Slide 1: Good underlying growth with strong performance in Air Cleaners and Cleanrooms
Good underlying growth with strong perfomance in Air Cleaners and Cleanrooms Making a real difference through clean air. Investor Presentation – Q2 2026
Slide 2: Innovating clean air solutions for industrial and professional environments
Innovating clean air solutions for industrial and professional environments Speakers Sebastian Lindström Fredrik Sandelin CEO CFO Investor Presentation Q2 2026 | Making a real difference through clean air 2
Slide 3: Q2 | Underlying growth driven by Air Cleaners and Cleanrooms
Q2 | Underlying growth driven by the introduction of Air Cleaners and sales of Cleanrooms 118 (118) 65 (68) FX adj. +6% FX adj. +2%% Net sales, SEK millions Recurring revenues, SEK millions Key Takeaways ▪ Underlying growth of driven by the introduction of 67.1 (68.3) 12.9 (15.9) AirCleaners in Oct
Slide 4: Q2 | Solid interest in niche industrial solutions
Q2 | Solid interest in niche industrial solutions ▪ The launch of the new industrial AirCleaners in October 2025 was ▪ Delivering on our ambition to organically grow sales annually on a success, best-selling product in 2026 average with more than 5% (≈10) with an EBITDA of 15-20% (EBIT 15-20%). Cash
Slide 5: Q2 | Clear path to grow industrial Air Cleaners share and increase recurring revenues
Q2 | Clear path to grow industrial Air Cleaners share and increase recurring revenues 10% 11% 12% 18% 21% 24% 64% 68% 72% Cabin Solutions Air Cleaners Cleanrooms Cabin Solutions Air Cleaners Cleanrooms Cabin Solutions Air Cleaners Cleanrooms 2022 2025 Q2’26 Investor Presentation Q2 2026 | Making a r
Slide 6: Problems solved / Our Solutions
Our focus on bespoke solutions for critical application areas for the industry is paying off, Air Cleaner growth of 11% YTD and 15% in the quarter Problems solved Mold spores, bacteria and powder Dust and particles in logistics & Particles and gases in production Oil mist, grinding dust & welding in
Slide 7: Q2 | Strong marketing & Sales Momentum
Q2| Strong marketing & Sales Momentum Maintenance tradeshow Netherlands CFIA, Rennes France Trade shows ▪ Industrial Manufacturing Nagoya Industrial Aircleaners ▪ Kansai Logistics Osaka Industrial Aircleaners ▪ Film Tech Osaka Industrial Aircleaners ▪ Food Manufacturing Tokyo Industrial Aircleaners
Slide 8: Transformation program remains on track to improve growth and profitability
Transformation program remains on track to improve growth and profitability Three top priorities driving execution STRATEGIC ACCELERATION OPERATIONAL STRATEGIC EXCELLENCE ACCELERATION Cost control Sales efficiency Customer focus Investor Presentation Q2 2026 | Making a real difference through clean
Slide 9: Focused execution supporting higher recurring revenues and delivery on financial targets
Focused execution supporting higher recurring revenues and delivery on financial targets ▪ Our transformation work to increase growth and profitability continues according to plan ▪ Clear path and strong ambition to expand Air Cleaners as a share of total and increase recurring revenues. ▪ Financial
Slide 10: Financial update
Financial update Fredrik Sandelin, CFO Investor Presentation Q2 2026 | Making a real difference through clean air
Slide 11: Q2 | Continued strong gross profit and high gross margin
Q2 | Continued strong gross profit and high gross margin 67.1 (68.3)% Cabin Solutions Air Cleaners Cleanrooms Sales, SEKm 75.4 (82.0) Sales, SEKM 28.2 (24.4) Sales, SEKm 14.4 (11.5) Gross profit, SEKm 54.5 (59.2) Gross profit, SEKm 16.0 (14.9) Gross profit, SEKm 8.8 (6.4) Gross Margin, % 72.2 (72.2)
Slide 12: Q2 | Strategy to increase recurring revenue share of sales
Q2 | Strategy to increase recurring revenue share of sales, FX-adj. Sales +6.1 % & Rec. Rev +2.3 % 160 140 135 124 124 125 121 119 118 118 120 115 113 116 113 114 104 108 100 80 73 75 74 75 72 72 71 70 68 68 67 67 63 6569 60 40 20 0 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q
Slide 13: Q2 | Stable rental revenues with high margins
Q2| Stable rental revenues with high margins from units in own balance sheet, service & maintenance contracts 160 140 120 21 14 22 19 20 18 16 19 15 18 22 25 100 11 14 39 35 27 30 28 25 28 20 30 34 80 27 28 28 28 60 40 73 75 74 75 72 71 70 72 68 68 67 67 63 65 20 0 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'2
Slide 14: Q2 | Recurring revenue model supports strong gross margin
Q2 |Recurring revenue model supports strong gross margin of SEKm 79, corresponding to a gross margin of 67.1% 100 100 92 90 86 90 83 82 82 80 81 80 79 80 74 75 77 80 75 73 72 71 73 70 70 72 72 68 68 68 67 67 70 65 70 71 63 68 69 69 68 70 60 67 67 66 67 68 67 60 63 62 50 50 40 40 30 30 20 20 10 10 0
Slide 15: Q2 | Stable gross margins supporting EBITDA performance
Q2 | Stable gross margins supporting EBITDA performance 30 29 FX-adj. EBITDA- margin 13.7% 25 25 24 22 20 20 22 19 19 21 18 17 19 15 15 15 17 13 14 16 14 14 10 14 13 13 9 11 9 4 3 3 -1 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 -6 EBITDA, SEKm EBITDA-margin %
Slide 16: RTM | Recurring revenues driving gross margin
RTM | Recurring revenues driving gross margin 600 90 504 502 80 500 481 470 76 76 461 455 72 450 448 455 455 452 68 446 68 70 446 71 69 69 69 70 67 68 66 446 67 61 64 62 63 64 63 63 62 400 61 61 60 60 58 58 344 340 330 344 340 328 52 318 318 314 306 312 310 308 50 300 233 40 200 30 20 100 10 0 0 Q1'
Slide 17: RTM | Stable gross margins supporting EBITDA performance
RTM | Stable gross margins supporting EBITDA performance 400 100 344 340 344 340 90 350 328 330 314 318 318 312 310 300 308 80 300 76 76 72 70 71 70 68 68 68 69 69 69 68 66 250 233 60 200 52 50 40 150 97 30 100 93 70 70 73 72 70 67 20 59 19 18 60 51 53 15 16 15 45 42 16 15 50 13 13 11 12 13 10 9 10
Slide 18: RTM | EBITDA driving cash conversion
RTM | EBITDA driving cash conversion 137 100 97 93 90 111 120 80 80 103 101 73 100 73 72 70 70 73 70 100 70 90 67 67 88 83 63 59 60 60 58 72 53 80 69 51 72 52 52 51 50 64 62 46 45 41 56 42 42 40 60 40 37 30 40 20 20 10 0 0 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26
Slide 19: Q2 | Stable cash-flow generation & solid financial position
Q2| Stable cash-flow generation & solid financial position Q2’26 Q2’25 Jan-Jun’26 Jan-Jun’25 FY 2025 Cash, SEKm 44.8 48.7 44.8 48.7 39.5 Operating cash-flow, SEKm 18.1 23.3 12.9 25.6 80,1 Net debt, SEKm 122.5 156.9 122.5 156.9 118.6 Equity/Asset ratio, % 37.7 33.7 37.7 33.7 38.1 Net debt/EBITDA RTM
Slide 20: Air pollution is the primary environmental threat for human health
#1 Air pollution is the primary environmental threat for human health. 7 million Around 7 million people die prematurely every year from exposure to polluted air. ≈90% We spend around 90% of our time indoors. We protect people, products and processes through clean air. QleanAir delivered 23,8 ≤50 ti
Slide 21: Sticking to the plan
Sticking to the plan ▪ A systematic approach to operational and strategic development ▪ Strategic focus on Industrial Air Cleaners driving recurring revenue ▪ Targeted Go-To-Market plan –Seven new products launched for niched industrial segments Our business model is circular our products have a lon
Slide 22: Key Take-Aways
Key Take-Aways ▪ New industrial Air Cleaners already best-selling product in 2026 ▪ Our strongest 12 months signed contracted backlog ever in the US ▪ Our transformation program is progressing well Investor Presentation Q2 2026 | Making a real difference through clean air 22
Slide 23: Q&A
Q&A Sebastian Lindström, CEO Fredrik Sandelin, CFO Investor Presentation Q2 2026 | Making a real difference through clean air
Slide 24: In summary QAIR
In summary QAIR Unique premium indoor air ≈ 3 400 corporate customers Pioneers in air cleaning Asset light business model with cleaning service based on mainly located in Europe, technology with high an increasing number of units circular, rental contracts Japan and the USA barriers to entry install
Slide 25: Thank you!
Thank you! Investor Presentation Q2 2026 | Making a real difference through clean air
Slide 26: The freedom of clean air
The freedom of clean air Position The freedom of clean air is the promise that we The specialized provider of premium clean air bring to our customers. solutions. Purpose Making a real difference through clean air. Promise The freedom of clean air is what we bring to our customers. Investor Presenta
Slide 27: Appendix
Appendix Investor Presentation Q2 2026 | Making a real difference through clean air
Slide 28: Largest shareholders
Largest shareholders 2026-06-30 Shareholders %, capital and votes Sw edia Capital AB 29,0% Fredrik Palmstierna 14,0% Avanza Pension 10,3% Dan Pitulia (directly and through related parties) 7,9% Livförsäkringsbolaget Skandia 4,6% Jan-Olof Backman (through company) 4,5% SEB Life Assurance, Ireland 3,3
Slide 29: Board of directors
Board of directors Fredrik Persson Dan Pitulia Jan-Olof Backman Sara Uhlén Henrik Mitelman Anders Skeini Chairman Board member Board member Board member Board member Board member Born 1984 Born 1956 Born 1961 Born 1975 Born 1971 Born 1971 Position: Chairman since 2025 Position Board member since 202
Slide 30: Senior management
Senior management Sebastian Lindström Fredrik Sandelin CEO CFO Born 1965 Born: 1962 Position CEO since Dec 2022 Position: CFO since April 2025 Other assignments Other assignments Senior advisor VEA Ventures SRL, Fredrik has several years of experience as CFO for listed companies, most notably Scandi
Slide 31: The freedom of clean air is the promise that we deliver on to our customers
The freedom of clean air is the promise that we deliver on to our customers Sustainable products Responsible value chain Attractive employer Our offering – circular rental business model • In total we have ten strategic suppliers • Work environment & working conditions • Long-term rental and service
Slide 32: Investor Presentation Q2 2026
Investor Presentation Q2 2026 | Making a real difference through clean air