Exhibit 99.2

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and the related notes included in our Annual Report on Form 20-F for the year ended December 31, 2024, as well as our unaudited condensed consolidated financial statements and the related notes thereto as of and for the six months ended June 30, 2025, included elsewhere in this Report of Foreign Private Issuer on Form 6-K. The discussion below contains forward-looking statements that are based upon our current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from these expectations due to inaccurate assumptions and known or unknown risks and uncertainties.  

Cautionary Statement Regarding Forward-Looking Statements

Certain information included herein may be deemed to be “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. Forward-looking statements are often characterized by the use of forward-looking terminology such as “may,” “will,” “expect,” “anticipate,” “estimate,” “continue,” “believe,” “should,” “intend,” “project” or other similar words, but are not the only way these statements are identified.

These forward-looking statements may include, but are not limited to, statements relating to our objectives, plans and strategies, statements that contain projections of results of operations or of financial condition, expected capital needs and expenses, statements relating to the research, development, completion and use of our products, and all statements (other than statements of historical facts) that address activities, events or developments that we intend, expect, project, believe or anticipate will or may occur in the future.

Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties. We have based these forward-looking statements on assumptions and assessments made by our management in light of their experience and their perception of historical trends, current conditions, expected future developments and other factors they believe to be appropriate.

Important factors that could cause actual results, developments and business decisions to differ materially from those anticipated in these forward-looking statements include, among other things: 

The foregoing list is intended to identify only certain of the principal factors that could cause actual results to differ. For a more detailed description of the risks and uncertainties affecting our company, reference is made to our Annual Report, which was filed with the Securities and Exchange Commission, or the SEC, on March 3, 2025, and the other risk factors discussed from time to time by our company in reports filed or furnished to the SEC.

Except as otherwise required by law, we undertake no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Unless otherwise indicated, all references to “we,” “us,” “our,” the “Company” and “EWPG” refer to Eco Wave Power Global AB (publ), after the date that it acquired its operating subsidiary, Eco Wave Power Ltd., or EWP Israel, or the Acquisition, while such references, before the time of the Acquisition, refer to EWP Israel. References to “U.S. dollars” and “$” are to currency of the United States of America, references to “SEK” are to Swedish Kronor, references to “shekel,” “Israeli shekel” and “NIS” are to New Israeli Shekels, references to “Euro,” “EUR” and “€” are to the Euro common currency of the Eurozone of the European Union and references to “GBP” are to the British Pounds Sterling. References to “Common Shares” are to our Common Shares, no par value. We report our financial statements under International Financial Reporting Standards, or IFRS, as issued by the International Accounting Standards Board, or the IASB. None of the financial statements were prepared in accordance with generally accepted accounting principles in the United States.

Overview

We are a wave energy company primarily engaged in the development of a smart and cost-efficient WEC technology that converts ocean and sea waves into clean electricity. Our wave energy technology is implemented onshore or nearshore, as opposed to offshore systems, and draws energy from incoming waves by converting the rising and falling motion of the waves into an efficient and clean energy generation process. In addition to our WEC technology, we are also building out a pipeline of ancillary technology services that we may provide to our clients and other parties, such as research institutions. These services currently include feasibility studies for potential clients of our WEC technology. We are also developing a smart WPV software, intended to provide real-time production verification that is expected to allow preventative-predictive and corrective measures to be taken. We believe that by providing these complementary services, we will be better positioned to be a leader of the wave energy industry.

We have entered into a variety of agreements with parties interested in the utilization of our WEC technology. These agreements consist of power purchase agreements, concession agreements, turnkey agreements, and other agreements in various stages, including letters of intent. Based on the terms of the agreements and our own calculations, we believe that we have a total worldwide pipeline of projects that may be over 404.7 megawatts in size. Although the majority of the megawatts included in our pipeline are subject to preliminary agreements, we have a limited amount of megawatts that are subject to more advanced agreements, such as our Power Purchase Agreement in Gibraltar (which we are not currently actively working on advancing) for five megawatts, a Concession Agreement in Portugal for up to 20 megawatts, an Agreement in Spain for up to 2MW, an Interconnection Agreement in Mexico for up to 25 megawatts, which we are not currently actively working on advancing and therefore sold the land during the second quarter of 2025, a Pioneering Technology approval from the Israeli Ministry of Energy to construct a 100 kilowatt (or 0.1 megawatt) WEC array and a collaboration agreement with AltaSea in the Port of Los Angeles. Pursuant to this collaboration agreement, we signed a pilot test agreement on January 3, 2024 for the development of a wave energy pilot in the AltaSea premises in the Port of Los Angeles between us and Shell International Exploration and Production Inc. In August 2024, we received the final nationwide permit from the U.S. Army Corps of Engineers for the project, issued under Nationwide Permit 52 for water-based renewable energy generation pilot projects which authorizes us to install eight wave energy floaters on the piles of an existing concrete wharf structure on the east side of Municipal Pier One. In July 2025, Eco Wave Power successfully achieved a significant milestone, installing its wave energy floaters at the Port of Los Angeles, In early August, Eco Wave Power completed the installation of its onshore energy conversion unit (ECU), and can now, proceed to final integration and testing. Although some of these agreements may be deemed to be definitive, there is no guarantee that we will complete the construction of any WEC system for such projects, as certain conditions must be met and certain licenses obtained to advance to the construction stage of such projects. (See Item. 4.D. – “Risk Factors — Risks Related to Our Business Operations” in our Annual Report for risks associated with our pipeline projects and Item. 4.B. – “Business — Project Pipeline” in our Annual Report for additional information).

We plan to continue to develop the projects in our pipeline, specifically, the construction of our pilot project at the AltaSea premises in the Port of Los Angeles and to work towards implementing our megawatt project in Portugal and/or other locations, further expand our project pipeline, conduct research and development aimed at continuing to upgrade and improve our WEC technology, continue the reinforcement of our patent portfolio, and to expand the team that will help us achieve our growth strategy. We expect the development cost of launching any commercial-scale project (i.e., at least 20 megawatts), will range from EUR 1.2 million ($1.3 million) to EUR 1.8 million ($1.9 million) for the cost of equipment per megawatt. In addition to the cost of equipment, the cost to launch a commercial-scale project will also include installation and connection to the local/regional electricity grid, which cost may significantly vary in accordance with the condition of the breakwater and/or the construction of a novel marine structure, and the distance from the nearest grid connection point. In addition, the price may vary significantly due to the wave climate in the region, as regions with lower wave climates may require significantly larger amounts of floaters to reach an adequate capacity factor. As of the date of this Report of Foreign Private Issuer on Form 6-K, most of our projects are either not of a commercial nature or in too early stage of their development to determine the exact final construction, installation, and grid connection costs. In addition, we expect that the costs of completing our pipeline projects will be impacted by applicable government regulations, some of which may cause the actual cost of getting to commercial launch to become more expensive.

The EDF EWP One 100 kilowatt (or 0.1 megawatt) installed capacity project, the construction of which has been completed, cost approximately $1 million. The cost of the project was more than originally expected due to component price increases resulting from supply chain disruptions that have occurred since 2020 and other various research and development activities performed at the site. The costs have been divided equally between us and EDF Renewables IL.

Our projects generally have the following development milestones, once an agreement and/or proper licenses have been entered:

Revenue

We did not generate any revenue during the six months ended June 30, 2024 and during the six months ended June 30, 2025.

To date, we have generated sales from feasibility studies and from a wave energy pilot project in Asia.

Operating Expenses

Our current operating expenses consist of three components - research and development expenses, sales and marketing expenses and general and administrative expenses.

Research and Development Expenses

Our research and development expenses consist primarily of salaries and related personnel expenses, depreciation and other research and development expenses. Although our research and development expenses have increased during the six months ended June 30, 2025, we expect that our research and development expenses will increase further as we grow our project pipeline and increase project execution rates in new locations.

Sales and Marketing Expenses

Our sales and marketing expenses consist primarily of salaries, marketing and advertising services, including public relations and investor relations, and travel. Although our expenses have decreased during the six months ended June 30, 2025, we expect that our sales and marketing expenses will increase as we add more projects to our project pipeline, which will result in the need for marketing in new areas of operation.

General and Administrative Expenses

Our general and administrative expenses consist primarily of salaries, professional service fees, depreciation, and other general and administrative expenses, such as rent and consulting fees. Our general and administrative expenses have increased during the six months ended June 30, 2025, and we expect that our general and administrative expenses will continue to increase as we grow our operations, specifically in terms of employee headcount, professional support and legal costs due to the planned implementation of our first U.S. project in the Port of Los Angeles, the implementation of our first commercial scale project in Portugal and implementation of our first project in Taiwan.

Results of Operations

Comparison of the Six Months Ended June 30, 2025 and 2024

The following table sets forth our results of operations for the six months ended June 30, 2025 and 2024:

Research and Development Expenses

Research and development expenses increased by $79 thousand, or 25%, to $399 thousand for the six months ended June 30, 2025, compared to $320 thousand for the six months ended June 30, 2024. This increase was primarily attributable to a $136 thousand increase of research and developments costs related to our project in Portugal, a $37 thousand increase in labor and related expenses due to strengthening our engineering department and a $94 thousand increase in grants received in the first half of 2025.

Sales and Marketing Expenses

Sales and marketing expenses decreased by $14 thousand, or 10%, to $123 thousand for the six months ended June 30, 2025, compared to $137 thousand for the six months ended June 30, 2024. This decrease was primarily attributable to a decrease in investors communication expenses in the first half of 2025.

General and Administrative Expenses

General and administrative expenses increased by $195 thousand, or 22%, to $1,089 thousand for the six months ended June 30, 2025, compared to $894 thousand for the six months ended June 30, 2024. This increase was primarily attributable to an increase in professional fees, an increase in travel expenses and an increase in payroll and related expenses in the first half of 2025.

Other Income

Other income increased by $30 thousand, or 94%, to $62 thousand for the six months ended June 30, 2025 compared to $32 thousand for the six months ended June 30, 2024. This increase was primarily attributable to income from services provided in connection with demonstrating our technology in Asia during the first half of 2025.

Share of net loss of a joint venture

Share of net loss of a joint venture accounted for using the equity method increased by $9 thousand, or 30% to $39 thousand for the six months ended June 30, 2025 compared to $30 thousand for the six months ended June 30, 2024. This increase was primarily attributable to depreciation and other operational costs.

Operating loss

Operating loss increased by $239 thousand, or 18%, to $1,588 thousand for the six months ended June 30, 2025, compared to $1,349 thousand for the six months ended June 30, 2024. This increase was primarily attributable to an increase of $79 thousand in research and development expenses, an increase of $195 thousand in general and administrative expenses and a decrease of $14 thousand in sales and marketing expenses.

Financial Income (Expenses), Net

Net financial loss was $304 thousand for the six months ended June 30, 2025, compared to $331 thousand net financial income for the six months ended June 30, 2024. This decrease was primarily attributable to a decrease in income from foreign exchange differences due to the appreciation of the SEK and the NIS against the U.S. dollar.

Net Loss

Net loss increased by $874 thousand, or 86%, to $1,892 thousand for the six months ended June 30, 2025, compared to $1,018 thousand for the six months ended June 30, 2024. This increase was primarily attributable to an increase of $239 thousand in operating loss and the decrease of $635 thousand in net financial income primarily attributable to a decrease in income from foreign exchange differences due to the increased value of the SEK and of the NIS against the U.S. dollar.

Liquidity and Capital Resources.

Overview

Since the inception of EWP Israel and through June 30, 2025, we have funded our operations principally with $28.4 million from the sale of our Common Shares in our initial public offering on Nasdaq First North Growth Market Sweden (“Nasdaq First North”), from private issuances of Common Shares, from our public offering of our American Depository Shares (“ADSs”) on the Nasdaq Capital Market, through our registered direct offering from December 2024, from shareholder loans and from the receipt of various government grants. As of June 30, 2025, our cash, cash equivalents and short term bank deposits were $7.94 million, of which $6.45 million were in cash and cash equivalents and $1.49 million in short term bank deposits.

The table below presents our cash flows for the periods indicated:

Operating Activities

Net cash used in operating activities for the six-month period ended June 30, 2025 was $1,474 thousand and primarily was due to a net loss of $1,892 thousand for the period. The cash used in operating activities was reduced mainly by the elimination of certain non-cash items that were taken into account in calculating, and that increased our overall loss, including $112 thousand of depreciation expenses, $269 thousand of other non-cash items, and changes in components of working capital.

Net cash used in operating activities for the six-month period ended June 30, 2024 was $841 thousand and primarily reflects a net loss of $1,018 thousand for the period. The cash used in operating activities was reduced mainly by the elimination of certain non-cash items that were taken into account in calculating, and that increased our overall loss, including $85 thousand of depreciation expenses, $197 thousand of other non-cash items, and changes in components of working capital.

The increase in net cash used in operating activities was mainly the result of an increase in net loss and an increase in non-cash expenses.

Investing Activities

 Net cash provided by investing activities in the six months ended June 30, 2025, amounted to $93 thousand and consisted mainly of $102 thousand interest received on cash and cash equivalents, an investment of $44 thousand in our EWP EDF One Ltd. joint venture that constructed the pilot project at Jaffa Port, $37 thousand purchase of property and equipment and $72 thousand proceeds from sale of property.

Net cash provided by investing activities in the six months ended June 30, 2024, amounted to $4,191 thousand and consisted mainly of $3,998 thousand proceeds from short term deposits, $209 thousand interest received on short term bank deposits, an investment of $8 thousand in our EWP EDF One Ltd. joint venture that constructed the pilot project at Jaffa Port and $8 thousand purchase of property and equipment.

This decrease in net cash provided by investing activities is due mainly to $3,998 thousand reduction in proceeds from short term deposits and $107 thousand reduction in interest received on bank deposits.

Financing Activities

Net cash used in financing activities amounted to $111 thousand for the six months ended June 30, 2025, compared to $49 thousand for the six months ended June 30, 2024. This increase is attributable mainly to an increase in payment of principal under our contractual lease payments of our US subsidiary offices as well as a $27 thousand share repurchase.

On March 7, 2019, EWP Israel signed a loan agreement with PortXL Netherlands B.V., or PortXL, to provide EWP Israel with €100,000 (approximately $117,000). The loan consisted of two components: (1) €85,000 (approximately $99,000) in kind consisting of services related to participating in PortXL’s startup accelerator program was provided; and (2) €15,000 (approximately $18,000) was provided in cash. The loan bears a compounded fixed interest of 5% per annum, accruing from April 1, 2019 through March 31, 2028. The outstanding balance of the loan and any accrued and unpaid interest thereon shall be due and payable in five annual installments, commencing from April 1, 2023. EWP Israel is entitled to prepay any part of the loan and/or the interest at any time, without any premium or penalty in its sole discretion. To the extent that EWP Israel fails to repay the loan when due, PortXL shall be entitled, as a sole remedy, to be issued ordinary shares of EWP Israel in such number equal to the unpaid balance of the loan and the accrued interest, divided by $357.825, which was the value of such ordinary shares prior to our initial public offering on Nasdaq First North. According to the loan agreement, EWP Israel is obligated to send PortXL audited financial statements, once such statements are available. As of June 30, 2025, the amount outstanding under the loan agreement with PortXL was $159,000.

As of June 30, 2025, we also have the following indebtedness from loans received from a related party. (See Item. 7.B. - “Related Party Transactions” in our Annual Report for additional information):

In addition, we previously received a variety of grants, including royalty and non-royalty bearing grants, and other commitments.

In 2013 we signed a loan agreement with the Management Committee of Jiangsu Changshu High-tech Development Zone, or the Committee, and with Changshu Shirat Enterprise Management Co. Ltd., or CS. The Committee provided a loan in the aggregate amount of RMB 3,977,700 (approximately $570,000) to EWP Suzhou. In order to repay the principal amount of the loan and interest accrued thereon, pursuant to the terms of the agreement, EWP Suzhou is scheduled to pay the Committee 3% of the net proceeds from commercialization of its future projects and products in addition to 5% annual interest, until the full amount is repaid. There have been no proceeds in China since 2013 and there are no expected significant proceeds from near future projects in China. In addition, EWP Suzhou is also obligated to pay to CS 5% of the net proceeds from commercialization of its future projects for a term of 10 years from the date of the agreement. For further information, see Note 16(b) to the audited consolidated financial statements included in our Annual Report.

Non-royalty bearing grants that we have received, and which we are not required to repay, include an AUD 75,000 (approximately $49,000) non-royalty bearing grant from the government of Queensland to support our operations and further growth in Australia, an EUR 50,000 (approximately $59,000) grant from the European Commission’s Horizon 2020 program, a $2,500 grant from Vital Voices Global Partnership to install certain equipment for the power station at the EDF EWP One Project, an EUR7,500 (approximately $8,800) grant from MazeX program for marketing and business development in Portugal, a GBP 8,480 (approximately $11,600) grant from the Wohl Clean Growth Alliance, a GBP 103,993 ($142,000) grant from Innovate UK through the Energy Catalyst Round 8, an EUR 22,500 (approximately $26,000) from the European Union Regional Development Fund, a NIS 90,000 ($27,000) GREENinMED grant provided by the European Union under the ENI CBC Mediterranean Sea Basin Programme, and an EUR 17,885.70 (approximately $21,000) from Interreg Atlantic Area, European regional development fund its program Ports Towards Energy Self-Sufficiency.

Non-royalty bearing grants which we have been awarded but we have not yet fully received include a GBP 456,500 (approximately $625,000) grant approval from Innovate UK’s Energy Catalyst program Round 10, as part of a consortium led by Toshiba (U.K.) and Aquatera Ltd (of which we received GBP 129,076 (approximately $177,000) for the first three quarters of the program), and an EUR 178,500 (approximately $209,000) from the EU Horizon 2020 Research and Innovation Programme as part of the ILIAD consortium (of which we received three payments worth EUR 151,725 (approximately $178,000). In July 2025, the Company was approved as a participant in the EUR 2.45 million (approximately $2.87 million) Atlantic Wave Energy Sustainable Deployment Initiative (AWESDI) coordinated by the University of Vigo and funded by the Interreg Atlantic Area Programme. As a consortium partner, we were awarded €107,089 (approximately $125,000), with our contribution set at €26,772 (approximately $31,000). The project brings together institutions from Portugal, Spain, France, and Ireland to accelerate commercial-scale wave energy adoption.

We also were approved a royalty-bearing grant in the aggregate amount of up to NIS 492,000 (approximately $146,000) that we have received from the Israeli Ministry of Energy pursuant to a financing agreement. We are committed to pay royalties at a rate of 5% from commercialization of the project’s know-how and intellectual property up to the cumulative amount of the grant, linked to the Israeli consumer price index, and with the addition of the interest rate of the Accountant General of Israel.

Current Outlook

We have financed our operations to date primarily through proceeds from the sale of our Common Shares in our initial public offering on Nasdaq First North, from private issuances of shares by EWP Israel prior to our initial public offering on Nasdaq First North, from the public offering of our ADSs on Nasdaq Capital Market, from shareholder loans and from the receipt of various government grants. We have incurred losses and generated negative cash flows from operations since the inception of EWP Israel in 2011. From inception through June 30, 2025, we have not generated any significant revenue, and we do not expect to generate significant revenues from the sale of our products in the near future.

As of June 30, 2025, our cash and cash equivalents were $6.45 million and our short term bank deposits were $1.49 million. Based upon our currently expected level of operating expenditures, we expect that our existing cash and cash equivalents will be sufficient to fund operations through at least the next 12 months period from the date of this Report of Foreign Private Issuer on Form 6-K. However, we will require significant additional financing in future periods to continue to fully execute our business plan.

In addition, our operating plans may change as a result of many factors that may currently be unknown to us, and we may need to seek additional funds sooner than planned. Our future capital requirements will depend on many factors, including:

Until we can generate significant revenues, if ever, we expect to satisfy our future cash needs through our existing cash, cash equivalents and short-term deposits, the net proceeds from the past offerings, loans, or debt or equity financings. We cannot be certain that additional funding will be available to us on acceptable terms, if at all. If funds are not available, we may be required to delay, reduce the scope of, or eliminate research or development plans for, or commercialization efforts with respect to, one or more applications of our products and projects in our pipeline. This may raise substantial doubts about our ability to continue as a going concern.

Trend information

Our operating results are influenced by general economic conditions, including macroeconomic factors, as well as the overall economic activity within the industries and markets we serve. Furthermore, the ongoing macroeconomic, business, and operational uncertainties, coupled with the current inflationary environment and elevated interest rates, could persist as challenges in the future. These challenges could impact our ability to secure funding and may also influence the spending decisions of our customers. 

Critical Accounting Estimates 

The preparation of financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, obligations, income and expenses during the reporting periods. For a comprehensive discussion of our critical accounting estimates please see “Item 5. Operating and Financial Review and Prospects - Management’s Discussion and Analysis of Financial Condition and Results of Operations – E. Critical Accounting Estimates” section in our Annual Report.

Exhibit 99.3

Eco Wave Power Reports H1 2025 Results, Showcasing
Breakthroughs in U.S., Europe, Asia, and Africa as Global Wave
Energy Demand Accelerates

Major Milestones Include Completion of U.S. Installation Ahead of Launch,
First MW-Scale Project in Portugal Advancing, Strategic Expansion into India and Taiwan,
African Market Entry, and EU Grant Win for Atlantic Region Deployment and Strong
Financial Position Supporting Growth

Stockholm, Sweden – August 14, 2025 – Eco Wave Power Global AB (publ) (Nasdaq: WAVE) (“Eco Wave Power” or the “Company”), a global leader in onshore wave energy technology, today announced its financial results for the six months ended June 30, 2025, along with an update on its rapidly expanding international project portfolio.

Management Commentary

In the first half of 2025, Eco Wave Power made significant strides operationally, strategically, and geographically, setting the stage for the Company’s next phase of commercial growth. We advanced flagship projects across the United States, Portugal, Israel, and Taiwan, entered promising new markets in India and South Africa, secured important European grant funding, strengthened our leadership team, and maintained a solid cash position to support continued execution.

With active developments spanning four continents, key permits secured, infrastructure installed, and strategic agreements signed with industry leaders and government-backed partners, Eco Wave Power is solidifying its position as a frontrunner in the commercialization of wave energy — a largely untapped renewable resource poised to play a vital role in global decarbonization.

Despite meaningful progress across all project phases — from design and construction to regulatory milestones — operating expenses increased modestly by $239 thousand. The Company closed the period with a strong financial foundation, holding $7.94 million in cash and short-term bank deposits to fuel ongoing growth and execution.

Throughout this period, our efforts reflected a dual focus: delivering proven wave energy technology into commercial operation, while strategically scaling our presence in key global markets.

United States: Los Angeles Project Nears Launch

During H1 2025, Eco Wave Power completed the installation of all main components for its first U.S. wave energy project at the Port of Los Angeles. This marks a pivotal milestone in our entry into the American renewable energy market.

Key achievements included:

With floaters, and the energy conversion unit in place, final integration and testing are underway. The project, executed in partnership with AltaSea and Shell Marine Renewable Energy, will officially launch on September 9, 2025. It showcases our commitment to innovation, ESG leadership, and local economic engagement, including working with woman- and family-owned businesses.

Europe: First Megawatt-Scale Project in Portugal

We advanced preparations for Portugal’s first MW-scale wave energy power plant under our 20MW concession with Administração dos Portos do Douro, Leixões e Viana do Castelo, S.A. (APDL).

Progress in H1 2025 included:

The 1MW plant — planned for grid connection in 2026 — is designed to serve as a gateway for commercialization in Portugal, aligning with the country’s renewable energy strategy.

Asia: Expanding into India and Taiwan

India

In February, we signed an MoU with Bharat Petroleum Corporation Limited (BPCL), a Fortune 500 government-owned company, to explore wave energy deployment at the Mumbai Oil Terminal. BPCL will manage regulatory clearances, while we provide technology and optimization expertise. The collaboration — endorsed by India’s Minister of Petroleum and Natural Gas — begins with a site assessment and is expected to lead to a pilot project in the world’s ~40,000 MW ocean energy market.

Taiwan

We entered Taiwan through an agreement with I-Ke International Ocean Energy Co., a subsidiary of Lian Tat Company. The project includes:

We have already delivered detailed floater production drawings, and I-Ke is progressing toward securing the official land use designation for the project site. According to data received from I-KE, in June, I-KE successfully passed the First-Round Qualification Review for the wave-energy tender. I-KE is the only one that qualified. I-KE now continues to enter the Second-Round Comprehensive Evaluation.

Israel: EWP-EDF One as an R&D Powerhouse

Following its inauguration in December 2024, the EWP-EDF One project at Jaffa Port became Israel’s first grid-connected wave energy system, operating under a Power Purchase Agreement with the Israeli Electric Corporation and recognized by the Ministry of Energy as “Pioneering Technology.”

In Q2, Eco Wave Power conducted a comparative analysis from its Jaffa Port pilot station, illustrating wave energy’s strong potential in locations with high wave availability. While Jaffa Port experiences waves above 0.7 m about 30% of the time—making it a valuable R&D site rather than a 24/7 production facility—locations such as Portugal can offer around 90% availability. This enables wave energy to achieve substantially higher energy output per site footprint compared to other renewables, while utilizing existing port infrastructure and minimal land.

Eco Wave Power will continue investing in R&D to lower equipment costs, advance toward competitive levelized costs of energy (LCOE), and unlock larger-scale commercial projects that can enhance value for partners and shareholders.

Africa: First Steps in South Africa

In July 2025, we signed an agreement with Africa Great Future Development Ltd (AGFDL) to conduct a feasibility study for a wave energy project at the Port of Ngqura. South Africa’s 2,800+ km coastline and need for energy diversification make it a compelling long-term market. The port’s breakwater infrastructure and deep-water access are ideal for our system’s deployment.

European Grant: Scaling Wave Energy Across the Atlantic

We joined the €2.45 million Atlantic Wave Energy Sustainable Deployment Initiative (AWESDI), coordinated by the University of Vigo and funded by the Interreg Atlantic Area Programme. As a consortium partner, we were awarded €107,089, with our contribution set at €26,772. The project brings together institutions from Portugal, Spain, France, and Ireland to accelerate commercial-scale wave energy adoption.

Corporate Updates

Financial Overview

In H1 2025, operating expenses rose 18% year-over-year to $1.59 million, driven by increased R&D spending (+25%) and higher G&A costs (+22%) from scaling operations in the U.S. and Portugal. Other income nearly doubled to $62 thousand, reflecting revenue from technology demonstrations in Asia. Net loss widened to $1.89 million, impacted by foreign exchange movements and growth-related expenses.

We ended the period with $7.94 million in cash and short-term deposits, providing a strong foundation for delivering on our near-term project milestones.

CEO commentary:

Dear Shareholders,

I’m excited to share the tremendous progress Eco Wave Power has made during the first half of 2025.

This period has been marked not only by significant milestones but also by our ability to execute swiftly and strategically, reinforcing our position as a global leader in onshore wave energy.

Our Los Angeles pilot project perfectly illustrates this momentum. Just last year in April, we announced a co-investment agreement with Shell Marine Renewable Energy.

By March 2025, we secured the final permit from the Port of Los Angeles — and only six months later, we completed installation of the entire pilot station, including floaters and our core energy conversion unit.

This rapid delivery speaks volumes about our operational discipline and dedication to turning vision into reality.

At the heart of our strategy is a multi-layered approach designed to accelerate wave energy commercialization worldwide.

Our pilot projects—each carefully selected—serve multiple key purposes. They provide site-specific data essential for refining our technology, help us establish regulatory frameworks tailored to each market, and pave the way for meaningful penetration in regions with strong renewable energy demand.

For example, our Portugal project stands out with its forecasted wave availability of around 90%. This site will demonstrate near-continuous power generation, proving wave energy’s ability to provide a reliable, high-density renewable resource.

We’re also excited about our expanding footprint in Asia. Strategic partnerships in India and Taiwan open doors to fast-growing energy markets eager for sustainable solutions. Meanwhile, our discussions with a leading technology company’s sustainability team around powering AI and data centers with wave energy reveal promising new opportunities, underscoring the relevance of our technology in the digital age.

Africa, with its vast coastline and urgent energy needs, is next on our path. Our agreement to conduct a feasibility study at South Africa’s Port of Ngqura marks a significant step toward bringing wave energy to a new continent, where it can help diversify and stabilize power supply.

In Europe, we’re proud to be part of the Atlantic Wave Energy Sustainable Deployment Initiative, a €2.45 million consortium project funded by the EU. This collaboration not only brings grant funding but also connects us with partners across the Atlantic region, accelerating wave energy’s commercial adoption.

Behind these achievements, our commitment to strong governance and shareholder value remains unwavering. We are honored to welcome Hilary E. Ackermann to our Board of Directors. Hilary brings over 30 years of experience in energy, finance, and corporate governance, including leadership roles at Vistra Energy—one of the largest energy companies in the U.S.—and board positions with major financial institutions like Goldman Sachs and UBS. Her expertise will be invaluable as we navigate growth and scale our operations.

Additionally, our ongoing ADS repurchase program reflects our focus on enhancing shareholder returns while managing regulatory compliance.

Financially, we remain well-positioned, ending the first half with $7.94 million in cash and short-term deposits. This solid foundation supports our continued investments in R&D, operational expansion, and project execution.

Wave energy is not just another renewable source—it’s a game-changer, offering clean, reliable power with a uniquely small footprint. I’m deeply grateful for your support as we bring this vision to life and drive the global transition to sustainable energy.

Warm regards,
Inna Braverman

H1 2025 Financial Overview

Conference Call and Webcast Information

The Chief Executive Officer of Eco Wave Power, Inna Braverman and the Company’s Chief Financial Officer, Aharon Yehuda, will host a conference call to discuss the financial results and outlook on Thursday, August 14, 2025, at 9:00 AM Eastern time.

A replay will be available by telephone approximately four hours after the call's completion until Thursday, August 28, 2025. You may access the replay by dialing 877-481-4010 from the U.S. or 919-882-2331 for international callers, using the Replay ID 52869. The archived webcast will also be available on the investor relations section of the Company’s website.

About Eco Wave Power Global AB (publ)

Eco Wave Power is a leading onshore wave energy company revolutionizing clean energy with its patented, smart, and cost-efficient technology that converts ocean and sea waves into sustainable electricity.

Dedicated to combating climate change, Eco Wave Power operates the first grid-connected wave energy system in Israel, co-funded by EDF Renewables IL and the Israeli Energy Ministry, which recognized the technology as a “Pioneering Technology.”

Expanding globally, Eco Wave Power is preparing to install projects at the Port of Los Angeles, Taiwan, India and Portugal, adding to its impressive project pipeline totaling 404.7 MW. The Company has received support from prestigious institutions such as the European Union Regional Development Fund, Innovate UK, and the Horizon 2020 program, and was honored with the United Nations’ Global Climate Action Award.

Eco Wave Power’s American Depositary Shares (WAVE) are traded on the Nasdaq Capital Market. Learn more at www.ecowavepower.com.

Information on, or accessible through, the websites mentioned above does not form part of this press release.

Information on, or accessible through, the websites mentioned above does not form part of this press release.

For more information, please contact:

Aharon Yehuda, CFO

Aharon@ecowavepower.com

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995 and other Federal securities laws. For example, the Company is using forward-looking statements in this press release when it discusses the Company’s first U.S. wave energy project will officially launch on September 9th, the expectation of the 1MW station’s integration into Portugal’s renewable energy system with the expected grid-connection date in 2026, the prospective development of wave energy projects in India in connection with the non-binding memorandum of understanding with BPCL, our expectation that the collaboration with BPCL will lead to a pilot project in the world’s ~40,000 MW ocean energy market,, the expectation that we will continue investing in R&D to lower equipment costs, advance toward competitive LCOE, and unlock larger-scale commercial projects that can enhance value for partners and shareholders, our belief that South Africa’s 2,800+ km coastline and need for energy diversification make it a compelling long-term market feasibility, our expectation that sales and marketing expenses will materially increase in 2025, and our expectation that general and administrative expenses will materially increase. Forward-looking statements can be identified by words such as: "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," "will", or variations of such words, and similar references to future periods. These forward-looking statements and their implications are neither historical facts nor assurances of future performance and are based on the current expectations of the management of Eco Wave Power and are subject to a number of factors, uncertainties and changes in circumstances that are difficult to predict and may be outside of Eco Wave Power’s control that could cause actual results to differ materially from those described in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Except as otherwise required by law, Eco Wave Power undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. More detailed information about the risks and uncertainties affecting Eco Wave Power is contained under the heading “Risk Factors” in Eco Wave Power’s Annual Report on Form 20-F for the fiscal year ended December 31, 2024 filed with the SEC on March 3, 2025, which is available on the on the SEC’s website, www.sec.gov, and other documents filed or furnished to the SEC. Any forward-looking statement made in this press release speaks only as of the date hereof. References and links to websites have been provided as a convenience and the information contained on such websites is not incorporated by reference into this press release.

Eco Wave Power Global AB (publ)

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Unaudited)

Eco Wave Power Global AB (publ)

CONDENSED CONSOLIDATED STATEMENTS OF LOSS (Unaudited)