• Net sales increased 65% to SEK 297 (180) million
• Organically, sales increased 13%
• EBITA increased 31% to SEK 47 (36) million
• Pro forma net sales increased 9% to SEK 308 (283) million
• Pro forma adjusted EBITDA increased 4% to SEK 58 (56) million
• Pro forma adjusted EBITA increased 2% to SEK 56 (55) million
• Expanded presence in Sweden: Qflow further strengthened its position in the Swedish market through the acquisition of Moresco Projektledning AB in December 2024
• Loan facilities were settled in October, and a Revolving Credit Facility (RCF), amounted to SEK 150 million, was signed.

Comment from the CEO
A steady fourth quarter
Pro forma net sales and earnings increased in the quarter compared to last year. The slower start to the year in the first quarter resulted in slightly lower net sales growth for the full year. The full year EBITA was impacted by the first quarter's weaker performance, and we observed a decrease in attendance rate during the fourth quarter due to a higher volume of vacation compared to last year.

The overall demand for Qflow’s service is at a stable level. While certain market segments faced challenges due to reduced demand and pricing pressures, the company successfully secured new contracts for several large-scale infrastructure and construction projects. These wins, coupled with our ability to scale our teams to meet project demands, have positioned us well for future growth. Our assignments in long-term infrastructure and construction projects are progressing as planned, and we have successfully onboarded additional consultants to support our customers.

The Group expanded its presence in the market with the acquisition of Moresco Projektledning AB (in December), which specializes in providing operational management and project support for infrastructure projects. This brings the total number of companies within the Group to 19 in Sweden and Norway.