Qflow (QFLOW) Q4 2025 earnings summary

Executive summary

• Net sales for Q4 2025 reached SEK 523 million, up 76% year-over-year, mainly due to acquisitions and organic growth.

• Full-year 2025 net sales totaled SEK 1,593 million, a 79% increase from 2024, with organic growth at 16%.

• Adjusted EBITA for Q4 was SEK 68 million (up from SEK 51 million), and for the year SEK 215 million (up from SEK 144 million).

• Ten acquisitions completed in 2025, expanding presence in Sweden, Norway, and Denmark.

• Workforce grew to 872 full-time employees by year-end, up from 470.

Financial highlights

• Q4 EBITA was SEK 41 million (SEK 40 million in Q4 2024); operating profit SEK 32 million (SEK 36 million).

• Full-year EBITA was SEK 126 million (SEK 104 million in 2024); operating profit SEK 96 million (SEK 93 million).

• Q4 profit for the period was SEK 15 million (SEK 6 million); full-year profit SEK 8 million (SEK 35 million).

• Cash flow from operating activities in Q4 was SEK 104 million (SEK 66 million); full-year SEK 117 million (SEK 105 million).

• Equity ratio at year-end was 39%.

Outlook and guidance

• Strategy focuses on continued growth through both acquisitions and organic expansion.

• Market conditions are stable with strong demand in infrastructure, energy, water, and defense sectors.

• Recruitment of skilled employees and ongoing acquisition dialogues support future growth.