I-Tech’s CEO, Markus Jönsson and I-Tech’s Director Regulatory affairs and Sustainability, Cecilia Ohlauson will present the report live on the 16^st of October, at 13:00.

Follow the broadcast: here
Read the full report: here

Summary of the period
” Continued growth momentum in Q3””
Net sales during the third quarter amounted to 48,763 (40,964) TSEK, representing quarterly growth of 19% (0%) compared to Q3 2025. Operating profit totalled 13,287 (11,093) TSEK, resulting in an operating margin of 27% (27%) for the quarter. Operating cash flow amounted to 13,289 (23,185) TSEK during the third quarter. The gross margin remained strong at approximately 60% during both the quarter and year-to-date. Net profit after tax amounted to 11,619 (9,378) TSEK during the quarter and 44,465 (26,811) TSEK for the first nine months of 2026.

Significant events July to September 2026
• No significant events occurred during the period
Significant events after the end of the period
• No significant events occurred after the end of the period

Financial summary

CEO Comments

Continued strong growth momentum

Commercial shipping market conditions remained supportive in the third quarter of 2026. Despite lower cargo volumes through the Strait of Hormuz and the rerouting of Red Sea oil flows, mitigating factors supported the wider market.Year-to-date new vessel orders approached record levels, while ship repair activity was 3% above the 2025 run rate.

The Swedish krona was moderately weaker against the US dollar during the quarter than in the corresponding period last year (-0.7%), providing a slight tailwind to reported revenues.

Against this backdrop, I-Tech delivered strong sales and profit growth also during the third quarter, driven by the increasing adoption of Selektope-based antifouling solutions and strong operational leverage. Net sales rose by 19% to SEK 48.8 million, while operating profit increased nearly 20% to SEK 13.3 million. Operating cash flow was SEK 13.3 million, compared with SEK
23.2 million in the corresponding period last year. Our cash position strengthened further and amounted to SEK 177 million at the end of September, providing substantial financial flexibility to continue investing in growth opportunities, regulatory expansion, product development and remunerate shareholders in line with dividend policy.

Year-to-date organic sales growth in 2026 was 15% with CMP, 18% with Jotun and 63% with PPG. The significant customer that reported financial difficulties in Q2 2025 has continued to rebound and recorded organic sales growth of 123% for the first nine months of 2026. The momentum underscores the growing demand for premium antifouling performance across the shipping industry.

Selektope’s EU Regulatory Review

The WTO Technical Barriers to Trade consultation, the final formal opportunity to comment on the Commission’s December 2025 draft implementing act proposing not to renew the approval of medetomidine, concluded in September. It remains unclear whether any other WTO member states submitted comments.

Medetomidine was not on the agenda for the 1 October Standing Committee on Biocidal
Products (SCBP) meeting. Instead, the decision-making process has proceeded through a written consultation procedure, with member states voting on the Commission’s proposal between 7 and 21 October. Pending the outcome, I-Tech continues constructive engagement with the Commission and member states and has completed preparations to legally challenge any negative decision.

In parallel, Europe’s maritime value chain is preparing a petition calling on the Commission and member states to pause substance-specific reviews of antifouling substances in favour of
a portfolio-based approach. It aims to prevent vital technologies from being removed from the market and improve coherence across the EU’s chemicals, climate and maritime policies.

Business Development

I-Tech’s business development pipeline is maturing, with several initiatives moving towards defined development and commercial pathways. Further progress is expected this autumn as additional opportunities advance.

In July, I-Tech acquired the rights to a biologically derived antifouling technology, broadening its sustainable solutions portfolio and creating opportunities in adjacent marine markets.
Produced through microbial fermentation using a naturally occurring microorganism, the non-biocidal additive modifies submerged surfaces to prevent fouling organisms from settling. The technology remains under development and validation, with aquaculture its most mature potential application.

In September, I-Tech entered into an exclusive worldwide licence agreement with Titanium Technology to develop and commercialise its non-biocidal electrochemical antifouling technology for aquaculture applications. Further details are provided in the separate press release.

We remain focused on supporting customer growth, advancing regulatory and business development, and strengthening I-Tech’s position as a provider of high-performance, sustainable antifouling technologies.