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.

Wi Landskap was founded in 2014 and works broadly across landscape architecture, including parks and the public realm, outdoor environments for children and young people, cultural environments, residential courtyards and commercial places. It supports both early-stage planning and detailed design. Clients primarily include construction companies, municipalities, government agencies and housing companies. In the most recently reported financial year, net sales amounted to just over SEK 13 million.

“We are pleased to welcome Wi Landskap to XPartners. They complement the group with niche landscape architecture expertise, and together we create clear opportunities for collaboration where more of the group’s clients can benefit from Wi Landskap’s capabilities. At the same time, the company gains access to additional competence and new customers,” says Magnus Trollius, Managing Director, XPartners Sweden.

“We are proud and happy to become part of XPartners. We will continue as Wi Landskap with the same identity and quality, while gaining even greater opportunities to create beautiful, functional, and sustainable environments for our clients. This collaboration gives us the momentum to take the next step in our growth journey,” says Åsa Wilke, CEO of Wi Landskap.

About Wi Landskap AB
Wi Landskap AB is a Stockholm-based landscape architecture firm founded in 2014. The company is a well-established landscape architecture firm with specialist expertise in cultural heritage environments and extensive experience in both design and detailed design documentation. Clients primarily include construction companies, municipalities, government agencies and housing companies.

Founded in 2022, Intecon has offices in Helsinki and Tampere and employs nearly 30 industry professionals. The company focuses on Defence & Security, Property and Industrial sectors. Intecon provides comprehensive project and cost management with active cost control and 5D-BIM modelling for transparent, data-driven delivery, alongside scheduling and project planning, sustainable real estate advisory, and building services engineering. In 2024, the company reported net sales of EUR 6 million.

“We’re proud to welcome Intecon to XPartners. Their integrated approach to project and cost management, together with strengths in scheduling, sustainability and building services engineering, is a strong complement to our platform in Finland,” says Vesa Koskelainen, Managing Director at XPartners Finland.

“Joining XPartners is about taking the next step. With a larger Finnish and Nordic network, we can take greater end-to-end responsibility in complex projects, make faster and better decisions, and deliver even clearer value for our clients. At the same time, we remain Intecon, with the same focus on precision, predictability, and results,” says Sami Hentilä, CEO and Founder of Intecon Oy.

About Intecon Oy
Intecon Oy is a project management and consulting company founded in 2022, with offices in Helsinki and Tampere. The company focuses on Defence & Security, Property and Industrial sectors, providing project and cost management, scheduling and project planning, sustainable real estate advisory, and building services engineering.

Pragmakon was founded in 2021, is based in Stockholm and has around 20 employees. The company specialises in industrial IT, automation and electrical engineering, operating across energy, infrastructure, real estate, industry and water and wastewater. Services include technical project management, design and engineering, system installation and integration, electrical and instrumentation engineering, as well as training, procurement, safety reviews, risk assessments and inspections. In the most recently reported financial year, net sales amounted to SEK 37 million.

“We are pleased to welcome Pragmakon to XPartners. They add sharp expertise in automation, industrial IT and electrical design that strengthens our delivery across energy, industry and infrastructure. With Pragmakon’s execution focus and long-standing client relationships, we can jointly offer more integrated assignments from feasibility through commissioning,” says Magnus Trollius, Managing Director, XPartners Sweden.

Pragmakon offers the full chain from feasibility and project management to installation and construction management, system integration and electrical and instrumentation engineering, complemented by training, procurement, safety reviews, risk assessments and inspections.

“Joining XPartners is a natural next step. With a larger Swedish and Nordic network, we can take greater end-to-end responsibility in complex automation projects while continuing to be Pragmakon, with the same focus on quality, expertise, and results,” says Mikael Balogh, CEO of Pragmakon AB.

About Pragmakon AB
Pragmakon AB is a technical consultancy founded in 2021 in Stockholm. The company specializes in industrial IT, automation and electrical engineering, operating across energy, infrastructure, real estate, industry and water and wastewater. Core services include technical project management, design and engineering, system installation and integration, and electrical and instrumentation engineering.

Dimensjon was established in 2020 and has offices in Oslo and Ålesund, as well as additional office space in Drammen. The company has around ten employees and operates in two main areas: project management and structural engineering. In structural engineering, the firm has designed a number of large timber buildings in Norway. Dimensjon runs projects across the country, with a strong concentration in the Østlandet area and the Ålesund region. In the 2024 financial year, the company generated just over NOK 15 million in revenue.

“It is very positive that Dimensjon is now becoming part of XPartners. The company is well recognised in the Norwegian market and clearly strengthens our offering within structural engineering. This creates new opportunities to collaborate with other companies in the group and gives us better conditions to deliver strong projects together with our clients,” says Christian Nørgaard Madsen, Managing Director at XPartners Norway.

The customer base includes clients within residential, office, retail, industrial and public building projects, with demand driven by both new construction and the further development or renovation of existing structures.

“We are pleased to become part of XPartners and look forward to continuing to develop Dimensjon together with more specialists. The opportunity to retain our identity while gaining access to a larger network and broader expertise is important for us and for our clients. It provides a solid platform for continued growth,” says Odd Grøthe, CEO of Dimensjon.

About Dimensjon
Dimensjon AS was founded in 2020 and is a consulting firm delivering engineering services in design and project management for building and civil engineering projects. The company operates from offices in Oslo and Ålesund and works on projects across residential, commercial, industrial and public buildings. Projects include both new construction and renovation of existing buildings. The company was named a Gazelle company in 2025.

The Additional Bonds were placed at an issue price of 101.5% (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.

Settlement of the issuance of the Additional Bonds is expected to be on or about 26^th January 2026. XPartners intends to apply for admission to trading of the Additional Bonds on the Nasdaq Transfer Market.

“The strong interest and an oversubscribed order book confirm the confidence in XPartners and our strategy. The tap issue provides us with continued financial flexibility to drive our profitable growth journey forward,” says Sonny Mirborn, CEO of XPartners Group.

ABG Sundal Collier and Danske Bank acted as Joint Bookrunners. Schjødt acted as legal counsel to the Joint Bookrunners, and Bruun & Hjejle acted as legal counsel to XPartners.

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.

Value Engineering was founded in 2020 and is headquartered in Silkeborg. The company comprises a specialised team of structural engineers, including certified structural engineers, lecturers at Aarhus University, and PhD-level specialists. The firm advises developers, contractors and consulting engineers throughout the building process, delivering design reviews, technical client advisory, certified structural support (KK2–KK4 and third-party control), and specialised structural consultancy. Its work spans from early design phases to detailed engineering and statutory documentation. In 2024, the company generated just over DKK 10 million in revenue.

“Value Engineering has built a strong position as a technical specialist in structures for complex projects, including industrial, pharmaceutical and data centre facilities. Their high professional standards and practical approach fit XPartners well, and this addition strengthens our Danish platform,” says Rasmus Ødum, Managing Director of XPartners Denmark.

Value Engineering’s clients span construction and industry, where demand for more resource-efficient and sustainable structural solutions continues to grow.

“Becoming part of XPartners allows us to further develop our specialist capabilities in collaboration with other strong expert environments. At the same time, we can retain our identity and way of working. This provides a solid foundation for creating even more value for our clients and is a natural next step in the company’s development,” says Mads Trosborg Møller, Managing Director of Value Engineering.

About Value Engineering
Value Engineering ApS was founded in 2020 and is a specialised structural engineering consultancy based in Silkeborg. The company provides services in design review, technical client advisory, certified structural engineer support (KK2–KK4) and third-party control, as well as specialised structural consultancy.

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.