Equity research Svenska Aerogel, Q3 2025: Better than expected profitability

Today, Svenska Aerogel published its interim report for Q3 2025. Below is a summary of our first impressions of the report’s outcome and the income statement’s deviations from our forecasts.

• Net sales for Q3 2025 amounted to SEK 0.9 million, representing a 59% increase compared to Q3 2024. Our estimate of SEK 2.2 million in net sales was therefore significantly higher than the actual outcome. However, the rolling 12-month sales continue to increase and amounted to approximately SEK 4.5 million at the end of Q3 2025.
• EBIT amounted to negative SEK 7.1 million. The Company’s EBIT estimate was negative SEK 7.5 million. The difference is attributable to lower-than-expected costs for goods sold and administration, and the Company achieved better profitability than expected despite low revenue.
• The net result for Q3 2025 amounted to minus SEK 7.1 million, compared to our estimate of minus SEK 7.5 million.

During Q3 2025, the Company received a new container order of 2 tons from a North American customer in the thermally insulated outdoor products segment. Within the Building & Construction segment, the Italian customer Isoltech achieved a breakthrough in cellular concrete, where the new material demonstrated superior performance compared to the current market leader in terms of both thermal insulation and quality, according to CEO Tor Einar Norbakk.

We intend to publish a full research update of Svenska Aerogel shortly.

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