W5 Solutions Interim Report January–March 2026

Financial summary

January–March 2026

• Net sales amounted to SEK 129.2 million (84.5).
• EBIT amounted to SEK 0.8 million (–3.1).
• EBIT margin amounted to 0.6% (–3.7%).
• Net profit for the period amounted to SEK –2.1 million (–4.3).
• Earnings per share amounted to SEK –0.12 (–0.27).
• Cash flow from operating activities amounted to SEK –43.3 million (–11.5).
• Order intake during the period amounted to SEK 402 million (109) with an order backlog at the end of the period totalling SEK 828 million (354).

Significant events during the quarter

• W5 Solutions entered into an agreement to acquire 100 per cent of the shares in KT‑Shelter Oy.
• W5 Solutions completed a directed share issue of 2 000 000 shares at a subscription price of SEK 50 per share, raising approximately SEK 100 million before transaction costs, with proceeds received in Q2.
• The Group received an order from Kongsberg Defence & Aerospace worth SEK 148 million, with deliveries planned for 2026–2027.
• The Group received an order from KNDS worth SEK 126 million for simulator solutions, with deliveries scheduled between 2026 and 2028.
• Joachim Hammersland has decided to step down from the position of Deputy CEO.
• Cecilia Driving has decided to step down from the position of CFO.

Other significant events after the period

• The Group has received an order of approximately SEK 46 million from the Swedish Defence Materiel Administration (FMV) for an electrical installation contract at a new training centre within the Swedish Armed Forces, with options for an additional SEK 4.5 million.

Comments from the President and CEO, Evelina Hedskog
Clear Progress in Business and Market Position

Market developments and order intake
Following a record-breaking end to last year, we entered the year against a backdrop of geopolitical turbulence, with high expectations for our ability to deliver. Developments concerning Greenland and Iran – alongside the ongoing war in Ukraine – have further underscored the need for a robust Nordic and European defence. This is reflected in continued strong demand for our products, resulting in a record high order intake of 267 per cent higher than in the same period last year, with a particular emphasis on exports. It is especially encouraging that we are now continuing to build the order book for the coming years, which provides increased visibility and a strong foundation for planning.

Delivery and profitability
Operations during the first quarter have been characterised by a continued high pace. Despite a large number of final deliveries towards the end of the year, delivery levels have remained high, which has contributed to a strong sales trend, where net sales are above the average for 2025, in line with normal seasonal variations. During the quarter, final approval of the development phase was also obtained in several projects, enabling the transition to series production.

At the same time, earnings performance has been impacted by the ongoing ramp-up of operations. Compared with last year, the margin has improved from a negative to a slightly positive. We are investing in both production capacity and our organisation to meet increased demand. In parallel, we are implementing several initiatives to enhance long-term efficiency, including a Group-wide quality management system and tools to support more data-driven management and operational follow-up.

KT Shelter – strengthening our position in the Nordics
Following a systematic review of the Nordic defence market, we have identified a key strategic addition to W5’s ongoing development. In March, we signed a share purchase agreement for the acquisition of the Finnish company KT Shelter – a company that aligns well with our acquisition criteria, with a strong product portfolio, a clear defence customer base, solid profitability, positive growth prospects, and strong cultural alignment with W5.

We are currently awaiting approval from the Finnish state for W5 Solutions, as a Swedish company, to take ownership. Once received, we intend to complete the acquisition. KT Shelter’s mobile aircraft hangars are a valuable addition to our existing product portfolio and at the same time strengthen our position in the Finnish defence market. The acquisition also creates opportunities to offer KT Shelter’s products to W5’s existing customer base. In the long term, the business is intended to be fully integrated into the Group and conducted within the framework of our established business area structure.

The way forward – sustainable growth
Looking ahead, our focus is to ensure the profitability of our deliveries, while maintaining a high level of delivery precision and quality. Supported by a strengthened order book and increased sales, we made further progress towards our financial targets during the quarter – to reach net sales of SEK 1000 million and an EBIT margin of 10 per cent by the end of 2027. We remain confident in our continued progress towards these targets.

Webcast in connection with the interim report for January–March 2026

W5 Solutions will host a webcast today at 11:00 CEST in connection with the publication of its interim report for the period January–March 2026. The presentation will be held in English and followed by a Q&A session.

To participate, register via the following link: Register for the webcast.

The complete report, published today and attached to this press release, is also available for download on the company’s website: www.w5solutions.com/investor-relations