| Schedule of operating activities |
Operating
activities
Schedule of operating activities
| (SEK
in thousand) | |
2026 | | |
2025 | |
| | |
For
the six months ended June 30, | |
| (SEK
in thousand) | |
2026 | | |
2025 | |
| Adjustment
for non-cash items | |
| | | |
| | |
| Depreciation | |
| 68,822 | | |
| 55,890 | |
| Depreciation of right-of-use
assets | |
| 53,594 | | |
| 45,774 | |
| Amortization | |
| 1,020 | | |
| 312 | |
| Impairments | |
| 9 | | |
| (23 | ) |
| Capital loss from the sale
of property, plant and equipment | |
| 1,329 | | |
| - | |
| Capital gains from the sale
of non-current assets (see Note 17) | |
| (32,543 | ) | |
| - | |
| Listing costs (see Note 21) | |
| 636,267 | | |
| - | |
| Share-based payment expense | |
| 249,332 | | |
| 152 | |
| Provisions | |
| (6,403 | ) | |
| - | |
| Unrealized exchange differences | |
| 7,891 | | |
| (30 | ) |
| Finance income | |
| (247 | ) | |
| (127 | ) |
| Finance costs | |
| 91,283 | | |
| 544,901 | |
| Fair value gains on financial
liabilities measured at fair value | |
| (582,379 | ) | |
| (1,329 | ) |
| Share of results of joint
venture | |
| (270 | ) | |
| (192 | ) |
| Total
non-cash adjustments | |
| 487,705 | | |
| 645,328 | |
| (SEK
in thousand) | |
2026 | | |
2025 | |
| | |
For
the six months ended June 30, | |
| (SEK
in thousand) | |
2026 | | |
2025 | |
| Net changes
in working capital: | |
| | | |
| | |
| (Increase)/decrease
in trade receivables | |
| (2,171 | ) | |
| 4,802 | |
| (Increase)/decrease in prepaid
expenses | |
| (7,174 | ) | |
| (1,070 | ) |
| (Increase)/decrease in accrued
income | |
| (33,451 | ) | |
| 8,787 | |
| (Increase)/decrease in other
receivables | |
| 10,907 | | |
| 15,594 | |
| Increase/(decrease) in trade
and other payables | |
| 163,467 | | |
| (53,129 | ) |
| Increase/(decrease) in accrued
expense | |
| 16,855 | | |
| 10,069 | |
| Increase/(decrease) in deferred
income | |
| (15,484 | ) | |
| (10,499 | ) |
| Increase/(decrease)
in other liabilities | |
| 10,197 | | |
| 55,005 | |
| Total
net changes in working capital | |
| 143,146 | | |
| 29,559 | |
|
Schedule of operating activities
| (SEK in thousands) | |
2025 | | |
2024 | |
| | |
For the
year ended
December 31, | |
| (SEK in thousands) | |
2025 | | |
2024 | |
| Adjustments for non-cash items | |
| | | |
| | |
| Depreciation | |
| 130,802 | | |
| 129,022 | |
| Depreciation of right-of-use assets | |
| 96,694 | | |
| 96,940 | |
| Amortization | |
| 312 | | |
| 1,056 | |
| Loss from disposal of property, plant, and equipment | |
| 5,321 | | |
| - | |
| Capital gains from the sale of non-current assets | |
| - | | |
| (8,985 | ) |
| Share-based payment expense | |
| 15,629 | | |
| 10,171 | |
| Unrealized exchange differences | |
| 77,903 | | |
| (1,926 | ) |
| Finance income | |
| (5,080 | ) | |
| (65,615 | ) |
| Finance costs | |
| 588,646 | | |
| 224,345 | |
| Provision | |
| 12,332 | | |
| - | |
| Fair value loss/(gain) on financial assets or liabilities measured at fair value through profit or loss | |
| 129,262 | | |
| (51,832 | ) |
| Share of results of joint venture | |
| (1,430 | ) | |
| (282 | ) |
| Total non-cash adjustments | |
| 1,050,391 | | |
| 332,894 | |
| (SEK in thousands) | |
2025 | | |
2024 | |
| | |
For the
year ended
December 31, | |
| (SEK in thousands) | |
2025 | | |
2024 | |
| Net changes in working capital | |
| | | |
| | |
| (Increase)/decrease in trade receivables | |
| 10,571 | | |
| 23,153 | |
| (Increase)/decrease in prepaid expenses | |
| 3,899 | | |
| (5,152 | ) |
| (Increase)/decrease in accrued income | |
| (1,789 | ) | |
| (7,964 | ) |
| (Increase)/decrease in other receivables | |
| (22,174 | ) | |
| 173,091 | |
| Increase/(decrease) in trade and other payables | |
| (52,186 | ) | |
| 96,414 | |
| Increase/(decrease) in accrued expense | |
| 69,950 | | |
| (15,219 | ) |
| Increase/(decrease) in deferred income | |
| 3,193 | | |
| 9,395 | |
| Increase/(decrease) in other liabilities | |
| 30,577 | | |
| 11,831 | |
| Net changes in working capital | |
| 42,041 | | |
| 285,549 | |
|
| Schedule of cash flows from financing activities |
|
Schedule of cash flows from financing activities
| (SEK in thousands) | |
January 1, 2025 | | |
Financing
cash flow (i) | | |
Fair value adjustments | | |
New
lease agreements(iii) | | |
Other
changes(ii) | | |
December 31, 2025 | |
| | |
| | |
Non-cash changes | | |
| | |
| |
| (SEK in thousands) | |
January 1, 2025 | | |
Financing cash flow | | |
Fair value adjustments | | |
New lease agreements | | |
Other changes | | |
December 31, 2025 | |
| Note | |
| | |
(i) | | |
25 | | |
(iii) | | |
(ii)
| | |
| |
| Loans and borrowings (current and non-current) | |
| - | | |
| 16,743 | | |
| - | | |
| - | | |
| (503 | ) | |
| 16,240 | |
| Convertible debenture | |
| 379,795 | | |
| 246,912 | | |
| - | | |
| - | | |
| (418,991 | ) | |
| 207,716 | |
| Lease liabilities (current and non-current) | |
| 641,507 | | |
| (137,218 | ) | |
| - | | |
| 155,324 | | |
| (17,060 | ) | |
| 642,553 | |
| Liabilities associated with cash advances | |
| 166,216 | | |
| 205,236 | | |
| - | | |
| - | | |
| (16,610 | ) | |
| 354,842 | |
| Other financial liabilities (embedded derivative - convertible debentures) | |
| - | | |
| - | | |
| 4,603 | | |
| - | | |
| - | | |
| 4,603 | |
| Other financial liabilities (derivative instruments - warrants) | |
| 1,432 | | |
| - | | |
| 124,659 | | |
| - | | |
| 2,289 | | |
| 128,381 | |
| Other financial liabilities (derivatives) | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Total liabilities from financing activities | |
| 1,188,950 | | |
| 331,673 | | |
| 129,262 | | |
| 155,324 | | |
| (450,874 | ) | |
| 1,354,335 | |
| (SEK in thousands) | |
January 1, 2024 | | |
Financing
cash flow (i) | | |
Fair value adjustments | | |
New lease agreements | | |
Other
changes(ii) | | |
December 31, 2024 | |
| | |
| | |
Non-cash changes | | |
| | |
| |
| (SEK in thousands) | |
January 1, 2024 | | |
Financing cash flow | | |
Fair value adjustments | | |
New lease agreements | | |
Other changes | | |
December 31, 2024 | |
| Note | |
| | |
(i) | | |
25 | | |
| | |
(ii) | | |
| |
| Loans and borrowings (current and non-current) | |
| 257,424 | | |
| (309,456 | ) | |
| 55,926 | | |
| - | | |
| (3,894 | ) | |
| - | |
| Convertible debenture | |
| - | | |
| 319,887 | | |
| - | | |
| - | | |
| 59,908 | | |
| 379,795 | |
| Lease liabilities (current and non-current) | |
| 539,080 | | |
| (121,975 | ) | |
| - | | |
| 84,768 | | |
| 139,634 | | |
| 641,507 | |
| Liabilities associated with cash advances | |
| - | | |
| 211,147 | | |
| - | | |
| - | | |
| (44,931 | ) | |
| 166,216 | |
| Other financial liabilities (derivatives) | |
| 48,814 | | |
| (3,787 | ) | |
| (89,911 | ) | |
| - | | |
| 46,316 | | |
| 1,432 | |
| Total liabilities from financing activities | |
| 845,318 | | |
| 95,816 | | |
| (33,985 | ) | |
| 84,768 | | |
| 197,033 | | |
| 1,188,950 | |
| (i) |
Cash
flows from Loans and borrowings (current and non-current), Convertible debenture, Lease liabilities (current and non-current) and
Other financial liabilities (derivatives) represent the net amount of cash from borrowing and repayment of borrowings in the Consolidated
Statements of Cash Flows. |
| (ii) |
Other
changes include changes in exchange rates, accrued interest, remeasurements of the lease liabilities, and reduction in factoring
liabilities. |
| (iii) |
In
2025, the Group entered into new lease agreements as part of its operations, with the largest lease relating to a charging station
with an acquisition value of SEK 26,828 thousand. |
|