information is information that PowerCell Sweden AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact persons set out above, at 2026-07-16 07:30 CEST.

Attachments
PowerCell Q2 2026 EN