"The first quarter of 2026 is characterized by continued profitability and good currency-adjusted growth while the result reported in Swedish kronor is clearly negatively affected by large currency exchange effects mainly from translation of Japanese yen. Currency-adjusted, sales increased by 10.6%. The negative currency effects amounted to approximately MSEK 15 and affected both sales and result in SEK. In local currency, the underlying operational development was continued profitable growth. The reported net sales in the quarter amounted to MSEK 113.5 (116.1), which corresponds to a decrease of 2.3 percent compared to the previous year. The recurring revenues were significantly affected by negative currency exchange effect and amounted to MSEK 63.4 (68.2), a decrease of 7.0 percent. Currency-adjusted, recurring revenues amounted to MSEK 71.7. Profitability was continued strong with a gross profit of MSEK 77.2 and a gross margin of 68%. EBITDA amounted to MSEK 14.9 (16.7) with an EBITDA margin of 13.1 percent (14.3). Currency- adjusted EBITDA amounted to 19.8 MSEK. In connection with the first quarter, the Board of Directors has decided on new financial targets", comments Sebastian Lindström, CEO of QleanAir.
Good underlying growth, but large negative currency effects
- MSEK 113.5 Net revenue, -2.3% (currency-adjusted +10.6%)
- MSEK 63 Recurring revenue, -7.0% (currency-adjusted +5.2%)
- 13.1% EBITDA margin, (14.3%) (currency-adjusted 15,4%)
January - March 2026 in summary
· Net revenue MSEK 113.5 (116.1); currency-adjusted revenue MSEK 128.5, an increase of 10.6%.
· Recurring revenue MSEK 63.4 (68.2)
· EBITDA MSEK 14.9 (16.7)
· EBITDA margin 13.1% (14.3%)
· Operating profit (EBIT) MSEK 7.8 (8.4)
· Operating margin 6.9% (7.2%)
· Earnings per share SEK 0.24 (0.18)
· Cash flow from operating activities MSEK -5,2 (2.3)
Significant events during the first quarter
· QleanAir delivered 7.70 billion cubic meters of cleaned air by the end of Q4 2025
· Legal dispute in the US settled (Curexa)
Significant events after the end of the period
· QleanAir signs two separate cleanroom contracts in the US with a total value of approximately USD 1.51 million
· QleanAir signs contract worth approximately USD 439,000 with one of the largest academic medical centers in the US
· QleanAir delivered 23.2 billion cubic meters of cleaned air in the first quarter of 2026
A WORD FROM THE CEO
Good underlying growth, but large negative currency effects
The first quarter of 2026 is characterized by continued profitability and good currency-adjusted growth while the result reported in Swedish kronor is clearly negatively affected by large currency exchange effects, mainly from the translation of Japanese yen. Currency-adjusted, sales increased by 10.6%. The negative currency effects amounted to approximately MSEK 15 and affected both sales and result in SEK. In local currency, the underlying operational development was continued profitable growth. The reported net sales in the quarter amounted to MSEK 113.5 (116.1), which corresponds to a decrease of 2.3 percent compared to the previous year. The recurring revenues were significantly affected by negative currency exchange effect and amounted to MSEK 63.4 (68.2), a decrease of 7.0 percent. Currency-adjusted, recurring revenues amounted to MSEK 71.7. Recurring revenues corresponded to 56 percent of total sales, which continues to provide stability and good visibility in the business. Churn continues to decrease and amounted to 8.6% (14.5), a clear improvement compared to the previous year.
Continued strong gross profit and high gross margin
Profitability was continued strong with a gross profit of MSEK 77.2 and a gross margin of 68%. Renewal of contracts and efficiency improvement of the service business increased the gross profit for Air Cleaners to MSEK 14.3 and the gross margin to 62.7%. Cabin Solutions showed an even profitability with a gross profit of MSEK 51.8 and a gross margin of 71.7%. The gross profit for Cleanrooms was positively affected by the Curexa settlement and amounted to MSEK 11.1 with a gross margin of 60.2% which compensated for the two planned rooms in Q1 that were moved to 2027. The order intake for Cleanrooms was strong and after the end of the quarter we won two new deals of in total approximately MUSD 2 of which MUSD 1.51 with delivery during the fourth quarter of 2026.
EBITDA amounted to MSEK 14.9 (16.7) with an EBITDA margin of 13.1 percent (14.3). In the comparative figures for 2025, there is a positive periodization effect of MSEK 3 related to personnel costs. The currency exchange effects had a clear negative impact on EBITDA of MSEK 5. In parallel, in connection with the settlement in the previous legal process with Curexa in the USA, we have recognized previously made provisions of approximately SEK 6 million.
In summary, the first quarter shows that QleanAir stands stable, with good underlying growth and a business that develops in the right direction.
New financial targets
The previous targets were to achieve an average annual organic sales growth of approximately 10 (7-13) percent and to achieve an EBIT margin of 15-20 percent in the medium term as well as an objective that between 30-50 percent of the year's result shall be distributed as dividend.
The new targets are to organically grow the annual sales by more than 5% and to achieve an EBITDA margin of 15-20% in the medium term as well as a cash conversion ratio that over time shall amount to at least 80-100%. The objective remains that between 30-50 percent of the year's result shall be distributed as dividend and shall take into account the company's long-term development potential.
We see that our rental model is gaining ground and we have a clear focus on strengthening that part of the business, which brings three natural consequences:
- Reported sales grow more slowly than the underlying business, since the revenues are recognized over the contract period instead of being taken directly at the point of sale.
- EBIT during the growth phase is burdened by increasing depreciation - the faster we grow the contract base, the more EBIT is pushed down, despite the underlying profitability strengthening.
- Through the cash conversion target, we want to show that we succeed in converting result into cash flow.
The three new targets together address exactly this dynamic: the growth target >5% reflects reported sales in a mix where an increasing share is recognized over time, the EBITDA margin measures underlying profitability without the depreciation effect, and the cash conversion of 80-100% confirms that profitability is converted into cash flow.
Outlook
We have a positive view of the global potential for clean indoor air but maintain our cautious view regarding the economic situation in Europe. Our transformation work to increase growth and profitability is progressing according to plan, with the objective to achieve an annual organic growth of more than 5% and an EBITDA margin of 15-20%.
Our circular business model and our focus on sustainability continue to be an important issue. During the first quarter we delivered 23.2 billion cubic meters of cleaned air - an increase of just under 6% compared to the same quarter the previous year.
I would like to thank all employees for their commitment and our customers for continued trust. Together we continue to build on our vision to become world-leading in stand-alone solutions for cleaning of indoor air.
Solna, May 12, 2026
Sebastian Lindström, CEO QleanAir AB
PRESENTATION
QleanAir invites you to a webcast/teleconference on May 12, 2026 at 10:00 a.m. The company's CEO, Sebastian Lindström, and CFO, Fredrik Sandelin, will present the company's quarterly report in English. Link to watch the presentation online:
https://qleanair.events.inderes.com/q1-report-2026/register
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 2026-05-12 08:00 CEST.
