Polygiene (POLYG) Q4 2025 earnings summary

Executive summary

• New CEO with extensive specialty chemicals experience appointed in December 2025, succeeding Ulrika Björk, and leading integration of Addmaster.

• Q4 2025 net sales were SEK 36.8 million, down 17.7% year-over-year, with an FX impact of -11%.

• Full-year 2025 net sales reached SEK 146.6 million, down from SEK 156.9 million, with a -6 to -7% currency effect.

• Gross margin for Q4 was 68.2% (down from 76.1%), and for the full year 67.6% (down from 70.8%), mainly due to FX and sales mix.

• Focus on organic growth, innovation, and expansion into new market segments to drive sustainable long-term growth and ROI.

Financial highlights

• Q4 EBITDA was SEK -2.6 million versus SEK 4.4 million last year, impacted by FX, lower sales, and SEK 4.1 million in one-time CEO transition costs.

• Full-year EBITDA was SEK 3.5 million, down from SEK 19 million, mainly due to FX and one-time costs.

• Q4 EBIT was SEK -2.6 million; full-year EBIT was SEK -2.1 million.

• Net cash at year-end was SEK 38.8 million, down from SEK 68.7 million.

• Cash flow for the year was SEK -23.5 million, with SEK 10 million in dividends paid.

Outlook and guidance

• Priorities for 2026 include managing silver price impact, diversifying through new technology and markets, restoring profitable growth in Americas, and repositioning Addmaster as a technical leader.

• Leadership transition aims to provide clarity and momentum for the next phase of development.

• Anticipated input cost pressure in 2026 due to rising silver prices; proactive mitigation measures underway.

• No specific financial forecasts provided for coming quarters.

• Efforts to increase volumes with key customers and achieve higher sales in 2026.