CirChem (CIRCHE) investor relations material

Executive summary

• Q3 net sales rose to SEK 2.127m from SEK 0.811m YoY; 9M net sales fell to SEK 6.316m from SEK 7.775m, largely reflecting a larger one-off Stena Recycling Denmark transaction in 2025.

• 9M EBIT was SEK -12.600m and EBITDA SEK -11.760m; lower capitalized own work contributed to the deterioration versus 2025.

• Commercial activity includes four recurring waste streams and pilots for additional flows; the stated focus is growing recurring business and moving toward positive cash flow and break-even at Vargön.

Financial highlights

• Q3 total revenue was SEK 2.154m vs SEK 1.835m YoY; net sales were SEK 2.127m vs SEK 0.811m.

• Q3 EBIT was SEK -3.490m vs SEK -3.440m; EBITDA was SEK -3.210m vs SEK -3.160m; net loss after financial items was SEK 3.792m vs SEK 3.650m.

• 9M total revenue was SEK 6.880m vs SEK 12.451m; net sales were SEK 6.316m vs SEK 7.775m.

• 9M net loss was SEK 13.556m vs SEK 7.329m; interest expense rose to SEK 0.956m from SEK 0.542m as interest-bearing debt increased.

• 9M operating cash flow was SEK -12.736m; total period cash flow was SEK -2.984m, and cash at Sep. 30 was SEK 10.664m.

Outlook and guidance

• Near-term financial objectives are positive cash flow and break-even at the existing Vargön facility.

• Medium-term goals target 25,000 tonnes annual solvent capacity, SEK 250m revenue and a 15% EBITDA margin at full facility optimization.

• Potential Northern European expansion with three additional facilities is associated with a stated revenue opportunity of SEK 1bn; operating leverage is expected to support a significantly higher EBITDA margin.

• Three pilots are progressing at different stages; one automotive customer test may advance, another is targeted to resume in early 2027, and a third is assessing process equipment and suppliers.

• The five-year Stena Recycling pharmaceutical-waste agreement remains in technical verification; test results will inform process design, equipment sizing and investment needs.