FlexQube’s report for the third quarter of 2026

• Order intake increased by 82.5 percent to SEK 73.2 million (40.1). Adjusted for exchange rate fluctuations between the comparative periods, order intake increased by 90.7 percent.
• Net sales increased by 1,080.9 percent to SEK 205.8 million (17.4). Adjusted for exchange rate fluctuations between the comparative periods, net sales increased by 1,137.2 percent.
• Operating profit before depreciation and amortization (EBITDA) amounted to SEK 54.7 million (-8.3), while operating profit (EBIT) amounted to SEK 52.6 million (-10.6).
• Profit before tax amounted to SEK 48.7 million (-11.1).
• Earnings per share amounted to SEK 2.8 (-0.8).
• Cash flow amounted to SEK 7.2 million (-7.8), of which SEK 9.1 million (-6.3) was attributable to operating activities, SEK -2.5 million (-1.2) to investing activities, and SEK 0.7 million (-0.3) to financing activities.
• Cash and cash equivalents amounted to SEK 47.1 million (12.9) at the end of the period.
• FlexQube announced additional follow-up orders from a US-based customer, one of the world's largest e-commerce and logistics companies, with a total value of approximately SEK 33 million, comprising several orders received during the quarter. The orders include Navigator AMR robots and tugger train systems, with deliveries primarily scheduled for 2026.
• FlexQube received an order worth approximately SEK 3.7 million for mechanical material handling carts from a new customer in the US commercial vehicle industry.
• FlexQube further strengthened its intellectual property portfolio with the granting of its fifth US patent for the Navigator AMR.

EVENTS AFTER THE END OF THE QUARTER

• Following the end of the quarter, changes to the company's Board of Directors have been proposed ahead of an Extraordinary General Meeting. Tobias Byfeldt and Daniel Pettersson have been proposed as new Board members, while Per Augustsson is proposed to step down from the Board to focus fully on operational activities, particularly the further development and sales of the company's AMR solutions.

THE PERIOD 1 JANUARY – 30 SEPTEMBER 2026

• Order intake increased by 311.8 percent to SEK 367.4 million (89.2). Adjusted for exchange rate fluctuations between the comparative periods, order intake increased by 331.7 percent.
• Net sales increased by 357.7 percent to SEK 316.4 million (69.1). Adjusted for exchange rate fluctuations between the comparative periods, net sales increased by 379.7 percent.
• Operating profit before depreciation and amortization (EBITDA) amounted to SEK 47.7 million (-20.8), while operating profit (EBIT) amounted to SEK 42.1 million (-27.4).
• Profit before tax amounted to SEK 36.0 million (-29.1).
• Earnings per share amounted to SEK 2.1 (-2.2).
• Cash flow amounted to SEK 11.0 million (-22.5), of which SEK 17.0 million (-10.7) was attributable to operating activities, SEK -4.1 million (-2.9) to investing activities, and SEK -1.9 million (-8.9) to financing activities.
• Cash and cash equivalents amounted to SEK 47.1 million (12.9) at the end of the period.

Link to the report for the third quarter 2026: https://flexqubegroup.com/financial-information/

The entire quarterly report is also attached to this press release.

CEO LETTER

Record quarter – a breakthrough for FlexQube

The third quarter of 2026 marks a milestone for FlexQube. After several years of product development, pilot projects, and investments in our automation platform, this work is now translating into a clear financial impact. Sales reached a record 205.8 MSEK and EBITDA amounted to 54.7 MSEK, corresponding to an EBITDA margin of 26.6 percent. The quarter demonstrates the strength of our business as delivery volumes increase.

In my previous CEO letter, I described how we were building capacity and strengthening our organization ahead of a very intensive third quarter. We have now delivered. A significant share of the major projects ordered during the first half of the year has translated into deliveries. At the same time, we are taking the next steps at customer sites through installation, commissioning, and the development of additional applications.

SALES AND EARNINGS

Our robotic platform is the driving force behind the substantial sales growth in the quarter. Robot sales amounted to 127 MSEK, accounting for just over 60 percent of total sales. Mechanical carts and tugger train systems together contributed 62.2 MSEK, with the vast majority of the tugger train systems combined with our robotic platform. Sales for the first nine months of the year amounted to 316.4 MSEK and EBITDA to 47.7 MSEK.

The result demonstrates the potential of the business we have built. The organization and capacity established during the second quarter have supported significantly higher sales and production volumes, with a substantial impact on profitability.

At the same time, we should be clear that major project deliveries were concentrated in this quarter. The business remains project-dependent, and both sales and profitability may vary between quarters depending on the product mix and delivery schedules. Our task is to translate this progress into a sustainably profitable and growing business over time.

Cash flow from operating activities was also positive, amounting to 9.1 MSEK during the quarter. At the same time, rapid growth ties up significant capital in inventories and accounts receivable. We are therefore actively working on delivery planning, customer payments, and financing solutions.

FROM DELIVERY TO LARGER-SCALE OPERATIONS

At our major U.S. customer in e-commerce and logistics, the quarter has involved both delivering the larger robotic tugger train systems and building the capability to install, commission, and support the solutions on site. We have strengthened our local presence and are working closely with the customer on pilot projects, commissioning, and continuous system improvements. It is in the customer's day-to-day operations that the solutions must prove their value. Safety, uptime, and a strong service and support organization are therefore essential to building confidence in the next steps.

Behind the quarter's figures is a tremendous team effort. Our employees and partners have simultaneously scaled up production, completed extensive deliveries, and built up local support. This has placed high demands on the entire organization. I am proud of what we have achieved together and would like to extend my sincere thanks to everyone who has contributed.

MORE APPLICATIONS ON THE SAME PLATFORM

Alongside the larger tugger train systems, our other applications at the e-commerce and logistics customer are also progressing. In September, we received a follow-on order worth approximately 11 MSEK within the project in which the Navigator AMR, together with a customized load carrier, automates the pickup, transport, and drop-off of the customer's existing carts. The order forms part of the previously announced expanded pilot phase. We are delivering this expanded phase as early as the end of October for continued evaluation.

This is one of FlexQube's key strengths: the same Navigator platform can be used across several different material flows. By combining our unique robot with different load carriers and adapted software, we can address new needs without developing an entirely new robotic system for each application.

In our third project with the customer, we are conducting an intensive testing period during October. Further orders and a broader rollout depend on the customer's evaluation and commercial decisions. Our path forward is clear: to make the ongoing installations successful and thereby create the best possible conditions for continued expansion.

In July, we also announced the granting of our fifth U.S. patent related to the Navigator AMR. The patent covers a key interface solution between the robot and motorized load carriers. This is another step in protecting the technology that makes the platform flexible and strengthens our long-term competitiveness.

Our pilot project in Poland has also been successful, and we see very good prospects for a continuation of the project. We are now also exploring new applications and the possibility of delivering robotic systems to more of the customer's sites.

SERVICE, AFTERMARKET, AND MORE CUSTOMER RELATIONSHIPS

Service and aftermarket are becoming an increasingly important part of our business as the installed base grows. In July, we received two follow-on orders totaling approximately 22 MSEK for aftermarket services, including spare parts and service, for two of the e-commerce customer's sites. Our business does not end when the equipment has been delivered.

Service sales amounted to 7.9 MSEK in the quarter. Our ambition is to gradually build a larger base of recurring revenue from service, support, and software. The growing installed base provides a foundation to build on. To capture this opportunity, we continue to develop both our offering and our organization to support customers over time.

At the same time, our mechanical solutions continue to open doors to new customer relationships. In August, we received an order worth approximately 3.7 MSEK from a new U.S. customer in the commercial vehicle industry, with deliveries planned for the fourth quarter. With mechanical carts, tugger train systems, and automation, we can address several areas of the customer's material handling operations and develop the relationship step by step.

The major projects at our e-commerce customer are highly significant for FlexQube's development, while also resulting in a degree of customer concentration. Broadening the business is therefore a clear priority. We will build on our progress by developing more customer relationships and more applications. At the end of October, we are strengthening our U.S. organization to drive business development for our robotic platform locally in North America.

OUTLOOK

We have an extensive project pipeline, and this year's progress provides a strong foundation with important reference projects for continued growth. The pipeline includes both the next project phases at our largest customer and new business opportunities with other customers. We are seeing a clear increase in AMR projects for which we have submitted quotations in the United States, Mexico, and Europe, giving us several paths to grow and broaden the customer base for our robotic platform. Our focus is now on converting these opportunities into new business. The timing and scope of new orders continue to depend on customers' evaluations and investment decisions.

For me, the third quarter clearly confirms the strength of what we have built over several years. We have demonstrated that our product development and delivery capabilities can translate into strong financial results. We will now build on that foundation through stable operations at customer sites, a growing aftermarket business, and more long-term customer relationships. Our ambition is not to stop at a record quarter, but to build a larger, stronger, and sustainably profitable FlexQube.