First Quarter Report 2026

SERSTECH GROUP, 1 JANUARY – 31 MARCH 2026

• Net sales amounted to KSEK 6 525 (19 892)
• EBITDA amounted to KSEK -4 277 (669)
• EBIT amounted to KSEK -6 515 (-1 339)
• Cash flow from operating activities amounted to KSEK -7 020 (-3 140)
• Earnings per share amounted to SEK -0.03 (-0.01)
• Earnings per average number of shares amounted to SEK -0.03 (-0.01)

Message from the CEO

Despite the ongoing war in Iran, we expect 2026 to be a strong and relatively normal year, without major disruptions to our sales. We anticipate achieving positive cash flow for the full year, alongside a solid EBITDA margin. Our in-house production is now fully operational, which will contribute to a continued upward trend in gross margins. The average gross margin in Q1 reached 72%, a significant improvement from the 61% average recorded in 2025.

Sales in the first quarter amounted to 6.5 MSEK, in line with our expectations. As we have communicated previously, we expect significant variations between quarters, and we anticipate that the coming quarters will be substantially stronger than the first. In April alone, order intake has already reached a level comparable to the full first quarter, and we expect several of our larger, returning customers to place significant orders in the quarters ahead.

We are currently building inventory of both components and ready-to-ship instruments to ensure short delivery times. Given the increasing geopolitical uncertainty, we are taking proactive measures to mitigate the risk of potential component shortages by maintaining higher inventory levels than would otherwise be necessary. Several key components have lead times of up to 16 weeks, requiring us to act well in advance of larger orders.

To support this inventory build-up and to provide bridge financing, we have secured a 10 MSEK loan from Almi Företagspartner, a Swedish public entity focused on providing financing to growth companies. The loan carries an interest rate of just over 8%, and we intend to repay it before year-end. Expected cash flow from our sales activities is projected to support both ongoing operations and repayment of the loan before the end of the year.

During 2025, we prepared the company for growth by building the organization required to scale efficiently. This included establishing in-house production, expanding our sales team, and consolidating R&D and quality assurance operations to our office in Sweden. With these foundations in place, we are well positioned to execute on our strategy in 2026 and expect strong growth going forward.

Stefan Sandor, CEO 

April 2026

For further information, please contact:
Stefan Sandor,
CEO, Serstech AB Phone: +46 739 606 067
Email: ss@serstech.com
or
Thomas Pileby,
Chairman of the Board, Serstech AB Phone: +46 702 072 643
Email: tp@serstech.com
or visit: www.serstech.com

This is information that Serstech AB (publ.) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above at 11:50 CET on April 28, 2026.

Certified advisor to Serstech is Svensk Kapitalmarknadsgranskning AB (SKMG).

About Serstech
Serstech delivers solutions for chemical identification and has customers around the world, mainly in the safety and security industry. Typical customers are customs, police authorities, security organizations and first responders. The solutions and technology are however not limited to security applications and potentially any industry using chemicals of some kind could be addressed by Serstech’s solution. Serstech’s head office is in Sweden and design, development and production are done in Sweden.
Serstech is traded at Nasdaq First North Growth Market and more information about the company can be found at www.serstech.com

Attachment

• Serstech AB - Q1 Report 2026