QLEANAIR FOURTH QUARTER AND YEAR-END REPORT 2025 – PROFITABLE GROWTH AND RECORD LOW DEBT
“Demand for our solutions in critical application areas continues to deliver strong growth. Sales for the quarter amounted to MSEK 113.1 (103.6), representing growth of 9.1%, currency-adjusted +20.4%. The gross margin improved by 4.7 percentage points to 70.5% in the quarter and the operating margin (EBIT) improved to 13.1% (-5.3%). This resulted in a strong operating cash flow of MSEK 24.6 (17.1). For the period January–December 2025, revenue amounted to MSEK 454.7, with an operating profit (EBIT) of MSEK 41.4 and an operating margin of 9.1%. Operating cash flow amounted to MSEK 80.1 and net debt was significantly reduced to MSEK 118.6 (164.2),” says Sebastian Lindström, CEO of QleanAir.
PROFITABLE GROWTH AND RECORD LOW DEBT
October–December 2025 in brief
· Net revenue MSEK 113.1 (103.6), currency-adjusted revenue amounted to MSEK 124.7 million, an increase of 20.4%.
· Recurring revenue MSEK 67.0 (72.1)
· Operating profit (EBIT) MSEK 14.8 (-5.4)
· Operating margin 13.1% (-5.3%)
· Earnings per share SEK 0.87 (-0.31)
· Cash flow from operating activities MSEK 24.6 (17.1)
January–December 2025 in summary
· Net revenue MSEK 454.7 (450.3) currency-adjusted revenue amounted to 476.9 MSEK, an increase of 5.9%.
· Recurring revenue MSEK 269.3 (284.8)
· EBITDA MSEK 72.0 (45.3)
· EBITDA margin 15.8% (10.1%)
· Operating profit (EBIT) MSEK 41.1 (12.0)
· Operating margin 9.1% (2.7%)
· Earnings per share SEK 1.88 (-0.10)
· Cash flow from current operations MSEK 80.1 (39.7)
Significant events during the fourth quarter
· QleanAir launches FS 70 Welding – A powerful, mobile air cleaner developed for welding and grinding applications
· QleanAir renews six cleanroom contracts, signs two new cleanroom design contracts and one new cleanroom design and build contract in the US, worth approximately MUSD 1.1
· QleanAir sells USP 797/800 cleanroom to veterinary college of a major California university, value USD 339,000
Significant events after the end of the period
· QleanAir delivered 7.70 billion cubic meters of cleaned air at the end of the fourth quarter of 2025
· The Board of Directors proposes no dividend for the financial year 2025
A WORD FROM THE CEO
PROFITABLE GROWTH AND RECORD LOW DEBT
Demand for our solutions in critical application areas remains strong. Sales for the quarter amounted to MSEK 113.1 (103.6), representing growth of 9.1%, currency-adjusted 20.4%. The gross margin improved by 4.7 percentage points to 70.5% in the quarter and the operating margin (EBIT) improved to 13.1% (-5.3%). This resulted in a strong operating cash flow of MSEK 24.6 (17.1).
For the period January–December 2025, revenue amounted to MSEK 454.7, currency-adjusted MSEK 476.9, with an operating profit (EBIT) of MSEK 41.4 and an operating margin of 9.1%. Operating cash flow amounted to MSEK 80.1 and net debt was significantly reduced to MSEK 118.6 (164.2).
The gross margin for the period is stable for Cabin Solutions. In Air Cleaners, we continued to see positive effects on gross margin from; an increased proportion of renewed contracts, new products targeting more critical application areas and a more efficient supply chain Europe. In cleanrooms, we continued to see improved margins as a result of our work on COGS at the end of 2023 and the sale of a renewed lease to a key customer for six cleanrooms in the US.
Adjusted for currency effects, we see a stable development in our recurring revenues.
Niche products for industry continue to deliver a strong performance
Our new niche products continued to deliver a strong performance and accounted for over 20% of new units sold in Q4. 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.
Continued strong momentum in Japan and strong growth in Air Cleaners in Europe
Japan ends the year with strong growth in cabin solutions and good new sales of industrial air cleaning solutions. Our new products continue to gain ground in Europe, overall Air Cleaners grew by over 20% in Europe in the fourth quarter. All focus is now on strengthening our sales in Germany, the new products are key and the German team is already well ahead in implementing these new solutions.
New cleanroom projects in the US, strong order book for 2026
Growth in cleanrooms continues to be steady in the US and delivered strong gross profit. The strong growth of over 200% and strong gross margin is partly due to the renewal of a contract for six cleanrooms with an existing customer and partly to weak comparative figures in Q4 2024 due to the absence of Curexa revenue. Order intake increased and we are entering 2026 with a strong order book. This will be particularly evident from the second half of 2026.
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 remain financially strong, 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 continue to be a an important issue. By the end of September, we delivered 9.16 billion cubic meters of cleaned indoor air – an increase of 27% compared to the same month last year.
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, February 6, 2026
Sebastian Lindström, CEO QleanAir AB