Scandinavian Enviro Systems (SES) Q4 2025 earnings summary

Executive summary

• 2025 marked by geopolitical uncertainty, trade tensions, and a stronger Swedish krona, impacting operations and project timelines.

• Focused on execution of the Uddevalla pyrolysis plant, with significant installation progress but delays due to project complexity and contractual disputes.

• Completed a capital raise, securing approximately SEK 200 million after costs, strengthening financial position.

• Arbitration initiated by Infiniteria over project terms, leading to increased uncertainty and impairment of assets.

Financial highlights

• Net revenues for 2025 were MSEK 31.5, down from MSEK 170.8 year-over-year.

• Earnings after tax for 2025 were MSEK -366.6, compared to MSEK 53.6 in 2024.

• Q4 2025 net revenues were MSEK 2.6, with earnings after tax at MSEK -296.7.

• Significant impairments: MSEK 155.7 for intangible assets and MSEK 108.7 for financial assets.

• Cash flow after investments for 2025 was MSEK -206.0, compared to MSEK -138.8 in 2024.

• EBITDA for 2025 was KSEK -239,701, down from KSEK 66,183 in 2024.

Outlook and guidance

• Timeline for Uddevalla plant commissioning remains uncertain due to ongoing arbitration and project delays.

• Continued strong interest in technology globally, with discussions ongoing with multiple stakeholders.

• Ongoing need for additional financing and approval of corporate reorganization to ensure going concern.