Polygiene (POLYG) Q3 2025 earnings summary

Executive summary

• Q3 2025 showed improved performance after a weak Q2, with Polygiene segment recovering faster than Addmaster and net sales at MSEK 36.4, down 10.8% year-over-year, mainly due to a 7% negative currency impact.

• Gross margin remained strong at 71.1%, only slightly lower than last year.

• EBITDA was MSEK 2.9 (7.9% margin), down from MSEK 5.7; EBIT was MSEK 1.5 versus MSEK 4.2.

• Cash flow was negative at MSEK -1.2, but liquidity remains solid with MSEK 45.3 in cash at period end.

• The business climate remains challenging, but signs of recovery are visible, especially in the US market.

Financial highlights

• Net sales: MSEK 36.4 (Q3 2025) vs. MSEK 40.8 (Q3 2024), a 10.9% decrease; FX impact accounted for 7% of the decline.

• Gross margin: 71.1% (Q3 2025) vs. 71.6% (Q3 2024); margin would be stronger excluding FX effects.

• EBITDA: MSEK 2.9 (7.9% margin) vs. MSEK 5.7 (13.9% margin) last year; EBIT: MSEK 1.5 (4.0% margin) vs. MSEK 4.2 (10.3% margin) last year.

• Earnings per share: SEK 0.05 vs. SEK 0.02 last year.

• Cash and cash equivalents: MSEK 45.3 at quarter end.

Outlook and guidance

• Year-end expected to be strong, with significant orders received in October and signs of recovery in both segments; Addmaster anticipated to rebound in Q4.

• Focus on commercializing StayCool and mosquito-repellent technologies; budget process for 2026 underway.

• US region shows robust growth, while China faces a 30% decline due to trade tensions.

• Cost base is under control, and fixed costs are lower than last year.

• Ambition to end 2025 sales in line with 2024 and maintain flat cost levels.