Interim report
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Making a real difference through clean air Second quarter 2026
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SECOND QUARTER 2026 2 Good underlying Growth Driven by Successful Air Cleaner Launch and Cleanroom Sales MSEK 118.1 (117.9) Net sales, currency-adjusted MSEK 125, +6.1% MSEK 65.4 (67.6) Recurring revenue, currency-adjusted +2.3% 12.9% (15.9) EBITDA margin, currency adjusted 13.7% “The introduction of the FS60 product line for industrial applications during the third quarter of 2025 was successful. It is now one of our best-selling products in 2026. During the quarter, we also secured two new contracts in our U.S. Cleanroom operations, and in August we signed a new design contract, further strengthening our already robust order backlog in the US. Our revenue remained stable at SEK 118 million (117). Recurring revenue amounted to SEK 65.4 million (67.6), corresponding to 55% (57%) of total revenue. The gross margin was stable at 67.1% (68.3%), and EBITDA amounted to SEK 15.2 million (18.8), corresponding to an EBITDA margin of 12.9% (15.9%). Cash flow from operating activities amounted to SEK 18.1 million (23.3), and the rolling twelve-month cash conversion ratio was 101% (90%), in line with our target range of 80% to 100%. Currency effects had a negative impact on revenue of SEK 6.9 million during the quarter. Currency-adjusted growth amounted to 6.1% during the second quarter, while recurring revenue increased by 2.3% on a currency-adjusted basis,” comments Sebastian Lindström, CEO of QleanAir. April–June 2026 in summary Significant developments during the second quarter • Net revenue MSEK 118.1 (117.9); currency- adjusted revenue MSEK 125.0, an increase of 6.1%. • Recurring revenue MSEK 65.4 (67.6) • EBITDA MSEK 15.2 (18.8) • EBITDA margin 12.9% (15.9%) • Operating profit (EBIT) MSEK 8.0 (10.9) • Operating margin 6.7% (9.2%) • Earnings per share SEK 0.23 (0.48) • Cash flow from operating activities MSEK 18,1 (23.3) January–June 2026 in summary • Net sales totalled MSEK 231.6 (234.0), and currency-adjusted net sales totalled MSEK 253.5, an increase of 8.3%. • Recurring revenue MSEK 128.7 (135.8) • EBITDA MSEK 30.1 (35.4) • EBITDA margin 13.0% (15.1%) • Operating profit (EBIT) MSEK 15.8 (19.2) • Operating margin 6.8% (8.2%) • Earnings per share SEK 0.48 (0.66) • QleanAir signs two separate cleanroom agreements in the US for a total value of approximately MUSD 1.51 • QleanAir signs agreement worth approximately USD 439,000 with one of the largest academic medical centres in the United States • QleanAir signs two new cleanroom agreements in the US for a total value of approximately USD 2.4 million, with a new specialised partner in preparation and continued work with a long-standing institutional customer • The AGM elected Anders Skeini as new member of the board Significant events after the end of the period • QleanAir signs design agreement worth approximately USD 127,000 with a leading integrated healthcare system on the US West Coast – the first cleanroom project with this customer
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SECOND QUARTER 2026 3 A WORD FROM THE CEO Good underlying Growth Driven by Successful Air Cleaner Launch and Cleanroom Sales Stable Development in the Second Quarter The introduction of the FS60 product line for industrial applications during the third quarter of 2025 was successful. It is now one of our best-selling products in 2026. During the quarter, we also secured two new contracts in our U.S. Cleanroom operations, and in August we signed a new design contract, further strengthening our already robust order backlog in the US. Our revenue remained stable at SEK 118 million (117). Recurring revenue amounted to SEK 65.4 million (67.6), corresponding to 55% (57%) of total revenue. The gross margin was stable at 67.1% (68.3%), and EBITDA amounted to SEK 15.2 million (18.8), corresponding to an EBITDA margin of 12.9% (15.9%). Cash flow from operating activities amounted to SEK 18.1 million (23.3), and the rolling twelve-month cash conversion ratio was 101% (90%), in line with our target range of 80% to 100%. Currency effects had a negative impact on revenue of SEK 6.9 million during the quarter. Currency-adjusted growth amounted to 6.1% in the second quarter, while recurring revenue increased by 2.3% on a currency-adjusted basis. During the quarter and the first half of the year, we had a shift in the mix of revenue streams, which impacted gross profit and gross margin. • In Europe, we no longer sell contracts to finance companies. In the short term, this transition in Europe has a negative impact on results. In the long term, increased product sales and rental contracts held on our own books contribute to a more profitable business. • In Japan, we recorded a higher proportion of new sales relative to contract renewals to finance companies, which also had a negative impact on earnings. However, this effect will be recouped when these contracts are renewed in the future. • Sales of products to customers were higher relative to rental contracts, driven by a small number of industrial customers undertaking larger investment projects where the rental model was not feasible. This had a negative impact on gross margin, as rental contracts, which can subsequently be renewed, are more profitable. Strong Demand for Niche Industrial Solutions Demand for our niche industrial solutions is strong across all markets. The Cleanroom business continues to develop well, and our Cabin Solutions business is stable. The transformation program aimed at improving cost control, sales efficiency, and customer focus is progressing according to plan. We have continued consolidating our supply chains in Europe and Japan and are proceeding with the planned efficiency improvements in our U.S. operations. In Japan, Cabin Solutions continues to be a growing and stable business, while sales of Air Cleaners for industrial applications are increasing. On a currency-adjusted basis, revenue in Japan increased by 9.1%. Our rental model is performing well, and our churn rate has now returned to its historically normal level of 7.8%.
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SECOND QUARTER 2026 4 Transformation Program Progressing According to Plan We remain positive about the global potential for clean indoor air, while maintaining a cautious view of the economic environment in Europe. Our efforts to strengthen growth and profitability are progressing according to plan, with the objective of achieving annual organic growth of more than 5%, an EBITDA margin of 15 to 20%, and a cash conversion rate of 80 to 100% over time. We are achieving our targets for both growth and cash conversion, both for the quarter and year-to-date. Improving profitability remains a key area of focus. I would like to thank all our employees for their dedication and our customers for their continued trust. Together, we continue to build QleanAir towards our vision of becoming the global leader in stand-alone solutions for clean indoor air. During the quarter we delivered 23.8 billion cubic metres of cleaned air, an increase of 7.7% compared to second quarter 2025. Solna on August 25, 2026 Sebastian Lindström, VD QleanAir AB
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SECOND QUARTER 2026 5 FINANCIAL DEVELOPMENT Key ratios: 1 Definition of key figures is provided on page 23. 2. An explanation of EBITDA and operating profit is provided on page 10. Sales and recurring revenue, MSEK per quarter Gross profit, SEK million and gross margin, %, per quarter EBIT, MSEK and EBIT margin, %, per quarter 12 2 4 -5 8 11 7 15 8 8 10 1 4 -5 7 9 7 13 7 7 -10 -5 0 5 10 15 20 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 EBIT, SEKm EBIT %
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SECOND QUARTER 2026 6 RECURRING REVENUE AND TYPES OF REVENUE The Group's revenue consists of three revenue streams: Rental of goods including services (Recurring revenue), Sales of goods to finance companies and Sales of goods to customers. When selling directly to customers, QleanAir normally signs separate service agreements that run for three years. Recurring revenue, which was negatively affected by currency effects of MSEK 3.8, decreased by 3.4% in the second quarter compared to the previous year and amounted to MSEK 65.4 (67.6). Recurring revenue comes from the rental of QleanAir owned units and service and amounted to 55% (57%) of total revenue in Q2 2026. Currency-adjusted, recurring revenue increased by 2.3%. In January-June 2026, recurring revenue amounted to MSEK 128.7 (135.8), which is a decrease of 5.2%. Currency-adjusted, recurring revenue amounted to 140.9 MSEK, an increase of 3.8%. The number of terminations of installed units, often referred to as churn, in relation to the total number of installed units amounted to 7.8% (11.0%) for the period July 2025 - June 2026. Churn is now back to the level that applied before terminations of the often subsidised air cleaner contracts signed during the pandemic began. Distribution of revenue types per quarter, MSEK 72 71 70 72 68 68 67 67 63 65 28 25 28 20 30 34 27 28 28 28 20 19 15 11 18 16 14 18 22 25 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Rec. Rev. Finance Company End Customer April-June April-June Jan-Jun Jan-Jun Full year TSEK 2026 2025 2026 2025 2025 Rental of goods incl service (recurring revenues) 65 363 67 630 128 734 135 795 269 338 Sales to finance companies 27 579 34 468 56 017 64 693 118 993 Sales to customers 25 169 15 791 46 872 33 540 66 407 Total 118 111 117 889 231 623 234 028 454 738
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SECOND QUARTER 2026 7 Development of recurring revenue per year Development of churn per year INSTALLED UNITS The number of installed units increased by 3.6% from 30 June 2025 to 30 June 2026. The total number of installed units at the end of the period amounted to 12,651 (12,216), of which 4,933 (4,800) are owned and leased by QleanAir. Stable installed base at the end of the period 252 255 264 297 285 269 262 51 57 58 59 63 59 58 0 50 100 0 200 400 2020 2021 2022 2023 2024 2025 2026 R12 Recurring Revenue, Mkr Share of total Revenue, % 10% 10% 7% 8% 15% 10% 8% 2020 2021 2022 2023 2024 2025 R12 5 235 4 795 4 730 4 695 4 817 4 800 4 833 4 904 4 876 4 933 1 943 1 916 1 969 2 007 1 913 1 935 1 913 1 911 1 917 1 899 5 561 5 646 5 550 5 567 5 528 5 481 5 680 5 739 5 714 5 819 0 2 000 4 000 6 000 8 000 10 000 12 000 14 000 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Balance Sheet Finance Company Sold to End Customer June June 2026 2025 Accounted value installed units, TSEK (accounted for in tangible fixed assets) 36 937 43 936 Installed units in balance sheet rented out, number 4 933 4 800 Installed units sold to finance companies, number 1 899 1 935 Sold units with service agreement, number 5 819 5 481 Total installed units, number 12 651 12 216
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SECOND QUARTER 2026 8 SEGMENT Starting in the third quarter of 2025, QleanAir reports on three segments: Cabin Solutions, Air Cleaners and Cleanrooms. The Group's operations are organised so that Group Management primarily monitors sales and gross profit for these three segments. Group management does not track individual balance sheet items by segment. Comparative information has been provided in accordance with the new segment structure. REVENUE April - June 2026 QleanAir’s geographic markets are Europe, which includes Germany, Austria, Switzerland, the Netherlands, Belgium, France, Poland, the Nordic countries, and certain export operations, as well as Japan and the United States. Revenue for the second quarter amounted to SEK 118.1 million (117.9), an increase of 0.2% compared with the previous year. Second-quarter revenue by geography amounted to SEK 53.0 million (54.0) in Europe, SEK 51.0 million (52.9) in Japan, and SEK 14.1 million (11.0) in the United States. Revenue by product category amounted to SEK 75.4 million (82.0) for Cabin Solutions, SEK 28.3 million (24.4) for Air Cleaners, and SEK 14.4 million (11.5) for Cleanrooms. Currency effects had a negative impact on revenue during the quarter of SEK 6.9 million. This was primarily due to the translation of revenue from Japan. On a currency-adjusted basis, revenue increased by 6.1%. In Japan, Cabin Solutions revenue decreased by 2.9%; however, in local currency, revenue increased by 9.6%. Good progress is being made within the small and medium-sized enterprise customer segment, particularly in the hotel, restaurant, and catering industry (HoReCa). New sales of Cabin Solutions continue to increase, and customer loyalty remains stable. Revenue from Air Cleaners decreased by 10.3%, but increased by 0.6% in local currency during the second quarter. In Europe, Air Cleaners revenue increased by 21.8% in the second quarter. The focus in Europe is on Air Cleaners through new products that provide customers with an even more comprehensive product offering to address their business-critical challenges. In the United States, Cleanroom revenue increased by 28.6% during the second quarter. January-June 2026 For January-June 2026, revenue amounted to MSEK 231.6 (234.0), a decrease of 1.0%. Revenue by geography for January–June 2026 amounted to MSEK 100.6 (103.2) for Europe, MSEK 98.6 (103.9) for Japan and MSEK 32.4 (26.9) for the US. Revenue by product category amounted to MSEK 147.7 (160.4) for Cabin Solutions, MSEK 51.1 (45.8) for Air Cleaners and MSEK 32.8 (27.8) for Cleanrooms. Sales in January-June 2026 were negatively affected by currency effects of MSEK -21.9. Currency- adjusted sales growth amounted to 8.3%.
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SECOND QUARTER 2026 9 Sales geographical mix, % Q2 2026 Sales product mix, % Q2 2026 Gross profit product mix, % Q2 2026 Revenue by geography, TSEK Revenue by product category, TSEK Gross profit by product category, TSEK SEASONAL VARIATIONS AND EXCHANGE RATE FLUCTUATIONS Historical income and expenses have not significantly been affected by seasonal variations for QleanAir. This is due to the company's revenue model, which to a relatively large extent consists of recurring revenue from rental of goods including service. The number of 45% 43% 12% Europe Japan USA 64% 24% 12% Cabin Solutions Air Cleaners Cleanrooms 69% 20% 11% Cabin Solutions Air Cleaners Cleanrooms April-June April-June Jan-Jun Jan-Jun Full year TSEK 2026 2025 2026 2025 2025 Europe 52 953 54 024 100 582 103 234 207 805 Japan 51 006 52 859 98 657 103 867 196 662 USA 14 152 11 006 32 384 26 926 50 271 Total 118 111 117 889 231 623 234 028 454 738 April-June April-June Jan-Jun Jan-Jun Full year TSEK 2026 2025 2026 2025 2025 Cabin Solutions 75 445 81 974 147 671 160 453 308 292 Air Cleaners 28 248 24 406 51 102 45 762 94 604 Cleanrooms 14 418 11 509 32 851 27 813 51 843 Total 118 111 117 889 231 623 234 028 454 738 April-June April-June Jan-Jun Jan-Jun Full year TSEK 2026 2025 2026 2025 2025 Cabin Solutions 54 468 59 213 106 278 116 528 224 326 Gross margin % 72,2% 72,2% 72,0% 72,6% 72,8% Air Cleaners 15 974 14 856 30 313 27 158 56 444 Gross margin % 56,5% 60,9% 59,3% 59,3% 59,7% Cleanrooms 8 752 6 434 19 840 16 410 31 372 Gross margin % 60,7% 55,9% 60,4% 59,0% 60,5% Gross profit, TSEK 79 193 80 504 156 431 160 096 312 142 Gross margin, % 67,1% 68,3% 67,5% 68,4% 68,6%
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SECOND QUARTER 2026 10 contracts maturing in a quarter in Japan that can be resold to finance companies varies from quarter to quarter, typically at 36-month intervals. Due to the Group's extensive operations outside Sweden, the company is exposed to exchange rate fluctuations, particularly in JPY, EUR and USD. See the table on page 23. GROSS PROFIT AND OPERATING PROFIT The distribution of different types of revenue affects gross profit and gross margin. The company has chosen no longer to sell contracts to finance companies in Europe. This temporarily affects the result negatively, but is a better alternative over time. A high share of new sales in relation to renewals in Japan also negatively impact results. The shift in the product mix towards a greater share of Air Cleaners has a negative effect on the operating margin. During the first half of the year, the proportion of sales of goods to customers, which have a lower gross margin than rentals to customers, was higher than in the previous year due to a small number of industrial customers with larger investment projects only being interested in owning the products in question. During the second quarter, gross profit amounted to MSEK 79.2 (80.5), corresponding to a gross margin of 67.1% (68.3). Gross profit was negatively affected during the quarter by currency effects of MSEK 3.9. In January-June 2026, the gross margin was 67.5% (68.4). In the second quarter of 2026, operating income amounted to MSEK 8.0 (10.8) and the operating margin was 6.7% (9.2). Operating profit was negatively affected during the quarter by currency effects of MSEK 1.6. In January–June 2026, operating profit amounted to MSEK 15.8 (19.2) and operating margin to 6.8% (8.2). The result is positively affected by the settlement in the US with Curexa during the first quarter. This compensates for two cleanrooms that were planned to start in the first quarter of 2026, but have been postponed to 2027. OTHER EXTERNAL COSTS Other external costs are primarily attributable to marketing, external service costs, regional sales promotions, premises rent, research and development, travel costs and consulting costs. During the second quarter of 2026, other external costs amounted to MSEK 27.0 (26.2). During the second quarter other external costs increased to MSEK 27.0 (26.2) while they decreased to MSEK 55.8 (57.3) during January-June 2026. PERSONNEL COSTS AND EMPLOYEES In the second quarter of 2026, personnel costs amounted to MSEK 37.0 (35.5). April-June April-June Jan-Jun Jan-Jun Full year TSEK 2026 2025 2026 2025 2025 Gross profit, TSEK 79 193 80 504 156 431 160 096 312 142 Gross margin, % 67,1% 68,3% 67,5% 68,4% 68,6% EBITDA2, TSEK 15 197 18 767 30 084 35 428 72 011 EBITDA-margin, % 12,9% 15,9% 13,0% 15,1% 15,8% Depreciations fixed assets -7 228 -7 915 -14 325 -16 198 -30 845 Operating income (EBIT) 7 969 10 851 15 759 19 230 41 166 EBIT-margin, % 6,7% 9,2% 6,8% 8,2% 9,1%
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SECOND QUARTER 2026 11 During January–June 2026, personnel costs were MSEK 70.5 (67.4). The average number of employees in the Group was 123 (121). The distribution between men and women in the Group was 83 (84) men and 40 (37) women. The number of employees at the end of the period was 121 (122). A change whereby service is increasingly carried out by our own staff instead of hiring external service partners has led to more employees in this area and higher costs. At the same time, other external costs have decreased. NET FINANCIAL ITEMS In Q2 2026, net financial items amounted to MSEK -1.8 (-1.4). Interest costs have been lower in 2026 than in the previous year. During January-June 2026, financial expenses decreased to MSEK -4.9 (-6.9). EARNINGS BEFORE TAX, NET PROFIT FOR THE PERIOD AND EARNINGS PER SHARE For the second quarter, earnings before tax amounted to MSEK 6.2 (9.4). Reported tax for the period was MSEK -2.7 (-2.3). The Group's tax expense as a percentage for April-June 2026 was 43.8% (24.2). The Group's tax expense as a percentage for January-June 2026 was 44.6% (23.4). The temporarily high tax rate is attributable to the US operations. The net result for the second quarter was MSEK 3.5 (7.1). Earnings per share for the quarter amounted to SEK 0.23 (0.48) and SEK 0.23 (0.48) after full dilution. January-June 2026 earnings per share amounted to SEK 0.48 (0.66) and after full dilution to SEK 0.48 (0.66). CASH FLOW FROM OPERATING ACTIVITIES AND INVESTMENTS Cash flow from operating activities (operating cash flow) for the second quarter amounted to MSEK 18.1 (23.3). The difference consists primarily of adjustments to non-cash items in connection with the settlement with Curexa and a weaker underlying result in the US operations, as two planned cleanroom installations have been postponed until 2027. From January–June 2026, cash flow from operating activities amounted to MSEK 12.9 (25.6). Cash flow from investing activities in the second quarter amounted to MSEK -6.8 (-4.8). In January – June 2026, cash flow from investing activities amounted to MSEK -13.3 (-11.0). The investments mostly relate to units that are rented to customers and where QleanAir owns the units. CASH AND FINANCIAL POSITION QleanAir changed banks in January 2025, which resulted, among other things, in a lower interest margin. Interest-bearing net debt/EBITDA on a rolling twelve-month basis may not exceed 2.75 times and for the second quarter it amounted to 1.84 times. Cash at the end of the period amounted to MSEK 44.8 (48.7). The interest-bearing net debt, i.e. debts to credit institutions less liquid assets, decreased throughout 2025 and amounted to MSEK 122.5 (156.9) at the end of the second quarter of this year. QleanAir amortises quarterly and the total annual amount is MSEK 38. The Group's total assets amounted to MSEK 588.8 (615.5). Non-current assets amounted to MSEK 427.4 (425.6), mainly attributable to goodwill of MSEK 343.7 (343.7). The book value of equipment and installed units amounted to MSEK 36.9 (43.9). Inventories amounted to MSEK 32.7 (41.4). The decline is primarily a function of measures taken to reduce working capital tied up.
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SECOND QUARTER 2026 12 In all material respects, stated values for financial assets and liabilities correspond to fair value. FOLLOW-UP ON FINANCIAL OBJECTIVES A change process is underway to increase growth and profitability in the medium term. The Board of Directors accordingly decided, in connection with the quarterly report for the first quarter of 2026, to adjust the financial targets to better reflect the company's current operations. The goals are an ambition to organically grow annual sales by an average of more than 5% and to achieve an EBITDA margin of 15–20% in the medium term and a cash conversion ratio that over time should be at least 80–100%. The goal remains that between 30–50% of the year's profit will be distributed as dividends and will take into account the company's long- term development potential. We see that our rental model is gaining ground and we have a clear focus on strengthening that part of the business, which brings with it three natural consequences: • Sales grow more slowly than the underlying business, as revenue is accrued over the contract period instead of being recognised directly upon sale. • EBIT during the growth phase is burdened by increasing depreciation and amortisation – the faster we grow the contract base, the more EBIT is depressed, even though the underlying profitability is strengthened. • Through the cash conversion goal, we want to show that we are successfully converting profit into cash flow. The targets together address precisely this dynamic: the growth target >5% reflects sales in a mix where a growing proportion is accrued, the EBITDA margin measures underlying profitability without the depreciation effect, and the cash conversion ratio of 80–100% confirms that profitability is converted into cash flow. During the second quarter, currency-adjusted sales growth amounted to 6.1%, the EBITDA margin amounted to 12.9%, and the cash conversion ratio for the rolling twelve months amounted to 101% (90%). GOODWILL Goodwill is entirely attributable to QleanAir AB's acquisition of the operating subsidiary QleanAir Scandinavia AB, which was completed in 2012. Goodwill is tested for impairment at least annually by comparing its value in use, based on the discounted value of future cash flows, with its book value. The impairment test, which was performed in September 2025, showed that there was no need for impairment. There is no indication of impairments being necessary as of 30 June 2026. SUSTAINABILITY QleanAir has been developing solutions that protect people from indoor air pollution for more than 30 years. Environmental issues, corporate social responsibility and working environment issues have been focus areas for QleanAir since its inception. Our air cleaning solutions create a healthy and safe working environment, ensure product quality and durability and contribute to more efficient processes and increased productivity by, for example, extending the life of mechanical equipment. QleanAir’s operating subsidiary, QleanAir Scandinavia AB, has been ISO-certified to quality standard ISO 9001 and environmental standard ISO 14001. QleanAir’s circular business model is based on renting
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SECOND QUARTER 2026 13 out modular units with a performance guarantee. The equipment can be recycled and reused. Large parts of the business are based on subcontractors who undertake to comply with QleanAir’s Code of Conduct. The Code of Conduct is linked to the sustainability policy, the quality and environmental policy, the marketing policy and the work environment policy. The group has been measuring the amount of air cleaned per month continuously since 2015. The amount of delivered, cleaned air continues to rise every quarter. For more information, see www.qleanair.com. QleanAir delivered 23.8 (22.1) billion cubic metres of purified indoor air during the second quarter. This corresponds to an increase of approximately 7.7% compared to the second quarter of the previous year. QleanAir reports the volume of indoor air cleaned by its air cleaners, cabin solutions and cleanrooms quarterly on a global basis. Starting in the first quarter of 2026, the total volume will be reported quarterly instead of monthly as previously. This change is made to align it with quarterly financial reporting. RISKS The wars in Ukraine and the Middle East and their repercussions for the global economy entail a risk that market conditions will continue to be affected. Moreover, geopolitical uncertainty has increased overall. The company is only slightly affected by the situation of higher tariffs in the US. QleanAir is exposed to market risks, price risks and financial risks as part of its ongoing operations and investment activities. A market risk in Europe and Japan is the legislation on tobacco smoke. Financial risks consist mainly of currency risks, credit risks and liquidity risks. Risk management is focused on the management of financial risks via a centralized finance department. For more information about company risks, see QleanAir’s 2025 annual report, available at www.qleanair.com. PARENT COMPANY Revenue for the parent company's second quarter of 2026 amounted to MSEK 2.6 (2.6). Profits for the second quarter amounted to MSEK -5.6 (-4.8). In January-June 2026, revenue amounted to MSEK 5.1 (5.1) and the result was MSEK -11.04 (-10.4). QleanAir AB provides management services to QleanAir Scandinavia AB. Liabilities to Group companies relate to the subsidiary QleanAir Scandinavia AB, which pays for QleanAir AB's operating costs 14,0 17,4 20,4 21,5 22,1 23,8 0,0 5,0 10,0 15,0 20,0 25,0 Q2'21 Q2'22 Q2'23 Q2'24 Q2'25 Q2'26 Billion Cubic Meters per quarter
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SECOND QUARTER 2026 14 including interest and repayments. QleanAir AB, with corporate identity number 556879- 4548, is a Swedish limited liability company with its registered office in Solna, Sweden. DISPUTES The previous dispute with Curexa in the US was concluded during the year by reaching a settlement. TRANSACTIONS WITH RELATED PARTIES During Q2, 2026, no significant transactions have taken place with related parties, other than remuneration to the CEO. CAPITAL STOCK, SHARES AND OWNERS The total number of shares as of June 31, 2026 was 14,859,200 and the capital stock was MSEK 7.4. After full dilution, the number of shares is 15,592,476 shares. The dilution consists of a maximum of 733,276 warrants issued to employees in senior positions. The maximum dilution effect of the issued warrants relative to the number of shares amounts to 4.9%. The decision to issue 445,776 warrants was taken on March 9, 2023 and 445,776 warrants have been subscribed. Subscription of new shares under the warrants will be possible during the period from April 1, 2026 up to and including October 31, 2026. The subscription price is SEK 40.00/share. The decision to issue 237,500 warrants was made on May 10, 2023, and 237 500 warrants have been subscribed to. Subscription of new shares supported by the warrants may take place during the period from June 1, 2026, to December 31, 2026. The subscription price is SEK 40.00/share. The decision to issue 70,000 warrants was made on May 8, 2024, and 50 000 warrants have been subscribed to. Subscription of new shares supported by the warrants may take place during the period from June 1, 2027, to December 31, 2027. The subscription price is SEK 40.00/share. The average number of shares in January-June 2026 amounted to 14,859,200 before dilution and 15,592,476 after full dilution. All shares are ordinary shares with equal voting rights. The shares have a quota value of SEK 0.5 per share. QleanAir AB is listed on Nasdaq First North Premier Growth Market. FNCA (First North Certified Advisor) is the Certified Advisor. To contact, e-mail: info@fnca.se.
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SECOND QUARTER 2026 15 FINANCIAL CALENDAR November 19, 2026: THIRD QUARTER 2026 February 18, 2027: Fourth quarter and Year-end report 2026 OTHER INFORMATION The Q2 2026 quarterly report provides a fair account of the Group's operations, financial position and performance. If there are discrepancies between the Swedish and English versions of the report, the Swedish version shall prevail. The undersigned certify that this quarterly report provides a true and fair view of the parent company's and the Group's operations, financial position and performance and describes the significant risks and uncertainties facing the parent company and the companies included in the Group. This information is information that QleanAir AB is obliged to publish in accordance with the EU Market Abuse Regulation. The information was submitted through the contact persons listed below, for publication on August 25, 2026, at 08:00 CET. GENERAL REVIEW This report has not been reviewed by the company's auditors. PRESENTATION QleanAir invites you to a webcast/telephone conference on August 25, 2026 at 10:00. The company's CEO, Sebastian Lindström, and CFO, Fredrik Sandelin, will present the company's quarterly report in English. Link to watch the presentation online: https://qleanair.events.inderes.com/q2-report-2026/register 2026-06-30 Shareholders %, capital and votes Swedia 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%
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SECOND QUARTER 2026 16 For more information, please contact Sebastian Lindström, CEO, telephone 070-308 94 51 or Fredrik Sandelin, CFO, telephone 072-209 61 67. The Board of Directors of QleanAir AB Solna, August 25, 2026 Fredrik Persson, Chairman Jan-Olof Backman Henrik Mitelman Dan Pitulia Anders Skeini Sara Uhlén Sebastian Lindström, CEO
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SECOND QUARTER 2026 17 THE GROUP’S CONSOLIDATED BALANCE SHEET IN SUMMARY THE GROUP’S STATEMENT OF COMPREHENSIVE INCOME April-June April-June Jan-Jun Jan-Jun Full year TSEK 2026 2025 2026 2025 2025 Net sales 118 111 117 889 231 623 234 028 454 738 Other income -53 114 0 189 41 Sales 118 057 118 003 231 623 234 217 454 779 Cost of goods sold -38 864 -37 499 -75 192 -74 120 -142 637 Gross profit 79 193 80 504 156 431 160 096 312 142 Other external costs -26 973 -26 234 -55 801 -57 293 -108 470 Personnel costs -37 023 -35 503 -70 546 -67 375 -131 661 Depreciation of tangible and intangible assets -7 228 -7 915 -14 325 -16 198 -30 845 Operating income 7 969 10 851 15 759 19 230 41 166 Financial income 704 226 2 021 344 6 983 Financial expenses -2 469 -1 673 -4 909 -6 851 -13 212 Income before tax 6 204 9 404 12 872 12 724 34 937 Deferred tax 1 651 541 2 917 1 408 1 183 Tax on result for the period -4 367 -2 815 -8 662 -4 379 -8 230 Net result for the period 3 488 7 130 7 126 9 753 27 890 Profit/Loss attributable to: Shareholders parent company 3 488 7 130 7 126 9 753 27 890 Non-controlling interest 0 0 0 0 0 Net result for the period 3 488 7 130 7 126 9 753 27 890 Earnings per share basic, SEK 0,23 0,48 0,48 0,66 1,88 Earnings per share basic, after dilution, SEK 0,23 0,48 0,48 0,66 1,88 April-June April-June Full year Full year Full year TSEK 2026 2025 2026 2025 2025 Net result for the period 3 488 7 130 7 126 9 753 27 890 Other total result Items that may be reclassified to profit or loss: Currency translation differences foreign subsidiaries 92 -1 706 -14 -4 053 -14 923 Tax attributable to the above item(s): 0 0 0 0 0 Sum other total result 92 -1 706 -14 -4 053 -14 923 Total result for the period 3 580 5 424 7 112 5 699 12 966 Profit/loss attributable to: Shareholders parent company 3 580 5 424 7 112 5 699 12 966 Total result for the period 3 580 5 424 7 112 5 699 12 966
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SECOND QUARTER 2026 18 THE GROUP’S FINANCIAL POSITION IN SUMMARY TSEK 2026-06-30 2025-06-30 2025-12-31 ASSETS Capitalized development cost 17 593 13 960 15 727 Goodwill 343 704 343 704 343 704 Intangible fixed assets 361 297 357 664 359 430 Leasing 24 843 21 434 16 638 Tangible fixed assets 36 937 43 936 35 763 Tangible fixed assets 61 779 65 371 52 402 Deferred tax 4 300 2 547 1 378 Fixed assets 427 376 425 581 413 211 Inventories 32 700 41 435 32 003 Account receivables 12 610 27 163 20 510 Tax receivables 2 946 3 657 3 583 Other receivables 10 578 8 380 8 163 Prepaid costs and accrued income 57 774 60 563 46 197 Cash and bank 44 813 48 698 39 535 Current assets 161 421 189 897 149 991 TOTAL ASSETS 588 796 615 478 563 202 SHAREHOLDERS' EQUITY AND LIABILITIES Share capital 7 430 7 430 7 430 Additional paid in capital 120 894 120 894 120 894 Translation differences -36 394 -25 513 -36 358 Balanced result 122 762 94 872 94 864 Result for the period 7 126 9 753 27 890 Shareholders' Equity 221 818 207 434 214 719 Long term interest bearing liabilities 49 375 87 375 68 375 Deferred tax liability 1 990 2 928 1 990 Other libilities 15 573 12 200 9 531 Long term liabilities 66 939 102 503 79 897 Short term interest bearing liabilities 117 898 118 229 89 766 Accounts payable 22 565 42 176 42 902 Tax liabilities 0 0 4 097 Other short term liabilities 27 939 8 350 9 105 Other liabilities 10 491 10 190 8 218 Accrued expenses and deferred income 121 147 126 596 114 499 Current liabilities 300 040 305 541 268 587 Liabilities 366 979 408 043 348 484 TOTAL EQUITY AND LIABILITIES 588 796 615 478 563 202
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SECOND QUARTER 2026 19 THE GROUP’S CHANGES IN SHAREHOLDERS’ EQUITY IN SUMMARY 2026, TSEK Share capital Other paid in capital Reserves Balanced result Total equity Opening balance 2026-01-01 7 430 120 894 -36 366 122 762 214 718 Net result for the period 7 126 7 126 Other result -27 -27 Closing balance 2026-06-30 7 430 120 894 -36 394 129 888 221 818 2025, TSEK Share capital Other paid in capital Reserves Balanced result Total equity Opening balance 2025-01-01 7 430 120 894 -21 475 94 872 201 720 Net result for the period 9 753 9 753 Other result -4 038 -4 038 Closing balance 2025-06-30 7 430 120 894 -25 513 104 624 207 435
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SECOND QUARTER 2026 20 THE GROUP’S CASH-FLOW STATEMENT IN SUMMARY THE PARENT COMPANY’S INCOME STATEMENT IN SUMMARY April-June April-June Jan-Jun Jan-Jun Full year TSEK 2026 2025 2026 2025 2025 Operating activities Operating income 7 969 10 851 15 759 19 230 41 166 Adjustment for non-cash items 7 693 8 999 6 737 16 565 34 372 Net finance effect -2 433 -3 028 -4 827 -6 584 -12 715 Tax paid -2 408 531 -12 126 -7 835 -7 320 Total 10 821 17 354 5 543 21 376 55 503 Decrease (+)/Increase (-) inventories -2 124 -1 519 -2 721 2 164 7 711 Decrease (+)/Increase (-) account receivables 515 -3 586 4 495 -2 102 2 735 Decrease (+)/Increase (-) current assets -6 106 -3 900 -10 522 -18 095 -741 Decrease (-)/Increase (+) account payables -3 234 1 124 -4 245 -1 996 234 Decrease (-)/Increase (+) current liabilitities 18 235 13 785 20 365 24 260 14 627 Cash-flow from ongoing operations 18 107 23 258 12 916 25 606 80 069 Investing activities 0 0 0 0 0 Investments in intangible assets -2 230 -1 265 -4 285 -2 507 -6 746 Investments in tangible assets -4 534 -3 497 -9 014 -8 470 -12 334 Cash flow from investing activities -6 764 -4 762 -13 299 -10 977 -19 080 Financing activities Increase in loan 13 011 6 700 28 132 80 229 51 766 Paid dividend 0 0 0 0 0 Amortization of loan -11 992 -11 958 -23 774 -95 806 -119 509 Payment of warrants, net 0 0 0 0 0 Cash flow from financing activities 1 019 -5 258 4 358 -15 576 -67 743 Cash flow for the period 12 362 13 237 3 975 -947 -6 754 Opening cash balance 31 821 36 289 39 535 52 043 52 043 Exchange rate differences on financial items 629 -828 1 303 -2 398 -5 753 Closing cash balance 44 813 48 698 44 813 48 698 39 535 April-June April-June Jan-Jun Jan-Jun Full year TSEK 2026 2025 2026 2025 2025 Net sales 2 550 2 550 5 100 5 100 10 200 Other external costs -1 506 -1 391 -2 978 -3 818 -5 976 Personnel costs -4 071 -2 167 -7 926 -4 343 -12 995 Depreciation on intangible assets -2 063 -2 063 -4 127 -4 127 -8 254 Operating profit -5 090 -3 072 -9 930 -7 188 -17 024 Interest costs and similar profit/loss items -1 480 -2 498 -2 904 -4 823 -17 148 Result after financial items -6 570 -5 570 -12 835 -12 010 -34 172 Group contribution 0 0 0 0 47 000 Tax on result for the period 928 722 1 794 1 624 -5 646 Net result for the period -5 642 -4 848 -11 041 -10 386 7 182
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SECOND QUARTER 2026 21 THE PARENT COMPANY’S BALANCE SHEET IN SUMMARY TSEK 2026-06-30 2025-06-30 2025-12-31 Intangible assets Goodwill 4 815 13 068 8 941 Financial assets Shares in Group companies 429 000 429 000 429 000 Total fixed assets 433 815 442 068 437 941 Current tax receivables 5 907 2 661 236 Other receivables 0 0 0 331 187 236 Cash and bank 0 626 126 Total current assets 6 238 3 474 597 Total assets 440 053 445 542 438 539 Shareholders' equity 7 430 7 430 7 430 Premium reserve 45 898 38 717 38 717 Profit/loss for the period -11 041 -10 386 7 182 Total equity 42 287 35 760 53 328 Long term interest bearing liabilities 49 375 125 375 68 375 Total long term liabilities 49 375 125 375 68 375 Short term interest bearing liabilities 117 898 0 89 898 Accounts payable 529 492 303 Liabilities to Group companies 222 247 280 010 215 999 Tax liabilities 2 241 0 4 097 Other current liabilities 119 442 264 5 357 3 463 6 276 Total current liabilities 348 391 284 407 316 836 Total equity and liabilities 440 053 445 542 438 539 Prepaid expenses and accrued income Accrued expenses and prepaid income
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SECOND QUARTER 2026 22 ACCOUNTING PRINCIPLES QleanAir applies International Financial Reporting Standards (IFRS) as adopted by the EU. This interim report has been prepared in accordance with IAS 34 Interim Financial Reporting and the Swedish Annual Accounts Act. The parent company’s interim report has been prepared in accordance with the Swedish Annual Accounts Act and RFR2 Accounting for legal entities, issued by the Swedish Financial Reporting Board. The accounting policies applied are consistent with those of previous financial years, as described in the 2025 Annual Report. New or revised IFRS and interpretative statements from IFRIC with effect from January 1, 2026, have not had a material impact on the Group’s financial statements. An analysis of the effects of IFRS 18 is underway. Segment reporting The Group applies segment reporting based on internal reporting to the chief operating decision maker. The chief operating decision maker is the function responsible for allocating resources and assessing segment performance. In the Group, the chief operating decision maker is the Group’s Chief Executive Officer. The Group's activities are organized so that the CEO monitors three segments. These segments are Cabin Solutions, Air Cleaners and Cleanrooms, which reflect the Group's operations, financial governance and management structure. Financial instruments and currency exposure The majority of the Group's transactions are denominated in Japanese yen, euro and US dollars. Exposure to exchange rate changes arises from the Group's sales to and purchases from other countries and from translation into the reporting currency, Swedish kronor. Basis of valuations applied in preparing financial statements Assets and liabilities are recognized at historical cost with the exception of currency derivatives, which are measured at fair value. Assessments and estimates in financial statements Preparation of the financial statements in compliance with IFRS requires the company’s management to make assessments, estimates and assumptions that affect the application of the accounting policies and the carrying amounts of assets, liabilities, income and expenses. Actual outcomes may deviate from such estimates and assessments. Assumptions are reviewed on a regular basis. Changes to estimates are recognized in the period when the change is made if the change affects only that period, or in the period when the change is made and future periods if the change affects both the current period and future periods. Impairment testing of goodwill and shares in subsidiaries To assess the need for impairment, management calculates the recoverable amount of each cash-generating unit, based on expected future cash flows, and uses an appropriate interest rate to discount the cash flows. Uncertainties lie in the assumptions about future operating income and the determination of an appropriate discount rate. Adjustments, rounded Some of the financial information provided in this report has been rounded, which may affect totals in tables.
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SECOND QUARTER 2026 23 NOTES Segment reporting QleanAir's solutions are divided into three product categories: Cabin Solutions, Air Cleaners and Cleanrooms. Net revenue by geography and product category, as well as by revenue type, appears on pages 8-9. Sales of goods and sales of goods to finance companies are recognized at a specific point in time. Regarding the sale of goods to finance companies, revenue is recognized in accordance with the rules in IFRS 16 for manufacturer lessors, which means that the profit or loss is recognized at the start date of the leasing agreement. Revenue is therefore recognized in accordance with the same principle as for sales of goods directly to customers to which IFRS 15 applies and is therefore recognized at a specific point in time. Rental of goods including services and other (recurring revenue) as well as sales and installation of cleanrooms are recognized on an ongoing basis. Currency effect and organic growth Alternative key ratios The company complies with ESMA (European Securities and Markets Authority) guidelines on alternative key ratios. Alternative key ratios refer to financial measures that cannot be directly read or derived from financial statements. These financial measures are intended to help management and investors analyze the Group’s performance. Investors should consider these alternative key ratios as a complement to financial reporting prepared in accordance with IFRS. As not all companies calculate financial ratios in the same way, these are not always comparable with ratios used by other companies. 2026-06-30 Kabin-lösningar Luftrenare Renrum Eliminations Total Net Sales 147 671 51 102 32 851 231 623 Transactions between segments - 0 147 671 51 102 32 851 0 231 623 Gross Profit 106 278 30 313 19 840 156 431 Gross margin, % 72,0% 59,3% 60,4% 67,5% EBIT 15 759 Income before tax 12 872 Net result for the period 7 126 April-June April-June Jan-Jun Jan-Jun Full year 2026 2025 2026 2025 2025 Net sales, TSEK 118 111 117 889 231 623 234 028 454 738 Growth Net sales, % 0,2% 2,8% -1,0% 0,1% 1,0% Currency exchange variances, TSEK -6 936 -3 980 -21 913 -3 207 -22 200 Currency exchange variances, % -5,9% -3,5% -9,4% -1,4% -4,9% Organic growth Net sales, TSEK 7 158 7 144 19 508 3 382 26 598 Organic growth Net sales, % 6,1% 6,2% 8,3% 1,4% 5,9%
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SECOND QUARTER 2026 24 Key ratios Definition and purpose Sales Sales revenue, including other operating revenue. This metric shows the company’s total sales. Gross profit Sales minus costs for merchandise. Goods for resale include cost of goods sold, consumables and direct sales expenses. Gross margin Gross profit as percentage of sales. EBITDA Operating profit (earnings) before interest, taxes, depreciation and amortization This metric is used to show the company’s profitability before depreciations and write-downs. EBITDA margin Operating profit before depreciation and write -downs as a percentage of sales. This metric is used to measure operating profitability before depreciation and write -downs. Operating profit (EBIT) Profit before financial items and tax. This metric shows the operational profitability of the company. EBIT margin Operating profit as a percentage of sales. This metric is used to measure operating profitability after depreciation and write -downs. Operating profit (EBIT), adjusted Profit before financial items and tax, adjusted for items affecting comparability. This metric shows the operational profitability of the company. EBIT margin, adjusted Operating profit, adjusted for items affecting comparability, as a percentage of revenue. This metric is used to measure operating profitability after depreciation and write -downs. Cash conversion rate Cash flow from operating activities/EBITDA (rolling 12 months). The measure is used to show the extent to which reported earnings generate cash. Operating cash flow EBITDA and adjustment for cash flow from changes in working capital. Operating cash flow is reported to track the cash flow generated by ongoing operations. Working capital Current assets excluding cash and cash equivalents minus current liabilities (non -interest- bearing). Average capital employed Average equity and interest-bearing liabilities for the period. This metric is used to analyze how much capital is employed in the business during the period. Net interest-bearing debt Interest-bearing short- and long-term liabilities minus cash and cash equivalents. Does not include IFRS 16 items. The metric shows the financial position of the company. Equity/asset ratio Equity as a percentage of the company’s total assets. This metric is used to assess the financial stability of the company. Net debt/equity ratio Interest-bearing liabilities minus cash and cash equivalents divided by equity. Does not include IFRS 16 items. Net debt/equity ratio is reported because the company believes that the ratio contributes to investors’ understanding of the company’s financial position. Return on average capital employed Adjusted EBIT rolling twelve months as a percentage of average capital employed. This metric has been included to help investors understand the company’s profitability relative to the capital employed in the business during the year. Recurring revenue Recurring revenue is defined as revenue from the rental of goods including services.
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SECOND QUARTER 2026 25 Quarterly information April-June Jan-Mar Oct-Dec July-Sept April-June Jan-Mar Oct-Dec July-Sept 2026 2026 2025 2025 2025 2025 2024 2024 Sales, TSEK 118 111 113 512 113 124 107 587 117 889 116 139 103 642 112 844 Installed units 12 651 12 507 12 554 12 426 12 216 12 258 12 269 12 249 Recurring revenues, TSEK 65 363 63 371 66 966 66 578 67 630 68 165 72 148 70 304 Gross profit, TSEK 79 193 77 237 79 740 72 305 80 504 79 592 68 153 70 443 Gross-margin, % 67,1% 68,0% 70,5% 67,2% 68,3% 68,5% 65,8% 62,4% EBITDA, TSEK 15 197 14 887 21 916 14 667 18 767 16 662 2 997 12 665 EBITDA-margin, % 12,9% 13,1% 19,4% 13,6% 15,9% 14,3% 2,9% 11,2% EBIT, TSEK 7 969 7 790 14 813 7 123 10 851 8 379 -5 443 4 192 EBIT-margin, % 6,7% 6,9% 13,1% 6,6% 9,2% 7,2% -5,3% 3,7% Operating cash-flow, TSEK 18 107 -5 192 24 552 29 910 23 258 2 349 17 074 3 431 Cash conversion rate, % 101% 103% 111% 137% 90% 100% 88% 62% Working capital, TSEK -55 043 -45 776 -60 146 -55 376 -35 923 -26 881 -36 781 -25 500 Average Capital Employed, TSEK 385 549 377 433 380 709 400 345 411 266 414 156 423 920 427 416 Net debt, excl. IFRS16, TSEK 122 461 131 941 118 606 135 263 156 906 172 115 164 150 173 417 Equity/Asset ratio, % 37,7% 38,5% 38,1% 35,2% 33,7% 33,8% 32,0% 32,1% Net debt/Equity ratio, % 0,6 0,6 0,6 0,6 0,8 0,9 0,8 0,8 Adjusted return on Capital employed (ROCE), % 9,8% 10,8% 10,8% 5,2% 4,4% 2,1% 2,8% 6,3% Key figures per share Shareholders' equity per share, SEK 14,93 14,69 14,45 14,10 13,90 13,59 13,58 13,98 Operating cash-flow per share, SEK 1,22 -0,35 1,65 2,01 1,57 0,16 1,15 0,23 Earnings per share, SEK 0,23 0,24 0,87 0,36 0,48 0,18 -0,31 -0,28 Earnings per share after full dilution, SEK 0,23 0,24 0,87 0,36 0,48 0,18 -0,31 -0,28 QleanAir-share, last day in each quarter 20,30 25,60 19,70 23,00 18.75 14,65 16,20 23,60 Adjusted key figures Gross profit, TSEK, adjusted Gross margin, %, adjusted EBIT, TSEK, adjusted -3 043 11 292 EBIT-margin, %, adjusted -2,9% 10,0%
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SECOND QUARTER 2026 26 ABOUT QLEANAIR QleanAir is a premium supplier in the market for air cleaning in industrial, professional and public indoor environments. The company’s business model is based on rental contracts for modular solutions with a full-service offer. QleanAir's solutions are developed from filter technology that captures, clean up and recirculates indoor air. QleanAir’s corporate office is in Solna, Sweden. BUSINESS IDEA QleanAir offers modular indoor air cleaning solutions to protect people, products and processes. VISION QleanAir aims to be a world-class supplier of standalone solutions for air cleaning in indoor environments within the product categories the company choses to operate in. MISSION QleanAir seeks to create healthy indoor environments that help protect and enhance the productivity of people, products and processes. VALUES For health and safety with quality and trust. FINANCIAL GOALS Growth QleanAir's goal is to achieve average annual organic sales growth of more than 5% in the medium term. Profitability QleanAir's objective is to achieve an EBITDA margin of 15-20% in the medium term. Cash conversion rate QleanAir's objective is that the cash conversion rate, defined as cash flow from operating activities/EBITDA (rolling 12 months), over time should be at least 80-100%. Dividend policy QleanAir’s objective is to distribute between 30–50% of profits for the year. The dividend proposal shall consider QleanAir’s long-term development potential. QleanAir AB (publ) Org.no. 556879–4548 Box 1178, Torggatan 13 171 23 Solna, Sweden +46 8 545 788 00 info@qleanair.com www.qleanair.com