Scandinavian Enviro Systems (SES) Q3 2025 earnings summary

Executive summary

• Net revenues for Jan–Sep 2025 were MSEK 28.9, a sharp decline from MSEK 164.7 year-over-year, mainly due to lower milestone payments from the Uddevalla plant project.

• Earnings after tax for Jan–Sep 2025 were MSEK -69.9, compared to MSEK 81.1 in the same period last year.

• The Uddevalla plant reached a new milestone, with all main process equipment delivered and installed; all carbon black production capacity is fully booked for the next 5–10 years.

• A partially guaranteed preferential rights issue raised MSEK 240.0 before transaction costs, with potential for an additional MSEK 90.4 from warrants.

• The CEO highlighted an extended timeline for the Uddevalla plant, now targeting PAC in the second half of 2026, citing unique challenges and a focus on quality and learnings for future expansion.

Financial highlights

• Q3 2025 net revenues were MSEK 1.6, down from MSEK 48.5 in Q3 2024.

• Q3 2025 earnings after tax were MSEK -25.4, compared to MSEK 19.8 in Q3 2024.

• Jan–Sep 2025 operating result was MSEK -69.0, down from MSEK 78.4 year-over-year.

• Cash flow after investments for Jan–Sep 2025 was MSEK -145.8, compared to MSEK -91.2 last year.

• Investments in fixed assets for Jan–Sep 2025 totaled MSEK 100.8, mainly in intangible assets and joint venture shares.

Outlook and guidance

• The Uddevalla plant's commissioning is now expected in the second half of 2026, with all production capacity sold out for 5–10 years.

• Infiniteria is advancing plans for additional recycling plants in Europe, aiming for 1 million tons of capacity by 2030.

• Service offerings for new plant projects are being developed, with more details expected in Q4 2025.