Impact Coatings publishes its Interim Report for the first quarter of 2026 on Wednesday April 29, at 08:00 a.m. (CEST). In reference to this, the company invites investors, analysts and the media to a webcast on the same day at 09:00 a.m. (CEST). Impact Coatings’ CEO Jonas Nilsson together with CFO Lena Åberg will present and comment on the Interim Report, and answer questions. The presentation will be held in English.

What: Presentation of Impact Coatings’ Q1 2026 Interim Report via webcast
Time: Wednesday April 29, at 09:00 a.m. (CEST)
Link to webcast: https://www.finwire.tv/webcast/impact-coatings/q1-2026/
 
The webcast in its entirety will afterwards be available on the company’s website www.impactcoatings.com.

Impact Coatings’ Annual Report for 2025 (in Swedish) is attached, and is available for download from the company’s website at www.impactcoatings.com/investors/financial-reporting.

Shareholders wishing to participate in the AGM must be registered in the register of shareholders maintained by Euroclear Sweden AB as of Monday May 11, 2026, and notify attendance to the Company no later than Wednesday, May 13, 2026.

The notice of attendance to the AGM 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 AGM 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 AGM by a proxy holder with a written and dated power of attorney 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 above-mentioned address well in advance of the AGM. 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 have their shares registered in their own name in the register of shareholders maintained by Euroclear Sweden AB to be entitled to participate in the AGM. 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 Wednesday, May 13, 2026, will be taken into account in the preparation of the share register.

PROPOSED AGENDA

1. Opening of the meeting
2. Election of Chairman of the meeting
3. Preparation and approval of the voting list
4. Approval of the agenda
5. Election of one or two persons to approve the minutes
6. Determination as to whether the meeting has been duly convened
7. Presentation of the Annual Report and the Audit Report as well as the Consolidated Accounts and the Audit Report for the Group
8. Presentation by the CEO
9. Resolutions regarding
   a. adoption of the Income Statement and the Balance Sheet as well as the Consolidated Income Statement and the Consolidated Balance Sheet
   b. appropriation of the Company’s profit/loss according to the adopted Balance Sheet, and
   c. discharge from liability for the Members of the Board of Directors and the CEO.
10. Determination of the number of Board Members and Deputy Board Members
11. Election of Board of Directors
12. Election of Auditor
13. Determination of remuneration to the Board of Directors and Auditors
14. Resolution regarding adoption of principles for the appointment of the Nomination Committee
15. Board of Director’s proposal for resolution on implementation of a warrant-based incentive program for key persons
16. Resolution regarding authorization for the Board of Directors to increase the share capital through the issue of new shares, warrants and/or convertibles
17. Resolution to authorize the Board of Directors to make minor adjustments to the resolutions adopted at the meeting in connection with the registration with the Swedish Companies Registration Office and Euroclear Sweden AB
18. Closing of the meeting

PROPOSED RESOLUTIONS

Election of Chairman of the meeting (item 2)
The Nomination Committee proposes that Mark Shay is elected Chairman of the meeting.

Resolution regarding appropriation of the Company’s profit/loss according to the adopted Balance Sheet (item 9b)
The Board of Directors and the CEO propose that the net profit for the year and retained earnings be appropriated in accordance with the motion in the Annual Report. The proposal entails that no dividend will be paid.

Determination of the number of Board Members and Deputy Board Members (item 10)
The Nomination Committee proposes that the number of Board Members be reduced from five (5) to four (4) without Deputies. 

Election of Board of Directors (item 11)
The Nomination Committee proposes re-election of Mark Shay, Christian Sahlén, Roland Fischer and Johanna Pynnä for the period until the end of the Annual General Meeting 2027. Mark Shay is proposed to be re-elected as the Chairman of the Board of Directors. Sukhwan Yun has informed the Nomination Committee that he is not available for re-election.

Election of Auditor (item 12)
The Nomination Committee proposes re-election of Öhrlings PricewaterhouseCoopers AB (”PwC”) as Auditor for the period until the end of the Annual General Meeting 2027. PwC has announced that the authorised public accountant Johan Palmgren will be appointed as auditor-in-charge.

Determination of remuneration to the Board of Directors and Auditors (item 13)
The AGM is proposed to approve a fee to the Board of Directors of a total of SEK 900,000 to be distributed with SEK 300,000 (unchanged) to the Chairman of the Board and with SEK 200,000 (unchanged) to each of the other Board Members, and that the Auditors’ fee shall be paid on the basis of approved invoices.

Resolution regarding adoption of principles for the appointment of the Nomination Committee (item 14)
The Nomination Committee proposes that the following principles for the Nomination Committee are adopted.

The Nomination Committee shall consist of three (3) members, who shall be nominated by the Company’s three largest shareholders. The Chairman of the Board of Directors of the Company shall be an adjunct member of the Nomination Committee.

The assessment of the three largest shareholders by voting power shall be based on the shareholder statistics from Euroclear Sweden AB, as per the last banking day in September, who will be contacted by the Chairman of the Board as soon as possible thereafter.

If any of the three largest shareholders wish not to exercise their right to appoint a member of the Nomination Committee or does not give a reply within one week after the above-mentioned contact, the next shareholder in consecutive order as of the said date shall be entitled to appoint a member of the Nomination Committee. The names of the members of the Nomination Committee and the shareholders who appointed them shall be published as soon as possible, but not later than six months prior to the Annual General Meeting.

The Nomination Committee’s term of office extends until a new Nomination Committee has been appointed. Chairman of the Nomination Committee shall, unless the members of the committee unanimously agree otherwise, be the member that represent the shareholder controlling the largest number of votes.

The Nomination Committee shall remain unchanged unless:

(i) a member wishes to resign early, in which case such a request shall be sent to the Chairman of the Nomination Committee (or if it is the Chairman who wishes to resign, to another member of the Nomination Committee) and the receipt means that the request has been executed,

(ii) a nominating shareholder wishes to replace the member of the Nomination Committee appointed by the shareholder with another person, whereby such request (containing the two relevant names) shall be sent to the Chairman of the Nomination Committee (or in the event that it is the Chairman who is to be replaced, to another member of the Nomination Committee) and the receipt shall mean that the request has been executed,

(iii) a nominating shareholder sells all or part of its shareholding in the Company so that the shareholder is no longer one of the three largest shareholders in terms of voting rights, in which case a new member shall be appointed in accordance with the same principles as above, or

(iv) the Nomination Committee is free to decide to offer unfilled seats on the Nomination Committee to shareholders or persons appointed by shareholders in order for the Nomination Committee thereby to reflect the ownership structure in the Company. If a member leaves the Nomination Committee before its work is completed, the Nomination Committee shall appoint a new member in accordance with the principles above, but on the basis of Euroclear Sweden AB’s printout of the share register as soon as possible after the member has left his or her post. Changes in the composition of the Nomination Committee shall be announced immediately.

No fee shall be payable by the Company to any member of the Nomination Committee. The Company shall bear all reasonable costs associated with the work of the Nomination Committee as well as costs for external consultants and similar which are deemed necessary by the Nomination Committee for it to be able to fulfil its assignment.

The Nomination Committee shall submit proposals on the following issues to the Annual General Meeting:

(i) proposal for the Chairman of the general meeting,

(ii) proposal for Members of the Board of Directors,

(iii) proposal for Chairman of the Board of Directors,

(iv) proposal for fees to the Board of Directors and other remuneration with a division between the Chairman of the Board and other Members and any remuneration for committee work,

(v) proposal for election and remuneration of the Company Auditor, and

(vi) proposal for principles for the Nomination Committee

Board of Director’s proposal for resolution on implementation of a warrant-based incentive program for key persons (item 15)

The board of directors proposes that the meeting resolves to implement a long-term warrant-based incentive program for key persons in the Impact Coatings group (the “Warrant Program 2026/2029:1”) through (A) a resolution to issue warrants of series 2026/2029:1 to the Company and (B) a resolution to approve transfers of warrants of series 2026/2029:1 from the Company to key persons in the group, as set out below.

The Board of Directors’ proposal for resolutions under (A) and (B) below constitutes a combined proposal, which shall be resolved on as one resolution. 
 
The Board of Directors considers that the proposed program can have a positive effect on the Company’s development. The main purpose of implementing the program is to align the key persons’ interests with the shareholders’ interests to promote long-term value creation. The program is also expected to facilitate the Company’s ability to recruit and retain key persons. 
 
(A) Proposal for resolution to issue warrants of series 2026/2029:1  
 
The Board of Directors proposes that the meeting resolves to issue a maximum of 300,000 warrants of series 2026/2029:1 on the following terms and conditions: 
 
1. With deviation from the shareholders’ preferential rights, the warrants may only be subscribed for by the Company, with the right and obligation for the Company to transfer the warrants to key persons in the group in accordance with what is stated in the proposal under (B) below. The Company shall not be entitled to dispose of the warrants in any other way than what is stated in the proposal under (B) below. 
 
2. The reason for the deviation from the shareholders’ preferential rights is that the warrants shall be used within the framework of Warrant Program 2026/2029:1. 
 
3. The warrants shall be issued free of charge to the Company. 
 
4. Subscription of warrants shall be made on a separate subscription list on June 10, 2026 at the latest. The Board of Directors shall have the right to prolong the subscription period. 
 
5. Each warrant entitles the holder to subscribe for one new share in the Company against cash payment at a subscription price corresponding to 150 percent of the volume-weighted average price paid for the Company’s share on Nasdaq First North Growth Market during ten trading days ending three banking days before the last day for subscription in accordance with point A 4 above. The subscription price shall be rounded off to the nearest even hundredth of a SEK, where SEK 0.005 shall be rounded upwards. However, the subscription price may never be lower than the share’s quotient value. Upon subscription of shares, the part of the subscription price that exceeds the quotient value of the previous shares shall be allocated to the non-restricted share premium fund. 
 
6. The warrants may be exercised for subscription of shares during the period from June 14, 2029 up to and including August 30, 2029. The Board of Directors shall have the right to prolong the subscription period if any warrant holder is prevented from subscribing for shares during that period due to insider or market abuse legislation. 
 
7. Shares issued upon exercise of warrants confer right to dividends for the first time on the next record date for dividends which occurs after subscription is effected. 
 
8. The full terms and conditions for the warrants are set forth in the terms and conditions for warrants of series 2026/2029:1, which will be kept available at the Company and on the Company’s website no later than on April 30, 2026 (the “Terms”). According to the Terms the subscription price and the number of shares which each warrant confers right to subscribe for may be recalculated in the event of a bonus issue, reverse share split or share split, new issue of shares, issue of warrants or convertibles and under some other circumstances. Further, the period for exercise of warrants may be brought forward or be postponed in some cases. 
 
9. If all warrants are subscribed for, all warrants are transferred to key persons in the group in accordance with what is stated in the proposal under (B) below and all warrants are exercised for subscription of shares, the Company’s share capital will increase by SEK 37,500 (with reservation for eventual recalculation according to the Terms). 
 
10. The Board of Directors, or anyone appointed by the Board of Directors, shall be authorized to make such minor formal adjustments in the issue resolution that may be required in connection with registration of the resolution with the Swedish Companies Registration Office or, where applicable, Euroclear Sweden AB. 
 
(B) Proposal for resolution on approval of transfer of warrants of series 2026/2029:1 
 
The Board of Directors proposes that the meeting resolves to approve that the Company, within the framework of Warrant Program 2026/2029:1, transfers a maximum of 300,000 warrants of series 2026/2029:1 to key persons in the group on the following terms and conditions: 
 
1. Key persons in the group shall be entitled to acquire warrants from the Company as set out below: 
 
(a) the CEO of the Company (one person) shall be offered to acquire a maximum of 75,000 warrants; 

(b) the other permanent members of the group management and regional presidents (up to eight persons) shall be offered to acquire a maximum of 37,500 warrants each; and 

(c) other key persons in the group (up to sixteen persons), shall be offered to acquire a maximum of 15,000 warrants each. 
  
If the number of warrants to which applications refer exceeds the number of warrants available to be distributed, the warrants shall be distributed among the key persons who have applied for acquisition of warrants. The distribution shall be made pro-rata in relation to the number of warrants that each of them has been entitled to apply for acquisition of. 
 
2. The warrants shall be transferred at a price (premium) corresponding to the warrant’s market value at the time of the transfer. Calculation of the warrant’s market value shall be made by People & Corporate Performance AB, as an independent valuation institute, by applying the Black-Scholes valuation model. 
 
3. Application for acquisition of warrants shall be made on a special application form on June 10, 2026 at the latest. The Board of Directors shall have the right to prolong the application period. 
 
4. Payment for warrants acquired shall be made on June 16, 2026 at the latest. The payment shall be made in cash to the bank account designated by the Company. The Board of Directors shall have the right to prolong the payment period. 
 
5. A prerequisite for being entitled to acquire warrants from the Company is (i) that the key person is employed in the group or engaged as a consultant by a company in the group at the time of the acquisition and that the employment or consultancy agreement has not been terminated, (ii) that acquisition of warrants can take place in accordance with applicable laws, and (iii) that the key person at the time of the acquisition has entered into an agreement with the Company, which inter alia contains a pre-emption right for the Company if the key person wishes to transfer or otherwise dispose of his/her warrants and a right for the Company to repurchase the warrants, or some of them, if the key persons employment or consultancy assignment ceases. However, the repurchase right shall not apply when the consultancy assignment ceases if the key person becomes employed in the group at the same time. The Board of Directors shall have the right to make reasonable changes and adjustments in the terms and conditions in the agreement that are deemed suitable or appropriate as a result of local civil law or tax law or administrative conditions. 
 
6. Warrants of series 2026/2029:1 which are not transferred to key persons in the group, as well as warrants of series 2026/2029:1 which, where applicable, are later repurchased, may be canceled. 

Dilution 
 
Per the day of this Notice there are 105,219,343 shares in the Company. 
 
If all warrants that can be issued within the framework of Warrant Program 2026/2029:1 (warrants of series 2026/2029:1) are subscribed for, transferred and exercised for subscription of shares, the number of shares and votes in the Company will increase by 300,000 (with reservation for eventual recalculation according to the Terms), which corresponds to a dilution of approximately 0.28 per cent of the number of shares and votes in the Company. 
 
The dilution effects have been calculated as the number of additional shares and votes in relation to the number of existing and additional shares and votes. 
 
Preliminary valuation, costs and effects on key figures 
 
People & Corporate Performance AB has made a preliminary valuation of the market value of a warrant of series 2026/2029:1, applying the Black-Scholes valuation model. Based on an assumed share price of SEK 2.10 at the time of the issuance of the warrants, an assumed subscription price of SEK 3.15 upon exercise of the warrants, a term of 3.2 years, an assumed volatility of 37.5 per cent, a risk-free interest rate of 2.34 per cent and full compensation through recalculation in the event of payment of any dividends during the term, the market value of a warrant of series 2026/2029:1 has been calculated to SEK 0.327. When transferring the warrants to the key persons, the market value will be determined based on updated assumptions and then known parameters. 
 
As the warrants are to be acquired by the key persons at market value, Warrant Program 2026/2029:1 is not expected to cause any costs for the Company with regards to key persons residing in Sweden. With regards to key persons residing in other countries than Sweden (a few persons), the program is expected to cause costs for the Company in the form of social security contributions. The size of the costs for social security contributions depends on how many warrants the key persons residing in other countries than Sweden acquires and exercises for subscription of shares, the market value of the Company’s share at the time of the exercise of the warrants in 2029, and the applicable percentages of social security contributions in the different counties at that time. If all key persons residing in other countries than Sweden acquires the number of warrants corresponding to their maximum allotment and exercises them for subscription of shares, the costs for social security contributions are, at an assumed share price of SEK 5.25 at the time of exercise of the warrants (corresponding to 2.5 times the assumed share price at the time of the issue) and unchanged percentages for social security contributions in the different countries, estimated to amount to approximately SEK 65,000. As the costs that may arise for the Company are estimated to be small, the Board of Directors does not propose that any hedging measures be taken to secure the Company’s exposure to the costs that may arise. 
 
Warrant Program 2026/2029:1 will have a marginal effect on the Company’s key figures. 
 
Other incentive programs 
 
There are three outstanding long-term incentive programs in the Company – Warrant Program 2024/2027:1 and Warrant Program 2024/2027:2, resolved on at an extraordinary general meeting 2024, directed to key persons and one board member, and Warrant Program 2025/2028:1, resolved on at the Annual General Meeting 2025, directed to key persons. There are 703,898 outstanding warrants in Warrant Program 2024/2027:1 and Warrant Program 2024/2027:2 and each warrant entitles the holder to the subscription of one new share in the Company during the period from November 1, 2027 up to and including December 10, 2027 at a subscription price of SEK 6.52. There are 254,000 outstanding warrants in Warrant Program 2025/2028:1 and each warrant entitles the holder to the subscription of one new share in the Company during the period from June 15, 2028, up to and including August 31, 2028 at a subscription price of SEK 4.77.

Preparation of the proposal 
 
The proposal for resolution has been prepared by the Board of Directors in consultation with external advisers. 

Majority requirements  
 
For a valid resolution in accordance with the proposal, the resolution must be supported by share-holders with at least nine-tenths of the votes cast as well as the shares represented at the meeting.

Resolution regarding authorization for the Board of Directors to increase the share capital through the issue of new shares, warrants and/or convertibles (item 16)
The Board of Directors proposes that the AGM authorizes the Board of Directors to resolve on one or several occasions up until the next annual general meeting, with or without deviation from the shareholders’ preferential rights, increase the share capital through the issue of new shares, warrants and/or convertible.

The total number of newly issued shares and the number of shares that may be added through the exchange of convertibles or subscription of new shares with the support of warrants shall in total amount to no more than ten (10) percent of the total number of outstanding shares in the Company at the time when the Board of Directors first exercises the authorization.

An issue based on the authorization may be carried out as a cash, non-cash or set-off issue and may only be made at market price.

The reason for deviating from the shareholders’ preferential rights is that the Company shall be able to raise capital on favorable terms for the Company and, in the event of acquisition of companies or other property, to be able to pay with the Company’s shares.

The resolution according to this item is only valid if it is supported by shareholders with at least two thirds (2/3) of both the votes cast and the shares represented at the AGM.

Resolution to authorize the Board of Directors to make minor adjustments to the resolutions adopted at the meeting in connection with the registration with the Swedish Companies Registration Office and Euroclear Sweden AB (item 17)
The AGM is proposed to authorise the Board of Directors or the person appointed by the Board of Directors to make such minor adjustments and clarifications to the resolutions adopted at the AGM as are necessary for the registration with the Swedish Companies Registration Office or Euroclear Sweden AB.

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, provide information regarding circumstances that may affect the assessment of an item on the agenda, as well as circumstances that may affect the financial situation of the Company or another group company.

The Annual Report and the Audit Report as well as Board of Director’s and Shareholder’s complete proposals for resolutions as describe above will be available at the Company and on the Company’s website, www.impactcoatings.com, no later than Thursday, April 30, 2026. The documents will be sent free of charge to shareholders who request it and who states their address.

The total number of shares and votes in the Company as of the date of this notice is 105,219,343.

PROCESSING OF PERSONAL DATA

For information on how your personal data is processed, please see www.euroclear.com/dam/ESw/Legal/Privacy-notice-bolagsstammor-engelska.pdf.

___________________________
Linköping in April 2026
Impact Coatings AB (publ)
Board of Directors

Impact Coatings AB (publ) has received an order for an INLINECOATER™ IC500 from a Korean supplier of radar waveguide antennas for autonomous driving. The INLINECOATER™ PVD system will be used to apply conductive metal coatings to injection-molded plastic antennas. System delivery is planned for the third quarter of 2026. Order value is in the EUR 1.5 million range.

“We are proud to welcome this new system customer and look forward to strengthening our collaboration and delivering high-quality products to their renowned automotive industry partners,” said Jonas Nilsson, CEO of Impact Coatings. “Korea is an increasingly important market given its large automotive industry, which aligns well with our cost-efficient and sustainable metallization solutions.”

The customer is a manufacturer and supplier of millimeter-wave RF products, including 77GHz 3D waveguide antennas for automotive radar sensors. Waveguide antennas are used by tier-1 suppliers in systems for autonomous driving.

The INLINECOATER™ IC500 can be used to apply conductive metals, metal alloys and multilayer coatings to waveguide antennas. The system design provides high quality and simultaneous double-sided metallization of the flat plastic components.

FINANCIAL RESULTS FOURTH QUARTER 2025

• Net sales amounted to SEK 17.6 million (42.4)
• Total revenue amounted to SEK 23.0 million (47.5)
• Operating profit amounted to SEK -3.3 million (-3.7)
• Operating profit after financial items amounted to SEK -3.5 million (-3.6)
• Cash flow amounted to SEK 24.0 million (-35.1)
• Net cash, end of period, amounted to SEK 37.4 million (32.5)
• Liquidity ratio amounted to 113% (95)
• Adjusted liquidity ratio amounted to 113% (155) [1]
• Order backlog coating systems at period end amounted to SEK 0 million (0) [2]
• Order backlog Coating Services at period end amounted to SEK 10.6 million (4.2) [2]

FINANCIAL RESULTS FULL YEAR 2025

• Net sales amounted to SEK 47.3 million (109.9)
• Total revenue amounted to SEK 73.5 million (102.4)
• Operating profit amounted to SEK -45.2 million (-31.3)
• Operating profit after financial items amounted to SEK -45.6 million (-30.1)
• Cash flow amounted to SEK 4.4 million (-89.7)

BUSINESS HIGHLIGHTS DURING THE FOURTH QUARTER 2025

• Strategic shift to drive increased sales by broadening applications areas, e.g., SOFC for data center power
• Strong order intake and net sales in Coating Services, SEK 15.6 million and SEK 15.3 million (10.4), respectively
• New supply agreement for metals that reduces working capital needs for Coating Services
• Rights Issue provides the company with approximately SEK 26.6 million before deduction of issue-related costs

BUSINESS HIGHLIGHTS AFTER THE PERIOD

• The Board of Directors proposes to the Annual General Meeting that no dividend be paid for 2025

[1] In 2024 included the part of the inventory that was financed by customer pre-payments.
[2] Future agreed leasing revenue of SEK 9.1 million over 39 months for a production line leased out by the subsidiary in China is not included in the backlog figures.

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CEO’s COMMENTARY

The fourth quarter of 2025 was characterized by a continued cautious market for industrial investment decisions and a lack of system sales, which contributed to a challenging full year for the company. At the same time, Coating Services developed well with increasing volumes and a continued inflow of new customers, but not sufficiently to compensate for the lack of system deliveries. The rights issue carried out during the fourth quarter strengthened our financial position, while the work to reduce working capital and lower the cost base continued according to plan. These positive developments, together with our momentum in SOFC coatings for data center power generation, provide improved conditions to drive the business during 2026.
 
Coating Services growth, but overall sales below ambitions
Net sales for the fourth quarter amounted to SEK 17.6 million (42.4). Coating Services generated the primary contribution during the period, with net sales exceeding SEK 15 million, corresponding to an increase of approximately 47 percent compared to the same period last year. The development was driven by increased volumes and extending into new application areas with existing customers combined with an influx of new customers in, among others, PEM fuel cells, SOFC and iridium oxide-related applications. Higher sales in Coating Services contribute to increased stability in the revenue base and confirm the commercial interest in our coating solutions. At the same time, the total sales level remains low in relation to the company’s ambitions.

On a rolling 12-month basis, sales reflect a continued volatile revenue stream, with the absence of major system deals during the year having a clear impact. This underlines the importance of Coating Services as a continued central part of the business.

Impact Coatings has a leading position in the coating of bipolar plates for fuel cells in China and currently accounts for a significant share of the installed capacity in that market. The fuel cell market in China is primarily driven by automotive applications, in which the country is a global leader. Market reports estimate that around 10,000 fuel cell vehicles were sold in China in 2025, the majority of which were heavy trucks. The focus on hydrogen technology is also expected to continue within the framework of the Chinese government’s new five-year plan. At the same time, the market has not yet reached the scale required to fully drive investments in new production equipment, even though we have increased production volumes and see good demand for our coating services.

We have active coating system sales discussions with customers in all of our main segments – energy, automotive, electronics and luxury products. Their interest confirms that our system solutions have broad market relevance, although the timing of deal closings continues to be affected by market conditions.

Developments in SOFC/SOEC and Premium FC
During the quarter, Impact Coatings drove its strategic pivot into solid-oxide technology (SOFC and SOEC) that we initiated in the latter part of 2025 and described in connection with the rights issue. Based on our existing INLINECOATER platform and experience from energy-related applications, we are now working with greater focus on translating strong technology capabilities into concrete business opportunities, including SOFCs for power generation to data centers. An accelerated deployment of AI data centers requires such off-grid power solutions.

Our existing system solutions are well suited to the plate sizes used in SOFC and SOEC. Thanks to the modular design of the INLINECOATER platform, the systems can be upgraded for new materials and efficient production according to customer needs. This creates an efficient path to market and allows us to leverage our established business in PEM, while broadening our offering towards new applications with substantial long-term industrial potential.

During the quarter, we also continued the development of an enhanced version of our Premium FC coating for PEM fuel cells with a focus on improving the overall cost and margin structure through reduced material costs, among other parameters. Test samples of the product have been delivered to several customers. The development has the goal of maintaining performance with a focus on meeting customer requirements in real applications. This broadens the use of Premium FC in existing customer dialogues and strengthens our position in ongoing and future business.

Rights issue and continued cost discipline
During the year, we applied extensive efforts to strengthen the company’s financial position and reduce the cost base. The rights issue carried out during the period raised approximately SEK 27 million before issue costs. The outcome was below our original expectations, but still provided an important capital injection that helps us navigate a continued challenging market.

In parallel, we have adopted several measures to reduce the company’s capital needs and increase financial flexibility. The previously described savings program has been implemented according to plan, with full-time equivalent employees in the parent company decreasing 38 percent since December 2024. A new metals supply agreement announced in December also significantly reduces the capital required for Coating Services. The effects of these measures are already noticeable in the business, with further effects to be realized during 2026.

Following the rights issue outcome and to further support the company’s development, our next step is to broaden our ownership base by bringing in an industrial partner. We are evaluating potential investors that can contribute capital and relevant industrial expertise to support the next phase of Impact Coatings’ long-term development.

Outlook
2025 was a demanding year, in which we adapted our operations to a weaker market than we had previously assessed. However, the measures initiated in late 2024 and implemented throughout 2025 have laid the foundation for a return to growth.

During 2026 and beyond, we will continue to work on increasing system sales and developing solutions in new application areas, particularly SOFC for power generation. Our ambition is to build on the technical platform and successful customer relationships already established in our main markets.

We have much work ahead and market conditions remain challenging. At the same time, Impact Coatings is today a more focused, leaner and better-equipped company than at the beginning of 2025.

In conclusion, I would like to extend thanks to our employees, customers and existing and new shareholders. The year has been challenging, but the organization has taken responsibility, showed perseverance and is keeping a sharp focus on commercial success – something we will take with us into 2026.

Jonas Nilsson, CEO

Presentation

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Impact Coatings invites investors, analysts and the media to a presentation of this Year-End Report on Friday, February 13 at 09:00 am (CET). CEO Jonas Nilsson and CFO Lena Åberg will comment on the Year-End Report and take questions. The presentation will held via webcast in English.

What: Presentation of Impact Coatings’ Year-End Report 2025
Time: Friday February 13, 2026, at 09:00 a.m. (CET)
Link to webcast: https://www.finwire.tv/webcast/impact-coatings/year-end-report-2025/
 
The webcast in its entirety will afterwards be available on the company’s website www.impactcoatings.com.

Jonas Nilsson, CEO, comments:
“We conclude the rights issue with confidence in the future. The capital raised, together with increased order intake, continued strong cost discipline, and a new approach to metal sourcing with significantly lower capital employed means that our forecasted liquidity needs are met and we can proceed with our business plan.

Many positive developments are taking place within the company. Strong commercial progress in recent weeks – order intake for Coating Services, including orders from North America for production in Linköping and orders from China for production in Shanghai – demonstrate our leading position in the hydrogen market. A new metal supply agreement announced on 12 December also significantly reduces capital tied up in production and releases working capital.

To broaden our offering and capitalize on a high-growth commercially-driven market, Impact Coatings will focus on solid-oxide fuel cell (SOFC) coatings for power generation and other energy applications, driven by the need to power data centers, and on customer cases where the company sees material short-term business potential.

The company will also take further cost cutting measures and reduce cash utilization until machine sales have returned to a satisfactory level.

To provide additional capital for high-potential opportunities, the company will seek an industrial investor and long-term partner to support its strategic journey. Our goal is to complete a directed share issue for minority ownership during 2026.

Finally, I would like to thank existing shareholders for their continued trust and enthusiasm, and welcome new shareholders who have joined us through the rights issue. Together we are embarking on the next exciting phase in Impact Coatings’ journey.”

Number of shares and share capital
Following registration of the Rights Issue with the Swedish Companies Registration Office (Swe. Bolagsverket), the Company’s share capital will increase by SEK 2,216,578.750, from SEK 10,935,839.125 to SEK 13,152,417.875, and that the total number of shares in the Company will increase by 17,732,630, from 87,486,713 to 105,219,343 shares. Shareholders that have not participated in the Rights Issue will be diluted by approximately 16.9 percent.

Notification of allotment
Those who have subscribed for shares without the support of subscription rights will be allocated shares in accordance with the principles set out in the disclosure document published by the Company on 19 November 2025. Notification of allotment to those who subscribed for shares without the support of subscription rights is expected to be distributed via settlement notes on 16 December 2025. Subscribed and allotted shares shall be paid in cash in accordance with the instructions on the settlement note. Subscribers who have subscribed through a nominee will receive notification of allocation in accordance with their respective nominee’s procedures. Only those who have been allotted shares will be notified.

The last day of trading in paid subscribed shares (Sw. BTA) is expected to be on 23 December 2025. The new shares subscribed for with and without the support of subscription rights are expected to be traded on Nasdaq First North Growth Market as from 5 January 2026.

Advisers
Pareto 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.

As reported in the Q1 2025 and Q2 2025 interim reports, Impact Coatings has transitioned from customer-specific inventory management of metals to a generic inventory. The company has also reported, more recently, growth in Coating Services order inflow and focused efforts to improve cash utilization throughout the business. The new agreement for metals handling is a result of these drivers.

“This new agreement is the result of extensive work to streamline management of valuable metals and reduce working capital needs. The effort has involved many functions and Impact Coatings team members, with the goal of optimizing Coating Services operations while delivering speed and quality to our customers. I want to extend my thanks to everyone who has contributed to this significant improvement to our business,” said Jonas Nilsson, CEO of Impact Coatings. 

Impact Coatings (Linköping, Sweden) has received a Letter of Intent from LINDBERG – Kering Eyewear expressing an explicit intention of a near-term acquisition of an additional INLINECOATER™ PVD coating system.

Over many years, LINDBERG has successfully established a large in-house PVD coating facility based on several PVD coating units from Impact Coatings. LINDBERG has built a highly efficient coating production facility for its extensive portfolio of protective and decorative PVD coatings – all matching the company’s world-class level of high-end eyewear frames.

“This new Letter of Intent from our long-standing luxury goods customer LINDBERG helps confirm the outlook that we communicated at our Capital Markets Update on November 24: that we expect to achieve system sales in each of our four major markets during 2026 – Energy, Automotive, Electronics, and Luxury Goods,” said Jonas Nilsson, CEO at Impact Coatings.

Ahead of Impact Coatings’ ongoing rights issue the company received subscription commitments of SEK 1,000,000 from Chairman of the Board Mark Shay and SEK 300,000 from CEO Jonas Nilsson. In addition to these commitments, Mark Shay and Jonas Nilsson have subscribed for additional shares, without preferential rights, corresponding to SEK 500,000 and SEK 150,000, respectively.

The subscription period in the rights issue runs until Friday, December 12. Subscription without preferential rights can be made through Nordic Issuing, via https://nordic-issuing.se/en/ongoing-transactions/impact-coatings-ab/ or through your bank/custodian. Please note that when subscribing via Nordic Issuing to an investment savings account (ISK)/endowment insurance accounts (Kapitalförsäkring), Nordic Issuing may in some cases contact you if delivery cannot be made directly to the account you have specified.

Subscription with the support of preferential rights is made through a bank/custodian, or via Nordic Issuing’s platform at https://nordic-issuing.se/en/ongoing-transactions/impact-coatings-ab/. Please note that the final subscription date set by bank/custodian may be earlier than December 12.