QleanAir (QAIR) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue was SEK 118.1 million, stable year-over-year, with 6.1% growth in constant currency, driven by strong Air Cleaners and Cleanrooms performance and the successful launch of the FS 60 Air Cleaner.

• Transformation programs in supply chain, service, and commercial focus are progressing, supporting organic sales growth, profitability, and operational efficiency.

• Two new US Cleanroom contracts and a design agreement were signed, strengthening the order backlog.

• Achieved the strongest 12-month contracted backlog in the US and launched seven new products for niche industrial segments.

• Maintained high customer focus, sales efficiency, and cost control.

Financial highlights

• Net sales reached SEK 118.1 million, unchanged year-over-year, but up 6.1% in constant currency; currency-adjusted revenue was SEK 125 million.

• Recurring revenues were SEK 65.4 million, down from SEK 67.6 million, but up 2.3% currency-adjusted; churn stabilized at 7.8%.

• Gross margin was 67.1% (68.3% last year); EBITDA margin was 12.9% (13.7% FX-adjusted), down from 15.9% last year.

• EPS was SEK 0.23, down from SEK 0.48 year-over-year.

• Operating cash flow was SEK 18.1 million, down from SEK 23.3 million last year; cash conversion rate at 101%.

Outlook and guidance

• Organic sales growth target of over 5% annually and EBITDA margin of 15–20% in the medium term.

• Both Air Cleaners and Cleanrooms are targeted for close to 20% growth annually.

• Expectation of seasonal effects in Q3, particularly in industrial segments, but underlying growth trend remains strong.

• Gradual sales increase anticipated in the second half of the year, with some Cleanroom projects shifted to 2027.

• Focus remains on strengthening the rental model and improving profitability.