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PowerCell (PCELL) investor relations material
PowerCell Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved positive full-year EBITDA for 2025, with record improvements in margins and disciplined execution despite lower-than-anticipated top-line revenue and cautious market investment in hydrogen fuel cells.
Net sales increased 15% year-over-year to SEK 385m, with gross margin rising to 45.2% from 34.8% the previous year.
Marine remained the core growth and income segment, while Power Generation emerged as a second pillar for scalable growth with limited capital exposure.
Delivered on strategic priorities, including on-time production and delivery in Marine and successful product launches in Power Generation.
Available cash at year-end was SEK 129m, supporting financial resilience into 2026.
Financial highlights
Full-year net sales reached SEK 385m, up 15% year-over-year; Q4 net sales were SEK 95m, down 34% year-over-year due to order timing and FX impacts.
Gross margin improved to 45.2% in 2025 from 34.8% in 2024.
EBITDA turned positive at SEK 3.9m for 2025, compared to SEK -30.9m in 2024.
Operating cash flow improved to SEK -10m for the year, a significant recovery from previous quarters.
Liquidity was enhanced by a new SEK 50m credit facility tied to customer projects.
Outlook and guidance
2026 expected to return to a more typical "hockey stick" growth pattern, with less even revenue distribution across quarters.
Focus remains on protecting EBITDA and maintaining cost discipline while being ready to scale if market opportunities arise.
Management expects continued market volatility in 2026, with a focus on maintaining flexibility and resilience.
Strategic emphasis on leveraging current platforms, growing top-line, and maintaining fiscal discipline.
No dividend proposed for fiscal year 2025.
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