Scandinavian Enviro Systems (SES) Q4 2024 earnings summary

Executive summary

• Net revenues for 2024 reached MSEK 170.8, a significant increase from MSEK 13.9 in 2023, driven by milestone payments from a joint venture with Antin Infrastructure Partners.

• Earnings after tax for 2024 were MSEK 53.6, compared to a loss of MSEK -92.3 in 2023, marking the first full year of positive net income.

• Major milestones included the final investment decision and construction start for the Uddevalla plant, and successful commercialization of recovered pyrolysis oil.

• New CEO Fredrik Emilson and CFO Fredrik Aaben were appointed during the year.

Financial highlights

• Q4 2024 net revenues were MSEK 6.1, up from MSEK 3.2 in Q4 2023; full-year net revenues were MSEK 170.8, up from MSEK 13.9.

• Q4 2024 earnings after tax were MSEK -27.5 (Q4 2023: -23.6); full-year earnings after tax were MSEK 53.6 (2023: -92.3).

• EBITDA for 2024 was MSEK 66.2, compared to MSEK -78.1 in 2023; Q4 EBITDA was MSEK -24.3 (Q4 2023: -20.4).

• Cash flow after investments for 2024 was MSEK -138.8, compared to MSEK -96.8 in 2023; cash at year-end was MSEK 75.2 (2023: 214.9).

• Investments in fixed assets totaled MSEK 193.0, mainly for technical platform design and joint venture shares.

Outlook and guidance

• Commissioning of the Uddevalla plant is targeted for 2025, with the plant serving as a blueprint for future European expansion.

• Plans to double Uddevalla's capacity and evaluate new sites in major tire-producing markets are underway.

• Near-term revenue from the joint venture will remain limited to milestone payments, with significant royalty and service revenues expected once plants are operational.