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===== SIDA 1 =====

Systemair AB | Interim report Q3 2025/26  
 1
Interim report  
 
  
 
1 MAY 2025 – 31 JANUARY 2026 
2025/26 
 
    
Energy-efficient ventilation  
for commercial premises, 
industry, hospitals, schools, 
residential buildings, 
infrastructure etc. 
    
    
    
Q3

===== SIDA 2 =====

Systemair AB | Interim report Q3 2025/26  
 2
2025 | 2026 
Interim report 
 
Third quarter, November 2025 – January 2026 
 Organic growth was +1.0 percent (+5.4). 
 Net sales decreased by 5.9 percent to SEK 2,862 million (3,042), of which the currency e1ect was -8.7 percent.  
 Adjusted operating profit (adj. EBIT) totalled SEK 199 million (213). The Group’s adjusted operating margin was 
7.0 percent (7.0).  
 Operating profit (EBIT) totalled SEK 224 million (201). The Group’s operating margin was 7.8 percent (6.6).  
 Profit after tax amounted to SEK 132 million (135). 
 Earnings per share (basic) were SEK 0.63 (0.62). 
 Cash flow from operating activities totalled SEK +419 million (+206). 
 
Nine months, May 2025 – January 2026 
 Organic growth was +5.0 percent (+2.5). 
 Net sales decreased by 0.8 percent to SEK 9,227 million (9,299), of which the currency e1ect was -6.9 percent.  
 Adjusted operating profit (adj. EBIT) totalled SEK 878 million (866). The Group’s adjusted operating margin was 
9.5 percent (9.3).  
 Operating profit (EBIT) totalled SEK 882 million (854). The Group’s operating margin was 9.6 percent (9.2).  
 Profit after tax amounted to SEK 590 million (581). 
 Earnings per share (basic) were SEK 2.83 (2.77). 
 Cash flow from operating activities totalled SEK +965 million (+800). 
 
  2025/26  2024/25  2025/26  2024/25  2024/25  
  Nov–Jan  Nov–Jan  May–Jan  May–Jan  May–Apr  
                3 mths  3 mths  9 mths  9 mths  12 mths  
Net sales, SEK m.    2,862.1  3,042.3  9,226.5  9,299.2  12,301.5  
Growth, %   -5.9  7.6  -0.8  1.2  0.4  
Operating profit, SEK m.    224.2  201.4  882.3  853.9  1,100.4  
Operating margin, %   7.8  6.6  9.6  9.2  8.9  
Profit after tax, SEK m.    131.8  134.7  590.0  580.9  686.2  
Earnings per share (basic) (SEK) 1  0.63  0.62  2.83  2.77  3.27  
Earnings per share (diluted) (SEK) 1   0.63  0.62  2.83  2.77  3.27  
Operating cash flow per share (basic) (SEK) 1 2.02  0.99  4.65  3.84  5.68  
Operating cash flow per share (diluted) (SEK) 1 2.02  0.99  4.65  3.84  5.67  
 
1)  Systemair AB has issued 915,500 warrants to persons holding senior positions at the Company.

===== SIDA 3 =====

Systemair AB | Interim report Q3 2025/26  
 3
2025 | 2026 
 
Significant events during the period under review  
 In July 2025, it was announced that Robert Larsson has been appointed as the new President and CEO of 
Systemair AB. He replaced Roland Kasper, who has served as President and CEO since 2015. Robert took up 
his post on 2 January 2026.  
 In August 2025, the Group completed its acquisition of NADI Airtechnics Ltd, a leading Indian manufacturer of 
industrial fans. 
 
 
 
Major orders during the period 
    
High indoor air quality in Europe's 
largest gym chain 
Systemair has signed an agreement with Europe's 
largest gym chain, operating in 12 countries, to 
install Systemair's Geniox air handling units at their 
gyms to ensure high indoor air quality. The smart 
ACCESS control system simplifies connection, 
configuration and control of the units, enabling the  
 
gym chain to maintain an optimal indoor climate – and total control of both energy consumption and 
operating costs. Starting in 2026, Geniox air handling units will continuously be installed in gyms in the 
Netherlands. Belgium, Luxembourg, France, Germany and Spain. 
 
7,223  
Employees at the 
end of the period 
 
 
SEK  882.3 m.  
Operating profit 9 months

===== SIDA 4 =====

Systemair AB | Interim report Q3 2025/26  
 4
CEO’s comments  
| Quarter 3  
 
As the newly appointed CEO of Systemair, I am 
pleased to present Systemair's third quarter. 
This covers November to January and is 
normally the weakest in terms of season. We 
see a quarter that shows a continued strong 
gross margin, an unchanged adjusted 
operating margin and a very good cash flow. 
Organic growth for the quarter amounted to 
1.0 percent, with the Christmas and New Year 
holidays characterized by a lower level of 
activity than normal. Net sales decreased by 
5.9 percent, of which currency effects, due to 
the strengthened krona, had a negative impact 
of -8.7 percent. We are receiving positive 
signals in many markets, and we remain 
optimistic about the conditions for continued 
growth. 
The market 
During the third quarter, demand developed slightly 
positively and organic growth amounted to 1.0 percent 
(5.4). The Western European region, which is important 
to us, continues to show good growth and the German 
market shows signs of recovery. In Eastern Europe, 
sales increased in several countries within the region 
and organic growth amounted to a full 27.4 percent, 
while the comparison period was weak. In the Nordic 
region, sales were unchanged in Sweden, while 
demand in the Norwegian and Danish markets is in a 
period of weaker demand. In North America, sales of 
ventilation units for schools are in a seasonal low 
season after several years of good demand over the 
year as a whole. In the Middle East, Asia, Australia and 
Africa, organic development was negative at -6.5 
percent. The Turkish market stands out negatively 
while sales continue to increase in India, among others. 
Acquisitions and Investments 
During the quarter, we completed our largest IT project 
in history. We upgraded our business system, which 
covers 62 of the Group’s companies across four 
continents. The project lasted 24 months and involved 
a shutdown of the global system environment over 
 
 
Christmas and New Year. The project exceeded 
expectations and gives us access to the latest system 
technology to continue developing our business and 
become more eJcient. 
In August 2025, the Group completed its acquisition of 
NADI Airtechnics Ltd, a leading Indian manufacturer of 
industrial fans. We see great potential in this 
acquisition and believe that it provides good 
opportunities for synergies and continued growth in 
India. NADI's products make a good fit with our existing 
local product range in fans. The company has its 
headquarters and production facility in Chennai. It 
employs 220 people and reports sales of 
approximately EUR 13,5 million for the previous 
financial year. NADI’s EBIT margin exceeds that of 
Systemair.  
We continue to invest long-term to strengthen our 
delivery capacity and product development. Our strong 
balance sheet provides ample room for further future 
investments and strategic acquisitions. Major 
investments are underway in Sweden, Slovakia, Saudi 
Arabia, India and Norway.  
 
Robert Larsson, CEO Systemair

===== SIDA 5 =====

Systemair AB | Interim report Q3 2025/26  
 5
 
Sustainability 
Reducing energy needs and thus emissions from buildings 
is an important issue for reducing climate impact – and 
property owners need to invest in heating and ventilation 
of existing buildings to reach set climate goals. Here, our 
products make an important di1erence for energy savings 
and good indoor air quality.  
We continuously invest in our own production properties 
for higher energy eJciency and lower emissions. Our 
strategy of owning our production property portfolio makes 
this possible. During the quarter, our Norwegian company 
has just started an investment in a coil plant for higher 
resource eJciency and less sheet metal waste. 
We take the whole value chain into account to responsibly 
address the risks that we face, but also to seize the 
opportunities that accompany rising demands for more 
sustainable solutions.  
Outlook is favourable 
As the newly appointed CEO, I have the privilege 
of meeting many talented and dedicated 
employees globally - all of whom are proud that 
we are improving the indoor climate in an energy-
eJcient way. Sustainability is clearly a natural part 
of our business.  
Our decentralised organisation is flat and driven 
by a strong entrepreneurial spirit. We have a 
broad product portfolio and a strong 
manufacturing organisation.  
To achieve increased customer focus and a more 
eJcient organisation, we are implementing 
structural and organisational changes in some of 
our main markets such as North America, Sweden 
and Germany. We are seeing progress and now 
have a more stable foundation for continued 
growth.  
With around 90 companies in the group, there are 
always a number that are not performing 
according to plan. We are continuously evaluating 
our measures and course of action in these 
companies to reverse the trend.  
In many markets, we are receiving positive signals, 
and we are optimistic about the conditions for 
continued growth, even though there is 
uncertainty around several geopolitical factors.  
I look forward to contributing to profitable growth 
in this fine and well-invested company.  
 
Robert Larsson  
President and CEO

===== SIDA 6 =====

Systemair AB | Interim report Q3 2025/26  
 6
Sales and markets 
Group sales for the third quarter of the 2025/26 financial year totalled SEK 2,862.1 million (3,042.3), down 5.9 percent 
from the same period last year. Adjusted for foreign exchange e1ects and acquisitions, net sales rose 1.0 percent. 
Growth through acquisitions was 1.8 percent. During the quarter, foreign exchange e1ects reduced sales by 8.7 
percent. 
Net sales for the period under review, May 2025 to January 2026, totalled SEK 9,226.5 million (9,299.2). This was 0.8 
percent lower than in the same period last year. Adjusted for both foreign exchange e1ects and acquisitions, net sales 
grew 5.0 percent. Growth arising from acquired operations was 1.1 percent, while foreign exchange e1ects reduced the 
value of sales by 6.9 percent during the period under review. 
 
 
Geographic breakdown of Q3 sales 
 
  
  
Nordic region  
During the third quarter, sales in the Nordic region 
decreased by 13.7 percent from the same period in 
the preceding year. All markets in the region 
performed poorly during the quarter except for 
Sweden, which maintained the same level as in the 
corresponding period last year. Adjusted for foreign 
exchange e1ects, sales decreased 10.5 percent. 
 
Western Europe 
During the quarter, sales in the Western Europe 
market were 0.6 percent lower than in the 
corresponding period last year. Adjusted for foreign 
exchange e1ects, sales rose 5.8 percent. The UK, 
Spain and France, among others, reported positive 
growth during the quarter.  
 
Eastern Europe and CIS 
Sales in Eastern Europe and the CIS during the 
quarter were 21.9 percent higher than in the 
corresponding period last year. Sales performance 
was particularly positive in Azerbaijan, Poland and 
Slovenia during the quarter. Adjusted for foreign 
exchange e1ects, sales rose by as much as 27.4 
percent.  
 
North America 
Sales in North America during the quarter were 19.8 
percent lower than in the same period last year. 
Adjusted for foreign exchange e1ects and 
acquisitions, the value of sales was down 8.7 percent. 
In local currencies, sales increased during the quarter 
in the US market but decreased in the Canadian 
market. The US market is to some extent supplied by 
products manufactured in our Canadian facilities. 
Local production in the US enables us to relocate 
some of our manufacturing there to avoid the e1ects 
of tari1s that have been imposed. In 2025, a minor 
production move has already been carried out from 
Canada to the USA. 
 
Middle East, Asia, Australia and Africa 
Sales in the Middle East, Asia, Australia and Africa 
decreased by 16.8 percent from the same period last 
year. Adjusted for foreign exchange effects and 
acquisitions, the value of sales was down 6.5 percent. 
South Africa and parts of the Middle East showed 
good growth during the period. The local Turkish 
market continues to face difficulties, and the focus is 
currently on exports out of Turkey.

===== SIDA 7 =====

Systemair AB Interim report Q3 2025/26  
 7
 
  
Sales – Geographic breakdown          
 2025/26  2024/25    2025/26  2024/25    
 Nov –Jan  Nov –Jan  Sales – Of which,  May –Jan  May –Jan  Sales – Of which,  
  3 mths  3 mths  change  organic  9 mths  9 mths  change  organic  
Nordic region  494.7  573.5  -13.7%  -10.5%  1,516.1  1,568.6  -3.3%  -0.6%  
Western Europe  1,273.9  1,282.1  -0.6%  5.8%  4,122.2  4,006.9  2.9%  7.6%  
Eastern Europe & CIS  368.8  302.7  21.9%  27.4%  1,174.5  1,117.5  5.1%  9.0%  
North America  299.5  373.2  -19.8%  -8.7%  1,036.2  1,155.2  -10.3%  -0.7%  
Middle East, Asia, Australia 
and Africa  425.2  510.8  -16.8%  -6.5%  1,377.5  1,451.0  -5.1%  5.6%  
Total  2,862.1  3,042.3  -5.9%  1.0%  9,226.5  9,299.2  -0.8%  5.0%  
 
(Sales figures are based on geographical domicile of customers.) 
1000 
1250 
1500 
1750 
2000 
2250 
2500 
2750 
3000 
3250 
3500 
Q4 
Feb-Apr 
Q1 
May-Jul 
Q2 
Aug-Oct 
Q3 
Nov-Jan 
Growth 
Net sales per quarter compared with 
same period previous years 
2023/24 2024/25 2025/26 
-2.2% -0.6% +4.0% -5.9% 
5000 
6000 
7000 
8000 
9000 
10000 
11000 
12000 
13000 
500 
1000 
1500 
2000 
2500 
3000 
3500 
Q3 Q1 Q3 Q1 Q3 Q1 Q3 MSEK 
Net sales 
Quarter Trailing 12 months 
2023/24 2024/25 2022/23 2025/26

===== SIDA 8 =====

Systemair AB | Interim report Q3 2025/26  
 8
Sales by market, 9 months  
2025/26 (2024/25)  
Profit in the third quarter 
The gross profit for the third quarter amounted to SEK 
1,039.2 million (1,074.9), a decrease of 3.3 percent from 
the same period last year. However, the gross margin 
improved to 36.3 percent (35.3). The positive trend for 
the gross margin continues through good capacity 
utilisation in several of our factories, a favourable product 
mix and cost adjustments implemented. 
Operating profit for the third quarter totalled SEK 224.2 
million (201.4), an increase of 11.3 percent compared 
with the same period last year. The operating margin was 
7.8 percent (6.6). Operating profit included a capital gain 
of SEK 24.9 million on the sale of a property in Norway. 
Adjusted operating profit was SEK 199.3 million. The 
adjusted operating margin was 7.0 percent (7.0). 
Selling and administration expenses for the quarter 
totalled SEK 858.0 million (845.4), an increase of SEK 12.6 
million, or 1.5 percent. Companies acquired accounted 
for SEK 8.9 million of the increase in costs. As a result, 
selling and administration expenses in like-for-like units 
increased by SEK 3.7 million, or 0.4 percent. 
Selling expenses were charged with SEK 4.0 million (4.8) 
for anticipated bad debts. No acquisition-related costs 
were charged to income during the quarter.  
Net financial items in the third quarter were SEK -34.1 
million (-17.3). The e1ects of foreign exchange on long-
term receivables, loans and bank balances totalled SEK    
-15.1 million net (-3.2). Interest expenses for the quarter 
amounted to SEK -16.5 million (-15.8).  
 
Profit for period under review 
Operating profit for the period under review, May 2025 – 
January 2026, totalled SEK 882.3 million (853.9). The 
operating margin was 9.6 percent (9.2). Operating profit 
for the period under review was charged with a capital 
loss of SEK 5.7 million on the sale of the associated 
company MR Studios, recruitment costs and severance  
 
 
 
 
 
 
 
 
pay of SEK 14.6 million in connection with the change of 
CEO and a capital gain of SEK 24.9 million on the sale of a 
property in Norway. Adjusted operating profit was SEK 
877.7 million. The adjusted operating margin was 9.5 
percent (9.3).  
Selling and administration expenses totalled SEK 2,531.6 
million (2,473.0), an increase of SEK 58.6 million. 
Companies acquired accounted for SEK 16.9 million of 
the increase in costs. Selling and administration expenses 
in like-for-like units thus rose SEK 41.7 million. Selling 
expenses were charged with SEK 3.2 million (11.5) for 
anticipated bad debts.  
The total e1ect on operating profit of the hyperinflation 
adjustment relating to the Turkish business was SEK -0.4 
million (-36.1) for the period under review.   
Net financial items totalled SEK -74.2 million (-58.7), 
including interest expenses of SEK -47.8 million (-50.7). 
 
Tax expense 
Estimated tax for the quarter totalled SEK -58.3 million    
(-49.4). This represents an e1ective tax rate of 30.7 
percent based on profit after financial items. The e1ective 
tax rate for the quarter is higher as a result of the 
abolition of hyperinflation accounting for tax purposes in 
Turkey. This has led to increased temporary di1erences 
on assets and liabilities. The overall e1ect for the quarter 
was SEK 10.5 million. The adjusted tax charge was 25.1 
percent. 
Estimated tax for the period under review totalled SEK     
-218.1 million (-214.3), representing an e1ective tax rate 
of 27.0 percent (26.9) based on profit after net financial 
items.  
 
  
16% 
(17) 
45% 
(43) 13% 
(12) 
11% 
(12) 
15% 
(16) 
Nordic region 
Western Europe 
Eastern Europe & CIS 
North America 
Middle East, Asia, Australia and 
Africa

===== SIDA 9 =====

Systemair AB | Interim report Q3 2025/26  
 9
 
Acquisitions and new businesses  
In August 2025, the Group completed its acquisition 
of NADI Airtechnics Ltd, a leading Indian 
manufacturer of industrial fans. 
NADI manufactures advanced industrial fans and 
o1ers high performance centrifugal fans, axial fans 
and cooling fans for railway applications. It also 
produces specialised solutions for carbon capture 
and other environmental applications. NADI’s 
headquarters and production facility are located in 
Chennai. The company, which employs more than 
220 people, reported sales of around EUR 13.5 
million in the 2024/25 financial year, with an EBIT 
margin exceeding that of Systemair.  
The company has been consolidated into Systemair 
e1ective August 2025. 
 
Investments, depreciation and 
amortisation  
Investments in the quarter, net of divestments, 
totalled SEK 160.0 million (153.3), including SEK 147.3 
million (150.7) in new construction and machinery. 
The investments made include measures to expand 
capacity in the production facilities in the Czech 
Republic, Slovakia and Norway. Depreciation, 
amortisation and impairment of non-current assets 
totalled SEK 113.9 million (117.1). Acquisitions and 
formerly withheld purchase considerations totalled 
SEK 2.6 million (–).  
Investments for the period under review totalled SEK 
597.7 million (337.1), net of divestments. Gross  
 
investments in new construction and machinery 
totalled SEK 375.8 million (295.5), excluding 
divestments. Acquisitions and formerly withheld 
purchase considerations totalled SEK 183.0 million 
(33.0). Depreciation, amortisation and impairment of 
non-current assets amounted to SEK 336.5 million 
(353.5). 
Cash flow and financial position   
Cash flow from operating activities, after changes in 
working capital during the quarter, rose sharply to 
SEK 418.7 million (206.3). Changes in working capital, 
mainly consisting of lower trade accounts receivable, 
had a total impact of SEK +177.5 million (-34.2) on 
cash flow. Cash flow from financing activities totalled 
SEK -290.1 million net (-66.4). At the end of the 
period, net indebtedness was SEK 849.0 million 
(981.5). The Group’s debt/equity ratio was 0.52 (0.62). 
The consolidated equity/assets ratio was 61.2 percent 
(60.4) at the end of the period under review.  
 
Personnel 
The average number of employees in the Group 
was 6,881 (6,468). At the end of the period, 
Systemair had 7,223 employees (6,638), 585 
more than one year previous. Acquired 
companies added a total of 226 employees. 
New recruitment mainly took place in India 
(100), Koolair in Spain (65) and Slovakia (53). 
Personnel cutbacks were made above all in 
Turkey (-85) and Canada (-13).  
  
0
100 
200 
300 
400 
500 
Q4 
Feb-Apr 
Q1 
May-Jul 
Q2 
Aug-Oct 
Q3 
Nov-Jan 
Adjusted operating profit per 
quarter, relative to the same period 
in previous years 
2023/24 2024/25 2025/26 
0% 
5% 
10% 
15% 
Q4 
Feb-Apr 
Q1 
May-Jul 
Q2 
Aug-Oct 
Q3 
Nov-Jan 
Adjusted operating margin per 
quarter, relative to the same period in 
previous years 
2023/24 2024/25 2025/26

===== SIDA 10 =====

Systemair AB | Interim report Q3 2025/26  
 10 
Incentive programmes 
The Annual General Meetings of 2022 and 2023 approved the issue of warrant programmes for senior executives. The 
warrants were transferred to the participants at a price corresponding to their market value, calculated via an external 
independent valuation based on an accepted valuation model (Black-Scholes). The programmes run for four years. 
During the reporting period, a total of 471,240 warrants, representing 165,448 newly issued shares, were exercised 
under LTIP 2022. The previous option programme for 2021 has been taken over by Färna Invest.  
No warrants were repurchased during the interim period.  
Warrant 
programmes  
Number of 
warrants  
Equivalent 
number of 
shares  
Percentage 
of total 
number of 
shares  
Redemption 
price  Redemption period  
LTIP 2023 357,500 357,500 0.2% 77.50 
17 Aug 2026 – 
30 Sep 2027 
LTIP 2022  14,500  14,500  0.0%  58.30  
18 Aug 2025 – 
30 Sep 2026  
Total  372,000  372,000     
      
Share incentive 
programme  
Number of 
investment 
shares  
Maximum 
number of 
performance 
shares    Allocation date  
LTIP 2024  94,200  471,000  0.2%   Q1 2027 (Aug. 2027)  
LTIP 2025  14,500  72,500  0.0%   Q1 2028 (Aug. 2028)  
Total   915,500  0.4%    
Systemair also has two share-based incentive programmes in operation aimed at around 65 senior executives and key 
employees. The programme is based on the participants investing their own money in Systemair shares. For each 
investment share, a maximum of five performance shares may be awarded, representing a maximum of 543,500 
shares, approximately 0.2 percent of the total number of shares in issue. An additional 38,144 shares may be issued to 
compensate for any dividends paid during the period. Participants receive performance shares subject to continued 
employment and fulfilment of performance conditions. The performance conditions are based on the Systemair share's 
overall yield, organic growth, operating margin and sustainability-related targets. Allocation of performance shares will 
take place after the publication of the interim reports for May–July 2027 and 2028, respectively. 
Share buybacks  
In September 2025, the Board of Directors of Systemair AB decided, as authorised by the Annual General Meeting held 
on 28 August 2025, to buy back up to Systemair 320,000 shares on Nasdaq Stockholm. The aim of the buyback is to 
fulfil the obligations arising from Systemair's share- and performance-based programmes, and to ensure delivery of 
performance shares to the participants. The buyback was managed by Svenska Handelsbanken AB. The buyback of 
320,000 shares was e1ected during September 2025. The buyback took place on Nasdaq Stockholm in accordance 
with the applicable rules. The total amount paid was SEK 26.8 million. The shares were paid for in cash. Systemair held 
320,000 of its own shares at the time before the buyback, and after the most recent buyback a total of 640,000 
Systemair shares. The number of shares outstanding on 31 January 2026 was 207,525,448. 
Financial targets 
Systemair has set the following financial targets.  
 Average annual growth in sales over a business cycle should be no less than 10 percent.  
 The average operating margin over a business cycle should be no less than 10 percent.  
 The Group’s equity/assets ratio should not fall below 30 percent. 
 The dividend is to be set at approximately 40 percent of profit after tax.

===== SIDA 11 =====

Systemair AB | Interim report Q3 2025/26  
 11 
Sustainability reporting 
Systemair reports annually on its sustainability work in the Company’s Annual Report. To improve governance and 
monitoring and to increase transparency, Systemair compiles selected sustainability data on a quarterly basis. Three 
key performance measures from sustainability reporting are presented below.  
Work-related injuries leading to sickness absence 
Systemair strives to ensure that no work-related injuries occur, 
especially those that lead to sick leave. The aim is for a reduction of 
15 percent per year in work-related injuries leading to sick leave, as 
measured by the LTIFR (Lost Time Injury Frequency Rate) metric.  
The outcome for 2024/25 was 7.1, representing a 19 percent 
reduction compared with the outcome for 2023/24. The outcome 
for the third quarter of 2025/26 was a further decrease of 3 percent 
on a rolling 12 months basis. For the third quarter alone, the 
outcome was 6.1 percent, a decrease of 14 percent from 2024/25. 
The decrease is the result of a closer focus on monitoring and 
systematic training and investment in safety equipment.  
Female leaders 
Having more female leaders is a strategic goal. The aim is that by 
2025/26 women will represent no less than 25 percent of 
Systemair's leaders. A leader is defined as a person who is a 
member of a local management team and/or is in charge of directly-
reporting employees. The share of female leaders was 23.9 percent 
at the end of the third quarter.   
Systemair applies several measures aimed at establishing a long-
term positive trend. One such measure is a mentoring programme 
for female employees. Systemair's major subsidiaries have local 
activity plans in place aimed at implementing dedicated e1orts to 
increase the potential for creating more female leaders, going 
forward. 
Scopes 1 and 2 emissions (CO 2e) 
Systemair has a target of halving its emissions intensity by 2030/31, 
with 2019/20 as the baseline year. Scope 2 emissions are calculated 
using the market-based method. In the third quarter of 2025/26, the 
outcome was 2.14 t.CO2e/SEK m. on a rolling 12-month basis, 
representing an overall decrease of 32 percent from the base year 
2019/20. Absolute emissions increased by 4 percent compared to 
the third quarter of last year as a result of higher electricity 
consumption mostly attributable to a colder winter period.  
The reduction over time has been achieved largely via energy 
eJciency improvements, production optimisation and investments 
in solar panel installations. To date this year, our solar panels have 
generated 2,500,000 kWh. As a result, CO 2 emissions have been 
reduced by 875 tonnes. 
Systemair has absolute emission targets in place that have been 
approved by the Science Based Targets initiative (SBTi). Both short- 
and long-term targets have been set for Scopes 1, 2 and 3. 
Outcomes relative to the targets are monitored annually and 
reported in the Annual and Sustainability Report. Emissions from the 
acquired company NADI Airtechnics have not yet been included in Systemair’s emission intensity reporting. 
17.2 
14.8 
8.7 
7.1 6.9 
0
10 
20 
2021/22 2022/23 2023/24 2024/25 2025/26, 
Q3 R12 
Work-related injuries with sickness 
absence, LTIFR 
23.5% 
24.1% 23.8% 23.6% 23.9% 
18% 
20% 
22% 
24% 
26% 
2021/22 2022/23 2023/24 2024/25 2025/26, 
Q3 
Percentage of female leaders 
3.15 3.20 
2.98 
2.36 
2.13 2.02 2.14 
0,00 
1,00 
2,00 
3,00 
4,00 
2019/20 2020/21 2021/22 2022/23 2023/24 2024/25 2025/26, 
Q3 R12 
Emissions intensity Scopes 1 & 2 
(Ton CO2e/SEK m. COGS)

===== SIDA 12 =====

Systemair AB Interim report Q3 2025/26  
 12 
Events after the close of the period  
No significant events have occurred since the end of 
the period under review. 
 
Geopolitical uncertainty 
The geopolitical uncertainty in the world continues to 
a1ect the market. It is still too early to evaluate the 
impact that the recent events in the Middle East may 
have on Systemair. Systemair has operations in the 
Middle East with sales amounting to 1.8 percent of the 
Group's total sales and 1.7 percent of the operating 
profit for the interim period. At the end of the quarter, 
Systemair had SEK 13.8 million in locked cash and cash 
equivalents in the Russian operations.   
 
Material risks and uncertainty 
Systemair has chosen to organise risk management 
into four di1erent categories: strategic, operational, 
financial and regulatory. Strategic risks comprise, for 
example, macroeconomic developments in the cyclical 
construction industry, geopolitics and brand-related 
risks. Examples of operational risk factors include 
product availability and skills supply. The financial risks  
 
that Systemair has identified in its business consist of 
foreign exchange risk, borrowing and interest rate risk, 
and credit and liquidity risk. Finally, regulatory risks 
include corruption and product requirements. The 
material risks and uncertainties a1ecting Systemair are 
described in more detail in the Company's 2024/25 
Annual Report. 
 
Related-party transactions 
No material related-party transactions took place 
during the period under review. Transactions with 
related parties for the 2024/25 financial year are 
described in detail in Note 40 to the accounts in the 
Annual Report. 
 
Parent Company 
The Parent Company's net sales for the period under 
review totalled SEK 175.9 million (161.8). Operating 
profit was SEK -175.2 million (-145.6). The Parent 
Company had 80 employees (75). The principal 
business of the Parent Company consists of intra-
Group services.

===== SIDA 13 =====

Systemair AB Interim report Q3 2025/26  
 13 
 
Systemair in Brief 
Systemair is a leading ventilation company with operations in 51 countries in Europe, North America, the Middle East, 
Asia, Australia and Africa. The Company had sales of SEK 12.3 billion in the 2024/25 financial year and today employs 
approximately 7,200 people. Systemair has reported an operating profit every year since 1974, when the Company was 
founded. Over the past 10 years, growth has averaged 7.9 percent. Systemair helps to improve the indoor climate via 
energy-eJcient and sustainable products that reduce carbon dioxide emissions. 
Systemair has well-established operations in growth markets. The Group's products are marketed under the Systemair, 
Frico, Fantech and Menerga brands. Systemair shares have been quoted on Nasdaq Stockholm since October 2007, 
and are today traded on the Large Cap List. The Group comprises about 90 companies. 
 
About Systemair 
 The Company established operations in 
1974 with a product concept, the 
circular duct fan, a design that 
considerably simplified the process of 
installation. We adopted the motto “the 
direct route”, which has been developed 
from a product concept into a business 
philosophy. Our product range has 
expanded strongly to extend over a 
broad range of fans, air handling units, 
products for air distribution, air 
conditioning, air curtains and heating 
products. 
 
Mission statement 
 Operating from the core values of 
simplicity and reliability, our business 
concept is to develop, manufacture and 
market energy-eJcient, high-quality 
ventilation products. On the basis of our 
business concept and with our 
customers in focus, our aim is to be seen 
as a company to rely on, with the 
emphasis on delivery reliability, 
availability, sustainability and quality. 
Business model 
 Availability is an important parameter in 
terms of our competitiveness, and we 
ensure e1ective control of our flow of 
goods, with our own production units, 
centralised warehouse facilities and an 
eJcient common ERP system. With 
modern production plants and our own 
sales companies around the world, we 
reach out directly to our customers.  
The business model supports stability 
and development, and today we are a 
leading producer and supplier of 
ventilation products with our own 
production and own sales companies. 
 
Strategies 
 Systemair's mission is to create better air 
every day around the world. Through 
energy-eJcient and sustainable 
products, we are reducing CO 
2 
emissions and energy consumption, and 
we are leveraging the market’s powerful 
drivers to achieve our goals.

===== SIDA 14 =====

Systemair AB Interim report Q3 2025/26  
 14 
 
Strategic priorities: 
 We will provide an attractive workplace with an inclusive culture that promotes employee development and 
entrepreneurship. Through this internal strength, we can build strong relationships based on expertise and trust. 
 We provide a wide range of quality products, based on standardised platforms, with energy eJciency and indoor 
air quality at their core. Our products are designed to make connected and smart solutions possible. 
 We will improve our profitability through economies of scale and eJcient product development focused on 
standardisation. A strong local presence where decision-making is decentralised, for agility on the solid ground of 
common processes.  
 We look to the future in order to prepare for the demands that lie ahead. Sustainable products are part of this: we 
look at the whole life cycle of the product to improve resource eJciency and our climate footprint. We will build up 
our servicing business as it plays an important role in optimising the product in operation. Overall, Systemair 
stands for a long-term approach and will work to put this into practice through sustainable and responsible 
decisions. 
 We will continue to maintain a global and diversified customer base. This provides us with solid foundations for 
profitable growth via organic investments and an active acquisition agenda. Systemair is our main brand and other 
brands are only used when they o1er a clear business benefit.

===== SIDA 15 =====

Systemair AB | Interim report Q3 2025/26  
 15 
 
Summary income statement 
 
Group  Parent Company  
 2025/26  2024/25  2025/26  2024/25  2025/26  2024/25  2025/26  2024/25  
 Nov –Jan  Nov –Jan  May –Jan  May –Jan  Feb –Jan  May –Apr  May –Jan  May –Jan  
SEK m.  3 mths  3 mths  9 mths  9 mths  trl 12  12 mths  9 mths  9 mths  
Net sales  2,862.1  3,042.3  9,226.5  9,299.2  12,228.8  12,301.5  175.9  161.8  
Cost of goods sold  -1,822.9  -1,967.4  -5,825.8  -5,929.8  -7,733.6  -7,837.6  – – 
Gross profit  1,039.2  1,074.9  3,400.7  3,369.4  4,495.2  4,463.9  175.9  161.8  
            
Other operating income  75.6  40.4  167.2  140.8  273.8  247.4  3.4  12.1  
Selling expenses  -703.5  -682.6  -2,046.1  -2,010.0  -2,769.6  -2,733.5  -119.7  -117.7  
Administration expenses  -154.5  -162.8  -485.5  -463.0  -663.2  -640.7  -115.3  -93.8  
Other operating expenses  -36.7  -53.9  -167.8  -165.3  -239.8  -237.3  -119.5  -108.0  
Net gain/loss on monetary items  4.1  -14.6  13.8  -18.0  32.4  0.6  – – 
Operating profit/loss  224.2  201.4  882.3  853.9  1,128.8  1,100.4  -175.2  -145.6  
            
Net financial items  -34.1  -17.3  -74.2  -58.7  -173.1  -157.6  377.8  338.2  
Profit after financial items  190.1  184.1  808.1  795.2  955.7  942.8  202.6  192.6  
            
Appropriations  –  –  –  –  –  –  0.3  0.6  
Tax on profit for the period  -58.3  -49.4  -218.1  -214.3  -260.4  -256.6  31.5  26.6  
Profit/loss for the period 131.8  134.7  590.0  580.9  695.3  686.2  234.4  219.8  
            
Attributable to:             
Parent Company shareholders  130.7  128.8  588.0  576.8  691.9  680.7  – – 
Non -controlling interests  1.1  5.9  2.0  4.1  3.4  5.5  – – 
            
Earnings per share (basic), SEK  0.63  0.62  2.83  2.77  3.33  3.27  – – 
Earnings per share (diluted), SEK  0.63  0.62  2.83  2.77  3.33  3.27  – –

===== SIDA 16 =====

Systemair AB | Interim report Q3 2025/26  
 16 
Statement of comprehensive income 
 
 
Group  Parent Company  
 2025/26  2024/25  2025/26  2024/25  2025/26  2024/25  2025/26  2024/25  
 Nov –Jan  Nov –Jan  May –Jan  May –Jan  Feb –Jan  May –Apr  May –Jan  May –Jan  
SEK m.  3 mths  3 mths  9 mths  9 mths  trl 12  12 mths  9 mths  9 mths  
Profit/loss for the period  131.8  134.7  590.0  580.9  695.3  686.2  234.4  219.8  
Other comprehensive income                
Items that have been, or may later 
be, transferred to profit for the 
year:             
Translation differences  -234.0  -25.3  -315.7  1.5  -595.8  -278.6  – – 
Items that cannot be transferred 
to profit for the period:             
Revaluation of defined-benefit 
pensions, net after tax  – – – – -3.6  -3.6  – – 
Other comprehensive income  -234.0  -25.3  -315.7  1.5  -599.4  -282.2  – – 
            
Total comprehensive income 
for the period  -102.2  109.4  274.3  582.4  95.9  404.0  234.4  219.8  
            
Attributable to:             
Parent Company shareholders  -103.3  103.5  272.3  578.3  92.5  398.5  – – 
Non -controlling interests  1.1  5.9  2.0  4.1  3.4  5.5  – – 
 
Systemair AB has issued 
915,500  warrants to persons holding senior positions at the Company.

===== SIDA 17 =====

Systemair AB | Interim report Q3 2025/26  
 17 
Summary balance sheet 
  Group  Parent Company  
SEK m.  31/01/2026  31/01/2025  30/04/2025  31/01/2026  31/01/2025  
ASSETS         
Goodwill  999.4  1,029.2  965.5  – – 
Other intangible non -current assets  274.4  256.0  262.0  23.5  14.1  
Property, plant and equipment  2,713.2  2,836.0  2,694.7  39.2  33.9  
Financial and other non -current assets  251.3  274.5  251.5  3,484.0  3,184.8  
Total non -current assets  4,238.3  4,395.7  4,173.7  3,546.7  3,232.8  
        
Inventory  2,064.1  2,194.6  2,072.1  – – 
Current receivables  2,605.8  2,860.3  2,708.0  1,039.9  1,171.5  
Cash and cash equivalents  459.7  441.2  421.0  – – 
Total current assets  5,129.6  5,496.1  5,201.1  1,039.9  1,171.5  
        
TOTAL ASSETS  9,367.9  9,891.8  9,374.8  4,586.6  4,404.3  
        
EQUITY AND LIABILITIES         
Equity  5,735.0  5,976.2  5,768.2  1,989.6  1,988.0  
        
Untaxed reserves  – – – 2.3  1.2  
        
Non -current liabilities, non -interest -bearing  226.7  247.5  208.7  2.1  – 
Non -current liabilities, interest -bearing  700.6  766.3  757.4  2,111.8  1,941.8  
Total non -current liabilities  927.3  1,013.8  966.1  2,113.9  1,941.8  
        
Current liabilities, interest -bearing  581.4  638.9  535.6  311.8  345.0  
Current liabilities, non -interest -bearing  2,124.2  2,262.9  2,104.9  169.0  128.3  
Total current liabilities  2,705.6  2,901.8  2,640.5  480.8  473.3  
        
TOTAL EQUITY AND LIABILITIES  9,367.9  9,891.8  9,374.8  4,586.6  4,404.3

===== SIDA 18 =====

Systemair AB | Interim report Q3 2025/26  
 18 
Summary consolidated cash flow statement 
 2025/26  2024/25  2025/26  2024/25  2024/25   
Nov –Jan  Nov –Jan  May –Jan  May –Jan  May –Apr  
SEK m. 3 mths  3 mths  9 mths  9 mths  12 mths  
Operating profit/loss  224.2  201.4  882.3  853.9  1,100.4  
Adjustment for non -cash items  114.8  137.1  372.1  445.0  566.2  
Financial items  -19.4  -14.2  -56.3  -48.1  -61.8  
Income tax paid  -78.4  -83.8  -198.5  -210.5  -272.8  
Cash flow from operating activities before changes in 
working capital 
241.2  240.5  999.6  1,040.3  1,332.0  
        
Changes in working capital  177.5  -34.2  -35.1  -240.8  -151.5  
Cash flow from operating activities  418.7  206.3  964.5  799.5  1,180.5  
        
Cash flow from investing activities  -92.9  -151.7  -523.0  -333.1  -473.7  
Cash flow from financing activities  -290.1  -66.4  -347.9  -419.4  -614.2  
Cash flow for the period  35.7  -11.8  93.6  47.0  92.6  
        
Cash and cash equivalents at start of period  472.4  461.1  421.0  414.3  414.3  
Translation differences, cash and cash equivalents  -48.4  -8.1  -54.9  -20.1  -85.9  
Cash and cash equivalents at close of period  459.7  441.2  459.7  441.2  421.0  
 
Statement of changes in equity – Group 
 
2025/26  
May –Jan  
2024/25  
May –Jan  
2024/25  
May –Apr  
SEK m.  
Equity 
attributable to 
Parent 
Company 
shareholders  
Non-
controlling 
interests  
Total 
equity  
Equity 
attributable to 
Parent 
Company 
shareholders  
Non-
controlling 
interests  
Total 
equity  
Equity 
attributable to 
Parent 
Company 
shareholders  
Non-
controlling 
interests  
Total 
equity  
Amount at beginning of year  5,760.3 7.9 5,768.2  5,645.5  8.3  5,653.8 5,645.5  8.3  5,653.8  
Dividend  -280.4  -4.4  -284.8  -249.6  -2.5  -252.1  -249.6  -2.5  -252.1  
Issue of warrants – – – – – – -0.4  – -0.4  
Buyback of own shares  -26.9  – -26.9  – – – -22.2  – -22.2  
Effect of LTIP 2024  4.2  – 4.2  – – – 1.0  – 1.0  
Revaluation of acquisition 
option  0.2  -0.2  – -5.3  -2.6  -7.9  -12.5  -3.4  -15.9  
Other comprehensive income  272.3  2.0  274.3  578.3  4.1  582.4  398.5  5.5  404.0  
Amount at end of period  5,729.7  5.3  5,735.0  5,968.9  7.3  5,976.2  5,760.3  7.9  5,768.2

===== SIDA 19 =====

Systemair AB | Interim report Q3 2025/26  
 19 
Key performance measures for the Group 
  2025/26  2024/25  2025/26  2024/25  2024/25    
Nov–Jan  Nov–Jan  May–Jan  May–Jan  May–Apr  
    3 mths  3 mths  9 mths  9 mths  12 mths  
Net sales  SEK m.  2,862.1  3,042.3  9,226.5  9,299.2  12,301.5  
Growth  % -5.9  7.6  -0.8  1.2  0.4  
Operating profit/loss  SEK m.  224.2  201.4  882.3  853.9  1,100.4  
Operating margin  % 7.8  6.6  9.6  9.2  8.9  
Profit after net fin. items  SEK m.  190.1  184.1  808.1  795.2  942.8  
Profit margin  % 6.6  6.1  8.8  8.6  7.7  
Return on capital employed  % 14.9  15.5  14.9  15.5  14.8  
Return on equity  % 11.9  13.2  11.9  13.2  11.7  
Equity/assets ratio  % 61.2  60.4  61.2  60.4  61.5  
Investments  SEK m.  -92.9  -151.7  -523.0  -333.1  -473.7  
Depreciation/amortisation and impairments  SEK m.  113.9  117.1  336.5  353.5  460.8  
         
Per share KPMs          
Earnings per share (basic)  SEK  0.63  0.62  2.83  2.77  3.27  
Earnings per share (diluted)  SEK  0.63  0.62  2.83  2.77  3.27  
Equity per share (basic)  SEK  27.61  28.70  27.61  28.70  27.70  
Equity per share (diluted)  SEK  27.60  28.68  27.60  28.68  27.67  
Operating cash flow per share (basic)  SEK  2.02  0.99  4.65  3.84  5.68  
Operating cash flow per share (diluted)  SEK  2.02  0.99  4.65  3.84  5.67  
Average number of shares in period (basic)  No.  207,472,168  208,000,000  207,539,133  208,000,000  207,985,489  
Average number of shares in period (diluted)  No.  207,5 00,168  208,178,000  207,578,133  208,155,000  208,147,729

===== SIDA 20 =====

Systemair AB | Interim report Q3 2025/26  
 20 
Quarterly performance measures – Group 
  2025/26  2024/25  2023/24  
  Nov –Jan  Aug –Oct  May –Jul  Feb –Apr  Nov –Jan  Aug –Oct  May –Jul  Feb –Apr  Nov –Jan  
    Q3  Q2  Q1  Q4  Q3  Q2  Q1  Q4  Q3  
Net sales  SEK m.  2,862.1  3,271.0  3,093.5  3,002.2  3,042.3  3,145.6  3,111.3  3,068.8  2,826.7  
Growth  % -5.9  4.0  -0.6  -2.2  7.6  -1.3  -2.0  -1.9  -7.1  
Gross margin  % 36.3  37.7  36.4  36.5  35.3  37.3  36.0  35.1  33.9  
Operating profit/loss  SEK m.  224.2  390.2  267.9  246.5  201.4  346.9  305.2  233.0  73.0  
Operating margin  % 7.8  11.9  8.7  8.2  6.6  11.0  9.8  7.6  2.6  
            
Return on capital employed  % 14.9  14.6  14.5  14.8  15.5  13.7  13.3  14.2  20.7  
Return on equity  % 11.9  11.9  11.3  11.7  13.2  10.8  11.1  11.8  19.9  
Equity/assets ratio  % 61.2  58.5  61.9  61.5  60.4  58.4  58.9  57.7  57.8  
            
Equity per share (basic)  SEK  27.61  28.11  28.86  27.70  28.70  28.17  28.04  27.14  25.67  
Equity per share (diluted)  SEK  27.60  28.08  28.83  27.67  28.68  28.16  28.03  27.13  25.66  
Earnings per share (basic)  SEK  0.63  1.28  0.93  0.50  0.62  1.14  1.01  0.88  -0.12  
Earnings per share (diluted)  SEK  0.63  1.28  0.92  0.50  0.62  1.14  1.01  0.88  -0.12  
Cash flow from operating 
activities per share (basic)  SEK  2.02  1.58  1.05  1.83  0.99  1.94  0.91  0.92  1.94  
Cash flow from operating 
activities per share (diluted)  SEK  2.02  1.58  1.05  1.83  0.99  1.94  0.91  0.92  1.94

===== SIDA 21 =====

Systemair AB | Interim report Q3 2025/26  
 21 
Note 1 Accounting policies 
Systemair applies International Financial Reporting Standards (IFRS). This interim report was prepared for the Group in 
accordance with the Swedish Annual Accounts Act, the Swedish Sustainability and Financial Reporting Board’s 
recommendation RFR 1 and IAS 34 Interim Financial Reporting, as well as, for the Parent Company, in accordance with 
the Swedish Annual Accounts Act and RFR 2.  
The interim report has been prepared in accordance with IAS 34 Interim Financial Reporting. The Group applies the 
same accounting policies as described in the 2024/25 Annual Report.  
New or amended standards and new interpretations not yet in force New or amended standards and new interpretations not yet in force New or amended standards and new interpretations not yet in force New or amended standards and new interpretations not yet in force     
A number of new standards and interpretations applying to financial years beginning after 1 January 2025 have not 
been applied in the preparation of this financial report. None of these new or amended IFRS or IFRICs are expected to 
have any material impact on the Group's financial statements going forward.  
IFRS 18 Presentation and Disclosure in Financial Statements will replace IAS 1 Presentation of Financial Statements and 
will be applied by Systemair from 1 May 2027. The new standard introduces new requirements for the presentation of 
revenue and expenses in the income statement, which will be divided into five di1erent categories. In addition, two 
mandatory subtotals, "Operating profit" and "Profit before financing and income taxes", are introduced. The standard 
also introduces disclosure requirements as to selected key performance indicators. Finally, the current options for the 
presentation of the statement of cash flows are removed. The impact of the new standard on Systemair's financial 
statements has not yet been fully assessed. 
No other new or revised standards, interpretations or improvements, as adopted by the EU, have a1ected the Group in 
any material way. 
 
Note 2 Revenue analysis 
The Group’s revenue is generated in the main from the manufacture and sale of ventilation products, as well as from 
the servicing of ventilation products. Total revenue for the quarter amounted to SEK 2,862.1 million (3,042.3), of which 
servicing of ventilation products accounted for SEK 164.3 million (161.7). 
 
  2025/26  2024/25  2025/26  2024/25  2024/25    
Nov –Jan  Nov –Jan  May –Jan  May –Jan  May –Apr  
SEK m.    3 mths  3 mths  9 mths  9 mths  12 mths  
Europe          
Sale of goods recognised at a specific point in time   1,929.1  2,009.3  6,260.9  6,151.4  8,210.7  
Sale of goods recognised over time   49.9  12.0  119.0  79.4  155.8  
Servicing recognised at a certain point in time   72.5  74.2  214.9  207.5  271.3  
Servicing recognised over time   80.4  68.9  238.9  203.7  280.3  
  2,131.9  2,164.4  6,833.7  6,642.0  8,918.1  
         
Americas, Middle East, Asia, Australia and Africa          
Sale of goods recognised at a specific point in time   696.0  772.8  2,264.6  2,431.3  3,126.9  
Sale of goods recognised over time   22.8  86.5  99.0  181.3  204.3  
Servicing recognised at a certain point in time   11.2  17.4  28.1  42.4  48.5  
Servicing recognised over time   0.2  1.2  1.1  2.2  3.7  
  730.2  877.9  2,392.8  2,657.2  3,383.4  
         
Total          
Sale of goods recognised at a specific point in time   2,625.1  2,782.1  8,525.5  8,582.7  11,337.6  
Sale of goods recognised over time   72.7  98.5  218.0  260.7  360.1  
Servicing recognised at a certain point in time   83.7  91.6  243.0  249.9  319.8  
Servicing recognised over time   80.6  70.1  240.0  205.9  284.0  
  2,862.1  3,042.3  9,226.5  9,299.2  12,301.5

===== SIDA 22 =====

Systemair AB | Interim report Q3 2025/26  
 22 
Note 3 Companies acquired 
Companies acquired 
The purchase consideration for 100 percent of the shares in NADI Airtechnics Ltd, India, may provisionally be calculated 
as follows: 
  NADI  
Total historical cost, less costs of acquisition  217.1  
  
Assets acquired    
Fair value of assets acquired, net  102.4  
Goodwill  114.7  
  
Identifiable net assets   
Customer relationships  51.2  
Other intangible assets  1.2  
Machinery and equipment  55.3  
Inventory  36.5  
Trade accounts receivable  57.9  
Other current assets  6.3  
Non -interest -bearing liabilities  -3.2  
Deferred tax liability  -12.9  
Interest -bearing liabilities  -49.9  
Other operating liabilities  -40.0  
  102.4  
The total impact on cash flow from acquisitions and previously withheld purchase considerations was SEK -180.4 
million. Transaction costs totalling SEK 1.6 million in connection with the acquisition were charged to profit.  
Customer relationships have been measured as the net present value of future cash flows. The useful life of these 
assets has been estimated at 5 years. Goodwill upon acquisition is attributable to the strong market position of the 
companies acquired, synergies expected to arise after the acquisition and the company’s estimated future earning 
capacity. Net sales for the acquired company between the time of acquisition and the end of the period under review 
totalled SEK 84.2 million. Operating profit for the corresponding period was SEK 4.9 million. If the company acquired 
had been consolidated from 1 May 2025, inclusive, net sales for the interim report period would have totalled 
approximately SEK 9,261.2 million. Operating profit for that period would have totalled approximately SEK 886.9 million.  
Note 4 Financial instruments 
Systemair’s financial instruments comprise derivatives, trade accounts receivable, cash and cash equivalents, trade 
accounts payable, accrued supplier costs, interest-bearing liabilities, acquisition options and additional purchase 
considerations. Liabilities to credit institutions carry variable interest rates or, in certain cases, fixed rates for a short 
period. Derivatives are measured at fair value via the income statement on the basis of input data corresponding to 
level 2 as defined in IFRS 13.  
Share purchase options and additional purchase considerations are measured on level 3 as defined in IFRS 13. During 
the period under review, the debt required for finance purchase of the remaining 40 percent of the shares in Frico A/S, 
Denmark, was partly settled by acquiring 20 percent of the shares for SEK 6.7 million. Calculation regarding the option 
to acquire the remaining 20 percent of the shares is based on the anticipated operating profit (EBIT) for the financial 
years 2026/27 to 2029/30, inclusive. Any increase in anticipated profit after tax would result in an increase in the liability 
relating to the option. No upper limit for the anticipated liability is established in the agreement. Any change in 
estimated liability is transferred via the Group’s equity. No change was made to that part of the liability during the 
quarter, which at the end of the period under review was valued at SEK 17.5 million. The liability for the acquisition 
option is recognised under Non-current liabilities, non-interest-bearing, on the balance sheet. Other financial assets 
and liabilities are recognised as current. For that reason, the fair values of all financial instruments are considered to 
equate approximately to the carrying amounts. Systemair has not recognised any financial assets and liabilities net.

===== SIDA 23 =====

Systemair AB | Interim report Q3 2025/26  
 23 
Note 5 Segment reporting 
The Group’s operations are classified geographically. Systemair aggregates into two geographical segments of (i) Europe 
and (ii) Americas, Middle East, Asia, Australia and Africa. The market segment Europe accounts for the major share of 
Systemair’s business. The segment Europe consists of a large number of markets. The legal entities within Europe work 
with each other in manufacturing and sales. The Company also judges that in every material respect similar economic 
conditions exist in the region, and so the legal entities within the region have been aggregated. Systemair further 
considers that accounting for the merged segments of (i) Europe and (ii) Americas, Middle East, Asia, Australia and 
Africa presents a clearer picture. The Parent Company is accounted for via a separate segment, Group-wide. The 
subsidiaries are aggregated on the basis of their legal domicile and are consolidated according to the same principles 
as for the Group as a whole. 
 
  2025/26  2024/25  2025/26  2024/25  2024/25    
Nov –Jan  Nov –Jan  May –Jan  May –Jan  May –Apr  
SEK m.    3 mths  3 mths  9 mths  9 mths  12 mths  
Europe          
Net sales, external   2,131.9  2,164.4  6,833.7  6,642.0  8,918.1  
Net sales, intra -Group   46.2  51.5  159.0  171.5  224.9  
Operating profit/loss   238.4  228.0  890.5  841.2  1,136.3  
Operating margin, %   11.2  10.5  13.0  12.7  12.7  
Interest expense   -4.6  -4.5  -13.6  -13.6  -25.5  
Profit after net fin. items   232.9  223.3  885.1  824.8  1,142.1  
Profit margin, %   10.9  10.3  13.0  12.4  12.8  
Assets   6,164.0  6,414.0  6,164.0  6,414.0  6,336.9  
Investments   -64.4  -111.0  -187.7  -222.9  -270.9  
Depreciation/amortisation and 
impairments   85.6  77.0  255.2  266.7  348.8  
         
Americas, Middle East, Asia, Australia 
and Africa          
Net sales, external   730.2  877.9  2,392.8  2,657.2  3,383.4  
Net sales, intra -Group   6.3  6.6  21.0  19.5  23.6  
Operating profit/loss   45.0  34.0  175.3  158.8  185.7  
Operating margin, %   6.2  3.9  7.3  6.0  5.5  
Interest expense   -5.6  -3.7  -14.4  -10.9  -14.9  
Profit after net fin. items   22.8  25.8  116.3  113.7  88.3  
Profit margin, %   3.1  2.9  4.9  4.3  2.6  
Assets   2,064.5  2,402.2  2,064.5  2,402.2  2,097.0  
Investments   -22.0  -36.1  -108.6  -66.0  -119.7  
Depreciation/amortisation and 
impairments   25.0  36.2  71.5  75.1  97.3  
         
Group -wide          
Net sales, intra -Group   58.9  60.1  175.9  161.8  213.5  
Operating profit/loss   -59.2  -60.6  -183.5  -146.1  -221.6  
Interest expense   -6.3  -7.6  -19.7  -26.1  -31.7  
Profit after net fin. items   -65.6  -65.0  -193.3  -143.3  -287.6  
Assets   4,595.4  4,416.5  4,595.4  4,416.5  4,464.2  
Investments   -6.5  -4.6  -226.7  -44.2  -83.1  
Depreciation/amortisation and 
impairments   3.3  3.9  9.8  11.7  14.7

===== SIDA 24 =====

Systemair AB | Interim report Q3 2025/26  
 24 
         
  2025/26  2024/25  2025/26  2024/25  2024/25    
Nov –Jan  Nov –Jan  May –Jan  May –Jan  May –Apr  
SEK m.    3 mths  3 mths  9 mths  9 mths  12 mths  
Eliminations          
Net sales, intra -Group   -111.4  -118.2  -355.9  -352.8  -462.0  
Assets   -3,456.0  -3,340.9  -3,456.0  -3,340.9  -3,523.3  
         
Total          
Net sales, external   2,862.1  3,042.3  9,226.5  9,299.2  12,301.5  
Operating profit/loss   224.2  201.4  882.3  853.9  1,100.4  
Operating margin, %   7.8  6.6  9.6  9.2  8.9  
Interest expense   -16.5  -15.8  -47.7  -50.6  -72.1  
Profit after net fin. items   190.1  184.1  808.1  795.2  942.8  
Profit margin, %   6.6  6.1  8.8  8.6  7.7  
Assets   9,367.9  9,891.8  9,367.9  9,891.8  9,374.8  
Investments   -92.9  -151.7  -523.0  -333.1  -473.7  
Depreciation/amortisation and 
impairments   113.9  117.1  336.5  353.5  460.8

===== SIDA 25 =====

Systemair AB | Interim report Q3 2025/26  
 25 
Alternative Performance Measures  
In the report, Systemair presents performance measures that supplement the financial ratios defined in IFRS; these are 
known as alternative performance measures (APMs). The Company is of the view that these APMs provide valuable 
information to investors and the Company’s management, in that they enable evaluation of the Company’s 
performance, trends, capacity to pay down debt and invest in new business opportunities, and that they reflect the 
Group’s acquisition-intensive business model.  
Because not all companies calculate key financial performance measures in the same way, these APMs are not always 
comparable. As a result, they should not be regarded as substitutes for performance measures as defined in IFRS. A 
number of definitions appear below, the majority of which are alternative performance measures. 
For more key performance measures and information on how they are calculated, see Systemair’s website at: 
group.systemair.com/investor group.systemair.com/investor group.systemair.com/investor group.systemair.com/investor-- --relations/financial relations/financial relations/financial relations/financial-- --information/financial information/financial information/financial information/financial-- --data/ data/ data/ data/ 
 
Definitions of Key Performance Measures 
Number of employees 
The number of employees at the end of the accounting period. New employees, appointments terminated, part-time 
employees and paid overtime are converted into full-time equivalents.  
Return on equity 
Profit after tax before non-controlling interest, for the trailing 12 months (TTM), divided by average equity excluding 
non-controlling interest.  
Return on capital employed 
Profit after financial income, for the trailing 12 months (TTM), divided by average capital employed. 
Equity per share 
Equity, excluding non-controlling interest, divided by the number of shares at the end of the period. 
Adjusted leverage 
Net debt in relation to adjusted operating profit before depreciation, amortisation and impairment (adjusted EBITDA). 
Adjusted operating margin 
Adjusted operating profit divided by adjusted net sales. 
Adjusted operating profit 
Operating profit, excluding restructuring costs, impairments and other items a1ecting comparability.  
LTIFR 
Lost Time Injury Frequency Rate. The number of work-related injuries with sickness absence per 1 million hours 
worked. 
Leverage 
Net debt in relation to operating profit before depreciation, amortisation and impairment (EBITDA). 
Operating cash flow per share 
Cash flow from operating activities for the period, divided by the average number of shares during the period. 
Organic growth 
Change in sales by comparable units, adjusted for acquisitions and foreign currency e1ects.

===== SIDA 26 =====

Systemair AB | Interim report Q3 2025/26  
 26 
Earnings per share 
Profit for the period attributable to Parent Company shareholders, divided by the average number of shares during the 
period. 
Operating margin 
Operating profit divided by net sales. 
Operating profit (EBIT) 
Earnings before financial items and tax. 
Equity/assets ratio 
Adjusted equity divided by total assets. 
Capital employed 
Total assets less non-interest-bearing liabilities. 
Growth 
Growth is defined as the change in net sales, relative to net sales for the preceding period. 
Emission intensity 
Calculated as total Scopes 1 and 2 emissions divided by Cost of Goods Sold (COGS). As regards both emissions and 
COGS for all years, any divested operations are disregarded. Similarly those for any acquired activities are taken into 
account. 
Profit margin 
Profit after financial items divided by net sales.

===== SIDA 27 =====

Systemair AB | Interim report Q3 2025/26  
 27 
Miscellaneous 
The information in this Interim Report is information that Systemair is required to disclose in accordance with the 
Swedish Securities Markets Act (lagen om värdepappersmarknaden) and/or the Swedish Financial Instruments Trading 
Act (lagen om handel med finansiella instrument). This information was submitted for publication at 7.00 a.m. on 5 
March 2026.   
The undersigned aJrm that this interim report provides a true and fair survey of the Parent Company’s and the 
Group’s operations, financial position and profits, as well as describing the material risks and uncertainty facing the 
Parent Company and the companies included in the Group.   
This interim report has not been reviewed by the Company’s auditors. 
 
Skinnskatteberg, 5 March 2026 Skinnskatteberg, 5 March 2026 Skinnskatteberg, 5 March 2026 Skinnskatteberg, 5 March 2026.. ..    
Systemair AB (publ) 
 
Board of Directors Board of Directors Board of Directors Board of Directors    
    
    
    
    
    
    
    
    
    
    
 
 
 
  
Contact 
Group CEO Robert Larsson 
Telephone: +46 (0)72-232 95 70 
E-mail: 
robert.larsson@systemair.com  
 
CFO Anders Ulff 
Telephone: +46-(0)70-577 40 09 
E-mail: anders.ulff@systemair.com  
 
Systemair AB (publ) 
Co. Reg. No. 556160-4108 
SE-739 30 Skinnskatteberg, Sweden 
Telephone: +46 (0)222-440 00 
info@systemair.se 
 
 
 
Calendar 
 
Year Year Year Year-- --end report 2025/26 end report 2025/26 end report 2025/26 end report 2025/26    
7.00 a.m., 10 June 2026 
Interim Report Q1 2026/27 Interim Report Q1 2026/27 Interim Report Q1 2026/27 Interim Report Q1 2026/27    
12.30 p.m., 27 August 2026 
Interim Report Q2 2026/27 Interim Report Q2 2026/27 Interim Report Q2 2026/27 Interim Report Q2 2026/27    
7.00 a.m., 10 December 2026

===== SIDA 28 =====

Systemair AB | Kvartalsrapport Q2 2024  
 28 
 
 
Systemair.com 
Systemair AB (publ) 
Co. Reg. No. 556160-4108 
SE-739 30 Skinnskatteberg,  
Sweden 
 
 
 
Telephone:  
+46 (0)222-440 00 
info@systemair.se