Medclair – a leader in sustainable nitrous oxide management

The global transition toward reduced emissions is driving demand for Medclair’s solutions. The company has established itself as a leading player and, in addition to the healthcare sector, has also expanded into the recycling industry.

1 JANUARY – 31 DECEMBER 2025

• Order intake amounted to SEK 73.2 million (62.3)
• Net sales amounted to SEK 52.1 million (32.2)
• EBITDA amounted to SEK 11.2 million (-0.2)
• Profit after tax amounted to SEK 4.7 million (-0.7)
• Earnings per share after tax amounted to SEK 0.06 (-0.01)
• The Board of Directors will propose to the Annual General Meeting that no dividend be paid for the financial year.

CEO Statement: From Pioneer to Global Authority – Accelerating Growth

2025 marks a historic turning point for Medclair. It was the year we left the pioneer phase behind and emerged as a global authority in sustainable nitrous oxide management.
In recent years, we have worked with clear focus to transform the company, and following the strategic repositioning in 2024—when we streamlined operations into a pure-play CleanTech company—we have now reached a new level of operational and financial maturity. With net sales increasing to SEK 52.1 million in 2025 (SEK 32.2 million in 2024) and a positive net result of SEK 4.7 million (SEK -0.7 million in 2024), we have demonstrated that our business model is not only essential for the planet, but also financially robust.

Strategic Maturity and Financial Strength

Our growth during the year is clear evidence that the market now views Medclair’s solutions as a necessity rather than an option. This development is driven by a global trend in which the healthcare sector is actively working toward ambitious net-zero targets, while regulations on potent greenhouse gases such as nitrous oxide continue to tighten each year.
In 2025, we significantly scaled up our climate impact, delivering solutions with the capacity to eliminate emissions equivalent to nearly half a million tonnes of CO₂e. This represents a substantial increase compared with the previous year and clearly demonstrates how we are enabling the sector’s transition to more sustainable operations.
Particularly noteworthy this year is our strengthened financial position. We have worked systematically to improve capital efficiency, resulting in reduced working capital and lower short-term liabilities compared with the previous year. Successfully combining strong growth with a strengthened balance sheet provides us with a solid and resilient platform to finance the next phase of our global expansion.

A Fundamental Shift in Go-to-Market Strategy

To further accelerate sales growth and ensure strong margins, we are now implementing a strategic shift in how we reach our customers. In our priority Tier 1 markets—the United States, the United Kingdom, France, and Germany—we are transitioning to a direct sales model. We have learned that a direct customer relationship is the fastest path to closing deals; it shortens lead times and gives us full control over the entire customer experience.
By building our own organization in these key regions, we ensure that Medclair owns the customer journey from first contact through to long-term service. Particularly in the United States and Germany, where we secured important breakthrough orders in 2024, we now see that the time is right to scale up our presence and capitalize on the trust we have built.

Innovation Driving Accessibility and Scalability

Innovation remains Medclair’s primary driving force. During the year, we launched EXPO.p, a portable detector that provides real-time feedback on nitrous oxide exposure. It serves not only as a critical tool for workplace safety but also as a strategic entry point into the extensive global dental market. To effectively reach this high-volume segment, we are launching an e-commerce platform that automates the purchasing journey and enables strong growth with minimal administrative burden.

Within R&D, we are working with clear focus to support our commercial strategy. We have made significant progress in developing a new generation of destruction units that will transform both usability and accessibility of our technology. These solutions are designed to be even easier for customers to implement, while also creating natural pathways for recurring revenue. At the same time, we are seeing our expertise gain increasing relevance in sectors beyond healthcare, such as the recycling industry and the water and wastewater sector, further diversifying our revenue streams.

Financial Strength to Capture a Billion-Scale Market

Looking ahead, the potential for our solutions is significant. Our analysis indicates an annual total addressable market (TAM) of SEK 1.7 billion. To fully capture these opportunities and establish the necessary local presence in our key markets, we completed a directed share issue in February 2026, following the end of the financial year. This provides us with the financial resources to further accelerate our investments in sales and marketing. With this capital in place, we are well positioned to systematically convert market potential into actual orders and leverage our unique customer lifetime value.
Medclair is stronger today than ever before. We have the technology, we have the trust of our customers, and we now have the financial strength and organizational capabilities required to set the global standard for sustainable nitrous oxide management.

We extend our sincere thanks to our employees for their exceptional dedication, and to our partners and shareholders for your continued trust as we advance on our journey to become a global leader in green technology.

Jonas Lundh
Chief Executive Officer, Medclair AB