I-Tech (ITECH) Q2 2026 earnings summary

Executive summary

• Q2 net sales reached MSEK 58.670, up 86% YoY; volumes doubled, setting a quarterly record 9% above the Q1 2026 record.

• Growth was led by the two largest customers, stronger sales to the next tier and a particularly strong quarter in Korea.

• Q2 operating profit was MSEK 21.404, net profit was MSEK 17.4, and cash at period-end was MSEK 165.404.

• Acquired rights to a biologically derived antifouling technology to diversify into aquaculture and adjacent marine markets.

Financial highlights

• Q2 net sales were MSEK 58.670 versus MSEK 31.596 in Q2 2025; gross margin was 59% for Q2 and 60% for H1.

• EBITDA rose to MSEK 23.3 from MSEK 6.7 YoY; EBIT increased to MSEK 21.404 from MSEK 4.735.

• Operating cash flow was MSEK 23.630 versus MSEK 2.723 YoY; cash and cash equivalents were MSEK 165.404 at period-end.

• Stable costs and stronger gross profit supported improved profitability; operating cash flow tracked EBITDA.

• EU regulatory costs were estimated at SEK 1.5–2 million per quarter.

Outlook and guidance

• Continued positive momentum expected, supported by shipping activity, elevated fuel costs and the fuel-saving value proposition of premium antifouling.

• Annual premium antifouling market opportunity estimated at $300–500 million across 2,000 new vessels and 20,000 dry-dockings.

• Business development includes new partnerships, regulatory advocacy and diversification into aquaculture, yacht coatings and other marine applications.

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