Slide 1: Air cleaning solutions for safe and productive workplaces
Air cleaning solutions for safe and productive workplaces Investor Presentation – Q4 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 Q4 2025 | Making a real difference through clean air 2
Slide 3: Q4 Strong profitable growth with stable cash generation
Q4| Strong profitable growth with stable cash generation 113 (104) 67 (72) FX adj. +20% Recurring revenues, SEK millions Net sales, SEK millions Key Takeaways 70.5 (65.8) 13.1 (-5,3) ▪ Solutions for industrial critical Gross-margin, % EBIT-margin, % areas fueled continued growth and profitability ▪
Slide 4: Targeting critical industrial and healthcare segments
Q4| Targeting critical industrial and healthcare segments with niched indoor solutions for clean air Strong financial perfomance for all product categories Cabin Solutions Air Cleaners Cleanrooms Q4 Q4 Q4 Revenues 74 (72) millions Revenues 27 (25) millions Revenues 13 (7) millions Gross margin 73(72
Slide 5: Niched solutions continued to fuel profitable growth
Q4 | Niched solutions continued to fuel profitable growth A well-diversified geographical footprint ensures resilience and opportunity 11% 11% 11% 40% 49% 49% 49% 40% 40% Europe –Industrial critical solutions Japan – Continued strong momentum and USA – New Cleanroom projects drives continued to fuel
Slide 6: High activity across all markets
Q4| High activity across all markets Strong marketing and sales momentum on back of new product launches Trade shows ▪ G2E Vegas US casino, Cabin Solutions ▪ POWTEX Osaka Powder manufacturing ▪ Filmtech Chiba Film printing tech ▪ Yakiniku Osaka Grilled beef restaurant ▪ Symas Fair Poland Industry ▪
Slide 7: Executing with upfront planning and thoroughness
Q4| 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 Q4 2025 | Making a real difference through clean air 7
Slide 8: Key Takeaways: Fourth quarter & Year-End 2025
Q4| Key Takeaways: 1. Solutions built to solve real, specific problems fueled continued growth and profitability Fourth quarter & 2. Strong performance in Cleanroom Year-End solutions 3. Strong cash generation and solid financial position 2025 Investor Presentation Q4 2025 | Making a real difference
Slide 9: Financial update
Financial update Fredrik Sandelin, CFO
Slide 10: Strong profitable sales growth
Q4| Strong profitable sales growth Sales & recurring revenues Profitability 100 92 86 83 82 82 160 80 81 80 80 73 70 68 72 140 135 60 71 70 68 67 67 69 66 69 68 67 63 62 124 124 125 40 121 119 116 118 120 115 113 113 108 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
Slide 11: Stable rental revenues with high margins
Q4| 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 21 120 14 22 19 10 000 5 469
Slide 12: Stable business with long-term customer contracts
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% 300 285 264 269 80 80% 254 250 70 70% 60 60% 200 63 58 59 59 57 50 50% 150 40 40% 100 30 30% 20 20% 15% 50 10% 10% 10% 8% 10% 10 10% 7% 0 0
Slide 13: Sales & profitability driven by niched solutions
YTD| Sales & profitability driven by niched solutions Sales & recurring revenues Profitability 350 322 344 72 311 312 600 293 300 71 70 250 71 68 504 200 68 68 500 477 66 455 455 150 451 450 100 65 64 50 62 400 0 60 2021 2022 2023 2024 2025 297 300 285 Gross profit, SEKm Gross margin, % 264 269 256
Slide 14: Stable cash-flow generation & solid financial position
Q4 & 2025| Stable cash-flow generation & solid financial position Q4’25 Q4’24 FY 2025 FY 2024 Cash, SEKm 39.5 52.0 39.5 52.0 Operating cash-flow, SEKm 24.6 17.1 80,1 39.7 Net debt, SEKm 118.6 164.2 118.6 164.2 Equity/Asset ratio, % 38.1 32.0 38.1 32.0 Net debt/Asset ratio,% 0.6 0.8 0.6 0.8 Investor
Slide 15: Air pollution is the primary environmental threat
#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. We protect people, products and processes through clean air. ≈90% We spend around 90% of our time indoors. QleanAir delivered 7.79 (7.37)
Slide 16: 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 17: Q&A
Q&A Sebastian Lindström, CEO Fredrik Sandelin, CFO
Slide 18: 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 19: Thank you!
Thank you!
Slide 20: 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 21: Appendix
Appendix Investor Presentation Q4 2025 | Making a real difference through clean air
Slide 22: Largest shareholders
Largest shareholders 2025-12-31 Shareholders %, capital and votes Sw edia Capital AB 29,0% Fredrik Palmstierna 13,4% Avanza Pension 10,4% Dan Pitulia (directly and through related parties) 7,9% Livförsäkringsbolaget Skandia 4,6% Jan-Olof Backman (through company) 4,5% SEB Life Assurance, Ireland 3,4
Slide 23: 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 24: 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 25: The freedom of clean air is the promise
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 26: QleanAir
G QGleanAir