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Good underlying growth with strong perfomance in Air Cleaners and Cleanrooms Making a real difference through clean air. Investor Presentation – Q2 2026
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Innovating clean air solutions for industrial and professional environments Speakers Sebastian Lindström CEO Fredrik Sandelin CFO 2Investor Presentation Q2 2026 | Making a real difference through clean air
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118 (118) FX adj. +6% 12.9 (15.9) FX-adj. 13.7 Net sales, SEK millions Recurring revenues, SEK millions EBITDA-margin, % 67.1 (68.3) Gross-margin, % 18.1 (23.3) 0.23 (0.48) EPS, SEKOperating Cash-Flow, SEK millions Sales Efficiency, Customer Focus & Cost Control Key Takeaways ▪ Underlying growth of driven by the introduction of AirCleaners in Oct ’25 and sales of Cleanrooms. ▪ The underlying business is developing well with a healthy EBITDA-margin. ▪ Strong FX-headwinds from the Japanese Yen. Q2 | Underlying growth driven by the introduction of Air Cleaners and sales of Cleanrooms 3 65 (68) FX adj. +2%% Investor Presentation Q2 2026 | Making a real difference through clean air
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Q2 | Solid interest in niche industrial solutions ▪ Delivering on our ambition to organically grow sales annually on average with more than 5% (≈10) with an EBITDA of 15-20% (EBIT 15-20%). Cash conversion 80-100%. 4 ▪ The launch of the new industrial AirCleaners in October 2025 was a success, best-selling product in 2026 ▪ Two new contracts for Cleanrooms in the quarter and a new design agreement in August strengthen the order book. ▪ The transformation program is progressing according to plan. Investor Presentation Q2 2026 | Making a real difference through clean air
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Q2 | Clear path to grow industrial Air Cleaners share and increase recurring revenues 5 72% 18% 10% Cabin Solutions Air Cleaners Cleanrooms 64% 24% 12% Cabin Solutions Air Cleaners Cleanrooms 2022 2025 68% 21% 11% Cabin Solutions Air Cleaners Cleanrooms Q2’26 Investor Presentation Q2 2026 | Making a real difference through clean air
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Dust and particles in logistics & warehouses Mold spores, bacteria and powder ingredients in food and beverage production Particles and gases in production and assembly Clean ZonesRecirculation Positive & Negative Pressure Oil mist, grinding dust & welding fumes in metal working Our focus on bespoke solutions for critical application areas for the industry is paying off, Air Cleaner growth of 11% YTD and 15% in the quarter Our Solutions Problems solved Investor Presentation Q2 2026 | Making a real difference through clean air
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Q2| Strong marketing & Sales Momentum Trade shows ▪ Industrial Manufacturing Nagoya Industrial Aircleaners ▪ Kansai Logistics Osaka Industrial Aircleaners ▪ Film Tech Osaka Industrial Aircleaners ▪ Food Manufacturing Tokyo Industrial Aircleaners ▪ Värnamo Euro Expo Värnamo, Sweden Industrial Aircleaners ▪ Maintenance trade show Netherlands Industrial AirCleaners ▪ CFIA Rennes, France Food processing Digital marketing ▪ Launch of dedicated Cleanroom website USA Cleanrooms ▪ SEO/SEM Japan Industrial Aircleaning ▪ IPROS Japan Industrial Aircleaning ▪ Industry specific SEO/SEM Sweden Industrial Aircleaners ▪ Industry specific SEO/SEM Denmark Industrial Aircleaners ▪ Advertizing campaign Finland Industrial Aircleaners ▪ Portal advertising Sweden Cabin Solutions ▪ Launch of 3 customer cases Nordic Suzuki Garphyttan, Hillerstorp, Special emballage Showroom, seminars & channels ▪ IDN SUMMIT Orlando USA Cleanrooms ▪ 3 x Customer focus groups USA Cleanrooms ▪ CE program revision (100 attendees/month) USA Cleanrooms ▪ 11 x Channel conferences Japan Cabin Solutions and Industrial Aircleaning Investor Presentation Q2 2026 | Making a real difference through clean air Industrial Manufacturing , Nagoya Food Manufacturing, Tokyo Kansai Logistics, Osaka Värnamo Euro Expo Machinenraum podcast, Germany Maintenance tradeshow Netherlands CFIA, Rennes France
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Transformation program remains on track to improve growth and profitability Three top priorities driving execution Sales efficiency Customer focusCost control STRATEGIC ACCELERATION OPERATIONAL EXCELLENCE STRATEGIC ACCELERATION 8Investor Presentation Q2 2026 | Making a real difference through clean air
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▪ Our transformation work to increase growth and profitability continues according to plan ▪ Clear path and strong ambition to expand Air Cleaners as a share of total and increase recurring revenues. ▪ Financial targets – ambition to organically grow sales annually on average with more than 5% (≈10) with an EBITDA of 15-20% (EBIT 15-20%) Fourth quarter & Year-End 2025 9 Focused execution supporting higher recurring revenues and delivery on financial targets Investor Presentation Q2 2026 | Making a real difference through clean air
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Fredrik Sandelin, CFO Financial update Investor Presentation Q2 2026 | Making a real difference through clean air
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Q2 | Continued strong gross profit and high gross margin 67.1 (68.3)% Cabin Solutions Sales, SEKm 75.4 (82.0) Gross profit, SEKm 54.5 (59.2) Gross Margin, % 72.2 (72.2) Air Cleaners Sales, SEKM 28.2 (24.4) Gross profit, SEKm 16.0 (14.9) Gross Margin, % 56.5 (60.9) Cleanrooms Sales, SEKm 14.4 (11.5) Gross profit, SEKm 8.8 (6.4) Gross Margin, % 60.7 (55.9) 11 Investor Presentation Q2 2026 | Making a real difference through clean air
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Q2 | Strategy to increase recurring revenue share of sales, FX-adj. Sales +6.1 % & Rec. Rev +2.3 % 12 121 135 124 124 119 115 113 104 116 118 108 113 114 118 125 73 75 74 75 72 71 70 72 68 68 67 67 63 6569 0 20 40 60 80 100 120 140 160 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Sales SEKm Fx adj. Sales SEKm Rec Rev SEKm Fx adj. Rec Rev. SEKm Investor Presentation Q2 2026 | Making a real difference through clean air
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Q2| Stable rental revenues with high margins from units in own balance sheet, service & maintenance contracts 13 73 75 74 75 72 71 70 72 68 68 67 67 63 65 35 39 27 30 28 25 28 20 30 34 27 28 28 28 14 21 22 19 20 19 15 11 18 16 14 18 22 25 0 20 40 60 80 100 120 140 160 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Rec.Rev. SEKm Finance Companies SEKm Product Sales SEKm Investor Presentation Q2 2026 | Making a real difference through clean air
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Q2 |Recurring revenue model supports strong gross margin of SEKm 79, corresponding to a gross margin of 67.1% 14 73 75 74 75 72 71 70 72 68 68 67 67 63 65 86 92 83 82 82 73 70 68 80 81 72 80 77 79 71 68 67 67 69 63 62 66 69 68 67 70 68 67 0 10 20 30 40 50 60 70 80 90 100 0 10 20 30 40 50 60 70 80 90 100 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Rec. Rev. SEKm Gross Profit SEKm Gross Margin % Investor Presentation Q2 2026 | Making a real difference through clean air
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Q2 | Stable gross margins supporting EBITDA performance 15 25 30 25 18 20 10 13 3 17 19 15 22 15 15 21 22 20 14 17 9 11 3 14 16 14 19 13 13 -6 -1 4 9 14 19 24 29 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 EBITDA, SEKm EBITDA-margin % FX-adj. EBITDA- margin 13.7% Investor Presentation Q2 2026 | Making a real difference through clean air
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RTM | Recurring revenues driving gross margin 16 461 455 446 504 502 481 470 450 448 446 446 455 455 452 314 328 233 344 340 318 330 344 340 318 306 312 310 308 61 64 67 61 61 62 63 64 63 63 62 60 58 58 68 72 52 68 68 66 70 76 76 71 69 69 69 67 0 10 20 30 40 50 60 70 80 90 0 100 200 300 400 500 600 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Sales SEKm Gross Profit SEKm Rec.Rev.% Gross Margin % RTM = Rolling 12-months
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RTM | Stable gross margins supporting EBITDA performance 17 314 328 233 344 340 318 330 344 340 318 300 312 310 308 59 70 70 97 93 73 60 45 42 51 53 72 70 67 68 72 52 68 68 66 70 76 76 71 69 69 69 68 13 15 16 19 18 15 13 10 9 11 12 16 13 15 0 10 20 30 40 50 60 70 80 90 100 0 50 100 150 200 250 300 350 400 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Gross Profit SEKm EBITDA, SEK m Gross Margin % EBITDA-margin % RTM = Rolling 12-months Investor Presentation Q2 2026 | Making a real difference through clean air
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RTM | EBITDA driving cash conversion 18 41 51 58 63 52 52 37 40 42 46 73 80 73 67 59 70 70 97 93 73 60 45 42 51 53 72 70 67 69 72 83 64 56 72 62 88 100 90 137 111 103 101 0 20 40 60 80 100 120 0 10 20 30 40 50 60 70 80 90 100 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Op.CF SEKm EBITDA SEKm Cash Conversion % RTM = Rolling 12-months
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Q2| Stable cash-flow generation & solid financial position Q2’26 Q2’25 Jan-Jun’26 Jan-Jun’25 FY 2025 Cash, SEKm 44.8 48.7 44.8 48.7 39.5 Operating cash-flow, SEKm 18.1 23.3 12.9 25.6 80,1 Net debt, SEKm 122.5 156.9 122.5 156.9 118.6 Equity/Asset ratio, % 37.7 33.7 37.7 33.7 38.1 Net debt/EBITDA RTM 1.84 3.07 1.84 3.07 1.65 19Investor Presentation Q2 2026 | Making a real difference through clean air
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We protect people, products and processes through clean air. QleanAir delivered 23,8 billion m3 of cleaned air during Q2 2026, +7,7% # 1 Air pollution is the primary environmental threat for human health. 7 million Around 7 million people die prematurely every year from exposure to polluted air. ≈90% We spend around 90% of our time indoors. ≤50 times The air indoors can be up to 50 times more polluted than outdoor air. 20Investor Presentation Q2 2026 | Making a real difference through clean air
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Sticking to the plan ▪ A systematic approach to operational and strategic development ▪ Strategic focus on Industrial Air Cleaners driving recurring revenue ▪ Targeted Go-To-Market plan –Seven new products launched for niched industrial segments 21 Our business model is circular our products have a long life with our customers through our strong service model. Investor Presentation Q2 2026 | Making a real difference through clean air
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Key Take-Aways ▪ New industrial Air Cleaners already best-selling product in 2026 ▪ Our strongest 12 months signed contracted backlog ever in the US ▪ Our transformation program is progressing well 22Investor Presentation Q2 2026 | Making a real difference through clean air
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Sebastian Lindström, CEO Fredrik Sandelin, CFO Q&A Investor Presentation Q2 2026 | Making a real difference through clean air
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In summary QAIR Unique premium indoor air cleaning service based on circular, rental contracts ≈ 3 400 corporate customers mainly located in Europe, Japan and the USA Asset light business model with an increasing number of units installed cleaning air Pioneers in air cleaning technology with high barriers to entry 24 Investor Presentation Q2 2026 | Making a real difference through clean air
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Thank you! Investor Presentation Q2 2026 | Making a real difference through clean air
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Position The specialized provider of premium clean air solutions. Purpose Making a real difference through clean air. Promise The freedom of clean air is what we bring to our customers. The freedom of clean air The freedom of clean air is the promise that we bring to our customers. Investor Presentation Q2 2026 | Making a real difference through clean air
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Appendix Investor Presentation Q2 2026 | Making a real difference through clean air
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Largest shareholders 28 2026-06-30 Shareholders %, capital and votes Sw edia Capital AB 29,0% Fredrik Palmstierna 14,0% Avanza Pension 10,3% Dan Pitulia (directly and through related parties) 7,9% Livförsäkringsbolaget Skandia 4,6% Jan-Olof Backman (through company) 4,5% SEB Life Assurance, Ireland 3,3% Sebastian Lindström 1,4% Nordnet Pension 1,3% J.P. Morgan, Luxemburg 1,1% Ten largest shareholders 77,5% Other shareholders 22,5% Total 100,0%Investor Presentation Q2 2026 | Making a real difference through clean air
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Board of directors Sara Uhlén Board member Born 1975 Position: Board member since 2024 Other assignments Sara is today HR Business Partner at PE Teknik & Arkitektur AB. Chairman of Treskablinoll non-profit association. Board member of Ludvig & Company Group AB, Spotlight Group AB and Senseworks AB. Holdings in QleanAir 9,000 shares Jan-Olof Backman Board member Born 1961 Position Board member since 2023 Other assignments Jan-Olof is a board member and chairman in Credentia AB, Layer Group AB and Northclean Group AB and a board member Sveab Holding AB and Tagehus Holding AB. Holdings in QleanAir 663,329 shares through companies Fredrik Persson Chairman Born 1984 Position: Chairman since 2025 Other assignments Fredrik is currently working as an Investment Manager at Swedia Capital. He is holding board positions in a number of companies in the STIGA Sports Group, a number of companies in the Swedia Capital Group, Arctic Falls Aktiebolag, ETNetwork AB, GreenGold Group AB, Lundqvist Intressenter AB including a subsidiary, Optise AB and Spotlight Group AB. He is independent in relation to the company and management but not in relation to the company’s major shareholders (Swedia Capital AB). Holdings in QleanAir 4,463,893 shares, partly through Swedia Capital and partly privately. Dan Pitulia Board member Born 1956 Position Board member since 2023 Other assignments Dan is currently working as managing director in Coala-Life AB and Coala-Life Group AB (publ). Board member 2006–2010 and Chair of the Board from 2011 in Neoventa Holding AB. Director at Pitulia&Co Ltd (UK). Holdings in QleanAir 1,170,000 shares, directly and related parties. Henrik Mitelman Board member Born 1971 Position: Board member since 2025 Other assignments Henrik is a financial analyst with a master’s degree in economics from Lund University. Henrik brings to the board over 20 years of experience and extensive knowledge in macroeconomics, financial markets, investments, and economic analysis. Henrik runs the advisory and analysis companies M.M.M. AB and Macro Management AB. Additionally, he writes columns and runs the video podcast Börssurr for EFN Ekonomikanalen and holds board positions. Henrik is independent in relation to the company and its management but not in relation to the company’s major shareholders (Fredrik Palmstierna). Holdings in QleanAir: 150,000 shares directly and through companies. 29 Anders Skeini Board member Born 1971 Position: Board member since 2026 Other assignments Anders is an industrial entrepreneur with extensive global experience having lived in the Sweden, the United Kingdom, Switzerland, United States and now Italy. He is the co-founder, former owner, and former Group CEO of Jacobi Carbons AB. Today, Anders is the owner and Group CEO of Felia Farmacie and serves as Chairman of the Board of Jacobi Carbons and Vino.com. Anders is independent in relation to the company and its executive management, as well as in relation to the company’s major shareholders. Holdings in QleanAir: – Investor Presentation Q2 2026 | Making a real difference through clean air
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Senior management Fredrik Sandelin CFO Born: 1962 Position: CFO since April 2025 Other assignments Fredrik has several years of experience as CFO for listed companies, most notably Scandic Hotels, IBS and Eniro and has also worked as CEO for 24Storage and A-Com. Holdings in QleanAir: - Sebastian Lindström CEO Born 1965 Position CEO since Dec 2022 Other assignments Senior advisor VEA Ventures SRL, founder and chairman of Lindstrom Invest AB, board member of Heby Holding AB. He held several C-level positions in private equity owned companies: deputy CEO of Granngården, interim COO of Bodilsen A/S, CEO of Atea Holding AB. Holdings in QleanAir: 245,000 shares, partly through company and partly privately. 445,776 warrants (2023/2026). In addition, 6,650 shares through related party. 30Investor Presentation Q2 2026 | Making a real difference through clean air
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The freedom of clean air is the promise that we deliver on to our customers Sustainable products Our offering – circular rental business model • Long-term rental and service agreement • High quality products • Performance guarantee • Innovative products, design & solutions Our impact • Healthy indoor environment • Safe handling of tobacco waste • Protects people, products and processes Responsible value chain • In total we have ten strategic suppliers • Long term relationships with our partners, clear CSR requirements • Local presence with manufacturing and service Attractive employer • Work environment & working conditions • Diversity • Skills development 31 Investor Presentation Q2 2026 | Making a real difference through clean air
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Investor Presentation Q2 2026 | Making a real difference through clean air