QMG Group Achieved Strong Results Despite a Challenging Market – Pro Forma Revenue Reached €294 Million in 2024

Technical installation services group QMG achieved strong results despite a challenging market, increasing its pro forma revenue to €294 million in 2024. Meanwhile, Nimlas Group has grown into a Nordic technical installation services powerhouse with over 130 companies, reaching a pro forma revenue of SEK 8.8 billion.

Growth Through Acquisitions and Specialized Expertise

In Finland, QMG, part of Nimlas, grew its pro forma revenue to €294 million (€270M). Adjusted pro forma EBITA increased to 7.6% of revenue, compared to 6.9% in the previous financial year. With nearly 50 subsidiaries, QMG employs over 1,500 building services professionals in Finland.

QMG expanded both through acquisitions and organic growth, completing six company acquisitions and two asset deals last year.

HVAC services were strengthened in South Savo and Kymenlaakso, and electrical and ventilation contractors were acquired in Pori. In the Helsinki metropolitan area, QMG expanded its expertise in sprinkler systems, electrical maintenance services, and HVAC contracting. Growth also stemmed from large-scale projects and specialized services.

“Our expansion into Satakunta and Kymenlaakso, along with new service companies, strengthens our position as a comprehensive national player. In addition to large-scale projects, we see particularly strong demand for fire safety and building automation services. We have achieved great results together, and I want to thank our entire team for their efforts,” says Tiina Koppinen, CEO of QMG.

Entrepreneur-Driven Business Model as the Foundation

QMG consists of project and service companies in the building services sector, led by entrepreneurs. In 2024, the organization was further refined to support service business operations, and corporate services were developed to enhance efficiency.

“Our local companies hold strong positions in their respective markets and increasingly leverage the QMG network to provide customers with a broader service offering. We have strengthened subsidiary support, particularly in procurement, sustainability, and leadership development,” Koppinen explains.

Nimlas Group on Track to Achieve Its Growth Target

The Nordic-based Nimlas Group increased its pro forma revenue by 10%, reaching SEK 8.8 billion. Adjusted pro forma EBITA stood at 7.2% of revenue (6.9%).

The group’s target is to achieve SEK 12 billion in revenue with a 10% EBITA margin.

Christoffer Järkeborn, who assumed the role of CEO of Nimlas Group in January, believes in the combination of results-driven entrepreneurship and centralized corporate services.

“Our results demonstrate that Nimlas has a strong foundation for sustainable and profitable growth. Our unique business model and solid performance provide excellent conditions for continued expansion while maintaining profitability. We are building the next big success in the industry,” Järkeborn states.

Founded in 2021, Nimlas Group has grown its revenue from SEK 1.5 billion to SEK 8.8 billion by 2024. The group’s strategy is based on systematic acquisitions, with a total of 20 completed last year. Nimlas Group now employs approximately 4,500 professionals across more than 130 companies in Sweden, Finland, and Norway.

The pro forma figures for Nimlas Group and QMG include the revenue and results of acquired companies for the entire financial year.

QMG in brief

QMG is one of Finland’s largest technical services companies, offering both project and service business operations nationwide. QMG’s service portfolio covers all areas of installations. The group comprises nearly 50 subsidiaries across the country. In 2024, QMG’s revenue amounted to €294 million (pro forma). The group employs over 1,500 professionals in technical services contracting and maintenance.

QMG, together with the Swedish Sandbäckens and the Norwegian Konstel, forms the Nordic Nimlas Group.