CEO Dr Martin Edlund: "The first six months of 2026 have seen tangible progress across our business. We have verified electricity production performance over long production cycles, enhanced customer offerings, and multiplied our customer engagements. Our conviction is stronger than ever that tidal energy is moving from promise to reality, spearheaded by us".
Significant events April-June 2026
The Annual General Meeting of Minesto AB 2026, resolved to elect Philippe Kavafyan as a new member of the Board of Directors. With more than 30 years of experience in the international energy sector, including leadership roles in the wind industry and offshore projects, Philippe will contribute with strategic expertise, global networks and valuable insights to support Minesto's continued growth and expansion.
After the end of the period
In August, Minesto announced that the Dragon 4 power plant, upgraded with a new power-take-off (PTO) system that improves energy production throughout the tidal flow cycle, has delivered record breaking electricity generation over the summer in Vestmannasund, Faroe Islands. The upgraded PTO system successfully demonstrated improved energy production throughout all tidal flow cycles while simultaneously reducing system costs.
The company implemented organisational changes to enhance the commercial readiness of its service offering. Site installation and operations (installation and handling) are managed through customer delivery projects, such as the Vestmanna Site Project, relying on Minesto's proprietary and proven methods and technology, but primarily delivered by external and local resources to enhance flexibility and efficiency. Technology development related to Operations methods and tools is integrated into Product Development led by Chief Technology Officer, Bernt Erik Westre.
The Faroe Islands Space Program, the global communication campaign featuring the unique Minesto Dragons, was awarded the Grand Prix at the Cannes Lions International Festival of Creativity 2026, recognising it as the world's most outstanding B2B creative campaign of the year. To date, the campaign has generated more than 800 million impressions, bringing significant global exposure to Minesto's Dragon technology.
The Group in summary 1 January-30 June 2026
Total operating income for the period amounted to SEK 11,270 thousand (12,234) and mainly consist of capitalised development work. Net sales amounted to SEK 0 thousand (0).
Operating loss for the period amounted to SEK -15,440 thousand (-20,502). The negative result is largely attributable to business development and administration related to technology development. During the period personnel costs of SEK 11,270 thousand (12,233) has been capitalised as development work.
At the end of the period, the intangible fixed assets amounted to SEK 588,460 thousand (562,112), of which capitalised development costs SEK 569,741 thousand (544,577) and capitalised patent expenses SEK 18,719 thousand (17,535).
Grants of SEK 3,623 thousand (723) were accounted for during the period, of which SEK 3,623 thousand (723) has reduced the acquisition value of the capitalised development costs.
At the end of the period, cash flow for the period amounted to SEK-29,330 thousand (-4,419). At the end of the period, cash and cash equivalents amounted to SEK 38,449 thousand (30,241).
At the end of the period, equity amounted to SEK 615,360 thousand (562,656) divided into 260,111,612 shares (205,911,488), of which loss for the period amounted to SEK -15,012 thousand (-21,769).
The Half-Year Report is available to download at Minesto's website:
www.minesto.com/investor/investor-information
CEO comment:
Dragon power driving commercial progress
The first six months of 2026 have seen tangible progress across our business. We have verified electricity production performance over long production cycles, enhanced customer offerings, and multiplied our customer engagements. Our conviction is stronger than ever that tidal energy is moving from promise to reality, spearheaded by us.
On the technology side, we have achieved record levels of electricity production in Vestmanna, Faroe Islands. Stable production over several months feeding electricity to the national grid confirms both performance and reliability. The production volumes achieved are safely above the energy production volumes needed for successful financial modelling of our tidal project investments.
The energy fed into the electric grid demonstrates that tidal energy delivers predictable and reliable electricity from a local and untapped natural resource. Every day of successful operation strengthens not only Minesto's position, but also confidence in tidal energy as a valuable component of future energy systems. These production results are vital for ongoing commercial dialogues.
We have built unique expertise in analyzing tidal resources, developing sites, installing systems and operating power plants in challenging marine environments. That experience has evolved into a unique strategic asset. We are increasingly engaging with customers, governments and investors not only as a power plant technology provider, but as a partner in pioneering the first tidal energy projects in a given market.
Individual site projects in different geographic markets demand a tailored approach highly adaptive to the local context and conditions in order to be cost efficient and to fulfil customer requirements. For example, if a customer owns work boats, we adopt to use them for operations, and if the customers have technicians, we train them for involvement in service and operations.
Therefore, we have chosen to integrate operational development into product and technology development and to fully integrate site development, installation and operations into the individual customer delivery projects. The result is a versatile customer offering, combining technology, methods, tools and know-how into a platform for commercial deployment, where cost efficiency and customer value added are drivers.
The second quarter brought increased international recognition. The global exposure generated through the Faroe Islands Space Program campaign has placed tidal energy in front of decision-makers, investors and partners around the world. Winning "the Oscar of B2B commercials" together with SKF is a remarkable achievement.
I also welcome Philippe Kavafyan to our Board of Directors. His vast experience and network in the energy sector, as well as his track record of bringing new technologies to market, strengthen our capability to scale internationally and navigate the ongoing commercial roll-out.
The transition to a sustainable energy system will require more than incremental improvements to existing technologies. It will rely on new renewable resources and new ways of generating electricity. The belief that tidal energy is one of them is shared by a growing number of stakeholders and potential customers. We work relentlessly to establish tidal energy as a global energy sector. We do so from a position of growing strength, built on proven technology, expanding market opportunities and an unwavering belief that the tidal currents will become a major contributor to the world's energy supply.
/Martin Edlund, CEO