Slide 1: I-Tech AB Q1 report 2025
I-Tech AB Q1 report 2025 Markus Jönsson, CEO Magnus Henell, CFO May 8th, 2025
Slide 2: Results
Results “The positive momentum continues in the start of 2025” Rolling 12 months MSEK 50% 200 40% 160 30% 120 20% 80 10% 40 0% 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2020 2021 2022 2023 2024 2025 EBITDA Operating cost % Revenues
Slide 3: A strong start to 2025
“A strong start to 2025” All amounts (MSEK) 2025 2024 Growth Jan-Mar Jan-Mar ’25/’24 Net Sales 56.9 38.3 49% Gross margin 56% 53% - EBITDA 19.6 11.2 76% EBIT 17.7 9.1 94% Operating cashflow 26.1 14.6 79% Cash balance 126.2 97.7 29% ▪ Net sales up 49%, closely trailing Q4 2024 ▪ Healthy increase of g
Slide 4: Geographical spread during Q1
Geographical spread during Q1 Northeast Asia drives topline Overall sales split by region Asia sales split by country 1% 6% 31% 27% 99% Asia Europe RoW 35% Korea Japan China Singapore X% - Share of total Sales
Slide 5: Market outlook - Rougher seas ahead?
Market outlook - Rougher seas ahead? Global Seaborne trade • Shipping markets remain in positive territory overall, up 17% over 10-year average – Charter rates are falling • Seaborne trade grew by 5.9% in tonne-miles during 2024 (2.1% by volume). The fastest rate of expansion in 14 years. • However,
Slide 6: The foundation of the value proposition remain strong
The foundation of the value proposition remain strong Examples of key Maritime shipping challenges Emissions to air - CO2 Transfer of invasive species Emissions to water - Release of emission reduction between ecosystems chemical substances
Slide 7: Targets net-zero emissions by 2050
targets net-zero emissions by 2050 Indicative check Carbon Intensity point: 70% reduction Index (operational) of total annual GHG. 2030 striving for 80% 2050 40% reduction of 2040 Net-Zero GHG CO2 per transport emissions by 2050 EU Emission Energy Efficiency work. (around 800 MT Trade System (Design
Slide 8: Why are barnacles such a challenge?
Why are barnacles such a challenge? • Big impact on drag resistance • Thrives in most marine environments • Superglue themselves on surfaces and are very difficult to remove • Damages the hull coating ➔ The most efficient strategy is to try to prevent them from settling on your ship hull
Slide 9: What if…
What if… 1/3 of the global fleet were using 36% more fuel than needed? …Even if just for a day What would that mean for cost and emissions?
Slide 10: New indocking data underscores the value of Selektope®
New indocking data underscores the value of Selektope® More than 33% of all inspected ships have unacceptable levels (>10%) of barnacle fouling 761 ships inspected Condition upon dry-docking Selektope® significantly improves performance Presence of Barnacles as percent of total observations 100% 100
Slide 11: Vessel performance
Vessel performance High frequency data – long term trending Time Speed Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 loss Drydocking Source: Courtesy of Jotun web
Slide 12: Speed loss due to hull performance degradation
Speed loss due to hull performance degradation 5-year period -1% Selected vessels With premium antifouling solution optimized for the specific route and activity level -7% Average across all customer data -12% Speed One specific event (example) loss A tanker that was idle outside Mozambique for 3 we
Slide 13: Cost implications of hull performance degradation
Cost implications of hull performance degradation Fuel overconsumption: Average impact over 5 years: 3 times the speed loss (rule of thumb) 3 x 0.07 = 21% overconsumption. meaning e.g.. 36 instead of 30 mT per day on average consumption (VLSFO: $456 per mT) 5 years x 365 days x 70% activity x 6.3 x
Slide 14: Market outlook
Market outlook Ship building & maintenance (yearly) 1.800 new ships 20.000 dry-dockings $300 – 500 million opportunity Antifouling technologies for coatings New-ships Dry-dockings Europe RoW RoW Europe Korea Turkey China China Japan Other Asia Source: Clarkson 2024. share of dry-dockings estimated b
Slide 15: Our solution:
Our solution: egami egnahc ot elddim eht ni noci kcil 1 • Swedish innovation - Pharmaceutical substance • Unique mode of action - Non-lethal. temporary effect 2 Enabling better coatings • Efficient in low concentrations • Enables innovative paint development 3 Commercially proven • In more than 30 c
Slide 16: I-Tech today
I-Tech today A scalable business with plenty of additional potential Antifouling coatings “A consolidated market” “Antifouling paint is essential to ship performance” ----- Just 10% fouling can increase fuel consumption and CO2 emissions by 30-40% ✓ Unique technology ✓ Intellectual property and form
Slide 17: Selektope's re-registration process in the EU
Selektope’s re-registration process in the EU All biocides under regulatory pressure in Europe DG Sante to develop proposal Standardized process Vote in Standing Committee on Biocidal Products Discussion in Standing Committee on Biocidal Late 2025 Products Socio-economic analysis March 2025 Member S
Slide 18: Business Outlook
Business Outlook Increased uncertainty, market turbulence and currency headwind New customer product launches & business development activities Operational improvements & Advocacy linked to regulations
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