Medclair Invest

The Group
The Group's income statement for the period January – June 2026 includes results from the parent company Medclair AB and the subsidiary Medclair Sweden AB. The comparative period is January – June 2025.

FIRST HALF 2026 IN BRIEF

• Order intake amounted to SEK 41.2 million (34.7)
• Net sales amounted to SEK 32.5 million (31.4)
• Profit before depreciation and financial items SEK 6.3 million (10.0) 
• Profit after tax amounted to SEK 3.3 million (6.5)
• Earnings per share after tax amounted to SEK 0.04 (0.08)

1 APRIL – 30 JUNE 2026

• Order intake amounted to SEK 25.1 million (12.7)
• Net sales amounted to SEK 14.3 million (15.8)
• Profit before depreciation and financial items SEK 1.1 million (4.4)
• Profit after tax amounted to SEK -0.4 million (2.5)
• Earnings per share after tax amounted to SEK -0.005 (0.03)

SIGNIFICANT EVENTS DURING THE SECOND QUARTER

• Medclair featured in French national media
  Medclair is highlighted on TF1, one of France’s largest TV channels, following a segment featuring customer Denat Environnement. The segment showcases Medclair’s products for recycling customers, including Expo P – the company’s latest portable solution for measuring nitrous oxide exposure. This strengthens Medclair’s visibility in France, a strategically important market. 
• Veolia chooses Medclair for nitrous oxide destruction in new market
  Medclair AB has received a conditional order regarding a system solution for the destruction of nitrous oxide emissions from a company within the global environmental group Veolia. The deal, valued at approximately SEK 3.65 million, includes an installation for the destruction of nitrous oxide (N2O) from gas cylinders within the recycling industry. 
• Medclair's technology enables compliance with strict new limit values – independent French study confirms results
  An independent clinical evaluation at the Pierre Colson Burn Center in Lyon confirms that Medclair's Mobile Destruction Unit (MDU) is a critical prerequisite for healthcare providers to meet strict regulatory requirements for the working environment. The study, published in the scientific journal Anaesthesia, shows that Medclair's technology reduces nitrous oxide exposure to levels that ensure compliance with the latest national limit values. 
• Lowers Barriers to Global Billion-Scale Market – New Technology Accelerates Expansion and Strengthens Market Position
  Medclair is approaching the launch of its next-generation system for the safe and sustainable use of nitrous oxide. The new platform is expected to become a central driver of the company’s growth through increased scalability, a business model with a higher share of recurring revenue, and a greater competitive advantage. The total market for the company’s solutions is estimated at SEK 17 billion, and Medclair’s upcoming system is instrumental in increasing the addressable market. 
• Medclair strengthens its position in French recycling – new deals and increased demand
  Medclair has signed an additional two orders within the recycling segment in France, to a total value of approximately 1.9 MSEK. The company has thereby established four customers within the French recycling sector – which strengthens Medclair's position among both private and municipal actors. Given the strong establishment, Medclair has now assumed a strategic position as a supplier of solutions for safe and sustainable nitrous oxide.
• Medclair strengthens the organization with key expertise in marketing and finance
  Medclair has appointed Anette Franzén as Head of Marketing and Sina Sharif as Head of Finance. These appointments bring key expertise in marketing, communications, investor relations, and financial management, and strengthen the company's foundation for continued international expansion, increased visibility, and long-term value creation. 
• The first order for mobile systems in Denmark demonstrates the strength of Medclair's growth model
  Medclair has received an order for three mobile systems from Region Hovedstaden in Denmark. The customer already uses the company's central system, making the deal a clear example of Medclair's ability to generate growth through upselling and expansion with existing customers. With solutions installed or ordered at seven hospitals in Denmark, Medclair has established a strong foothold in a market where more than 20 hospitals use nitrous oxide, while significant growth opportunities exist within both healthcare and dentistry. 
• Medclair's Danish growth continues – secures order from a new region
  Medclair has received an order worth just over 3 MSEK for nitrous oxide destruction systems. The deal entails establishing a presence with a new customer and creates the conditions for continued expansion within the region. The order strengthens the company's position in Denmark, a market where Medclair has grown strongly in recent years. 
• Folktandvården in Region Stockholm signs a framework agreement with Medclair
  Medclair has been awarded a framework agreement following the procurement of equipment for nitrous oxide destruction and monitoring of staff exposure to Folktandvården in Region Stockholm. The procurement supports Folktandvården's work towards Region Stockholm's goal of climate neutrality by 2030. At the same time, it strengthens Medclair's position within public dental care and serves as an important reference for future procurements. 

SIGNIFICANT EVENTS AFTER THE END OF THE REPORTING PERIOD

• Medclair adds a new recycling customer in France
  Medclair has received an order from another customer in the recycling sector in France, in the Île-de-France region. The order value amounts to over SEK 3 million and covers an integrated solution for the measurement, monitoring, and destruction of nitrous oxide, including a service agreement. The contract also includes an option for further deliveries. 
• SUEZ highlights Medclair’s technology in French project
  On 1 July, Medclair’s industrial system for the collection and destruction of nitrous oxide into nitrogen and oxygen was presented in collaboration with SUEZ, one of the world's leading players in water and waste management with a presence in 40 countries. The workshop gathered regional authorities, government representatives, industry stakeholders, and the media, where the companies demonstrated the solution for the safe and sustainable management of nitrous oxide. 
• Medclair clarifies framework agreement with Folktandvården – contract value 6 MSEK
  Medclair hereby provides a clarification of the information published on June 30 regarding the framework agreement with Folktandvården in Region Stockholm. The value of the framework agreement amounts to 6 MSEK and the contract period is two years. 
• Medclair merges subsidiary and updates patent valuation – expected to generate a positive one-off effect of approximately MSEK 30
  Medclair AB has, as part of the company's ongoing efficiency efforts, decided to merge its wholly-owned subsidiary Medclair Sweden AB with the parent company. The merger is expected to be fully completed during the fourth quarter. 
• Medclair secures exclusive framework agreement with French purchasing center Resah
  Medclair has, through its distributor, won a prestigious framework agreement and been appointed as the sole supplier of equipment for safe nitrous oxide management in a comprehensive national procurement by Resah (Réseau des Acheteurs Hospitaliers) – one of France's absolute largest and most important purchasing centers for public healthcare. The agreement marks an exceptional commercial breakthrough in one of the company's most important core markets. 
• Medclair expands internationally - Singapore and New Zealand
  Medclair continues to grow internationally through the company's first commercial deals in both Singapore and New Zealand. The establishment on two new continents confirms the strong global demand for sustainable nitrous oxide management and proves the scalability of Medclair's partner-driven business model. 

CEO STATEMENT

Strong order intake paves the way for continued growth
The second quarter was characterized by a strong order intake of MSEK 25.1 (12.7), while net sales decreased slightly to MSEK 14.3 (15.8) compared to the corresponding quarter of the previous year. In Medclair's business model, where larger installations are delivered over time, variations between individual quarters are natural and primarily reflect the timing of deliveries and revenue recognition, rather than a change in underlying demand.

Order intake therefore provides a better picture of the underlying business development and future sales than a single quarter's net sales.

Over the past year, we have taken important steps in the development of Medclair's commercial model. By building our own sales organization in our priority markets, we have come closer to our customers, which has resulted in a more even and predictable order flow, while our strategic partners continue to contribute to our market presence and the development of larger business opportunities.

EBITDA for the half-year amounted to MSEK 6.3 (10.0) and profit after tax to MSEK 3.3 (6.5), reflecting deliberate investments in our international expansion. The core business's strong gross margins enable us to self-finance this growth, with investments primarily directed towards commercial scale-up, patent protection, and our new product platform.

The strong order intake during the first half of the year, combined with a positive start to the third quarter, provides us with favorable conditions for the rest of the year. Against this background, we expect full-year sales, in line with the company's plan, to exceed the 2025 level by a good margin.

Positive momentum in the business
Today, Medclair stands on a broader foundation than before. We operate in three business areas – healthcare, dental, and industry – and have built a growing international presence, established in over 20 countries, including installations at more than 150 hospitals. The broader business creates a more diversified revenue base and reduces dependence on individual markets or customer segments. Together with strategic partnerships, this creates favorable conditions for long-term growth.

During the quarter, we continued to develop our business in established markets through new deals, strategic collaborations, and strengthened customer relationships. The framework agreements with Resah in France and Folktandvården in Region Stockholm are examples of how we are strengthening our position in healthcare and dental.

Within the recycling segment, we continue to develop collaborations with both leading international players, such as SUEZ and Veolia, and municipal recycling companies. The fact that some of the industry's largest players choose Medclair's solutions strengthens our market position and confirms the quality of our offering. With an established presence in seven European markets, we now also see increased opportunities for upselling and capacity expansion among existing customers.

In parallel, our international expansion continued through the first installations in Singapore and New Zealand. This demonstrates that Medclair is not only deepening its business in established markets but also successfully establishing itself in new geographical markets.

A broader offering for long-term growth
We continue to build a broader and more comprehensive offering within safe and sustainable nitrous oxide management. Through investments in new technology, complementary products, and services, we are strengthening our position as a full-service provider and creating increased customer value. This development entails a more extensive customer offering where we can minimize nitrous oxide leakage throughout the entire usage chain – from increased control during use and an improved mask with increased collection of nitrous oxide, to filter solutions adapted for both operations with a low frequency of use and industrial applications with high flows and low concentrations. With a broader range of products, accessories, and advanced system solutions, we are creating new opportunities for upselling, more recurring business, and long-term customer relationships.

During the period, the merger between the parent company and the wholly-owned subsidiary was also initiated. This simplifies the Group structure, strengthens transparency, and creates a more efficient organization ahead of the next growth phase. The merger is expected to be completed during the fourth quarter.

The strong demand we are seeing in our markets, combined with an established international network and partnerships with some of the industry's leading players, provides Medclair with a solid platform for continued expansion. We enter the autumn with renewed strength – ready to translate this momentum into increased sales, more recurring revenues, and long-term value creation for our shareholders.

Jonas Lundh, CEO, Medclair AB

OUTLOOK FOR THE GROUP

The long-term market conditions for Medclair are assessed to remain favorable. Climate and working environment issues are receiving increasing focus in both healthcare and industry, while regulatory requirements and heightened sustainability ambitions are driving demand for solutions for safe and sustainable nitrous oxide management.

With its own sales organization, strategic partnerships, and a growing international presence, Medclair continues to develop its position in priority markets. The company assesses that this development, together with a growing installed customer base and a stronger order book, creates favorable conditions for continued sales growth.

At the same time, work continues on developing a broader offering within safe and sustainable nitrous oxide management. Through complementary products and technical solutions, Medclair is broadening its customer offering, strengthening its position as a full-service provider, and creating conditions for more recurring business through service, aftermarket, and complementary services.

Medclair also continues to develop its business in both established and new geographical markets. The international expansion, together with increased opportunities for upselling and capacity expansion among existing customers, creates further potential for long-term growth.

Medclair is still in an early stage of its commercial journey. With a strong order intake, a growing installed customer base, and a broader international presence, there are favorable conditions to, over time, realize the full potential of the company's technology – a potential that today is assessed to far exceed current revenue levels.