ABSO — Absolent Air Care Group ABIndustrials · Pollution & Treatment ControlsOMXSTO

SEK 2.2B

Mkt Cap

SEK 2.4B

Ent. Value

-SEK 173.5M

Net Cash

SEK 198.50

52W SEK 170 – SEK 292

SEK 2.2B

Mkt Cap

SEK 2.4B

Ent. Value

-SEK 173.5M

Net Cash

25.8×

P/E TTM

—

PEG

20.8×

P/FCF

2.4×

P/Book

1.8×

P/Sales

13.3×

EV/EBITDA

16.6×

EV/EBIT

29.4×

EV/FCF

1.9×

EV/Sales

3.9%

Earn Yld

5.2%

FCF Yld

1.6%

Div Yld

SEK 198.50

All values in Swedish Krona (SEK)

SEK	FY2025	FY2024	FY2023	FY2022
Revenue	1.28B	1.40B	1.41B	1.34B
YoY Growth	-8.7%	-0.6%	+5.2%	—
Gross Profit	546.72M	609.63M	620.44M	548.21M
Gross Margin	42.7%	43.5%	44.1%	40.9%
R&D	36.40M	25.41M	33.75M	33.90M
SG&A	357.54M	375.04M	358.68M	316.95M
EBIT	145.74M	201.37M	220.52M	197.92M
EBIT Margin	11.4%	14.4%	15.7%	14.8%
D&A	59.36M	53.77M	46.68M	40.57M
EBITDA	182.48M	275.97M	257.96M	251.57M
EBITDA Margin	14.3%	19.7%	18.3%	18.8%
Net Income	70.17M	143.92M	140.22M	151.75M
Net Margin	5.5%	10.3%	10.0%	11.3%
EPS (diluted)	SEK 6.20	SEK 12.71	SEK 12.39	SEK 13.40
Shares (dil., M)	11	11	11	11

Company Brief

Absolent Air Care Group AB (publ) designs, develops, sells, installs, and maintains air filtration units. Its air cleaning solutions are used to separate air pollutants across a range of industries, including aerospace, automotive, chemical, electronics, pharmaceuticals, woodworking, and food, as well as in power generation, contract manufacturing, dental laboratories, hotels, and restaurants. The company's commercial kitchen systems handle harmful airborne particles and gases generated from cooking activities, and its product portfolio comprises hoods, filtration technologies, and fire extinguishing systems. Absolent Air Care Group AB (publ) operates in Sweden, the United Kingdom, Canada, China, the United States, Germany, the Netherlands, Finland, France, India, Switzerland, Japan, Hong Kong, Italy, and Norway. The company was formerly known as Absolent Group AB (publ) and changed its name to Absolent Air Care Group AB (publ) in May 2021. Founded in 1993, it is headquartered in Gothenburg, Sweden. Absolent Air Care Group AB (publ) operates as a subsidiary of Mexab Industri AB.

CEOMr. Joakim Westh M.Sc.Employees472IPO Date2014-10-16CountrySwedenWebsiteabsolentgroup.com

Margins (TTM)

Gross Margin	42.3%
EBITDA Margin	10.0%
EBIT Margin	11.8%
Net Margin	6.3%
FCF Margin	8.5%

Returns on Capital

ROIC	7.8%
ROCE	11.1%
ROE	8.6%
ROA	5.1%
Asset Turnover	0.81×

Earnings Quality

FCF / Net Income	117.5%
SBC / Net Income	—
SBC / Revenue	—
Capex / D&A	0.80×

Growth (CAGR)

Metric	3yr
Revenue	-1.5%
EPS	-22.7%
FCF	-21.3%
Dividend	—

Ownership

Float	31.7%
Shares Out.	11.3M
Insiders %	—
Institutions %	—
Institutions (of float)	—
Institution holders	—
Insider net buy 6M	—

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Balance Sheet

Cash & ST Invest.	SEK 238.9M
Total Debt	SEK 412.4M
Net Cash / (Debt)	-SEK 173.5M
Total Assets	SEK 1.6B
Total Equity	SEK 930.1M
Goodwill & Intang.	SEK 684.0M
Tangible Book Value	SEK 246.1M
NCAV (Graham)	SEK 12.0M
Tangible Book/sh	SEK 21.74
NCAV/sh	SEK 1.06

Leverage

D/E Ratio	0.44×
Net Debt / EBITDA	1.35×
Interest Coverage	12.00×
Current Ratio	2.88×
Quick Ratio	2.22×

Capital Allocation (last FY)

Capex	SEK 47.4M
Capex / Revenue	3.7%
SBC	—
Dividends Paid	SEK 36.8M
Buybacks	—

Dividends

Annual DPS	SEK 3.25
Yield (fwd)	1.64%
Payout Ratio	52.4%
Ex-div Date	2026-05-13

Valuation vs History

P/E vs 4Y	25.8×vs 31.4× median
Div yield vs 10Y	179.0%vs 0.6% median

Buyback History

FY 2025—0.0%

FY 2024—0.0%

FY 2023—0.0%

FY 2022——

Margins (TTM)

Gross Margin	42.3%
EBITDA Margin	10.0%
EBIT Margin	11.8%
Net Margin	6.3%
FCF Margin	8.5%

Returns on Capital

ROIC	7.8%
ROCE	11.1%
ROE	8.6%
ROA	5.1%
Asset Turnover	0.81×

Earnings Quality

FCF / Net Income	117.5%
SBC / Net Income	—
SBC / Revenue	—
Capex / D&A	0.80×

Growth (CAGR)

Metric	3yr
Revenue	-1.5%
EPS	-22.7%
FCF	-21.3%
Dividend	—

Ownership

Float	31.7%
Shares Out.	11.3M
Insiders %	—
Institutions %	—
Institutions (of float)	—
Institution holders	—
Insider net buy 6M	—

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SEK 198.50

All values in Swedish Krona (SEK)

SEK	FY2025	FY2024	FY2023	FY2022
Revenue	1.28B	1.40B	1.41B	1.34B
YoY Growth	-8.7%	-0.6%	+5.2%	—
Gross Profit	546.72M	609.63M	620.44M	548.21M
Gross Margin	42.7%	43.5%	44.1%	40.9%
R&D	36.40M	25.41M	33.75M	33.90M
SG&A	357.54M	375.04M	358.68M	316.95M
EBIT	145.74M	201.37M	220.52M	197.92M
EBIT Margin	11.4%	14.4%	15.7%	14.8%
D&A	59.36M	53.77M	46.68M	40.57M
EBITDA	182.48M	275.97M	257.96M	251.57M
EBITDA Margin	14.3%	19.7%	18.3%	18.8%
Net Income	70.17M	143.92M	140.22M	151.75M
Net Margin	5.5%	10.3%	10.0%	11.3%
EPS (diluted)	SEK 6.20	SEK 12.71	SEK 12.39	SEK 13.40
Shares (dil., M)	11	11	11	11

Company Brief

CEOMr. Joakim Westh M.Sc.Employees472IPO Date2014-10-16CountrySwedenWebsiteabsolentgroup.com

Balance Sheet

Cash & ST Invest.	SEK 238.9M
Total Debt	SEK 412.4M
Net Cash / (Debt)	-SEK 173.5M
Total Assets	SEK 1.6B
Total Equity	SEK 930.1M
Goodwill & Intang.	SEK 684.0M
Tangible Book Value	SEK 246.1M
NCAV (Graham)	SEK 12.0M
Tangible Book/sh	SEK 21.74
NCAV/sh	SEK 1.06

Leverage

D/E Ratio	0.44×
Net Debt / EBITDA	1.35×
Interest Coverage	12.00×
Current Ratio	2.88×
Quick Ratio	2.22×

Capital Allocation (last FY)

Capex	SEK 47.4M
Capex / Revenue	3.7%
SBC	—
Dividends Paid	SEK 36.8M
Buybacks	—

Dividends

Annual DPS	SEK 3.25
Yield (fwd)	1.64%
Payout Ratio	52.4%
Ex-div Date	2026-05-13

Valuation vs History

P/E vs 4Y	25.8×vs 31.4× median
Div yield vs 10Y	179.0%vs 0.6% median

Buyback History

FY 2025—0.0%

FY 2024—0.0%

FY 2023—0.0%

FY 2022——

Not investment adviceUpdated 4/17/2026