I-Tech AB (publ) (ticker: ITECH) publish the Q2 half-year report for 2026

I-Tech’s CEO, Markus Jönsson and I-Tech’s CFO & Director Operations, Magnus Henell will present the report live on the 21^st of August, at 13:00.

Follow the broadcast: here
Read the full report: here

Summary of the period

” Strong sales and profit growth in Q2”

Net sales during the second quarter amounted to 58,670 (31,596) TSEK, representing quarterly growth of 86% (-26%) compared to Q2 2025. Operating profit totalled 21,404 (4,735) TSEK, resulting in an operating margin of 36% (15%) for the quarter.

Net sales during the first half of 2026 amounted to 111,393 (88,476) TSEK, representing growth of 26% (9%) compared to H1 2025. Operating profit totalled 40,024 (22,391) TSEK, corresponding to an operating margin of 36% (25%) for the period.

The gross margin remained strong, amounting to approximately 59% for the period and 60% for the first half of the year. Net profit after tax amounted to 17,401 (3,565) TSEK during the quarter and 32,846 (17,433) TSEK for the first six months of 2026.

Operating cash flow amounted to 23,630 (2,723) TSEK during the second quarter, reflecting improved profitability and favourable working capital development.

Significant events April to June 2026

• The Annual General Meeting was held on 21 May 2026 in Mölndal:
  • The Meeting approved the Company’s income statement and balance sheet for 2025 and resolved on an ordinary dividend of SEK 1.25 per share.
  • Resolved to re-elect Philip Chaabane as Chairman of the Board and Tomas Bergdahl, Chatarina Schneider and Staffan Asplund as Board Directors. Anette Orsten was elected as a new Board Director.
  • Approved a new long-term incentive programme through the issuance of warrants of series 2026/29:1 to senior executives, employees and consultants.
  • Empowered the Board of Directors to issue new shares, on one or several occasions until the next AGM, corresponding to a potential dilution of approximately 10%.
  • Resolved to re-elect Öhrlings PricewaterhouseCoopers AB (PwC) as the Company’s auditor, with Ulrika Ramsvik continuing as auditor in charge.

Significant events after the end of the period

• No significant events occurred after the end of the period.

Financial summary

CEO Comments

Strong growth driven by increasing customer demand

Overall market conditions for commercial shipping remained supportive during the second quarter of 2026. Despite reduced cargo volumes through the Strait of Hormuz, a range of mitigating factors resulted in a net positive impact on the wider shipping market. Compared with the corresponding period last year, the Swedish krona was moderately stronger against the US dollar during the quarter (+3%), providing a slight currency headwind on reported revenues.

Against this backdrop, I-Tech delivered strong sales and profit growth, driven by increasing adoption of Selektope-based antifouling solutions and strong operational leverage. Net sales rose 86% to SEK 58.7 million, operating profit increased to SEK 21.4 million, and operating cash flow improved to SEK 23.6 million, compared with SEK 2.7 million in the corresponding period last year.

For the first half of the year, sales reached SEK 111.4 million and operating profit amounted to SEK 40.0 million. Our cash position strengthened further and amounted to SEK 164.7 million at the end of June, providing substantial financial flexibility to continue investing in growth opportunities, regulatory expansion and product development.

Organic sales growth for the first half of 2026 was 35% with CMP, 23% with Jotun and 20% with PPG. The significant customer that reported financial difficulties in Q2 2025 recorded 91% organic sales growth year to date. This continued growth demonstrates both the scalability of our business model and the value that shipping stakeholders place on premium antifouling performance.

Selektope’s Renewed Regulatory Approval in the EU
The Standing Committee on Biocidal Products (SCPB) extended medetomidine’s (Selektope’s) current market approval until the end of 2026 during the quarter, to allow for sufficient time to complete the ongoing process.

At the SCBP’s second meeting of the year in June, the Committee discussed the Commission’s draft implementing act from December 2025 proposing not to renew medetomidine’s market approval. The final formal input step, the WTO-TBT consultation, was initiated in early July, allowing other WTO member states 60 days to comment. A potential SCBP vote could take place no earlier than the end of September, but is more likely in Q4. Until then, I-Tech continues to engage constructively with the Commission and member states, while preparations to legally challenge a potential negative outcome have been completed.

Business Development
I-Tech continues to deepen our relationships with existing customers while pursuing opportunities with additional coating manufacturers and new strategic partners. Interest in effective technologies that can contribute to vessel efficiency, reduced fuel consumption and lower emissions remains strong throughout the maritime industry. Recently, I-Tech acquired rights to a biologically derived antifouling technology to expand the portfolio of sustainable solutions and the marine target markets, see separate communication for additional information.

The strong first-half performance provides a solid foundation for the remainder of 2026. We remain focused on supporting customer growth, advancing our regulatory and business development activities, and strengthening Selektope’s position as a leading technology for high-performance antifouling coatings.

Markus Jönsson

CEO I-Tech