Byhmgard (SPIFF) investor relations material

Executive summary

• Q1 2026 saw strong strategic and operational progress, focusing on converting deals to production, expanding the project portfolio, and securing financing for current and future projects.

• Order book reached SEK 76 million, driven by two BESS deals with Solarigo System OY.

• Two Latvian project companies acquired, adding approximately 30 MW to the portfolio.

• Strategic cooperation and financing agreements were signed, supporting project construction and operation.

• The company is positioned as a leader in large-scale energy storage in the Nordics and Baltics, targeting a 1 GW pipeline by 2027.

Financial highlights

• Net sales increased to TSEK 16,880 in Q1 2026 from TSEK 3,766 in Q1 2025.

• Operating result was TSEK -3,535, compared to TSEK -2,895 in Q1 2025.

• Result after tax was TSEK -3,612, versus TSEK -3,017 year-over-year.

• Cash and cash equivalents at period end were TSEK 13,638, up from TSEK 42 a year earlier.

• Equity ratio improved to 69% from 13% year-over-year, mainly due to debt-to-equity conversions in 2025.

Outlook and guidance

• Latvia projects expected to generate recurring EBITDA of approximately MSEK 60 upon commissioning in Q1 2027.

• Continued focus on EPC projects for immediate cash flow and self-owned BESS projects for recurring revenue.

• The company aims to realize a 1 GW project pipeline by 2027.