QleanAir reported Q2 2026 net sales of 118 million SEK, unchanged from the prior year on a reported basis but up 6% on a constant-currency basis. Foreign exchange headwinds, primarily from the Japanese yen, reduced quarterly sales by 7 million SEK and first-half sales by 22 million SEK.
Reported EBITDA fell to 15 million SEK from 19 million SEK a year earlier, with the EBITDA margin declining to 12.9% from 16.0%. On a currency-adjusted basis, the EBITDA margin stood at 13.7%. Earnings per share dropped to 0.23 SEK from 0.48 SEK in the same period last year. Operating cash flow also decreased to 18.1 million SEK from 23.3 million SEK.
Gross profit reached 79 million SEK, with a gross margin of 67.1%, down from 68.3% a year earlier. Recurring revenues totaled 65 million SEK, a 2.3% increase on a currency-adjusted basis. The company’s finance company revenues stood at 28 million SEK, while product sales amounted to 25 million SEK.
Segment performance showed divergent trends. Cabin solutions revenue declined to 75.4 million SEK from 82.0 million SEK, while air cleaners revenue grew 15% to 28.2 million SEK. Gross margin in the air cleaners segment compressed to 56.5% from 60.9%. Cleanroom sales rose to 14.4 million SEK, with gross margin expanding to 60.7% from 55.9%. The U.S. cleanroom business reported its strongest 12-month contracted backlog at approximately $4.5 million, supported by two new contracts secured in the quarter and a design agreement finalized in August.
Over the rolling 12 months, recurring revenues accounted for 67% of total sales, while gross margin stabilized at 67%. EBITDA reached 67 million SEK, with a margin of around 15%, and operating cash flow matched EBITDA, yielding a 101% cash conversion rate. Net debt decreased to 122.5 million SEK from 156.9 million SEK a year earlier, improving the net debt-to-EBITDA ratio to 1.84x from 3.07x. The equity-to-assets ratio rose to 37.7% from 33.7%, though the current ratio remained at 0.53.
QleanAir’s business mix continues to shift, with air cleaners revenue rising to 24% of total sales from 18% in 2022, while cleanrooms expanded to 12% from 10%. Cabin solutions, the largest segment, declined to 64% from 72% over the same period.
The company reiterated long-term financial targets, including organic sales growth of more than 5% annually, with an ambition toward roughly 10%. EBITDA margins are targeted at 15% to 20%, with cash conversion expected between 80% and 100%. Segment growth targets include near 20% expansion for both air cleaners and cleanrooms over the next three to four years.
