Nexam Chemical (NEXAM) Q4 2025 earnings summary

Executive summary

• Recycling segment sales nearly tripled year-over-year, reaching 23.4 MSEK, and Q4 recycling sales grew over 250% compared to the same quarter last year.

• Full-year net sales were 192.2 MSEK, down 4% from 2024, with a stable gross margin of 47%.

• EBITDA for the year was 3.4 MSEK, a significant decrease from 8.1 MSEK in 2024.

• A fully guaranteed rights issue was announced, expected to raise at least 51.8 MSEK.

Financial highlights

• Q4 net sales: 43.2 MSEK (down 11% year-over-year); full-year net sales: 192.2 MSEK (down 4%).

• Q4 EBITDA: 0.1 MSEK (vs. 2.0 MSEK in Q4 2024); full-year EBITDA: 3.4 MSEK (vs. 8.1 MSEK in 2024).

• Q4 gross margin: 47%; full-year gross margin stable at 47%.

• Earnings per share for the year: SEK -0.19 (vs. -0.12 in 2024).

• Cash flow from operations for the year: 11.3 MSEK (up from 7.4 MSEK in 2024).

Outlook and guidance

• Targeting a doubling of recycling segment sales in 2026 compared to 2025.

• High Temperature segment expected to normalize from Q1 2026 after a temporary dip in Q4 2025.

• Continued focus on scaling the recycling business and maintaining operational stability.