QleanAir-Weak start to the year due to FX and new financial targets-05/12/2026

Research evidence excerpt

QleanAir-Weak start to the year due to FX and new financial targets-05/12/2026

Curexa settlement of 11 MSEK. Cleanrooms also reported a large US order of SEK4m in April that is

not included in our 2027 estimates.

Gross margins 68.1% vs expected 68.8% but EBIT-margins only 6.9% vs expected 17.2%.

• Gross margins were slightly below expectations at 68.1% vs expected 68.8% with both Cabin Solutions and Air Cleaners somewhat below

expectations while Cleanrooms were boosted by a settlement with US Curexa of a one-time effect of SEK11m compensating for the two

deliveries that were planned for Q1 2026 and moved to 2027 (known effects).

A cautious short-term outlook and lowered financial targets but a more predictable business model.

• QleanAir has a cautious short-term outlook for Europe (mainly hitting Air Cleaners)

• QleanAir is aiming to reduce the revenue streams from presently three to two; i.e. rental contracts sold to finance companies representing

25% of the business (mainly a Japanese business) will over time be converted to pure rental contracts and put on the balance sheet

representing 63% of sales today while pure product sales will continue as usual (mainly a US Cleanrooms business). The effect over time

will be a lower but more predictable revenue recognition but also higher depreciations lowering EBIT.

• QleanAir changes its financial targets from an organic growth of 10% within an EBIT-range of 15-20% to an organic growth above 5%,

(mid-term) within an EBITDA-range of 15-20% (mid-term) and cash conversion of 80-100%. The company will continue to deliver 30-50%

of its reported net profit.

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