Qflow Group AB (publ) interim report January - June 2026
Strong organic growth with continued high rate of acquisitions
April – June 2026
- Net sales amounted to SEK 640 million (390)
- Organic sales growth amounted to 15%
- EBITA increased SEK 18 million and amounted to SEK 46 million (26)
- Adjusted EBITA amounted to SEK 80 million (50), adjusted EBITA margin 13% (13%)
- Operating profit amounted to SEK 33 million (19)
- Result for the period amounted to SEK 1 million (-3)
January – June 2026
- Net sales amounted to SEK 1,204 million (688)
- Organic sales growth amounted to 13%
- EBITA increased SEK 25 million and amounted to SEK 88 million (61)
- Adjusted EBITA amounted to SEK 155 million (98), adjusted EBITA margin 13% (14%)
- Operating profit amounted to SEK 63 million (49)
- Profits for the period amounted to SEK -2 million (8)
Comment from the CEO Martin Dahlgren
Qflow delivers a strong second quarter with good growth, high acquisition activity and increased capacity utilisation rates
Net sales increased to SEK 640 million (390), corresponding to a growth of 64 percent, where organic growth amounted to 15 percent during the review period. EBITA increased to SEK 46 million (26), while adjusted EBITA amounted to SEK 80 million (50). An important driving force behind the positive development is improved capacity utilization rates in the companies. This has a clear positive effect on earnings and confirms that investments in our common platform and initiatives for increased collaboration between the companies are bearing fruit.
The adjusted EBITA margin amounted to 13 percent (13), which is in line with expectations in light of the acquisitions we have made over the past year. We see good opportunities to gradually increase profitability in line with continued integration, development and collaboration within the Qflow group.
Continued high rate of acquisitions
Over the past year, Qflow has strengthened its position as a leading international consulting company in infrastructure, construction, and inspection and testing. At the end of the reporting period, the group consisted of 37 specialist companies, compared with 23 companies a year ago, with a total of around 1,250 employees.
Establishment in a new market
During the quarter, Qflow took an important step in its entry into the UK market through the acquisitions of Caneparo Associates and EAS Transport Planning, both active in transport planning and road planning. At the same time, our Nordic presence was strengthened through the acquisition of Kvadra, a Swedish engineering consultant with cutting-edge expertise in railways.
After the end of the period, we have taken further important steps in our internationalization through the acquisition of Blueprint in the UK. Together, the UK acquisitions now form a strong foundation for Qflow's continued growth in this new market.
After the end of the period, Ecofact and Nord Norsk Byggkontroll were acquired, two companies that strengthen our overall offering and position in the Norwegian market.
Strengthened financial position
The quarter was also characterized by a strengthened financial position: following approval by the bondholders, the bond framework was increased from SEK 1,200 million to SEK 1,600 million, and new bonds totaling SEK 400 million were issued. The strong investor interest confirms the market's continued confidence in Qflow and gives us increased financial room for maneuver for continued acquisition-driven growth.
Strong market trends
Demand in the infrastructure sector is continuing, driven by public sector clients continued high rate of investment in areas such as railways, roads and water and sewerage. At the same time, the volume of assignments in digital infrastructure, energy, water and defense is growing, as the energy transition and a changed security situation increase the investment needs of our customers. The private construction market also continues to show signs of recovery, which contributes to a more positive view of that part of the market.
Clear strategy going forward
We continue to build Qflow according to a clear plan where acquisition-driven development is combined with strong organic growth and increased collaboration between the companies in the group. Our strong acquisition pipeline in existing geographic segments combined with interesting opportunities in new markets creates good conditions for Qflow to establish us as a leading specialist group in Europe.