CirChem (CIRCHE) Q4 2025 earnings summary

Executive summary

• 2025 marked a strategically important year with operational challenges addressed, leading to more robust processes and stable production by year-end.

• The year lacked the extraordinary one-time order that boosted 2024, reflecting recurring business and normalized results.

• New closed-loop customer relationships and expanded partnerships in Norway and Germany strengthened the market position.

Financial highlights

• Q4 2025 net sales: 2,184 tkr (6,427 tkr in Q4 2024); full-year 2025 net sales: 9,959 tkr (20,658 tkr in 2024).

• Q4 2025 EBIT: -4,412 tkr (674 tkr in Q4 2024); full-year 2025 EBIT: -11,201 tkr (104 tkr in 2024).

• Q4 2025 EPS: -0.12 SEK (0.01 SEK in Q4 2024); full-year 2025 EPS: -0.33 SEK (-0.04 SEK in 2024).

• Cash flow for the year: 63 tkr; cash and equivalents at year-end: 13,647 tkr.

Outlook and guidance

• Focus for 2026 is on achieving profitability through more commercial agreements, increased recurring volumes, and continued strategic positioning.

• 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.