Segment Reporting

6 Months Ended

Jun. 30, 2026

Information reported to ADSE’s chief operating decision maker (CODM) for the purposes of resource allocation and assessment of segment performance is focused on the geographic regions of ADSE’s business activities. Therefore, ADSE manages its operations based on two operating segments corresponding to its business activities in Europe and North America.

The CODM has been identified as the board of directors of ADSE Holdco. The board of directors regularly reviews operating results and makes decisions about the allocation of ADSE’s resources. ADSE’s focus is on the research, development and manufacturing of products and services in the fields of energy management, energy storage and e-mobility.

ADSE evaluates segmental performance based on segment revenue and segment earnings before interest, taxes, depreciation and amortization (EBITDA). Inter-segment sales are priced along the same lines as sales to external customers.

	Jun. 30, 2026
kEUR	Europe		North America		Total reportable segments		Eliminations		Total Group
External revenues		7,004		348		7,352		-		7,352
Inter-segment revenues		634		-		634		-634		-
Total revenue		7,638		348		7,986		-634		7,352

Earnings before interest taxation depreciation and amortization (EBITDA)		-21,518		-915		-22,433		-		-22,433
Depreciation and amortization		-3,683		-137		-3,820		-		-3,820
Operating result (EBIT)		-25,201		-1,052		-26,253				-26,253
Financial income		21,642		-		21,642		-4,891		16,751
Financial costs		-35,884		-1,771		-37,654		4,891		-32,764
Financial result		-14,242		-1,771		-16,012		-0		-16,012
Profit before tax		-39,443		-2,822		-42,265		-0		-42,265
Income tax expenses		240		-		240		-		240
Profit for the year		-39,203		-2,822		-42,025		-0		-42,025

	Jun. 30, 2025
kEUR	Europe		North America		Total reportable segments		Eliminations		Total Group
External revenues		13,790		825		14,614		-		14,614
Inter-segment revenues		4,250		-		4,250		-4,250		-
Total revenue		18,039		825		18,864		-4,250		14,614

Earnings before interest taxation depreciation and amortization (EBITDA)		-25,164		-1,425		-26,589		-		-26,589
Depreciation and amortization		-3,346		-80		-3,426		-		-3,426
Operating result (EBIT)		-28,510		-1,506		-30,015				-30,015
Financial income		38,611		132		38,743		-456		38,287
Financial costs		-6,916		-16,696		-23,613		456		-23,157
Financial result		31,694		-16,565		15,130		-		15,130
Profit / Loss before tax		3,185		-18,070		-14,885		-		-14,885
Income tax expenses		120		-1		120		-		120
Profit / Loss for the year		3,305		-18,071		-14,766		-		-14,766

Total non-current assets of both reportable segments can be broken down as follows:

kEUR	Jun. 30, 2026		Dec. 31, 2025		Dec. 31, 2024
Europe		62,607		64,414		78,109
North America		754		868		-6,328
Eliminations		-41,593		-41,593		-41,593
Total non-current assets		21,768		23,689		30,188

Total current assets of both reportable segments can be broken down as follows:

kEUR	Jun. 30, 2026		Dec. 31, 2025		Dec. 31, 2024
Europe		145,202		130,346		108,877
North America		7,708		9,613		33,870
Eliminations		-93,073		-73,398		-27,705
Total current assets		59,837		66,560		115,042

Total liabilities of both reportable segments can be broken down as follows:

kEUR	Jun. 30, 2026		Dec. 31, 2025		Dec. 31, 2024
Europe		71,228		98,044		182,960
North America		24,716		23,440		10,697
Eliminations		-22,106		-20,413		-5,618
Total liabilities		73,838		101,071		188,039

Total revenues of both reportable segments can be broken down as follows:

kEUR	Jun. 30, 2026		Jun. 30, 2025		Jun. 30, 2024
Europe		7,638		18,039		78,346
North America		348		825		1,227
Eliminations		-634		-4,250		-310
Total revenues		7,352		14,614		79,263

Revenues from two major customers of ADSE amounted to kEUR 1,102 and kEUR 914 of ADSE’s total revenues, respectively (2025: two customers, kEUR 6,615 and kEUR 1,312).