XPartners: Interim report January-March 2026

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.