Towards cleaner and healthier air
Pallas in Finland is known for having the cleanest air in the world.
Word has spread around the globe that the nature in Pallas is exceptionally beautiful and untouched, which is why the national park attracts hikers, backpackers and nature enthusiasts from around the world. All wanting to enjoy the peace of mind and the invigorating effects of clean air.
Pallas Air Plc
Genano Ltd and Lifa Air Ltd recognized a shared mission: to improve people’s quality of life by providing cleaner indoor air and ensuring healthy, safe air to breathe.
Genano is known for its air purifiers that achieve near-absolute purity, while Lifa Air specializes in ventilation hygiene solutions, air purifiers, filtration systems and respiratory masks.
By combining these strengths, Pallas Air Plc has been created as a powerful entity capable of meeting customer needs globally.
Lifa Air Ltd
Lifa Air Ltd’s purification devices have been widely used in the commercial sector and by public authorities. Today, Lifa Air builds on its long history of advanced purification technology to produce state-of-the-art HVAC purification devices, and high-quality surgical face masks and respirators.
Genano Ltd
Genano Ltd’s patented, advanced air purification technology is widely used across various industries worldwide, especially in environments where the cleanest possible air is required, such as hospitals, laboratories and production facilities. In the Nordic countries, Genano provides innovative clean air solutions as a comprehensive service, measuring and improving indoor air quality in thousands of commercial and public spaces on a turnkey basis.
Our Strengths
1
Competitive and partly patented technologies combined with innovative product development
2
Wide availability of our products in key markets
3
An international customer base across multiple industries
4
Efficient procurement and production operations
5
Global megatrends driving demand for our products
6
A pioneer in energy-efficient air purification
Why invest?
Reasons to invest in Pallas Air
Reasons to invest in Pallas Air
Mission
To produce clean and healthy air.
Vision
To provide clean air regardless of location.
A pioneer in clean breathing air
Pallas Air Plc is a technology company that provides solutions for breathing clean air. We are pioneers in developing products that enable cleaner and healthier breathing air. Our competitive advantage is based on the technologies we use and our efficient procurement and production.
Pallas Air’s current business operations were created in a transaction completed on November 1, 2023, in which Lifa Air Ltd acquired the entire share capital of Genano Ltd. Pallas Air’s goal is to be a competitive and efficient company in the clean and healthy air sector, with a product portfolio covering both consumer and professional products and services. Pallas Air’s business focus areas by product group are air purifiers, energy-efficient solutions, and ventilation hygiene products.
In air purifiers, we aim for profitable and controlled growth, with a key focus on air purifiers suitable for households, offices, and public spaces, as well as air purifiers suitable for demanding applications and offering high filtration efficiency.
With our energy-efficient solutions, industrial customers can efficiently remove many different indoor air pollutants from their premises, such as dust particles, nano-sized particles, harmful gases, and organic bacteria. The purified air can be recirculated back into the premises, resulting in savings in energy costs. Our range of ventilation hygiene products includes a wide selection of brush machines for professional use, vacuum cleaners, and camera robots and imaging devices for imaging and inspecting ventilation ducts.
Our customers include Finnair Plc, UPM-Kymmene Oyj, Kesko Corporation, S-Group, the National Emergency Supply Agency (NESA), the Hospital District of Helsinki and Uusimaa (HUS), Deutsche Bahn AG, Nestlé S.A., Royal Canin, Tokmanni Group Oyj, MGM Resorts hotel and casino company, the Finnish Defence Forces, and Würth Group.
Key Figures
| Thousands (€), unless otherwise stated | 1.1.–31.12.2024 (Corporation)* | 1.1.–31.12.2023 (Corporation) |
|---|---|---|
| Revenue | 8 345 | 3 521 |
| EBITDA | -4 317 | -2 875 |
| EBITDA, % | -51,7 % | -81,7 % |
| Operating profit (EBIT) | -7 944 | -5 608 |
| Operating profit, % (EBIT, %) | -95,2 % | -159,3 % |
| Loss/profit for the financial year | -8 760 | -4 311 |
| Net debt | 8 275 | 7 544 |
| Equity ratio, % | -5,81 % | 29,4 % |
| Net gearing, % | -1 011,4 % | 124,5 % |
| Return on equity, % | -377,4 % | -68,7 % |
*Unaudited
Calculation Principles for key figures
| Key figure | Definition or calculation formula |
|---|---|
| EBITDA | Earnings before interest, taxes, depreciation and amortization |
| EBITDA, % | EBITDA divided by net sales × 100% |
| Operating profit, % (EBIT, %) | Operating profit divided by net sales × 100% |
| Net debt | Interest-bearing liabilities minus cash and bank receivables |
| Equity ratio, % | Equity divided by total assets × 100% |
| Net gearing, % | Net debt divided by equity × 100% |
| Return on equity, % | Profit for the period divided by equity × 100% |
A pioneer in clean and healthy air
The company’s most important short-term goal is to achieve a turnaround in profitability during 2024 and 2025. The turnaround will be achieved through cost adjustments, realizing the synergies of the merger, developing the supply chain, and profitable growth.
In the medium term, the company aims to grow its business profitably. The company has set five cornerstones for the 2024–2028 strategy period, through which it intends to achieve its updated medium-term financial targets.
Our Strategy
- Growth in international market
- Improving profitablility by product family
- Growing the service business
- Patented cutting-edge technologies
- Acquisitions supporting growth
Strategic focus areas by product group
Air purifiers
In the air purifier market, the company aims for profitable and controlled growth, with a focus on air purifiers suitable for households, offices, and public spaces, as well as air purifiers suitable for demanding applications and offering high filtration efficiency. The company’s current product range enables broader and more effective service to selected customer segments.
Energy-efficient solutions
Pallas Air’s equipment enables industrial customers to efficiently remove many different indoor air pollutants from their premises, such as dust particles, nano-sized particles, harmful gases, and organic bacteria. The purified air can be recirculated back into the premises, resulting in savings in energy costs. These unique air purification systems provide high indoor air quality for many applications, such as welding and machining halls, logistics distribution centers, warehouses, and public spaces.
Ventilation hygiene products
The ventilation hygiene product family includes a wide range of brush machines, vacuum cleaners, camera robots and imaging devices for ventilation ducts used for imaging and inspection, intended for professional use. Pallas Air’s goal is to streamline production, increase product awareness in key customer segments, and develop distribution channels. In addition, the company is exploring new business opportunities closely related to this product segment.
Market Trends
Awareness of the importance of clean air has grown, and we believe that market trends will increase demand for our products.
The importance of air quality is constantly being emphasize
- Urbanization
- Reducing infections
- Tighter regulations
- Improving the energy efficiency of premises
- Emphasis on ESG and responsibility perspectives
We operate in markets that are expected to grow rapidly.
Our competitive advantage is based on the technologies we use and our efficient procurement and production.
Pallas Air’s competitors in the markets for respiratory protection and surgical mouth-nose protection as well as air purifiers can be divided into two different groups: specialized companies and large multinational generalists that compete with Pallas Air’s business areas as well as in numerous other markets.
Air purifiers
In 2020, the global market for air purifiers was worth approximately $12.4 billion in terms of annual revenue. The air purifier market is expected to grow significantly in the coming years.
1) Source: Air Purifier Market Research and Analysis, 2021 – Trends, Growth Opportunities and Forecasts to 2028, VPA Research
Ventilation hygiene products
The wide range of brush machines offered by Pallas Air are mainly used for cleaning grease traps in restaurants and larger, longer exhaust air ducts and process pipes in industrial settings. According to Pallas Air’s management, the potential demand for the brush machines offered by the company is high, particularly due to the large number of restaurants; for example, there are over one million restaurants in the United States alone. Contaminants accumulated in grease traps pose a fire hazard, and in many countries, legislation requires grease traps to be cleaned at regular intervals.
3) FinancesOnline: Number of Restaurants in the US 2022/2023: Statistics, Facts, and Trends (https://financesonline.com/number-of-restaurants-in-the-us/)
Financial targets and earnings forecast
The company’s medium-term financial target is to achieve annual net sales of approximately EUR 20–25 million by 2028, divided between the following business areas: air purifiers are expected to account for about 40 percent, energy-efficient solutions for about 40 percent, and ventilation hygiene products for about 20 percent of total net sales. These growth targets will be achieved through a combination of organic and inorganic growth.
The average target level for EBITDA is 15 percent of net sales during the strategy period starting in 2026. The company also aims to maintain its equity ratio above 35 percent.
The medium-term financial targets presented should not be interpreted as forecasts of the company’s future performance.
Dividend policy
The company’s dividend policy is to prioritize financing growth and business development in the short term, in line with its strategy, rather than distributing dividends. In the medium term, however, the company may consider dividend distribution as an option.
