QleanAir second quarter - Good underlying growth driven by successful Air Cleaner launch and Cleanroom sales
“The introduction of the FS60 product line for industrial applications during the third quarter of 2025 was successful. It is now one of our best-selling products in 2026. During the quarter, we also secured two new contracts in our U.S. Cleanroom operations, and in August we signed a new design contract, further strengthening our already robust order backlog in the US. Our revenue remained stable at SEK 118 million (117). Recurring revenue amounted to SEK 65.4 million (67.6), corresponding to 55% (57%) of total revenue. The gross margin was stable at 67.1% (68.3%), and EBITDA amounted to SEK 15.2 million (18.8), corresponding to an EBITDA margin of 12.9% (15.9%). Cash flow from operating activities amounted to SEK 18.1 million (23.3), and the rolling twelve-month cash conversion ratio was 101% (90%), in line with our target range of 80% to 100%. Currency effects had a negative impact on revenue of SEK 6.9 million during the quarter. Currency-adjusted growth amounted to 6.1% during the second quarter, while recurring revenue increased by 2.3% on a currency-adjusted basis,” comments Sebastian Lindström, CEO of QleanAir.
Good underlying growth driven by successful air cleaner launch and cleanroom sales
- Net revenue MSEK 118.1 (117.9), currency-adjusted MSEK 125, +6.1%
- Recurring revenue MSEK 65.4 (67.6), currency-adjusted +2.3%
- EBITDA margin 12.9% (15.9), currency adjusted 13.7%
April–June 2026 in summary
- Net revenue MSEK 118.1 (117.9); currency-adjusted revenue MSEK 125.0, an increase of 6.1%.
- Recurring revenue MSEK 65.4 (67.6)
- EBITDA MSEK 15.2 (18.8)
- EBITDA margin 12.9% (15.9%)
- Operating profit (EBIT) MSEK 8.0 (10.9)
- Operating margin 6.7% (9.2%)
- Earnings per share SEK 0.23 (0.48)
- Cash flow from operating activities MSEK 18,1 (23.3)
January–June 2026 in summary
- Net sales totalled MSEK 231.6 (234.0), and currency-adjusted net sales totalled MSEK 253.5, an increase of 8.3%.
- Recurring revenue MSEK 128.7 (135.8)
- EBITDA MSEK 30.1 (35.4)
- EBITDA margin 13.0% (15.1%)
- Operating profit (EBIT) MSEK 15.8 (19.2)
- Operating margin 6.8% (8.2%)
- Earnings per share SEK 0.48 (0.66)
Significant developments during the second quarter
- QleanAir signs two separate cleanroom agreements in the US for a total value of approximately MUSD 1.51
- QleanAir signs agreement worth approximately USD 439,000 with one of the largest academic medical centres in the United States
- QleanAir signs two new cleanroom agreements in the US for a total value of approximately USD 2.4 million, with a new specialised partner in preparation and continued work with a long-standing institutional customer
- The AGM elected Anders Skeini as new member of the board
Significant events after the end of the period
- QleanAir signs design agreement worth approximately USD 127,000 with a leading integrated healthcare system on the US West Coast – the first cleanroom project with this customer
A WORD FROM THE CEO
Good underlying growth driven by successful Air Cleaner launch and Cleanroom sales
Stable Development in the Second Quarter
The introduction of the FS60 product line for industrial applications during the third quarter of 2025 was successful. It is now one of our best-selling products in 2026. During the quarter, we also secured two new contracts in our U.S. Cleanroom operations, and in August we signed a new design contract, further strengthening our already robust order backlog in the US.
Our revenue remained stable at SEK 118 million (117). Recurring revenue amounted to SEK 65.4 million (67.6), corresponding to 55% (57%) of total revenue. The gross margin was stable at 67.1% (68.3%), and EBITDA amounted to SEK 15.2 million (18.8), corresponding to an EBITDA margin of 12.9% (15.9%). Cash flow from operating activities amounted to SEK 18.1 million (23.3), and the rolling twelve-month cash conversion ratio was 101% (90%), in line with our target range of 80% to 100%.
Currency effects had a negative impact on revenue of SEK 6.9 million during the quarter. Currency-adjusted growth amounted to 6.1% in the second quarter, while recurring revenue increased by 2.3% on a currency-adjusted basis.
During the quarter and the first half of the year, we had a shift in the mix of revenue streams, which impacted gross profit and gross margin.
- In Europe, we no longer sell contracts to finance companies. In the short term, this transition in Europe has a negative impact on results. In the long term, increased product sales and rental contracts held on our own books contribute to a more profitable business.
- In Japan, we recorded a higher proportion of new sales relative to contract renewals to finance companies, which also had a negative impact on earnings. However, this effect will be recouped when these contracts are renewed in the future.
- Sales of products to customers were higher relative to rental contracts, driven by a small number of industrial customers undertaking larger investment projects where the rental model was not feasible. This had a negative impact on gross margin, as rental contracts, which can subsequently be renewed, are more profitable.
Strong Demand for Niche Industrial Solutions
Demand for our niche industrial solutions is strong across all markets. The Cleanroom business continues to develop well, and our Cabin Solutions business is stable. The transformation program aimed at improving cost control, sales efficiency, and customer focus is progressing according to plan. We have continued consolidating our supply chains in Europe and Japan and are proceeding with the planned efficiency improvements in our U.S. operations. In Japan, Cabin Solutions continues to be a growing and stable business, while sales of Air Cleaners for industrial applications are increasing. On a currency-adjusted basis, revenue in Japan increased by 9.1%. Our rental model is performing well, and our churn rate has now returned to its historically normal level of 7.8%.
Transformation Program Progressing According to Plan
We remain positive about the global potential for clean indoor air, while maintaining a cautious view of the economic environment in Europe. Our efforts to strengthen growth and profitability are progressing according to plan, with the objective of achieving annual organic growth of more than 5%, an EBITDA margin of 15 to 20%, and a cash conversion rate of 80 to 100% over time. We are achieving our targets for both growth and cash conversion, both for the quarter and year-to-date. Improving profitability remains a key area of focus.
I would like to thank all our employees for their dedication and our customers for their continued trust. Together, we continue to build QleanAir towards our vision of becoming the global leader in stand-alone solutions for clean indoor air. During the quarter we delivered 23.8 billion cubic metres of cleaned air, an increase of 7.7% compared to second quarter 2025.
Solna on August 25, 2026
Sebastian Lindström, VD QleanAir AB
Presentation
QleanAir invites to teleconference and audio cast on August 25, at 10.00 am CEST. The company’s CEO, Sebastian Lindström, and CFO, Fredrik Sandelin, present the interim report for the second quarter 2026 in English. The presentation will start at 10 am and can be joined via the web or by telephone. It will be available on demand on the same weblink shortly after the event and on our website.
Join us via the web https://qleanair.events.inderes.com/q2-report-2026/register Register for direct access to the webcast. Written questions can be asked via the webcast.
To participate via teleconference call, register via the link below. After registration you will be provided phone numbers and a conference ID to access the conference. You can ask questions verbally via the teleconference. https://events.inderes.com/qleanair/q2-report-2026/dial-in
For more information, please contact:
Sebastian Lindström, CEO
sebastian.lindstrom@qleanair.com
+46 703 08 94 51
Fredrik Sandelin, CFO
fredrik.sandelin@qleanair.com
+46 722 09 61 67
About QleanAir
QleanAir is a niche premium provider of clean indoor environment solutions. The company’s business model is based on rental contracts for modular solutions with a full-service offer. QleanAir’s solutions are developed using filter technology that traps, filters and recycles indoor air. The company’s main markets are EMEA, APAC and the Americas. QleanAir’s head office is located in Solna, Sweden, and the share is traded on Nasdaq First North Premier Growth Market, ticker QAIR. FNCA Sweden is Certified Advisor. For more information go to qleanair.com.
This information is information that QleanAir AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2026-08-25 08:00 CEST.