Air care
for healthy growth
Year-end report
2025
Q4 2025
Summary
1 October - 31 December 2025
Net sales amounted to SEK 350.5 (344.1) million, which corresponds to a growth of 1.9 (0.6) % and 10.4 (-0.2) % in local currencies.
Operating result before depreciations and amortizations (EBITDA) decreased to SEK 51.6 (52.9) million, corresponding to a margin of 14.7 (15.4) %. Adjusted for non-recurring items*, the EBITDA margin amounted to 17.6 (17.4) %.
Operating result (EBIT) decreased to SEK 32.6 (39.3) million, corresponding to a margin of 9.3 (11.4) %. Adjusted for non-recurring items*, the EBIT margin amounted to 13.9 (13.5) %.
EBITDA and EBIT for the fourth quarter and the same period last year were negatively affected by currency effects related to operating receivables and operating liabilities. Adjusted for these effects as well as non-recurring items*, the EBITDA margin was 18.5 (16.0) % and the EBIT margin was 14.8 (12.0) %.
Earnings per share amounted to SEK 1.59 (3.01).
Cash flow from operating activities increased to SEK 39.8 (54.3) million.
350.5
Net sales, SEK million
51.6
EBITDA, SEK million
14.7%
EBITDA margin
17.6%
EBITDA margin excl. non-recurring items*
1 January - 31 December 2025
Net sales amounted to SEK 1,279.0 (1,400.2) million, which corresponds to a growth of -8.7 (-0.6) % and -3.9 (-0.6) % in local currencies.
Operating result before depreciations and amortizations (EBITDA) decreased to SEK 189.2 (258.7) million, corresponding to a margin of 14.8 (18.5) %. Adjusted for non-recurring items**, the EBITDA margin amounted to 16.0 (19.0) %.
Operating result (EBIT) decreased to SEK 129.9 (204.9) million, corresponding to a margin of 10.2 (14.6) %. Adjusted for non-recurring items**, the EBIT margin amounted to 11.8 (15.1) %.
EBITDA and EBIT were negatively affected by currency effects related to operating receivables and operating liabilities. Adjusted for these effects as well as non-recurring items**, the EBITDA margin amounted to 13.7 (18.7) % and the EBIT margin to 13.1 (14.9) %.
Earnings per share amounted to SEK 6.20 (12.71).
Cash flow from operating activities decreased to SEK 129.9 (146.1) million.
The Board of Directors has decided to propose to the AGM a dividend of SEK
3.25 (3.25) per share.
1,279.0
Net sales, SEK million
189.2
EBITDA, SEK million
14.8%
EBITDA margin
16.0%
EBITDA margin excl. non-recurring items**
* Both the fourth quarter and the same period last year included non-recurring items. The non-recurring items for October-December 2025 affecting EBITDA amounted to SEK 10.2 million, of which SEK
4.8 million were related to organizational changes and SEK 4.3 million referred to customer projects from previous years. In addition to these non-recurring items, EBIT was also negatively impacted by write-down of capitalized expenditure for product development of SEK 5.8 million. For the previous year, non-recurring items amounted to SEK 7.1 million.
** Both the full year 2025 and 2024 included non-recurring items. The non-recurring items for the full year 2025 affecting EBITDA amounted to SEK 15.3 million, of which SEK 9.9 million were related to organizational changes and SEK 4.3 million referred to customer projects from previous years. In addition to these non-recurring items, EBIT was also negatively impacted by write-down of capitalized expenditure for product development of SEK 5.8 million. For the previous year, non-recurring items amounted to SEK 7.1 million.
002 Absolent Air Care Group
Q4 2025
Group key figures
Key figures | Oct-Dec | Oct-Dec | Jan-Dec | Jan-Dec |
2025 | 2024 | 2025 | 2024 | |
Net sales, SEK thousands | 350 501 | 344 134 | 1 279 015 | 1 400 199 |
Sales growth, % | 1.9 | 0.6 | -8.7 | -0.6 |
Sales growth in local currencies, % | 10.4 | -0.2 | -3.9 | -0.6 |
Operating result before depreciations and amortizations (EBITDA), SEK thousands | 51 627 | 52 919 | 189 212 | 258 700 |
Operating margin before depreciations and amortizations, % | 14.7 | 15.4 | 14.8 | 18.5 |
Operating result (EBIT), SEK thousands | 32 609 | 39 250 | 129 852 | 204 928 |
Operating margin, % | 9.3 | 11.4 | 10.2 | 14.6 |
Cash flow from operating activities, SEK thousands | 39 848 | 54 254 | 129 912 | 146 106 |
Total assets, SEK thousands | 1 581 632 | 1 678 177 | 1 581 632 | 1 678 177 |
Equity ratio, % | 58.8 | 56.2 | 58.8 | 56.2 |
Net cash (+) / net debt (-), SEK thousands | -173 478 | -240 952 | -173 478 | -240 952 |
Earnings per share, SEK | 1.59 | 3.01 | 6.20 | 12.71 |
Equity per share, SEK | 82.15 | 83.36 | 82.15 | 83.36 |
Number of outstanding shares at balance sheet date | 11 320 968 | 11 320 968 | 11 320 968 | 11 320 968 |
Average number of outstanding shares | 11 320 968 | 11 320 968 | 11 320 968 | 11 320 968 |
Average number of employees | 472 | 473 | 472 | 473 |
For definitions of key figures, see the Group Annual Report for 2024, p. 103. |
Absolent Air Care Group 003
Q4 2025
CEO
comments
As the new President and CEO of Absolent Air Care Group, effective November 18, 2025, I would like to begin by explaining why I chose to lead this particular company. My own journey began as a customer, where I saw how our products contribute to cleaner air, a better working environment, and safer processes. This gave me a strong conviction in the power of our purpose and in the culture that exists within the company.
Since taking over as CEO, I have spent most of my time visiting our facilities and customers around the world. Our culture is characterized by active collaboration with our customers to solve their air pollution problems. I am impressed by the people and products that define our group and how we focus on solving these problems for our customers. In 2026, I will continue to focus on being out in the field to meet more employees, customers, and other stakeholders.
Q4 in summary
I am pleased with the progress Absolent Air Care Group achieved in the fourth quarter of 2025. We are back to organic growth, both year over year (vs. Q4 2024) and sequentially (vs. Q3 2025). As for the two previous quarters, we continued to deliver a sequential improvement of the adjusted EBITDA margin, driven mainly by our structural efficiency measures and lower underlying cost base, while the customer mix had slightly negative effects on profitability for the quarter.
We continued to further strengthen the financial position of the Group, with an increased equity ratio and the lowest net debt in several years. The robust cash flow generation underscores our financial discipline and our ability to combine dividends with targeted investments in innovation and product development.
Despite a demanding market in 2025, we invested in strengthening our operational foundation through modularization and new system implementations to improve lead times, quality, and scalability and introduced several important new product families to the market. The new products have been well received by customers and strengthen our offerings in oil smoke, oil mist, and dust. The products have attracted considerable interest and will contribute increasingly to both sales and profitability over time. Our new and existing products continue to support customers in improving air quality, energy efficiency, and regulatory compliance - sustainability factors that are central to our long-term strategy.
We also achieved important internal improvements in efficiency and advanced our decentralized operating model offering more speed, customer centricity, and accountability. Thanks to strong interim leadership and actions and a solid handover, my transition and ramp-up has been very smooth and efficient and maintained our momentum and execution pace.
We are seeing early signs that the market may be heading toward stabilization in the coming year, but some uncertainty remains and developments vary between segments and regions. Our priorities remain clear: stability and efficiency, profitability and sustainably scalable growth. With a confirmed strategy, a scalable decentralized model, and a strong innovation platform, we enter 2026 with confidence in our ability to deliver continued progress.
Peter Unelind
CEO and President
Gothenburg, in February 2026
004 Absolent Air Care Group
The Group
Q4 2025
October - December 2025
Net sales
The fourth quarter marked a strong finish of the year with net sales of SEK 350.5 (344.1) million, corresponding to growth of 1.9 (0.6) %. Currency effects continued to have a significant impact on net sales, and growth in local currencies amounted to 10.4 (-0.2) %.
For the Group's largest business area, Industrial, sales increased from SEK 287.1 million to SEK 288.4 million, corresponding to a growth of 0.5 % and 10.2 % in local currencies with positive effects from both region EMEA and Americas. The Commercial Kitchen business area also showed growth, both sequentially and compared to the previous year. Net sales for the fourth quarter amounted to SEK 62.1 (57.0) million, corresponding to a growth of 8.9 % and
11.5 % in local currencies. The growth was driven by the EMEA and Americas regions, while sales in the APAC region decreased. For EMEA, net sales amounted to SEK 203.0 (197.2) million, with increases on several Central European markets but continued challenges on the UK market, among others. The Americas region showed increased net sales from SEK 111.4 million to SEK 116.2 million, despite the currency headwinds during the period. In the APAC region, net sales in the quarter decreased by 11.8 % primarily affected by the Chinese market for which the comparison period was very strong.
Result
Operating result before depreciation and amortization (EBITDA) amounted to SEK 51.6 (52.9) million, corresponding to a margin of
14.7 (15.4) %. Both the fourth quarter of this year and the same period last year were affected by non-recurring items, and adjusted for these items, the EBITDA margin amounted to 17.6 (17.4) %. The non-recurring items for the period October-December 2025 amounted to SEK 10.2 million, of which SEK 4.8 million were related to organizational changes and SEK 4.3 million were related to customer projects from previous years. Industrial reported an EBITDA margin of 17.7 (19.8) % and Commercial Kitchen 9.2 (8.2) %.
Adjusted for the non-recurring items, the EBITDA margin for Industrial amounted to 19.5 (20.7) % and to 13.2 (12.3) % for Commercial Kitchen. Operating result (EBIT) amounted to SEK 32.6 (39.3) million, corresponding to a margin of 9.3 (11.4) %. In addition to the above-mentioned non-recurring items, EBIT was also negatively impacted by write-down of capitalized expenditure for
product development of SEK 5.8 million. This follows a strategic review of the entire product development portfolio to further increase focus on the Group's core business, and an updated assessment of the project's status and maturity. Adjusted for this write-down and other non-recurring items, the adjusted EBIT margin amounted to 13.9 (13.5) %.
Other operating income and expenses totaled SEK -2.0 (5.6) million and mainly related to currency effects from revaluation of operating receivables and liabilities. Adjusted for these effects, including above-mentioned non-recurring items, the EBITDA margin amounted to 18.5 (16.0) %. Net financial items amounted to SEK -4.6 (10.0) million, where the change mainly consisted of currency effects.
Profit after tax amounted to SEK 18.0 (34.1) million and earnings per
share to SEK 1.59 (3.01).
Investments
During the period October-December, the Group invested SEK 7.5 (14.7) million in intangible and tangible fixed assets, with investments for the period mainly relating to machinery and production equipment, as well as capitalized product development costs.
Cash flow
Cash flow from operating activities before changes in working capital amounted to SEK 39.8 (32.0) million, and cash flow after changes in working capital amounted to SEK 39.8 (54.3) million. The lower cash flow was mainly driven by lower positive inventory effects compared to the same period previous year. Total cash flow amounted to SEK 25.3 (28.6) million.
Financial position
Interest-bearing liabilities at the end of the period amounted to SEK
412.4 (496.8) million. The Group's net debt amounted to SEK 173.5 (241.0) million, of which SEK 106.2 (129.6) million related to lease liabilities, and was a historically low level. Net debt in relation to EBITDA amounted to 0.92 (0.93). The equity ratio strengthened by
2.6 percentage points and amounted to 58.8 (56.2) % at the end of the period. The Group's credit facility amounts to SEK 800 million and expires in 2028.
Net sales, SEK million EBITDA, SEK million
344.1 350.5
52.9
51.6
Oct-Dec 2024 Oct-Dec 2025 Oct-Dec 2024 Oct-Dec 2025
Absolent Air Care Group 005
Q4 2025
Our business areas
Industrial
For the period October-December, net sales for Industrial amounted to SEK 288.4 (287.1) million, corresponding to growth of
0.5 % and 10.2 % in local currencies. Despite currency headwind, the Americas region showed sales growth from SEK 111.2 million to SEK 115.1 million, primarily driven by the Canadian market and Central America. For the EMEA region, sales were in line with the previous year, but also negatively impacted by currency. Several Central European markets showed growth in the quarter, while we continued to see challenges on the UK market, among others.
Region APAC reported a sales decrease from SEK 31.8 million to SEK
29.1 million, with lower sales in China as the strongest contributing factor. However, the fourth quarter of 2024 presented challenging comparative figures with strong sales in the Chinese market.
EBITDA for the period amounted to SEK 51.0 (56.8) million, corresponding to a margin of 17.7 (19.8) %. The result for the period included non-recurring items of SEK 5.1 million, mainly related
to organizational changes and customer projects from previous years. The fourth quarter for the previous year also included some non-recurring items. Adjusted for these items, the EBITDA margin amounted to 19.5 (20.7) %. This represented a sequential improvement compared to previous quarters during 2025 but also contained some negative impact from customer mix as well as negative currency effects.
During the fourth quarter, we saw considerable interest in and an increase in quotations for our new dust and oil smoke products. The oil mist products strengthen our existing offering in that segment, while the dust filter products also give us access to new segments. During the fourth quarter, we also continued the launch of our newly developed product series for oil mist, with positive and promising responses from our stakeholders. The first deliveries were made during the quarter, and we see great potential in this new product series. Together with the other new products in dust filters and oil mist, we have a renewed product range that gives us every opportunity for future profitable growth.
For the full year 2025, Industrial reported sales of SEK 1,030.4 (1,157.1) million, corresponding to negative growth of -11.0 % and '-5.5 % in local currencies. EBITDA for the same period was SEK
169.9 (247.6) million, at a margin of 16.5 (21.4) %. In addition to the above-mentioned non-recurring items during the fourth quarter, the second quarter of the year also included non-recurring items, related to organizational changes. The comparison year also included non-recurring items of SEK 2.6 million. Adjusted for these items, the EBITDA margin amounted to 17.4 (21.6) %.
Commercial Kitchen
Net sales for the fourth quarter of the year amounted to SEK 62.1 (57.0) million, corresponding to a growth of 8.9 % and 11.5 % in local currencies. The increase was mainly on the Dutch market, where we have continued to see a positive effect from the launch of our TurboSwing®and AirMaid®products earlier in the year. The market situation in the Nordics remained somewhat cautious, with lower sales on a number of the Nordic markets. The focus on the QSR (Quick Service Restaurants) customer segment continues, and during the quarter we have, among other things, sold and installed our filtration technology TurboSwing®to several McDonald's restaurants in Poland and for the first time sold and installed our AirMaid®product to McDonald's restaurants in Morocco.
In terms of profitability, Commercial Kitchen reported an EBITDA of SEK 5.7 (4.7) million, corresponding to a margin of 9.2 (8.2) %. Both the fourth quarter 2025 and the same period last year were affected by non-recurring items, where this year referred to customer projects from previous years and the comparison period to organizational efficiency measures. Adjusted for these items, the EBITDA margin amounted to 13.2 (12.3) %. Although it was an improvement on the previous year, fourth-quarter profitability was a sequential decline compared to previous quarters of 2025. The profitability was negatively impacted by several factors, including customer mix an a larger share of smaller projects.
Commercial Kitchen reported sales of SEK 248.6 (243.1) million for the full year 2025, corresponding to growth of 2.3 % and 3.9 % in local currencies. EBITDA amounted to SEK 41.0 (31.1) million, with a margin improvement from 12.8 % to 16.5 % driven by the efficiency measures implemented within organization and production. Adjusted for the above-mentioned non-recurring items, the EBITDA margin amounted to 17.5 (13.8) %.
006 Absolent Air Care Group
Q4 2025
Net sales October-December, SEK million EBITDA October-December, SEK million
287.1 288.4
57.0
62.1
56.8
51.0
4.7
5.7
Industrial Commercial Kitchen Industrial Commercial Kitchen
2024
2025
2024 2025
2024
2025
2024
2025
Net sales January-December, SEK million EBITDA January-December, SEK million
1,157.1
1,030.4
243.1 248.6
247.6
169.9
31.1
41.0
Industrial Commercial Kitchen Industrial Commercial Kitchen
2024
2025
2024 2025
2024
2025
2024
2025
Product within our newly developed series with compact, machine-mounted filter units for oil mist.
Absolent Air Care Group 007
The Group
Q4 2025
January - December 2025
Net sales
Net sales for the full year 2025 amounted to SEK 1,279.0 (1,400.2) million, representing negative growth of -8.7 (-0.6) % and -3.9
(-0.6) % in local currencies. The lower sales were entirely driven by the Industrial business area, with sales declining from SEK 1,157.1 million to SEK 1,030.4 million, where global uncertainty and cautious behavior from customers with longer decision-making processes for investments have had a major impact. Commercial Kitchen reported a slight sales increase compared to the previous year from SEK 243.1 million to SEK 248.6 million. Some Nordic markets were weaker than the comparison year, while other international markets showed a more positive development.
Result
Operating result before depreciation and amortization (EBITDA) amounted to SEK 189.2 (258.7) million, corresponding to a margin of 14.8 (18.5) %. Lower sales in the Industrial business area had a significant negative impact on profitability, and Industrial reported an EBITDA margin of 16.5 (21.4) % for the full year 2025. Commercial Kitchen reported a strengthened profitability compared with the previous year, with an EBITDA margin of 16.5 (12.8) %. Operating result for the total Group amounted to SEK 129.9 (204.9) million, corresponding to a margin of 10.2 (14.6) %. The lower result was largely due to lower sales during the period. However, the EBITDA and EBIT margins were also affected by non-recurring costs of SEK
15.3 million and SEK 21.1 million respectively. Of these items, SEK 5.1 million occurred during the second quarter of the year and were related to organizational changes. EBITDA for the fourth quarter of the year was negatively impacted by SEK 10.2 million, of which SEK 4.8 million were related to organizational changes and SEK 4.3 million were related to customer projects from previous years. In addition, EBIT was also negatively affected by write-down of
capitalized expenditure for product development of SEK 5.8 million.
The comparison year also included non-recurring items of SEK 7.1 million. Taking these items into account, the adjusted EBITDA margin for the full year amounted to 16.0 (19.0) % and the adjusted EBIT margin to 11.8 (15.1) %.
Other operating income and expenses amounted to SEK -14.4 (4.9) million and mainly related to currency effects. Adjusted for these effects, including the above-mentioned non-recurring items, the EBITDA margin amounted to 17.3 (18.7) %.
Net financial items amounted to SEK -29.2 (-13.2) million, with net financial items for the year positively affected by lower interest expenses and negatively affected by currency effects. Profit after tax amounted to SEK 70.2 (143.9) million and earnings per share amounted to SEK 6.20 (12.71).
Investments
During the full year 2025, the Group invested SEK 47.4 (35.0) million in intangible and tangible fixed assets, with investments during the period mainly relating to machinery and production equipment, as well as capitalized product development costs.
Cash flow
Cash flow from operating activities before changes in working capital amounted to SEK 128.5 (157.9) million, and cash flow after changes in working capital amounted to SEK 129.9 (146.1) million. Total cash flow amounted to SEK 0.8 (-54.2) million, which included repayments of bank loans of SEK 13.7 (100.0) million, dividends paid of SEK 36.8 (34.0) million, and investments in intangible and tangible fixed assets of SEK 47.4 (35.0) million.
Net sales, SEK million EBITDA, SEK million
1,400.2
1 279.0
258.7
189.2
Jan-Dec 2024 Jan-Dec 2025 Jan-Dec 2024 Jan-Dec 2025
008 Absolent Air Care Group
Q4 2025
Other information
Risks and uncertainties
Through its operations, Absolent Air Care Group is exposed to several different risks, such as external risks, operational risks as well as financial risks. These risks are described more in detail in the Board of Directors' report in the Absolent Air Care Group Annual report for 2024 (accessible at https://www.absolentgroup.com). The financial risks are further described in Note 21 in the Annual report for 2024. The reported risks, as they are described in the Annual report, are deemed to be essentially unchanged.
The current geopolitical situation and the increased risk for trade barriers are factors of uncertainty. Volatile macro factors such as inflation and interest rates are also creating uncertainty, and it cannot be ruled out that the Group, partners, suppliers and/or customers may be affected in the future, both directly and indirectly as a result of the above-mentioned uncertainties.
Accounting policies
This report has been prepared in accordance with IAS 34 Interim Financial Reporting, RFR 1 Supplementary accounting rules for groups of companies and the Swedish Annual Accounts Act. The interim report for the Parent company has been prepared in accordance with the Swedish Annual Accounts Act and the Swedish Financial Reporting Board's recommendation RFR 2 Accounting for Legal Entities.
The applied accounting policies for the Group and the Parent company are consistent with the accounting policies used in the presentation of the Annual Report 2024. No standards, amendments or interpretations effective from 2025 have had any material impact on Absolent Air Care Group's financial statements.
Annual General Meeting
The Annual General Meeting (AGM) will be held in Lidköping on May 12, 2026. The annual report is expected to be available on April 20, 2026 at the Group's head office in Gothenburg.
Dividend
The Board of Directors has decided to propose to the AGM a dividend of SEK 3.25 (3.25) per share, corrresponding to SEK 36.8 (36.8) million.
Nomination committee
The nomination committee for the board election at the 2026 Annual General Meeting is:
Sofia Schörling Högberg, representative of Mexab Industri AB
and Chairman of the nomination committee
Joakim Westh, board member and representative of Westh
Ventures AB
- Carl Sundblad, representative of Cliens Fonder
For more information about the nomination committee and its
work, please visit https://www.absolentgroup.com.
Contact information
Peter Unelind, CEO and President Karin Brossing Lundqvist, CFO
Phone: +46 (0) 510 48 40 00
E-mail: ir@absolentgroup.com
Absolent Air Care Group AB (publ) Karl Gustavsgatan 1A
SE-411 25 Gothenburg
Corp. ID: 556591-2986
https://www.absolentgroup.com
Certified Adviser
Redeye Sweden AB is the company's Certified Adviser.
Financial calendar
Annual report 2025, Apr 20, 2026
Interim report Jan-Mar 2026, Apr 29, 2026
Annual General Meeting, May 12, 2026
Interim report Jan-Jun 2026, Jul 17, 2026
Interim report Jan-Sep 2026, Nov 3, 2026
This year-end report has not been reviewed by the company's auditors.
This document is a translation of the Swedish original. In the event of any discrepancies between this translation and the Swedish original, the latter shall prevail.
The year-end report is accessible on the Group website (https://www.absolentgroup.com).
Gothenburg, February 19, 2026 Peter Unelind
CEO and President
Absolent Air Care Group 009
Q4 2025
SEK thousands | Note | Oct-Dec 2025 | Oct-Dec 2024 | Jan-Dec 2025 | Jan-Dec 2024 |
Net sales Costs for products and services sold | 1, 2, 3 | 350 501 -205 811 | 344 134 -201 266 | 1 279 015 -732 294 | 1 400 199 -790 569 |
Gross profit | 144 690 | 142 868 | 546 721 | 609 630 | |
Sales expenses | -50 944 | -51 852 | -195 387 | -201 696 | |
Administrative expenses | -43 402 | -52 170 | -170 724 | -182 459 | |
Research and development expenses | -15 710 | -5 243 | -36 400 | -25 406 | |
Other operating income | 1 252 | 6 139 | 2 778 | 5 790 | |
Other operating expenses | -3 280 | -492 | -17 137 | -931 | |
Operating result | 3 | 32 609 | 39 250 | 129 852 | 204 928 |
Financial income | 1 002 | 16 399 | 3 678 | 18 111 | |
Financial expenses | -5 580 | -6 449 | -32 875 | -31 273 | |
Result after financial items | 3 | 28 031 | 49 200 | 100 656 | 191 766 |
Tax expense | -10 029 | -15 068 | -30 491 | -47 849 | |
Result for the period | 18 003 | 34 132 | 70 165 | 143 917 | |
Result for the period attributable to: | |||||
Shareholders of the Parent company | 18 003 | 34 132 | 70 165 | 143 917 | |
Non-controlling interests | - | - | - | - | |
Earnings per share*, SEK | 1.59 | 3.01 | 6.20 | 12.71 | |
Group income statements in summary
* Before and after dilution. There are no outstanding options or similar financial instruments.
Statements of other comprehensive income in summarySEK thousands | Oct-Dec 2025 | Oct-Dec 2024 | Jan-Dec 2025 | Jan-Dec 2024 |
Result for the period Other comprehensive income Items that may be reclassified to the income statement Translation differences | 18 003 -9 554 | 34 132 6 499 | 70 165 -46 976 | 143 917 27 688 |
Other comprehensive income | -9 554 | 6 499 | -46 976 | 27 688 |
Total comprehensive income | 8 449 | 40 631 | 23 189 | 171 605 |
Total comprehensive income attributable to: | ||||
Shareholders of the Parent company | 8 449 | 40 631 | 23 189 | 171 605 |
Non-controlling interests | - | - | - | - |
010 Absolent Air Care Group
Q4 2025
Consolidated statements of financial position in summary SEK thousands | Note | 31 Dec 2025 | 31 Dec 2024 |
ASSETS | |||
Fixed assets | |||
Goodwill | 601 612 | 656 111 | |
Other intangible fixed assets | 82 362 | 81 639 | |
Tangible fixed assets | 213 687 | 227 634 | |
Financial fixed assets | 1 425 | 1 809 | |
Deferred tax assets | 19 005 | 16 791 | |
Total fixed assets | 2 | 918 091 | 983 985 |
Current assets | |||
Inventories | 152 480 | 160 435 | |
Accounts receivable | 205 882 | 207 655 | |
Current tax receivables | 19 454 | 18 426 | |
Other receivables | 11 061 | 11 666 | |
Prepaid expenses and accrued income | 35 766 | 40 182 | |
Cash and cash equivalents | 238 898 | 255 829 | |
Total current assets | 663 541 | 694 192 | |
TOTAL ASSETS | 4 | 1 581 632 | 1 678 177 |
EQUITY AND LIABILITIES | |||
Equity | |||
Share capital | 3 363 | 3 363 | |
Other capital contributions | 32 510 | 32 510 | |
Translation reserve | 20 335 | 67 310 | |
Retained earnings incl. result for the period | 873 850 | 840 478 | |
Equity attributable to Parent company shareholders | 930 058 | 943 662 | |
Non-controlling interests | - | - | |
Total equity | 930 058 | 943 662 | |
Long-term liabilities | |||
Long-term interest-bearing lease liabilities | 79 178 | 97 935 | |
Other long-term interest-bearing liabilities | 5 | 306 224 | 367 138 |
Provisions | 1 756 | 1 708 | |
Deferred tax liabilities | 34 038 | 32 121 | |
Other long-term liabilities | 231 | - | |
Total long-term liabilities | 421 425 | 498 902 | |
Short-term liabilities | |||
Short-term interest-bearing lease liabilities | 26 974 | 31 708 | |
Prepayments from customers | 5 545 | 4 214 | |
Accounts payable | 87 934 | 78 835 | |
Current tax liabilities | 5 779 | 10 290 | |
Other liabilities | 18 565 | 20 518 | |
Accrued expenses and prepaid income | 85 351 | 90 047 | |
Total short-term liabilities | 230 149 | 235 613 | |
TOTAL EQUITY AND LIABILITIES | 4 | 1 581 632 | 1 678 177 |
Absolent Air Care Group 011
Q4 2025
Consolidated statement of changes in equity in summarySEK thousands | Share | Other | Translation | Retained | Total | Non- | Total |
capital | capital | reserve | earnings | controlling | equity | ||
contri- | incl. result | interests | |||||
butions | for the | ||||||
period | |||||||
Opening equity 1 Jan 2024 | 3 363 | 32 510 | 39 622 | 730 524 | 806 019 | 1 | 806 020 |
Change in non-controlling interests | - | - | - | - | - | -1 | -1 |
Result for the period | - | - | - | 143 917 | 143 917 | - | 143 917 |
Other comprehensive income | |||||||
Translation differences | - | - | 27 688 | - | 27 688 | - | 27 688 |
Transactions with shareholders Dividend | - | - | - | -33 963 | -33 963 | - | -33 963 |
Closing equity 31 Dec 2024 | 3 363 | 32 510 | 67 310 | 840 478 | 943 662 | - | 943 662 |
Opening equity 1 Jan 2025 | 3 363 | 32 510 | 67 310 | 840 478 | 943 662 | - | 943 662 |
Result for the period | - | - | - | 70 165 | 70 165 | - | 70 165 |
Other comprehensive income Translation differences | - | - | -46 976 | - | -46 976 | - | -46 976 |
Transactions with shareholders Dividend | - | - | - | -36 793 | -36 793 | - | -36 793 |
Closing equity 31 Dec 2025 | 3 363 | 32 510 | 20 335 | 873 850 | 930 058 | - | 930 058 |
012 Absolent Air Care Group
Q4 2025
Group cash flow statements in summary SEK thousands | Note | Oct-Dec 2025 | Oct-Dec 2024 | Jan-Dec 2025 | Jan-Dec 2024 |
Operating activities | |||||
Operating result | 32 609 | 39 250 | 129 852 | 204 928 | |
Adjustments for items not included in the cash flow | 18 167 | 15 400 | 56 945 | 57 320 | |
Received interest | 693 | 1 319 | 3 550 | 5 798 | |
Paid interest | -5 060 | -6 189 | -22 459 | -30 432 | |
Paid income tax | -6 621 | -17 809 | -39 407 | -79 694 | |
Cash flow from operating activities before changes in working capital | 39 788 | 31 972 | 128 481 | 157 921 | |
Changes in working capital | |||||
Changes in inventories | 5 872 | 19 421 | -6 338 | 24 440 | |
Changes in operating receivables | -1 458 | 8 540 | -27 496 | -25 020 | |
Changes in operating liabilities | -4 354 | -5 679 | 35 264 | -11 235 | |
Cash flow from operating activities | 39 848 | 54 254 | 129 912 | 146 106 | |
Investing activities | |||||
Business combinations | - | -3 455 | - | -3 455 | |
Investments in intangtible fixed assets | -3 333 | -9 063 | -19 652 | -23 101 | |
Investments in tangible fixed assets | -4 117 | -5 645 | -27 792 | -11 945 | |
Sale of tangible fixed assets | 457 | 706 | 626 | 1 033 | |
Increase/decrease of long-term receivable | -2 | 44 | 186 | 373 | |
Cash flow from investing activities | 3 | -6 995 | -17 413 | -46 632 | -37 095 |
Financing activities | |||||
Amortizations of loans | - | - | -13 669 | -100 000 | |
Amortizations of lease liabilities | -7 518 | -8 226 | -29 469 | -29 212 | |
Paid dividend | - | - | -36 793 | -33 963 | |
Other items | - | - | -2 525 | - | |
Cash flow from financing activities | -7 518 | -8 226 | -82 456 | -163 175 | |
Cash flow for the period | 25 335 | 28 616 | 824 | -54 163 | |
Cash and cash equivalents at the beginning of the period | 215 829 | 220 711 | 255 829 | 298 081 | |
Translation difference in cash and cash equivalents | -2 266 | 6 502 | -17 756 | 11 911 | |
Cash and cash equivalents at the end of the period | 238 898 | 255 829 | 238 898 | 255 829 | |
Absolent Air Care Group 013
Q4 2025
Our leading filtration solution, TurboSwing®, creates a better working environment for professional kitchen staff.
SEK thousands | Oct-Dec 2025 | Oct-Dec 2024 | Jan-Dec 2025 | Jan-Dec 2024 |
Net sales | 13 420 | 9 275 | 46 867 | 40 841 |
Sales expenses | -655 | -72 | -1 943 | -351 |
Administrative expenses | -16 271 | -19 865 | -56 991 | -56 237 |
Research and development expenses | -8 666 | -3 270 | -17 234 | -9 466 |
Other operating income | - | 196 | - | 196 |
Other operating expenses | -320 | - | -3 233 | -261 |
Operating result | -12 492 | -13 736 | -32 535 | -25 278 |
Financial items | ||||
Result from participations in Group companies | - | - | 58 168 | 79 690 |
Financial income | 4 028 | 17 713 | 18 502 | 38 143 |
Financial expenses | -3 723 | -6 046 | -22 502 | -29 998 |
Result after financial items | -12 187 | -2 069 | 21 633 | 62 557 |
Appropriations | 67 156 | 98 432 | 67 156 | 98 432 |
Result before tax | 54 970 | 96 363 | 88 789 | 160 990 |
Tax expense | -11 671 | -20 549 | -6 696 | -17 603 |
Result for the period | 43 299 | 75 814 | 82 093 | 143 386 |
Parent company income statement in summary
Total comprehensive income for the period corresponds to the result for the period
014 Absolent Air Care Group
Q4 2025
Parent company balance sheet in summary SEK thousands | 31 Dec 2025 | 31 Dec 2024 |
ASSETS | ||
Fixed assets | ||
Intangible fixed assets | 58 749 | 51 038 |
Tangible fixed assets | 322 | 157 |
Participations in Group companies | 460 463 | 460 463 |
Receivables on Group companies | 225 118 | 268 149 |
Deferred tax receivable | 3 171 | - |
Total fixed assets | 747 823 | 779 807 |
Current assets | ||
Receivables on Group companies | 72 726 | 84 805 |
Current tax receivables | 10 468 | - |
Other receivables | 1 056 | 1 408 |
Prepaid expenses and accrued income | 3 752 | 3 522 |
Cash and cash equivalents | 162 678 | 160 353 |
Total current assets | 250 680 | 250 088 |
TOTAL ASSETS | 998 503 | 1 029 894 |
EQUITY AND LIABILITIES | ||
Equity | ||
Share capital | 3 363 | 3 363 |
Restricted reserve | 918 | 918 |
Development costs reserve | 58 756 | 51 038 |
Total restricted equity | 63 038 | 55 320 |
Share premium reserve | 32 510 | 32 510 |
Retained earnings | 315 054 | 216 179 |
Result for the period | 82 093 | 143 386 |
Total unrestricted equity | 429 657 | 392 076 |
Total equity | 492 695 | 447 395 |
Untaxed reserves | ||
Tax allocation reserve | 101 199 | 90 134 |
Excess depreciation | 40 | 128 |
Total untaxed reserves | 101 239 | 90 262 |
Long-term liabilities | ||
Liabilities to credit institutions | 306 224 | 367 137 |
Total long-term liabilities | 306 224 | 367 137 |
Short-term liabilities | ||
Accounts payable | 3 748 | 4 793 |
Current tax liabilities | - | 243 |
Liabilities to Group companies | 83 139 | 103 100 |
Other liabilities | 442 | 516 |
Accrued expenses and deferred income | 11 017 | 16 447 |
Total short-term liabilities | 98 346 | 125 100 |
TOTAL EQUITY AND LIABILITIES | 998 503 | 1 029 894 |
Absolent Air Care Group 015
Q4 2025
Note 1 RevenueThe Group's contracts with customers refer to sales of products for cleaning of process air in a variety of industries, in the Group's two business areas Industrial and Commercial Kitchen. Net sales refers only to revenue from contracts with customers. Related to the products, the Group also sells installation services in a many cases as well as maintenance. The Group sometimes also recharges freight to customers, depending on the incoterms.
In the majority of the Group's contracts with customers, products and installation are deemed to be distinct and are accounted for as separate performance obligations. However, for some contracts with customers the installation services do not meet the criteria for being distinct, since these contracts include a slightly higher degree of customization and the contract is more of a package
solution where the installation cannot be separated. In these cases, products and installation are considered as one joint performance obligation. The Group's products come with standardized
warranties, which are assessed to be a part of the product and not considered as separate performance obligations.
The performance obligation for sale of products is deemed to be fulfilled when control is transferred to the customer, which is assessed to coincide with physical delivery to the customer. Installation services as well as service and maintenance are assessed to be performance obligations fulfilled over time. Hence, the revenue for these services is recognized as they are performed. However, installation is usually performed in connection with delivery of the products and mainly refers to short installation assignments. For these short installation assignments, the revenue is thus recognized in practice when the installation has been completed. For the customer contracts where products and installation are considered a joint performance obligation, the revenue is recognized over time, based on costs incurred in relation to total costs for the products and services under the contract.
Net sales per products and services SEK thousands | Oct-Dec 2025 | Industrial Oct-Dec 2024 | Commercial Kitchen Oct-Dec Oct-Dec 2025 2024 | Oct-Dec 2025 | Total Oct-Dec 2024 | |
Products, recorded at a certain point in time | 252 216 | 245 102 | 36 299 | 38 622 | 288 515 | 283 723 |
Services, recorded over time | 28 606 | 33 472 | 9 177 | 6 995 | 37 783 | 40 467 |
Products and services, recorded over time | 7 614 | 8 539 | 16 589 | 11 404 | 24 203 | 19 942 |
Total | 288 436 | 287 113 | 62 066 | 57 020 | 350 501 | 344 134 |
SEK thousands | Jan-Dec 2025 | Industrial Jan-Dec 2024 | Commercial Kitchen Jan-Dec Jan-Dec 2025 2024 | Jan-Dec 2025 | Total Jan-Dec 2024 | |
Products, recorded at a certain point in time | 900 706 | 1 001 132 | 158 087 | 162 834 | 1 058 793 | 1 163 966 |
Services, recorded over time | 102 525 | 116 690 | 23 762 | 22 293 | 126 287 | 138 982 |
Products and services, recorded over time | 27 167 | 39 322 | 66 767 | 57 929 | 93 935 | 97 250 |
Total | 1 030 399 | 1 157 143 | 248 616 | 243 055 | 1 279 015 | 1 400 199 |
016 Absolent Air Care Group
Q4 2025
Net sales per geographic region SEK thousands | Oct-Dec 2025 | Industrial Oct-Dec 2024 | Commercial Kitchen Oct-Dec Oct-Dec 2025 2024 | Oct-Dec 2025 | Total Oct-Dec 2024 | |
EMEA | 144 198 | 144 095 | 58 776 | 53 071 | 202 974 | 197 166 |
Americas | 115 145 | 111 213 | 1 025 | 214 | 116 170 | 111 427 |
APAC | 29 093 | 31 806 | 2 264 | 3 735 | 31 357 | 35 541 |
Total | 288 436 | 287 113 | 62 066 | 57 020 | 350 501 | 344 134 |
SEK thousands | Jan-Dec 2025 | Industrial Jan-Dec 2024 | Commercial Kitchen Jan-Dec Jan-Dec 2025 2024 | Jan-Dec 2025 | Total Jan-Dec 2024 | |
EMEA | 517 454 | 609 031 | 232 386 | 230 708 | 749 840 | 839 739 |
Americas | 381 067 | 430 139 | 4 252 | 2 550 | 385 319 | 432 689 |
APAC | 131 878 | 117 973 | 11 978 | 9 797 | 143 856 | 127 771 |
Total | 1 030 399 | 1 157 143 | 248 616 | 243 055 | 1 279 015 | 1 400 199 |
Reporting per geographic area
The Group's net sales per geographic area have been reported for the Group's regions and the most important markets. Net sales are reported based on where the customer is located and the assets
are allocated to each region based on where they are physically located. No single customer accounts for more than 10 percent of total sales for the Group.
Net sales
SEK thousands | Oct-Dec 2025 | Oct-Dec 2024 | Jan-Dec 2025 | Jan-Dec 2024 |
EMEA | 202 974 | 197 166 | 749 840 | 839 739 |
of which UK | 51 704 | 64 848 | 219 180 | 273 745 |
of which Sweden | 28 978 | 29 911 | 117 274 | 123 938 |
Americas | 116 170 | 111 427 | 385 319 | 432 689 |
of which USA | 57 366 | 69 709 | 223 468 | 270 063 |
APAC | 31 357 | 35 541 | 143 856 | 127 771 |
Total | 350 501 | 344 134 | 1 279 015 | 1 400 199 |
Absolent Air Care Group 017
Q4 2025
Fixed assets*
SEK thousands | 31 Dec 2025 | 31 Dec 2024 |
EMEA | 233 081 | 242 036 |
of which UK | 48 961 | 67 259 |
of which Sweden | 154 810 | 135 017 |
Americas | 79 870 | 80 987 |
of which USA | 17 097 | 1 319 |
APAC | 2 103 | 3 041 |
Total | 315 054 | 326 064 |
* Do not include goodwill or financial fixed assets. Goodwill has not been allocated on geographical areas since it is only allocated per operating segment.
Note 3 Segment reportingThe Group's operations consists of two business areas, Industrial and Commercial Kitchen. The Group CEO has been identified as the chief operating decision-maker (CODM), and the Group CEO follows the development of the business areas based on net sales and operating result. Net financial items and tax are not followed per business area, neither is the balance sheet. Any transactions
between the business areas are conducted on market terms. The result for each business area includes directly attributable items and items that can be allocated to each business area on a reasonable and reliable manner. Group functions are recorded separately and not allocated to each business area. Net investments refer to intangible and tangible fixed assets.
SEK thousands Industrial Commercial Kitchen Group functions Eliminations Total
Oct-Dec 2025 | Oct-Dec 2024 | Oct-Dec 2025 | Oct-Dec 2024 | Oct-Dec 2025 | Oct-Dec 2024 | Oct-Dec 2025 | Oct-Dec 2024 | Oct-Dec 2025 | Oct-Dec 2024 | |
Net sales | 288 436 | 287 113 | 62 102 | 57 020 | - | - | -37 | - | 350 501 | 344 134 |
Operating result | 41 978 | 47 205 | 2 735 | 1 570 | -12 104 | -9 525 | - | - | 32 609 | 39 250 |
Net financial items | -4 578 | 9 950 | ||||||||
Result before tax | 28 031 | 49 200 | ||||||||
Amortizations and depreciations | -9 043 | -9 607 | -2 998 | -3 117 | -6 976 | -945 | - | - | -19 018 | -13 669 |
Net investments | -3 411 | -6 148 | -591 | -683 | -2 992 | -7 170 | - | - | -6 993 | -14 001 |
SEK thousands Industrial Commercial Kitchen Group functions Eliminations Total
Jan-Dec 2025 | Jan-Dec 2024 | Jan-Dec 2025 | Jan-Dec 2024 | Jan-Dec 2025 | Jan-Dec 2024 | Jan-Dec 2025 | Jan-Dec 2024 | Jan-Dec 2025 | Jan-Dec 2024 | |
Net sales | 1 030 399 | 1 157 159 | 248 665 | 243 105 | - | - | -48 | -66 | 1 279 015 | 1 400 199 |
Operating result | 132 382 | 210 918 | 29 282 | 18 922 | -31 812 | -24 912 | - | - | 129 852 | 204 928 |
Net financial items | -29 196 | -13 163 | ||||||||
Result before tax | 100 656 | 191 766 | ||||||||
Amortizations and depreciations | -37 489 | -36 710 | -11 742 | -12 190 | -10 129 | -4 871 | - | - | -59 360 | -53 772 |
Net investments | -28 418 | -13 221 | -1 415 | -2 148 | -16 986 | -18 644 | - | - | -46 818 | -34 013 |
018 Absolent Air Care Group
Q4 2025
Note 4 Financial instrumentsSEK thousands Financial assets Financial liabilities
31 Dec 2025 | 31 Dec 2024 | 31 Dec 2025 | 31 Dec 2024 | |
Measured at amortized cost Measured at fair value through profit and loss | 473 502 - | 500 435 - | 420 117 - | 473 028 - |
Total | 473 502 | 500 435 | 420 117 | 473 028 |
Financial instruments are measured at amortized cost or fair value based on classification. For more detailed information, see the Group accounting policies in the Annual Report for 2024.
Note 5Pledged assets and contingent liabilities
GroupSEK thousands | 31 Dec 2025 | 31 Dec 2024 |
Contingent liabilities Other guarantees | 2 133 | 174 |
Total | 2 133 | 174 |
SEK thousands | 31 Dec 2025 | 31 Dec 2024 |
Contingent liabilities Guarantees for Group companies Other guarantees | 26 404 2 133 | 33 984 174 |
Total | 28 537 | 34 157 |
Related party transactions within the Group consist of internal trading of goods and services. In addition, fees to board member has
been incurred for consultancy services and services as interim CEO and President. For the full year 2025 it amounts to SEK 6.2 (0.9) million and to SEK 0.5 (0.9) million for the fourth quarter of the year. There are no other material transactions with related parties. All transactions have been carried out on market terms.
Absolent Air Care Group 019
Year-end report 2025
ABSOLENT AIR CARE GROUP AB (PUBL)
Karl Gustavsgatan 1A 411 25 Gothenburg Sweden