The Q Plus acquisition doubles the size of Flowtech’s Benelux business and provides a strong platform from which to build scale across Northern Europe. Strategically, it deepens Flowtech’s capabilities in Pneumatics and Compressed Air products and services in the Netherlands while also adding key relationships with new leading global suppliers. Reflecting persistent market challenges, FY26 and FY27 EBITDA forecasts are broadly unchanged, despite the positive contribution from Q Plus. Although the near-term backdrop is difficult, we take comfort from continued evidence of disciplined execution against self-help levers and clear signs of positive momentum with a marked improvement in 2H EBITDA. Overall, we believe that Flowtech enters 2026 in a much stronger position than in 2025 with positive momentum visible across the group. With the turnaround stage now complete, management is firmly focused on the “grow and build” phase, supported by strategic initiatives and further value-enhancing M&A. BUY.
