Bawat Water Technologies
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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.
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Q4 2025 earnings summary25 Feb, 2026

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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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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