Scandinavian Enviro Systems (SES) Q3 2026 earnings summary

Executive summary

• Q3 net revenue was MSEK 0.02 and loss after tax MSEK 37.3; liquidity remained constrained amid reorganisation and legal proceedings.

• Priorities were completing the reorganisation, securing financing, advancing commercial discussions and developing next-generation technology and plant concepts.

Financial highlights

• Q3 2026 net revenue MSEK 0.02 vs MSEK 1.6 YoY; operating loss MSEK 37.3 vs MSEK 25.7; loss after tax MSEK 37.3 vs MSEK 25.4.

• 9M 2026 net revenue MSEK 7.6 vs MSEK 28.9; operating loss MSEK 86.9 vs MSEK 69.0; loss after tax MSEK 144.9 vs MSEK 69.9.

• Q3 cash flow after investing activities was MSEK -19.1 vs MSEK -52.4; 9M was MSEK -79.0 vs MSEK -145.8, mainly reflecting lower investment outlays.

• Cash and cash equivalents were MSEK 3.1 at 30 Sep 2026 vs MSEK 133.8 a year earlier; continued operations depend on additional capital contributions.

Outlook and guidance

• A revised reorganisation plan was expected in early November; proceedings could continue through 27 Nov 2026, subject to the court process and creditors’ response.

• Immediate priorities were completing the reorganisation and tightly managing financial resources; financing drawdowns remain conditional, and liquidity needs remain challenging.

• Arbitration costs are expected to exceed prior estimates; a final award is not expected until Q2 2028.