CIRCHENasdaq StockholmWaste ManagementIFRS · SEK

CirChem

CirChem AB is a Swedish environmental technology company focused on industrial solvent recycling. It operates a recycling facility in Vargön, where used solvents and solvent waste are collected, purified, and reprocessed for reuse in industrial applications, primarily across the Nordic region.

Ask about the company
Revenue10.0m SEK
−51.8 %y/y
Operating profit (EBIT)-11.2m SEK
−10,870.2 %y/y
EBIT margin-112.5%
−113.0 ppy/y
Net income-12.1m SEK
−1,025.1 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-20-100102030m SEK2020: 0.07 m SEK20202021: 0.09 m SEK20212022: 0.59 m SEK2022: EBIT -17 m SEK20222023: 5.7 m SEK2023: EBIT -16 m SEK20232024: 21 m SEK2024: EBIT 0.10 m SEK20242025: 10.0 m SEK2025: EBIT -11 m SEK202510.0-11
RevenueOperating profit (EBIT)
Ask Clarifo about CirChem

Business

Share of revenue
Solvent recycling services70 %

Collection, separation, and purification of used solvents for reuse in industrial processes.

Recycled solvent sales20 %

Sale of recovered and reprocessed solvents back to industrial customers.

Waste treatment and handling10 %

Processing of solvent waste streams and related handling services.

Customers

CirChem sells mainly to industrial companies that generate solvent waste and want a local recycling route instead of incineration. Its customers are typically larger manufacturers and process industries that use solvents in production, cleaning, coating, or formulation steps and value lower waste costs, supply security, and reduced emissions.

Industrial solvent generators

Manufacturers and processors that send used solvents for recovery instead of disposal.

Automotive industry

Customers with solvent-intensive cleaning and coating processes requiring tailored recovery.

Paint and coatings industry

Companies needing purified solvents for formulation and production reuse.

Waste and recycling partners

Intermediaries such as recycling firms that channel solvent streams into CirChem's process.

Strategy

CirChem's strategy is built around closed-loop solvent recovery, where customers supply used solvents and receive purified material back for reuse. The company is also focused on expanding capacity, deepening customer partnerships, and extending its model to additional industrial clusters in Northern Europe.

Expand capacity at VargönShort term

Higher throughput is needed to serve more solvent volumes and support larger customer contracts.

Deepen closed-loop customer relationshipsMedium term

Recurring take-back and resale flows create stickier customer relationships and more predictable utilization.

Broaden the Nordic platformLong term

Additional sites could extend the model to more industrial clusters and reduce transport distances further.

Geography

CirChem is headquartered and operates in Sweden, with its main recycling facility in Vargön, Vänersborg municipality. The company describes its market focus as the Nordic region, while also discussing broader expansion opportunities in Northern Europe.

Risks

CirChem depends on customer willingness to route solvent waste into its recovery process and to buy back recycled output, so demand balance is important. The business is also exposed to regulatory, environmental, and site-related risks, including the condition of the Vargön property and the handling of hazardous waste.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Customer dependence and contract renewal risk1Permitting and environmental compliance2Geopolitical and chemical price volatility3Contaminated property and remediation costs4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Customer dependence and contract renewal riskImpact: HighLikelihood: Medium

    The model relies on a limited number of industrial counterparties supplying waste and buying recycled solvent.

    Exposure: Closed-loop industrial contracts

  2. Permitting and environmental complianceImpact: HighLikelihood: Low

    Operations involve hazardous waste and are subject to environmental permits and regulatory oversight.

    Exposure: Vargön recycling facility

  3. Geopolitical and chemical price volatilityImpact: MediumLikelihood: Medium

    Volatile raw material and transport conditions can change customer behavior and project timing.

    Exposure: Nordic and international chemical markets

  4. Contaminated property and remediation costsImpact: MediumLikelihood: Low

    The site has a history of industrial use, which can create cleanup or development-related costs.

    Exposure: Owned operating property in Vargön

Ask Clarifo about CirChem

Accounting

Judgemental items
Revenue timing and volume recognition

Income depends on when solvent waste is processed and when recycled product is delivered to customers.

Impact: Can create significant quarterly volatility in reported revenue

Environmental provisions and remediation estimates

The operating site has historical contamination exposure and hazardous-waste obligations.

Impact: May affect operating expenses and balance-sheet liabilities

Capitalization of expansion assets

New lines, storage areas, and lab investments require judgment on what is capitalized.

Impact: Influences depreciation, EBITDA, and asset base

Similar listed companies

Publicly listed companies with a comparable business focus.

LiqTech International, Inc

LIQT · Misc Industrial & Commercial Machinery & Equipment

Arq, Inc.

ARQ · Miscellaneous Chemical Products

Berner Industrier

BERNER-B · Industrials

Nederman Holding

NMAN · Industrials

Birchtech Corp.

BCHT · Measuring & Controlling Devices, NEC

PureCycle Technologies, Inc.

PCT · Plastic Materials, Synth Resins & Nonvulcan Elastomers

Last updated: 24/09/2026

CirChem (CIRCHE) Revenue, Earnings & Financials 2025 – Clarifo