I-Tech AB (publ) (ticker: ITECH) publish the interim report for the third quarter 2025
I-Tech’s CEO, Markus Jönsson and I-Tech’s CFO & Director Operations, Magnus Henell will present the report live on the 17th of October, at 10:30.
Follow the broadcast: here
Read the full report: here
Summary of the period
” Double digit volume growth, sailing against currency headwind”
Net sales during the second quarter amounted to 40,964 (40,766) TSEK, representing a quarterly growth of 0.5% (27%) with an organic growth of 10% (31%). Operating profit totaled 11,093 (9,436) TSEK, resulting in a net profit margin of 23% (19%) for the quarter. The gross margin became 57% (52%). Net sales from Jan-Sep amounted to 129,440 (121,647) TSEK, representing a growth of 6% (27%). Operating profit totaled 33,484 (28,727) TSEK, resulting in a net profit margin of 21% (20%) year-to-date.
Significant events July to September 2025
- In July, I-Tech participated in the first Implementation Dialogue on the Biocidal Products Regulation (BPR), hosted by Commissioner Olivér Várhelyi in Brussels, and met with the cabinet on Selektope’s ongoing re-registration case.
- I-Tech hosted the third International Antifouling Conference in Gothenburg (Sept. 10th-11th) with 200+ participants.
Significant events after the end of the period
- No significant events occurred after the period.
Financial summary
| All amounts in kSEK | 2025 Jul-Sep | 2024 Jul-Sep | 2025 Jan-Sep | 2024 Jan-Sep | 2024 Jan-Dec |
| Net sales | 40,964 | 40,766 | 129,440 | 121,647 | 179,451 |
| Operating result | 11,093 | 9,436 | 33,484 | 28,727 | 45,490 |
| EBITDA | 13,090 | 11,488 | 39,469 | 34,892 | 53,713 |
| Net result | 9,378 | 7,790 | 26,811 | 24,714 | 39,013 |
| Operating cash flow | 23,185 | 10,501 | 51,990 | 29,000 | 35,173 |
| Equity at end of period | 168,003 | 143,089 | 168,003 | 143,089 | 157,388 |
| Cash and cash equivalents at end of period | 135,734 | 94,264 | 135,734 | 94,264 | 100,164 |
CEO Comments
Overall, the macro conditions for shipping remain in positive territory. Sentiment seems improved after summer, especially in the tanker segment. However, strategic uncertainties remain regarding the geopolitical impacts on long-term trade and the pace of decarbonization.
Charter rates overall have strengthened and are well above the 10-year trend. However, newbuild contracting activity year to date is down by approximately 50% compared to last year, but close to the 10-year trend. Although the USD/ SEK exchange rate remained stable during the quarter, it has declined significantly since the beginning of the year. As a result, our reported sales grew organically by 10% but remained flat when measured in SEK.
Operating profit increased by 18%, reaching SEK 11,093 (9,436) million. The gross margin in the quarter became 57% (52%), slightly lower than in Q2 due to mix-effects.
It’s notable that Q3 marked our third-best quarter on record for volume. CMP achieved 18% growth year-to-date. Additionally, there is noteworthy growth among several customers other than CMP. PPG has grown their volume by 116% year to date, and Jotun and Kansai Paint by 113%, each. The sizeable customer that reported financial constraints earlier in the year, has reduced their planned volume offtake for 2025 compared to last year.
Selektope’s Renewed Regulatory Approval in the EU
The team is awaiting the outcome of the quarterly meeting of the Standing Committee on Biocidal Products (SCPB) that took place in late September. The outcome of the review is important for the market access of Selektope for shipyards in the EU and more clarity regarding the next step of the process is still expected during the coming quarter.
International Antifouling Conference
In September I-Tech hosted and arranged the 3rd edition of the conference. Close to two hundred representatives from the coatings sector, maritime industry and academia gathered in Gothenburg. For three days, the old Eriksberg shipyard bustled with expertise sharing, insights on biofouling and antifouling, coupled with ample networking between experts and visitors from across the globe. Topics ranged from the regulatory landscape for biofouling management to breakthroughs in sustainable coating, novel approaches to antifouling, and the power of data and machine learning – showcasing the impact potential when industry and academia meet on the same stage.
Business Development
Business development initiatives progressed steadily throughout the quarter. Several new partnership discussions are underway in parallel. The team is also exploring opportunities related to additional active ingredients and other promising technologies.
Looking ahead, the team is preparing to participate in the Kormarine exhibition in South Korea later this month. In conjunction with the exhibition, I-Tech will also take part in the Sweden–South Korea Sustainable Partnership summit, alongside several prominent industry leaders, two Swedish Cabinet Ministers, and members of the Swedish Royal Family.
In the coming quarter, we aim to announce new partnerships and have the ongoing activities for future margin improvement measures fully implemented.
Markus Jönsson
CEO I-Tech
