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Bawat Water Technologies (BAWAT) investor relations material
Bawat Water Technologies Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved near EBITDA break-even in H2 2025, driven by strong growth in Ballast-as-a-Service (BaaS) activities across Western Europe.
H2 2025 marked a turning point, with continued growth into 2026 and positive EBITDA guidance for the full year 2026.
BaaS for ship recycling expanded following the Hong Kong convention's enforcement in June 2025.
Financial highlights
H2 2025 sales reached SEK 13.0m, up from SEK 6.4m in H2 2024; full year sales increased 46.3% year-over-year to SEK 21.3m.
Gross profit margin rose to 68.8% in H2 2025 from 27.6% in H2 2024, with full year margin at 58.7%.
EBITDA improved to SEK -1.7m in H2 2025 from SEK -10.5m in H2 2024; full year EBITDA at SEK -11.6m.
Earnings per share for H2 2025 was SEK -0.07, compared to SEK -0.27 in H2 2024.
Cash flow from operations in H2 2025 was SEK 2.3m, a significant improvement from SEK -13.4m in H2 2024.
Outlook and guidance
Positive EBITDA guidance for full year 2026 in the range of SEK 3-7m, supported by a strong backlog.
Long-term gross profit margin expected to remain in the 50-55% range, depending on sales mix.
Anticipates positive operating profit in H1 2026, driven by increased BaaS activity.
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