Qflow (QFLOW) investor relations material

Executive summary

• Q3 net sales rose 47% YoY to SEK 562m, with 5% organic growth; adjusted EBITA increased 42% to SEK 68m.

• Ten acquisitions were completed in the first nine months; the network reached 40 specialist companies and 1,352 employees.

• Adjusted EBITA margin was 12% in Q3 versus 13% a year earlier, in line with expectations and reflecting recent acquisitions and the seasonal holiday period.

Financial highlights

• Q3 EBITA was SEK 39m (SEK 23m); operating profit was SEK 25m (SEK 14m); net loss was SEK 15m (SEK 14m).

• Q3 acquisition-related expenses were SEK 29m, including SEK 6m transaction costs and SEK 22m share-based remuneration.

• 9M net sales grew 65% to SEK 1,766m, with 10% organic growth; EBITA was SEK 127m and adjusted EBITA SEK 223m.

• 9M adjusted EBITA margin was 13% versus 14%; operating profit was SEK 89m (SEK 63m) and net loss was SEK 17m (SEK 6m).

Outlook and guidance

• Strategy combines continued acquisitions with organic expansion, recruitment and deeper collaboration among specialist companies; several acquisition discussions are ongoing.

• Management sees opportunities to gradually improve profitability through continued integration, development and collaboration across the businesses.

• J P Chick, acquired in October, is expected to be consolidated from November 2026.