Today, November 24, Impact Coatings is holding a Capital Markets Update (CMU) via webcast. The CMU begins at 09:00 a.m. CET, and is reached via www.finwire.tv/webcast/impact-coatings/capital-market-update/.
Three key points in the CMU will be:
The presentation given by CEO Jonas Nilsson during the CMU can be found at www.impactcoatings.com/rights-issue-en/.
The CMU webcast in its entirety will be made available on the Company website. The detailed program for the CMU can be found at www.impactcoatings.com/investors/cmu-2025_eng/.
Impact Coatings invites investors, analysts and the media to a Capital Markets Update (CMU) via webcast on Monday, November 24, and to a Factor Tour at the company head-office in Linköping on Tuesday, November 25.
CAPITAL MARKETS UPDATE (CMU)
What: Capital Markets Update via webcastWhen: Monday, November 24, 09:00 a.m.-12:00 p.m. (CET)Language: All presentations will be held in English
Link to webcast: www.finwire.tv/webcast/impact-coatings/capital-market-update/For detailed program, visit: www.impactcoatings.com/investors/cmu-2025_eng/
FACTORY TOUR
What: Company presentation and factory tour at Impact Coatings’ Linköping facilityWhen: Tuesday, November 25, 1:30-4:00 p.m. (CET)Visiting address: Cobolgatan 5, LinköpingLanguage: Presentation and tour will be held in Swedish
For detailed program, visit: www.impactcoatings.com/investors/factory-tour-2025_eng/
Please notify the company of your intention to participate in the Factory Tour no later than Monday, November 24, by email to anmalan@impactcoatings.com.
Impact Coatings AB (publ) has completed the delivery of a newly developed coating process and production solution with improved cost efficiency to Shandong Boyuan New Energy Technology Development Co., Ltd. (“Boyuan”), in accordance with a Letter of Intent between the companies dated June 22, 2024. The enhanced coating solution has now been fully integrated into Boyuan’s two existing INLINECOATER™ PVD systems at the company’s production facility in China – production lines delivered by Impact Coatings in 2022 and 2024, respectively. Boyuan is a leading specialist in forming technology for metal fuel cell bipolar plates.
According to the Letter of Intent, which was described in a press release on the day of signing, Impact Coatings was appointed a strategic supplier of PVD coating equipment to Boyuan. At the same time, Impact Coatings committed to the continued development of coating materials, equipment, and processes for metal bipolar plates for fuel cells. The delivery that has now been completed is in line with this Letter of Intent.
“For us, it is natural to continuously develop our offering to support our partners and customers so they can remain competitive in the market. The market for hydrogen and fuel cells in mobility applications is still in early phase and dependent on governmental support. China continues to invest in this area and is actively creating a market. According to a recently released new roadmap for fuel cell electrical vehicles in China, the volumes are expected to grow in coming years, primarily for commercial vehicles. By reducing costs and increasing productivity, we help our customers and partners remain competitive in the long term, even in a market that must ultimately operate entirely on commercial terms,” said Jonas Nilsson, CEO at Impact Coatings.
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Impact Coatings AB (publ) (“Impact Coatings” or the “Company”) announced on 21 October 2025 that the Board of Directors, conditional on the approval of the extraordinary general meeting, had resolved on a rights issue of approximately SEK 87 million (the “Rights Issue”). On 14 November 2025, the extraordinary general meeting resolved to approve the Board of Directors’ resolution regarding the Rights Issue. Impact Coatings today announces that a disclosure document regarding the Rights Issue has been prepared and registered with the Swedish Financial Supervisory Authority (the “Disclosure Document”) and is available on the Company’s website, www.impactcoatings.com. The Disclosure Document will also be made available on Pareto Securities’ website, www.paretosec.com. In connection with the Rights Issue, the Company has prepared the Disclosure Document in accordance with Article 1.4 db of Regulation (EU) 2017/1129 of the European Parliament and of the Council (the “Prospectus Regulation”). The Disclosure Document has been prepared in accordance with the requirements of Annex IX of the Prospectus Regulation. Preliminary timetable
AdvisersPareto Securities is Sole Manager and Bookrunner, KANTER Advokatbyrå KB is legal adviser to the Company and Advokatfirman Schjødt is legal adviser to Pareto Securities in connection with the Rights Issue.
Impact Coatings (Linköping, Sweden) has during 2025 achieved materially higher order intake compared to previous year for coating services for fuel cell and electrolyzer components. Today, November 14, the company received a coating services order valued at approximately USD 0.5 million from its large North American electrolysis customer. The customer is the leading manufacturer of hydrogen fuel cells and electrolyzers, located in north-eastern United States, who placed significant orders with Impact Coatings in 2023. With the new order, Impact Coatings has during 2025 received more than USD 1 million in orders for electrolyzer coatings from the customer.
As reported in Impact Coatings’ Q3 2025 interim report published October 21, the Coating Service Centers in Sweden and China generated SEK 20.6 million in net sales during the period January-September 2025, an annual growth of 84%, ending Q3 2025 with a SEK 10.5 million Coating Services order backlog.
Impact Coatings AB (publ) (the “Company”) has today, November 14, 2025, held an extraordinary general meeting where the following resolution was adopted.
Approval of the Board of Directors’ resolution on a new issue of shares with preferential rights for existing shareholders
The general meeting resolved, in accordance with the Board of Directors’ proposal, to approve the Board of Directors’ resolution from October 21, 2025, regarding a new share issue with preferential rights for existing shareholders (the “Rights Issue”) as follows:
The Rights Issue comprises a maximum of 58,324,474 new shares, increasing the share capital by no more than SEK 7,290,559.25. The right to subscribe for shares shall, with preferential rights for existing shareholders, be granted to those who are registered as shareholders in the Company on the record date November 19, 2025. Each shareholder will receive one (1) subscription right for each share held in the Company. Three (3) subscription rights entitle the holder to subscribe for two (2) new shares in the Company. Subscription of shares can also be made without subscription rights. Subscription by exercise of subscription rights shall be made during the period from and including November 21, 2025, up to and including December 5, 2025. The subscription price is set at SEK 1.50 per share.
On Tuesday, November 25, at 2:00 p.m. (CET), Impact Coatings will showcase the company’s factory and head office in Linköping, Sweden, for investors, analysts and the media. CEO Jonas Nilsson will present the company and lead a factory tour, including answering questions. The event ends at about 4:00 p.m.
Visiting address: Cobolgatan 3, Linköping
Please notify the company of your intention to participate no later than Monday, November 24, by email to anmalan@impactcoatings.com. Presentation and tour will be held in Swedish.
AGENDA
1:30 p.m. – Doors open, coffee and mingling
2:00 p.m. – Presentation: Impact Coatings in brief
Impact Coatings is an advanced materials science company that provides solutions in the form of coatings and coating machines. The presentation will cover Impact Coatings’ operations, including production facilities in Linköping and Shanghai, as well as sales offices in the USA, Germany, and Korea. We will also address the growing market for energy supply to AI data centers using high-efficiency Solid Oxide Fuel Cells (SOFCs) powered by natural gas. Impact Coatings is currently collaborating with Ceres, one of the leading developers and players in the SOFC industry.
2:30 p.m. – Factory tour
Visit to the assembly line for PVD systems, to the Coating Service Center, e.g., used for coating of electrolyzer components for North American and European customers, and to the R&D department, among others, working with iridium oxide for PEM electrolyzers and SOFC coatings.
3:30 p.m. – Q&A session
Attendees will have the opportunity to ask questions regarding Impact Coatings’ business and the ongoing Rights Issue.
4:00 p.m. (approx.) – Event ends
On Monday, November 24, from 9:00 a.m. to 12.00 p.m. (CET), Impact Coatings will host a Capital Markets Update (CMU) via webcast. CEO Jonas Nilsson and management representatives will provide updates on the company, markets and business opportunities. Impact Coatings is currently working with Ceres, one of the leading developers and players in the SOFC industry. We have the pleasure of introducing Caroline Hargrove, CTO at Ceres, as invited speaker.
Link to the webcast and Q&A session: https://www.finwire.tv/webcast/impact-coatings/capital-market-update/ Registration will be required when launching the webcast. All presentations will be held in English.
AGENDA (approximate times):
9:00 Welcome!
9:05 Introduction to Impact Coatings, business and market update, financials Jonas Nilsson, CEO
Impact Coatings has proven technology and operations in Europe and China, with strong presence in the fuel cell and electrolysis markets. We are now taking the next step into the energy supply market and SOFC – solid-oxide fuel cells. Although machine sales have been slow during 2025, the services business is increasing, which together with implemented cost savings put us in a good position in our current and new markets.
10:00 China: Continued growth in hydrogen and fuel cell markets – Impact Coatings (China) at full speed Yaowen Wang, Regional President, China
The Coating Service Center in Shanghai is currently (November 2025) producing 24 hours per day, six days per week, to support the company’s hydrogen fuel cell industry customers. Recent policy signals from the Chinese government and associated industry organizations indicate there will be more work to come.
10:15 North America: Electrolyzers for green hydrogen, ongoing business and future opportunities Robert Mamazza (PhD), Regional President, North America
The order backlog for Coating Services at end of Q3 was over SEK 10 million, the majority of which is from North America. We will update recent commercial and policy developments for hydrogen in North America, as well as Impact Coatings’ activities. Learn about business opportunities within PEM electrolysis for green hydrogen production, both with current customers and potential volume customers currently in the sampling stage.
10:30 Iridium oxide for cost-efficient PEM electrolyzer manufacturing, advanced multi-layer coatings made possible by the INLINECOATER™ Kristian Hillgren (PhD), CTO
Simplifying the production process, increasing material yield and reducing the cost of PEM electrolyzers is crucial for widespread introduction in hydrogen production. Impact Coatings’ iridium oxide on porous transport layers (PLTs) substantially simplifies the production process and reduces the need to apply excessive amounts of iridium on the electrolyzer membrane. Development of the advanced iridium oxide coating, and production of multilayer coatings for critical components, are made possible using Impact Coatings’ unique INLINECOATER™ PVD systems.
10:45 Invited presentation: SOFC power generation for the fast-growing AI data center market, with coatings essential for long-term durability Caroline Hargrove (PhD), CTO at Ceres
Solid-oxide fuel cells (SOFCs) are highly efficient stationary fuel cells that run on natural gas, addressing rising off-grid energy needs. Today’s growth of AI data centers has spurred major commercial advances among leading companies in the SOFC market.
Caroline Hargrove joined Ceres in 2021 as Chief Technology Officer, following three years as a Non-Executive Director at Ceres. She started her career as a lecturer in Engineering at the University of Cambridge, followed by various roles in McLaren F1, mainly focused on the development of digitalization and the first F1 simulator. She was previously CTO of Babylon Health, and worked in a range of sectors from motorsport to health, elite sports, manufacturing and energy. Caroline is also a Fellow of the Royal Academy of Engineering, was Visiting Professor at Oxford from 2015 to 2018 and holds a PhD in Applied Mechanics. In 2020, she received a CBE for services to engineering.
11:15 Q&A session
What: Capital Markets Update (CMU) via webcast Time: Monday November 24, 09:00 a.m.-12:00 p.m. (CET) Link to webcast: https://www.finwire.tv/webcast/impact-coatings/capital-market-update/
The webcast in its entirety will afterwards be available on the company’s website at www.impactcoatings.com/investors.
As resolved by the AGM, the nomination committee of Impact Coatings shall comprise three members representing the company’s largest shareholders in terms of votes, together with the Chairman of the Board as an adjunct member. If any of the three largest shareholders decides not to exercise the right to appoint a representative on the nomination committee, the right is passed on to the next largest shareholder. The nomination committee for the AGM 2026 in Impact Coatings consists of: Kai Tavakka, Chairman, appointed by Accendo Capital SICAV RAIF Joseph Boadi-Darkwah, appointed by Hyundai Motor Company Hans Österberg, private investor Mark Shay, Chairman of the Board, adjunct member The AGM will be held in Linköping on May 20, 2026. The proposals of the nominating committee will be published in the invitation to the AGM and will be made available on the company website, www.impactcoatings.com. Shareholders who wish to submit proposals to the nomination committee may do so via e-mail to investors@impactcoatings.com no later than February 1, 2026.
The shareholders of Impact Coatings AB (publ), reg. no. 556544-5318 (the ”Company”), are hereby invited to participate in the Extraordinary General Meeting (“EGM”), which will be held on Friday November 14, 2025, at 10.00 CET at KANTER law firm on Engelbrektsgatan 3 in Stockholm.
Shareholders wishing to participate in the EGM must be registered in the register of shareholders maintained by Euroclear Sweden AB as of Thursday, November 6, 2025, and notify attendance to the Company no later than Monday, November 10, 2025.
The notice of attendance to the EGM shall be sent by email to anmalan@impactcoatings.com or by post to Impact Coatings AB, Cobolgatan 5, SE-583 30 Linköping, Sweden. The notice of attendance shall state name, date of birth or corporate identification number, address, telephone number, when applicable, the number of assistants, and the number of shares held by the shareholder.
A form of a power of attorney for shareholders who wish to participate in the EGM through a proxy holder will be available on the Company´s website, www.impactcoatings.com. Shareholders who are represented by a proxy holder may exercise their voting right at the EGM by a proxy holder with a written and dated power of attorney which is signed by the shareholder. If the power of attorney is issued by a legal entity, a copy of the certificate of registration or equivalent for the legal entity shall be attached. The power of attorney and any certificate of registration or equivalent must be sent to the Company to the abovementioned address well in advance before the EGM. The power of attorney cannot be older than one year, unless a longer validity term is specifically stated in the power of attorney, maximum five years.
Shareholders who have had their shares registered in the name of a nominee must as of November 6, 2025, have their shares registered in their own name in the register of shareholders maintained by Euroclear Sweden AB in order to be entitled to participate in the EGM. Such registration may be temporary (so-called voting rights registration) and is requested from the trustee in accordance with the trustee’s procedures. Registrations of voting rights made no later than November 10, 2025, will be taken into account in the preparation of the share register.
PROPOSED AGENDA
PROPOSED RESOLUTIONS
Resolution on subsequent approval of the Board of Directors’ resolution on a new issue of shares with preferential rights for existing shareholders (item 7)
Background
On October 21, 2025, the Board of Directors of the Company resolved on a new share issue with preferential rights for existing shareholders of approximately SEK 87.5 million before deduction of issue costs, subject to approval by the EGM (the “Rights Issue”).
Proposed resolution
The Board of Directors proposes that the EGM resolves to approve the Board’s resolution from October 21, 2025, on a new share issue with preferential rights for the shareholders on the main terms and conditions set out below:
1. The Rights Issue shall comprise no more than 58,324,474 new shares, increasing the share capital by no more than SEK 7,290,559.25. 2. The Company’s shareholders shall have preferential rights to subscribe for the new shares in proportion to the shares previously held. 3. The record date for the right to participate in the Rights Issue shall be November 19, 2025. 4. Those who are registered as shareholders in the Company on the record date will receive one (1) subscription right for each share held in the Company. Three (3) subscription rights entitle the holder to subscribe for two (2) new shares in the Company. 5. The subscription price shall be SEK 1.50 per share. 6. Such portion of the subscription price for the new shares that exceeds the quota value of the shares shall be allocated to the unrestricted share premium reserve. 7. In the event that not all shares are subscribed for by exercise of subscription rights, the Board of Directors shall, within the maximum amount of the Rights Issue, resolve on allotment of shares subscribed for without subscription rights in accordance with the following allotment principles: (a) firstly, allotment of shares shall be made to those who have also subscribed for shares by exercising subscription rights, regardless if they were registered as shareholders on the record date or not, and in the event of over-subscription, pro rata in relation to the number of subscription rights exercised, and, to the extent this is not possible, by drawing of lots and (b) secondly, allotment shall be made to those who have subscribed for shares without exercising subscription rights, and in the event of over-subscription, pro rata in relation to the amount subscribed for, and, to the extent this is not possible, by drawing of lots. 8. Subscription by exercise of subscription rights shall be made by cash payment during the period from and including November 21, 2025, up to and including December 5, 2025. Notification of subscription without exercise of subscription rights shall be made on a designated application form or subscription list during the period set out above. Shares subscribed for without exercise of subscription rights shall be paid no later than three banking days after notice of allotment has been sent to the subscriber. The Board of Directors shall have the right to extend the subscription period and the term of payment. 9. The new shares will entitle to dividend for the first time on the dividend record date that follows immediately after the new shares have been recorded in the shareholders’ register maintained by Euroclear Sweden.
The Board of Directors, or any person appointed by the Board of Directors, shall be authorized to make such minor adjustments to the above resolution as may be required for registration with the Swedish Companies Registration Office and Euroclear Sweden.
Act on the Review of Foreign Direct Investments
The Company assesses that it conducts protected activities according to the Act (2023:560) on the Review of Foreign Direct Investments. Consequently, an investment in shares in the Rights Issue (other than by exercising preferential rights), which results in an investor acquiring a shareholding corresponding to or exceeding a threshold of 10, 20, 30, 50, 65, or 90 per cent or more of the total number of votes in the Company after the completion of the Rights Issue, must be reported to the Inspectorate for Strategic Products before the investment and, if applicable, the corresponding authority in accordance with legislation in another jurisdiction and cannot be completed until the Inspectorate for Strategic Products and, if applicable, another corresponding authority in another jurisdiction, has left the notification without action or approved the investment.
DOCUMENTS, INFORMATION AND NUMBER OF SHARES AND VOTES
The Board of Directors and the CEO shall, if a shareholder so requests and the Board of Directors believes that it can be done without material harm to the Company, at the EGM provide information regarding circumstances that may affect the assessment of an item on the agenda.
All documents in accordance with the Swedish Companies Act will be available at the Company and on the Company’s website, www.impactcoatings.com, no later than Friday, October 24, 2025. The documents will be sent free of charge to shareholders who request it and who states its address.
The total number of shares and votes in the Company as of the date of this notice is 87,486,713.
For information on how your personal data is processed in connection with the EGM, please see the privacy notice on Euroclear Sweden AB’s website, https://www.euroclear.com/dam/ESw/Legal/Privacy-notice-bolagsstammor-engelska.pdf.
___________________________Linköping in October 2025Impact Coatings AB (publ)Board of Directors
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