CEO comment: During the year, the restructuring of loans in China began to be clearly visible in the income statement. Lower financing costs, combined with declining construction costs for new projects and upgrades, are expected to contribute to a gradually improved result going forward. These structural cost improvements are clearly considered to compensate for lower average revenue per kWh because of changes in electricity pricing.

The quarter, in short
October 1st – December 31st

• As of mid-year, electricity tariffs in Jiangsu and Anhui were adjusted, resulting in a reduction in the realised electricity price per kWh of approximately 8% in the second half compared to previous year.
• The company installed a total of 14.6 (29.2) MW of roof-based solar PV installations and had 395.8 (340.1) MW installed capacity at the end of the quarter.
• 61.3 (47.8) million kWh were produced which reduced carbon dioxide related emissions by approximately 30,000 (23,000) tons.
• At the end of the quarter, the company had 18.9 (38.8) MW in subscribed orders, as well as projects in the pipeline of 131.1 (142.4) MW.
• The company signed 7 (6) contracts amounting to a total installed capacity of 12.4 (25.3) MW.

 The quarter, in numbers
October 1st – December 31st

• Revenues (sales of electricity and subsidies) amounted to SEK 39.9 (42.3) million.
• Net sales (sales of electricity to customers and Grid) amounted to SEK 34.3 (35.5) million.
• Other operating income (subsidies and other) amounted to SEK 5.6 (6.8) million.
• Operating expenses amounted to SEK 43.1 (41.4) million
• Operating profit for the quarter amounted to SEK -3.2 (0.9) million.
• Interest expenses and similar charges amounted to SEK 19.5 (23.3) million.
• Loss for the quarter after financial items and tax amounted to SEK -17.4 (-28.6) million and was impacted by a currency effect of SEK 0.5 (1.5) million. Adjusted for the currency effect, profit for the quarter amounted to SEK -18.0 (-30.1) million.
• Total cash flow for the quarter amounted to SEK 19.1 (-6.2) million.
• Earnings per share before dilution amounted to SEK -0.30 (-0.50).
• The number of employees at the end of the period was 22 (22).

 Year-to-date, in numbers
October 1st – December 31st

• Revenues amounted to SEK 239.7 (218.3) million, an increase of 9.8 percent compared to the previous year. The increase is mainly related to a higher installed base. Currency effects impacted revenues by SEK -18.0 (-4.5) million.
• Net sales amounted to SEK 203.2 (184.8) million, an increase of 9.9 percent. Currency effects impacted net sales by SEK -15.3 (-3.8) million.
• Other operating income amounted to SEK 36.5 (33.5) million.
• Operating expenses amounted to SEK 166.2 (157.6) million, an increase of 5.5 percent compared to the previous year. The cost increase is mainly attributable to scheduled depreciation and maintenance costs for solar energy installations increasing, as well as a currency effect of SEK 11.5 (-0.4) million.
• Operating profit for the period amounted to SEK 73.5 (60.7) million.
• Interest expenses and similar income items amounted to SEK 82.0 (88.7) million. Interest-bearing debt is largely unchanged compared with the previous year, but the ongoing refinancing in China with lower interest rates as a result leads to slightly lower interest costs overall.
• Loss for the year after financial items and tax amounted to SEK -7.2 (-32.9) million and was impacted by a non-cash flow affecting currency effect of SEK -3.8 (1.8) million. Adjusted for this item, profit for the year amounted to SEK -3.4 (-34.7) million.
• Total cash flow for the period amounted to SEK -34.9 (68.3) million.
• Earnings per share before dilution amounted to SEK -0.13 (-0.58).
• The Board of Directors proposes that no dividend be paid for the financial year 2025 and that the result for the year be carried forward.

 Significant events after the end of the period

•  The company signed 6 contracts amounting to an installed capacity of 6.3 MW.

For more information, please contact:

Max Metelius, CEO Gigasun AB (publ)
Phone: +46 (0) 72 316 04 44
E-mail: max.metelius@gigasun.se

Stefan Salomonsson, CFO Gigasun AB (publ)
Phone: +46 (0) 70 220 80 00
E-mail: stefan.salomonsson@gigasun.se

Certified Advisor is FNCA Sweden AB

About the operation

Gigasun operates in China through its wholly owned subsidiaries Advanced Soltech Renewable Energy (Hangzhou) Co. Ltd (“ASRE”) and Longrui Solar Energy (Suqian) Co. Ltd. (“SQ”), and Suqian Ruiyan New Energy Co., Ltd. (“RY”).

The business model consists of financing, installing, owning and managing solar PV installations on customers' roofs in China. The customer does not pay for the solar PV installation, but instead enters an agreement to buy the electricity that the solar PV installation produces under a 20-year agreement. Current income comes from the sale of electricity to customers and governmental subsidies.

The goal is to have an installed capacity of 1,000 megawatts (MW) in the medium term.

This information is information that Gigasun 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 persons set out above, at 2026-02-12 13:00 CET.

Attachments

Gigasun Q4 2025 ENG

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