OXE Marine AB (publ) Interim Report July – September 2026

Third Quarter 2026
· Consolidated Net turnover amounted to SEK 32.2 m (SEK 42.8 m).
· Consolidated Gross Profit amounted to SEK 18.9 m (SEK 12.8 m) with a gross margin of 59% (30%).
· Consolidated EBITDA amounted to SEK 0 m (SEK –9.9 m).
· The consolidated result for the quarter amounted to SEK -8.6 m (SEK -16.8 m).
· Consolidated EPS and Diluted EPS amounted to SEK -0.01 (SEK -0.02).
 
January – September 2026
· Consolidated Net turnover amounted to SEK 65.0 m (SEK 154.0 m).
· Consolidated Gross Profit amounted to SEK 30.5 m (SEK 51.9 m) with a gross margin of 47% (34%).
· Consolidated EBITDA amounted to SEK -34.3 m (SEK –16.4 m).
· The consolidated result for the year amounted to SEK -61.4 m (SEK -37.7 m).
· Consolidated EPS and Diluted EPS amounted to SEK -0.08 (SEK -0.05).
 
Significant events during the third quarter

· OXE Marine receives order for study, engineering services and components for GM Marine.

 
Significant events during the year

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

· OXE Marine signs OEM agreement with Damen Compact Crafts – first vessel on display at Seawork 2026.
· OXE Marine and Tideman Boats to deliver Dutch government Caribbean support craft programme.

Comments from CEO

Break-even EBITDA – a step in the right direction
 

The third quarter of 2026 showed improved profitability, with EBITDA at break-even of SEK 0 m (SEK -9.9 m) and a gross margin of 59% (30%). We are pleased with the progress, which was supported by a favourable sales mix, with strong growth in Parts & Accessories and a contribution from our engineering services. Propulsion sales have increased and at SEK 17.9 m the third quarter exceeded the first half of the year combined, showing improving activity within an overall soft demand environment.

 
Financial performance
Net turnover amounted to SEK 32.2 m (SEK 42.8 m). Propulsion sales were SEK 17.9 m (SEK 34.8 m), still reflecting the continued delays in customer investment decisions that we have highlighted in previous reports. Parts & Accessories amounted to SEK 10.2 m (SEK 7.6 m), and the remaining SEK 4.1 m related to engineering services, predominantly relating to the contract with GM marine, but also to other customers.
 
Gross profit increased to SEK 18.9 m (SEK 12.8 m) despite lower sales. The improvement reflects a favourable product mix, with a higher share of Parts & Accessories and engineering services. We do not see a gross margin of 59% as a normalised level for the business.
 
Parts & Accessories grew by 34% and contributed 32% (18%) of total revenue, supported by a growing installed base of OXE engines. Operating expenses amounted to SEK -18.9 m (SEK -22.7 m), well below our SEK 25 m target, and we continue to run the company as a slim organisation. The result for the quarter improved to SEK -8.6 m (SEK -16.8 m), and earnings per share amounted to SEK -0.01 (SEK -0.02).
 
Year to date and cash flow
For the first nine months, net turnover amounted to SEK 65.0 m (SEK 154.0 m) with a gross margin of 47% (34%). EBITDA was SEK -34.3 m (SEK -16.4 m) and the result amounted to SEK -61.4 m (SEK -37.7 m), reflecting a weak first half. Cash flow from operating activities was SEK -5.8 m (SEK 5.3 m) in the quarter and cash on hand amounted to SEK 6.6 m at the end of September. We continue to manage working capital and liquidity closely.
 
Commercial progress
During the quarter we received the order from GM Marine for a study, engineering services and components, building on the development agreement signed in 2025. The project is progressing well and supports our long-term technology roadmap with GM Marine. It also showcases the engineering competence we have in-house, where specialised test equipment and decades of combined engineering experience allow us to act quickly on complex projects. In parallel, we are engaged in several key strategic projects in different parts of the world, where evaluation periods are ongoing, and we continue to support a number of customers in the early stages of introducing OXE diesel outboards into their fleets.
 
Looking ahead
We are encouraged by the quarter, but one quarter does not make a trend. Our priority is to convert the pipeline into propulsion deliveries, continue to grow Parts & Accessories and keep a tight hold on costs, so that the profitability we saw this quarter is increasingly carried by the core business.
 
I would like to thank our team for their continued dedication. They have truly embraced a customer-first approach, which shows in how quickly and responsively we act as an organisation. I would also like to thank our partners and shareholders for their support. We remain firmly focused on execution, improving performance, and driving the company toward profitability.
 
Paul Frick, CEO