Metacon (META) investor relations material

Executive summary

• Net revenue for Q1 2026 reached SEK 73.5 million, a 46% increase year-over-year, driven by strong project activity and progress in large-scale electrolysis projects in Greece and Romania.

• EBITDA improved to SEK -0.2 million from SEK -12.2 million in Q1 2025, reflecting higher gross profit and increased operational efficiency.

• Gross margin was 16%, slightly lower than last year due to a changed project mix but aligned with expectations.

• Strategic focus remains on executing large projects, expanding the pipeline, and enhancing operational flexibility.

Financial highlights

• Operating profit (EBIT) for Q1 2026 was SEK -3.2 million, a significant improvement from SEK -15.1 million in Q1 2025.

• Profit/loss after financial items was SEK -6.4 million, compared to SEK -15.0 million a year earlier.

• Cash flow from operating activities after changes in working capital was SEK -42.1 million, improved from SEK -50.6 million in Q1 2025.

• Cash and cash equivalents at quarter-end were SEK 72.1 million, with SEK 28.2 million as blocked funds.

• Equity/assets ratio declined to 36.5% from 71.8% year-over-year, reflecting increased liabilities and project financing.

Outlook and guidance

• Underlying demand for hydrogen solutions is increasing, with over 100 ongoing customer project discussions ranging from 1 MW to 700 MW.

• Decision-making processes remain lengthy due to market immaturity and global uncertainties, but long-term trends are positive.

• Focus remains on projects with favorable realization conditions and operational efficiency to capitalize on market growth.