Second quarter, April–June

• Net sales increased by 61% to MSEK 1,256 (779)
• Adjusted EBITA increased by 64% to MSEK 212 (130), with a margin of 16.9% (16.7)
• EBITA increased by 106% to MSEK 150 (73), with a margin of 11.9% (9.3)
• EBIT increased by 107% to MSEK 149 (72), with a margin of 11.8% (9.2)
• Profit after tax increased to MSEK 40 (10)
• Net debt amounted to MSEK 3,579 (1,796)

Period, January–June

• Net sales increased by 69% to MSEK 2,310 (1,368)
• Adjusted EBITA increased by 61% to MSEK 380 (237), with a margin of 16.4% (17.3)
• EBITA increased by 66% to MSEK 269 (162), with a margin of 11.6% (11.8)
• EBIT increased by 66% to MSEK 267 (160), with a margin of 11.6% (11.7)
• Profit after tax increased to MSEK 137 (44)
• Net debt amounted to MSEK 3,579 (1,796)
• Adjusted EBITDA LTM (pro forma) amounted to MSEK 951; excluding synergies it amounted to MSEK 928
• Net debt/Adjusted EBITDA LTM (pro forma) amounted to 3.8x at the end of the period (2.8x)

Significant events during and after the second quarter

• Nine companies were acquired during the quarter and an additional two joined after the end of the quarter, bringing the total to 22 companies in 2026
• On 4 June, XPartners placed subsequent senior secured floating‑rate bonds totaling MSEK 400
• On 12 June, XPartners published a bond prospectus and applied for admission to trading of the bonds on Nasdaq Stockholm. On 16 June, the bonds were admitted to trading on Nasdaq Stockholm
• Two acquisitions closed after the end of the quarter: Virtual Engineering in Sweden and Corall Ingenieure in Germany
• With Corall Ingenieure, the Group establishes a presence in Germany

Comments from President and CEO Sonny Mirborn:
”Continued growth with maintained profitability

XPartners Group continues to grow with maintained profitability. Net sales increased by 61% to MSEK 1,256 (779) and adjusted EBITA rose by 64% to MSEK 212 (130), corresponding to a margin of 16.9% (16.7). During the quarter, we carried out a tap issue of MSEK 400 and the bond was admitted to trading on Nasdaq Stockholm.

Financial performance
The quarter was marked by a high pace of acquisitions and demand that varied significantly across our geographic markets. Organic growth was flat at 0.0%, as Sweden, our largest segment, and Finland continued to grow with good profitability, while Norway and Denmark experienced softer demand in parts of their markets.

Market
Overall demand remained stable but varied across segments and geographies. In Sweden, demand was strong in infrastructure and civil engineering, energy and defense, with a slight increase in activity in building construction, particularly in commercial projects. The Norwegian market remained somewhat subdued during the quarter, partly reflecting some softness in public investments and postponed projects. In Denmark, demand was bolstered by infrastructure and urban development, while the life science sector stayed subdued; other sectors remained relatively steady. As the Group grows and matures in its local markets, exposure to segment-level demand is becoming more balanced. Finland remained stable, driven by public investments, renovation, data centers, defense and energy efficiency. In the Netherlands, activity remained strong, fueled by energy infrastructure, housing and urban development.

New market and strong acquisition pace
After the end of the quarter, we took a major step in the Group’s development with the acquisition of Corall Ingenieure, marking our entry into the German market. Germany thus becomes our sixth market and the second new one this year. We see strong opportunities to deepen our presence in Germany using our model, which empowers companies to retain their own leadership and operate under their established names. Interest from companies that want to become part of XPartners remains high, and during the quarter nine companies joined, spread across all five markets in which we operated at the time. This brings the total to 22 companies added so far this year.

Outlook
As a Group, we engage with the society in which we live – roads and railways, schools and housing, water and energy. These needs span all our countries and evolve over time across segments and disciplines. Our strength lies in deep expertise combined with broad geographic and disciplinary coverage. Our model is built on empowering our companies with the freedom to lead and the tools to grow. With the companies that have joined this year, an expanded geographic footprint and strengthened financing, the Group is well positioned to continue its development.”

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

First quarter, January-March

• Net sales increased by 79% to MSEK 1,055 (589)
• Adjusted EBITA increased by 57% to MSEK 168 (107), margin 15.9% (18.1)
• EBITA increased by 34% to MSEK 119 (89), margin 11.3% (15.1)
• EBIT increased by 33% to MSEK 118 (89), margin 11.2% (15.0)
• Profit after tax increased to MSEK 97 (34)
• Net debt amounted to MSEK 3,121 (1,173)
• Adjusted EBITDA LTM (pro forma) amounted to MSEK 906; excluding synergies it amounted to MSEK 881
• Net debt/Adjusted EBITDA LTM (pro forma) amounted to 3.4x at the end of the period (2.5x)

Significant events during and after the first quarter

• During the quarter, the company carried out a tap issue of MSEK 1,000
• During the quarter, XPartners entered the Dutch market through the acquisition of RYSE
• Eleven acquisitions closed during the quarter and an additional eight companies joined after the end of the quarter, for a total of 19 companies added in 2026

Comments from President and CEO Sonny Mirborn:

“European expansion and consistent execution

XPartners Group begins the year with continued growth and solid profitability. Net sales increased by 79% to MSEK 1,055 and adjusted EBITA increased by 57% to MSEK 168, corresponding to a margin of 15.9%. On a pro forma basis, adjusted EBITDA for the last twelve months amounts to MSEK 906 and the number of employees exceeds 2,100. During the quarter, we also established a presence in the Netherlands, our first market outside the Nordics.

Financial performance
Organic growth for the quarter was -1.3%, or 0.5% when adjusted for calendar effects. Performance was influenced by a strong comparison quarter in both Norway and Denmark, with the latter also weighed down by a continued slowdown in the life science market. Sweden and Finland delivered solid results with positive organic growth of 4.5% and 3.9% respectively, confirming healthy underlying demand.
In January, we carried out a tap issue of MSEK 1,000 under our existing senior secured bond, bringing the total outstanding volume to MSEK 4,000. This provides continued financial flexibility for our growth journey.

Market
Overall, the market remained stable during the quarter, although demand continued to vary across segments and geographies. Sweden maintained positive momentum, and Finland continued its gradual recovery from low levels. The Norwegian market performed relatively well despite some slowdown in public projects, while Denmark was characterized by persistent weakness in life science. Overall, underlying demand remained steady, with sustained high activity in infrastructure and community development, as well as solid progress in energy, defense, data centers and energy efficiency – areas supported by long‑term investment needs.

Exposure to demand fluctuations in individual segments is gradually being balanced as the Group expands and network effects strengthen.

Strong acquisition pace and new market
Since the start of the year, 19 companies have joined the Group, and at the end of March we acquired RYSE, our first company in the Netherlands. RYSE is a multidisciplinary advisory firm in real estate and urban development and forms the foundation of our local presence. After the end of the quarter, Flux Partners also joined, further strengthening the platform. Our pipeline of well‑managed companies remains strong across all markets.

Increased collaboration
We are increasingly realizing synergies through collaboration on client assignments, joint tenders and capacity sharing. During the quarter, for instance, we won another major framework agreement – this time with the Finnish energy company Fortum – where more than 60 of our companies contributed to the bid. It demonstrates what we can achieve when we bring together specialized expertise across company and country borders.

Outlook
With an expanding platform, consistent execution and a business model that continues to prove its resilience, XPartners stands strong. Our expansion into Europe marks a new chapter in our growth journey, where we continue to give leading specialist firms the freedom to lead and the tools to grow – together with their employees, clients and one another.”

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

The report is available at: https://xpartnersgroup.com/investors/financial-reports/

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.

Third quarter, July–September 

• Net sales increased by 147% to MSEK 747 (303) 
• EBITA excluding items affecting comparability increased by 119% to MSEK 105 (48), corresponding to a margin of 14.1% (16.0) 
• EBITA increased by 146% to MSEK 69 (28), corresponding to a margin of 9.2% (9.4) 
• EBIT increased by 162% to MSEK 68 (26), corresponding to a margin of 9.1% (8.7) 
• Profit after tax increased to MSEK 16 (-18) 
• Net debt amounted to MSEK 2,059 (721) 

Period, January–September 

• Net sales increased by 175% to MSEK 2,114 (769) 
• EBITA excluding items affecting comparability increased by 161% to MSEK 342 (131), corresponding to a margin of 16.2% (17.0) 
• EBITA increased by 174% to MSEK 230 (84), corresponding to a margin of 10.9% (10.9) 
• EBIT increased by 183% to MSEK 229 (81), corresponding to a margin of 10.8% (10.6) 
• Profit after tax increased to MSEK 60 (4) 
• Net debt amounted to MSEK 2,059 (721) 
• Adjusted EBITDA LTM (pro forma) was MSEK 666¹ 
• Net debt/Adjusted EBITDA LTM (pro forma) was 3.1x (2.2) at period-end 

Significant events during and after the third quarter 

• Eight acquisitions closed during the quarter, with a further six completed after quarter-end, in total, 30 companies have joined during the year 
• Magnus Trollius has been appointed Managing Director of XPartners Sweden and took office in November 
• Christian Nørgaard Madsen has been appointed Managing Director of XPartners Norway and will take office in January 2026 
• The Group’s bond was admitted to trading on Nasdaq STO FN Transfer Market 
• The parent company has changed its name to XPartners Group AB (publ) 
• The Group’s Board of Directors has been expanded, with Olaf Demuth being elected to the Board 

Comments from President and CEO Sonny Mirborn:

“Stable Results and Strong Growth

XPartners Group delivered a stable third quarter with solid growth and improved earnings. Net sales increased by 147% year-on-year to MSEK 747. EBITA including items affecting comparability rose to MSEK 69, corresponding to a margin of 9.2%, while EBITA excluding items affecting comparability increased to MSEK 105, corresponding to a margin of 14.1%.

Financial development
The market continues to show a mixed picture, with variations between competence areas and geographies. Sweden developed steadily with healthy demand and sound margins. Norway also delivered strong results, and we see good opportunities for continued profitable growth. In Denmark delayed project starts in the life science sector had some slight impact on earnings and margins, while a solid market in other areas kept overall demand stable. Finland continues to grow profitably in a gradually improving market, with increasing collaboration opportunities and network effects as more companies join.

Eight acquisitions closed in the quarter
We remain positive on the acquisitions market and work methodically to build and pursue a pipeline of successful, well-managed companies. Interest in becoming part of XPartners remains strong, with many high-quality entrepreneur-led businesses approaching us. During the quarter, eight acquisitions closed, strengthening our capabilities, broadening the customer base and increasing network effects. In parallel, we are preparing for growth in Germany and the Netherlands by strengthening local leadership, establishing governance and readying processes for further expansion.

Entrepreneurship as a business model 
Our goal is to build one of Northern Europe’s leading platforms in the built-environment sector by supporting entrepreneur-led specialist companies. Companies that join our group continue to run their businesses and retain their brand, leadership and culture. At the same time, they gain access to more customer relationships, deeper specialist competence, business-development and leadership support, and the financial stability that enables long-term decisions. XPartners is building a group where collaboration drives profitable organic growth, and well-selected acquisitions strengthen both the customer and employee offering.

In summary, our entrepreneurial model continues to demonstrate its strength through solid results, stronger collaboration between companies, high employee engagement and strong appeal to new entrepreneurs. We will continue to bring together leading specialist companies to accelerate the sustainable development of the built environment and create long-term value for our customers, our companies and society at large.”

¹ Defined and calculated in accordance with terms and conditions of the senior secured floating rate bonds 

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