SESNasdaq StockholmWaste ManagementIFRS · SEK

Scandinavian Enviro Systems

Scandinavian Enviro Systems AB is a Swedish industrial technology company focused on recovering valuable materials from end-of-life tires through its proprietary recycling process. The company is organized as a listed public company on Nasdaq First North Growth Market and operates through development, technology licensing, and industrialization of tire-recycling solutions.

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Revenue31.5m SEK
−81.5 %y/y
Operating profit (EBIT)257m SEK
+415.3 %y/y
EBIT margin815.9%
+786.7 ppy/y
Net income-367m SEK
−783.8 %y/y

Fiscal year 2025 · change from previous year

Development 2021–2025

0100200300m SEK2021: 8.0 m SEK20212022: 8.0 m SEK20222023: 14 m SEK2023: EBIT 94 m SEK20232024: 171 m SEK2024: EBIT 50 m SEK20242025: 32 m SEK2025: EBIT 257 m SEK2025TTM 2026: 32 m SEKTTM 2026: EBIT 211 m SEKTTM32211
RevenueOperating profit (EBIT)TTM = last 12 months, not a full fiscal year
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Business

Share of revenue
Recycling technology45 %

Core process technology and know-how for recovering materials from used tires.

Plant development and implementation30 %

Engineering, development, and deployment support for recycling facilities.

Licensing and technical services15 %

Technology licensing, advisory, and support services tied to the Enviro process.

R&D and intellectual property10 %

Development work, patents, and related technology assets supporting the platform.

Customers

The company serves industrial customers and partners involved in tire recycling, circular materials, and waste-to-value infrastructure. Its buyers typically need technology, engineering support, and process expertise to build or operate tire-recovery capacity. Strategic customers are often large industrial groups, recyclers, and partners seeking scalable recycling solutions.

Industrial recycling operators

Buy recycling technology and plant support to process end-of-life tires at scale.

Strategic industrial partners

Use the technology platform to develop circular-material infrastructure and projects.

Technology licensees

License the process and related know-how for local deployment.

R&D and project collaborators

Engage for development work, testing, and commercialization support.

Strategy

The company’s strategy is centered on commercializing its tire-recycling technology and scaling industrial deployment through partners and project execution. Protecting intellectual property, advancing development work, and converting technical capability into repeatable plant implementations are central to its competitive position.

Commercialize the recycling platformShort term

The business depends on turning technology into deployable industrial solutions.

Expand industrial partnershipsMedium term

Partners can accelerate market access and project scaling in multiple geographies.

Protect and develop intellectual propertyLong term

Patents and know-how support differentiation and long-term monetization.

Geography

Scandinavian Enviro Systems is headquartered in Sweden and operates from a Nordic base, with investor communications and corporate reporting centered in Gothenburg. Its business model is international in nature because tire-recycling technology can be deployed in multiple markets, but the available reports mainly identify Sweden as the core operating and reporting location.

Risks

The company faces execution risk because its model depends on converting development-stage technology into commercial industrial projects. It is also exposed to project timing, partner dependence, and the broader risk that recycling economics, regulation, or customer adoption may not develop as expected.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Commercialization and project execution risk1Technology performance risk2Partner concentration and dependency3Regulatory and market adoption risk4
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. Commercialization and project execution riskImpact: HighLikelihood: High

    Revenue depends on turning technology into working industrial deployments.

    ExposurePlant projectsLicensingImplementation work
  2. Technology performance riskImpact: HighLikelihood: High

    Industrial recycling processes must operate reliably at scale to be adopted.

    ExposureProcess yieldsUptimePlant economics
  3. Partner concentration and dependencyImpact: MediumLikelihood: High

    The business may rely on a limited number of strategic partners and customers.

    Exposure: Licensing and project rollout

  4. Regulatory and market adoption riskImpact: MediumLikelihood: High

    Demand for tire recycling solutions depends on policy support and customer willingness to invest.

    Exposure: Circular-economy infrastructure

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Accounting

Judgemental items
Capitalized development expenditures

Development work is shown as an intangible asset and can materially affect reported assets and expenses.

Impact: Balances development spending between the income statement and balance sheet

Intangible asset impairment

Patents, licenses, and capitalized development costs must be tested if project economics weaken.

Impact: Could create non-cash write-downs

Project and milestone timing

Technology and implementation businesses often recognize costs and revenues unevenly across periods.

Impact: Can make quarterly comparability difficult

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Last updated: 24/09/2026