First Quarter 2026

• Consolidated Net turnover amounted to SEK 17.4 m (SEK 50.5 m).
• Consolidated Gross Profit amounted to SEK 5.9 m (SEK 16.9 m) with a gross margin of 34% (34%).
• Consolidated EBITDA amounted to SEK –16.1 m (SEK –5.2 m).
• The consolidated result for the quarter amounted to SEK -25.4 m (SEK -10.7 m).
• Consolidated EPS and Diluted EPS amounted to SEK -0.04 (SEK -0.02).

Significant events during the first quarter

• OXE Marine successfully raises SEK 60.0 million through directed share issues which are proposed by the Board and the largest shareholder respectively

Significant events after the reporting period

• No significant events after the quarter

Comments from CEO

Tough trading environment in the short term
The first quarter of 2026 was as expected a weak quarter, with continued delays in key governmental projects—particularly in the US—impacting our sales and overall financial performance. On a positive note, we initiated several projects to key governmental customers, increasing our global reach. We manged to maintain cost control and margins.

Net turnover amounted to SEK 17.4 m (50.5), and EBITDA came in at SEK -16.1 m (-5.2), reflecting the softer demand environment. As mentioned in our Q4 report, going into the quarter we were expecting a slower marine environment as a result of delays in US governmental projects as well as the overall tariff environment pushing up prices in the US. The sentiment was further impacted by the conflict in the Middle East affecting logistics but also tourism segments where we have projects with end customers. Overall, projects have not been cancelled; however, they have experienced delays, with new capital investments temporarily put on hold. This meant that there was very limited new business. Gross profit for the quarter amounted to 34% (34%).

While it was a tough trading quarter, we managed to keep costs under control with total operating expenses amounting to SEK -20.9m (-21.9m).

Despite these headwinds, we made meaningful progress in several areas that strengthen our long-term position. Several key governmental projects were initiated in the US but also in several markets outside of the US. These early test & evaluation projects have exciting potential, and we expect to see the fruits of these initiatives in in the quarters to come. In addition, the company made several key recruits to the sales team, bringing in decades of marine experience to the organisation – see “Meet the Team” section of the OXE Marine website for details.

Cash Flow and Financial Position
Cash flow from operating activities before changes in working capital amounted to SEK -15.2 m (-8.6 m) and cash flow movements for the period amounted to SEK -16.7 m (-27.9 m)

Financing
Most notably, we successfully secured SEK 60 million in new equity financing during the quarter, prior to the conversion of shareholder loans amounting to SEK 19.2 m. The Directed Share Issue is subject to approval at the Annual General Meeting to be held on 24 April 2026 at 11am. The full amount of the issue has been subscribed for through binding commitments. This equity injection provides important support to our balance sheet and enabling us to continue executing on our strategic priorities.

GM Marine Development Agreement
Our development collaboration with GM Marine is progressing well, with strong engagement and support from our partner, validating both our technology and long-term roadmap.

“DL6”
The launch of the 2026 model year of the OXE 300 has been well received from customers. “DL6” stands for diesel-inline-six, referring to the engine type of the BMW B57 3.0 L 6-cylinder engine. Improved features include a split flywheel cover, enhanced trolling mode and enhanced cooling capacity for the engine to operate in extreme climates and waters.

OXE Connect
During the quarter we also rolled out the OXE Connect, a telematic gateway which enables live remote monitoring and diagnostics of the OXE engines in real time, GPS location and other benefits. This accessory fits perfectly for commercial customers who run fleets and the feedback has been very positive.

Looking Ahead
We are encouraged with the additions to our Sales team enabling us to unlock new opportunities in new markets. While these opportunities will take time to convert, they represent an important step towards a more diversified and balanced market exposure going forward. Going into Q2, we have seen an increase in enquiries.

In summary, while the quarter reflects short-term challenges, we have taken decisive actions to strengthen OXE Marine’s strategic foundation—securing financing, safeguarding supply, advancing key partnerships, and maintaining operational discipline. These efforts position us well to capture future growth as market conditions improve.

I would like to thank our team for their continued dedication and resilience. We remain firmly focused on execution, improving performance, and driving the company toward profitability.

- Paul Frick, CEO

The Interim report is available for download at: https://www.oxemarine.com/investors/financial-reports