QleanAir (QAIR) Q4 2025 earnings summary

Executive summary

• Q4 2025 net sales reached SEK 113 million, up 9.1% year-over-year and 20% in constant currency, with strong profitable growth and solid cash generation.

• Growth was driven by cleanroom and industrial solutions, with new products and solutions for critical industry needs.

• Maintained a diversified geographical footprint: Europe 49%, Japan 40%, USA 11% of Q4 sales.

• Recurring revenues stable at SEK 67 million, with gross margin up to 70.5% and EBIT margin rising to 13.1% from -5.3% last year.

• No dividend proposed for 2025, prioritizing reinvestment, cost control, and financial stability.

Financial highlights

• Q4 revenue was SEK 113 million (SEK 125 million in constant currency), with a SEK 12 million negative currency effect.

• Gross margin improved to 70.5% in Q4; EBIT margin at 13.1% versus -5.3% last year.

• Operating cash flow for Q4 was SEK 25 million, and SEK 80.1 million for the full year.

• Net debt reduced to SEK 118.6 million from SEK 164.2 million, with equity-to-assets ratio at 38%.

• EPS for Q4 was SEK 0.87, and SEK 1.88 for the full year.

Outlook and guidance

• Management targets 10% annual organic growth and 15-20% operating margin in the medium term.

• Entering 2026 with a strong order book, especially for US cleanrooms; Q1 2026 impacted by a project delay to 2027.

• Continued focus on cost control, sales efficiency, and customer focus as strategic priorities.

• Anticipated benefits from value engineering projects in air cleaners and cabins in H2 2026.

• Stable business model with long-term contracts and high retention rates supporting recurring revenue.