Qflow (QFLOW) Q2 2025 earnings summary

Executive summary

• Net sales for Q2 2025 reached 390 SEKm, up 85% year-over-year, driven by acquisitions and 13% organic growth.

• Adjusted EBITA for Q2 was 50 SEKm, a 56% increase from the prior year, with a margin of 13%.

• Four acquisitions completed in H1 2025, expanding presence in Sweden and Norway and adding 286 employees.

• Cash and cash equivalents at period end were 487 SEKm, with an equity ratio of 37%.

Financial highlights

• Q2 2025 net sales: 390 SEKm (211 SEKm Q2 2024); H1 2025 net sales: 688 SEKm (389 SEKm H1 2024).

• Q2 2025 EBITA: 26 SEKm (20 SEKm Q2 2024); H1 2025 EBITA: 61 SEKm (46 SEKm H1 2024).

• Adjusted EBITA for Q2: 50 SEKm (32 SEKm Q2 2024); H1: 98 SEKm (63 SEKm H1 2024).

• Cash flow from operating activities in Q2: 3 SEKm (18 SEKm Q2 2024); H1: 27 SEKm (50 SEKm H1 2024).

• Q2 profit for the period: -3 SEKm (6 SEKm Q2 2024); H1: 8 SEKm (27 SEKm H1 2024).

Outlook and guidance

• Continued focus on strategic acquisitions and organic growth, especially in infrastructure.

• Market conditions in Sweden and Norway remain stable with strong demand from public sector clients.

• Ongoing recruitment and integration of new employees to support growth.