Operator
Welcome to the PowerCell Group Q4 2025 Report Presentation.
[Operator Instructions]
Now I will hand the conference over to the CEO, Richard Berkling; and CFO, Anders During. Please go ahead.
Richard Berkling
President & CEO
Good morning, and thank you for joining us. 2025 was an important year for PowerCell, not because everything moved fast, but because the right things moved forward. We operated in a market where interest in hydrogen and fuel cell clearly increased, but the investment decision remained cautious and uneven, which affected the market.
With that combination, market conditions requires discipline more than optimism and execution more than ambition, and that is what we saw in 2025 and what we will present here in this quarter 4 presentation.
So against that backdrop, parts have continued our shift from technology development to more industrial execution. We delivered a record year when it comes to several aspects. We had improved margins materially. We generated positive EBITDA for the first time for a full year, and we strengthened our cash position, all this while operating at a slightly lower top level than we initially anticipated.
So this is not where we want to end up, but it’s also a very clear confirmation that our fundamentals are strengthening. It shows that we, as a company, can execute, control costs and deliver industrial performance in a very demanding environment.
So as we enter into 2026, we’re not managing towards a single market forecast. We are deliberately building a structure that can protect earnings at a lower activity scenario while still remaining ready to scale when the opportunity materialize.
