I-Tech AB

This morning, itech published a report for the second quarter of 2026, and standing beside me is the company CEO, Markus Jansson. Welcome. Thank you very much. Good to see you again, Mike. It's good to have you here with a smile on your face. It's a very strong report, and I can't wait to hear more. You will give us a presentation, so go ahead.

Thank you very much. All right, so first, a very brief introduction for those of you who may be encountering us for the first time today then. But ITech, which industry are we operating in? It's actually in the maritime business. And usually we say, this is our intro statement, so what if one third of the global fleet of 110,000 commercial vessels were using 36% more fuel than needed, even for one day? What would that mean for operating costs and emissions? and actually the truth is the picture is this bad, right? We have had data where you actually look at the conditions of ship when they come into dry dock after a service period and it's actually full of biofouling and that's a serious problem for the international shipping community. So I-Tech then, we have a solution for part of this problem. So our product Select Hope helps actually to prevent barnacles, which is hard fouling organism to settle onto the ship's hulls. And this helped the shipping companies then to reduce fuel costs and also reduce the emissions to air. Also, it helps to protect sensitive coastal environments because fouling is actually one of the number one vector for spreading of invasive aquatic species. So having a clean hull is very important also from a preservation purpose on the ecosystem. and also then reducing emissions to the oceans because Select Hope is a very very effective and efficient product so you need very little of it to get a good effect. So iTech has been built around the product of Select Hope. Our customers are the top coating manufacturers that are making then anti-fouling coating which is coated then on the underwater surface area of ships. And it's a quite consolidated market. We have commercial relationships with the majority of the customers and working very actively with additional coding manufacturers to get Select Hope into their formulations and products. So it's quite a unique technology. We are a company based, you could say, on intellectual property and formulation know-how. Our production is outsourced. The penetration of Celectope is still rather low. We estimate that it's today on approximately 3,500 chips then out of a global fleet of 110,000. So much more to do as well in terms of penetrating the market with Celectope. iTech was introduced to the Nasdaq Stock Exchange in 2018, and since then we've had a tremendous, nice growth journey, so nearly 30% year-on-year growth. And that continues at least for the first half of this year, so it's very good developments. And now we come in then to the quarterly results, and then I would like to hand over to Magnus Hanell, the CFO and Head of Operations. Here you go.

Thank you very much, Marcus. It's really nice being here today to talk to you about the quarter report. And as you can see in the picture in front of us, we have a tremendous development for this quarter. Of course, compared to last year, it's a huge development. But on the other hand, we are compared with quite weak numbers in Q2. be very open to say that, but given the fact that we are comparing to weak numbers, last year we still have almost 10% growth compared to our best quarter so far, which was the previous quarter, Q1 in 2026, which means that this is, of course, the best quarter we have had on the sales side as well as the results side. And we have done this by increasing the volume both with almost all our existing customers. It's very much based on the top two customers where the top one has had very nice growth as well as the second one, which come back quite much better than previous year when they have a significant drop. And we can come back to that later on, maybe in the Q&A as well. So, given the hard facts, we have an 86% growth compared to previous year, almost 60 million in excess for the quarter, which is very nice. If we look on the volume side, it's roughly 100% growth. And the main difference here is mainly the volume price list that we have. We have customers who have taken the next step in their pricing, which means that they have reduced the price a little bit, but also the general mix and as well as the currency effect, of course. Previous quarter, we were talking a little bit about gross margin and that we were a little bit afraid that we should drop a little bit for this quarter and the coming quarters. We have so far been able to manage all of these risks. There are still a small risk that we for the coming quarters will reduce the gross margin a little bit. But for now, we see that we have managed the sort of large risks in this together with our suppliers and our customers, of course. So the effect of this growth in top top line as well as the continued high gross margin is of course that we coming into a quarter with very nice EBITDA. We have a EBITDA level of 40%. We have an EBIT level of 36%. which is very strong. And of course, we are comparing it to weak numbers last year, where they were significantly lower. But on the other hand, we have had the same EBIT and EBITDA level for the first two quarters this year. And we show that we have a stable cost base, even though we have this significant cost for the EU regulation, et cetera, still hanging over us. But we are growing, but we are also growing on a stable cost base. Finally, maybe I should point out that we still have a very nice cash conversion, almost in line with the EBITDA level. Of course, this is not something that we can keep on for eternity, but as long as we have these sort of one-time effects every year for the tax for the previous years, then we will continue for at least three out of four quarters have almost the same cash conversion as the EBITDA. When looking into the different market, of course, Asia is still very much the highest model. We have taken even further step, 96% this quarter compared to the 4% in Europe. We have very small also to the rest of the world, but not shown on this screen. To point out here maybe is that Korea has significantly improved compared to previous quarters. And that is main to the two largest customers that I was talking about there. And a large part of their increase was in Korea when we are comparing quarter by quarter. So to summarize the Q2, the highlights are, of course, we have 100% volume growth. which is then the strongest quarterly volume so far. We are continuing to diversify and we have a Korea that is really strong for the quarter and strength in this position. And we need to point out again, we did point out last quarter as well, but we have a stable high gross margin, 59%, and which then results in a very strong EBITDA and EBIT on 40 respective 36%. So now, having that said about the numbers, I think Markus will talk a little bit about the upcoming events and other development in the company.