<a id="bm-comp-6979500f-8894-41af-a92a-a001b30fda4f" name="bm-comp-6979500f-8894-41af-a92a-a001b30fda4f" class="BMCustomAnchor"></a><table><tr><td bm-component-id="6979500f-8894-41af-a92a-a001b30fda4f" style="vertical-align: top; width:100.000000%;"><ul><li>Strategic pivot into the SOFC market</li><li>Rights issue of ~SEK 87.5m initiated to strengthen liquidity</li><li>Management optimistic on '26 outlook, despite market uncertainty</li></ul></td></tr></table><a id="bm-comp-c45006d2-dfc9-40b5-a22e-e8d8146733fc" name="bm-comp-c45006d2-dfc9-40b5-a22e-e8d8146733fc" class="BMCustomAnchor"></a><table><tr><td bm-component-id="c45006d2-dfc9-40b5-a22e-e8d8146733fc" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">Broadening focus to support diversified growth</h3><p>In its Q3'25 report, Impact Coatings announced a short-term strategic reorientation. To diversify growth and reduce reliance on traditional hydrogen applications, the company is broadening its focus to a new area, solid-oxide fuel cells (SOFCs) for data centres, a gas-fueled but hydrogen-ready segment, offering near-term commercial potential. The company says that the strategic shift to SOFCs is a "natural product and market fit", with limited to no further investments needed to cater to the market.</p><h3 class="bm-h3">Rights issue of ~SEK 87.5m to strengthen liquidity</h3><p>A lack of System sales and weak market conditions in 2025 have put pressure on the company's cash position. Impact Coatings has therefore initiated a rights issue of ~SEK 87.5m at SEK 1.5 per share, of which 2.7% is guaranteed, in order to strengthen its liquidity. The subscription period ends on December 5. Assuming the rights issue is fully subscribed, it will result in a dilution effect of ~40%. Moreover, in Q2, the company introduced cost-cutting measures to lower the cost base. These have already begun to bear fruit, with lower operating costs in Q3'25. The measures are expected to have full effect in Q1'26.</p><h3 class="bm-h3">Management optimistic on the outlook</h3><p>At its CMD on November 24, management communicated a positive outlook heading into 2026, despite reiterating challenging market environments. The company expects Coating Services revenues in '26 to exceed '25 levels (Q3'25 LTM sales of SEK 31m). Most notably, Impact Coatings expects to sell systems within all four of its application areas (Energy, Automotive, Electronics, and Luxury Goods), indicating System sales of SEK 80-100m in '26. While this seems positive, the outlook should be taken with caution due to the uncertain market. We currently have two System deliveries for '26e.</p></td></tr></table>