BPC Instruments (BPCINS) investor relations material

Executive summary

• Q3 net sales fell 35.1% YoY to KSEK 11,010; EBIT was KSEK -416 and net profit KSEK -511, as customer investment decisions took longer.

• 9M net sales declined 17.9% to KSEK 38,524; EBIT was KSEK 645 and net profit KSEK 380.

• Management cited continued caution in biomethane, especially in EMEA and North America, and postponed projects in China; Q3 2025 included a one-time SEK 4.4m order, while Q3 2026 sales came from normal-sized orders.

Financial highlights

• Q3 operating income decreased 31.1% YoY to KSEK 11,811, including KSEK 666 of activated development work and KSEK 135 of other income; net sales were KSEK 11,010.

• Q3 operating expenses fell 9.1% to KSEK 12,228; lower raw material costs partly offset increased external costs and broadly steady personnel costs.

• Q3 EBITDA was KSEK 42, with a 0.4% margin, versus KSEK 4,247 and 25.0% a year earlier; EBIT margin was -3.8% versus 21.8%.

• 9M EBIT margin was 1.7% versus 15.1%; EPS was SEK 0.03 versus SEK 0.47. Q3 EPS was SEK -0.05 versus SEK 0.27.

• Q3 operating cash flow was KSEK -505; investing cash flow was KSEK -1,055 and total period cash flow was KSEK -1,560.

Outlook and guidance

• Biomethane customer investment decisions continued to lengthen, with no clear improvement visible at the report date; management expects uneven demand and is focused on cost control and sales conversion.

• Priorities include commercial execution, product development for the fourth generation of flagship products, and further upgrades to the biodegradability platform.

• Testing services, BPC Next and payment solutions being developed with Swedish Export Credit Agency support are intended to lower investment barriers; management said these initiatives will take time to contribute materially.