I-Tech (ITECH) Q2 2026 earnings summary

Executive summary

• Achieved record quarterly sales, with Q2 2026 net sales reaching SEK 58.7 million, up 86% year-over-year, and nearly 100% volume growth, driven by strong performance from top customers and recovery of a key client.

• Operating profit rose to SEK 21.4 million, with an operating margin of 36% and net profit after tax of SEK 17.4 million for Q2.

• Maintained high gross margin at 59% and strong EBITDA (40%) and EBIT (36%) levels, reflecting operational efficiency and stable cost base despite regulatory costs.

• Strong cash position at SEK 165.4 million at the end of June, supporting future growth and investments.

• Expanded business development pipeline, including acquisition of a nature-inspired antifouling technology targeting aquaculture and adjacent marine markets.

Financial highlights

• Q2 net sales: SEK 58,670 thousand, marking the best quarter to date, with 86% year-over-year growth.

• Q2 operating profit: SEK 21,404 thousand; gross margin for Q2: 59%.

• EBITDA margin held at 40%, EBIT at 36%.

• Operating cash flow in Q2: SEK 23,630 thousand, with cash conversion closely tracking EBITDA, supported by one-time tax effects.

• Regulatory costs related to EU processes were approximately SEK 1.5–2 million per quarter.

Outlook and guidance

• Market opportunity for premium antifouling components estimated at $300–500 million, with significant growth potential in Asia, especially China, Korea, and Japan.

• Shipyard output up 14% year-over-year; bunker fuel prices increased 70% YTD, supporting demand for fuel-saving solutions.

• Ongoing regulatory uncertainty in the EU may impact future sales in Europe, but global expansion and new product development continue.

• No major operational cost expansions planned; new base level established after recent hires.

• Strong H1 performance provides a solid foundation for the remainder of 2026.