Magle Group Annual Report 2025
Magle Chemoswed Holding AB (publ) releases Annual Report for 2025
Magle Chemoswed Holding's Annual Report for 2025 has been published on the Group's website as of today. The report sets out a year of decisive corrective action, a strategic refocus on the Group's two core platforms, and the financial steps taken to secure its continued operation.
Financial highlights - full year 2025
All figures in SEK. Comparative figures for 2024 have been restated following the correction of prior-period errors.
| 2025 | 2024 | |
| Total revenue | 278.7m | 256.2m |
| Net sales | 268.0m | 236.0m |
| Operating result (EBIT) | -236.6m | 16.0m |
| Result after financial items | -273.2m | 4.9m |
| Net result for the year | -251.8m | 6.3m |
| Earnings per share | -12.19 | 0.31 |
| Equity/assets ratio | 36.5% | 48.9% |
| Cash and cash equivalents | 13.6m | 2.7m |
A word from the Interim CEO
“2025 was a difficult year for Magle Group, and the results set out in this report reflect that. The year was spent directly confronting the legacy of an acquisition-led strategy that had left the Group with a portfolio it had not fully integrated and a cost base that had grown faster than the underlying business could support, at a time when capital was already constrained. Total revenue grew to SEK 278.7 million, but that headline figure masks an unprofitable year and the substantial corrective action the Board and management took to put the Group on a more sustainable footing.”
said Aaron Wong, Interim CEO of Magle Group.
“Underneath this, our two core platforms, Magle Chemoswed and Magle Biopolymers, continued to perform broadly in line with expectations, and these are the businesses that generate the recurring revenues on which any recovery depends. 2025 was the year Magle Group stopped deferring its problems and began to deal with them. The turnaround is expected to take in the order of twelve to eighteen months, and the work, though far from finished, now rests on a more realistic and more durable foundation from which to rebuild.”
Wong added.
Auditor's remarks
The audit report for 2025 issued by Ernst & Young AB contains remarks (Sw. anmärkningar). The auditor states that, during the year, it drew the attention of the Board and CEO to material deficiencies in internal control relating to the ongoing reconciliation of certain accounts; that these deficiencies have not been remedied; and that the CEO and Board have thereby not fulfilled their obligations under the Swedish Companies Act. The auditor further remarks that the annual report was not submitted in sufficient time for the documents required under Chapter 7, Section 25 of the Swedish Companies Act to be available to shareholders ahead of the Annual General Meeting.
The Board and management take the remarks seriously; the CEO's response and the remediation actions underway are set out below.
Interim CEO statement on the auditor's remarks
“The auditor's report for 2025 contains remarks, and I want to address them directly rather than leave them to be read in isolation.
The first concerns deficiencies in internal control over the reconciliation of certain accounts - weaknesses EY raised with us during the year that were not fully resolved by the time the accounts were closed. I accept that finding. The same restructuring this report describes - a leadership transition, a significant restatement of prior-year figures, and a comprehensive review of the Group's assets, placed a significant strain on our finance function during 2025. Reliable, timely reconciliation is a basic discipline, and we did not meet the standard we hold ourselves to.
The second remark concerns the late submission of the annual report, which meant the documents shareholders are entitled to receive ahead of the Annual General Meeting were not available within the period the Companies Act requires. The complexity of this year's close contributed to that delay — including the additional impairments identified and the rationalisation of the business areas the Group has exited, the financial unwinding of which had to be fully reflected in the accounts. That rationalisation is continuing as we evaluate the Group's remaining non-core activities, and we regret the inconvenience to shareholders.
We are acting on both points by strengthening our finance and reporting resources, monthly balance-sheet reconciliation controls with documented sign-off, and the remediation programme placed under direct Board oversight, with completion targeted during 2026. Strengthening financial control and governance is now a central part of the turnaround.
A difficult year is better reported honestly than presented as anything other than what it was. These remarks are part of that honesty, and addressing them fully is a priority for me and for the Board.”
said Aaron Wong, Interim CEO of Magle Group.
Magle Chemoswed Holding's annual report for 2025 is now available at: https://maglegroup.com/financial-reports/