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.