XPartners Group ends the year with continued growth and solid profitability. Net sales increased by 114% to MSEK 995. Adjusted EBITA grew by 104% to MSEK 143, corrsponding to a margin of 14.3%. On a pro forma basis the Group have now reached several new milestones, with revenue exceeding MSEK 4,000, adjusted EBITDA LTM amounting to over MSEK 800, and the number of employees surpassing 2,000.
Fourth Quarter, October-December
- Net sales increased by 114% to MSEK 995 (465)
- Adjusted EBITA increased by 104% to MSEK 143 (70), margin 14.3% (15.0)
- EBITA increased by 127% to MSEK 75 (33), margin 7.6% (7.1)
- EBIT increased by 118% to MSEK 74 (34), margin 7.5% (7.4)
- Profit after tax decreased to SEK -57 million (9)
Full Year, January-December
- Net sales increased by 152% to MSEK 3,110 (1,235)
- Adjusted EBITA increased by 141% to MSEK 485 (201), margin 15.6% (16.3)
- EBITA increased by 162% to MSEK 306 (117), margin 9.8% (9.5)
- EBIT increased by 161% to MSEK 303 (116), margin 9.7% (9.4)
- Profit after tax decreased to MSEK 3 (13)
- Net debt amounted to MSEK 2,576 (761)
- Adjusted EBITDA LTM (pro forma) amounted to MSEK 829, or MSEK 803 excluding synergies
- Net debt/Adjusted EBITDA LTM (pro forma) was 3.1x at period-end (2.1x)
Significant Events During and After the Fourth Quarter
- Ten acquisitions closed during the quarter and a further eight companies have joined after the turn of the year, totaling 34 companies during 2025
- After the end of the quarter, the company carried out a tap issue of MSEK 1,000
Comments from President and CEO Sonny Mirborn:
"Nordic Expansion with Strong Growth and Good Profitability
XPartners Group ends the year with continued growth and solid profitability. Net sales increased by 114% while Adjusted EBITA grew by 104%.
On a pro forma basis we have now reached several new milestones, with revenue exceeding MSEK 4,000, Adjusted EBITDA LTM amounting to over MSEK 800, and the number of employees surpassing 2,000. Great achievements and a strong validation to of our model and execution.
Financial Development
In the fourth quarter, net sales increased to MSEK 995 (465). Adjusted EBITA amounted to MSEK 143 (70), corresponding to a margin of 14.3% (15.0). The organic growth rate was 3.2%. For the full year 2025, revenue was MSEK 3,110 (1,235). Adjusted EBITA increased to MSEK 485 (201), corresponding to a margin of 15.6% (16.3). The organic growth rate was 4.5%.
The quarter was marked by a generally stable market situation, with continued differences in demand across segments and geographies. In Sweden, activity remained high in community development and infrastructure, while the property and residential segments continued to operate at lower levels. In Norway, performance remained strong, driven by robust public-sector activity and gradually rising demand from the private sector. The energy segment maintained solid momentum, while infrastructure showed slightly softer demand as several major projects moved toward completion. In Denmark, overall market conditions remained stable, supported by infrastructure and urban development, as well as a continued strong renovation market. In the life science segment, decision-making and project initiation processes remained somewhat prolonged, and overall market demand was substantially subdued. The Finnish operations delivered strong organic growth and profitability. This was achieved in a market showing gradual improvement, with a modest increase in demand for public projects, infrastructure, renovation, and segments such as data centers, defense and energy efficiency.
New Companies Joining
Interest in becoming part of XPartners remains strong, and we continue to work methodically to develop our pipeline of well-managed, high-quality companies. During the quarter, ten new companies joined the Group, further strengthening our combined expertise, expanding our customer base and amplifying network effects. Our ambition is the same for every acquisition, each company should preserve its unique identity while gaining access to a larger platform that offers expanded business opportunities, specialist competence, knowledge sharing and the Group's structural capital.
Collaboration for Increased Leverage
As we advance our growth journey, we continue to build stronger synergies through collaboration on customer projects, joint tenders and capacity sharing across the Group. It is an important part of organic growth and how we strengthen customer value without compromising our entrepreneurial spirit. We also focus on strengthening the Group's structural capital, which supports our long-term growth potential. A clear example of collaboration in action was the new framework agreement secured during the quarter with the Swedish energy company Vattenfall. The tender was prepared collaboratively and brought together 43 of our companies from across all countries, showcasing our ability to unite specialist expertise across organizational and national boundaries when customers demand breadth, capacity and quality.
Outlook
With a clear direction, an expanding platform and a business model that continues to prove its resilience, XPartners stands strong. As we take on another year, we do so with a solid order backlog and strong cash flow from operations, while our guiding principle remains the same. We empower leading specialist companies with the freedom to lead and the tools to grow, driven by a long-term perspective where our customers and employees are at the center."
This is a translation of the Swedish original. The Swedish text is the binding version and shall prevail in the event of any discrepancies.
For more information, please contact:
Arvid Linder, Chief Communications Officer, XPartners
arvid.linder@xpartnersgroup.com
+46 70-779 58 98
This information is information that XPartners Group is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2026-02-26 08:00 CET.
About XPartners
XPartners Group AB (publ) is a consulting group within engineering and design. The group brings together more than 2,000 specialists who advise clients in infrastructure, buildings, energy, and the environment. It consists of more than 70 entrepreneur-led companies supported by a shared platform for collaboration and growth. On a pro forma basis, annual revenue is above SEK 4.0 billion and the company is primarily owned by its employees, with backing from the private equity firm Axcel. www.XPartnersGroup.com
Image Attachments
Sonny Mirborn
