• Net sales increased 68% to SEK 205 (122) million
• Organically, sales increased 8%
• EBITA increased 107% to SEK 29 (14) million
• Pro forma net sales increased 5% to SEK 213 (203) million
• Pro forma adjusted EBITDA increased 10% to SEK 32 (29) million
• Pro forma adjusted EBITA increased 11% to SEK 31 (28) million
• Expanded presence in Sweden: Qflow further strengthened its position in the Swedish market through the acquisition of Fire and Risk Engineering in July 2024.
• Acquisition of Prodecon AS: a Norwegian project management specialist acquired by Qflow in September 2024.
• Completed bond offering of 575 SEK million. The bond was successfully listed on the Frankfurt Open Market on 2 October, following the completion of its issuance.
• Several major framework agreements, spanning multiple years, have been awarded and are crucial for several of the companies within the group.

Comment from the CEO
A stable third quarter
Pro forma net sales and earnings increased in the quarter compared to last year. On a full-year basis we were slightly behind last year due to a slower start in the first quarter.

The overall demand for Qflow’s service is at a stable level. Continued strong demand for engineering consulting services related to the infrastructure sector where the main part of our business stems from. Demand related to the building sector is weaker due to the low volume of residential construction. Our direct exposure to residential end-markets is limited and the overall effect is partly offset by offering service in other areas.

The Group has grown to 18 companies in the Sweden and Norway with the most recent acquisition of Oslo-based Prodecon AS in September 2024. Qflow further strengthened its presence by acquiring Fire and Risk Engineering in Sweden during the quarter.

In all acquisitions, 100% of the share capital was acquired.

To support Qflow’s strategic growth plans, Qflow completed a successful bond offering of SEK 575 million. The bond offering will enable Qflow to fund future acquisitions and further advance its market position.