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Bawat Water Technologies (BAWAT) investor relations material
Bawat Water Technologies H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved a 50% year-over-year increase in sales for H1 2026, driven by Ballast-as-a-Service (BaaS) and service activities.
Gross margin rose to 79.8% from 43.0% in H1 2025, exceeding expectations due to large orders and BaaS growth.
EBITDA loss narrowed to SEK -2.3m from SEK -9.9m in H1 2025, with guidance for full-year EBITDA adjusted to around breakeven.
Strategic expansion in Northern Europe with three BaaS units and participation in major European and African tenders.
Financial highlights
H1 2026 sales: SEK 12.4m (H1 2025: SEK 8.3m); gross profit: SEK 9.9m (H1 2025: SEK 3.6m).
Gross profit ratio: 79.8% (H1 2025: 43.0%).
EBITDA: SEK -2.3m (H1 2025: SEK -9.9m); net result: SEK -7.7m (H1 2025: SEK -14.9m).
Cash flow from operations improved to SEK -3.6m (H1 2025: SEK -14.0m).
Cash at period end: SEK 3.1m; net interest-bearing debt: SEK 60.6m.
Outlook and guidance
Full-year 2026 EBITDA guidance adjusted to around breakeven due to delayed mobile system orders.
Gross profit ratio expected to remain above 70% for the full year, with increased efficiency and repeat orders.
Positive operating profit anticipated in H2 2026, driven by all business segments.
- Strong BaaS growth led to near EBITDA break-even in H2 2025, with positive 2026 guidance.BAWAT
H2 2025 - Positive EBITDA from June 2025, with BaaS and regulatory changes driving future growth.BAWAT
H1 2025 - BaaS launch, full ownership, and new funding drive growth with breakeven targeted for Q1 2025.BAWAT
Q2 2024 - BAS breakthrough and Hamburg expansion support stable sales and improved outlook despite Q1 delays.BAWAT
Q1 2024 - Delayed BaaS jobs impacted 2024 results, but positive EBITDA is expected in 2025.BAWAT
Q4 2024
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