Summary of the period
"Double digit volume growth in H1, despite a slow Q2"
Net sales during the second quarter amounted to 31,596 (42,611) TSEK, representing a quarterly decrease of -26% (30%) compared to Q2 2024. Operating profit totalled 4,735 (10,167) TSEK, resulting in a net profit margin of 11% (21%) for the quarter. The gross margin continues to strengthen to 59% (53%). Net sales during first half of 2025 amounted to 88,476 (80,881) TSEK, representing a growth of 9% (28%) compared to H1 2024. Operating profit totalled 22,391 (19,291) TSEK, resulting in a net profit margin of 20% (21%) for the period.
Significant events April to June 2025
- Annual General Meeting
- Elected Tomas Bergdahl, Philip Chaabane, Raouf Kattan, Chatarina Schneider, Tomas Tedgren, and Staffan Asplund as Board Directors
- Approved an ordinary dividend of SEK 1.00 per share and an extraordinary dividend of SEK 0.75 per share (totaling SEK 1.75 per share)
- Authorized the issuance of warrants, serie 2025/2028, to senior executives and employees as part of an incentive program
- Empowered the Board of Directors to issue new shares, on one or several occasions until the next AGM, corresponding to a potential dilution of approximately 10%
- The Standing Committee on Biocidal Products extended Selektope's current EU market approval by one year to allow completion of the ongoing re-registration process
- Warrants of series 2022/2025 was vested and fully subscribed for.
Significant events after the end of the period
- No significant events occurred after the period.
Financial summary
| All amounts in kSEK | 2025 Apr-Jun | 2024 Apr-Jun | 2025 Jan-Jun | 2024 Jan-Jun | 2024 Jan-Dec |
| Net sales | 31,596 | 42,611 | 88,476 | 80,881 | 179,451 |
| Operating result | 4,735 | 10,172 | 22,391 | 19,291 | 45,490 |
| EBITDA | 6,730 | 12,224 | 26,379 | 23,404 | 53,713 |
| Net result | 3,565 | 8,738 | 17,433 | 16,924 | 39,013 |
| Operating cash flow | 2,723 | 3,937 | 28,805 | 18,499 | 35,173 |
| Equity at end of period | 158,604 | 135,299 | 158,604 | 135,299 | 157,388 |
| Cash and cash equivalents at end of period | 112,657 | 83,791 | 112,657 | 83,791 | 100,164 |
CEO Comments
Overall, the macro conditions for shipping remain in positive territory. Global trade dynamics continued to evolve throughout the quarter. Charter rates remained largely stable, while newbuild contracting activity in H1 2025 was significantly lower than in 2024. The USD/SEK exchange rate was stable during the quarter but has depreciated by approximately -13% since the start of 2025.
Total sales in SEK declined by -26% in Q2. However, in nominal currency (USD), the decline was -17%. Operating profit (EBIT) fell by -53%, reaching SEK 4.7 (10.2) million. Despite the headwinds, the gross margin strengthened to 59% (53%).
Double digit volume growth in H1, despite a slow Q2
The relatively weak sales in Q2 is the result of natural quarterly variation and exceptionally strong sales in Q4 2024 and Q1 2025, further amplified by currency headwinds. Year-to-date sales by the end of June 2025 have grown 9% year-on-year in SEK and 14% in nominal currency. CMP recorded a sales growth of 7% in nominal currency during H1 and released a positive report for the first quarter in their fiscal year. Customers other than CMP have increased their combined volume by 40% during the first half of 2025.
One customer reported high inventory levels at the start of 2025 due to purchasing behavior in Q4 2024. One sizeable customer has reported financial constraints, which may negatively impact their total volume offtake for 2025 compared to 2024. PPG continues to perform strongly, with a 172% year-to-date increase in offtake. Sales to the new customer who signed a license and supply agreement at the start of 2025 have begun to grow, albeit from a low base.
Selektope's Renewed Regulatory Approval in the EU
This summer, I participated in the first Implementation Dialogue on the Biocidal Products Regulation (BPR), hosted by Commissioner Olivér Várhelyi in Brussels. The event brought together manufacturers, suppliers, and key stakeholders for an open exchange of views and experiences. The dialogue will inform the upcoming evaluation and revision of the BPR. Key industry priorities discussed included enhancing EU competitiveness, improving time to market for innovation, and reducing regulatory uncertainty
Our team also met with the Commissioner's Cabinet to provide specific feedback on factual errors in the ongoing Selektope re-registration case. We look forward to seeing the potential outcome of the Cabinet meeting, possibly in the next step of the process, which is the next quarterly meeting of the Standing Committee on Biocidal Products (SCPB) in September.
Business Development
Despite currency headwinds and market uncertainty, the business continues to develop positively. Operational excellence and business development efforts are reinforcing momentum.
During Q2, the team participated in shipping exhibitions in Japan and Norway and met with shipyards and customers in Korea to strengthen relationships and advance ongoing projects. One product development initiative reached major technical milestones, and additional partnership discussions are underway.
We look forward to an eventful autumn, beginning with us hosting of the 3rd International Antifouling Conference in Gothenburg, September 10-11. We hope to meet some of you there!
Markus Jönsson
CEO I-Tech
Contacts
Markus Jönsson, CEO
M: +46729-77 96 25
E: markus.jonsson@i-tech.se
About I-Tech AB
I-Tech is a biotechnology company that has developed the antifouling technology Selektope®, an active substance that prevents barnacle attachment on submerged surfaces such as ships and boat hulls. By increasing the anti-barnacle performance in marine paint systems (e.g. antifouling coatings), fuel and maintenance costs are reduced ang vessel energy efficiency improved. I-Tech has obtained the necessary regulatory approvals for Selektope® and has several of the world's largest manufacturers of marine antifouling coatings as customers. The company's share is listed for trading on Nasdaq First North Growth Market in Stockholm. The Company's Certified Adviser is DNB Carnegie Investment Bank AB. For more information visit our website www.i-tech.se.
This information is information that I-tech 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 2025-08-22 08:00 CEST.
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