Scandinavian Enviro Systems (SES) Q2 2025 earnings summary

Executive summary

• Achieved a key milestone in Uddevalla plant construction, receiving SEK 11.7 million milestone payment.

• Completed a SEK 240 million rights issue, strengthening financial position and securing funding for 18 months.

• Strategic focus on developing a new service offering to complement technology deliveries.

• Renewed and expanded supply agreements, with 100% of Uddevalla 1 carbon black production fully booked.

• Board of Directors partially renewed, with new Chair and several new members elected.

Financial highlights

• Q2 2025 net revenues: SEK 19.9 million (Q2 2024: SEK 58.5 million); H1 2025: SEK 27.3 million (H1 2024: SEK 116.2 million).

• Q2 2025 earnings after tax: SEK -21.2 million (Q2 2024: SEK 30.5 million); H1 2025: SEK -44.5 million (H1 2024: SEK 61.3 million).

• Q2 2025 EPS: SEK -0.02 (Q2 2024: SEK 0.04); H1 2025 EPS: SEK -0.05 (H1 2024: SEK 0.08).

• Cash flow after investments: Q2 2025 SEK -49.6 million (Q2 2024: SEK -52.4 million); H1 2025 SEK -93.4 million (H1 2024: SEK -58.3 million).

• Group cash at period end: SEK 203.3 million (H1 2024: SEK 156.2 million).

Outlook and guidance

• Uddevalla plant start-up expected in Q4 2025, with PAC milestone targeted for mid-2026.

• Rights issue proceeds expected to cover operations and investments for 18 months.

• Service offering to be commercially finalized and launched during 2025.

• Vision to establish one million tons/year recycling capacity in Europe.