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Edge12 Dec 2025
Running on Clouds: The Story of On
The story of how a Swiss runner's pursuit of a new running sensation became On, aiming to be the most premium global sportswear brand worldwide.
Qflow (QFLOW) investor relations material
Qflow has been private
Qflow Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Net sales for Q3 2025 reached 383 SEKm, up 87% year-over-year, mainly due to acquisitions; organic growth was 6%.
EBITA increased by 35% to 23 SEKm, with adjusted EBITA at 48 SEKm; operating profit remained flat at 14 SEKm.
For Jan–Sep 2025, net sales rose 80% to 1,070 SEKm, with 17% organic growth; EBITA up 31% to 84 SEKm.
Qflow completed two acquisitions in Q3, entering the Danish market and strengthening its Swedish presence.
The group now comprises 25 subsidiaries, expanding its specialist engineering consulting footprint in the Nordics.
Financial highlights
Q3 2025 net sales: 383 SEKm (205 SEKm in Q3 2024); Jan–Sep 2025: 1,070 SEKm (594 SEKm in 2024).
Q3 EBITA: 23 SEKm (17 SEKm); adjusted EBITA: 48 SEKm (29 SEKm).
Q3 result: -14 SEKm (2 SEKm); Jan–Sep result: -6 SEKm (29 SEKm), impacted by higher acquisition and financing costs.
Cash flow from operating activities in Q3: 3 SEKm (13 SEKm); Jan–Sep: 3 SEKm (52 SEKm).
Equity ratio at period end: 39%.
Outlook and guidance
Continued growth strategy through both acquisitions and organic expansion.
Market conditions in Sweden and Norway remain stable, with strong demand in infrastructure and energy sectors.
Recruitment of skilled employees and active acquisition pipeline support future growth.
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