Byhmgard

Byhmgard continues to deliver across its three business areas.

1. Virtual Power Plant (VPP). The Company’s software continues to be developed to control and optimise battery facilities in additional markets. The platform is now being adapted to control resources in the Baltic market.
2. Byhmgard’s exclusive project portfolio enables the development and delivery of turnkey projects. These are projects that can be delivered to external owners with managed services and control through Byhmgard’s VPP.
3. Sales of BESS hardware create a stable foundation for Byhmgard. This generates revenue and earnings that can support organic growth and investments in wholly owned projects.

During Q1, Byhmgard signed agreements for hardware with a value of approximately SEK 75 million and, in addition, has a quotation pipeline of approximately SEK 950 million in sales value (outstanding quotations where business decisions have not yet been made). Through the delivery of hardware to long-term investors and owners, Byhmgard gains the opportunity to include its proprietary VPP platform and optimise the use of the energy resources. This may in turn generate recurring revenue streams for Byhmgard from the optimisation of energy storage assets, referred to as Annual Recurring Revenue (ARR).

SUMMARY

First quarter (1 January-31 March)

• Byhmgard began 2026 with continued strategic and operational progress in line with the Company’s growth plan. During the quarter, the focus was on converting business opportunities into production, strengthening the project portfolio and securing financing for ongoing and upcoming projects.
• The order backlog amounted to SEK 76 million, attributable to two BESS transactions with Solarigo System OY.
• Two project companies in Latvia were acquired, corresponding to a total of approximately 30 MW.
• Strategic cooperation and financing agreements were entered into, enabling the construction and operation of projects.
• Net sales amounted to SEK 16,880 thousand (3,766).
• Operating profit/loss amounted to SEK -3,535 thousand (-2,895).
• Profit/loss for the period after tax amounted to SEK -3,612 thousand (-3,017).
• Earnings per share for the period amounted to SEK -0.00 (-0.03).
• At the end of the quarter, Byhmgard was financially strengthened, with a growing project portfolio and a clear position in large-scale energy storage in the Nordic region and the Baltics. The Company continues to work towards its objective of realising a pipeline of approximately 1 GW by 2027.

SIGNIFICANT EVENTS DURING THE QUARTER

First quarter (1 January-31 March)

• On 2 January, Byhmgard’s CFO increased his shareholding by 270,000 shares.
• On 5 January, Byhmgard’s Chairman of the Board increased his shareholding by 195,585 shares.
• On 7 January, Byhmgard signed a letter of intent (“LOI”) with a Latvian project developer regarding the acquisition of 30 MW battery energy storage system (“BESS”) projects in Latvia.
• On 9 January, shareholders were convened to an Extraordinary General Meeting, which also constituted the second control meeting.
• On 13 January, Byhmgard appointed Patrik Bloemer as the new Head of Engineering.
• On 14 January, the Company announced that Fredrik Crafoord, Board member, had increased his shareholding in the Company by acquiring an additional 5,000,000 shares, increasing his total holding to 20,186,697 shares.
• On 21 January, the Company’s Chairman of the Board, Mikael Odenberg, increased his total holding to 550,000 shares.
• On 23 January, Byhmgard published a communiqué from the Extraordinary General Meeting, where the presented control balance sheet 2 showed that the share capital had been fully restored. The Extraordinary General Meeting resolved, in accordance with the primary proposal, to continue the Company’s operations.
• On 9 February, a new order was signed with the Finnish company Solarigo System OY. The transaction relates to a BESS project with a sales value of SEK 33 million.
• On 26 February, Byhmgard published its year-end report for 2025.
• On 11 March, Byhmgard entered into a strategic cooperation agreement with the Norwegian company Qben AS, as well as a financing agreement with two strategic investors, Meddleborg AS and Gimle Invest AS, enabling the financing, construction and operation of two battery storage projects in Latvia.
• On 13 March, Byhmgard’s Chairman of the Board increased his shareholding by 320,000 shares.
• On 20 March, Byhmgard acquired the first subsidiary in Latvia, SW Power SIA, including rights to a 14.99 MW BESS project in Latvia.
• On 25 March, Byhmgard acquired the second subsidiary in Latvia, SW Battery SIA, including rights to a 14.99 MW BESS project in Latvia.

SIGNIFICANT EVENTS AFTER THE END OF THE PERIOD

• On 14 April, the notice of the 2025 Annual General Meeting was issued. The Annual General Meeting will take place on 13 May at 10:00 CEST at Sveavägen 50 in Stockholm.
• On 21 April, the annual report for 2025 was published on Byhmgard’s website.