CONTINUED CURRENCY-ADJUSTED GROWTH WITH STRONG GROSS MARGIN AND CASH FLOW

• MSEK 108 Net revenue, -4.7%
• MSEK 67 Recurring revenue, -5%
• 6.6% EBIT margin, (3.7%)

July–September 2025 in summary

• Net revenue amounted to MSEK 107.6 (112.8), currency-adjusted revenue increased with 7.4 MSEK which led to an increase of 1.9%
• Recurring revenue MSEK 66.6 (70.3)
• Operating profit (EBIT) MSEK 7.1 (4.2)
• Operating margin 6.6% (3.7%)
• Earnings per share SEK 0.36 (-0.28)
• Cash flow from operating activities MSEK 29.9 (3.4)

January–September 2025 in summary

• Net revenue MSEK 341.6 (346.7), currency-adjusted net revenue increased with 10.6 MSEK, an increase of 1.6%
• Recurring revenue MSEK 202.4 (212.6)
• EBITDA MSEK 50.1 (42.3)
• EBITDA margin 14.7% (12.2%)
• Operating profit (EBIT) MSEK 26.4 (17.4)
• Operating margin 7.7% (5.0%)
• Earnings per share SEK 1.01 (0.21)
• Cash flow from current operations MSEK 55.5 (22.7)

Significant events in the third quarter

• QleanAir signs a USD 647,000 contract with a longtime cleanroom partner to design, build and service tenth and eleventh QleanSpace cleanrooms
• QleanAir launches FS 70 Welding - A powerful, mobile air cleaner developed for welding and grinding applications

Significant events after the end of the period

• QleanAir delivered 9.16 billion cubic meters of cleaned air at the end of the third quarter of 2025

A WORD FROM THE CEO

Continued currency-adjusted growth with strong gross margin and cash flow
Demand in our critical application areas continues to deliver strong growth. During the quarter, we launched another niche application area targeting welding fumes. Sales in the quarter amounted to MSEK 107.6 (112.8). Adjusted for negative currency effects of MSEK 7.4, sales increased to MSEK 115.0. The gross margin increased to 67.2% (62.4%) in the quarter and the operating margin, EBIT, improved to 6.6% (3.7%). This resulted in a strong operating cash flow of MSEK 29.9 (3.4). Although market conditions remain challenging, especially in Germany, we have offset this through strong sales in Japan, the Nordics and the US.

For the period January-September 2025, revenue amounted to MSEK 341.6, with an operating profit, EBIT, of MSEK 26.4 and an operating margin of 7.7%. Operating cash flow was MSEK 55.5 (22.7).
 
The gross margin for the period is stable for Cabin Solutions. In Air Cleaners, we see positive effects on the gross margin from an increased proportion of renewed contracts. In our Cleanroom business we continue to see improved margins as a result of our work on COGS at the end of 2023. 

Niche products continue to deliver strongly
In the fall, we launched another critical application area, a solution for welding fumes. FS 70 Welding is a powerful and energy-efficient air cleaner developed to minimize levels of welding fumes and grinding dust in metalworking environments. The launch is a result of our focused development work on critical industrial applications. The development has taken place in close cooperation with industrial customers in Sweden, Germany and France.
 
These launches are important steps in our strategy to broaden our offering and strengthen our position in air cleaning for professional environments. In the third quarter, the products we launched in the last 18 months accounted for over 20% of units sold in Air Cleaners. We continue to develop solutions that meet the needs of critical environments and drive our long-term growth agenda for the product portfolio.
 
Continued strong momentum in Japan (APAC) and a stable activity level in Europe (EMEA)
We continue to see good potential in Japan. Our efforts to broaden the reach of Cabin Solutions to more small and medium-sized enterprises in the office, industrial and hospitality (HoReCa) sectors are paying off. The hospitality industry in Japan is developing strongly, with double-digit growth in tourism in both 2024 and 2025. Japan shows growth in local currency both during the quarter and the year to date. We also have a high level of activity in Europe where we have strengthened our regional organization. In EMEA, our focus on the more critical application areas for Air Cleaners has strengthened our market position and protected us in a weak market.
  
New cleanroom projects in the US (Americas) with a long-term partner
The Americas continued to be stable during the quarter with 15% growth in local currency. At the end of August, we won a contract worth MUSD 0.6 from one of our Cleanroom partners on the East Coast of the US. The contract will provide a hospital with two additional cleanroom environments that meet USP 797/800 guidelines. The cleanrooms will be used to prepare medications in the hospital pharmacy. The project will be delivered in 2026.
 
Future outlook
We have a very positive view of the global potential for clean indoor air but maintain our cautious view on the economic situation in Europe. We remain financially strong, with an improved cash flow from operating activities. Our change management to increase growth and profitability in the medium term is progressing according to plan, with the aim of achieving annual organic growth of 10% and an operating margin of 15–20% in the medium term.
 
Our circular business model and our focus on sustainability continue to be a competitive advantage. By the end of September, we delivered 9.16 billion cubic meters of cleaned indoor air - an increase of 27% compared to the same month last year.
 
I would like to thank all our staff for their commitment and our customers for their continued trust. Together, we are building on our vision to become the world leader in stand-alone indoor air cleaning solutions.
 
Solna, November 20, 2025
 
Sebastian Lindström, CEO QleanAir AB

PRESENTATION

QleanAir invites you to a webcast/teleconference on November 20, 2025 at 10:00 a.m. The company's CEO, Sebastian Lindström, and CFO, Fredrik Sandelin, will present the company's quarterly report in English. Link to watch the presentation online: https://events.inderes.com/qleanair/q3-report-2025/dial-in