Slide 1: Making a real difference through clean air
Making a real difference through clean air Investor Presentation – Q1 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 Q1 2026 | Making a real difference through clean air 2
Slide 3: Q1 | Good underlying growth and positive business development
Q1 | Good underlying growth and positive business development 114 (116) 63 (68) FX adj. +11% Recurring revenues, SEK millions Net sales, SEK millions Key Takeaways 68.0 (68.5) 13.1 (14.3) ▪ Strong underlying growth Gross-margin, % EBITDA-margin, % 10.6% FX adj. ▪ Solid performance with a gross margi
Slide 4: Q1 | Good underlying growth & new financial targets
Q1 | Good underlying growth & new financial targets ▪ Good underlying growth 11 (-2,5)%, large negative FX effect SEKm 15 in Q1’26 New financial targets ▪ Continued strong gross profit and high gross margin 68.0 (68.5)% ▪ Execution of transformation strategy progressing according to plan ▪ Settlemen
Slide 5: Q1 | Clear path to grow industrial Air Cleaners share and increase recurring revenues
Q1 | Clear path to grow industrial Air Cleaners share and increase recurring revenues 10% 11% 16% 18% 21% 20% 64% 68% 72% Cabin Solutions Air Cleaners Cleanrooms Cabin Solutions Air Cleaners Cleanrooms Cabin Solutions Air Cleaners Cleanrooms 2022 2025 Q1’26 Investor Presentation Q1 2026 | Making a r
Slide 6: Q1 | Continued strong gross profit and high gross margin 68%
Q1 | Continued strong gross profit and high gross margin 68% Cabin Solutions Air Cleaners Cleanrooms Sales, SEKm 72.6 (78.5) Sales, SEKm 22.9 (21.4) Sales, SEKm 18.4 (16.3) Gross Profit, SEKm 51.8 (57.3) Gross Profit, SEKm 14.3 (12.3) Gross Profit, SEKm 11.1 (10.0) Gross Margin, % 71.7% (73) Gross M
Slide 7: Q1 | Strong marketing & Sales Momentum
Q1| Strong marketing & Sales Momentum Trade shows ▪ NIGA San Diego Cabin Solutions ▪ Maintenance Dortmund Dortmund, Germany Air Cleaners ▪ Yakiniku Tokyo Restaurant, ESP ▪ Convertech Tokyo Printing/Film, Aircleaning ▪ Restaurant Tokyo Restaurant, Cabin solutions/ESP ▪ Hotel Tokyo Hotel, Cabin soluti
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 Q1 2026 | Making a real difference through clean
Slide 9: Focused execution supporting higher recurring revenues and delivery on new financial targets
Focused execution supporting higher recurring revenues and delivery on new 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. ▪ New f
Slide 10: Financial update
Financial update Fredrik Sandelin, CFO
Slide 11: Q1 | Strategy to increase recurring revenue share of sales
Q1 | Strategy to increase recurring revenue share of sales, FX-adj. Sales +10.6% & Rec. Rev +5% 160 140 135 128 121 124 124 119 116 118 120 115 113 113 114 104 108 100 80 73 75 74 75 72 72 71 70 68 68 72 67 67 63 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 Q4'25 Q1'2
Slide 12: Q1 | Stable rental revenues with high margins
Q1| 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 22 100 11 14 39 35 27 30 28 25 28 20 30 34 80 27 28 28 60 40 73 75 74 75 72 71 70 72 68 68 67 67 63 20 0 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q
Slide 13: Q1 | Recurring revenue model supports strong gross margin
Q1 |Recurring revenue model supports strong gross margin, SEKm 77 corresponding to a gross margin of 68% 100 100 92 90 86 90 83 82 82 80 81 80 80 77 75 77 80 74 71 72 71 73 70 70 72 72 68 68 68 67 67 70 70 71 63 68 69 69 68 70 60 67 67 66 67 68 60 63 62 50 50 40 40 30 30 20 20 10 10 0 0 Q1'23 Q2'23
Slide 14: Q1 | Stable gross margins supporting EBITDA performance
Q1 | Stable gross margins supporting EBITDA performance 30 29 25 25 24 22 21 20 22 19 19 18 1721 1720 17 19 15 15 15 17 13 14 16 14 12 14 11 10 10 14 13 9 11 8 8 7 9 4 4 3 2 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 -6 -5 EBIT, SEKm EBITDA, SEKm EBIT-margin %
Slide 15: RTM | Recurring revenues driving gross margin
RTM | Recurring revenues driving gross margin 600 90 504 502 80 500 481 470 76 76 461 455 72 451 448 71 455 452 446 70 446 446 70 68 67 68 68 69 69 69 66 64 62 63 64 63 63 62 400 61 61 61 60 60 59 344 340 330 344 340 328 52 318 318 314 306 312 310 50 300 233 40 200 30 20 100 10 0 0 Q1'23 Q2'23 Q3'23
Slide 16: RTM | Stable gross margins supporting EBITDA performance
RTM | Stable gross margins supporting EBITDA performance 400 100 344 340 344 340 90 350 328 330 314 318 318 312 310 306 80 300 76 76 72 70 71 70 68 68 68 69 69 69 66 250 233 60 200 52 50 40 150 97 30 100 93 70 70 73 72 70 20 59 19 18 60 51 53 15 16 15 45 42 16 16 50 13 13 11 12 10 9 10 0 0 Q1'23 Q2'
Slide 17: RTM | EBITDA driving cash conversion
RTM | EBITDA driving cash conversion 137 100 97 93 90 120 111 80 80 103 73 100 73 72 73 70 70 70 100 70 88 90 83 63 59 60 60 58 72 80 69 51 52 5272 51 53 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 Op.CF SEKm
Slide 18: Q1 | Stable cash-flow generation & solid financial position
Q1| Stable cash-flow generation & solid financial position Q1’26 Q1’25 FY 2025 FY 2024 Cash, SEKm 31.8 36.3 39.5 52.0 Operating cash-flow, SEKm -5.2 2.3 80,1 39.7 Net debt, SEKm 131.9 172.1 118.6 164.2 Equity/Asset ratio, % 38.5 33.8 38.1 32.0 Net debt/Asset ratio,% 0.6 0.9 0.6 0.8 Investor Presenta
Slide 19: 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 23,2 ≤50 ti
Slide 20: 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 21: Q&A
Q&A Sebastian Lindström, CEO Fredrik Sandelin, CFO
Slide 22: 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 23: Thank you!
Thank you!
Slide 24: 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 25: Appendix
Appendix Investor Presentation Q4 2025 | Making a real difference through clean air
Slide 26: Largest shareholders
Largest shareholders 2026-03-31 Shareholders %, capital and votes Sw edia Capital AB 29,0% Fredrik Palmstierna 14,0% Avanza Pension 10,2% 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 27: Board of directors
Board of directors Fredrik Persson Dan Pitulia Jan-Olof Backman Sara Uhlén Henrik Mitelman Chairman Board member Board member Board member Board member Born 1984 Born 1956 Born 1961 Born 1975 Born 1971 Position: Chairman since 2025 Position Board member since 2023 Position Board member since 2023 Po
Slide 28: 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 29: 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 30: QleanAir
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