I-Tech (ITECH) ABGSC Investor Days summary

Market overview and industry challenges

• Antifouling coatings market is consolidated, with a few major players and significant potential for growth due to low current market penetration (3,000 out of 110,000 ships).

• Maritime shipping faces challenges including CO₂ emissions, transfer of invasive species, and chemical emissions to water.

• Barnacle fouling significantly increases fuel consumption and emissions, making prevention critical.

Technology and product performance

• Selektope enables efficient, innovative antifouling coatings, proven in over 30 commercial paints and applied to more than 3,000 vessels.

• Case studies and drydocking data show Selektope reduces barnacle fouling, with most treated ships arriving with less than 10% animal fouling coverage.

• Premium antifouling coatings can reduce speed loss and operational costs, with potential earnings gains of $1.2 million over five years for a typical oil tanker.

Financial performance and growth

• Revenues grew from 29 MSEK in 2018 to 179 MSEK in 2024, with a CAGR of 36% and improved profitability (53% gross margin, 45 MSEK profit in 2024).

• Q3 2025 saw flat sales in SEK but higher profitability, with a 32% EBITDA margin and a 44% increase in cash balance year-over-year.

• Asia, especially Northeast Asia, continues to drive top-line growth, with Korea, Japan, and China as key markets.