Continued growth and high pace of acquisitions
July - September 2026
- Net sales amounted to SEK 562 million (383)
- Organic sales growth amounted to 5%
- EBITA amounted to SEK 39 million (23), an increase of SEK 16 million.
- Adjusted EBITA amounted to SEK 68 million (48), adjusted EBITA margin 12 % (13 %)
- Operating profit amounted to SEK 25 million (14)
- Result for the period amounted to SEK -15 million (-14)
January - September 2026
- Net sales amounted to SEK 1,766 million (1,070)
- Organic sales growth amounted to 10 %
- EBITA increased SEK 43 million and amounted to SEK 127 million (84)
- Adjusted EBITA amounted to SEK 223 million (146), adjusted EBITA margin 13 % (14 %)
- Operating profit amounted to SEK 89 million (63)
- Result for the period amounted to SEK -17 million (-6)
Comment from the CEO Martin Dahlgren
Qflow delivers a third quarter with continued growth, high acquisition activity and an adjusted EBITA that increased by 42%.
Net sales increased to SEK 562 million (383), corresponding to growth of 47%. Organic growth amounted to 5% in the quarter and to 10% year-to-date. EBITA increased to SEK 39 million (23) and adjusted EBITA to SEK 68 million (48). Operating profit almost doubled to SEK 25 million (14).
The adjusted EBITA margin amounted to 12% (13), in line with expectations given the past year's acquisitions and strong considering that the quarter is characterized by the holiday period. We see good opportunities to gradually increase profitability in line with continued integration, development and collaboration between the companies within the Qflow group.
Continued high rate of acquisitions
Over the past year, Qflow has strengthened its position as a leading international consulting company in infrastructure, construction, and control and inspection. During the quarter, we completed three acquisitions, giving a total of ten acquisitions so far this year. The group now consists of 40 specialist companies with a total of 1,352 employees.
Broadened international presence
During the quarter, we acquired British Blueprint Project Solutions, specialists in project and program management for infrastructure, energy, nuclear power and defense. With Caneparo Associates and EAS Transport Planning, we now have three companies in the UK, and in October J P Chick was added. The segment had sales of SEK 27 million in the quarter with an adjusted EBITA of SEK 2 million.
In Norway, we have strengthened our offering through the acquisitions of Ecofact in nature, environment and water and Nordnorsk Byggekontroll in project and construction management. The segment increased sales to SEK 138 million (85) and adjusted EBITA to SEK 18 million (13).
In Sweden, our largest market, sales increased by 31% to SEK 400 million with a stable adjusted EBITA margin of 13%. Denmark also continues to develop well, with sales of SEK 38 million (9) and adjusted EBITA of SEK 5 million (1).
Strengthened financial position
During the quarter, we carried out an add-on issue of SEK 200 million, which means that the bond framework of SEK 1,600 million has been fully utilized, and at the same time repaid the drawdowns under our RCF. With an equity ratio of 34%, we have good financial room for manoeuvre for continued acquisition-driven growth.
Stable demand in infrastructure
Demand remained good during the quarter, both from public clients, mainly in rail, road and water and sewerage, and from private customers, where demand has stabilised. Infrastructure currently accounts for just over three-quarters of our sales, which provides a stable base in less cyclical markets.
Clear strategy going forward
Qflow's model is based on the companies becoming stronger together than individually, and this is now visible in the figures. The companies are increasingly taking on assignments together and combining their specialist skills, and during the first nine months of the year, sales between the Group's companies amounted to SEK 129 million (30), just over 7% of sales (3). Going forward, the focus is just as much on developing the companies we have: organic growth, recruitment and deeper collaboration between the companies. At the same time, we have a good acquisition pipeline and continue towards the goal of establishing Qflow as a leading specialist group in Europe.
About Qflow
Qflow Group brings together the best consultants in the built environment, and together we create a smarter and more sustainable society - through innovation and collaboration for the future.
Today, Qflow comprises 41 companies within the Group, with approximately 1,350 consultants and revenue of approximately SEK 2,500 million. Qflow is a leading player in the built environment consultancy market and brings together leading specialists in the sector.
Our network includes some of the best consultants to create better flow in the construction and infrastructure sector. We do this through smarter project management and technical solutions. Together, Qflow Group helps connect a fragmented value chain and identify synergies between contractors that can promote innovation and development.
