2025
Annual report
Contents
The business 3
The year in brief 4
Message from the CEO 6
We are ǪleanAir 8
Objectives and strategy 9
Position, purpose and customer promise 11
Ïinancial targets and dividend policy 12
Market overview 14
Technology 16
Sustainability 18
Three dimensions of clean air 20
Design € innovation 22
Business areas 23
Air Cleaners 23
Cabin Solutions 25
Cleanrooms 27
Business model 28
Customer case: Suzuki Carphyttan 29
Customer case: Clade Park / Adval Co 32
Customer case: UNC Health 34
Customer case: D.O.C Deutsche Oelfabrik 36
Directors' Report 37
Ïinanciaľ information 43
Consolidated income statement 44
Consolidated balance sheet 45
Consolidated statement of changes in equity 46
Consolidated cash flow statement 47
Notes to the consolidated financial statements 48
Parent company income statement 74
Parent company balance sheet 74
Changes in equity, parent company 75
Parent company cash flow 76
Notes, parent company 77
Declaration by the Board of Directors 79
Auditor's report 80
Corporate governance and shares 83
The company's annual report is published in both Swedish and English. The Swedish version is the original version. Both versions are available as a downloadable PDÏ on the company's website.
2 ǪleanAir Annual Report 2025
01
The business
The business
The year in brief
At the end of 2025, the number of instaľľed units amounted to 12,554 units, an increase of 2.3%.
Recurring revenue MSEK 269 (285), corresponding to 59% (66) of total sales. Total revenue rose from MSEK 450 to MSEK 455.
Operating profit rose to MSEK
41.2 (12.0) and the operating
margin was 9.1% (2.7).
Cash flow The Croup's cash flow from operating activities amounted to MSEK 80.1 (39.7).
Europe MSEK 208
Japan MSEK 197
USA MSEK 50
Saľes by geography 2025 Total: MSEK 455
Cabin Solutions MSEK 308
Air Cleaners MSEK 95
Cleanrooms MSEK 52
Saľes by product category 2025 Total: MSEK 455
2024
2025
Cabin Solutions Air Cleaners Cleanrooms
Product mix
Cabin Solutions now represent 68% (67) of the product mix, Air Cleaners 21% (23) and Cleanrooms 11% (10).
4 ǪleanAir Annual Report 2025
The business
The year in numbers
455
Net saľes, MSEK 2024: 450
269
Recurring revenue, MSEK 2024: 285
9.1%
Operating margin % 2024: 2.7%
1.88
Earnings per share 2024: -0.10
1%
Net saľes, change in % (currency-adjusted +5.9%)
-5%
Recurring revenue, change %
41.2
Operating profit, MSEK 2024: 12.0
80.1
Cash flow from operating activities, MSEK 2024: 39.7
12,554
Instaľľed units 2024: 12,269
27.9
Profit for the year, MSEK 2024: -1.4
38
Equity ratio % 2024: 32
ǪleanAir Annual Report 2025 5
The business
Message from the CEO
Demand for our solutions was good in 2025. We grew in both Cabin Solutions and Cleanrooms. Our industrial approach within Air Cleaners, focusing on areas critical to our customers, proved very helpful in what was a rather challenging market in Europe.
Sales amounted to MSEK 454.7 (450.3), representing organic growth of approximately 1%; on a currency-adjusted basis, sales amounted
to MSEK 476.9, corresponding to currency-adjusted growth of just under 6%. We achieved a significantly improved operating profit, EBIT,
of MSEK 41.2 (12) and an operating margin of 9.1% (2.7). Operating cash flow amounted to MSEK 80.1
(39.7) and net debt was significantly reduced to MSEK 118.6 (164.2).
The gross margin improved further in 2025 to 68.6% (65.1).
In Air Cleaners, we continued to see a positive impact on gross margin from a higher proportion of renewed contracts, new, more sophisticated product solutions, and a more efficient supply chain in Europe. In Cleanrooms, we
continued to see improved margins as a result of our work on COCS at the end of 2023 and the sale of a renewed lease to a major customer for six cleanrooms in the US.
Adjusted for currency effects, our recurring revenue trends are stable.
Niche products for industry continue to deliver a
strong performance
The new niche products continued to deliver a strong performance,
6 ǪleanAir Annual Report 2025
The business
with products developed in the last 36 months accounting for 29% of the number of air cleaning units sold in 2025. These launches are important steps in our strategy to broaden our offering and strengthen our position
in air cleaning for professional environments. We continue to develop solutions that meet the needs of critical environments and drive our long-term growth agenda for the product portfolio.
Strong momentum in Japan and incremental growth in Air Cleaners in Europe in 2025
Japan ended the year with strong growth in cabin solutions and good new sales of industrial air cleaning solutions. Japan's growth in local currency was 9% for the year. Our new products continued to gain ground in Europe, we ended 2025 with strong growth
in Air Cleaners of over 20% in Europe in Ǫ4. All focus is now on strengthening our sales in
Cermany, the new products are key and the Cerman team is already well ahead in implementing
these new solutions.
New cleanroom projects in the US, strong order book for 2026
Crowth in cleanrooms continues to be steady in the US and delivered strong gross profit. Order intake increased and we are entering 2026 with a strong order book.
Outlook
We have a very positive view of the global potential for clean indoor air but maintain our cautious view on the economic situation in Europe. We are in a strong financial position, with an improved cash flow from operating activities. Our change management to increase growth and profitability is progressing
according to plan, with the aim of achieving annual organic growth of 10% and an operating margin of 15-20% in the medium term.
Our circular business model and our focus on sustainability remain a key priority. By the end of December, we had delivered
89.5 billion cubic meters of cleaned indoor air for the year - a year-on-year increase of 2.9%.
I would like to thank all our staff for their commitment and our customers for their continued trust. Together, we are building on our vision to become the world leader in stand-alone indoor air cleaning solutions.
Solna, April 17, 2026
Sebastian Įindström,
CEO ǪleanAir AB
ǪleanAir Annual Report 2025 7
The business
We are ǪleanAir
ǪleanAir's mission is to protect people from harmful particles and gases and create a cleaner indoor environment. Ïor more than 30 years, we have developed innovative air cleaning solutions that create healthy indoor environments for people, products and processes by controlling air quality.
9 out of 10 people breathe air with high air pollution levels.1
7 million people die prematurely due to air pollution every year.1
Air pollution is the greatest
environmental threat to human health. 1
Indoor air can be up to 50 times more polluted than outdoor air.2
1 WHO Clobal Air Ǫuality Cuidelines
2 EU, ECA report no 23
8 ǪleanAir Annual Report 2025
With unique specialist expertise,
high-quality products, market-leading service and a lifetime performance gu»r»ntee, we c»n offer efficïent »nd customized solutions that deliver clean air over time. The product portfolio consists of stand-alone air cleaners (Air Cleaners), solutions for protection against passive smoking (Cabin Solu-tïons) »nd flexïbľe, moduľ»r cľe»nrooms (Cleanrooms). With the help of our products, our customers can ensure the air quality in their workplace, which is of great importance to employee health. In many businesses, air quality is also critical to the sustainability and qu»ľïty ot products »nd the efficïency of processes.
All our air cleaners use a mechanical fiľtr»tïon system »nd h»ve ľ»rgeľy »uto-m»tïc flow controľ. Combïned wïth service agreements, we can guarantee the soľutïon's efficïency over tïme and provide a lifetime performance guarantee. We have solutions for most application areas and work closely with our customers to develop new solutions. Development and design of new products takes place at the corporate office ïn Soľn», Sweden. Productïon
takes place through partners, which
gïves us flexïbïľïty.
Since the beginning, our business concept has been based on a circular business model focusing on rental contracts, which was groundbreaking when we started the business. Customers »re s»tïsfied »nd the churn r»te
is low. To minimize the use of resources, products and parts are reused or recycled after dismantling and end of contract.
Our corpor»te office ïs ľoc»ted ïn Soľn». During 2025 we had an average of 119 employees and a network of mar-
ket and service partners across three continents. During the year, we have strengthened the organization with more sales resources and on the product side. By the end of December 2025, we had installed 12,554 units for around 3,400 customers in over 30 countries
worldwide. In 2025, we cleaned 89.5 billion cubic meters of air worldwide. This represents an increase of 2.9% on the previous year. Our strongest contribution to society is that we increase the amount of cleaned air year after year.
The business
Objectives and strategy
ǪleanAir offers solutions that protect people, products and processes from air pollution in indoor environments. Our product range consists of Air Cleaners; stand-alone air cleaners for professional and industrial environments, Cabin Solutions; solutions for protection against passive smoking and Cleanrooms; modular cleanrooms for businesses that require a controlled environment. All product areas are based on the same type of air cleaning technology, which gives us the opportunity and flexibility to expand the product portfolio with new innovative solutions and scale production in a cost-effective way.
Objective: Average annual organic sales growth of around 10%.
Objective: 15-20% EBIT margin
Objective: Dividend rate 30-50% ot net profit
The basis of ǪleanAir's business is to deliver clean air as a service through a circular business model based on long-term rental contracts. ǪleanAir
has a clear strategy for targeting prof-ït»bľe »nd c»pït»ľ-efficïent growth, where our strategic plan is focused on customer focus and new innovations, strategic resource allocation, expansion of the sales organization and expansion into new markets and customer segments.
Customer focus and new innovations
We know that clean indoor air can m»ke » bïg dïfference to hum»n he»ľth, product qu»ľïty »nd process efficïency. Our solutions are the result of over 30 years' experience in product development, regular and independent testing, maintenance and communication with users and customers.
We work systematically to understand our customers' challenges and are responsive and proactive to their future needs. Every year, we meet with selected customers in priority segments to ensure we are at the forefront and to develop new innovations that the market demands. We have some 3,400 customers globally and thus plenty of opportunity to broaden the r»nge ot soľutïons we offer to exïstïng customers.
In order to be able to provide the best solutions, we set high standards for ourselves. Therefore, all our products are developed by our own development department with mechani-
c»ľ muľtï-st»ge fiľtr»tïon th»t c»n be adapted to each customer's environment »nd specïfic ch»ľľenge. We offer not only industry-leading air cleaning products, but unique solutions for each customer's needs. We can do this by combining our technology and products with in-depth knowledge and developing tailor-made solutions.
Product deveľopment ïs » centr»ľ p»rt of ǪleanAir's business and we continuously introduce new products that solve relevant customer problems. Our strategy is to continue to launch new products for both existing and new customer segments and geographies.
When it comes to cabin solutions, we continue our broad customer focus. It is a mature market on which we are the market leader. In terms of products, we have expanded our solutions for the indoor smoking segment, where we cover small and medium-sized cabins as well as solutions for larger smoking rooms. In Air Cleaners, which we see as a growth market, we will particularly focus on industrial solutions. Our products »re both sc»ľ»bľe »nd flexible. It is in industrial environments th»t we see the gre»test benefit trom
ǪleanAir Annual Report 2025 9
The business
our ability to create positive pressure, negative pressure, clean zones and recirculation in a single product. We are focusing on Air Cleaners because we see strong and stable demand and to be able to go deeper in our development ot »ppľïc»tïon-specïfic soľutions. We are completely focusing the Cleanroom business on the US market. It is in the US that we have a targeted cľe»nroom offerïng »nd »n org»nïz»-tion with cutting-edge expertise.
During the year, we launched a total of four new products as a result of our systematic product development work.
Strategic resource allocation
We are continuously optimizing ǪleanAir's cost structure and contïnuïng our efforts to stre»mľïne operations with a particular focus on c»sh flow »nd workïng c»pït»ľ.
Ïocus on sales in key markets
Our technical expertise and ability to offer customïzed soľutïons ïs » keyp»rt ot our offerïng. Ïor thïs re»son, we h»ve expanded an already strong sales force with additional technical sales support in several markets.
ǪleanAir will continue to have a clear focus with our own organization in key markets such as Japan, Sweden, Cer-m»ny, Ïr»nce »nd the US. We »ľso h»ve a well-proven model for indirect channels outside our key markets.
10 ǪleanAir Annual Report 2025
The business
M»kïng » re»ľ dïfference through cľe»n »ïr
We know the difference that air quality can make to the overall health and effectiveness of people, products and processes. We also understand the sense of security an individual gets when they know they are breathing clean air. Therefore, we work every day to understand the needs of our customers and deliver unparalleled air cleaning solutions that allow us to make a real difference.
The freedom of clean air | Posïtïon The specialized provider of premium clean air solutions. |
The freedom of clean air is the promise that we bring to our customers. | |
The freedom of clean air means peace of mind, knowing that people, products and processes are in the best possible indoor environment. The freedom of clean air means that the process is hassle-free, and that we guarantee air quality over time. We tailor the solution to your needs. We do measurements and testing. Taking care of installation, service, upgrades and adjusting the solution when your needs change. We deliver the freedom of clean air. | Purpose Making a real difference through clean air. Promïse The freedom of clean air. |
ǪleanAir Annual Report 2025 11
The business
Ïïn»ncï»ľ t»rgets »nd dividend policy
Crowth
The Croup's goal is to achieve average annual organic sales growth of approximately 10% in the medium term.
Profitability
The Croup's goal is to achieve an EBIT margin of 15-20% in the medium term.
Dividend policy
The go»ľ ïs tor 30-50% ot the net profit for the year to be paid out in dividends.
The dividend proposal shall take into account ǪleanAir's long-term deveľopment potentï»ľ, fin»ncï»ľ position and investment needs.
12 ǪleanAir Annual Report 2025
The business
Coaľ 2025
~10%
› 1%
Average annual organic sales growth of approximately 10%
15-20%
Currency-adjusted growth was 5.9%.
› 9.1%
EBIT margin of 15-20% EBIT margin
30-50%
Dividend percentage
30-50% ot the net profit tor the ye»r to be paid out in dividends
› 0%
Dividend proposed by the Board SEK 0.00 per share
ǪleanAir Annual Report 2025 13
Market overview
ǪleanAir is a niche provider of premium air cleaning solutions for indoor environments such as industry and public places. Our solutions
are used to protect people, processes and products from harmful particles and gases.
ǪleanAir operates in Europe, Japan and the United States and has its cor-por»te office ïn Soľn», Sweden. The business is global, about 92% of our sales are generated outside Sweden's borders. Our main markets are Japan, Cermany, the United States and Sweden, but we also operate in other European countries and on a number of smaller export markets. In recent years, the importance of air quality in society has been emphasized by authorities around the world.
Driving forces
There are several main drivers that govern market development for air cleaning in indoor environments. The main driver is our customers' need to ensure employee health, product quality and process efficïency. Customers »ľso need to reduce energy consumption
»nd ïncre»se profit»bïľïty. We »ľso see greater awareness of issues regarding the working environment, sustainability issues and the importance of clean air. Tighter air quality legislation and an increasing demand for buying clean air as a service are other driving forces.
Tougher requirements and focus on working environment issues
In addition to the tougher legislation, companies are becoming increasingly aware of the importance of maintaining a high level of air quality in and in association with the workplace. As research has highlighted the importance of clean air in workplaces, companies are now inclined to pay
for solutions to protect employees, processes and products against air pollution.
Increased demand for sustainable products and processes
Society's focus on sustainable products and processes is growing. At the same time, organizations' primary focus is to keep costs down and have
» profit»bľe busïness. Otten, these go hand in hand. With clean indoor air, our customers can guarantee the quality and sustainability of their products. If the »ïr ïs not fiľľed wïth p»rtïcľes, thus leading to less downtime and more efficïent processes, equïpment works better and lasts longer and it also requires less power to operate. Over-
»ľľ, thïs benefits the dem»nd tor our solutions.
Air quality legislation
Exposure to air pollutants is the biggest environmental threat to humans and leads to 7 million premature deaths each year 1. Ïew countrïes ïn the world meet the WHO air quality standards for outdoor air. In Cermany, new standards for air cleaners were introduced in 2022 by the Association of Cerman Engineers, VDI2, which have contributed to an increased focus on air cleaning capacity, turbulence in the room, noise levels and safety for end users. ǪleanAir is one of the few companies that developed several air cleaners that meet the standards. Įegislation within food and drug manufacturing, as well as drug preparation has a major impact on the demand
for our products. The US Standard for Sterile Working Conditions in Drug Prep»r»tïon 3, which has historically drïven sïgnïfic»nt growth ïn cľe»n-rooms, was updated in 2022. The ch»nge c»me ïnto effect »t the end ot 2023 and is expected to contribute to further growth going forward.
Increased demand for clean air delivered as a service
A growing number of customers are
WHO Clobal Air Ǫuality Cuidelines
VDI, Association of Cerman Engineers, VDI-EE 4300-14.
USP - New and revised compounding standards updated in 2022 and took effect in 2023
demanding clean air delivered as a service: a single undertaking in terms of air quality, usually through long leases of air cleaning equipment. With comprehensive solutions, customers don't have to worry about air quality in the workplace and can focus on their core business instead. Clean air delivered »s » servïce »ľso me»ns fin»n-cï»ľ »nd tunctïon»ľ flexïbïľïty to »voïd large upfront investment costs and increased agility in an ever-changing market climate.
Ceographical markets
Ǫľe»nAïr's dïfferent product c»tego-ries have distinct end markets in different geographic regions based on ľoc»ľ dem»nd »nd specïfic condïtïons
»s weľľ »s ľeg»ľ »nd cuľtur»ľ dïffer-ences. Within each product category, ǪleanAir has several geographical tocus m»rkets: Cerm»ny, J»p»n, Ïr»nce and the Nordic countries in Air Cleaners; the United States in Cleanrooms;
»nd J»p»n, Cerm»ny »nd Ïr»nce ïn Cabin Solutions.
Europe MSEK 208
Japan MSEK 197
USA MSEK 50
Saľes by geography 2025 Total: MSEK 455
Technology Most of our solutions use mechanical filtration
in combination with automatic flow control. We deliver clean air as a service with a full service offer, which means that we can provide a lifetime performance guarantee.
Mech»nïc»ľ fiľtr»tïon
Autom»tïc flow controľ
System efficïency
Service € maintenance
Energy efficïency
Mechanical filtration
Our soľutïons use mech»nïc»ľ fiľtr»-tion, a technology where particles are fiľtered through fine, fibrous t»brïc.
There »re dïfferent types ot mech»n-ïc»ľ p»rtïcľe fiľters suït»bľe tor dïfferent purposes. They »re cľ»ssïfied by the degree of separation in accordance with the ISO16890, ISO29463 or EN1822 standards for Europe. Mechan-ïc»ľ fiľtr»tïon otten uses two or more fiľter st»ges. It »ïms to ïmprove s»tety, capacity and operating economy. The pre-fiľter ïs » co»rser fiľter th»t tr»ps large particles such as pollen and dust. Behïnd thïs ïs » finer fiľter th»t c»ptures the sm»ľľer p»rtïcľes. The finer fiľters
»re usu»ľľy EPA- or HEPA-cľ»ssïfied
according to standard EN1822, with a hïgh gu»r»nteed fiľtr»tïon efficïency th»t ľ»sts over tïme. Aľľ HEPA fiľters
»re tested »nd certïfied ïndïvïdu»ľľy to guarantee performance.
Automatic flow control
The efficïency ot »n »ïr cľe»ner ïs » resuľt ot »ïrflow »nd fiľter efficïency. As the fiľter fiľľs wïth p»rtïcľes, the »ïr resïst»nce ïncre»ses »nd the »ïrflow decreases. ǪleanAir solves this by the fan automatically compensating for increased resistance by gradually increasing speed to deliver the s»me »ïrflow. When ït ïs not possïbľe to increase power further, it is time to ch»nge the fiľter. Whether the »ïr cleaner has this function or not, it is important that there is a warning sys-
tem tor when the ȕrflow becomes too
low and the pressure drop across the fiľter too hïgh, »t whïch poïnt ït ïs tïme to ch»nge the fiľter.
System efficiency
Another factor that determines the overall performance of an air cleaner is wh»t we c»ľľ system efficïency. In order tor the fiľters to come ïnto theïr own, » compľeteľy tïght system »nd »n »ïrflow
»d»pted to the fiľter »re requïred, »s
the air takes the easiest path through the system. If there is a leak, the air cleaner contributes to the spread of untreated air, instead of the opposite. Our air cleaners have a third-party verïfied fiľtr»tïon pertorm»nce on p»r wïth the fiľter, up to 99.995%, whïch ïs the best in the market according to our data.
Energy efficiency
We only use EC fans in our air cleaners and cabin solutions. They are highly efficïent »nd gener»te ľow he»t. They
»re more energy efficïent »nd requïre less maintenance than traditional fans, resuľtïng ïn good over»ľľ cost-effec-tiveness for each installation.
Įow noise level
Our air cleaners have been designed to cre»te » hïgh »ïrflow wïthout dïsturb-ing noise or turbulence. We are one of the few companies that have air cleaners that meet the strict requirements of the Cerman Association of Engineers, VDI, for air cleaners in schools
»nd offices.
Clean air as a service
We offer end-to-end soľutïons »s a hassle-free service. Our service includes needs analysis, solution
design, installation, ongoing service and maintenance, as well as our unique Įïtetïme Pertorm»nce Cu»r»ntee. We also take care of dismantling, removal and waste management. We refurbish and reuse whole units and parts thereof. Non-functional parts are recycled and disposed of.
Cuaranteed air quality over time
Combïned wïth our servïce offerïng, our technology allows us to guarantee the const»nt efficïency ot our »ïr cľe»n-ing solutions over time.
Specialists in clean air
We c»n controľ fiľtr»tïon, »ïr pressure,
»ïrflow »nd »ïr speed »nd dïrectïons ot
»ïr flow. Thïs me»ns we c»n verïty the performance of our solutions through air quality tests in controlled environments. Our products are the tools we use to create customized solutions.
Ïlexible products enable customized solutions
All our products are developed by our
own development department using
mech»nïc»ľ fiľtr»tïon technoľogy. Our soľutïons »re flexïbľe, vers»tïľe »nd scalable, and combined with long experience and deep technical know-how, our solutions can be adapted
to each customer's environment and specïfic ch»ľľenge.
Ïor ex»mpľe, our ÏS "0 st»nd-»ľone »ïr cleaner is designed to tackle a wide range of challenges. It can be used for:
Recircuľation - To recirculate air inside a room and thus remove particles from indoor air created in the room from, for example, processes or people.
Positive pressure - Creating positive pressure in a room, which protects the room from outside contamination.
Negative pressure - Creating negative pressure in a room, thus protecting the outside from particles.
Cľean zones - Creating a clean zone by blowing close to particle-free air over a process to ensure a controlled production environment.
Combinations - Creating clean environments through combinations of dïfferent products »nd technoľogïes depending on the customer's unique needs.
Recircuľation Positive pressure
Negative pressure Cľean zones
Combinations
HÅLLBAR INDUSTRI, INNOVATIONER OCH INFRASTRUKTUR
Sustainability
Our entire business at ǪleanAir is focused on sustainability. Clean indoor air protects people, products and processes. Our business model is circular and we have located manufacturing facilities close
to our main geographic markets. We work to be an attractive employer with a responsible value chain.
HÅLLBAR KONSUMTION OCH PRODUKTION
BEKÄMPA KLIMAT-FÖRÄNDRINGARNA
Environment
GOD HÄLSA OCH VÄLBEFINNANDE
ANSTÄNDIGA
ARBETSVILLKOR OCH EKONOMISK TILLVÄXT
Social sustainability
ANSTÄNDIGA
ARBETSVILLKOR OCH EKONOMISK TILLVÄXT
HÅLLBAR INDUSTRI, INNOVATIONER OCH INFRASTRUKTUR
HÅLLBAR KONSUMTION OCH PRODUKTION
e
»
-
c
y
R
c
»
e
l
-
e
u
m
R
s
a
e
e
t
»
c
e
f
a
P
r
o
n
i
u
r
a
o
d
l
l
m
r
i
d
n
u
b
S
p
g
c
o
i
e
n
s
e
h
n
«
u
c
t
d
e
v
e
l
o
p
m
e
n
t
»
R
Ïïn»ncï»ľ sust»ïn»bïľïty
Products that create a more sustainable environment
Air pollution is the main environmental threat to human health, well-being and cognitive ability. Our solutions contribute to a healthy and safe working environment in everything from m»nut»cturïng ïndustrïes to offices. Clean indoor air also contributes to the quality and durability of products, be it food, technical components or medical devices. Our solutions often lead to longer equipment life for customers, more efficïent processes »nd reduced heating costs. Our cabin solutions protect against passive smoking and dispose of 39.5 tons of cigarette butts every year instead of poisoning the environment. Overall, our air cleaning solutions delivered 89.5 (87) billion cubic meters of cleaned air during 2025.
Product quality
We are constantly developing our products and engaging in a continuous dialog with customers about their
needs and how we contribute to their he»ľth, sust»ïn»bïľïty »nd efficïency. We believe product quality means that our products have a long service life and have a positive impact on our cus-tomers' air quality for a long time. We evaluate the quality of our products by me»surïng servïce ľïte, how effectïveľy they clean the air and the number of customer complaints and errors.
Reuse and recycling
ǪleanAir's circular business model is based on leasing solutions with a
full-service commitment and a lifetime performance guarantee. By restoring and reusing a large part of the material, we offer hïgh-qu»ľïty products whïľe conserving resources and reduc-
ing our waste. Of the total number of installed units, 20.7% (19.6) were refurbished. Other materials are sorted and recycled. In Japan, a project to recycle the activated carbon and frames from used c»rbon fiľters h»s been runnïng since 2021. In 2025, 4 (2) tons of acti-
o
n
&
s
s
i
e
b
l
l
e
l
w
a
s
t
e
»
h
»
P
r
o
»
s
p
R
e
e
c
s
p
vated carbon and about 1,000 (550) fiľters were recycľed.
t
Instaľľ Service Reuse Recycľe Waste
a
e
n
h
o
i
t
s
a
i
b
v
o
r
n
u
n
f
I
e
R
e
r
t
u
v
s
n
i
i
»
t
c
s
e
»
»
»
A
n
a
l
y
z
e
&
p
r
o
d
«
s
e
«
d
a
s
r
g
t
i
p
n
u
u
d
n
d
The ǪleanAir cycle
Waste disposal
Our cabin solutions ensure the responsible disposal of cigarette butts and ash. Two out of three cigarettes are thrown onto the ground, thus contaminating water and soil. Cigarette butts are the most discarded waste
in the world, accounting for around
(eNPS) »nnu»ľľy tor our entïre gľob»ľ organization. This gave us a result of -12 (+17) this year, which will be followed up in our systematic working environment management.3
Business ethics and responsibility
throughout the value chain
767,000 tons of toxic waste every year.1 In addition to thousands of harmful substances such as arsenic, lead and cadmium, cigarette butts also contain plastics that remain in nature for hundreds of years in the form of microplas-tics.2 In 2025, we ensured that 39.5 (41) tons of cigarette butts were collected in an environmentally friendly way instead of ending up in nature where they would otherwise have broken down into microplastics, among other things.
Manufacturing and assembly close to end customers
As part of our sustainability strategy, we have chosen partners close to our main markets to reduce transport and environmental impact. We
require our shipping agents to optimize their routes, choose environmentally friendly cars, prioritize ships or trains over road and air freight and they must be envïronment»ľľy certïfied »ccordïng to ISO 14001 or similar. We have been working on localizing the production
ot »ľumïnum profiľes tor the US m»rket. We h»ve »ľso consoľïd»ted our fiľter production and service material logistics in Europe.
An attractive employer
It is important for ǪleanAir to be an attractive employer and to build long lasting personal relationships with empľoyees »nd p»rtners. We offer security in employment and cooperation agreements, an inclusive, fair, diverse and equal working environment and continuous professional development. This includes working with meaningful tasks such as creating healthy environments for customers and reducing our own impact on the climate and the environment. We measure the Empľoyee Net Promoter Score
It is important for us to conduct business in an ethical manner and this also applies to our subcontractors.
Our Code of Conduct describes our expectations of ethical and sustainable behavior and attitudes. The code supports the UN International Rules on Human Rights and the International Įabor Organization (IĮO) Declaration on Ïund»ment»ľ Prïncïpľes »nd Rïghts
at Work, and applies to all suppliers and partners, who are required to sign it when concluding a contract. We review our Code of Conduct annually to ensure that it is complied with and to check whether it needs to be revised.
ǪleanAir has a global operation and the value chain is dependent on third party suppliers for manufacturing, logistics and installation, service and maintenance. We place great responsibility and trust in our partners and suppliers to work continuously to minimize risks and misunderstandings. All strate-
gic suppliers have signed our Supplier Code of Conduct. Our strategic suppliers regularly work on various local community initiatives, as well as on increasing the share of green energy in their production, including through using solar panels and collecting rainwater in large cisterns to be used for washing cars and logistics areas.
CSRD - EU legislation
ǪleanAir is not currently covered by the CSRD framework to a direct extent. As we grow and the regulatory framework changes, we may be required to report on sustainability in the future.
ǪleanAir therefore monitors developments in environmental and climate legislation.
89.5 (87) billion cubic meters of cleaned air in 2025
39.5 (41) tons of cigarette butts were collected in 2025
20.7% (19.6) of the total number of installed units were reused and refurbished
https://www.earthday.org/tiny-but-deadly-cigarette-butts-are-the-most-commonly-polluted-plastic/
https://tobaksfakta.se/kampanj-om-mikroplast-i-cigarettfilter/
eNPS is the internal equivalent of the Customer Net Promoter Score (NPS) which measures customer loyalty and was developed by Satmetrix, Bain € Company and Ïred Reichheld.
Three dimensions of clean air
ǪleanAir has been developing indoor air cleaning solutions for more than 30 years. With a background in filtering tobacco smoke, which is one of the most difficult pollutants to remove from the air, we have in-depth knowledge and a wealth of experience from cleaning air in difficult environments. Since the
development of our patented smoking solution, we have expanded our offering to include powerful stand-alone air cleaners for industrial and professional environments, clean zone solutions for businesses with high demands on a controlled environment and modular cleanrooms.
We understand the complexity of the indoor environment, whether an
industrial site, a hospital environment,
»n office or » schooľ. There ïs otten » need for a combination of solutions to create optimal air quality in a room.
Three dimensions of clean air
There are several solutions that contribute to good indoor air quality in dïfferent w»ys. A weľľ-dïmensïoned general ventilation system is needed. Its main purpose is to ensure a steady supply of fresh, oxygenated air in the building, regulating carbon dioxide
levels, humidity and temperature. The ventilation system maintains basic air quality and protects indoor air from outside particles.
However, all indoor environments are also connected to the outdoor environment through windows and doors where particles can enter, but particles are mainly generated inside buildings, with people, products and processes themselves being sources
of particles. To minimize particle levels generated by people, products and processes, primary and secondary air cleaning solutions can complement the ventilation system.
Primary and secondary filtration
If the source of particle contamination is not the point source but is distributed in the room, then secondary fiľtr»tïon, where the »ïr ïs recïrcuľ»ted, can be applied to capture the particles and reduce the level of contamination in the room.
When the source of particle contami-n»tïon ïs » poïnt source, » prïm»ry fiľ-tration solution is usually applied. The particles are then captured directly at the source of the pollution. It is an effectïve soľutïon, but r»reľy m»n»ges to capture everything. In the case of prïm»ry fiľtr»tïon, second»ry fiľtr»-tion can complement the solution to
capture the particles that were not captured by the primary solution.
Our offer
Ǫľe»nAïr offers soľutïons ïn both prï-m»ry »nd second»ry fiľtr»tïon. Our Cabin Solutions are primary solutions that capture smoke directly from the source, thus preventing secondary smoke damage. Our solutions for clean zones are also primary. They ensure a low-particulate environment by blow-ïng HEPA-fiľtered »ïr over » product or process, or create a very low-particu-late environment to protect a person working with a product or process that might otherwise be harmful.
Our Cleanroom solutions are examples ot second»ry fiľtr»tïon. They provïde » safe background environment for crit-ïc»ľ processes. Ïor Ǫľe»nAïr, these »re mainly environments where pharmaceuticals are prepared. Our air cleaners
»re otten used tor second»ry fiľtr»tïon. By fiľterïng »nd recïrcuľ»tïng the »ïr, p»rtïcľe ľeveľs »re ľowered ïn » specïfic area of a room or in the whole room.
Through our long experience in pro-vïdïng flexïbľe »nd customïzed soľutions for our customers, we have developed strong know-how and versatile products that can play a variety of roles to ensure an optimal indoor environment.
* Heating, Ventilation, and Air Conditioning
Design € innovation
We depend on beïng »bľe to offer competitive technical solutions to maintain our market position. The m»rkets wïthïn our dïfferent product c»tegorïes dïffer consïder»bľy, whïch means that the competitive situation varies. As important as it is that we ensure that our products maintain a high standard and good quality, it is just as crucial that we are innovative and ensure that our products create healthy environments for our users. Innovation is an important part of our growth strategy, and we have always worked closely with our customers to understand their needs and develop customized solutions.
We focused on broadening our technological solutions and giving us more tools to address our customers' problems in 2025. During the year, we added four products, which means that we have products for more customer segments but also opportunities to handle
environments we have not previously been able to address.
Since 2023, we were part of a sustainability project run by Įinköping University and RE-think. The project was funded by the Swedish Energy Agency
»nd the fin»ľ report w»s pubľïshed ïn 2025. We hope that the project will be able to further guide and improve our product development processes and contribute to an even stronger sustainability focus going forward. Both for ourselves and for others. It will also help us to measure and streamline our servïce »nd m»ïnten»nce offerïng, which in turn further strengthens our cïrcuľ»rïty efforts.
In addition to product managers, we have our own product development department that works on the continuous improvement of existing products and development of new ones.
This allows us to maintain control over how the products are designed and
produced, the materials used and what the composition of these should look like. We are aware that through our choice of materials we can reduce our negative environmental impact, which is something that has become increasingly important in the development process. The same applies to work wïth energy-efficïent soľutïons »nd low noise levels.
We have developed a product development process th»t defines the typïc»ľ workflow when » product goes trom idea to market launch. This is to ensure that we work on our product development in a structured way and that the customer c»n teeľ confident th»t our products are well thought out and worked through. Compliance issues are decentralized at ǪleanAir, as our product managers are responsible for identifying regulatory requirements and local customer needs during the product development process.
Idea generation Ïeasibility study Concept development Prototype development
Pre-series development Product launch Rollout Project completion
Business areas
ǪleanAir's business is divided into three segments, the product categories: Air Cleaners, Cabin Solutions and Cleanrooms. Below is a description of each area.
Air Cleaners
2025 / MSEK 95
2024 / MSEK 101
2023/MSEK 104
Net saľes Air Cľeaners
Air Cleaners include stand-alone air cleaning solutions that remove airborne pollutants in various environments. Especially within logistics, food, manufacturing and assembly industries that are often exposed to dust and particle pollution.
Air Cleaners 21%
Cleanrooms 11%
Cabin Solutions 68%
Share of net saľes by product category in 2025
In 2025, Air Cleaners accounted for around 21% of total net sales, compared to 23% in 2024.
Warehouses
In typical warehouses, dust and particles from packaging materials, torkľïtt tïres »nd concrete floors lead to dirty packages and pallets,
sensor malfunctions and a suboptimal working environment. In cold storage warehouses, contamination also reduces the efficïency ot retrïger»tïon
systems, driving up energy and maintenance costs. In automated warehouses, robots and sensors are at risk of malfunctioning, which can lead to downtime, extended service times and disrupted supply chains. Clean air ïs theretore essentï»ľ tor efficïent »nd reliable warehouse logistics.
Įogistics centers
Įogistics centers handle large volumes of goods, often through automated processes. Įarge amounts of dust
and dirt are generated here too. Air cleaners help improve the working envïronment tor st»ff »nd keep sensors clean. This plays a crucial role in preventing downtime, making our air cleaners a business-critical solution.
Ïood industry
Companies that manufacture food products have stringent requirements for air quality and hygiene to ensure the shelf life and quality of food.
ǪleanAir's stand-alone solutions protect against cross-contamination of ingredients and contaminants such as bacteria and mold. They also improve the working environment.
Manufacturing industry
ǪleanAir's air cleaning solutions improve the working environment, ensure product quality, extend the life of equipment and contribute to more efficïent processes ïn m»nut»cturïng
industries. In the engineering and metalworking industries, there is a sïgnïfic»nt need to »ddress ïssues such as welding fumes and oil mist, problems th»t we c»n effectïveľy mïtïg»te wïth our solutions. The plastics industry, recycling industry and building materials and timber industry are other manufacturing sectors where we are seeing growing demand for clean air.
Stricter regulations and challenges ïn »ttr»ctïng »nd ret»ïnïng st»ff »re examples of driving factors. We
continue to develop new solutions for various sectors of the industry where there are more complex challenges related to clean and particle-free air.
Assembly industry
ǪleanAir's air cleaning solutions improve the working environment, ensure product quality and contribute to more cost-effectïve productïon ïn the »ssembľy ïndustry. Product w»ste can be reduced and product quality
is ensured in this customer segment in addition to improving the working environment for employees. The installations are highly customized and become an integral part of the production process. Increased focus on technical cleanliness and stricter air quality regulations are driving this market segment.
Cabin Solutions ǪleanAir smoking cabins protect people from tobacco
smoke and dispose of ashes and cigarette butts in a clean, safe and odorless way. The primary purpose of the cabins is to reduce the risk of passive smoking, thus helping to ensure a healthier working environment.
Demand remains high in many parts of the world, in workplaces with long distances and in environments where people cannot go outside for safety reasons.
2025 / MSEK 308
2024/MSEK 303
2023/MSEK 345
Net saľes Cabin Soľutions
Cabin Solutions 68%
Air Cleaners 21%
Cleanrooms 11%
Share of net saľes by product category in 2025
In 2025, ǪleanAir's original product category Cabin Solutions grew by 1.6% on a global basis. The product category represented approximately 68% of total net sales in 2025, comp»red to 6"% ïn 2024. Ïor C»bïn Solutions, the largest sources of revenue are the Japanese and Cerman markets, but there are also substantial sales in several other European countries. ǪleanAir's existing Cabin
Solutions customer base has also been a good starting point for establishing the other product categories.
End markets
Solutions within Cabin Solutions can be divided into four primary end
m»rkets, consïstïng ot Office, Industry
»nd m»nut»cturïng, Pubľïc sp»ces »nd others.
Office
The office m»rket ïn J»p»n ïs currentľy ǪleanAir's primary end market in Cabin Solutions due to their stringent legislative requirements banning outdoor smokïng »nd hïgh-efficïency requirements for indoor smoking stations. The cabins are mainly located close to workplaces and in common areas where they clean the air in the workplace, protect employees from passive smoking and ensure clean air ïn office envïronments.
Industry and manufacturing
The market in industry and manufacturing includes sales of cabins to industries and other manufacturing operations with high hygiene and safety requirements, such as the automotive industry, chemical plants, the food industry and marine segments. Cabins installed indoors in industry and manufacturing facilities mainly lead to a healthier working environment and reduce work interruptions from smoke breaks, resuľtïng ïn ïncre»sed efficïency ïn the workplace.
High security facilities and institutions
In institutions and high-security facilities such as prisons, psychiatric care, government buildings and banks, it is impossible to go out and smoke for security reasons. Instead of unhealthy smoking rooms, smoking cabins are installed to protect people from passive smoking.
Transport & airports
Pubľïc pľ»ces ľïke »ïrports »nd tr»ïn stations accounted for part of Cabin Solutions' installed base in 2025. Safe places to smoke are needed in these locations, as the buildings are often large in scale and security checks are also a factor. ǪleanAir is represented
»t Arľ»nd», Ïr»nkturt, Coľogne »nd Vienna.
Hotels, casinos & restaurants
Hotels, casinos and restaurants account for part of ǪleanAir's installed base within Cabin Solutions. Smoking cabins are installed to keep customers and employees on the premises and
to avoid contaminating the entrances.
ǪleanAir's solutions are available ïn c»sïnos ïn Ïr»nce, Beľgïum »nd Cermany.
Cleanrooms
2025 / MSEK 52
2024/MSEK 46
2023/MSEK 54
Net saľes Cľeanrooms
The majority of Cleanrooms solutions are modular cleanrooms, which are in high demand in businesses that need a controlled environment. The demand
for cleanrooms ranges from the pharmaceutical industry, manufacturing industry, BioTech, MedTech, and ĮifeScience. In the US, the stricter requirements for pharmaceutical preparation in the pharmacy sector drive most of our business in the market.
Cleanrooms 11%
Air Cleaners 21%
Cabin Solutions 68%
Share of net saľes by product category in 2025
In 2025, Cleanrooms accounted for around 11% of ǪleanAir's total net sales. Together with Air Cleaners, Cleanrooms were introduced with the aim of diversifying our portfolio of solutions. Since 2024, we have chosen to focus entirely on the United States in terms
of cleanrooms. We do not market cleanrooms in Europe and we will not introduce our cleanroom segment in Japan. The reason we choose this focus is that the cleanroom business, which is sold to the customer as a project,
requires an organizational structure that we currently only have on the US market.
End markets
Our Cleanroom solutions are currently completely focused on hospital pharmacies and drug preparation.
Drug preparation
Hospital pharmacies and other organizations that carry out the preparation and storage of medicines must comply with existing laws and regulations for handling hazardous substances. Cleanrooms help to ensure the quality and sustainability ot medïcïnes »nd to protect st»ff »nd patients. These customers are largely ľoc»ted ïn the Unïted St»tes. The USP 797 regulations, updated in 2022, have
driven new business development in the US ever since. We expect the upward trend to continue in the coming years. Several major contracts were signed in the US in 2025 with private and public healthcare providers.
Business model
ǪleanAir's business model is based on the rental and sale of stand-alone solutions that improve air quality in different indoor environments. The offering includes services such as installation, service, consultation, fault management and performance guarantee for the products, waste
management and general indoor air quality testing.
Rental and service agreements
Ǫľe»nAïr offers » compľete soľutïon that includes installation, service and performance guarantee ( Rental with Pertorm»nce Cu»r»ntee). Contr»cts usually run for a three-year period, with the customer then choosing whether to extend the current contract on an annual basis, or for a further three years.
Ïinancing and rental
Unľess the contr»ct ïs soľd to » fin»nce company, our solutions are rented on a contractual basis with quarterly payments received from the customer, ensurïng » ste»dy »nnu»ľ revenue flow and a good overview of future revenue streams.
ǪleanAir's business is integrated throughout the value chain through the installation and management of units in customers' premises. Installation, service and maintenance are provided by local suppliers working in the name of ǪleanAir, according to prescribed instructions and methods.
The rent»ľ modeľ ent»ïľs benefits tor both the customer and ǪleanAir. The customer leaves the work of cleaning the air in their premises to us and can instead focus on their core business. Through our solutions, we take full responsibility for delivering a constant air cleaning result over time. In addition, our solutions meet the requirements tor » r»nge ot certïfic»tïons
that emphasize the products' good performance and safety. The rental model also provides the customer with gre»ter flexïbïľïty over tïme »nd » ľower capital commitment.
In order to free up capital and ensure good c»sh flows when deľïverïng our services to customers, we have sold a substantial part of the leases ïn J»p»n to extern»ľ fin»nce comp»-
nies. This revenue represented 26% of the Croup's total revenue. The rental and service agreements that ǪleanAir keeps in its own book generate recurring revenue. In 2025, recurring revenue represented 59% of the company's total revenue.
Case study: Suzuki Carphyttan (Sweden)
Suzuki Carphyttan invests in its employees together with ǪleanAir Scandinavia
About Suzuki Carphyttan
Business operations: World-leading manufacturer of oil-tempered valve spring wire and wire products for transmission and steering.
Location: Carphyttan, Sweden
Soľutions from ǪľeanAir: Inst»ľľ»tïon ot 11 ÏS "0 industrial air cleaners.
Ïor Suzuki Carphyttan, good air quality is an integral part of a sustainable working environment. By partnering with ǪleanAir Scandinavia and installing industrial air cleaners, the company has managed to improve air quality in production with excellent results; a strategic investment designed to safeguard the health and wellbeing of employees and create an attractive workplace.
"Ïor us, staying one step ahead is key. Although we already maintain a comfortable margin to current occupational exposure limits, we still choose to continue investing in our staff
as they are our most important resource.
By staying one step ahead, we ensure peace of mind, quality, and a strong foundation to meet the increased demands of the future."
Suzuki Carphyttan is a world-lead-ing producer of advanced steel wire products. The company develops and
manufactures high-quality wire for the automotive industry and other sectors with stringent quality requirements. Being part of the global Nippon Steel group means that sustainability is an integral part of the operations.
High demands on the production environment
Manufacturing oil-tempered valve spring wire and precision components places high demands on the production environment. The processes naturally generate metal dust and other aerosols, such as welding fumes and oil mïst, whïch requïre effectïve m»n»ge-ment to ensure a sustainable working environment over time.
Henrik Sutterbacka is Site Manager at Suzuki Carphyttan. During his 20 years with the company, he has seen how health and safety has evolved to become a central and integral part of the company's strategy.
"Today, a strong focus on safety permeates the entire organisation. We
work transparently and adopt a systematic approach to ensure we are constantly improving. It goes without saying that you should come home just as healthy as you were when you left for work," says Henrik.
Investing in what matters most - people
Suzuki Carphyttan works systematically and proactively to stay one step ahead of legal requirements, not least when it comes to the working environment.
"I'm very results-oriented, but we have to achieve our goals in the right way.
No one should be harmed or adversely
»ffected by theïr work. Our m»chïnes are important resources, but our most important resource is our people," explains Henrik.
Thomas Eriksson, is Health and Safety Specialist at the company and agrees. He says the strategy is also about securing the future.
"Ïor us, st»yïng one step »he»d ïs key. Although we already maintain a comfortable margin to current occupational exposure limits, we still choose
99%
Separation efficiency through the air cleaner filters.
90%
Reduction of inhaľabľe and respirabľe dust particľes in the production environment.
to contïnue ïnvestïng ïn our st»ff »s they are our most important resource. By staying one step ahead, we ensure peace of mind, quality, and a strong foundation to meet the increased demands of the future," Thomas explains.
Striving for an even better working environment
When ǪleanAir Scandinavia presented a solution with industrial air cleaners tailored to the company's operating conditions, Suzuki Carphyttan saw
an opportunity to further improve air quality. To ensure the desired outcome, a thorough evaluation was conducted. Ïïndïng » p»rtner »bľe to demonstrate expertise in handling the specïfic p»rtïcľes present ïn the oper»-tion was critical.
"It is important to have a partner who knows what they are talking about. The fact that ǪleanAir could provide references and let us try out the equipment before we made our decision gave us a great sense of reassurance," says Thomas, and adds:
"The fact that they also provide the solution as a service and are
responsive when our needs change allows us to focus on our business and rest assured that the air is being cleaned continuously."
Eleven industrial air cleaners are ïnst»ľľed ïn dïfferent »re»s ot the production facility and are tailored to address various challenges: metal dust, welding fumes, and oil mist. The
»ïr cľe»ners h»ve » sep»r»tïon efficiency of 99%, meaning they remove 99% of the particles that pass through the fiľters. In » productïon envïronment, new particles are constantly generated by ongoing operations, making it important to measure air quality throughout the entire facility.
"Ïoľľowïng the ïnst»ľľ»tïon ot the »ïr cleaners, independent measurements taken by the occupational health service showed a reduction of around 90% in inhalable and respirable dust particles in the production environ-ment," says Thomas.
"The dïfference ïs cľe»rľy notïc»bľe. We have seen a clear improvement in the production environment and have received very positive feedback from st»ff who teeľ th»t the »ïr ïs now both cleaner and fresher," says Thomas.
Well-being leads to greater efficiency at work
Henrik sees a strong connection between well-being and productivity.
"A good working environment is essential for success. Engagement and well-being lead to better results. If we have a good working environment, we get good efficïency ïn return," he s»ys.
The investment in the working environment has also become a strength in recruitment. He notes that today's job seekers have higher expectations on their employers when it comes to sustainability and the indoor environment.
"There is much more focus on these issues today. Many people choose us because we actively invest in the working environment. This allows us both to retain and attract the best talent.
I believe it is important for any company that wants to remain attractive in the long term to invest in this," Henrik concludes.
Customer Case: Clade Park / Adval Co Įtd (Japan)
Addressing smoking restrictions at event venues with cabin solutions
About Adval Co Įtd
Business operations: Co-working spaces, event venues, catering
Location:
Shinjuku District, Tokyo, Japan
Soľutions from ǪľeanAir: Two dïfferent c»bïn soľutïons
Creating a smoke-free environment that accommodates
both smokers and non-smokers is essential at venues used for corporate events and social gatherings.
Clade Park, an event venue operated by Adval Co Įtd, needed to create a smoke-free environment within a limited space when opening new venues in Shinjuku and Shinbashi. Smoking cabins were the solution.
"We wanted to introduce dedicated smoking rooms but there wasn't enough space in the buildings.
ǪleanAir's smoking cabins proved to be a space-efficient solution, preventing cigarette smoke from escaping into non-smoking areas. Our guests are very satisfied and, from a company perspective, the minimal maintenance and cleaning are also a significant advantage.
At its new premises near Shinjuku Station and in Shimbashi, Adval needed to create a space for smokers from scratch, but setting up a separate smoking room was not an option.
Įocated in a building with many other tenants
Įïmïted floor sp»ce
Prïorïty gïven to desïgn ot the venue.
The question "Is there a smoking area?" is pretty much a standard question that companies ask when they
are looking to rent premises. Even if customers like the venue itself, their satisfaction is likely to decline if they have to go out to the communal areas of the building every time they want to smoke. Integrating smokers and non-smokers effectïveľy ïn » reľ»tïveľy limited space therefore became a
priority, and Adval began to consider smoking cabins.
The challenge - separating heated tobacco products from traditional cigarettes
The number of users of heated tobacco products and e-cigarettes h»s rïsen sïgnïfic»ntľy ïn recent ye»rs. However, there are still a number of people, especially senior executives in companies, who prefer traditional cigarettes. There is a growing need to separate heated tobacco products from traditional cigarettes, as evidenced by the increasing number of restaurants with policies stating that "heated tobacco is acceptable, but traditional cigarettes are not." Adval operates separate smoking rooms in its own buildings that are designated
for "heated tobacco only" and "tradi-tional cigarettes only", and has applied this approach to the venues in Shinjuku and Shinbashi.
Shinjuku Station: A smoking cabin for eight people has been installed on the floor, whïch ïs used excľusïveľy tor heated tobacco products.
Shinbashi: Here, Adval operates an entire building where it has set up a smoking area where both traditional and heated tobacco products can be smoked.
Thïs en»bľes flexïbľe sep»r»tïon ot heated tobacco and traditional cigarettes depending on the location and operating policy. Adval considers the establishment of a two-tier system that can accommodate both customers who use heated tobacco products and those who smoke
tr»dïtïon»ľ cïg»rettes »s » sïgnïfic»nt achievement.
The smoking cabin at Shinjuku Station ïs ľoc»ted ïn » corner ot the floor wïth restricted access. Adval is impressed and pleased with how little space the smoking cabin takes up.
Traditional smoking "rooms" require building walls, a ceiling and an air cleaning system from scratch, adding both build time and cost. The ǪleanAir smoking cabin, on the other hand, was delivered in modular parts and assem-bľed on sïte, »ľľowïng ït to »d»pt flexï-bly to space constraints.
"I'm a smoker, and my impression after using it is that it strikes a good balance between a pleasant smoking experience and a comfortable atmosphere. It can be used by smokers without any hassle, and it doesn't emit any odor
to the outside. I think the fact that it achieves both of these things is its biggest selling point," says Mr. Saito, a representative of Adval.
Ïor rent»ľ sp»ces »nd event venues, creating an environment where smokers and non-smokers can comfortably share the same space will become ïncre»sïngľy ïmport»nt. Ïor » company like Aldo, smoking cabins, which eliminate cigarette smoke and odors, require minimal cleaning and can be ïnst»ľľed even ïn confined sp»ces, »re » valuable addition to their premises.
Customer Case:
UNC Health (USA)
About UNC Health
Business operations: Integrated public healthcare system providing comprehensive healthcare services
Location:
North Carolina, USA
Soľutions from ǪľeanAir: Ten cleanroom projects installed, 5,534 square feet in total
Creating value through partnerships in the US healthcare sector
UNC Health is a healthcare organization owned by the state of North Carolina with annual revenue of USD
5.4 billion. The company operates 14 hospitals on 20 campuses, offering five specialist adult wards and seven specialist pediatric wards. UNC Health is committed
to improving the health and well-being of North Carolina residents and strives to provide leadership and excellence in patient care, education and research.
Trust and quality
In 2015, as part of its commitment to providing high-quality patient care and ensuring safe and clean environments, UNC Health planned to design and install cleanroom spaces that met strict healthcare standards for a v»rïety ot uses. Ïrom pedï»trïc »cute care pharmacies to outpatient infusion therapy centers, a partner was needed who could provide customizable, high-performance cleanroom solutions.
Įong-standing partnership
UNC Health and ǪleanAir Scandinavia Inc. have been partners since 2015, when Ǫľe»nAïr compľeted ïts first cleanroom installation for UNC Health - a small 160 square feet cleanroom suite. Since then, the partnership has expanded to include eight completed
cleanroom projects, covering a total of 5,534 square feet across the state. The projects range in size from 600 to 1000 square feet, and include cleanroom spaces in both acute and non-acute care settings.
Over the years, ǪleanAir and UNC Health have developed a partnership that leverages the expertise of the clinical and administrative pharmacy teams. This cooperation helps standardize working procedures that contribute to successful cleanroom projects.
Developing care settings together
There »re m»ny dïfferent ex»mpľes of cooperation between UNC Health and ǪleanAir. One example is that UNC Health has become a reference
facility that ǪleanAir's customers can vïsït. Prospectïve customers c»n vïsït
ïnst»ľľed cľe»nrooms »nd t»ľk to st»ff about their experiences with modular cleanrooms.
Am»nd» Myers, Chïet Commercï»ľ Officer at ǪleanAir in the US, says: "We've worked hard to develop a partnership based on trust, quality and a shared vision. Thanks to the relationships we have established at management level and with end users, our collaboration has led to consensus, a shared sense
of purpose and successful project deliveries."
UNC Health's commitment to designing and delivering high-quality, process-driven solutions will have a positive impact on healthcare settings across North Carolina.
Customer Case:
D.O.C Deutsche Oelfabrik Cesellschaft für chemische Erzeugnisse mbH & CO KC (Cermany)
About D.O.C. Business operations:
Specializes in high quality additives for the rubber, lubricant, coating and plastics industries.
Location: Hamburg, Cermany
Soľutions from ǪľeanAir: Two ÏS "0 »ïr cľe»ners
Clean air for demanding production processes
D.O.C Deutsche Oelfabrik Cesellschaft in Hamburg specializes in high-quality additives for the rubber, lubricant, coating and plastics industries. The company develops and produces innovative solutions for demanding industrial applications - especially in
the rubber and elastomer sector. Precision, quality and process reliability are central to all production
processes. However, rubber production itself generates smoke and fine dust particles that are released into
the air, creating a need for air cleaning solutions.
"All communication is always very easy and pleasant. The advice is excellent. Installation of the units is simple and straightforward. The maintenance provided by ǪleanAir Scandinavia is reliable"
In one of D.O.C's production halls, air pollution led to a clear need for a sus-t»ïn»bľe »nd effectïve ïmprovement in air quality. The aim was to achieve
» sïgnïfic»nt ïmprovement ïn working conditions whilst maintaining the company's high quality standards. The first meetïng w»s heľd wïth Ǫľe»nAïr and it quickly became apparent that the ÏS serïes »ïr cľe»ners couľd be »
suitable solution. After careful consideration, D.O.C. decided to install two ÏS "0 unïts ïn the productïon h»ľľ.
A measurable and clearly noticeable improvement in indoor air quality was
observed soon after commissioning. Ïïne dust ľeveľs decre»sed »nd the »ïr felt clearer and fresher. The movement of air generated by the units also went down weľľ wïth empľoyees. The flexï-bly adjustable air outlets are particularly appreciated, as they allow precise controľ ot the »ïrflow »nd optïm»ľ
»d»pt»tïon to the specïfic condïtïons in the hall.
Alongside the technical solution, the collaborative partnership was also
» key t»ctor. Ïrom the ïnïtï»ľ consuľ-tation and installation to ongoing m»ïnten»nce, D.O.C finds the process
structured, transparent and service-oriented. The addition of two ÏS "0 »ïr cľe»ners h»s en»bľed D.O.C. to improve the air quality in its production hall and to take another step towards modern, safe production
condïtïons - » fittïng move tor » company that has always stood for quality and innovation. The company plans to introduce additional air cleaning solutions in other areas of its operations.
02
Directors'
Ïor more than 30 years, ǪleanAir has been developing innovative air cleaning solutions that create healthy indoor environments for people, products and processes by controlling air quality. With unique specialist expertise, high-quality products, market-leading service and a lifetime performance guarantee, we can offer efficient and customized solutions that deliver clean air over time.
The product portfolio consists of solutions for cleaning tobacco smoke and thus protecting against passive smoking, stand-alone air cleaners and modular cleanrooms. ǪleanAir is a Swedish company with its corporate office in Solna. We operate B2B in Europe, Japan and the United States.
The Board of Directors and the CEO of ǪleanAir AB (publ), corporate identity number 556879-4548, hereby submit the annual and consolidated accounts for 2025.
The nature and focus of the business
Ïor more th»n 30 ye»rs, Ǫľe»nAïr h»s been developing innovative air cleaning solutions that create healthy indoor environments for people, products and processes by controlling air quality.
With unique specialist expertise,
high-quality products, market-leading service and a lifetime performance guar-
»ntee, we c»n offer efficïent »nd customized solutions that deliver clean air over time.
The product portfolio consists of solutions for the cleaning of tobacco smoke and protection against passive smoking, stand-alone air cleaners and modular cleanrooms.
ǪleanAir is a Swedish company with ïts corpor»te office ïn Soľn». We oper-
ate B2B in Europe, Japan and the United States.
Research and Development
ǪleanAir's research and development department maintains a close dialogue with customers to continuously identify development opportunities for Ǫlean Air's products and services. The strategic work consists partly of identifying new products and partly of improving existing products and product portfolios. We saw a continued increase
in demand for air cleaning in 2025, as awareness of the importance of clean air has grown. At an early stage of the pan-demïc, we ľ»unched HEPA-14 v»rï»nts ot our existing products in Air Cleaners to meet the need to reduce virus levels with safer environments as a result.
Development work is also conducted through close collaboration with Ǫlea-nAir's suppliers. ǪleanAir has developed an eight-step process for product development th»t det»ïľs the typïc»ľ workflow when a product goes from idea to market launch. ǪleanAir strives to identify patentable technical solutions, products, product details and functions in its own products, and if possible, to patent these. In 2025, approximately SEK 4.7 million (5.6) was capitalized and SEK 5.6 million (7.3) was expensed as internally developed intangible assets.
Directors' report
Sïgnïfic»nt events durïng the fin»ncï»ľ ye»r
The Annual Ceneral Meeting was held on May 9, 2025. Among other things,
» decïsïon w»s m»de to eľect Ïredrïk Persson »s the new Ch»ïrm»n »nd Henrik Mitelman as a new Board member. During 2025, ǪleanAir published a number of press releases regarding,
»mong other thïngs, new orders. Ïor more information, see our website: https://www.qleanair.com
2025 press releases
ǪleanAir appoints Ïredrik Sandelin as new CÏO
ǪleanAir delivered 7.37 billion cubic meters of cleaned air by the end of Ǫ4 2024
ǪleanAir expands its partnership with a large regional healthcare organization in Pennsylvania through the sale of three new cleanrooms worth MUSD 1.39
ǪleanAir delivered 8 billion cubic meters of cleaned air by the end of Ǫ1 2025
ǪleanAir launches the innovative ÏS 60 air cleaner for industrial facilities with limited floor space
ǪleanAir launches ǪleanCuard Environmental Monitoring: a cost efficient end-to-end cleanroom monitoring solution
The Annual Ceneral Meeting was held for ǪleanAir AB, where, among other
things, a decision was made to elect a new Chairman and a new Board member
ǪleanAir announces partnership with a large, internationally recognized non-profit organization that has purchased a new cleanroom solution worth USD 454,978
ǪleanAir delivered 8.24 billion cubic meters of purified air by the end of Ǫ2 2025
ǪleanAir signs a USD 647,000 contract with a longtime cleanroom partner to design, build and service tenth and eleventh ǪleanSpace cleanrooms
ǪleanAir launches ÏS 70 Welding
- A powerful, mobile air cleaner developed for welding and grinding applications
ǪleanAir delivered 9.16 billion cubic meters of cleaned air by the end of Ǫ3 2025
ǪleanAir renews six cleanroom contracts, signs two new cleanroom design contracts and one new cleanroom design and build contract, worth approximately MUSD 1.1
ǪleanAir sells USP 797/800 cleanroom to veterinary college of a major California university, worth USD 339,000
Risks
The war in Ukraine and the situation in the Middle East have only had a limited impact on ǪleanAir's operations.
These factors have meant that investment decisions by some of our customers have taken longer than normal due to the prevailing uncertainties. The comp»ny ïs onľy sľïghtľy »ffected by the sïtu»tïon ot hïgher t»rïffs ïn the US.
Significant events after the end of the financial year
ǪleanAir delivered 7.70 billion cubic meters of cleaned air by the end of Ǫ4 2025
Įegal proceedings in the US concluded (Curexa)
ǪleanAir signs two separate agreements for cleanrooms in the US totaling approximately $1.51 MUSD
Ownership
ǪleanAir AB is listed on the Nasdaq Ïïrst North Premïer Crowth M»rket.
The company's ten ľargest sharehoľders as of December 31, 2025
Swedia Capital
29.0%
Ïredrik Palmstierna
13.4%
Avanza Pension
10.4%
Dan Pitulia (direct ownership and through related parties)
7.9%
Įife insurance company Skandia
4.6%
Jan-Olof Backman (through company)
4.5%
SEB Įife Assurance, Ireland
3.4%
Nordnet Pension
1.4%
Sebastian Įindström
1.4%
J.P. Morgan, Įuxemburg
1.1%
Total, ten largest shareholders
77.2%
Expected future development
The past year has been challenging with geopolitical and macroeconomic uncertainties. We depend on open markets to conduct our business in
an optimal way. At the same time, we see that the increased awareness of the need for clean indoor air continues to lead to an increased demand for advanced air cleaning, which is some-thïng th»t benefits our busïness, ïn the short, medium and long term.
Prïorïtïes tor 2026 »re to contïnue to grow our Cabin Solutions business in Japan and Europe. We see that the demand for Air Cleaners in industry, w»rehouses, ľogïstïcs, offices »nd
pubľïc pľ»ces ïs posïtïveľy »ffected by the increased demand for clean air. We see growth ïn Europe »nd J»p»n. Ïur-thermore, the ambition is to achieve higher growth with Cleanrooms in the United States.
Ïinancial goals
Ǫľe»nAïr h»s the toľľowïng fin»ncï»ľ goals:
Crowth: the company's goal is to achieve average annual organic sales growth of approximately 10% in the medium term.
Profitability: the company aims to achieve an EBIT margin of 15-20% in the medium term.
Dividend policy: the company's goal is for between 30-50% of the profit for the year to be paid out as dividends. The proposed dividend must consider the company's longterm development potential.
Significant risks and uncertainty factors
Įegislation
ǪleanAir is subject to risks related to legislation regarding protection against passive smoking. ǪleanAir's solutions are used, among other
things, to protect people from passive smokïng by c»pturïng »nd fiľterïng the particles and gases released during smoking. The jurisdictions in which Ǫľe»nAïr oper»tes h»ve dïfferent ľeveľs of legislation and regulations regarding protection against passive smoking, which means varying conditions for the company to market and sell its products in each market.
The political agenda is driving legislation towards a restriction of tobacco smoking. ǪleanAir has its origins in Sweden, where new laws and regulations against indoor smoking were introduced in the early 1990s. By building on the knowledge from these laws, ǪleanAir has become the market leader in Europe in the management of protection against tobacco smoke and passive smoking in the workplace.
All EU members currently have laws regulating smoking in the workplace. Today, there is also a working group under The Directorate-Ceneral for Empľoyment, Socï»ľ Aff»ïrs »nd Incľu-sion, which will assess whether the Member States have done enough on the issue. This group will also consider any further need for EU legislation.
ǪleanAir monitors and works actively on all issues that deal with tobacco smoking, especially in the workplace. Based on what is known today, the company assesses that the risk of the EU coming up with a proposal that completely bans ǪleanAir's solutions in the workplace is, although it exists, not likely at present.
Suppliers
ǪleanAir is dependent on third-party suppliers for manufacturing, assembly and logistics, as well as installation, service and maintenance and is subject to risks related to this. ǪleanAir outsources manufacturing, assembly and logistics to suppliers and partners ïn Sweden, Cerm»ny, Poľ»nd »nd China.
Installation, service and maintenance are largely outsourced to external service partners in the local markets, who represent ǪleanAir to customers. If suppliers do not meet their commitments, this could have a negative impact on our business.
Regulations
ǪleanAir is subject to risks related to air quality regulations and standards. If ǪleanAir's products no longer comply with the requirements of applicable regulations or standards, and ǪleanAir fails to adapt the products accordingly, or should rules and standards
be further changed, there is a risk that the company's operations would be
»dverseľy »ffected.
Extern»ľ fin»ncïng
Ǫľe»nAïr reľïes on extern»ľ fin»ncïng companies to maintain a low capital tie-up. If the company fails with respect to these collaborations, then it could have a negative impact on its busïness »nd fin»ncï»ľ posïtïon.
Cost situation, interest rates and currencies
ǪleanAir is exposed to global and regional cost situations, to interest rate developments and currency market movements. Ïor turther ïntorm»-tion, see Note 25.
Cuidelines for senior executives
In summary, the basic principle applies that remuneration and other terms of employment for senior executives shall be market-based and competitive to ensure that the Croup can attract and retain competent senior executives at re»son»bľe costs tor the comp»ny. Ïor a further description of guidelines for remuneration to senior executives, see the company's Note 17 Remuneration to employees, and the corporate governance report on page 84.
The work of the Board
The Board appoints the CEO. The division of the Board's and the CEO's responsibilities and powers can be found in the Board's rules of procedure, which are established annually, as well as the Board's instructions to the CEO. The Board meetings follow the adopted rules of procedure which determine the items on the agenda th»t »re fixed »nd those th»t m»y v»ry. The Board convenes regularly following a schedule laid down in the rules of procedure, which includes some fixed decïsïon-m»kïng poïnts, »s weľľ as other decision-making points as necessary.
The Board has not currently established an Audit Committee or a Remuneration Committee as the Board has not found it appropriate given its size.
Corporate governance report
As » ľïsted comp»ny on Ïïrst North Premïer Crowth M»rket, the Croup ïs obliged to comply with the Swedish Corporate Covernance Code. Accordingly, a Corporate Covernance Report has been prepared, which is presented on page 83 of this document.
Sustainability
Environmental issues, social responsibility and working environment issues have been ǪleanAir's focus since its inception over 30 years ago. Our air cleaning solutions create a healthy and safe working environment, ensure product quality and sustainability and