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QleanAir (QAIR) investor relations material

QleanAir Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary20 Nov, 2025

Executive summary

  • Q3 2025 sales reached SEK 108 million, down 4.4% year-over-year in SEK but up 2% in constant currency, reflecting resilience in a tough market.

  • Gross margin rose to 67.2% (from 62.4%), and EBIT margin improved to 6.6% (from 3.7%), with record high operating cash flow and a return to net profit.

  • Product launches and a systematic approach to development drove growth, with new products accounting for over 20% of Air Cleaner unit sales.

  • Maintained positive momentum in APAC (Japan), solid activity in EMEA, and secured new cleanroom projects in the US.

  • Net profit for Q3 was SEK 5.3 million, compared to a loss of SEK -4.1 million in the prior year.

Financial highlights

  • Q3 2025 net sales were SEK 108 million (SEK 113 million in Q3 2024), with FX-adjusted growth of 2%.

  • Recurring revenue stable at SEK 66 million for the quarter, totaling SEK 202 million year-to-date.

  • Operating cash flow reached SEK 30 million in the quarter, with SEK 10 million from results and SEK 20 million from working capital improvements.

  • Net debt reduced to SEK 135.3 million (SEK 173.4 million), and equity/asset ratio improved to 35%.

  • Earnings per share for Q3 was SEK 0.36 (up from -0.28), and for Jan–Sept 2025, SEK 1.01 (up from 0.21).

Outlook and guidance

  • Cautious outlook for Europe due to weak economic conditions and longer sales cycles, especially in Germany, but strong global potential for clean indoor air solutions.

  • Financial targets remain: 10% organic growth annually and EBIT margin of 15%-20% medium term, with 30-50% of net profit distributed as dividends.

  • Change management initiatives to drive growth and profitability are progressing as planned.

Quantify gross margin improvements by segment
Bridge current performance to medium-term goals
Niche application area growth outlook
FS 70 Welding: Market penetration strategy
US clean rooms: New IDN acquisition plan
Value engineering: 2026 EBIT margin impact
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Frequently asked questions

QleanAir is an innovative company offering solutions, cleanrooms and units for protection against smoke, pollution and virus spread. We have developed modern air cleaners which are the most efficient, reliable, easy-to-use and environmentally friendly on the market. Our modular system platform (Xstream) increases efficiency and reduces development costs. Xstream is used for increasing indoor air quality in public environments such as trains, planes, airports and offices. The air cleaner also functions as a cleanroom for indoor virus spreading prevention in environments such as hospitals and laboratories as well as being used in private homes. QleanAir AB was founded in 1988 and is headquartered in Solna, Sweden.

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