Qflow (QFLOW) Q1 2026 earnings summary

Executive summary

• Net sales rose 89% year-over-year to SEK 564 million, driven by both organic growth (10%) and acquisitions.

• Adjusted EBITA increased to SEK 75 million (from SEK 48 million), with an adjusted margin of 13% (down from 16%).

• Profit for the period was SEK -3 million, compared to SEK 11 million in Q1 2025.

• Four acquisitions completed in Q1 2026, expanding presence in Sweden, Norway, and Denmark.

• CEO transition completed, with Martin Dahlgren assuming the role in January 2026.

Financial highlights

• EBITA rose to SEK 42 million (from SEK 35 million year-over-year).

• Operating profit remained stable at SEK 30 million.

• Net financial items were SEK -23 million, reflecting higher interest expenses due to increased bond debt.

• Cash flow from operating activities was SEK 6 million; investing activities outflow was SEK -197 million, mainly due to acquisitions.

• Cash and cash equivalents at period end were SEK 200 million.

Outlook and guidance

• Continued focus on acquisition-driven and organic growth, with an active acquisition pipeline.

• Market outlook remains stable, supported by long-term public infrastructure investments and a gradual recovery in private construction.

• Positive recruitment trends support future growth.