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.

Founded in 2005, Corall Ingenieure is one of the leading independent preventive fire protection firms in Germany. From its head office in Meerbusch near Düsseldorf and offices in Hamburg and Dortmund, the company supports clients throughout complete projects through all steps mandatory under German building law. This includes fire protection concepts, permitting, simulations, site supervision and expert opinions. Assignments span all of Germany, across all asset classes. Recent larger projects include the Westfield Hamburg-Überseequartier, TheQ in Nuremberg, the WDR Filmhaus and the Musical Theater in Cologne, the Arne Jacobsen House in Hamburg, and the New Heart high-rise project in Düsseldorf. The company has more than 50 employees and generated revenues of approximately EUR 7 million in 2025.

“Corall is an impressive company. Over two decades and more than 20,000 projects, the team has built a leading position in German fire protection engineering, with a reputation for technical quality and a pragmatic way of working. Their pivotal role in the construction process makes them a perfect fit for our collaboration platform. I am very pleased that our German journey begins with a company of this calibre,” says Sonny Mirborn, CEO of XPartners Group.

XPartners has been backed by the investment firm Axcel since 2023 and has maintained a high acquisition pace, with more than 50 companies joining the group over the past two years. Today the group comprises almost 90 entrepreneur-led companies with annual net sales of approximately SEK 5 billion (EUR 450 million). When joining, companies gain access to a broad network of specialists, with collaboration on client assignments, joint tenders and knowledge-sharing across disciplines. They continue to operate independently, under their own name and their own management, while their former owners hold ownership in the group as a whole. Employees are also given the opportunity to invest, and with more than 1,000 co-owners, the majority of XPartners is owned by the people who work across the group.

“This is very good news for our company, for our employees and for our clients. We gain the resources and the network to keep developing the business, and our team gains new opportunities to grow through exchange with specialists across the group. At the same time, everything our clients know us for remains: our name, our people and the direct, personal way we work,” say Tim Söhnchen and Frank Hatscher, Managing Directors of Corall Ingenieure.

“Germany is one of Europe’s largest construction markets, and it suits our model well. We are not entering the market for one company alone. Our ambition is to welcome additional German specialist firms to the group during the coming year, and with each company that joins, the opportunities for collaboration grow for both the companies and their clients,” says Sonny Mirborn, CEO of XPartners.

“Germany has an enormous need for planning and engineering capacity in the years ahead, from infrastructure renewal to the energy transition. Nordic and German engineering cultures fit well together, with the same foundations of technical depth, quality and long-term thinking. XPartners’ entry is good news for the German market, and Corall is a strong start,” says Olaf Demuth, Board Member of XPartners Group.

About Corall Ingenieure
Corall Ingenieure GmbH is a German engineering and expert consultancy specialising in preventive fire protection and accessibility planning. Founded in 2005, the company is headquartered in Meerbusch near Düsseldorf, with offices in Hamburg and Dortmund. Corall covers all HOAI/AHO service phases, with services including fire protection concepts, permitting, fire and evacuation simulations, site supervision and expert opinions. www.ci-experts.de

Virtual Engineering is headquartered in Gothenburg, with offices in Stockholm, Lund and Umeå. The company specialises in the management of digital product and process information, with expertise in PLM. Its services span a broad PLM offering, from strategy and architecture to process and system development, implementation, data migration and optimisation, as well as AI-supported applications for improved data quality, automation and decision support within PLM. The company works with several of Sweden’s leading industrial companies across sectors including industry, defence and energy. With around 30 employees, it has revenue of approximately SEK 50 million.

“Virtual Engineering brings expertise that few players in Sweden possess. Their work in PLM strengthens our offering in industry and defence, creating concrete opportunities for collaboration with other companies in the group,” says Magnus Trollius, Managing Director, XPartners Sweden.

Virtual Engineering works closely with its clients on longer assignments, often in technically complex environments where traceability and control over product information are business-critical.

“This is a day of real pride and joy for us. We have a unique expertise in PLM, and as part of XPartners we have the opportunity to build on it further, work alongside more specialists, and take on larger and more complex projects. The potential ahead is significant, and we look forward to growing together,” says Mathias Jernhed, CEO of Virtual Engineering.

About Virtual Engineering
Virtual Engineering is a Swedish technical consultancy headquartered in Gothenburg with offices in Stockholm, Lund and Umeå. The company specialises in PLM and the management of digital product and process information, with business areas including PLM Services, Software PLM, Development Services and Life Science PLM. Its clients are primarily found in industry, defence and energy.

On 26 June 2025, XPartners Group AB (publ) (“XPartners”) issued senior secured floating rate bonds due 2029 with ISIN SE0025197908 in the amount of SEK 3,000 million (the “Initial Bonds”).

On 26 January 2026, XPartners issued additional senior secured floating rate bonds due 2029 with ISIN SE0025197908 in the amount of SEK 1,000 million by way of a first tap issue, and on 9 June 2026, XPartners issued further additional senior secured floating rate bonds due 2029 with ISIN SE0025197908 in the amount of SEK 400 million by way of a second tap issue (together with the Initial Bonds, the “Bonds”), thereby bringing the total issue amount of the Bonds to SEK 4,400 million.

Pursuant to the terms and conditions of the Bonds, XPartners has undertaken to apply for admission to trading of the Bonds on the corporate bond list of Nasdaq Stockholm. For this purpose, XPartners has prepared a listing prospectus, which today has been approved by the Swedish Financial Supervisory Authority (Sw. Finansinspektionen). The prospectus is available at XPartners’ website and at the Swedish Financial Supervisory Authority’s website (www.fi.se). The application for admission to trading on Nasdaq Stockholm has been submitted and the first day of trading of the Bonds is estimated to be around 16 June 2026.

XPartners Group AB (publ) (“XPartners”) has today successfully placed subsequent senior secured floating rate bonds in an amount of SEK 400 million (the “Additional Bonds”) by way of a tap issue in respect of XPartners’ outstanding senior secured floating rate bonds due 2029 with ISIN SE0025197908. The tap issue was initiated by reverse enquiries.

Following the issue of the Additional Bonds, the total outstanding amount of the bonds will increase to SEK 4,400 million. The Additional Bonds were placed at an issue price of 100.50% (plus accrued interest).

The net proceeds from the Additional Bonds will be used (directly or indirectly) to finance or refinance general corporate purposes, including acquisitions.

XPartners intends to list the Additional Bonds on the Corporate Bond List of Nasdaq Stockholm.

ABG Sundal Collier, Danske Bank and Nykredit acted as Joint Bookrunners in connection with the tap issue. BAHR acted as legal counsel to the Joint Bookrunners, and Bruun & Hjejle acted as legal counsel to XPartners.

Costa was founded in 2019 and is headquartered in Helsinki, with additional offices in Jyväskylä, Joensuu and Seinäjoki. The company specialises in quantity surveying and cost estimation and supports clients through all phases of construction projects, from early budget estimates to tender estimating and cost monitoring during construction. The company employs approximately 20 specialists, and revenue amounted to EUR 1.8 million in 2025.

“Costa brings specialist expertise in cost estimation and cost management that we have previously lacked within the group. It is a discipline of growing importance to both developers and contractors, and Costa delivers it with high precision in the Finnish market. The company fits well into our Finnish platform and creates clear opportunities for collaboration with several of our companies,” says Vesa Koskelainen, Managing Director of XPartners Finland.

The company’s clients span the entire construction sector. Contractors engage Costa primarily for quantity surveying and tender estimating, while developers seek early budget estimates and ongoing cost management. A central part of the offering is the company’s cost information model, which links cost estimation with BIM and keeps cost data up to date throughout the project.

“We have built Costa into a strong specialist in precise tender pricing and quantity surveying, proactive cost management and cost information modelling. As part of XPartners, we see great potential in collaborating with the other companies in the group and reaching new types of assignments, while continuing to develop our own way of working and our offering,” says Ville Jehkonen, CEO of Costa Laskenta.

About Costa Laskenta
Costa Laskenta Oy is a Finnish cost consultancy founded in 2019 and headquartered in Helsinki, with offices in Jyväskylä, Joensuu and Seinäjoki. The company specialises in cost estimation and cost management across all phases of construction projects, with services including quantity surveying, tender estimating, budget estimates, cost management, carbon estimates and cost information models. Its clients primarily include contractors, developers and technical consultants. The company employs approximately 20 specialists.

Based in Støvring in Northern Jutland, DEE provides technical advisory and design within electrical, HVAC and ventilation, lighting and energy, complemented by commissioning management and client advisory. The company works as an independent advisor and supports clients throughout the entire technical construction process, from early advisory and design through to supervision, commissioning and handover, with its own specialists delivering the work.

“DEE services customers across the country based on deep customer understanding, solid technical expertise and high quality in deliveries. Its specialization in commissioning and technical advisory complements our Danish platform well and strengthens our Danish network, as well as our presence in Jutland. Having DEE as part of XPartners further expands the opportunities for collaboration across the group to the benefit of customers,” says Rasmus Ødum, Managing Director of XPartners Denmark.

“For us, this is about continuing to develop DEE with the same technical quality and close client dialogue that the business has been built on. As part of XPartners, we gain access to a broader network of specialist companies and new opportunities to take on larger and more complex assignments together,” says Kim Neumann Sørensen, Partner at DEE Teknisk Rådgivning.

About DEE Teknisk Rådgivning
DEE Teknisk Rådgivning ApS is a Danish engineering consultancy founded in 2011. The company employs twelve dedicated specialists and is headquartered in Støvring in Northern Jutland. DEE’s clients primarily include organizations across construction, industry and the public sector, with a focus on infrastructure and energy.

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.

Flux Partners was founded in 2014 and is headquartered in Diemen outside Amsterdam. With around 100 employees, the company provides tender management to contractors and clients in technically complex tenders within energy and infrastructure, including offshore wind, power generation, tunnels, railways and roads. This is complemented by services in project management and control, contract management and procurement, sustainability and circularity, and stakeholder management and environment. Revenue amounted to EUR 13 million in 2025.

“We continue to build our presence in the Netherlands and are very proud that Flux Partners has chosen to join the group. It is a well-run company with solid expertise and a strong market position. Flux Partners shares our view on how a successful consultancy should be built, with skilled specialists, clear business accountability and a strong entrepreneurial spirit. That makes them a natural and very welcome addition to XPartners,” says Sonny Mirborn, CEO of XPartners Group.

The team has participated in more than 700 tenders over more than ten years, with a win rate of above 55 percent. Clients are primarily leading organisations within infrastructure, energy production, grid infrastructure, and the public sector.

“For many years we have worked closely with the companies driving the energy transition and infrastructure development in the Netherlands and across Europe, and seen first-hand how important it is to have the right partner by your side. Joining XPartners gives us the opportunity to continue developing Flux Partners with our own identity and expertise, while gaining access to a broad network of specialist companies and new collaborative opportunities. That creates real opportunities for both our employees and clients,” says Michel Verlaan, CEO of Flux Partners.

About Flux Partners
Flux Partners is a Dutch consultancy founded in 2014, headquartered in Diemen outside Amsterdam. The company specialises in tender management, project management and control, contract management and procurement, sustainability and circularity, and stakeholder management within energy, infrastructure and non-residential construction.

A1 Consult was founded in 2007 and is headquartered in Randers. The company specialises in ports, coastal protection, climate adaptation, infrastructure and utilities, and provides technical advisory across all project phases, from feasibility studies and design through permitting, construction management and operational follow-up. Clients include public authorities, municipalities, industrial ports and contractors across Denmark. The company employs around twenty people.

“A1 Consult has built a well-regarded position in a segment where technical depth and long experience are decisive. Their expertise complements our Danish platform in a concrete way and strengthens our overall offering within infrastructure. We see good opportunities for collaboration with other companies in the group and look forward to welcoming A1 to XPartners,” says Rasmus Ødum, Managing Director of XPartners Denmark.

The company works on complex civil and marine engineering projects and has solid experience from assignments in port environments and along the Danish coastline.

“We have worked in ports and marine engineering since 2007 and know what it takes in that type of assignment. Becoming part of XPartners gives us access to a broader network and better conditions to take on more complex projects, without losing what makes A1 who we are: a strong culture, specialist technical expertise and a firm focus on delivery,” says Ulrik Max Jørgensen, CEO of A1 Consult.

About A1 Consult
A1 Consult A/S is a Danish engineering consultancy founded in 2007 and headquartered in Randers. The company specialises in port and marine engineering, coastal protection, climate adaptation, infrastructure and utilities, and provides advisory across all project phases. Clients include public authorities, municipalities, industrial ports and contractors across Denmark. The company employs around twenty people.