Interim report
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INTERIM REPORT Q2 2026 APRIL - JUNE
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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 impro- ved profitability and favourable working capital development. Significant events January to March 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 All amounts in kSEK 2026 Apr-Jun 2025 Apr-Jun 2026 Jan-Jun 2025 Jan-Jun Net sales 58,670 31,596 111,393 88,476 Operating result 21,404 4,735 40,024 22,391 EBITDA 23,259 6,730 43,758 26,379 Net result 17,401 3,565 32,846 17,433 Operating cash flow 23,630 2,723 32,759 28,805 Equity at end of period 192,931 158,604 192,931 158,604 Cash and cash equivalents at end of period 165,404 112,657 165,404 112,657
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3 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 , CEO Comments Strong growth driven by increasing customer demand 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
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4 Business and structure I-Tech AB (publ) is a biotech company active in the materials and chemical sector. The company develops and sells the product Selektope, an active ingredient to counteract marine growth used in coating systems for the commercial shipping industry. The company’s business is primarily focused on antifouling coatings. The company’s customers are the leading global marine coating companies. Asia is the dominant market. I-Tech owns the rights to Selektope and has the necessary manufacturing expertise. The company was founded in 2000 as a spin-off company from the University of Gothenburg and Chalmers University of Technology, and is now located at GoCo Health Innovation City in Mölndal, just south of Gothenburg in Sweden. Since the listing on Nasdaq First North Growth in 2018, the company has grown both customer- wise and financially . The market is dominated by nine major paint companies where nearly all work actively with the company’s technology . Seven of them are commercially active and the others are in the development stage. Thanks to a continued stable financial position, clear investments have been made in the core business. Within the regulatory area, the geographical coverage is increased step by step at the same time as upgrades and renewals of existing approvals are required at regular intervals. The company also invests in research and development in line with the strategy of offering a higher level of knowledge about Selektope’s formulation properties in antifouling coatings. The continuous improvement work has also led to an increased delivery capacity and efficiency in the production chain. During the quarter, I-Tech participated in several leading international industry forums, in- cluding Posidonia and the International Congress on Marine Corrosion and Fouling (ICMCF). These events bring together key stakeholders from across the global shipping, coatings and marine technology sectors and provide important platforms for commercial dialogue, know- ledge exchange and industry collaboration. Participation supports I-Tech’s long-term growth ambitions by strengthening customer relationships, expanding market insights and reinforcing the Company’s position within sustainable antifouling technologies. Industry engagement supports long-term growth
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5 Other information Owner No. of shares Share capital % Pomona-gruppen 1,756,417 14.64% Swedbank Robur 784,800 6.54% Handelsbanken Funds 760,328 6.34% Second Swedish National Pension Fund 643,400 5.36% Tind Asset Management 498,145 4.15% Unionen 475,000 3.96% Stefan Sedersten incl. Companies 441,330 3.68% Nordnet pension 440,935 3.68% Avanza pension 400,576 3.34% Alcur fonder 339,964 2.83% Lannebo Asset Management 287,543 2.40% NEA Partners 230,577 1.92% Montanaro 207,872 1.73% Futur pension 187,133 1.56% Göran Källebo 150,000 1.25% Others 4,393,757 36.62% Total shares 11,997,777 100.00% Largest owners Share information Total share capital as of 30 June amounts to SEK 23,995,554 divided into 11,997,777 shares. The ratio value of all the shares amounts to SEK 2 and they have equal rights in the company’s assets and profit/loss. I-Tech’s shares were listed on the Nasdaq First North Growth Market at Nasdaq Stockholm as of 29 May 2018. As of 30 June, the number of share- holders amounted to 3,140 (3,138). With a closing price for the share on 30 June of SEK 66.6 (100.0), the company’s market capitalisation amounted to SEK 799 (1,200) million. Risk factors The company’s risks are primarily related to the market development of Selektope, production risks related to partners’ production and production capacity , as well as risks in regulatory permissions, other intangible assets and product development. For a more detailed description of significant risks and uncertainty factors, please see I-Tech’s prospectus, which was published in conjunction with the public offering and the company’s annual report for 2025. Certified Adviser I-Tech has engaged Redeye Nordic Growth AB as the Certified Adviser on First North at Nasdaq Stockholm Long-term incentive programs During May 2026 , the Annual General Meeting resolved on a new long-term incentive program, Series 2026/2029, for management and other personnel in the form of warrants with a term of three years. Subscription price is 8.77 SEK and the program includes a total of 304,000 warrants with a maximum dilution of approximately 2.5%. A total of 79,500 have been subscribed for and paid. The exercise price is SEK 83.73 per share. Each warrant gives the right to acquire one share. 2025 a similar program was adopted where 52,150 warrants were issued and paid for. The warrants may lead to a dilution of a maximum of 0.4%. The exercise price is SEK 126.40 per share. Each warrant gives the right to acquire one share. Audit review This report has not been reviewed by the company’s auditors. List of stakeholders The list of stakeholders shows the status in
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Financial information exchange losses recognized within operating profit were lower than in the corresponding period of the previous year. Driven by strong revenue growth, a continued robust gross margin, and stable operating expenses, operating profit increased to SEK 21,404 (4,735) thousand. Cash flow Cash flow increased significantly during the period, primarily as a result of higher operating profit. Consequently , cash flow from operating activities increased to SEK 23,630 (2,723) thousand, of which profit accounted for SEK 23,549 (6,437) thousand and changes in working capital amounted to SEK 81 (-3,741) thousand. During the period, I-Tech invested SEK 628 (-12) thousand in fixed assets. The dividend of 14,997 (20,840) thousand SEK decided by the Annual General Meeting was executed and a total of 697 (684) thousand SEK was received in connection with the implementation of the new incentive program. In total, this results in a cash flow for the period of SEK 8,702 (-13,506) thousand. Financial position Cash and cash equivalents at the end of the period amounted to SEK 165,404 (112,657) thousand, and equity totalled SEK 192,931 (158,604) thousand. The changes in cash and cash equivalents and equity during the period are directly attributable to the company’s profit and other operating-related movements. Principles of preparation The interim report has been prepared in accordance with the Annual Accounts Act and the Swedish Accounting Standards Upcoming financial reports 16 October 2026 Interim report, quarter 3 4 February 2027 Year end report, 2026 6 May 2027 Interim report, quarter 1 6 Turnover and profit/loss Sales for the period amounted to SEK 58,670 thousand (31,596), corresponding to an 86 percent increase in revenue compared with the previous year and representing the strongest quarter in the Company’s history to date. The growth was driven primarily by continued expansion among several of the Company’s most important customers, as well as a recovery by the customer that experienced a significant decline in volumes during the previous year. The USD/SEK exchange rate remained weaker than in the corresponding period of the previous year, meaning that revenue growth adjusted for currency effects amounted to 91 percent. The gross margin was slightly weaker than in the previous period and amounted to 59% (59%) during the period. To date, the Company has successfully mitigated the impact of the external factors highlighted in the previous report, primarily significant increases in raw material costs. Other external expenses were slightly lower than in the previous year. However, the ongoing re-registration of the Company’s product under the EU Biocidal Products Regulation (BPR) continues to generate substantial costs. In recent periods, these costs have been primarily related to preparations for a potential legal appeal in the event of an adverse regulatory decision. Personnel expenses increased in line with the Company’s plan, with headcount strengthened across several areas as a result of the growing business as well as the Company’s business development initiatives. Other operating expenses decreased somewhat, as the USD/SEK exchange rate has been more stable. As a result, foreign
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7 Income statement Amounts in kSEK 2026 Apr-Jun 2025 Apr-Jun 2026 Jan-Jun 2025 Jan-Jun Operating income etc. Net sales 58,670 31,596 111,393 88,476 Other operating income 447 374 2,002 887 59,117 31,970 113,395 89,363 Cost of goods sold -23,936 -13,007 -44,880 -37,978 Other external costs -6,067 -6,429 -12,970 -12,330 Personnel expenses -5,726 -4,351 -10,150 -8,640 Depreciations amortizations and impairments -1,855 -1,995 -3,734 -3,988 Other operating expenses -129 -1,453 -1,637 -4,036 -37,713 -27,235 -73,371 -66,972 Operating profit 21,404 4,735 40,024 22,391 Financial items Interest income and similar items 1,509 449 1,896 921 Interest expense and similar items -959 -668 -482 -1,312 550 -219 1,414 -391 Result after financial items 21,954 4,516 41,438 22,000 Tax on result from the year -4,553 -951 -8,592 -4,567 NET RESULT 17,401 3,565 32,846 17,433
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8 Balance sheet Amounts in kSEK 2026 Jun-30 2025 Jun-30 2025 Dec-31 2024 Dec-31 ASSETS Intangible assets 13,202 19,152 15,591 22,731 Tangible assets 1,823 2,080 1,954 2,394 Total fixed assets 15,025 21,232 17,545 25,125 Inventory 4,478 8,601 9,436 9,869 Short-term receivables 38,616 35,744 18,593 37,956 Cash and bank balances 165,404 112,657 148,160 100,164 Total current assets 208,498 157,002 176,189 147,989 Total assets 223,523 178,234 193,734 173,114 EQUITY AND LIABILITIES Share capital 23,996 23,996 23,996 23,817 Restricted equity 1,562 1,545 1,562 1,545 Unrestricted equity 134,527 115,630 115,634 93,013 Result 32,846 17,433 33,194 39,013 Total equity 192,931 158,604 174,386 157,388 Short-term liabilities 30,592 19,630 19,348 15,726 Total liabilities 30,592 19,630 19,348 15,726 Total equity and liabilities 223,523 178,234 193,734 173,114
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9 Cash-flow analysis Amounts in kSEK 2026 Apr-Jun 2025 Apr-Jun 2026 Jan-Jun 2025 Jan-Jun Operating activities Operating result 21,404 4,735 40,025 22,391 Adjustments for non-cash items 1,855 1,995 3,734 3,988 Interest received 988 383 1,836 725 Interest paid -479 -668 -482 -1,312 Income tax paid/received -219 -8 -9,440 -21 Changes in working capital Change in inventories 100 -1,216 4,958 1,268 Change in operating receivables 2,382 1,267 -11,785 2,408 Change in operating liabilities -2,401 -3,765 3,913 -642 Cash flow from operating activities 23,630 2,723 32,759 28,805 Investment activities Investments in non-current assets -628 -12 -1,215 -95 Cash flow from investment activities -628 -12 -1,215 -95 Financing activities Dividend to shareholders -14,997 -20,840 -14,997 -20,840 New issue 697 4,623 697 4,623 Cash flow from financing activities -14,300 -16,217 -14,300 -16,217 The period´s cash flow 8,702 -13,506 17,244 12,493 Cash and cash equivalents at beginning of period 156,702 126,163 148,160 100,164 Cash and cash equivalents at end period 165,404 112,657 165,404 112,657 Adjustments for non-cash items Depreciation and amortizations 1,855 1,995 3,734 3,988 Other items not affecting cash flow - - - - 1,855 1,995 7,989 3,988
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10 Equity changes Share capital Statutory reserve Develop- ment expense fund Share premium reserve Other unrestric- ted equity 2025-01-01 23 817 753 792 143 276 -11 250 157 388 Dividend to shareholders - - - - -20 840 -20 840 New share issue 179 - - 3760 684 4623 Net result for the year - - - - 17 433 17 433 2025-06-30 23 996 753 792 147 036 -13 973 158 604 2026-01-01 23 996 753 809 147 036 1 792 174 386 Dividend to shareholders - - - - -14 998 -14 998 New share issue - - - - 697 697 Net result for the period - - - - 32 846 32 846 2026-06-30 23 996 753 809 147 036 20 337 192 931 All amounts in kSEK Restricted equity Unrestricted equity Total equity
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11 Financial ratios DEFINITIONS OF KEY FIGURES Net sales growth The percentage increase in sales for the past period compared with the corresponding previous period. Gross margin Gross profit for the period in relation to the period’s net sales. Gross profit Net sales of the period decreased by raw materials and supplies. Operating margin Operating profit for the period in relation to the period’s net sales. Profit margin Profit for the period in relation to the period’s net sales. Solidity Shareholders’ equity as a percentage of total assets. Cash liquidity Current assets, excluding inventories, in relation to current liabilities, without adjustment for proposed dividend. Return on average total capital Net profit for the period, as a percentage of average total capital. Return on average total equity Net profit for the period, as a percentage of average shareholders’ equity. Result per share Profit for the period divided by the average number of outstanding shares during the year. Equity per share Total equity divided by the number of shares at the end of the period. Amounts in kSEK 2026 Apr-Jun 2025 Apr-Jun 2026 Jan-Jun 2025 Jan-Jun Turnover growth % 86% -26% 26% 9% Gross margin % 59% 59% 60% 57% Operating margin % 36% 15% 36% 25% Net profit margin % 30% 11% 29% 20% Solidity 86% 89% 86% 89% Cash liquidity 665% 756% 665% 756% Return on average total capital 8% 2% 17% 11% Return on average total equity 9% 2% 18% 11% Average of outstanding shares 11,997,777 11,926,125 11,957,889 11,917,340 Outstanding shares end of period 11,997,777 11,997,777 11,997,777 11,997,777 Result per share 1.5 0.3 2.7 1.5 Result per share fully diluted 1.4 0.3 2.7 1.4 Equity per share 16.0 13.2 16.0 13.2 Equity per share fully diluted 15.9 13.2 15.9 13.2 Dividend per share 1.25 1.75 1.25 1.75
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12 The board and the managing director assures that the interim report provides a fair overview of the Company’s position and results Mölndal 21 August 2026 Philip Chaabane, Chairman of the board Tomas Tedgren, Member of the board Chatarina Schneider, Member of the board Tomas Bergdahl, Member of the board Staffan Asplund, Member of the board Markus Jönsson, Chief Executive Officer Address I-Tech AB GoCo Health Innovation City Förändringens gata 10 SE 431 53 Mölndal Tel: 010-3303999 org.nr: 556585-9682 www.i-tech.se Contact Magnus Henell, CFO Tel: +46(0)73 910 37 03 magnus.henell@i-tech.se Markus Jönsson, CEO Tel: +46(0) 72 977 96 25 markus.jonsson@i-tech.se