Aq Group Ab · OMXSTO:AQ
Aq Group Ab — Q3 2025 Earnings Presentation
19 slides from Aq Group Ab's earnings presentation, Oct 16, 2025
Slide 1: We Are Reliable
WE ARE RELIABLE Customer Focus Entre- preneurial business Courage and Respect
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 Defense Med-Tech Long history of acquistions. 2-4 factories/year Mdexx – factory in Czech Rep. and engineering in Ge
Slide 3: Production
Production 8,000 ~8,5bSEK 7 Business 15+ Market in 17 Employees Turnover areas segments countries +4000 Profit every 2-4 UN Global 14% EPS customers quarter for acquisitions compact CAGR globally 30 years / year since 2012 3
Slide 4: Third Quarter, Jul-Sep 2025 in brief
Third Quarter, Jul-Sep 2025 in brief Net sales increased by 8% to SEK 2,114 million (1,949) Goal >15% growth Operating profit (EBIT) increased by 2% to SEK 191 million (188) Profit after financial items (EBT) increased by 5% to SEK 187 million (177) Profit margin before tax (EBT %) was 8.8% (9.1) Go
Slide 5: First nine months, Jan-Sep 2025 in brief
First nine months, Jan-Sep 2025 in brief Net sales increased by 5% to SEK 6,748 million (6,428) Goal >15% growth Operating profit (EBIT) decreased by 2% to SEK 624 million (633) Profit after financial items (EBT) increased by 1% to SEK 619 million (616) Profit margin before tax (EBT %) was 9.2% (9.6
Slide 6: AQ Group EPS Growth and DPS
AQ Group EPS Growth and DPS CAGR 14% 14% CAGR EPS 2015-2025Q3R12 The target is to double EPS every 5 years. 6
Slide 7: Net sales development
Net sales development 2025 Q3 vs 2024 Q3 Organic growth: +5% Acquired growth: +7% Currency effect: -4% Net sales growth: +8% 7
Slide 8: Organic growth
Organic growth Organic growth was +4,6%, below our target of +10%. Low demand from buses in North America, food equipment and Target +10%/ year transformers for ships in Europe. High demand in grid electrification, defense and data centers. 8
Slide 9: Recent new customer/project wins
Recent new customer/project wins Korridor B HVDC control cabinets 7mEuro Transformers and inductors in solid state UPS Solar inverter cabinets for 15mEuro/year. for data centers 15mEuro so far. 9
Slide 10: Medium voltage transformers for large data centers
Medium voltage transformers for large data centers The large power consumption of data centers has resulted in a switch towards using higher voltage levels to reduce power consumption and installation costs. Design work started in AQ Germany in 2018 Customer is a legacy AQ customer with 100+ years o
Slide 11: AQ Trafotek in Estonia moved to new facility
AQ Trafotek in Estonia moved to new facility Same cost as previous building but 30% more m2. Solar panels on the roof that can power a third of the factory´s yearly power demand. Optimized material flows enable higher output to meet customers increasing demand of transformers and inductors. We expec
Slide 12: Acquired Growth
Acquired Growth +7% acquired growth in Q3. Several targets in evaluation/ negotiation but hard to close at the price level we want. Target +5%/ year Targets in defense, electrification and Med-Tech. 12
Slide 13: mdexx update
+ update ▪ The total net sales has been lower than anticipated for 2025. ▪ Personnel costs in mdexx reduced with 10% which has full impact on profit from September. ▪ Purchasing costs reduced with 2%. Financing costs reduction will fully impact margin with +2% from December. ▪ mdexx margin in Septem
Slide 14: AQ Group EBT margin development
AQ Group EBT margin development EBT margin in Q3 was 8,8%. 11 consecutive quarters above EBT target of 8%. Cost control is good. Opportunities to improve operationally at several of our production sites. mdexx dilutes margin with 0,7% in the quarter. It will improve sequentially. EBT Margin (%) goal
Slide 15: Inventory value & turnover development
Inventory value & turnover development Inventory turnover target is 3.5 turns/year. Currently we are at 3.0 The addition of acquired companies has a negative impact. Also increased AQ intercompany sales increase work in progress and decrease inventory turnover. We have done improvements in many site
Slide 16: Net cash from operating activities and Net debt
Net cash from operating activities and Net debt Ok operating cash flow of 322 mSEK in the quarter which results in net cash of 429mSEK. We will see a slight working capital increase in the end of the year since mdexx and Riedel factoring will stop. 16
Slide 17: On-time Delivery (OTD) Goal 98%, Quality Goal 100%
On-time Delivery (OTD) Goal 98%, Quality Goal 100% Result OTD Q3: 93% (93%) Result Q% Q3: 99.5% (99.5%) Several sites with very high workload and demand. We have capacity constraints in Rockford, JIT Mech, Transformer Solutions(US) and Inductives Hungary. Quality is on a good level but we always wan
Slide 18: 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 18
Slide 19: Questions?
Questions? Q&a WE ARE RELIABLE 19