Commercial · Case monitor
The evidence, theme by theme
Four themes, each with the latest reported figures, the period they are compared with, and a link to where they came from. Then what those figures cannot answer. There is no score and no verdict: the comparison is the evidence, and the conclusion is yours.
Commercial adoption
Recycling projects by stage, as Nexam counts them, at its latest update against the one before.
| Indicator | Latest | Compared with | Change |
|---|---|---|---|
| Recycling projects, commercial↗ | 31Update after Q3 2026 | 28Q2 2026 | +3 |
| Recycling projects, technically approved↗ | 14Update after Q3 2026 | 12Q2 2026 | +2 |
| Recycling projects, in development↗ | 164Update after Q3 2026 | 145Q2 2026 | +19 |
Latest commercial event: 2026-10-20, Order. All events →
What these figures do not answer
- How many of the commercial projects buy again, and how much each buys. Neither is reported.
- Which companies the projects are. Most customers are unnamed, so a count cannot be matched to them.
Revenue growth
Sales in the latest quarter against the same quarter a year earlier, for the group and for Recycling.
| Indicator | Latest | Compared with | Change |
|---|---|---|---|
| Net sales, quarter↗ | 41.6 MSEK ≈ $4.3MQ3 26 | 45.5 MSEK ≈ $4.7MQ3 25 | −9% |
| Recycling sales, quarter↗ | 9.3 MSEK ≈ $953kQ3 26 | 5.6 MSEK ≈ $574kQ3 25 | +66% |
What these figures do not answer
- How concentrated sales are. Sales by customer are not reported.
- Recycling's sales are stated in the CEO's comments rather than the accounts, and two reports have given the same quarter differently.
Profitability and cash flow
Margin, earnings and cash flow against the same quarter a year earlier; cash, a balance, against the quarter before.
| Indicator | Latest | Compared with | Change |
|---|---|---|---|
| Gross margin↗ | 49.0%Q3 26 | 46.0%Q3 25 | +3.0 pp |
| EBITDA↗ | -2.5 MSEK ≈ -$261kQ3 26 | 0.8 MSEK ≈ $78kQ3 25 | −3.3 MSEK |
| Operating cash flow↗ | -2.4 MSEK ≈ -$250kQ3 26 | 8.2 MSEK ≈ $838kQ3 25 | −10.6 MSEK |
| Cash position↗ | 16.7 MSEK ≈ $1.7MQ3 26 | 22.9 MSEK ≈ $2.3MQ2 26 | −6.2 MSEK |
What these figures do not answer
- Whether growth in Recycling lifts the group's margin. Recycling's own margin is not reported each quarter.
- What a single quarter means. Cash flow moves with working capital, so one quarter is weak evidence either way.
Market conditions
Two public series about the market Nexam's customers work in: how much plastic packaging the EU recycles, and what plastic products sell for.
| Indicator | Latest | Compared with | Change |
|---|---|---|---|
| EU plastic packaging recycled↗ | 42.4%2024 | 41.6%2023 | +0.8 pp |
| EU producer prices, rubber and plastic products (2021 = 100)↗ | 121.02026-08 | 114.52025-08 | +5.7% |
What these figures do not answer
- What any of this means for Nexam's sales. These describe the market its customers work in, and a stronger market for recycled plastic does not by itself mean more sales for Nexam.
- What the market is doing now. The recycling rate is published about two years after the year it describes.