QleanAir (QAIR) Q3 2025 earnings summary

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.