Forsee Power (FORSE) AGM 2026 presentation summary

Financial performance and position

• Revenue for 2025 was €120.5M, a 20.6% decrease from 2024, with EBITDA at -€3.1M and a net loss of -€28.0M.

• Operational cash flow was €2.5M, investment cash flow improved to -€9.9M, and financing cash flow rose to €14.4M, supported by a capital increase and new loans.

• Net debt (excluding IFRS 16) was controlled at €28.5M, and financial structure was strengthened through capital increases and working capital management.

Market dynamics and strategic challenges

• Revenue decline was driven by market difficulties, client strategy changes, and project launch delays, especially in the US and rail sectors.

• Price pressure led to a ~50% drop over two years, with reduced order visibility.

• A robust pipeline of tenders worth €1.2B offers strong prospects from 2027, especially in bus and rail markets across Europe, North America, and Asia-Pacific.

Strategic initiatives and outlook

• Focus on profitability through cost reductions, restructuring, and product portfolio optimization.

• Cash improvement targeted via credit line renegotiations and asset sales, including a 51% stake in the Indian subsidiary to form a joint venture.

• Positioned for long-term value creation in the electric mobility sector.