Scandinavian Enviro Systems (SES) Q2 2026 earnings summary

Executive summary

• Net revenues for Jan–Jun 2026 were MSEK 7.6, down from MSEK 27.3 year-over-year, with Q2 revenues at MSEK 0.3 versus MSEK 19.9 in Q2 2025.

• Loss after tax for Jan–Jun 2026 was MSEK -107.6, compared to MSEK -44.5 year-over-year; Q2 loss after tax was MSEK -27.1 versus MSEK -21.2 in Q2 2025.

• Major events included the bankruptcy of subsidiary Tyre Recycling in Sweden AB, leadership changes, and ongoing company reorganisation.

• Secured a financing facility of up to SEK 50 million with Alumni Capital Limited to support liquidity and reorganisation.

Financial highlights

• EBITDA for Q2 2026 was KSEK -25,339 (Q2 2025: -15,022); for Jan–Jun 2026: KSEK -43,778 (Jan–Jun 2025: -34,585).

• Operating margin remained negative; equity ratio at 77.2% at end of Q2 2026, down from 87.2% a year earlier.

• Cash and cash equivalents at period end were MSEK 13.0, down from MSEK 203.3 at June 2025.

• Cash flow after investments for Jan–Jun 2026 was MSEK -59.9, improved from MSEK -93.4 year-over-year.

• Impairment loss of MSEK 80.8 recognized due to subsidiary bankruptcy.

Outlook and guidance

• No revised timeline for the Uddevalla plant due to prevailing uncertainty.

• Continued focus on securing long-term financing and executing company reorganisation.

• Strong international interest in technology, with ongoing discussions for licensing in Brazil and North America.