Medclair Invest

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


FIRST QUARTER – MARCH 2026

• Order intake amounted to SEK 16.1 million (22.0)
• Net sales amounted to SEK 18.2 million (15.6)
• EBITDA (Operating profit before depreciation and financial items) amounted to SEK 5.1 million (5.7)
• Profit after tax amounted to SEK 3.8 million (4.0)
• Earnings per share after tax amounted to SEK 0.04 (0.05)

SIGNIFICANT EVENTS DURING THE FIRST QUARTER

• Medclair accelerates global expansion with the launch of EXPO.p
  Medclair introduces EXPO.p, replacing the previous nitrous oxide monitor, NOD. The product has been developed to meet growing global demand for a safe working environment and increasing requirements for environmental reporting within the healthcare sector.
  
• Medclair signs distribution agreement with Sedeer Medical in Qatar
  Medclair AB announced today that the company has entered into a distribution agreement with Sedeer Medical in Qatar. Through this agreement, Medclair expands its presence in the Middle East to include the Qatari market via an established local partner.
  
• Medclair strengthens its position in France – breakthrough order in recycling
  Medclair is expanding in the French market with an order from the French company Denat Environnement within the industrial recycling segment. This deal marks the starting point for expansion in one of the company's most important markets.
  
• Medclair carries out a directed share issue of approximately SEK 22.9 million to the institutional investor Eiffel Investment Group
  Medclair AB announces that the Board of Directors has resolved to carry out a directed share issue of 9,155,000 shares at a subscription price of SEK 2.50 per share to funds managed by the French institutional investor Eiffel Investment Group. The Directed Share Issue provides Medclair with approximately SEK 22.9 million before deduction of transaction costs.

• Medclair’s solutions highlighted in national industry dialogue in Ireland
  On February 24, at the invitation of Veolia, Medclair participated in a roundtable discussion in Dublin regarding the management of nitrous oxide, in light of increasing challenges in the Irish market. The meeting brought together authorities and industry stakeholders to address operational and regulatory issues concerning the handling of nitrous oxide cylinders.
  
• Medclair enters partnership with leading European recycling player
  Medclair has received an initial order worth SEK 0.9 million from a leading player within water and waste management. This order marks the starting point of a long-term partnership where the customer intends to evaluate and subsequently implement Medclair’s technology at a total of 27 facilities, as well as in a planned central facility for handling confiscated gas cylinders.
  
• Medclair secures strategic US patent for portable nitrous oxide detector 
  Medclair has secured a key US patent for its portable detector used for monitoring nitrous oxide exposure. The product, EXPO.p, measures levels in real-time to ensure a safe working environment for healthcare professionals. The patent significantly strengthens the company's competitiveness in the USA and paves the way for large-scale volume expansion in the world’s largest healthcare market.
  
• Medclair receives follow-on order of SEK 5.4 million
  An established customer in the UK within the recycling segment has chosen to expand its existing nitrous oxide management solution, placing a follow-on order worth approximately SEK 5.4 million. Delivery is expected during Q2 2026.
  
• Medclair secures dual patents for new technology in nitrous oxide management
  Medclair has secured two new patents that enable the handling and destruction of nitrous oxide even in the most demanding hospital environments. By eliminating previous technical limitations, Medclair now becomes a comprehensive partner for hospitals seeking to eliminate their carbon footprint from anesthetic gases, regardless of where in the hospital they are used.
  

SIGNIFICANT EVENTS AFTER THE END OF THE REPORTING PERIOD

• Medclair featured in French national media
  Medclair was highlighted on TF1, one of France's largest television channels, following a feature involving the customer Denat Environnement. The segment presented Medclair’s products tailored for customers within the recycling sector.
  
• Veolia selects Medclair for nitrous oxide destruction in a new market
  Medclair AB has received a conditional order for 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 nitrous oxide destruction within the recycling industry.
  
• Medclair’s technology enables compliance with new strict limits – 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 requirement 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.
  
• Medclair 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 key driver for the company's growth through increased scalability, a business model with a higher proportion 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.
  

CEO STATEMENT:
New technology positions Medclair for expansion in a global billion-scale market

A pivotal technological shift in Medclair's product platform is laying the foundation for the next phase of the company's development. This new technology represents a clear enhancement of scalability and broadens our addressable market. With a strong financial position, we are well-equipped to drive the business forward and capitalize on the company's growth potential. We have commenced our expansion and the work of building our own sales organization to move closer to customers in our prioritized global markets.

Delivery & Business Development
During the first quarter of the year, net sales amounted to SEK 18.2 million (15.6) and profit after tax landed at SEK 3.8 million (4.0). The sales level confirms our operational strength, with a gross margin that, in line with the previous year, exceeds 66%. Operating profit before depreciation and financial items (EBITDA) amounted to SEK 5.1 million (5.7), a result of the investments toward an increased growth rate that we are now initiating. Order intake for the quarter amounted to SEK 16.1 million (22.0). Although the order intake was lower during the first months of the year, we rely on a solid order book and maintain a positive outlook on continued development.

Innovation & Acceleration
The directed share issue in February of SEK 22.9 million before transaction costs, subscribed by a long-term institutional investor, strengthens our ability to accelerate operations and execute our growth strategy. During the quarter, Medclair took a significant step in the development of the next-generation technology platform and its associated solutions.

The new system is designed to lower the barriers to implementation by focusing on compact design, short startup times, and low energy consumption. This is expected to contribute to shorter sales cycles and higher conversion rates, while creating opportunities for increased sales in existing core markets as well as expansion into new customer segments and applications. The development supports the company's strategic shift toward a more subscription-based business model with a higher proportion of recurring revenue. It is expected to become a central driver for the company's growth through increased scalability, stronger customer relationships, and a greater competitive advantage.

As a further step in making our technology accessible to more users, our unit for infrequent users, the Collection Unit (CU), left the prototype phase during the quarter and was transferred to the sales organization, enabling commercialization.
At the same time, we see that issues related to the working environment are gaining increased priority globally, which further strengthens the demand for our solutions. In parallel with our new core technology, complementary accessories are being developed, including an improved face mask for reduced leakage and a further developed valve that optimizes patient exhalation. These improvements help minimize exposure and create a safer working environment for healthcare professionals, while simultaneously strengthening our customer offering.

To increase the pace of our sales, we are establishing our own sales force in our core markets: the USA, the UK, France, Germany, and the Nordics. An increased direct presence is expected to shorten lead times in sales processes, improve conversion rates, and simultaneously strengthen margins. We are thus scaling up our commercial activities in these key markets with a focus on driving market presence, increasing sales volumes, and strengthening our position.

A platform for global market expansion
We conclude the first quarter of the year with a strengthened organization, a strong cash position, and a clear focus on delivery. Today, Medclair holds a unique position as the leading player in sustainable nitrous oxide management. By combining our next-generation technology with an expanded in-house sales organization, we now possess the resources required to meet global demand and consolidate our position as the self-evident standard in the global market.

We now have the technology, the capital, and the organization in place – our focus is now entirely on translating this into growth and concrete business results.

Stockholm in May 2026
Jonas Lundh, CEO, Medclair AB 


OUTLOOK FOR THE GROUP

Global demand for Medclair’s solutions shows steady growth, driven by tightened regulatory requirements and an increasing focus on climate, sustainability, and the working environment. The company continues to see strong growth potential within the dental segment, which is one of Medclair’s fastest-growing areas, as well as in selected geographical markets.

Medclair has also been successful in expanding into segments outside of traditional healthcare. By establishing our solutions in new application areas such as recycling and pharmaceutical production, we have proven the versatility of our technology and significantly broadened our addressable market. We see substantial potential in continuing to grow within these areas, where the demand for safe and sustainable nitrous oxide management is steadily increasing.

During the period, Medclair strengthened its offering through the launch of the nitrous oxide monitor EXPO.p, which broadens the company’s portfolio within nitrous oxide detection and addresses a clear and growing market need across all prioritized segments. The product constitutes an important part of the continued expansion toward new clinics and markets.

The company’s future development is characterized by a continued strengthening of its market presence in prioritized markets within a total addressable market estimated at approximately SEK 17 billion. Through an increased direct presence and scalable sales channels, the foundation is laid for strengthening customer relationships, improving commercial efficiency, and supporting long-term profitable growth.