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.

XPartners Group AB (publ) (“XPartners”) will, based on investor questions, hold a digital investor/analyst conference the 15 December 2025 at 10:00 CET. The presentation will contain updates on the most recent M&A and additional trading information as outlined under the Financial Update below.

To access the conference call, please use the following link: https://bit.ly/XPartnersGroupQ3Update

Financial Update
XPartners hereby announces selected key consolidated financial information for XPartners and its subsidiaries (the “Group”) and other information, which has been compiled by XPartners subsequent to the publication of the Interim Report for the three/nine months ended 30 September 2025 (the “Q3 Report”):

• Net sales of the Group for the three/nine months ended 30 September 2025 on a pro forma basis amounted to SEK 750/2,568 million (as compared to reported net sales of the Group for the same period 2024 of SEK 747/2,114 million).
• Adjusted EBITDA of the Group for the three/nine months ended 30 September 2025 on a pro forma basis amounted to SEK 127/480 million (as compared to reported adjusted EBITDA of the Group for the same period 2024 of SEK 130/403 million).
• As at the date of Q3 Report, the Group has a total orderbook of approx. SEK 6 billion extending through 2030.
• Since 30 September 2025 and until the date of the publication of the Q3 Report, the Group has closed six acquisitions, which on a combined basis account for SEK 73 million of LTM EBITDA^[1], and a cash purchase price of SEK 452 million (incl. acquired net cash). Additionally, the Group has signed, but not closed, four acquisitions, which on a combined basis account for SEK 57 million of LTM EBITDA^[1] and a cash purchase price of SEK 250 million (incl. acquired net cash).

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

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.

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

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.

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.