W5 Solutions Interim Report January–September 2026

Financial summary

July–September 2026

• Net sales amounted to SEK 141.6 (81.0) million, an increase of 74.8 per cent.
• Gross profit amounted to SEK 69.3 (69.6) million.
• Gross margin amounted to 49.0 (85.9) per cent.
• Operating profit (EBIT) amounted to SEK -27.1 (1.3) million and, adjusted for non-recurring acquisition-related costs, to SEK -26.2 (1.3) million.
• Operating margin (EBIT margin) amounted to -19.1 (1.6) per cent, and, adjusted for non-recurring items related to the acquisition, to -18.5 (1.6) per cent.
• Net profit for the period amounted to SEK -25.6 (-2.5) million.
• Earnings per share before and after dilution amounted to SEK -1.31 (-0.16).
• Cash flow from operating activities amounted to SEK -44.2 (-18.3) million.
• Order intake for the period amounted to SEK 77 (93) million, with an order backlog at the end of the period totalling SEK 823 (569) million.

January–September 2026

• Net sales amounted to SEK 498.7 (276.7) MSEK, million, an increase of 80.2 per cent.
• Gross profit amounted to SEK 247.1 (183.3) million.
• Gross margin amounted to 49.5 (66.3) per cent.
• Operating profit (EBIT) amounted to SEK -50.7 (-9.8) million, and, adjusted for non-recurring acquisition-related costs, to SEK -31.3 (-1.3) million.
• Operating margin (EBIT margin) amounted to -10.2 (-3.5) per cent, and, adjusted for non-recurring items related to the acquisition, to -6.3 (1.6) per cent.
• Net profit for the period amounted to SEK -51.0 (-17.3) million.
• Earnings per share before and after dilution amounted to SEK -2.71 (-1.09).
• Cash flow from operating activities amounted to SEK -46.8 (-46.2) million.
• Order intake for the period amounted to SEK 713 (522) million, with an order backlog at the end of the period totalling SEK 823 (569) million.

Significant events during the quarter

• W5 Solutions issued a preliminary earnings update for the third quarter and preliminary guidance for the full year 2026.
• The Board of Directors of W5 Solutions resolved on a directed share issue of SEK 165 million before transaction costs, subject to approval by an Extraordinary General Meeting.

Significant events after the end of the quarter

• The Extraordinary General Meeting of W5 Solutions approved the Board’s resolution on the directed share issue of
  SEK 165 million and elected Anna Söderblom as the new Chair of the Board.

Comments from the CEO, Evelina Hedskog

Strong Demand – Focus on Deliveries and Profitability

An intense third quarter
In a geopolitical environment that remains challenging, demand for W5’s products and services remains strong, and the organisation is working with determination to fulfil its commitments to customers. The third quarter was characterised by continued strong growth, but also by delivery challenges. Net sales increased by 75 per cent, of which 51 per cent was organic, and below the previously indicated growth rate of 90 per cent. EBIT amounted to SEK -27 million, supported by an improved gross margin compared with the previous quarter, and was hence in line with previous communication.   

Delivery challenges
As a result of supply-chain challenges and customer requirements being defined at a late stage, a number of planned deliveries were postponed, which had a negative impact on the quarter’s net sales and profitability. Removing these delivery constraints is our highest priority, and we are working actively with both suppliers and customers to reduce the risk of further delays while realising the potential in our strong order backlog. However, the challenges are continuing into the fourth quarter. Our current assessment is therefore that net sales growth for the full year 2026 will amount to 50–60 per cent, with EBIT of approximately
SEK -25 million to SEK -35 million. 

Improved gross margin
Following the weaker development in the second quarter, the gross margin improved to 49 per cent. Although the level remains well below our long-term ambitions, the improvement provides an initial indication that price adjustments, improved procurement processes and a continued focus on cost efficiency are beginning to have an effect. With regard to indirect costs, we have initiated an efficiency programme with the objective of reducing the existing cost base by approximately SEK 30 million during the coming financial year.

Continued strong demand
Order intake during the quarter mainly comprised a large number of smaller, recurring orders, well distributed across our three business areas. The absence of major contracts during the period reflects the natural variation between quarters in our market, where individual large orders have a significant short-term impact on order intake. Demand for our solutions remains strong in both smaller and larger transactions and, together with a high level of sales activity and a healthy prospect pipeline, creates the conditions for a growing order backlog over time.

Improved financial position
Strong growth has increased the need for working capital, and against this background we completed a share issue in October. The capital contribution strengthens our financial position and improves our ability to manage the increased capital tied up in a rapidly growing business. In parallel, we have intensified measures aimed at reducing capital tied up in relation to net sales.   

Full focus on the fourth quarter
We are now entering an important and intense fourth quarter. The postponement of deliveries presents a clear challenge, and during the final months of the year our absolute focus is on minimising the remaining delivery constraints. This requires a lot from the organisation and on our ability to identify new solutions quickly and effectively.

A number of initiatives are ongoing to realise the remaining potential for the year, whilst we in parallel implement measures intended to take full effect and lay the foundation for significantly stronger profitability in the next financial year. We are doing our utmost to finish the year as strongly as possible and will enter 2027 with our sights firmly set on our financial targets of an EBIT margin of 10 per cent and net sales of SEK 1 billion.

Webcast presentation of the interim report for January–September 2026
W5 Solutions will host a webcast presentation today, 5 November, at 11:00 CET in connection with the publication of its interim report for the period January–September 2026. The presentation will be conducted in English and followed by a Q&A session.

To participate, please register using 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