LION E Mobility (LMIA) investor relations material

Executive summary

• Q1 2026 revenue was €3.3 million, down from €6.5 million year-over-year, due to temporary customer inventory effects, product transition to NMC+ batteries, and the absence of a prior-year one-off event.

• EBITDA remained positive at €0.3 million, though lower than €1.5 million in Q1 2025, reflecting reduced revenues but continued cost discipline.

• Operating cash flow improved significantly to €3.0 million from €1.0 million in Q1 2025, driven by cost discipline, better supplier payment terms, and improved payment conditions.

• Transition from SE09 to NMC+ battery production is underway, with old stock sold and new production ramping up in June.

• Strong order visibility from bus customers and growing interest in BMW i3 battery conversions and defense applications.

Financial highlights

• Gross margin held steady at 52% despite lower revenues.

• Personnel expenses and cost of materials both declined year-over-year, with personnel at €1.5 million.

• Finance expenses reduced to €0.3 million due to shareholder loan conversion to equity.

• Net result was a small loss of €0.1 million, compared to a profit of €0.6 million in Q1 2025.

• EBITDA margin was 10.1%, down from 23.1% in Q1 2025; EBIT margin was -0.6%, down from 17.5%.

Capital allocation and financing

• Operating cash flow increased to €3.0 million, reflecting improved working capital management.

• Investments in NMC+ development accelerated, with €0.8 million capitalized for R&D.

• Cash flow from investing activities was -€0.8 million, reflecting ongoing investments in NMC+ modules and packs.

• Cash flow from financing activities was -€0.1 million, mainly due to regular bank loan repayments.

• Equity remained stable at €15.1 million, with non-current liabilities at €0.7 million.