Interim report
Page 1
INTERIM REPORT Q3 2026 JULY - SEPTEMBER
Page 2
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 All amounts in kSEK 2026 Jul-Sep 2025 Jul-Sep 2026 Jan-Sep 2025 Jan-Sep Net sales 48,763 40,964 160,156 129,440 Operating result 13,287 11,093 53,311 33,484 EBITDA 15,146 13,090 58,904 39,469 Net result 11,619 9,378 44,465 26,811 Operating cash flow 13,289 23,185 46,048 51,990 Equity at end of period 204,550 168,003 204,550 168,003 Cash and cash equivalents at end of period 177,216 135,734 177,216 135,734
Page 3
3 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. CEO Comments Continued strong growth momentum 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. Markus Jönsson CEO I-Tech
Page 4
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, the I-Tech team gathered for dedicated team days focused on our values, vision, mission, and long-term business strategy . The sessions provided an opportunity to reflect on how far we have come, align around our future ambitions, and strengthen collaboration across the organization. As I-Tech continues to grow , both in capabilities and team capacity , these discussions reaffirmed our shared commitment to developing sustainable solutions for the marine industry . With a stronger team, a clear strategic direction, and exciting opportunities ahead, we look forward to taking the next steps of I-Tech’s journey together. Building capacity for growth
Page 5
5 Other information Owner No. of shares Share capital % Pomona-gruppen 1,756,417 14.64% Swedbank Robur 770,000 6.42% Handelsbanken Funds 755,328 6.30% Second Swedish National Pension Fund 643,400 5.36% Tind Asset Management 498,145 4.15% Unionen 475,000 3.96% Stefan Sedersten incl. Com - panies 441,330 3.68% Nordnet pension 434,699 3.62% Avanza pension 341,706 2.85% Lannebo Asset Management 287,543 2.40% Montanaro 250,000 2.08% Alcur Funds 242,962 2.03% NEA Partners 230,577 1.92% Futur pension 187,133 1.56% Göran Källebo 150,000 1.25% Others 4,533,537 37.79% Total shares 11,997,777 100.00% Largest owners Share information Total share capital as of 30 September 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 September, the number of shareholders amounted to 3,154 (3,482). With a closing price for the share on 30 September of SEK 68.8 (94.6), the company’s market capitalisation amounted to SEK 825 (1,135) 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 , 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. The program includes a total of 304,000 warrants with a maximum dilution of approximately 2.5%. A total of 79,500 have been issued 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 the company as of 30 September.
Page 6
Financial information within operating profit were lower than in the corresponding period of the previous year. As a result of the sales growth and continued strong gross margin, operating profit increased to SEK 13,287 (11,093) thousand despite the higher operating expenses. Cash flow During the period, cash flow decreased compared with the previous year, primarily due to an increase in trade receivables, which offset the higher operating profit. Cash flow from operating activities for the period therefore decreased to SEK 13,289 (23,185) thousand, of which profit accounted for SEK 16,267 (13,700) thousand and working capital for SEK -2,978 (9,485) thousand. During the period, I-Tech invested SEK 1,477 (129) mainly driven by the US EPA regulatory process. In total, this results in a cash flow for the period of SEK 11,812 (23,077) thousand. Financial position Cash and cash equivalents at the end of the period amounted to SEK 177,216 (135,734) thousand, and equity totalled SEK 204,550 (168,003) 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 Board’s general guidelines BFNAR 2012:1 Annual Report and Consolidated Financial Statements (K3). The accounting principles are described in more detail in the company’s annual report for the financial year 2025. Upcoming financial reports 4 February 2027 Year end report, 2026 6 May 2027 Interim report, quarter 1 20 August 2027 Interim report, quarter 26 Turnover and profit/loss Sales for the period amounted to SEK 48,763 (40,964) thousand, corresponding to an 19 percent increase in revenue compared with the previous year. The development was primarily driven by a recovery in sales to the company’s second-largest customer, as well as growth among the smaller customers. The Swedish krona was moderately weaker against the US dollar, resulting in currency adjusted revenue growth of 18 percent. The gross margin remained strong during the period at 60% (57%), reflecting the fact that the cost increases anticipated earlier in the year haven’t materialized. Other external expenses were slightly higher than in the previous year. The increase was primarily attributable to the acquisition and licensing of new technologies previously communicated. With respect to the acquired technology , the full initial purchase consideration was recognised as an expense during the period, while the agreed contingent consideration will be recognised in profit or loss when the corresponding future gross profit is generated. The period was also charged with the full annual minimum licence fee relating to the licensed technology . The ongoing re- registration of the company’s product under the EU Biocidal Products Regulation (BPR) continued to entail significant costs, albeit at a lower level than in the corresponding period of the previous year. 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 over the period. As a result, foreign exchange losses recognized
Page 7
7 Income statement Amounts in kSEK 2026 Jul-Sep 2025 Jul-Sep 2026 Jan-Sep 2025 Jan-Sep Operating income etc. Net sales 48,763 40,964 160,156 129,440 Other operating income 209 1,195 2,211 2,082 48,972 42,159 162,367 131,522 Cost of goods sold -19,484 -17,717 -64,364 -55,695 Other external costs -8,452 -6,777 -21,422 -19,107 Personnel expenses -5,494 -3,642 -15,644 -12,282 Depreciations amortizations and impairments -1,859 -1,997 -5,593 -5,985 Other operating expenses -396 -933 -2,033 -4,969 -35,685 -31,066 -109,056 -98,038 Operating profit 13,287 11,093 53,311 33,484 Financial items Interest income and similar items 1,498 377 3,394 1,298 Interest expense and similar items -126 313 -608 -999 1,372 690 2,786 299 Result after financial items 14,659 11,783 56,097 33,783 Tax on result from the year -3,040 -2,405 -11,632 -6,972 NET RESULT 11,619 9,378 44,465 26,811
Page 8
8 Balance sheet Amounts in kSEK 2026 Sep-30 2025 Sep-30 2025 Dec-31 2024 Dec-31 ASSETS Intangible assets 12,470 17,356 15,591 22,731 Tangible assets 2,174 2,008 1,954 2,394 Total fixed assets 14,644 19,364 17,545 25,125 Inventory 10,214 13,456 9,436 9,869 Short-term receivables 39,023 21,737 18,593 37,956 Cash and bank balances 177,216 135,734 148,160 100,164 Total current assets 226,453 170,927 176,189 147,989 Total assets 241,097 190,291 193,734 173,114 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 134,527 115,651 115,634 93,013 Result 44,465 26,811 33,194 39,013 Total equity 204,550 168,003 174,386 157,388 Short-term liabilities 36,547 22,288 19,348 15,726 Total liabilities 36,547 22,288 19,348 15,726 Total equity and liabilities 241,097 190,291 193,734 173,114
Page 9
9 Cash-flow analysis Amounts in kSEK 2026 Jul-Sep 2025 Jul-Sep 2026 Jan-Sep 2025 Jan-Sep Operating activities Operating result 13,287 11,093 53,311 33,484 Adjustments for non-cash items 1,859 1,997 5,593 5,985 Interest received 1,416 299 3,253 1,024 Interest paid -126 313 -608 -999 Income tax paid/received -169 -2 -9,610 -23 Changes in working capital Change in inventories -5,737 -4,855 -778 -3,587 Change in operating receivables -325 14,085 -12,110 16,493 Change in operating liabilities 3,084 255 6,997 -387 Cash flow from operating activities 13,289 23,185 46,048 51,990 Investment activities Investments in non-current assets -1,477 -129 -2,692 -224 Cash flow from investment activities -1,477 -129 -2,692 -224 Financing activities Dividend to shareholders - - -14,997 -20,840 New issue - 21 697 4,644 Cash flow from financing activities 0 21 -14,300 -16,196 The period´s cash flow 11,812 23,077 29,056 35,570 Cash and cash equivalents at beginning of period 165,404 112,657 148,160 100,164 Cash and cash equivalents at end period 177,216 135,734 177,216 135,734 Adjustments for non-cash items Depreciation and amortizations 1,859 1,997 5,593 5,985 Other items not affecting cash flow - - - - 1,859 1,997 5,593 5,985
Page 10
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 - - 3,760 705 4,644 Net result for the year - - - - 26,811 26,811 2025-09-30 23,996 753 792 147,036 -4,574 168,003 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 - - - - 44,465 44,465 2026-09-30 23,996 753 809 147,036 31,956 204,550 All amounts in kSEK Restricted equity Unrestricted equity Total equity
Page 11
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 Jul-Sep 2025 Jul-Sep 2026 Jan-Sep 2025 Jan-Sep Turnover growth % 19% 0% 24% 6% Gross margin % 60% 57% 60% 57% Operating margin % 27% 27% 33% 26% Net profit margin % 24% 23% 28% 21% Solidity 85% 88% 85% 88% Cash liquidity 592% 707% 592% 707% Return on average total capital 5% 5% 20% 15% Return on average total equity 6% 6% 23% 16% Average of outstanding shares 11,997,777 11,997,777 11,997,777 11,944,447 Outstanding shares end of period 11,997,777 11,997,777 11,997,777 11,997,777 Result per share 1.0 0.8 3.7 2.2 Result per share fully diluted 1.0 0.8 3.7 2.2 Equity per share 17.0 14.0 17.0 14.0 Equity per share fully diluted 16.9 13.9 16.9 13.9 Dividend per share 0.00 0.00 1.25 1.75
Page 12
12 The board and the managing director assures that the interim report provides a fair overview of the Company’s position and results Mölndal 16 October 2026 Philip Chaabane, Chairman of the board Chatarina Schneider, Member of the board Tomas Bergdahl, Member of the board Anette Orsten, 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