I-Tech's CEO, Markus Jönsson and I-Tech's CFO & Director Operations, Magnus Henell will present the report live on the 5th of February, at 10:30.
Follow the broadcast: here
Read the full report: here
Summary of the period
" Forward momentum despite winds blowing in opposite directions "
Net sales during the fourth quarter amounted to SEK 38,676 (57,804) thousand, corresponding to a decrease in sales of 33% compared to the last quarter of 2024. The operating profit amounted to SEK 7,553 (16,763) thousand. Net sales for the full year 2025 amounted to SEK 168,116 (179,451) thousand, corresponding to a decrease in sales of 6.3% compared to the full year 2024. The operating profit amounted to SEK 41,037 (45,490) thousand, with a strong operating cash flow of SEK 64,601 (35,173) thousand, up 84% compared to the full year 2024.
Significant events January to December 2025
- I-Tech AB signed a supply and license agreement with major Asian-based paint company
- Annual General Meeting elected Tomas Bergdahl, Philip Chaabane, Raouf Kattan, Chatarina Schneider, Tomas Tedgren, and Staffan Asplund as Board Directors
- 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.
- I-Tech AB was awarded DI Gasell company status by Dagens Industri for the second year in a row.
- The European Commission drafted an implementation act proposing the non-renewal of the approval of Medetomidine (Selektope®) under the EU Biocidal Products Regulation (BPR).
- I-Tech AB and Guangdong Havey Advanced Materials Technology Co., Ltd. signed MoU to collaborate on the development of next-generation antifouling materials.
- Board member Raouf Kattan has, at his own request, decided to step down from the Board as he concludes his assignments and enters retirement, effective 31 March 2026.
- The board proposes an ordinary dividend of SEK 1.25 (1.00) per share, corresponding to 45% of the net profit for the year.
Significant events after the end of the period
- No significant events occured after the period.
Financial summary
| All amounts in kSEK | 2025 Oct-Dec | 2024 Oct-Dec | 2025 Jan-Dec | 2024 Jan-Dec |
| Net sales | 38,676 | 57,804 | 168,116 | 179,451 |
| Operating result | 7,553 | 16,763 | 41,037 | 45,490 |
| EBITDA | 9,558 | 18,821 | 49,027 | 53,713 |
| Net result | 6,383 | 14,299 | 33,194 | 39,013 |
| Operating cash flow | 12,611 | 6,173 | 64,601 | 35,173 |
| Equity at end of period | 174,386 | 157,388 | 174,386 | 157,388 |
| Cash and cash equivalents at end of period | 148,160 | 100,164 | 148,160 | 100,164 |
CEO Comments
2025 has been a year of mixed financial results and significant progress in shaping a more diversified and resilient I-Tech. Most customers continued to develop positively, while some faced a challenging year.
Overall, our sales volume grew by 3%, but total sales in SEK contracted by 6% to 168 (179) million as the average USD/SEK exchange rate depreciated by 7.8% year-on-year. Our total gross profit increased by 1.5% to SEK 96 (95) million due to margin improvement measures, and stable sales prices. The operating profit (EBIT) for the year was SEK 41 (45) million, down 10% year-on-year.
Accelerating geopolitical uncertainty continued to impact shipping. However, macro indicators for both newbuild and maintenance remain in positive territory for I-Tech. Overall charter rates (measured by the ClarkSea index) increased by 7% in 2025. Although tariffs affected the timing and direction of trade flows, seaborne trade grew by 1.1% in volume (2.2% in 2024). Shipyard output increased (6% in CGT terms), with 52% of the volume coming from China, 28% from South Korea, and 12% from Japan. In 2026, the output is expected to continue growing by 15%. Newbuild contracting activity recovered during the second half but remained down 27% year-on-year, still 34% above the ten-year trend.
Q4 marked our fourth-best quarter on record for volume. Three new coating products with Selektope, complying with upcoming legislation (low biocide content), were launched in Korea during the quarter. However, it will take time before the new products contribute significant added volume.
The relative development among accounts differed substantially in 2025. CMP continues to develop positively, with total volume increasing by 21%. Kansai Paint grew by 109%, PPG by 126%, and Jotun by 108%, while the sizeable customer that previously reported financial constraints reduced volume offtake for the calendar year by two thirds. The geographical split of sales in 2025 was 37% to Korea, 31% to Japan, 26% to China, 4% to the rest of Asia, and 2% to Europe. China is a key growth market and grew offtake by 96% year-on-year.
Selektope's Regulatory Approval in the EU
In December, the European Commission announced a draft implementation act proposing the non-renewal of the approval of Medetomidine (Selektope®) under the EU Biocidal Products Regulation (BPR). I-Tech AB firmly disagrees with this proposal - a view shared by a broad coalition of stakeholders - and continues to engage in dialogue to influence the outcome. Voting on the implementation act is expected during the first half of 2026. Preparations to challenge a potential negative outcome, including legal actions, are nearly complete.
Business Development
Business development progressed steadily, with several new partnership discussions underway. One area under development is sustainable binders, and an MoU with Havey was signed in December. Binders and biocides are two of the most important technologies for high-performing antifouling coatings and represent a large portion of the raw material value in customer formulations. To cope with the workload of building a more diversified and resilient I-Tech capability investment is now being made.
The team is preparing to welcome several new permanent members during the first half of 2026 and looks forward to another exciting year.
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 2026-02-05 08:00 CET.
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Year-end report 2025
