I-Tech's CEO, Markus Jönsson and I-Tech's CFO & Director Operations, Magnus Henell will present the report live on the 7th of May, at 13:00.
Follow the broadcast: here
Read the full report: here
Summary of the period
" New fuel in the growth engine"
The organic volume growth was 8%, which means that the first quarter is the best in terms of volume so far in I-Tech's history. Net sales amounted to 52,723 (56,880) thousand, which corresponds to a decrease of 7% compared to the first quarter of 2025. Operating profit amounted to 18,621 (17,656) thousand, an increase of 5%, and the resulting net profit and margin for the quarter were 15,446 (13,868) thousand and 29% (24%), respectively.
Significant events January to March 2026
- Board of Directors update:
- Board member Raouf Kattan stepped down from the Board and retired, effective 31 March 2026.
- The Nomination Committee proposes the re-election of directors Tomas Bergdahl, Philip Chaabane, Chatarina Schneider and Staffan Asplund, and the election of new directors Anette Orsten and Lottie Saks. Tomas Tedgren has declined re-election.
Significant events after the end of the period
- Selektope receives an extended regulatory approval in the EU up until December 31st 2026
Financial summary
| All amounts in kSEK | 2026 Jan-Mar | 2025 Jan-Mar | 2025 Jan-Dec | 2024 Jan-Dec |
| Net sales | 52,723 | 56,880 | 168,116 | 179,451 |
| Operating result | 18,621 | 17,656 | 41,037 | 45,490 |
| EBITDA | 20,500 | 19,649 | 49,026 | 53,713 |
| Net result | 15,446 | 13,868 | 33,194 | 39,013 |
| Operating cash flow | 9,129 | 26,082 | 64,601 | 35,173 |
| Equity at end of period | 189,832 | 171,256 | 189,832 | 171,256 |
| Cash and cash equivalents at end of period | 156,702 | 126,163 | 156,702 | 126,163 |
CEO Comments
I-Tech's total currency-adjusted sales in Q1 grew by 7% year-on-year, while in SEK total sales contracted by 7% because of the weaker USD. During the first quarter, the value of the USD versus SEK appreciated by approximately 3% but remained significantly lower than in the first quarter of 2025.
Our financial performance continues to improve, and operating profit (EBIT) for Q1 grew by 5%, reaching SEK 18.6 (17.7) million. Our gross margin continued to strengthen to 60% (56%), and a net profit of 15.4 (13.9) million, a growth of 11% is the best quarterly result thus far for the company.
All major customers continued to develop positively during the first quarter with an offtake in line with or exceeding Q1 2025. The share of total sales to Asia during Q1 was 94%.
Selektope®'s Renewed Regulatory Approval in the EU:
At the meeting of the Standing Committee on Biocidal Products (SCPB) in March, a proposal was discussed to extend the current market approval period for medetomidine (Selektope), to allow sufficient time to complete the ongoing regulatory process. The vote was carried out in April through a written procedure, and the outcome was published in early May. The decision means that the market approval has been extended until December 31st, 2026. I Tech views this development positively, as it provides the European Commission and the Member States with additional time to thoroughly review the case and the received comments.
Market expansion:
We continue to make good progress across the portfolio of business development activities being pursued in parallel. Organic innovation growth projects are advancing through the innovation funnel, and several new partnership dialogues and negotiations are ongoing.
Market outlook:
During the first quarter of 2026, newbuilding contracting rose 40% year-on-year, driven by a tripling of new tanker orders and a rebound in LNG tanker contracting. By the end of the first quarter, the global newbuilding orderbook hit a 17-year high. However, the pace of newbuild ordering slowed slightly in March, against the backdrop of the Middle East conflict. Chinese shipyards remained the dominant choice for shipowners, accounting for 70% of contracting in the first quarter of 2026. Korean yards captured a further 20%, supported by stronger LNG tanker ordering.
Geopolitical issues remain one of the major risks to our growth journey. Shipping has once again moved to the center of world politics, amid attacks, seizures and the interception of vessels in the Middle East. Vessel movements through the Strait of Hormuz are very limited, energy and raw material prices have soared, and with a prolonged blockade the risk of critical shortages of raw materials to produce antifouling coatings increases substantially.
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 Redeye Nordic Growth 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 2026-05-07 08:00 CEST.
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