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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.
- BAS breakthroughs and Hamburg expansion support full-year outlook despite Q1 delays.BAWAT
Q1 202431 Jan 2026 - BaaS launch, full ownership, and new funding drive growth with breakeven targeted for Q1 2025.BAWAT
Q2 202422 Jan 2026 - Positive EBITDA from June 2025, with BaaS and regulatory changes driving future growth.BAWAT
Q2 202527 Aug 2025 - Delayed BaaS jobs impacted 2024 results, but positive EBITDA is expected in 2025.BAWAT
Q4 20245 Jun 2025
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