Slides
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2026-10-16 Markus Jönsson, CEO Cecilia Ohlauson, Director Regulatory affairs & Sustainability Q3 Interim report
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Introduction
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What if… 1/3 of the global fleet of 110.000 commercial vessels were using 36% more fuel than needed? …Even if just for a day What would that mean for operating cost and emissions?
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Our solution Selektope® help the shipping industry to: Premium antifouling helps to reduce emissions from shipping by lowering the hydrodynamic drag of the ship, which improves fuel efficiency and reduces CO2 emissions. Premium antifouling can help to protect marine ecosystems by preventing the spread of invasive species and reducing the environmental impact of shipping. Selektope enables ultra-low biocide coatings. Additionally, Selektope in coatings has no lethal effect on target organisms. 1 2 3 Reduce emissions to air Protect marine ecosystems Reduce emissions to the ocean
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I-Tech today A scalable business with plenty of additional potential Antifouling coatings “A consolidated market” ✓ Unique technology ✓ Intellectual property and formulation know-how ✓ Asset light - Outsourced production ✓ A low market penetration: >3.500 ships out of 110.000 “Antifouling paint is essential to ship performance” ----- Just 10% fouling can increase fuel consumption and CO2 emissions by 30-40%
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Our journey since the IPO 2018 IPO: 40 MSEK 2025 Revenues: 29 MSEK (32% GM) Profit: -14 MSEK Cash flow: -12 MSEK Revenues: 169 MSEK (57% GM) Profit: 33 MSEK Cash flow: 48MSEK Free cash: 148 MSEK Dividend: 1.25 SEK/share -20 0 20 40 60 80 100 120 140 160 180 200 0% 10% 20% 30% 40% 50% 60% 70% 2017 2018 2019 2020 2021 2022 2023 2024 2025 MSEK Revenues EBITDA GM% Operating cost % CAGR: 28%
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Q3 results
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0 1 2 3 4 5 6 7 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2022 2023 2024 2025 2026 Millions Quarterly sales (USD) Organic growth continues ▪ +18% organic sales growth vs. Q3 2025 ▪ Significant year-to-date sales growth with all major customers
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“Q3 – Another solid quarter” ▪ Volumes up 15%, supported by sales to Korea and China. ▪ Gross margin stable, despite earlier turmoil in RM pricing ▪ EBIT growth follows Net Sales despite unusual high cost- increase for the quarter ▪ Operating cash-flow lower, mainly due to skewed accounts receivables 2025 All amounts (MSEK) 2026 2025 Growth Jul-Sep Jul-Sep ’26/’25 Net Sales 48.8 41.0 19% Gross margin 60% 57% 6% EBITDA 15.1 13.1 16% EBIT 13.3 11.1 20% Operating cashflow 13.3 23.2 -43% Cash balance 177 136 31%
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Asia sales split by country Korea Japan China Singapore Geographical spread – YTD 2026 “Korea cements top market position” 27% X% - Share of total Sales Overall sales split by region Asia Europe RoW 3% 46% 21% 97% 3%
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Highlights – Q3 “Continued strong growth momentum” Growth 18% organic sales growth Margins Stable high gross margin, 60% with strong resulting EBITDA 31% and EBIT 27% Diversification momentum continuing
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Outlook
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Antifouling technologies for coatings $300 – 500 million opportunity 2.000 new vessels Dry-dockings China Other Asia Turkey Europe RoW New-vessels China Japan Korea Europe RoW Source: Clarkson 2024. share of dry-dockings estimated based on special survey data Market outlook Ship building & maintenance (yearly) 20.000 dry-dockings
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Market outlook Sources: Clarksons. World Fleet- & Shipyard monitor, September 2026 Strait of Hormuz closure - Loss of volumes from Strait mitigated by alternative sources, disruption and distance ▪ Seaborne trade (tonnes), up 1.1% y-o-y ▪ Strong charter markets, with ClarkSea Index up 61% y-o-y ▪ Active newbuild ordering, up 33% on the full year 2025 run rate with focus on tankers, gas and containers ▪ Shipyard output up 14% y-o-y with Chinese shipbuilding capacity growing ▪ Elevated fuel costs continue to underscore the value of premium antifouling Continued positive momentum “Geopolitical issues remain one of the major risks, but also an underlying driver in our growth momentum” Total Repair Yard visits Global vessel deliveries +3%
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Timeline Selektope’s re-registration process in Europe SCBP Q1 meeting – Discussion on extensionMar SCBP Q2 meeting - Draft proposal for non-renewal discussedJun SCBP Q3 meetingSep SCBP Q4 meeting Selektope’s extended approval expires, 31 December. Dec Dec SCBP Q4 meeting – Draft proposal for non-renewal (Never discussed) Link Voting through written procedure (7-21 October) WTO-TBT process initiated Current approval extended
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Petition from Europe’s Maritime Industry A call to action to preserve Europe’s competitiveness and improve coherence between the EU’s chemicals, climate and maritime policies ➔ 30+ signatories to-date ➔ Letter to be sent to EU member state representatives Petition summary • Effective antifouling is essential for maritime efficiency, decarbonisation, biodiversity protection and safety • Current EU regulatory assessments risk removing effective solutions and weakening Europe’s maritime competitiveness, threatening jobs and security • Assess antifouling technologies as a strategic portfolio, considering real-world performance, alternatives and socioeconomic impacts • Suspend further withdrawals until a comprehensive, evidence-based sector assessment and structured industry dialogue have been completed
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What if Selektope is not approved in EU? How could BPR non-approval impact the use of Selektope 95% 5% Addressable market (110.000 vessels) Shipping is global - the expected practical impact is limited • Vast majority of vessels can continue to apply and operate with Selektope coatings under the current interpretation • Selektope remains available where regulatory approvals are in place
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Business development pipeline Group Complementing technologies Additives Active ingredients Other (e.g., additives, binders) Other marine markets Aquaculture Yacht market New models Antifouling tech. Hull performance New growth vectors and business diversification Binders 30-40% COATING FORMULATION (COST SPLIT) Pigments Additives 30-40% Solvent Focus
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New technology for Aquaculture Exclusive licence agreement with Titanium Technology S.L.
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New technology for Aquaculture Pilot validation studies
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Business Outlook New strategic partnerships Advocacy linked to regulations Business development