The third quarter was another quarter in which XPartners Group grew while enhancing profitability. Net sales increased by 45% to MSEK 1,086 (747) and adjusted EBITA by 76% to MSEK 185 (105), corresponding to a margin of 17.1% (14.1). On a pro forma basis, adjusted EBITA increased by 7% on stable net sales. Adjusted EBITDA LTM (pro forma) amounted to MSEK 979.
Third quarter, July-September
- Net sales increased by 45% to MSEK 1,086 (747)
- Adjusted EBITA increased by 76% to MSEK 185 (105), margin 17.1% (14.1)
- EBITA increased by 72% to MSEK 118 (69), margin 10.9% (9.2)
- EBIT increased by 72% to MSEK 117 (68), margin 10.8% (9.1)
- Profit after tax increased to MSEK 78 (16)
- Net debt amounted to MSEK 3,843 (2,059)
Period, January-September
- Net sales increased by 61% to MSEK 3,396 (2,114)
- Adjusted EBITA increased by 65% to MSEK 565 (342), margin 16.6% (16.2)
- EBITA increased by 68% to MSEK 387 (230), margin 11.4% (10.9)
- EBIT increased by 68% to MSEK 384 (229), margin 11.3% (10.8)
- Profit after tax amounted to MSEK 215 (60)
- Net debt amounted to MSEK 3,843 (2,059)
- Adjusted EBITDA LTM (pro forma) amounted to MSEK 979; including synergies it amounted to MSEK 997
- Net debt/Adjusted EBITDA LTM (pro forma) amounted to 3.9x at the end of the period (3.1x)
Significant events during and after the third quarter
- Three companies were acquired during the quarter: Virtual Engineering in Sweden, Corall Ingenieure in Germany and kLAR Miljørådgivning in Denmark
- The acquisition of Corall Ingenieure saw the Group report net sales in Germany for the first time
- Five companies have been acquired since the end of the quarter: Front Group AS in Norway, Legera and bk beräkningskonsulter in Sweden, Niemistö in Finland, and Crux Groep in the Netherlands
- In total, 28 companies have joined the Group so far in 2026
Comments from President and CEO Sonny Mirborn:
Growth with enhanced profitability
The third quarter was another quarter in which XPartners Group grew while enhancing profitability. Net sales increased by 45% to MSEK 1,086 (747) and adjusted EBITA by 76% to MSEK 185 (105), corresponding to a margin of 17.1% (14.1). On a pro forma basis, adjusted EBITA increased by 7% on stable net sales. Adjusted EBITDA LTM (pro forma) amounted to MSEK 979.
Financial performance
Organic growth amounted to -0.7%, also when adjusted for calendar effects. On a pro forma basis, net sales were stable and adjusted EBITA increased by 7%, despite this year's higher costs for developing the shared platform. The growth figure should be seen against a business in which most of our companies and markets are performing at a good level. Sweden was the strongest, with good organic growth and higher profitability. This is where our model has had time to develop since the start in 2021, and it clearly shows how both growth and profitability are boosted when the companies operate together within the Group over time.
In the other Nordic markets, where we took our first steps in the second half of 2024, the picture was more mixed. In Finland, we continued to deliver good organic growth and the adjusted EBITA margin rose for the third consecutive quarter. In Denmark, the companies exposed to life science were hit hard by weak demand, while the segment reported clearly improved EBITA margins during the quarter, both adjusted and reported. Other sub-segments in Denmark showed a stable development. In Norway, paused and postponed public projects in the transport sector held back demand, compared with a third quarter of 2025 that showed unusually high activity, while profitability remained close to last year's level. The Netherlands reported a satisfactory result for the second consecutive quarter, and in Germany we reported net sales for the first time.
For the Group as a whole, the adjusted EBITA margin has strengthened for three consecutive quarters, to 17.1%. Growth was held back by Denmark, but excluding Denmark, the Group's net sales growth on a pro forma basis was 3.3%.
A market driven by society's investments
Overall, demand is stable, but with considerable differences between sub-segments and countries. Society's investments in infrastructure, energy, defense and the digital transition, not least data centers, are strong drivers of our markets. In Sweden and Finland, these investments are sustaining healthy demand; in the Netherlands, demand is good in energy infrastructure and urban development but currently weaker in transport infrastructure; and in Germany, we face a large market with both stronger and weaker parts, where infrastructure, energy and defense are expected to offer particularly favorable conditions in the coming years. Denmark, as described above, has softer demand in parts of its market, but otherwise a stable trend in which several sub-segments enjoy a positive market situation. Our units are flexible and adapt relatively quickly as demand changes, and as we grow, we are building a diversified business in each geographic market as a Group.
Strong acquisition pace and an attractive model
Companies are showing a strong interest in joining XPartners. Our model is built on the companies continuing to make the everyday decisions, close to their clients and coworkers, while having the strength of the Group behind them with shared framework agreements, thousands of colleagues in six countries and proven tools for growth. It is this combination that makes specialist companies choose us. During the quarter, three companies joined, including our first in Germany, and since the end of the quarter a further five have joined across the group. The inflow is significant in our established markets, and in the Netherlands, where we established ourselves this year, interest from companies wishing to join is strong. So far in 2026, 28 companies have chosen to become part of XPartners.
A positive outlook
What our specialists create is needed. Roads and railways, schools, healthcare, offices, housing, defense, water and wastewater, and energy are needs that exist in all six of our markets, and demand for our specialist services is good. We are thus building a Group broad enough to meet complex needs wherever they arise, while making decisions close to the clients. Companies that join XPartners can remain flexible and agile while enhancing their client offering with the expertise of the entire Group. With a strengthened margin, a strong inflow of new companies and a broad range of specialist services, we are well positioned for what comes next. Our journey has only just begun.
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 2026-11-05 08:00 CET.
About XPartners
XPartners Group AB (publ) is a European engineering and design consulting group. The company brings together 2,500 specialists who advise clients across infrastructure, buildings, energy, and the environment. It consists of approximately 90 entrepreneur-led companies supported by a shared platform for collaboration and growth. On a pro forma basis, annual net sales amount to SEK 5 billion and the company is primarily owned by its employees, with backing from the private equity firm Axcel. www.XPartnersGroup.com
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Sonny Mirborn, CEO
