CirChem (CIRCHE) Q2 2026 earnings summary

Executive summary

• Revenue declined year-over-year due to the absence of capitalized work related to the Klimatklivet project and a one-time deal in the prior year.

• A new five-year contract with Stena Recycling was signed, requiring investments and expected to drive recurring revenue.

• The Klimatklivet project received final approval, marking the end of a multi-year development effort.

• A rights issue raised approximately 16.2 MSEK before costs, supporting new investments and operations.

Financial highlights

• Q2 2026 net revenue: 2,096 tkr (down from 2,413 tkr year-over-year); H1 2026 net revenue: 4,189 tkr (down from 6,963 tkr year-over-year).

• Q2 2026 EBIT: -4,605 tkr (vs. -2,145 tkr); H1 2026 EBIT: -9,109 tkr (vs. -3,351 tkr).

• Q2 2026 EBITDA: -4,325 tkr (vs. -1,865 tkr); H1 2026 EBITDA: -8,549 tkr (vs. -2,791 tkr).

• Cash flow for H1 2026: -5,530 tkr (vs. -5,080 tkr); cash and equivalents at period end: 8,118 tkr.

• Earnings per share H1 2026: -0,24 SEK (vs. -0,11 SEK year-over-year).

Outlook and guidance

• Focus remains on ramping up volumes from new and recurring contracts to achieve break-even.

• Short-term goal: positive cash flow and break-even at the Vargön facility.

• Medium-term goal: 25,000 tons annual capacity, 15% EBITDA margin, and 250 MSEK revenue at full optimization.

• Long-term vision includes geographic expansion in Northern Europe with up to three additional plants.