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Segment Reporting

12 Months Ended

Dec. 31, 2025

Segment reporting

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 region of ADSE’s business activities. Therefore, ADSE manages its operations based on two operating segments referring 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.

	2025
kEUR	Europe		North America		Total reportable segments		Eliminations		Total Group
External revenues		29,104		2,454		31,559		-		31,559
Inter-segment revenues		9,868		-		9,868		-9,868		-
Total revenue		38,973		2,454		41,427		-9,868		31,559

Earnings before interest, taxes, depreciation and amortization (EBITDA)		-35,717		-5,540		-41,257		-4,848		-46,106
Depreciation and amortization		-10,371		-217		-10,588		-		-10,588
Operating result (EBIT)		-46,088		-5,757		-51,846		-4,848		-56,694
Financial income		69,646		128		69,773		-8,985		60,788
Financial costs		-54,656		-18,637		-73,293		13,751		-59,542
Financial result		14,990		-18,509		-3,520		4,766		1,246
Profit before tax		-31,099		-24,267		-55,365		-82		-55,447
Income tax expenses		599		-2		597		-340		257
Profit for the year		-30,499		-24,269		-54,768		-422		-55,190

	2024
kEUR	Europe		North America		Total reportable segments		Eliminations		Total Group
External revenues		104,390		5,623		110,013		-		110,013
Inter-segment revenues		3,026		-		3,026		-3,026		-
Total revenue		107,416		5,623		113,039		-3,026		110,013

Earnings before interest, taxes, depreciation and amortization (EBITDA)		-183		-2,520		-2,703		793		-1,910
Depreciation and amortization		-6,555		-144		-6,699		-		-6,699
Operating result (EBIT)		-6,737		-2,664		-9,402		793		-8,609
Financial income		-294		318		24		-		24
Financial expenses		-74,894		-13,989		-88,883		-		-88,883
Financial result		-75,188		-13,670		-88,858		-		-88,858
Profit before tax		-81,926		-16,334		-98,260		793		-97,467
Income tax expenses		-322		-3		-324		-167		-491
Profit for the year		-82,247		-16,337		-98,584		626		-97,958

	2023
kEUR	Europe		North America		Total reportable segments		Eliminations		Total Group
External revenues		102,413		4,971		107,384		-		107,384
Inter-segment revenues		1,152		-		1,152		-1,152		-
Total revenue		103,565		4,971		108,536		-1,152		107,384

Earnings before interest, taxes, depreciation and amortization (EBITDA)		-33,560		-6,296		-39,856		182		-39,674
Depreciation and amortization		-4,773		-77		-4,850		-		-4,850
Operating result (EBIT)		-38,333		-6,373		-44,707		182		-44,525
Financial income		190		-		190		-		190
Financial expenses		-11,095		-2,791		-13,886		-		-13,886
Financial result		-10,906		-2,791		-13,697		-		-13,697
Profit before tax		-49,239		-9,164		-58,403		182		-58,221
Income tax expenses		3,141		-		3,141		-		3,141
Profit for the year		-46,099		-9,164		-55,263		182		-55,081

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

kEUR	Dec. 31, 2025		Dec. 31, 2024		Dec. 31, 2023
Europe		64,414		71,312		50,206
North America		868		469		54
Eliminations		-41,593		-41,593		-15,360
Total non-current assets		23,689		30,188		34,900

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

kEUR	Dec. 31, 2025		Dec. 31, 2024		Dec. 31, 2023
Europe		130,346		108,877		80,218
North America		9,613		33,870		12,632
Eliminations		-73,398		-27,705		-3,342
Total current assets		66,560		115,042		89,509

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

kEUR	Dec. 31, 2025		Dec. 31, 2024		Dec. 31, 2023
Europe		98,044		182,960		77,047
North America		23,440		10,697		14,978
Eliminations		-20,413		-5,618		-1,536
Total liabilities		101,071		188,039		90,489

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

kEUR	2025		2024		2023
Europe		38,973		107,416		103,565
North America		2,454		5,623		4,971
Eliminations		-9,868		-3,026		-1,152
Total revenues		31,559		110,013		107,384

Revenues from two major customers of ADSE represented kEUR 5,949 and kEUR 2,449 respectively (2024: two customers, kEUR 43,684 and kEUR 17,028, 2023: two customers, kEUR 39,066 and kEUR 15,046) of ADSE’s total revenues.