Aq Group Ab · OMXSTO:AQ
Aq Group Ab — Q4 2025 Earnings Presentation
18 slides from Aq Group Ab's earnings presentation, February 2026
Slide 1: Quarter 4 and year-end report 2025
Quarter 4 and year-end report 2025
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: Fourth Quarter, Oct-Dec 2025 in brief
Fourth Quarter, Oct-Dec 2025 in brief Net sales increased by 9% to SEK 2,323 million (2,126) Goal >15% growth Operating profit (EBIT) increased by 5% to SEK 216 million (206) Profit after financial items (EBT) increased by 2% to SEK 212 million (209) Profit margin before tax (EBT %) was 9.1% (9.8) G
Slide 5: Full year 2025 in brief
Full year 2025 in brief Net sales increased by 6% to SEK 9,071 million (8,554) Goal >15% growth Operating profit (EBIT) was unchanged SEK 840 million (840) Profit after financial items (EBT) increased by 1% to SEK 831 million (824) Profit margin before tax (EBT %) was 9.2% (9.6) Goal >8% EBT margin
Slide 6: Highlights in the quarter
Highlights in the quarter Organic growth improving and almost reaches our target. Mainly impacted by growth in data centers and electrification. Strong growth in net sales and order intake for electrification for data centers - New LOI for AQ Trafotek in Finland for medium voltage transformers and i
Slide 7: Lowlights
Lowlights Quality defects has impacted profitability negatively in the quarter. Slower growth in defense market than expected. There are orders but low deliveries. Low capacity utilization in Mexico and New York Inventory write-offs in Bulgaria due to poor material planning. Inventory turnover impro
Slide 8: 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. 8
Slide 9: Net sales development
Net sales development 2025 Q4 vs 2024 Q4 Organic growth: +9% Acquired growth: +5% Currency effect: -5% Net sales growth: +9% FY 2025 vs FY 2024 Organic growth: +2% Acquired growth: +7% Currency effect: -3% Net sales growth: +6% 9
Slide 10: Organic growth
Organic growth Organic growth in Q4 was +8.6%, 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. 10
Slide 11: Recent new customer/project wins
Recent new customer/project wins One project of supercapacitor cabinets 4mEuro from legacy electrification customer. Additional 2mEuro for electrical cabinets won from a European HVAC supplier to data centers Increased volumes of inductors to large HVAC OEM in North America. First prototype for the
Slide 12: Acquired Growth
Acquired Growth +5% acquired growth in Q4. Several targets in evaluation/ negotiation in electrification and Med- Tech. Target +5%/ year Small acquistion made in November. Prototype workshop in Sweden. mdexx development according to plan. Gradual margin improvement and increasing workshop utilizatio
Slide 13: AQ Inductive components now 25% of sales
AQ Inductive components now 25% of sales main_logo Logo Mitsubishi Electric GE logo sandvik CAGR 30% 13
Slide 14: AQ Group EBT Margin development
AQ Group EBT Margin development EBT Margin in Q4 was 9.1%. 12 consecutive quarters above EBT target of 8%. Cost control is good. Provisions for quality issues in the quarter. mdexx dilutes margin still but now mainly becasue of personnel reduction costs. Under utilized factories in Bulgaria, Mexico,
Slide 15: Inventory value & turnover development
Inventory value & turnover development Inventory turnover target is 3.5 turns/year. Currently we are at 3.2 The addition of acquired companies has had a negative impact but improving. We have done improvements in many sites. Our improvement project continue with focus on Electric in Bulgaria, Canada
Slide 16: Net cash from operating activities and Net debt
Net cash from operating activities and Net debt Low operating cash flow of 123 mSEK in the quarter. Impacted by increased sales and termination of factoring in mdexx. This results in net cash position of 427mSEK. 16
Slide 17: 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 17
Slide 18: Questions?
Questions? Q&a WE ARE RELIABLE 18