January – March 2026

• Net sales amounted to SEK 564 million (298)
• Organic sales growth amounted to 10%
• EBITA increased SEK 7 million and amounted to SEK 42 million (35)
• Adjusted EBITA amounted to SEK 75 million (48), adjusted EBITA margin 13% (16%)
• Operating profit amounted to SEK 30 million (30)
• Result for the period amounted to SEK -3 million (11)

Comment from the CEO Martin Dahlgren

Qflow starts 2026 with strong growth and continued high activity in the business. During the first quarter, net sales increased to SEK 564 million (298), corresponding to a growth of 89 percent, with organic growth of 10 percent.

EBITA increased to SEK 42 million (35), while adjusted EBITA amounted to SEK 75 million (48).

The margin development is in line with expectations after we completed a major platform acquisition in Norway in Q2 2025, with a slightly lower margin profile than the average in the group. The acquisition gives us great opportunities to further grow in Norway through a strong local presence with around 20 offices, as well as to gradually increase profitability and approach the Group's margin level in line with continued development and cooperation within the Qflow group.

High continued pace of acquisitions
During the quarter, we completed four acquisitions – Hartvig Consult, MyVi, Fritunagruppen and ASH – which strengthen our position in infrastructure and community building in the Nordic market. Together, these initiatives deepen our offering and create an even stronger platform for continued growth.

After the end of the quarter, Qflow completed the acquisition of Caneparo Associates in the UK — a consulting company in transport planning and road design with approximately SEK 40 million in sales and 25 employees. The company works with projects from feasibility studies to detailed road design and complements our existing expertise in infrastructure well. The acquisition marks Qflow's first step outside the Nordic region and is the starting point for a broader establishment in the UK market, where we see good potential and already have several dialogues at different stages.

Strong market trends
The market for infrastructure consulting services remains stable with good demand, especially from public clients with long-term investments in railways, roads and water and sewerage. We also see a growing need in the digital infrastructure, energy, water and defense sectors – segments where the energy transition and increased defense readiness create new assignment volumes and where Qflow's companies have relevant expertise and established customer relationships.

In the private construction market, some recovery is noted, and the gradual upswing in housing construction that is forecast for the future represents a positive lever for the Group.

Clear strategy for continued development
We enter the rest of 2026 with a clear strategy where continued acquisition-driven and organic growth is combined with an increased focus on collaboration between the companies and efficient use of resources. The acquisition pipeline is active, and we are in dialogue with several interesting candidates within our existing geographical segments.