Qflow (QFLOW) Q1 2025 earnings summary

Executive summary

• Net sales rose 66% year-over-year to SEK 298 million, with organic growth of 17%.

• Pro forma net sales increased 12% to SEK 314 million, reflecting recent acquisitions.

• EBITA climbed 55% to SEK 47 million; pro forma adjusted EBITA up 2% to SEK 47 million.

• Two acquisitions in Q1 2025 strengthened the Swedish market position.

• Employee count grew to 614, supporting expansion plans.

Financial highlights

• Operating profit reached SEK 15 million, up from SEK 8 million year-over-year.

• Cash flow from operating activities was SEK 13 million, down from SEK 23 million in Q1 2024.

• Cash and cash equivalents at period end were SEK 158 million.

• Equity ratio stood at 50%, indicating a solid financial base.

• Net debt to pro forma EBITDA (LTM) was 2.2x.

Outlook and guidance

• Demand for infrastructure and building segment services remains stable.

• Positive underlying trend in March 2025, with expectations for continued growth.