Midsummer (MIDS) investor relations material

Executive summary

• Net sales for Q1 2026 reached 54,713 TSEK, a nearly tenfold increase year-over-year, driven mainly by equipment sales for solar cell production lines.

• EBITDA was positive at 19,357 TSEK, and operating profit was 9,242 TSEK, both significant improvements from negative results last year.

• A record order worth 236 million SEK for DUO production equipment was received in March, the largest in company history, with most revenue to be recognized in 2026.

• A fully guaranteed rights issue of 175 million SEK was completed to support working capital needs for expanded production capacity.

Financial highlights

• Net sales: 54,713 TSEK (Q1 2025: 5,419 TSEK); EBITDA: 19,357 TSEK (Q1 2025: -19,495 TSEK); Operating profit: 9,242 TSEK (Q1 2025: -31,290 TSEK).

• Result before tax: -2,641 TSEK (Q1 2025: -40,676 TSEK); EPS: -0.01 SEK (Q1 2025: -0.15 SEK).

• Cash flow for the period: 120,206 TSEK (Q1 2025: 5,817 TSEK); equity ratio: 61.93% (Q1 2025: 28.28%).

• Administrative and marketing costs reduced by 25% due to cost-saving programs.

Outlook and guidance

• Strong order backlog and increased demand for both equipment and solar panels, especially in southern Europe.

• Production in Italy to move to two shifts post-summer to meet global demand.

• Continued focus on international expansion and scaling up manufacturing.