QFLOW Q2 2026 Earnings Report

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Q2 2026 – Qﬂow Group AB (publ), corporate identity number: 559384-0837 1 Interim report Q2 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) Signiﬁcant events April – June 2026  In June, the framework for the company's bond was increased to SEK 1,600 million. In connection with the expansion, an additional issue of SEK 400 million was also made. The terms are the same except that the covenant regarding equity ratio was changed from 35% to 32.5%.  During the quarter, Qﬂow completed three acquisitions that strengthened our position in the Swedish market and took our ﬁrst step in the UK market. - Caneparo is a UK-based consulting ﬁrm based in London that offers consulting services in urban development, transport planning and complex infrastructure projects. - Kvadragruppen is a consulting company in Sweden that has expertise in project management, construction management and inspection, especially for railways. - EAS Transport Planning is a British company based in London with expertise in transport planning, road design and sustainable infrastructure. Overview SEKmApr-J un2026Apr - J un 2025J an - J une 2026J an - J une 2025J an - Dec2025Net sales, pro f orma 640 390 1 204 688 1 593EBIT 33 1 9 63 49 96EBITA 46 26 88 61 1 26EBITA adjust ed 80 50 1 55 98 21 5EBITA adjust ed % 1 3% 1 3% 1 3% 1 4% 1 3%KPI:sBilling rat e 83% 80% 81 % 80% 80%Number of Full-t ime employ ees 1 273 766 1 235 690 872

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Q2 2026 – Qﬂow Group AB (publ), corporate identity number: 559384-0837 2 Strong organic growth and continued high rate of acquisitions – We continue to deliver on our strategy 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 also 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. Martin Dahlgren, CEO and President Qﬂow Group

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Q2 2026 – Qﬂow Group AB (publ), corporate identity number: 559384-0837 3 Group development April – June 2026 Turnover Net sales increased by 64% in the quarter compared with the corresponding period last year and amounted to SEK 640 million (390). The signiﬁcant increase is mainly attributable to the consolidation of acquisitions completed since the end of the second quarter of 2025. As of June 30, 2025, the Group consisted of 23 operating units compared to the 37 operating units the Group consists of on June 30, 2026. Organic growth amounts to 15%. Result EBITA increased from SEK 26 million to SEK 46 million compared to the second quarter last year. Acquisition costs in the quarter amounted to SEK 26 million (21), divided between transaction costs of SEK 7 million (10) and share-based remuneration of SEK 19 million (10). The transaction cost is lower because of the acquisitions in the second quarter of 2026 being lower compared to the same quarter in 2025. Share-based remuneration has increased as a result of the high rate of acquisitions over the past year. Adjusted EBITA amounted to SEK 80 million (50). Adjusted EBITA margin amounts to 13% (13%). The margin level is stable and in line with the company's expectations. The quarter has one working day more compared to the same quarter last year. Net ﬁnancial items for the quarter amounted to SEK - 23 million (-20). As in the previous year, ﬁnancial expenses mainly relate to interest on issued bonds of SEK 20 million and interest expenses on lease liabilities of SEK 2.7 million. The increase in interest expenses is explained by the fact that bond debt increased in 2025. Proﬁts for the period amounted to SEK 1 million (-3). Cash ﬂow Cash ﬂow from operating activities amounted to SEK 45 million (3) in the quarter. Cash ﬂow from investing activities amounted to SEK -86 million (-167), mainly attributable to business combinations in the quarter. The acquisition rate in terms of the number of companies is higher in the second quarter of 2026 compared to the same quarter last year, but the acquired companies have lower annual sales overall, which has resulted in lower acquisition proceeds in total in the quarter. Cash ﬂow from ﬁnancing activities amounted to SEK 332 million (494). In the quarter, the increase in bond debt resulted in an increase of SEK 400 million, part of the proceeds has been used to repay drawdowns on our RCF. In the same quarter of 2025, an increase of SEK 425 million was also made to the bond debt. Financial position At the end of the period, cash and cash equivalents amounted to SEK 492 million (487). The company shows a stable ﬁnancial position with an equity ratio of 34%. This indicates that a signiﬁcant portion of the company's assets are ﬁnanced by equity, which creates a stable foundation for future growth and acquisitions. January – June 2026 Turnover Net sales increased by 75% in the quarter compared with the corresponding period last year and amounted to SEK 1,204 million (688). The signiﬁcant increase is mainly attributable to the consolidation of acquisitions completed since the end of the ﬁrst quarter of 2025. As of June 30, 2025, the Group consisted of 23 operating units compared to the 37 operating units the Group consists of on June 30, 2026. Organic growth amounts to 13%. Result EBITA increased from SEK 61 million to SEK 88 million compared with the ﬁrst quarter last year. Acquisition costs in aggregate amounted to SEK 60 million (34), divided between transaction costs of SEK 24 million (17) and share-based remuneration of SEK 36 million (17). The increase in transaction costs compared to last year is due to more acquisitions being made during the ﬁrst half of 2026 compared to the same quarter in 2025. Share-based remuneration has increased as a result of the high acquisition ceilings over the past year.

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Q2 2026 – Qﬂow Group AB (publ), corporate identity number: 559384-0837 4 Adjusted EBITA amounted to SEK 155 million (98). Adjusted EBITA margin amounts to 13% (14%). The margin level accumulated is slightly below the previous year but in line with the company's expectations. Compared with the previous year, several acquisitions have been carried out, which affects the average for the Group, as the margin level varies slightly in the acquired companies. The quarter has one working day more compared to the same quarter last year. Net ﬁnancial items for the quarter amounted to SEK - 46 million (-34). As in the previous year, ﬁnancial expenses mainly relate to interest in issued bonds of SEK 41 million and interest expenses on lease liabilities of SEK 5.4 million. The increase in interest expenses is explained by the fact that the bond debt was increased in Q2 2025 and Q2 2026. Proﬁts for the period amounted to SEK -2 million (8). Cash ﬂow Cash ﬂow from operating activities amounted to SEK 50 million (20) in the quarter. Cash ﬂow from investing activities amounted to SEK -28.3 million (- 280), mainly attributable to business combinations in the quarter. The acquisition rate in terms of the number of companies is higher in the ﬁrst half of 2026 compared to the same quarter last year. Cash ﬂow from ﬁnancing activities amounted to SEK 496 million (544). In the quarter, bond debt increased by about the same amount as in 2025, but we have regulated draws on our RCF to a greater extent. Parent company January – June 2026 Net sales in the Parent Company amounted to SEK 4 million (3) and related to intra-group services. Proﬁt after net ﬁnancial items amounted to SEK -35 million (-21). Investments in ﬁnancial assets in the ﬁrst quarter amounted to SEK 91 million (101). The increase in ﬁnancial assets relates to shareholder contributions to the subsidiary Qﬂow Midco AB. Cash and cash equivalents at the end of the period amounted to SEK 358 million (415). Personal The number of full-time employees amounted to 1 242 at the end of the second quarter of 2026, which is an increase of 392 people compared to the end of 2025.

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Q2 2026 – Qﬂow Group AB (publ), corporate identity number: 559384-0837 5 Market Demand for consulting services remains good in both the Swedish and Norwegian markets, especially in infrastructure-related projects. Among public customers, we see a stable demand for new investments in road and rail infrastructure, which together with extensive maintenance needs constitutes an important base. We also see a growing need for investment in the energy, water and defense sectors, which contributes to the stability of the infrastructure sector. The Group is in a strong position to deliver in these areas. Demand from private customers has stabilized during the year. Housing construction remains at low levels, but several forecasts point to a gradual recovery from 2026 onwards. The Group's exposure to new construction is low, but the market as a whole is positively affected by an increase in residential construction. Future prospects The Group has a clear strategy for continued growth, which includes both strategic acquisitions and organic expansion. The market in which the Group's companies operate is considered to be stable with good foresight, characterized by many long-term agreements. We see a positive development in the recruitment of new competent employees, which is an important prerequisite for our continued growth. In the acquisition area, active work is ongoing with several ongoing dialogues with interesting potential acquisition candidates in our existing geographical segments. Risks and uncertainties Through its operations, the Group is exposed to various types of ﬁnancial and operational risks that may affect the Group's earnings, position and future development. These risks are primarily linked to market conditions, customer and project structure, resource planning and ﬁnancial exposures such as liquidity, credit risk, interest rate and currency risks. A downturn in the global economy, a downturn in the Swedish market, or a decline in interest in the company's products or services can have a signiﬁcant negative effect on the company's operations, results and ﬁnancial position. Acquisitions of companies for continued growth are an essential part of the Group's business strategy. The Group strives to acquire companies both in markets where the Group is already active and in new markets where the Group is currently active to a limited extent or not at all. If the Group were unable to identify attractive target companies for acquisitions or carry out such acquisitions on favorable terms, this would have a negative impact on the Group's operations and ﬁnancial position. Acquisitions and other similar transactions are subject to risks and uncertainties and may involve obligations and risks related to their nature or value. Furthermore, the completion of relevant acquisitions is dependent on the Group either having sufﬁcient funds available or obtaining ﬁnancing for such acquisitions. Liquidity risk refers to the risk that the Group will not be able to meet its payment obligations when they fall due without signiﬁcant cost increases or negative consequences for the business. As the Group operates in consulting services, where resource planning and invoicing rates are key factors, liquidity is continuously monitored through forecasts and cash ﬂow analyses. The Group strives for good payment preparedness by maintaining sufﬁcient cash and access to credit lines when necessary. Liquidity risk is also managed through a balanced project portfolio, clear contractual terms and effective procedures for monitoring the ﬁnancial status of the projects. A more detailed account of the Group's risks can be found in Qﬂow Group's Annual Report for 2025.

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Q2 2026 – Qﬂow Group AB (publ), corporate identity number: 559384-0837 6 Other information Qﬂow Group has a bond issued since September 25, 2024. The bond carries a ﬂoating interest rate (stibor + 5.5%). The initial issue amount was SEK 575 million. During Q2 2025, an additional issue of SEK 425 million was made. In Q2 2026, the framework was expanded to SEK 1,600 million and an add-on issue of SEK 400 million was carried out. The bond is listed on the Frankfurt Open Market and on Nasdaq Stockholm's corporate bond list (ISIN SE0022759825). The bond has maturity until September 25, 2028. Events after the end of the period In July, Qﬂow completed the acquisition of Ecofact. Ecofact offers consulting services in ecological investigations, environmental consulting and sustainability issues, which helps to meet the increasing demand for qualiﬁed decision-making and expert support in complex community building and infrastructure projects. The company's annual sales amount to approximately SEK 35 million and have 20 employees. The company will be consolidated from July 2026. In August, Qﬂow completed the acquisition of Blueprint. Blueprint specializes in project management and quantitative risk analysis in the defense, infrastructure and energy sectors. The company's annual sales amount to approximately SEK 65 million and have 45 employees. The company will be consolidated from August 2026. At the end of August, Qﬂow completed the acquisition of Nordnorsk Byggekontroll. Nordnorsk Byggekontroll offers consulting services in project management and construction management, including coordination of work environment and safety. The company's annual sales amount to approximately SEK 20 million and have 20 employees. The company will be consolidated from September 2026. In July, an additional issue of the bond of SEK 200 million was carried out, which means that the entire framework has been utilized. During July, draws on RCF of SEK 120 million were settled. Qﬂow in brief • Qﬂow is a leading Nordic group within specialist engineering consulting • The Group was founded in 2022 by Svante Hagman (former CEO) and Emile Hamon (COO), with support from Aspira Partners, through the acquisitions of two leading platform investments in infrastructure engineering consultancy • Unique service breadth of specialist competencies from today’s 37 subsidiaries with expertise areas in infrastructure, construction, energy and environment as well as testing and inspection • Highly qualiﬁed personnel, consisting primarily of trained engineers (M.Sc., PHDs, etc.) • With national presence and focus on urban hubs in Sweden, Norway and Denmark, the Group is positioned to capitalize on infrastructure investment trends • Qﬂow operates a decentralized business model where the Group’s subsidiaries are in charge of day-to-day operations, ensuring aligned interests and proximity to end customers, markets, and local know-how • The common platform is strengthened by central support for recruitment, “bring a friend” co-operation in customer offerings and the Qﬂow Accelerator program for strategic management and leadership. • Through both organic and inorganic growth, Qﬂow has quickly become an important player on the market and is on track to become a leading specialist in civil engineering consulting • Industry-leading proﬁtability underpinned by high level of customer satisfaction, high utilization and low employee turnover

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Q2 2026 – Qﬂow Group AB (publ), corporate identity number: 559384-0837 7 Segments Qﬂow offers a unique breadth of specialist skills from today's 37 operating subsidiaries, with expertise in infrastructure, construction, energy, environment, as well as tests and inspections. Qﬂow operates in three geographical segments, Sweden, Norway, Denmark and United Kingdom. The operations in the geographical areas are similar and have similar revenue streams and cost structures. The revenue streams mainly relate to invoicing consultancy services performed on current account. Fixed-price projects account for a small part of the Group's sales, about 10%. Transfer pricing within the Group is on market terms. Sweden Net sales amounted to SEK 507 million (323) in the quarter. Turnover increased to 57%. The increase is largely driven by several ﬁne acquisitions in 2025. But we also see a strong organic sales increase of 16% in the existing business. The organic increase is mainly an effect of a good recruitment rate of new employees. Adjusted EBITA amounted to SEK 7 .2 million (50), which means a stable margin of 14% (15%). Demand in the Swedish market remained stable during the quarter. The capacity utilization rate is 85%, which is an improvement compared to previous year. A good replenishment of new assignments and continued conﬁdence in existing ones led to growth in the order backlog. Norway Net sales amounted to SEK 128 million in the quarter (77). Adjusted EBITA amounted to SEK 8 million (4). The increase in sales is largely driven by acquisitions. During the second quarter of 2026, a major platform acquisition was completed in Norway, followed by another acquisition at the end of 2025. The acquired companies have different margin proﬁles, which means that the segment as a whole has a lower margin proﬁle compared to other segments. We see a high level of activity and growth linked to assignments in digital infrastructure. During the quarter, we reviewed the company's organizational structure in one of the companies to improve efﬁciency and proﬁtability. Denmark Net sales amounted to SEK 42 million (-) in the quarter and adjusted EBITA amounted to SEK 7 million (-). In the third quarter of 2025, Qﬂow Group took the ﬁrst step into the Danish market through the acquisition of DAI A/S and in January 2026 the acquisition of Hartvig Consult Aps was completed. The segment thus has no comparative ﬁgures for the second quarter of 2025. Operations in Denmark are doing well, with high efﬁciency in projects and a good market situation. United Kingdom Net sales amounted to SEK 12 million (-) in the quarter and adjusted EBITA amounted to SEK 2 million (-). During Q2 2026, two acquisitions were completed in the UK, which means the Group's initial establishment. Another acquisition has been completed in Q3 2026. The companies have delivered as expected during the ﬁrst months they have been part of the group.

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Q2 2026 – Qﬂow Group AB (publ), corporate identity number: 559384-0837 8 Condensed consolidated income statement Condensed consolidated statement of comprehensive income SEKmApr - J un 2026Apr - J un 2025J an - J un 2026J an - J un 2025J an - Dec2025Net sales 640 390 1 204 688 1 593Ot her operat ing income 1 1 4 2 6Revenue 640 390 1 208 690 1 599Raw mat erials and consumables used -5 -3 -9 -5 -1 5Ot her ex t ernal cost s -1 65 -1 04 -307 -1 84 -433Employee benef it s ex pense -376 -21 9 -702 -375 -873Depreciat ion and amort isat ion -35 -24 -68 -42 -99Ot her operat ing ex penses 0 0 0 0 0A cquisit ion-relat ed ex penses -26 -21 -60 -34 -83Operating profit 33 1 9 63 49 96Finance income 1 0 1 1 30Finance cost s -24 -20 -47 -34 -85Total income from financial items -24 -1 9 -46 -33 -55Profit before tax 1 0 0 1 7 1 6 41Income t ax ex pense -9 -3 -20 -8 -33Profit for the year 1 -3 -2 8 8Prof it f or t he period at t ribut able t o: Equit y holders of t he parent company 1 -3 -2 8 8SEKmApr - J un 2026Apr - J un 2025J an - J un 2026J an - J un 2025J an - Dec2025Profit for the year 1 -3 -2 8 8Other comprehensive incomeOt her comprehensive income t hat may be reclassif ied t o prof it or loss in subsequent periods:Ex change dif f erences on t ranslat ion of f oreign operat ions3 -1 29 -2 -1 4N et other comprehensive loss that may be reclassified to profit or loss in subsequent periods3 -1 29 -2 -1 4Total comprehensive income for the year, net of tax4 -4 26 6 -5Tot al comprehensive income at t ribut able t o:Equit y holders of t he parent company 4 -4 26 6 -5

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Q2 2026 – Qﬂow Group AB (publ), corporate identity number: 559384-0837 9 Condensed consolidated balance sheet SEKm30 J un202630 J un202531 Dec 2025AssetsGoodwill and int angible asset s 2 064 1 437 1 734Propert y , plant and equipment 44 34 35Right -of -use asset s 205 1 47 1 96Non-current f inancial asset s 7 6 7Total non-current assets 2 321 1 623 1 971Current receivables 732 499 531Cash and short -t erm deposit s 492 487 223Total current assets 1 224 987 754Total Assets 3 545 2 61 0 2 725Equity and liabilitiesTot al equit y 1 1 93 978 1 059Total equity 1 1 93 978 1 059Provisions 0 62 1Def erred t ax 89 0 71Ot her non-current f inancial liabilit ies 1 394 1 006 992Non-current lease liabilit ies 1 1 9 78 1 1 6Ot her non-current liabilit ies 1 3 0 24Total non-current liabilities 1 61 5 1 1 46 1 203Int erest -bearing loans and borrowings 1 20 80 0Current lease liabilit ies 76 59 69Ot her current liabilit ies 541 346 394Total current liabilities 737 486 464Total Equity and liabilities 3 545 2 61 0 2 725

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Q2 2026 – Qﬂow Group AB (publ), corporate identity number: 559384-0837 10 Condensed consolidated statement of changes in equity SEKmShare capitalOther capital contributedOther equity incl. Profit (loss) for the yearTotalAs at 2025-01 -01 2 81 9 37 858Total comprehensive income-5-5Transact ions wit h ownersIssue of share capit al 0 205205At 2025-1 2-31 3 1 024 32 1 058As at 2026-01 -01 3 1 024 32 1 058Total comprehensive income2626Transact ions wit h ownersIssue of share capit al 0 1 081 09At 2026-06-3031 1 33581 1 93

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Q2 2026 – Qﬂow Group AB (publ), corporate identity number: 559384-0837 11 Condensed consolidated cash ﬂow statement SEKmApr - Jun 2026Apr - Jun 2025Jan - Jun 2026Jan - Jun 2025Jan - Dec2025Operating profit 33 19 63 49 96 Adjustments for non-cash items 55 40 105 72 141 Interest received 1 0 1 1 3 Interest paid -24 -20 -47 -34 -85Income tax paid -18 -10 -54 -28 -36Cash flow from operatin activities before changes in working capital46 30 68 61 118 Increase /decrease in inventories 0 0 0 0 0 Increase/decrease in operating receivables -42 -40 -39 -48 -34Increase/decrease in operating liabilities 41 13 22 8 25 Cash flows from operating activities 45 3 50 20 109 Acquisition of intangible assets 0 -1 0 -1 -1Acquisition of tangible assets -6 -3 -13 -5 -9Acquisition of a subsidiary, net of cash acquired -81 -164 -271 -274 -523Change in financial assets 1 0 1 0 3Cash flows from investing activities -86 -167 -283 -280 -531Net new share issue 7 12 14 13 27Proceeds from loans 450 568 625 628 628Repayment of leasingdebt -19 0 -37 0 -58Repayment of loans -105 -85 -105 -97 -152Cash flows from financing activities 332 494 496 544 445Cash flow for the period 291 330 263 284 23 Cash and cash equivalents at the beginning of the period 200 158 223 204 204Net foreign exchange difference 1 -1 5 -1 -4Cash and cash equivalents at the end of the period 492 487 492 487 223

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Q2 2026 – Qﬂow Group AB (publ), corporate identity number: 559384-0837 12 Condensed Parent company income statement SEKmApr - J un 2026Apr - J un 2025J an - J un 2026J an - J un 2025J an - Dec2025Net sales 4 3 7 6 1 3Ot her operat ing income 0 0 0 0 0Revenue 4 3 7 6 1 3Ot her ex t ernal cost s -8 -3 -1 3 -5 -1 5Employ ee benef it s ex pense -6 -4 -1 1 -7 -1 5Total cost -1 4 -7 -25 -1 2 -29Operating profit -1 0 -3 -1 7 -6 -1 7Finance income 0 0 0 1 1Financial cost s -25 -1 8 -45 -30 -74Result from financial items -25 -1 7 -45 -29 -73Profit before tax -35 -21 -63 -35 -89Group cont ribut ion and unt ax ed reserves - - - - 97Earnings before tax -35 -21 -63 -35 8Income t ax ex pense - 0 - 0 -1 1Profit for the year -35 -21 -63 -35 -3

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Q2 2026 – Qﬂow Group AB (publ), corporate identity number: 559384-0837 13 Condensed Parent Company balance sheet SEKm30 Jun202630 Jun202531 Dec2025AssetsFinancial asset s 2 01 0 1 490 1 91 9Total non-current assets 2 01 0 1 490 1 91 9Current receivables 580 305 360Tot al Cash & bank 358 41 5 1 03Total current assets 938 720 463Total Assets 2 948 2 21 0 2 381Equity and LiabilitiesTotal equity 1 1 44 976 1 097Tax allocat ion reserves 0 2 0Non-current liabilit ies 1 390 990 988Short t erm liabilit ies t o credit inst it ut ions 1 20 80 0Current liabilit ies 294 1 63 296Total Equity and liabilities 2 948 2 21 0 2 381

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Q2 2026 – Qﬂow Group AB (publ), corporate identity number: 559384-0837 14 Notes Note 1 General information about the business This interim report covers the Swedish parent company Qﬂow Group AB (publ), corporate identity number 559384- 0837 , and its subsidiaries. The Group conducts consulting activities in community building. The parent company is located in Malmö, Hyllie Boulevard 53, 215 37 Malmö. The parent company, Qﬂow Intressenter II AB (corporate identity number 559531-9822, with its registered ofﬁce in Stockholm), is considered the principal shareholder, as it is the only shareholder holding more than 10% of the share capital and voting rights. The remaining shareholders include the company’s management and employees. Note 2 Accounting principles The consolidated ﬁnancial statements are prepared in accordance with IFRS Accounting Standards. The Group’s interim report has been prepared in accordance with IAS 34 Interim Financial Reporting and the applicable provisions of the Swedish Annual Accounts Act (1995:1554). The report has been prepared using the same accounting policies and calculation methods as those applied in Qﬂow’s Annual Report for 2025. The Parent Company applies the Swedish Annual Accounts Act and RFR 2 Accounting for Legal Entities. All amounts in this report are stated in millions of Swedish kronor (SEKm) unless otherwise speciﬁed. Rounding differences may occur. Note 3 Signiﬁcant estimates and judgements The Group makes estimates and assumptions about the future. The resulting accounting estimates, by deﬁnition, will rarely correspond to the actual result. The estimates and assumptions that involve a signiﬁcant risk of material adjustments to the carrying amounts of assets and liabilities in the next ﬁnancial year are summarized below. Business Acquisitions In connection with the completion of acquisitions, the Group prepares acquisition analyses. Accounting for acquisitions involves a high degree of judgment and estimates, which primarily relate to the valuation and allocation of surpluses and deﬁcits in acquisition analysis to assets and liabilities (net assets) as well as adjustment items for adaptation to the Group's accounting principles. Historically, no adjustments have been made to the carrying amounts. In connection with acquisitions, there may be a contingent consideration, the size of which is determined by future earnings. In the initial acquisition analysis, an assessment of the level of the contingent consideration is made based on existing budgets and forecasts. In the company acquisitions carried out by the Group, a part of the purchase price is settled through newly issued shares in Qﬂow Group AB. These shares are subject to certain vesting conditions and are therefore recognized as share-based payment and not as part of the business acquisition. Goodwill The Group conducts an annual impairment test of goodwill and intangible assets with an indeﬁnite useful life, or more frequently if events or changes in circumstances indicate a potential decrease in value. The recoverable amount for the cash-generating units has been determined by calculating the value in use. For the calculation, certain estimates must be made. The calculation is based on cash ﬂow forecasts based on budgets and forecasts determined by management for the next ﬁve years.

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Q2 2026 – Qﬂow Group AB (publ), corporate identity number: 559384-0837 15 Note 4 Segment reporting A business segment is a component of the group that engages in business activities from which it can earn revenue and incur expenses and for which discrete ﬁnancial information is available. The group's operations are divided into different segments based on geographical areas. These are Sweden, Norway, Denmark and United Kingdom. The group's CEO is identiﬁed as the highest executive decision maker and monitors the performance of the business and makes decisions about resource allocation based on the services performed and the goods sold within each segment. The operations within each segment have similar revenue streams and cost structures. Internal pricing within the group is based on arm's-length principles. Apr-Jun 2026Sweden Norway DenmarkUnited Kingdom Total SegmentUnallocated amounts and eliminations TotalEx t ernal sales 467 1 1 9 42 1 2 640640Int ernal sales 40 1 0 0 - 50 -500Total net sales 507 1 28 42 1 2 690 -50 640Adjusted EBITA 72 8 7 2 89 -9 80A cquisit ion-relat ed it ems -26 -26Non-recurring it ems -7 -7A mort isat ion of int angible asset s -1 3 -1 3Financial it ems -24 -24Operating profit 1 0April-June 2025Sweden Norway DenmarkUnited Kingdom Total SegmentUnallocated amounts and eliminations TotalEx t ernal sales 31 3 77 - - 390 -390Int ernal sales 1 0 - - - 1 0 -1 00Total net sales 323 77 - - 400 -1 0 390Adjusted EBITA 50 4 - - 54 -5 50A cquisit ion-relat ed it ems -1 1 -1 0-21Non-recurring it ems - -1 -2-3A mort isat ion of int angible asset s 0 0 -7-7Financial it ems - - -1 9-1 9Operating profit 39 -7 -32 0Jan-Jun 2026Sweden Norway DenmarkUnited Kingdom Total SegmentUnallocated amounts and eliminations TotalEx t ernal sales 877 233 82 1 2 1 204 -1 204Int ernal sales 70 1 8 0 - 88 -880Total net sales 947 250 82 1 2 1 292 -88 1 204Adjusted EBITA 1 37 1 9 1 4 2 1 72 -1 7 1 55A cquisit ion-relat ed it ems -60 -60Non-recurring it ems -7 -7A mort isat ion of int angible asset s -25 -25Financial it ems -46 -46Operating profit 1 7

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Q2 2026 – Qﬂow Group AB (publ), corporate identity number: 559384-0837 16 Note 5 Net sales Jan-Jun 2025Sweden Norway DenmarkUnited Kingdom Total SegmentUnallocated amounts and eliminations TotalEx t ernal sales 579 1 09 - 688 -688Int ernal sales 1 4 - - 1 4 -1 40Total net sales 593 1 09 - 702 -1 4 688Adjusted EBITA 99 1 1 - 1 1 0 -1 3 98A cquisit ion-relat ed it ems -22 -1 2 -34 -34Non-recurring it ems - -1 -1 -2 -3A mort isat ion of int angible asset s 0 0 -1 -1 1 -1 2Financial it ems - - - -32 -32Operating profit 77 -3 - 74 -58 1 7SEKmApr-J un2026Apr-J un2025J an - J un2026J an - J un2025J an - Dec2025Private customersSweden 1 99 1 42 385 270 61 5Norway 68 46 1 39 42 1 82Denmark 23 - 40 - 0Unit ed Kingdom 9 - 9 - -Total 299 1 88 574 31 2 797Public customersSweden 268 1 71 494 31 0 645Norway 50 31 92 67 1 1 7Denmark 1 8 - 41 - 33Unit ed Kingdom 4 - 4 - -Total 341 202 630 377 795Total net revenue 6403901 2046881 593

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Q2 2026 – Qﬂow Group AB (publ), corporate identity number: 559384-0837 17 Note 6 Financial instruments In addition to the ﬁnancial instruments stated in the tables above, the group has ﬁnancial liabilities consisting of lease liabilities, which are accounted for and valued according to IFRS 16. The reported value of accounts receivable, liquid assets, and accounts payable constitute a reasonable approximation of fair value. Conditional additional purchase prices are measured at fair value according to level 3. See also note 7 for further information on conditional additional purchase prices. Financial assets (SEKm)Valued at amortized cost Fair valueValued at amortized cost Fair valueA ccount s receivables 339 224Cash & bank 492 487Total financial assets 831 0 71 1 0Financial liabilities (SEKm)Valued at amortized cost Fair valueValued at amortized cost Fair valueInt erest -bearing current liabilit ies 1 394 1 006A ccount s payables 94 55Cont ingent considerat ion 52 46Total financial liabilities 1 488 52 1 061 462026-06-30 2025-06-302026-06-30 2025-06-30

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Q2 2026 – Qﬂow Group AB (publ), corporate identity number: 559384-0837 18 Note 7 Acquisitions of companies During the 2026 ﬁnancial year, Qﬂow Group completed seven acquisitions. All companies were acquired with a 100% ownership stake. The total impact on the Group's goodwill from acquisition analyses amounts to SEK 234 million. All companies that have been acquired conduct consulting activities with various specialist areas that complement existing companies in the group. Effects of acquisitions The acquisitions have the following effects on the Group's assets and liabilities. None of the 2026 or 2025 acquisitions are considered individually material, which is why information about the acquisitions is provided in aggregate. CompanySegmentIncluded fromAnnual net sales (SEKm)Number of employeesA SH A S Norway 2026-01 1 0 5Hart vig Conult A ps Denmark 2026-01 48 21M y Vi A B Sweden 2026-02 1 20 72Frit unagruppen A B Sweden 2026-03 45 21Caneparo A ssociat es Lt d Unit ed Kingdom 2026-04 1 6 25Kvadra Gruppen A B Denmark 2026-06 49 21EAS Transport Planning Lt d Sweden 2026-06 1 5 24TOTAL3021 89SEKm2026-06-302025-12-31Breakdown of the considerationCash considerat ion 300 61 0Cont ingent considerat ion 28 54Remunerat ion shares 29 62Total consideration 357 726Acquired assets and liabilitiesBrands 41 91Cust omer relat ions/cont ract s 49 1 06Ot her int angible asset s - 1 0Propert y , plant and equipent 2 1 3Right -of -use asset s 29 63Non-current f inancial asset s 0 2Trade receivables 1 03 1 36Cash 43 95Provisions -2 -1Def erred t ax liabilit y -21 -42Lease liabilit ies -29 -67A ccount s pay able and ot her operat ing liabilit ies -92 -1 36Total identifiable net assets at fair value 1 23 269G oodwill234457SEKm 2026-06-30 2025-12-31Analysis of cash flows on acquisition:Cash consideration -301 -610Net cash acquired with the subsidiary 43 94Settled contingent consideration -13 -7Transaction costs of the acquisition -60 -83Net cash flow on acquisition -331 -606

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Q2 2026 – Qﬂow Group AB (publ), corporate identity number: 559384-0837 19 After the reporting date, three acquisition have been completed with a total cash effect of SEK 96 million. Given the time factor, preliminary acquisition analyses have not been prepared at the time of submission of the report. For more information about the acquisitions, see further under the heading Events after the balance sheet date. SEKm2026Impact on sales and operating profit (loss)During the holding periodRevenue 1 1 2Operat ing income 1 8At 1 J anuary 2025Revenue 1 76Operat ing income 30SEKm2026-06-302025-12-31Contingent considerationOpening amount 42 25Discount ing - -A dded addit ional considerat ion 28 54Revaluat ion of addit ional considerat ion - -27Paid addit ional considerat ion -1 8 -9Ex change rat e change - -Closing amount5242

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Q2 2026 – Qﬂow Group AB (publ), corporate identity number: 559384-0837 20 Alternative Performance Measures Table Alternative performance measures refer to a ﬁnancial measure of historical or future performance, ﬁnancial position, or cash ﬂow that is not deﬁned or speciﬁed in IFRS. To support the analysis of the group's development by the management and other stakeholders, Qﬂow Group reports certain key ﬁgures that are not deﬁned in IFRS. These supplementary data provide additional information to IFRS and do not replace the key ﬁgures deﬁned by IFRS. Qﬂow's deﬁnitions may differ from those of other companies. Deﬁnitions and calculations of key ﬁgures that cannot be reconciled with items in the income statement and balance sheet are found below. Alternative Performance Measures (APMs) SEKm Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024Net sales 640 564 523 38 3 390 298 297 205 21 1 1 78EBITA 46 42 41 23 26 35 40 1 7 20 27EBITA margin % 7% 7% 8% 6% 7% 1 2% 1 3% 8% 9% 1 5%EBITA adjusted 80 75 68 48 50 49 51 30 32 31EBITA adjusted margin % 1 3% 1 3% 1 3% 1 3% 1 3% 1 6% 1 7% 1 5% 1 5% 1 7%Acquisition-related expenses 26 33 25 23 21 1 3 8 1 2 1 1 4Prof orma EBITDA adjusted 81 87 83 64 75 82 85 65 8 9 71KPI:sEquity/assets ration, % 34% 39% 39% 39% 37% 48 % 49% 41 % 54% 57%Number of shares 823 335 81 0 531 775 006 764 661 737 341 707 998 68 9 351 678 578 658 1 1 2 633 549Billing rate 8 3% 8 0% 8 0% 8 0% 80% 80% 8 3% 8 2% 8 4% 80%Average number of employees 1 235 1 21 4 1 1 62 997 766 61 4 560 51 1 458 382EBITA och EBITDAA ims t o assess t he group's act ivit ies ex cluding depreciat ionSEKmApr - J un 2026Apr - J un 2025J an - J un 2026J an - J un 2025J an - Dec 2025Operating profit (EBIT)33 1 9 63 49 96A mort isat ion and impairment of int angible asset s 1 3 7 25 1 2 30EBITA 46 26 88 61 1 26Depreciat ion and impairment of propert y, plant and equipment 22 1 7 43 30 69EBITDA 68431 31911 95Adjusted EBITA and EBITDAA ims t o assess t he group's operat ional act ivit ies.SEKmApr - J un 2026Apr - J un 2025J an - J un 2026J an - J un 2025J an - Dec 2025EBITA 46 26 88 61 1 26A cquisit ion-relat ed it ems 26 21 60 34 83Non-recurring it ems eller It ems of a one-of f nat ure 7 3 7 3 6Adjusted EBITA 80 50 1 55 98 21 5Depreciat ion and impairment of propert y, plant and equipment 22 1 7 43 30 69EBITDA 1 02671 981 28284

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Q2 2026 – Qﬂow Group AB (publ), corporate identity number: 559384-0837 21 Financial calendar Interim Report Q3 2026 5 November 2026 Interim Report Q4 2026 25 February 2026 Acquisition-related expensesSEKmApr - J un 2026Apr - J un 2025J an - J un 2026J an - J un 2025J an - Dec 2025Transact ion cost s f or acquisit ions 7 1 1 23 1 7 38Share-based compensat ion 1 9 1 0 36 1 7 45Acquisition-related expenses2621603483Equity ratioThe purpose is t o show what proport ion of t he asset s are f inanced wit h equit y.SEKm30 Juni202630 Juni202531 Dec2025Equit y 1 1 93 978 1 059Tot al asset s 3 545 2 61 0 2 725Equity ratio %34%37%39%Billing rateOrganic revenue growthThe purpose is to analyze underlying net revenue growth. Shows the increase in net revenue excluding currency effects and the elimination of intra-group transactions compared to the same period in the previous year. Acquired companies are included in organic growth when they have been part of the group for the entire comparative period.Proforma EBITDA adjustedThe purpose is to show the development of results as if all companies had been part of the group since its formation. Proforma EBITDA is adjusted for IFRS 16, acquisition-related items, and one-time items.Aims to show what percentage of available hours are billed to the customer. Calculated by putting the total number of billed hours in relation to the total number of worked hours.

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Q2 2026 – Qﬂow Group AB (publ), corporate identity number: 559384-0837 22 Assurance The CEO gives assurance that the interim report provides a true and fair overview of the Group’s and Parent Company’s operations, ﬁnancial position and earnings. Malmö, 2026-08-25 Martin Dahlgren CEO This report has not been subject to review by the company’s auditors. Contact information Linda Årsköld, Head of Group Finance Phone: +46 72 328 00 25 linda.arskold@qﬂow.se Qﬂow Group AB (publ) Hyllie Boulevard 53 215 37 Malmö Corporate registration number 559384-0837 www.qﬂow.se

Interim report