Slide 1: Air cleaning solutions for safe and productive workplaces
Air cleaning solutions for safe and productive workplaces Investor Presentation – Q3 2025
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 Q3 2025 | Making a real difference through clean air 2
Slide 3: Stable Sales, Increased Profitability with Strong Cash Generation
Q3| Stable Sales, Increased Profitability with Strong Cash Generation 108 (113) 66 (70) FX adj. +2% Recurring revenues, SEK millions Net sales, SEK millions 67.2 (62.4) 6.6 (3.7) Gross-margin, % EBIT-margin, % ▪ Industrial critical areas fueling continued growth ▪ Positive momentum sustained in ▪ AP
Slide 4: Industrial critical areas fueling continued growth
Q3|Industrial critical areas fueling continued growth A well-diversified geographical footprint ensures resilience and opportunity 9% 9% 10% 45% 46 46 % % 45% 45% 45% EMEA – Solid activity maintained across APAC – Positive momentum sustained in Japan Americas – New U.S. Cleanroom project with long-
Slide 5: The Welding fume challenge
Q3| The Welding fume challenge The welding fume market: • > 1 million people in EU are exposed to welding fumes in their workplace. • Automotive, manufacturing, construction, and shipbuilding are the main segments withing welding fumes. • QleanAir will focus on the approx. 50 000 metal working compa
Slide 6: The Solutions used in Metalworking Environments
Q3| The Solutions used in Metalworking Environments Current solutions: • Local Exhaust Ventilation (LEV): Captures fumes at the source but may not cover all emissions or be feasible. to apply for big structure welding. • General Ventilation Systems: Dilutes contaminants but often insufficient alone.
Slide 7: Industrial Air Cleaners
Q3| Industrial Air Cleaners Better work environment, Cleaner products, Compliance & More efficient processes FS 70 Welding is the latest addition to the problem areas of the industry that we address with our solutions today. What is FS 70 Welding? • A freestanding, high-capacity air cleaner designed
Slide 8: High activity across all regions, with strong marketing, sales momentum and new products
Q3| High activity across all regions, with strong marketing, sales momentum and new products QleanAir attended several tradeshows and strategic events: ▪ Preventica Bordeaux (France) ▪ CFIA Rennes (France) ▪ Prod & Pack, Lyon (France) ▪ Transport & Logistics in Antwerpen. ▪ Manufacturing and Facilit
Slide 9: Now in the third year, executing with upfront planning – our top three priorities
Q3| Now in the third year, executing with upfront planning and thoroughness – our top three priorities STRATEGIC ACCELERATION OPERATIONAL STRATEGIC EXCELLENCE ACCELERATION Cost control Sales efficiency Customer focus Investor Presentation Q3 2025 | Making a real difference through clean air
Slide 10: Key Takeaways Third quarter
Q3| Key Takeaways ▪ Industrial critical areas fueling continued growth ▪ Positive momentum sustained in APAC (Japan) ▪ Solid activity maintained across EMEA ▪ New U.S. cleanroom project with long-term partner AMERICAS Third quarter ▪ Strong cash generation and solid financial 2025 position ▪ Strong
Slide 11: Financial update
Financial update Fredrik Sandelin, CFO 11
Slide 12: Sales Growth & Increased Profitability
Q3| Sales Growth & Increased Profitability Sales & recurring revenues Profitability 100 92 86 83 82 82 160 80 81 80 73 70 68 72 140 135 60 71 68 67 67 69 66 69 68 67 63 62 121 124 124 40 119 118 120 115 116 115 113 108 20 104 100 0 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 80
Slide 13: Stable rental revenues with high margins from units in own balance sheet
Q3| Stable rental revenues with high margins from units in own balance sheet, service & maintenance contracts Revenue split combining recurring revenue, sales of rental Stable installed base contracts to finance companies & product sales SEKm Units 160 14 000 140 12 000 120 19 12 21 16 10 000 5 234
Slide 14: Stable business with long-term customer contracts and high retention rate
RTM| Stable business with long-term customer contracts and high retention rate Development recurring revenues RTM Development Churn RTM 350 100 100% 297 90 90% 300 285 275 264 80 80% 255 250 70 70% 60 60% 200 63 61 58 59 57 50 50% 150 40 40% 100 30 30% 20 20% 15% 50 10% 10% 10% 11% 7% 8% 10 10% 0 0
Slide 15: RTM Sales & Profitability
RTM| Sales & Profitability Sales & recurring revenues Profitability 350 322 344 72 311 301 600 293 300 71 70 250 68 504 200 68 68 500 68 66 455 150 451 450 445 100 65 64 50 62 400 0 60 2021 2022 2023 2024 RTM2025 306 299 300 277 Gross profit, SEKm Gross margin, % 275 262 6 24 21 19 17 17 5 200 5 14
Slide 16: Cash-flow generation & stable financial position
Q3 & Jan-Sep| Cash-flow generation & stable financial position Q3’25 Q3’24 Jan-Sep’25 Jan-Sep’24 FY 2024 Cash, SEKm 43.8 48.8 43.8 48.8 52.0 Operating cash-flow, SEKm 29.9 3.4 55.5 22.7 39.7 Net debt, SEKm 135.3 173.4 135.3 173.4 164.1 Equity/Asset ratio, % 35.2 32.1 35.2 32.1 32.0 Net debt/Asset ra
Slide 17: 7 million ≤50 times
#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. ≤50 times The air indoors can
Slide 18: Sticking to the plan
Sticking to the plan ▪ A systematic approach to operational and strategic development ▪ Our three priorities - Sales Efficiency, Customer focus & Cost Control ▪ Focused product development - Seven New Product launched targeting EMEA & APAC ▪ Targeted Go-To-Market plan –Seven new products launched fo
Slide 19: Communicated financial targets remain untouched
Communicated financial targets remain untouched We have; great products, a very knowledgeable and strong team on board and some of the most demanding clients of the industry. Our previously communicated financial targets will remain untouched. • Average annual rate of organic growth of approximately
Slide 20: Q&A
Q&A Sebastian Lindström, CEO Fredrik Sandelin, CFO
Slide 21: 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 22: Thank you!
Thank you!
Slide 23: 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. 23
Slide 24: Appendix
Appendix
Slide 25: Largest shareholders
Largest shareholders 2025-09-30 Shareholders %, capital and votes Sw edia Capital AB 29,0% Fredrik Palmstierna 12,4% Avanza Pension 10,5% Dan Pitulia (directly and through related parties) 7,7% Livförsäkringsbolaget Skandia 4,6% Jan-Olof Backman (through company) 4,5% SEB Life Assurance, Ireland 3,2
Slide 26: 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 27: 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 28: 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