What Systemair does

Systemair AB is a Swedish public limited company headquartered in Skinnskatteberg, listed on Nasdaq Stockholm (ticker SYSR) since 2007 and moved to the Large Cap segment in 2022. Founded in 1974 as LHG Kanalfläkt by Gerald Engström, the company manufactures ventilation and air handling equipment — air handling units (Geniox, Topvex, SAVE VTR residential), industrial and tunnel fans, air distribution products, fire safety dampers, and the ACCESS control system — along with specialty sub-brands covering air curtains and heating (Frico), North American residential ventilation (Fantech), swimming pool dehumidification and data center cooling with natural refrigerants (Menerga), filters (SagiCofim), Italian precision AC for healthcare and data centers (Tecnair LV), Malaysian commercial AHUs (PHEM Engineering), and Indian industrial fans (NADI Airtechnics). Core technology differentiators are proprietary heat recovery systems and natural refrigerant platforms (R-744 CO₂mpass, R290 Geniox HP DFN) positioned for upcoming EU F-gas regulation.

The business model is predominantly hardware sales of ventilation and cooling equipment, complemented by installation, commissioning, maintenance, and retrofit services that can extend system life 15-20 years and cut energy use by up to 60%. FY2025/26 (year ended 30 April 2026) net sales were SEK 12.50 billion with an adjusted operating profit of SEK 1.17 billion (9.4% margin); Q4 2026 net sales were SEK 3.28 billion. Pricing is project-based and not publicly disclosed. Go-to-market combines direct enterprise sales through subsidiaries in 51 countries, independent regional distributors for mid-market reach, and trade show engagement (MCE Milano, Nordbygg). The company is led by President and CEO Robert Larsson (effective 2 January 2026) under Chairman Patrikl Nolåker, with founder Gerald Engström serving as Vice Chairman and principal owner (~43.5% via Färna Invest as of March 2026). The customer base spans commercial buildings, residential, industrial, healthcare, data centers, sports venues, and infrastructure.

Name

Systemair

Legal name

Systemair AB

Website

https://group.systemair.com

Company type

Public

Founded year

1974

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Systemair AB is a Swedish manufacturer of energy-efficient ventilation, air handling, and cooling equipment, serving commercial, residential, industrial, healthcare, and data center customers across 51 countries through a multi-brand platform.

Ownership category

akta.pro rank

Product category

Industrial ventilation and HVAC equipment manufacturing

NAICS

Ventilation, Heating, Air-Conditioning, and Commercial Refrigeration Equipment Manufacturing (3334), Air-Conditioning and Warm Air Heating Equipment and Commercial and Industrial Refrigeration Equipment Manufacturing (333415), Industrial and Commercial Fan and Blower and Air Purification Equipment Manufacturing (333413), Automatic Environmental Control Manufacturing for Residential, Commercial, and Appliance Use (334512)

SIC

Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip (3585), Industrial & Commercial Fans & Blowers & Air Purifing Equip (3564), Auto Controls For Regulating Residential & Comml Environments (3822)

akta.pro primary industry

Ventilation, Ducting & Air Distribution Equipment (IMAHAKAG)

Keywords

• Air handling units
• Heat recovery ventilation
• HVAC manufacturing
• Industrial fans
• Indoor air quality

Headquarters

HQ city

Skinnskatteberg

HQ country

Sweden

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Ventilation Equipment Sales: Sale of proprietary ventilation units, air handling units, and related equipment for commercial, residential, and industrial applications. Products include fans, heat recovery units, and air distribution systems.
2. Professional Services: Installation, commissioning, and maintenance services for ventilation and refrigeration systems

Go-to-market motion1 record

Distribution channels2 records

Marketing channels3 records

Core offering

Systemair manufactures and sells energy-efficient ventilation, air handling, and indoor climate products for residential, commercial, industrial, healthcare, and infrastructure applications. Its portfolio spans the Geniox and Topvex air handling units with heat recovery, SAVE residential ventilation, MUB/MRH/AXC fans, jet and axial fans for tunnel ventilation, fire dampers and smoke control products, air distribution components, plus proprietary control systems (ACCESS) and natural-refrigerant (CO₂mpass) technology. Acquired sub-brands Frico, Fantech, Menerga, SagiCofim, Tecnair LV, NADI Airtechnics, and PHEM Engineering extend the offering into air curtains, residential North American ventilation, swimming pool dehumidification, data center cooling, precision air conditioning, and industrial fans.

Product overview

Systemair operates a multi-brand platform architecture. The core brand Systemair encompasses a broad portfolio of high-quality ventilation products including air handling units (Geniox, Topvex, SAVE residential units), fans (MUB, MRH, AXC, jet fans, axial fans, tunnel fans), air distribution products (diffusers, grilles, Louvres, VAV units), fire safety solutions (fire dampers, smoke dampers), and the ACCESS control system. The portfolio also includes three acquired sub-brands: Frico (air curtains and air-based heating, market leader in Europe), Fantech (residential ventilation in North America), and Menerga (swimming pool ventilation, precision AHUs, and data center cooling in Europe, featuring the CO2mpass technology with natural R-744 refrigerant). The Group also acquired SagiCofim (filters) and NADI Airtechnics (industrial fans in India). All products are built on standardised platforms with energy efficiency as a guiding principle, and are sold through the Group's own sales subsidiaries and distributors in 51 countries.

Differentiator

Problem solved

Functional benefit

Brands

• Systemair: Main brand covering a wide range of high-quality ventilation products including fans, air distribution products, air conditioning products and air handling units for both comfort and safety ventilation. Strong position as leading manufacturer of energy-efficient ventilation products on several geographic markets.
• Frico
• Fantech
• Menerga

Products and services

• Geniox air handling units Modular air handling unit (AHU) platform based on standardised sections that fit seamlessly together, enabling numerous configurations. Offers high energy efficiency, low noise levels, and configurable options including heat recovery, advanced filtration, and the ACCESS control system. Used across commercial buildings, hospitals, fitness clubs, and residential applications.
• Topvex air handling units Air handling unit designed for residential and commercial buildings, known for compact design, energy efficiency, and ability to improve indoor climate. Chosen for residential projects for its reliability, performance, and FTX (heat recovery ventilation) capabilities.
• SAVE VTR residential ventilation unit Residential ventilation unit with heat recovery (FTX system) designed for apartments and houses. Features Flex Tube F-ducts and box diffusers, providing balanced ventilation with heat recovery for improved indoor air quality and energy efficiency.
• Menerga ventilation units (swimming pool, precision, data center) European market-leading brand for ventilation units in swimming pool, precision ventilation, and data center cooling segments. Offers the CO2mpass dehumidification unit with integrated heat pump using R-744 (CO2) natural refrigerant, which won the ATMO Award 2025 for Heat Pump Innovation of the Year. Products include Coral AHU and advanced CO2-based dehumidification technology.
• Frico air curtains and air-based heating Market-leading European brand for air curtains and air-based heating. Offers complete solutions including infrared heaters, water-heated fan heaters, and the full product range covers comfort air curtains, industrial air curtains, and air distribution products. Represented in 70 countries with 80 years of accumulated experience.
• Fantech residential ventilation solutions Brand used for residential ventilation solutions in North America (US and Canada). Products are sold through retailers via own sales force and agents. Fantech addresses the residential market while the Systemair brand is used for commercial projects requiring energy-efficient solutions.
• Jet fans and axial fans for tunnel ventilation Tunnel ventilation fans including jet fans and axial fans for emergency and tunnel ventilation applications. Used in metro systems, road tunnels, and railways. Supplied for the Stockholm Metro Blue Line extension (7 new stations, contract value EUR 1.55 million, delivered in 14 instalments through 2029).
• MUB / MRH / AXC fan series and accessories Range of fans and accessories including MUB (multi-purpose fans), MUB/F, MUB/T, MRH (heat recovery units), and AXC (axial fans) series. Part of the multi-million-euro HVAC supply for the Milano Santa Giulia Arena, covering heating products, fans and accessories, fire safety solutions, and air distribution products.
• Fire safety solutions (FDS, FDR, S-SA1, S-SA2) Fire safety product range including FDS and FDR fire dampers and S-SA1 and S-SA2 smoke control solutions. Supplied for major projects including the Milano Santa Giulia Arena and Narvik Hospital, designed to regulate CO2 levels and extract dangerous smoke gases during fires while saving energy in daily operation.
• Air distribution products (VVKR-S, DF-48, LK-70, NOVA) Air distribution products including VVKR-S, DF-48 diffusers, LK-70, and NOVA product lines. Supplied as part of integrated HVAC solutions for large infrastructure and commercial projects.
• Geniox for healthcare / hospital applications Hygienic Geniox air handling units designed for hospitals, including operating theatres, sterile areas, and production pharmacies. Units provide energy recovery rates of 83%, low specific fan power (SFP) values as low as 0.75 for operating theatres, and up to three-step filtration systems. Supplied to Narvik University Hospital and Albacete University Hospital (63 units).
• Staircase pressurisation cabin Staircase pressurisation cabin for smoke control and safe egress in high-rise buildings. Showcased at MCE 2026 as a new Systemair offering.
• SagiCofim B.I.B.O. Safe House Changing Filter CAN SX Filter product from SagiCofim brand, a manufacturer within the Systemair Group. Showcased as a new offering at MCE 2026.
• NADI Airtechnics industrial fan product range Industrial fan product range including high-performance centrifugal fans, axial fans, railway cooling fans, and specialized solutions for CO2 separation and other environmental applications. Provided by NADI Airtechnics Ltd., an Indian manufacturer with over 220 employees in Chennai, acquired by Systemair in 2025.
• PHEM Engineering air handling units and fans Manufacturer of air handling units and fans for commercial applications based in Kuala Lumpur, Malaysia. Acquired by Systemair in May 2024 to strengthen Southeast Asia and Australia presence and provide local manufacturing capabilities.
• Tecnair LV precision air conditioning units Precision indoor air conditioning units specialising in healthcare and data center applications. Tecnair LV S.p.A. is an Italian supplier of which Systemair acquired 80% from LU-VE Group and the Monti family in 2022 for EUR 15 million.
• Systemair Retrofit service Retrofit service that upgrades existing ventilation systems by replacing fans, control systems, cooling batteries, and heat pumps with modern components, achieving energy savings of up to 60% and extending system lifetime by 15-20 years. Used when technology becomes outdated but the unit itself is in good condition.

Quantifiable outcome

• Energy savings through heat recovery ventilation systems

Named customers4 records

Segments6 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Two partnerships are on record, tiered core and minor.

• MenergacoreOthers · 1 January 2025Menerga is a Systemair brand specializing in swimming pool dehumidification and air handling systems. Won 3 gold awards at Pool & Spa Awards 2026. Produces energy-efficient systems for indoor swimming pools.
• Project Partners and DistributorsminorChannel Partner/ Reseller/ DistributorSystemair works with various project partners and distributors globally to extend market reach. These partnerships support installation and distribution of ventilation products across different regions.

Scale indicators4 records

Recent moves8 records

Expansion highlights6 records

Broad incumbents

• Daikin Industries: World's largest HVAC manufacturer with broad coverage of ventilation, air conditioning, and refrigeration, including commercial AHUs that compete with Systemair's Geniox and Topvex lines.
• Carrier Global: Diversified global HVAC and refrigeration major with strong positions in air handling, fans, and indoor air quality, competing with Systemair in commercial and industrial segments.
• Trane Technologies: Global HVAC incumbent offering air handling, chillers, and climate solutions for commercial, industrial, and data center customers, with a far broader portfolio than Systemair but significant product overlap.
• ebm-papst: Global market leader in fans and motors used in ventilation and HVAC, overlapping with Systemair's MUB, AXC, and NADI Airtechnics product lines, and a notable Systemair shareholder as well as supplier/competitor.

Direct peers

• Greenheck Group: US-based manufacturer of commercial and industrial ventilation equipment including fans, air handling units, and dampers, comparable in product scope and serving similar commercial and industrial end markets.
• Munters: Global supplier of air treatment and climate control solutions, including fans, heat exchangers, and air handling equipment for commercial, industrial, and data center applications.
• Zehnder Group: Swiss-listed manufacturer of indoor climate solutions including heat recovery ventilation, comfort ventilation, and radiators — directly comparable in European commercial and residential ventilation.
• Volution Group: UK-listed ventilation manufacturer (Vent-Axia, Fresh, PAX) serving residential and commercial markets across Europe and Australia, with comparable product mix in air handling and indoor air quality.
• Swegon: Swedish competitor offering indoor climate systems, air handling units, and ventilation products for commercial and residential buildings, with significant overlap in Nordic and European markets.
• FläktGroup: Europe-headquartered direct competitor in commercial and industrial air handling, fan, and ventilation equipment, with comparable product breadth across AHUs, fans, and air distribution.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/systemair

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries7 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A5 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Systemair