Bygghuset was founded in 2009 and is headquartered in Nordre Follo located just outside of Oslo. The company has around ten employees and offers a broad range of services within project management, contract administration, construction management, quality assurance and coordination of safety, health and environment. Its operations focus on private construction projects and are conducted primarily in Greater Oslo and the Østlandet region. In the most recent financial year, the company generated revenues of approximately 20 million Norwegian kroner.

“We are very pleased to welcome Bygghuset to XPartners. The company is well established in the Norwegian construction sector and adds strong competence within project administration and project management. This strengthens our offering in an important market and creates solid opportunities for collaboration with other companies in the group,” says Christian Nørgaard Madsen, Managing Director at XPartners Norway.

The customer base consists of actors within private residential and commercial construction projects in regions with strong development, which provides healthy demand and potential for deeper collaboration.

“We have built Bygghuset through long term relationships and strong presence out on the projects. As part of XPartners, we can continue working closely with our clients while offering them broader expertise and new collaboration opportunities within the group. We see this as a natural and exciting next step in our development,” says Steinar Kvistad, CEO of Bygghuset.

About Bygghuset
Bygghuset AS was founded in 2009 and is a consultancy specialised in project administration and project management within the construction sector. The company is based close to Oslo and offers services within project management, contract administration, construction management, quality assurance and coordination of safety, health and environment. Its operations focus on private residential and commercial projects in Greater Oslo and the Østlandet region.

Adding Engineering A/S was established in 2012 and is a Danish engineering consultancy operating from offices in Aalborg, Vejle and Copenhagen (Ballerup). The company employs approximately 70 full-time professionals and specialises in electrical, mechanical, process and automation engineering, with a strong focus on complex industrial and energy-related projects supporting the green transition. Revenue for 2025 is estimated at just over 70 million Danish kroner.

“Adding Engineering is a great addition to our Danish platform with a strong track-record, solid customer relations, and clear capabilities within industrial and energy-related projects supporting process engineering and green transition. There are strong conditions for collaboration across the group and for jointly further developing our offering to customers,” says Rasmus Ødum, Managing Director of XPartners Denmark.

The company serves a diversified customer base across the energy, process, manufacturing and pharmaceutical industries, with demand driven by the need for specialised engineering expertise and reliable project execution.

“We look forward to becoming part of XPartners and continuing to develop Adding Engineering together with more specialists. The combination of retaining our hands-on culture while gaining access to a broader network and platform enables us to create even more value for our clients and our employees,” says Martin Poulsen, CEO of Adding Engineering.

“XPartners and Adding Engineering share the same focus on quality, responsibility, and long-term value. Joining the group lets us grow in a stronger environment, while keeping the DNA and culture our people and clients know,” says John Sloth, founder of Adding Engineering.

About Adding Engineering
Adding Engineering A/S is a Danish engineering consultancy founded in 2012. The company provides specialist engineering services for industrial and energy-related projects and operates from offices in Aalborg, Vejle and Copenhagen. With approximately 70 employees, Adding Engineering supports clients across the full project lifecycle with a strong focus on reliable and hands-on project delivery.

The potential Additional Bonds will be issued by way of subsequent bonds under XPartners’ outstanding SEK 3,000 million senior secured floating rate bonds due 2029 with ISIN SE0025197908 (the “Initial Bonds”). The Additional Bonds will be consolidated, and form a single series, with the Initial Bonds.

The net proceeds from the potential Additional Bonds will be used (directly or indirectly) to refinance drawings under the existing super senior revolving credit facility, finance acquisitions and other general corporate purposes.

Financial update
XPartners hereby provides selected key consolidated financial information for XPartners and its subsidiaries (the “Group”) and other information, which has been compiled by XPartners as part of the preparations for the potential issue of the Additional Bonds:

• Net sales of the Group for the twelve months ended 30 November 2025 on a pro forma basis amounted to SEK 3,498 million (excl. the effect of acquisitions signed and/or closed after 30 September 2025)
• Adjusted EBITDA of the Group for the twelve months ended 30 November 2025 on a pro forma basis amounted to SEK 638 million (excl. the effect of acquisitions signed and/or closed after 30 September 2025)
• During Q4 2025, the Group has closed ten acquisitions, which on a combined basis account for SEK 125 million of LTM EBITDA^[1]. Additionally, the Group has signed, but not closed during the period, seven acquisitions, which on a combined basis account for SEK 57 million of LTM EBITDA. Adjusted EBITDA of the Group for the twelve months ended 30 September 2025 on a pro forma basis of SEK 641 million, together with the LTM EBITDA of acquisitions closed in Q4 2025 and signed acquisitions, amount to SEK 824 million.

The financial and other information set out above has not been audited or reviewed by XPartners’ auditors.

^{[1] LTM EBITDA of acquired entities is not necessarily fully representative of underlying EBITDA, due to accruals and/or one-offs in acquired entities.}

This is a translation of the Swedish original version. The Swedish text is the binding version and shall prevail in the event of any discrepancies.

Prosjekt & Enøk Partner was founded in 2010 and is headquartered in Tønsberg. The company delivers electrical design, documentation and energy efficiency services for office and commercial buildings, residential and healthcare facilities, industrial plants, schools, private homes and sports facilities. PEP also has more than 30 years of combined experience from the onshore oil and gas industry, positioning the firm as one of Norway’s leading technical advisors within this segment. Projects are primarily located in the Vestfold region and the greater Østlandet area. In the most recent financial year, the company generated revenues of just over 15 million Norwegian kroner.

“Prosjekt & Enøk Partner is a well recognised consultancy that strengthens XPartners’ competence within electrical engineering and energy efficiency. The company’s strong track record, including industrial projects and defence related construction, makes them a valuable addition to our Norwegian platform. This provides both deeper expertise and new opportunities for collaboration across the group,” says Christian Nørgaard Madsen, Managing Director at XPartners Norway.

The customer base includes clients within industry, property development, the public sector and technically complex environments where demand is driven by increasing requirements for energy efficiency, robust electrical systems and sustainable documentation.

“We look forward to becoming part of XPartners and continuing to develop our company together with more specialists. While we retain our identity and way of working, we now gain access to a larger network and broader expertise. This strengthens both our team and our clients, and gives us a solid platform for future growth,” says Morten H. Engesveen, CEO of Prosjekt & Enøk Partner.

About Prosjekt & Enøk Partner
Prosjekt & Enøk Partner AS was founded in 2010 and is a technical consultancy based in Tønsberg. The company delivers electrical design, technical documentation and energy efficiency services to the construction and industrial sectors. With more than 30 years of combined experience from the onshore oil and gas industry, PEP is a leading advisor within electrical engineering and energy efficiency in Norway.

RED Management was founded in 2012 and is headquartered in Stockholm. The company has a team of around 30 professionals and provides advisory and management of real estate development projects for Swedish and international property owners and developers. Services include analysis, due diligence, planning amendments, sustainability, owner’s representative services, and project management. In the most recent financial year, the company generated just over SEK 60 million in revenue.

“We are very pleased to welcome RED Management to XPartners. The company brings deep expertise in advisory and management of real estate development projects and strengthens our offering within commercial real estate. Through the XPartners network, we create strong opportunities for collaboration with other companies in the group and for offering more clients an integrated and highly capable team,” says Magnus Trollius, Managing Director, XPartners Sweden.

The customer base consists of leading real estate players with long term development plans, which provides stable demand and strong potential for deeper collaboration within the XPartners network.

“We are very proud to join XPartners. Being able to remain RED Management, with our culture and way of working, while gaining access to a larger platform and broader expertise, is a significant strength. We believe that the combination of an entrepreneurial environment and a strong network will create even greater value for both our employees and our clients,” says Sophie Löfving, CEO, RED Management.

About RED Management
RED Management was founded in 2012 and is a specialized real estate development consultancy based in Stockholm. The company provides advisory, due diligence, monitoring, and management of real estate development projects, covering analysis, assessments, and project management throughout the entire development process.

Solid Rådgivning was founded in February 2023 and is based in Aukra municipality just outside Molde. The company has twelve employees and provides project management, technical advisory, process management, construction management, HSE advisory and HSE coordination (KU) during the execution phase, as well as technical inspections and construction loan control. In the previous financial year, the company generated approximately NOK 15 million in revenue and has grown significantly in 2025.

“We are pleased to welcome Solid Rådgivning to XPartners. They add sought-after capacity in project administration and leadership on both the contractor and client sides, with a particular focus on energy and power grid projects. Together with our Norwegian companies, we can deliver more integrated solutions from early planning through to completion,” says Sonny Mirborn, CEO of XPartners Group.

Solid Rådgivning works closely with clients across the entire value chain, ensuring structure, progress, quality and compliance in complex assignments.

“Becoming part of XPartners gives us the opportunity to collaborate more closely with other specialists in the network. We will continue to be Solid in our day-to-day work and look forward to contributing our experience, network and expertise. At the same time, this enables us to develop and grow as a company. Our main focus will remain delivering high quality and creating added value for our clients,” says Tor Magne Johansen, Managing Director and Senior Adviser at Solid Rådgivning.

About Solid Rådgivning
Solid Rådgivning is a Norwegian consulting firm founded in February 2023 and based in Aukra municipality just outside Molde. The company delivers project administrative services within construction, civil engineering, industry and energy, including process management, project management, construction management, HSE advisory, HSE coordination (KU), as well as technical inspections and construction loan control.

Harper & Vedel was founded in 2012, is based in Gentofte and employs 26 full-time consultants. The company delivers advanced process and engineering services to clients in biotechnology, pharmaceuticals, nutraceuticals, food and specialty chemicals, with a focus on advisory from early strategy through to operational optimization. In the most recent financial year, the company generated approximately DKK 40 million in revenue.

“We are very pleased to welcome Harper & Vedel to XPartners. They add high-caliber process expertise to our Danish platform and complement our existing companies with early value-chain advisory and strong commercial governance. Together, we can create even greater client value in a sector of strategic importance to the Danish economy,” says Rasmus Ødum, Managing Director, XPartners Denmark.

The company’s client base consists of leading Nordic life science players with long-term investment plans, providing stable demand and strong conditions for integrated deliveries within the group.

“We look forward to becoming part of XPartners and continuing to develop our services together with more specialists. With a solid client base and highquality standards, we can contribute proven process expertise while further strengthening long-term partnerships with our clients,” says Lene Holmskov, Managing Partner, Harper & Vedel.

About Harper & Vedel
Harper & Vedel is a specialized Danish consultancy founded in 2012 and based in Gentofte. The company provides process and engineering advisory to clients in biotechnology, pharmaceuticals, nutraceuticals, food and specialty chemicals. Services include concept and strategy studies, critical staff assignments, process flow management and decision support, helping clients from early choices through to operational optimization and capacity modelling.

Founded in 2018, TKAB is located in Kiruna, Gällivare and Luleå. The company delivers advanced design and engineering within automation, electrical power, energy, ventilation and HVAC, as well as project management, technical leads, construction management, training and commissioning of various process plants. In the 2024 financial year, the company generated just over SEK 26 million in revenue and has grown significantly in 2025.
 
“TKAB gives us an important, long-term presence in northern Sweden and strengthens the group’s capacity in industrial electrical and control engineering. The team combines extensive experience from the mining sector with a pragmatic execution focus that fits well with our model. We also see significant collaboration opportunities within XPartners,” says Magnus Trollius, Managing Director of XPartners Sweden.
 
TKAB’s assignments include, among other things, replacement of switchgear during maintenance shutdowns, design of new electrical and control installations in industrial and office environments, and new safety systems with emergency-stop functions. TKAB works closely with industrial processes from feasibility through commissioning and training, with high requirements on availability and minimised downtime.
 
“We are very pleased to become part of XPartners. The group gives us great opportunities to collaborate across multiple disciplines and share expertise, methods and resources. At the same time, it gives us the freedom and confidence to continue running our business on our own terms and to invest long term in our team and capabilities,” says Simon Lahti, co-founder of TKAB.
 
About Teknikkonsulterna i Norrbotten AB (TKAB)
TKAB is an engineering consultancy founded in 2018 with offices in Kiruna, Gällivare and Luleå. The company specialises in design engineering, advanced constructions and process optimisation for the industrial sector, with a clear niche in mining. Services include design engineering, project management, construction management, technical leads, training and plant commissioning.

Founded in 1970, the company has approximately 40 employees and is based in Oslo. Nosyko combines building and equipment planning with user and operational perspectives. The focus on workflows, functional requirements and operational needs ensures integrated deliveries from early stages through to procurement. Nosyko complements XPartners’ companies and strengthens the group’s position in a stable and important segment. In the most recent financial year, the company generated approximately NOK 93 million in revenue.

“We are very pleased to welcome Nosyko to XPartners. Their expertise in planning, project management and procurement naturally complements our technical disciplines. Together, we can deliver more integrated solutions in complex hospital, campus and research projects and continue our growth journey in Norway,” says Sonny Mirborn, CEO of XPartners Group.

Nosyko’s client base consists mainly of public-sector clients such as regional health authorities, university hospitals and research institutions. Projects are characterised by long cycles, stable demand and low sensitivity to economic fluctuations.

“We look forward to close collaboration with other specialists within XPartners while continuing to develop Nosyko on our own terms. With the strength of the collective, we become an even stronger and more complete partner that benefits both clients and collaborators,” says Tonje Bay-Eriksson, CEO of Nosyko.

“We are very pleased that Nosyko is now part of XPartners. This strengthens our opportunities for continued growth in the Nordic market and provides us with a broad network of expertise to collaborate with in future projects,” says Rolf C. Jerving, former Chairman of the Board and part of Nosyko for more than 30 years.

About Nosyko AS
Nosyko is an Oslo-based consulting company founded in 1970. The company provides advisory, project management and procurement support for complex building and equipment projects in healthcare, education, research and culture, with a focus on workflows, functional requirements and operations.

VCON is headquartered in Mölndal and has around 20 employees. The company works with both new builds and refurbishments for public clients as well as private property owners. Its services include design of building services systems, energy calculations and energy audits, climate simulations, CAD and installation coordination, cost estimates at all stages of the building process, and site inspections. In the most recent financial year, the company generated just over SEK 31 million in revenue.

“VCON is a very strong addition that both broadens and deepens our capabilities in the Gothenburg region. The team brings long experience, a clear quality culture and a modern design methodology that fits well with our group. We look forward to developing the offering and growing together,” says Magnus Trollius, CEO of XPartners Sweden.

VCON’s assignments span the entire building process, from early stages through execution. The company is established in both refurbishment of existing properties and larger new-build projects, and often participates in design-and-build contracts with high requirements for energy efficiency and indoor climate.

“By now becoming part of XPartners, we can offer our people at VCON an exciting and developing future. Together with driven colleagues within XPartners who share our ambition to grow both individually and as a team, we will strengthen our service offering and create new business opportunities, while continuing to deliver the high quality our customers expect,” says Daniel Grahn, CEO of VCON VVS-konsult AB.

About VCON VVS-konsult AB
VCON is a Mölndal-based consultancy founded in 1998. The company provides technical design services in HVAC, energy and indoor climate, as well as energy calculations, climate simulations, CAD and installation coordination, cost estimates and site inspections. VCON works for both public and private property owners in new builds and refurbishments. Learn more at vcon.se.