QleanAir (QAIR) Q4 2025 earnings summary

Executive summary

• Q4 2025 net sales reached SEK 113 million, up 9.1% year-over-year and 20.4% in constant currency, with strong cash generation and margin improvements.

• Cleanroom and industrial solutions were key growth drivers, with new solutions addressing critical industry needs.

• Geographical sales split: Europe 49%, Japan 40%, US 11% in Q4.

• Net debt reduced to SEK 118.6 million, and EPS rose to SEK 0.87 per share for Q4.

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

Financial highlights

• Q4 revenue was SEK 113 million; currency-adjusted SEK 125 million (20% increase); recurring revenue SEK 67 million.

• Gross margin improved to 70.5% in Q4, and EBIT margin rose to 13.1% from -5.3% a year earlier.

• Operating cash flow for Q4 was SEK 25 million; full-year operating cash flow SEK 80.1 million.

• Equity-to-assets ratio improved to 38%.

• EPS for Q4 was SEK 0.87 (vs. -0.31), and for the full year SEK 1.88 (vs. -0.10).

Outlook and guidance

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

• Stable development expected in cabin solutions in Japan for 2026, with new sales offsetting lower renewals.

• Cleanroom business in the US anticipates double-digit growth in 2026, with a strong backlog but Q1 impacted by project delays.

• Value engineering projects in air cleaners and cabins to yield benefits in H2 2026.

• Continued focus on sales efficiency, customer focus, and cost control to drive operational excellence.