Qflow (QFLOW) Q3 2025 earnings summary

Executive summary

• Net sales for Q3 2025 reached 383 SEKm, up 87% year-over-year, mainly due to acquisitions; organic growth was 6%.

• EBITA increased by 35% to 23 SEKm, with adjusted EBITA at 48 SEKm; operating profit remained flat at 14 SEKm.

• For Jan–Sep 2025, net sales rose 80% to 1,070 SEKm, with 17% organic growth; EBITA up 31% to 84 SEKm.

• Qflow completed two acquisitions in Q3, entering the Danish market and strengthening its Swedish presence.

• The group now comprises 25 subsidiaries, expanding its specialist engineering consulting footprint in the Nordics.

Financial highlights

• Q3 2025 net sales: 383 SEKm (205 SEKm in Q3 2024); Jan–Sep 2025: 1,070 SEKm (594 SEKm in 2024).

• Q3 EBITA: 23 SEKm (17 SEKm); adjusted EBITA: 48 SEKm (29 SEKm).

• Q3 result: -14 SEKm (2 SEKm); Jan–Sep result: -6 SEKm (29 SEKm), impacted by higher acquisition and financing costs.

• Cash flow from operating activities in Q3: 3 SEKm (13 SEKm); Jan–Sep: 3 SEKm (52 SEKm).

• Equity ratio at period end: 39%.

Outlook and guidance

• Continued growth strategy through both acquisitions and organic expansion.

• Market conditions in Sweden and Norway remain stable, with strong demand in infrastructure and energy sectors.

• Recruitment of skilled employees and active acquisition pipeline support future growth.