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Bawat Water Technologies (BAWAT) investor relations material

Bawat Water Technologies Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary27 Aug, 2025

Executive summary

  • Achieved positive EBITDA from June 2025, with BaaS (Ballast-as-a-Service) as the main profitability driver.

  • Gross profit margin rose to 43% in H1 2025, up from 13.2% in H1 2024, reflecting a shift to higher-margin services.

  • Sales in H1 2025 were SEK 8.3m, slightly below H1 2024 due to fewer ship orders, but offset by increased BaaS activity.

  • The company expects continued positive EBITDA in H2 2025, supported by a strong backlog and new contracts.

  • Adoption of the Hong Kong convention and global inspection campaigns are expected to drive further demand.

Financial highlights

  • H1 2025 sales: SEK 8.3m (H1 2024: SEK 8.8m); gross profit: SEK 3.6m (H1 2024: SEK 1.2m).

  • EBITDA for H1 2025: SEK -9.9m (H1 2024: SEK -12.4m); result for the period: SEK -14.9m (H1 2024: SEK -21.6m).

  • Cash flow from operations: SEK -14.0m (H1 2024: SEK -11.9m); cash at period end: SEK 5.6m.

  • Net interest-bearing debt: SEK 56.3m; equity ratio: -52.1%.

  • Directed share issue in January 2025 raised SEK 15.3m gross.

Outlook and guidance

  • Positive EBITDA expected for H2 2025, with full-year EBITDA guided between SEK -9m and -6m.

  • BaaS and mobile solutions to remain focus areas, with higher margins than traditional system sales.

  • Anticipated increase in demand due to regulatory changes and inspection campaigns.

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Frequently asked questions

Bawat Water Technologies AB is a Swedish Greentech company focused on developing sustainable methods for treating ballast water from ships. The company's primary solution involves a patented heat-based ballast water management system (BWMS), which utilizes the excess heat from a ship’s engines to pasteurize ballast water. This method is designed to be more economical, operationally efficient, and environmentally friendly compared to traditional methods that rely on chemicals, filters, or energy-intensive processes. The company is headquartered in Hørsholm, Denmark, and its shares are listed on the Stockholm Stock Exchange.

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