Slide 1: AQ Group Q1 2026
AQ Group Q1 2026 Quarter 1 2026
Slide 2: Why invest in AQ Group
Why invest in AQ Group EPS CAGR 14% over the past 10 years Profit every quarter since foundation in 1994 Exposure to industrial market segments with underlying growth; Electrification (data centers) Defense Med-Tech Long history of acquistions. 2-4 factories/year Strong balance sheet – net cash posi
Slide 3: AQ Group - Quick facts
AQ Group - Quick facts Production 8,000 9bSEK 7 Business 15+ Market in 17 Employees Turnover areas segments countries +4000 Profit(EPS) 2-4 UN Global 14% EPS customers every Q for acquisitions compact CAGR globally +30 years / year since 2012 3
Slide 4: First Quarter, Jan-Mar 2026 in brief
First Quarter, Jan -Mar 2026 in brief Net sales increased by 3% to SEK 2,358 million (2,290 ) Goal > 15% growth Operating profit (EBIT) increased by 5% to SEK 225 million (215 ) Profit after financial items (EBT) increased by 9% to SEK 223 million (205 ) Profit margin before tax (EBT % ) was 9.4% (8
Slide 5: Highlights in the quarter
Highlights in the quarter Growth in Data centers and De fense . Doubled output of transformers for data centers from our sites in Hungary and Czech rep. compared with previous quarter. Ramp up continue in Q2 and Q3. Doubled net sales for defense from our factories in UK compared with same quarter pr
Slide 6: Lowlights
Lowlights Weaker demand for systems in Med -tech and food packaging . Low capacity utilization in Mexico and Plattsburgh Lower sales for marine transformers compared with all time high level in 2024/2025. No acquisitions made in the quarter. Prices have been too high . 6
Slide 7: AQ Group EPS Growth and DPS
AQ Group EPS Growth and DPS CAGR 14% CAGR 14% 14% CAGR EPS & DPS 2015-2025. The target is to double EPS every 5 years. 7
Slide 8: Net sales development
Net sales development 2026 Q1 vs 2025 Q1 Organic growth: +6,3% Acquired growth: +1,4% Currency effect: -4,8% Net sales growth: +2,9% 8
Slide 9: Organic growth
Organic growth Organic growth in Q4 was +6,3%, below our target of +10%. High demand in Defense and Target +10%/ year Data centers. Low demand from vehicles in Mexico, food equipment, Med- tech and transformers for ships in Europe. 9
Slide 10: Recent new customer/project wins
Recent new customer/project wins AQ Rockford in UK won a new project from Norwegian defense customer for £2m Several new parts awarded by Epiroc in India for wiring systems and sheet metal . First order for Med -tech systems won by AQ Riedel in Germany . First order won from Solaris buss in the US f
Slide 11: Acquired Growth
Acquired Growth +1% acquired growth in Q1. Several targets as usual in evaluation/ negotiation. Several cases lost due to high price Target +5%/ year expectation from sellers. mdexx develops according to plan. Gradual margin improvement and increasing workshop utilization especially from data center
Slide 12: AQ Group EBT Margin development
AQ Group EBT Margin development EBT Margin in Q1 was 9.4%. 13 consecutive quarters above EBT target of 8%. EBT Margin (%) goal is 8% Cost control is good. mdexx dilutes margin still but profitabillity is better. More volume will get margin to AQ average in 2026. Underutilized factories in Bulgaria,
Slide 13: Inventory value & turnover development
Inventory value & turnover development Inventory turnover target is 3.5 turns/year. Currently we are at 3.1 We have done improvements in many sites. Increase in inventory value in Q1. Our improvement project continue with focus on Electric in Bulgaria, Canada, UK, Hungary and Mexico. 13
Slide 14: Net cash from operating activities and Net cash
Net cash from operating activities and Net cash(1bSEK) Operating cash flow of 339 mSEK in the quarter. This results in a net cash position of 697mSEK. We have over SEK 1.1b in cash excluding leasing to use for organic growth and M&A. 14
Slide 15: Why invest in AQ Group
Why invest in AQ Group EPS CAGR +14% over the past 10 years Profit every quarter since foundation in 1994 Exposure to industrial market segments with underlying growth; Electrification Defense Med-Tech Long history of acquistions. 2-4 factories/year Strong balance sheet – net cash position 15
Slide 16: Questions?
Questions? Q&a WE ARE RELIABLE 16