Strong execution continues

Research evidence excerpt

Strong execution continues

up modestly from 3.1x at year-end (down from 3.8x

structuring in the Q1 tap issue). Including earn-outs, leverage increased Company description

to 3.9x from 3.7x in Q4’25. Liquidity remains strong following the SEK 1bn

XPartners is a leading Nordic engineeringtap issue completed during the quarter, with SEK 1,167m in cash and an

consultancy founded in 2019 and controlledadditional SEK 700m in undrawn credit facilities. by Axcel.

Continued acquisition momentum and European expansion

Analyst:

The quarter was characterised by continued M&A activity. Importantly,

glenn.kringhaug@abgsc.no

XPartners also entered the Netherlands, marking the company’s first

meaningful expansion outside the Nordics. Management continues

to highlight a strong pipeline of specialist engineering and consulting

companies across all markets. Collaboration across the platform is also

increasing, illustrated by the recently won Fortum framework agreement

where more than 60 companies within the group contributed to the bid.

Management describes the underlying market as generally stable, with

continued strong demand in infrastructure, community development,

energy, defence, data centers and energy efficiency, while weakness

remains concentrated to selected segments such as Danish life science.

Some tightening potential

XPartners' credit profile continues to rest on fundamentals that are

supportive for bondholders. The group operates a low-risk consulting

model with limited project risks, a diversified customer base with a

large share of public counterparties, and low assignment concentration.

Profitability is above industry averages, supported by services within

project management and various niches. While we do not expect