Interim report
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AQ Group AB (publ) I n t e r i m R e p o r t J a n u a r y – J u n e 202 5 Ju ly 15 , 2 0 2 5 www.aqgroup.com
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AQ Group Interim Report Q2 2025 Second quarter, April-June 2025 in brief ■ Net sales increased by 4% to SEK 2,344 m (2,254) ■ Operating profit (EBIT) decreased by 2% to SEK 218 m (222) ■ Profit before tax (EBT) increased by 5% to SEK 228 m (218) ■ Profit margin before tax (EBT %) was 9.7% (9.7) ■ Profit after tax amounted to SEK 189 m (181) ■ Cash flow from operating activities amounted to SEK 232 m (301) ■ Earnings per share before dilution amounted to SEK 2.06 (1.97) Six months, January-June 2025 in brief ■ Net sales increased by 3% to SEK 4,634 m (4,479) ■ Operating profit (EBIT) decreased by 3% to SEK 433 m (445) ■ Profit before tax (EBT) decreased by 1% to SEK 432 m (439) ■ Profit margin before tax (EBT %) was 9.3% (9.8) ■ Profit after tax amounted to SEK 355 m (366) ■ Cash flow from operating activities amounted to SEK 476 m (545) ■ Earnings per share before dilution amounted to SEK 3.87 (3.98) ■ Equity ratio was 65% (64) Group overview, key figures SEKm unless otherwise stated Q1 Q2 YTD Q1 Q2 Q3 Q4 Full year Net turnover 2,290 2,344 4,634 2,225 2,254 1,949 2,126 8,554 Operating profit (EBIT) 215 218 433 223 222 188 206 840 Profit before tax (EBT) 205 228 432 221 218 177 209 824 Profit for the period 166 189 355 185 181 146 154 666 Total equity 4,346 4,467 4,467 4,082 4,083 4,178 4,409 4,409 Operating margin (EBIT), % 9.4 9.3 9.3 10.0 9.8 9.6 9.7 9.8 Profit margin before tax (EBT), % 8.9 9.7 9.3 9.9 9.7 9.1 9.8 9.6 Liquid ratio, % 182 185 185 163 174 192 204 204 Debt/equity ratio, % 65 65 65 64 64 65 67 67 Return on total assets, % 1) 13.1 13.3 13.3 13.5 13.4 13.3 13.8 13.8 Return on equtiy after tax, % 1) 15.4 15.3 15.3 17.7 17.3 16.3 16.3 16.3 Number of employees in Sweden 1,034 1,040 1,040 904 979 975 1,017 1,017 Number of employees outside Sweden 6,699 6,744 6,744 6,937 6,861 6,886 6,796 6,796 Key indicators per share, SEK Profit related to parent company shareholders 166 188 354 184 180 146 155 665 Profit for the period before dilution 1.81 2.06 3.87 2.01 1.97 1.60 1.69 7.27 Equity 47.51 48.84 48.84 44.63 44.63 45.67 48.20 48.20 Number of shares, thousands 91,470 91,470 91,470 91,470 91,470 91,470 91,470 91,470 1) Calculated based on 12 months rolling amounts. 20242025
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AQ Group Interim Report Q2 2025 A word from the CEO Cost control and productivity AQ has core values that guide our operations. Cost efficiency is one of the five cornerstones of our core values. Our customers expect us to produce systems and components at the lowest possible cost. This means that we must have high productivity in our factories and offices while purchasing the best quality inputs at the lowest possible price. We firmly beli eve that decentralized leadership with local responsibility for all costs is the best way to solve this. It is like a competition for us to save on all costs. Our focus on costs, large and small, also naturally increases our competitiveness. It is extra fun for our new companies, who quickly learn that every penny saved is celebrated as much as a new customer order. Acquisitions Our growth through acquisitions during the quarter was 8%. Our acquired companies have the main part of sales in defense technology, electrification and railway. The work to integrate mdexx is progressing a little bit slower than our ambitious goals. During the second quarter, we focused on lowering purchase price s, improving material planning, reducing financing costs and increasing productivity in the factories and offices. There is great potential to reduce costs in these companies, and it may take some time before the activities we carry out are reflected in the income statement. Riedel and mdexx have a negative impact on AQ's profit margin by 1 percentage point in the quarter. We expect a continued sequential improvement quarter by quarter until we reach AQ's goal. Market and investments In the quarter, our sales increased organically by 0.3% compared to the same quarter last year. This is less than our goal. Our sales increased to trucks, construction equipment, electrification and defe nse in Europe. Sales decreased to buses in the United States and Mexico. However, we will increase sales of buses in North America to a new customer during the third quarter. Demand for inductors and transformers remains strong globally. During the quarter, w e completed the acquisition of our production property in Whyteville, USA for SEK 38 m in order to continue to grow in inductive components in the US. During the quarter, we won new projects for electrical cabinets for trains, wiring systems for satellites and defense vehicles, and transformers for off -shore cranes. This is positive, but we want to sell more. Therefore, I and our leaders at AQ have intensified our sales work towards both existing and new customers during the quarter. In my opinion, it is the CEO's most important task to bring in more profitable customers and orders. Cash flow, balance sheet and margin Our cash flow from operating activities was SEK 232 m in the quarter. We have a net cash position of SEK 219 m, which means that we have plenty of capital to use for continued growth with our customers and to carry out value-creating acquisitions. Our profit margin before tax for the quarter was 9.7%. During the quarter, we divested a property in Gävle for SEK 26 m, which resulted in a capital gain of SEK 22 m, which had a positive impact on the profit margin before tax by one percentage point. Cost focus is fun We will stubbornly continue the work to increase our competitiveness. As always, we must deliver customer value in the form of world-class technical excellence, purchasing and productivity. The products that we deliver must be of good quality and arrive on time. This is achieved through our decentralized leadership where we work closely with our customers and suppliers to jointly increase our productivity and competitiveness. This, combined with our strong financial position, makes me feel confident that AQ will continue to deliver customer value through our insistent focus on costs. We think this is fun and is central to AQ being able to continue to grow and be profitable. James Ahrgren CEO
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AQ Group Interim Report Q2 2025 Group’s financial position and results Second quarter Net sales for the second quarter was SEK 2,344 m (2,254), a n increase of SEK 90 m compared to the same period in the previous year. The total growth in the quarter was 4.0%, of which organic growth 0 .3%, growth through acquisitions 8.0% and currency effects of -4.3%. The currency effect corresponded to SEK 97 m and was mainly driven by the currencies EUR, CNY and BGN. The quarter’s organic growth of 0 .3% is mainly attributable to increased volume in truck components, construction equipment, electrification and defense , whil e we have lower volumes in bus components compared to last year. Operating profit (EBIT) in the second quarter amounted to SEK 218 m (222), a decrease of SEK 4 m, which is mainly explained by lower productivity in newly acquired companies. Net financial items in the quarter amounted to SEK 10 m (-4), and mainly related to the capital gain from the sale of a production property of SEK 22 m, negative net interest income of SEK 5 m and negative net impact of exchange rate fluctuations of SEK 6 m. The profit margin before tax (EBT margin) is unchanged and amounted to 9.7% (9.7). Cash flow from operating activities was SEK 232 m (301), which means a decrease of SEK 69 m, and is mainly explained by increased capital tied up in accounts receivable. Cash flow from investing activities was SEK -67 m ( -88), which relates mainly to replacement and capacity-enhancing investments of tangible fixed assets of SEK -91 m ( -49) and divestment of a property subsidiary of SEK 26 m (0). Cash flow from financing activities was SEK -195 m ( -193) and mainly refers to repayments of bank loans and leasing liabilities of SEK -70 m (-122) and dividend of SEK -146 (-122). First six months Net sales for the first six months was SEK 4,634 m (4,479), an increase of SEK 155 m compared to the same period in the previous year. The total growth in the first six months was 3.5%, of which organic growth -2.3%, growth through acquisitions 8.1% and currency effects of -2.3%. The currency effect corresponded to SEK 103 m and was mainly driven by the currencies EUR, HUF and BGN. The organic growth for the first six months of -2.3% is mainly attributable to reduced volume of components for buses as well as as fewer large projects in systems for the medical technology and food industry. Operating profit (EBIT) in the first six months amounted to SEK 433 m (445), a decrease of SEK 13 m, which is mainly explained by lower productivity in newly acquired companies. Net financial items in the first six months amounted to SEK -0 m (-7) and mainly consisted of capital gains from the sale of a production property of SEK 22 m, negative net interest income of SEK 9 m and negative net impact of exchange rate fluctuations of SEK 12 m. The profit margin before tax ( EBT margin ) has decreased and amounted to 9.3% (9.8), which is the same as the operating margin. Interest-bearing liabilities of the Group was SEK 669 m (631) and cash and cash equivalents amounted to SEK 888 m (503) which means that the Group has a net cash position of SEK 219 m (-128). The Group's SEKm % 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 0 25 50 75 100 125 150 175 200 225 250 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 0 500 1,000 1,500 2,000 2,500 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 SEKm
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AQ Group Interim Report Q2 2025 interest-bearing liabilities without regard to leasing liabilities amounted to SEK 297 m (298), which means a net cash position adjusted for leasing liabilities of SEK 591 m (204). Cash flow from operating activities was SEK 476 m (545), which means a decrease of SEK 69 m, mainly due to increased tied-up capital in trade receivables. Cash flow from investing activities was SEK -199 m ( -121), which relates mainly to acquisition of subsidiaries of SEK -94 m (-40), divestment of a property subsidiary of SEK 26 m (0) and replacement and capacity-enhancing investments of tangible fixed assets of SEK -129 m ( -86). The single largest investments during the period consist of an acquired production property in USA of SEK 38 m and production equipment in Estonia of SEK 23 m and in Sweden of SEK 17 m. Cash flow from financing activities was SEK -285 m (-353) and mainly refers to repayments of bank loans and leasing liabilities of SEK -161 m (-280) and dividend of SEK -146 (-122). Equity at the end of the period amounted to SEK 4,467 m (4,083) for the Group. Significant events during the year Following regulatory approval, the acquisition of mdexx inductive electronics GmbH, mdexx Magnetronic Devices GmbH, mdexx Magnetronic Devices s.r.o. and Michael Riedel, Transformerenbau GmbH was completed on January 31, 2025. Annual sales amount to approximately SEK 500 m and the profit margin before tax is below the AQ average. The purchase price of SEK 144 m was paid in cash at closing. There is no conditional earn-out. The exercise period for the warrants (2022/2025) ran from May 12, 2025, to June 10, 2025. After recalculation according to the terms of the warrants, as a result of the share split that the Annual General Meeting on April 18, 2024, resolved on, each warrant entitled to subscription of five shares in the company, at a subscription price of SEK 70.20 per share. In total, 52,500 warrants were exercised for subscription of 262,500 shares, which means tha t 100 percent of the total number of warrants were exercised for subscription of shares in the company. Through the exercise of the warrants, AQ Group received approximately SEK 18 m before issue costs. Significant events after the end of the period Through the exercise of the warrants, AQ has received approximately SEK 18 m before issue costs and the number of shares and votes in the company has increased by 262,500, from 91,470,290 to 91,732,790. The share capital has increased by SEK 105,000, from SEK 36,588,116 to SEK 36,693,116, which was registered at Bolagsverket (the Swedish Companies Registration Office) on July 8, 2025. After the end of the quarter, there is continued instability and increased tensions in global trade and hostilities are ongoing. However, this has not led to any significant direct impact on AQ. AQ has a decentralized business model with production in 17 c ountries and a habit of moving production between production units to minimize any potential impact on our customers. Management and the Board of Directors are constantly monitoring and evaluating the situation in order to be prepared to act quickly to limit any impact on our customers and AQ.
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AQ Group Interim Report Q2 2025 Goals The goal of the Group is continued profitable growth. The goal is a profit margin before tax (EBT %) of at least 8%. The Board of Directors is not giving any forecast for turnover or profit. Statements in this report can be perceived as forward looking and the real outcome can be significantly different. The Board of Directors of AQ Group has set goals for the Group. The goals mean that the Group is managed towards good profit, high quality and delivery precision and strong growth with a healthy financial risk level. The dividend policy is to have dividends corresponding to about 25% of profit after tax over a business cycle. However, the Group’s financial consolidation must always be considered. Transactions with related parties The parent company has a related party relationship with its subsidiaries. There are some sales activities concerning goods and services between the operating group companies. The parent company is charging a business support service fee to the subsidiaries. All invoicing is according to market level prices and results in claims and debts between the companies which are settled regularly. There are some long -term loans between the parent company and a few subsidiaries. These loans are given with market level interest rates. Most companies in the Group are also part of a cash pool in the parent company. The companies are charged/given interest rates at market level. The 2022 Annual General Meeting decided to introduce a warrant -based incentive program for executive officers and other key personnel within AQ. A total of 52,500 warrants were subscribed for in the three-year warrant-based incentive program that expire d May 12, 2025. The subscription price at the time of redemption was set at SEK 70.20 per share (after the share split and rounded according to the warrant terms). Upon redemption, each warrant was entitled to five shares. In total, 52,500 warrants were exercised for subscription of 262,500 shares, which mean t that 100 percent of the total number of warrants were exercised for subscription of shares in the company. Through the exercise of the warrants, AQ Group received approximately SEK 18 m before issue costs. The 2024 Annual General Meeting decided on a new round of warrant programs equivalent to the previous one. The subscription price was set at SEK 152.10 per share after the share split. A total of 13,500 warrants were subscribed for in the three -year warrant program that expires on May 12, 2027. Upon redemption, each warrant entitles the holder to five shares. When the average share price during the period is higher than the determined subscription price, the dilution effect for earnings per share is calcula ted in respect of these warrants. In addition to the above, there are customary remunerations for the board and other senior executives as well as occasional related parties’ transactions regarding the purchase of products and consulting services which are at market conditions. Apr-Jun Apr-Jun Jan-Jun Jan-Jun Full year Target 2025 2024 2025 2024 2024 Product quality, % 100 99.6 99.7 99.6 99.7 99.6 Delivery precision, % 98 94.7 92.0 94.3 92.6 92.6 Equity ratio, % >40 65 64 65 64 67 Profit margin before tax (EBT), % >8 9.7 9.7 9.3 9.8 9.6 Growth, % >15 4.0 -3.9 3.5 -2.6 -4.6
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AQ Group Interim Report Q2 2025 Risks and uncertainty factors AQ is a global group with operations in seventeen countries. Within the Group there are a number of risks and uncertainties of both operational and financial characteristics, which were more detailed described in the Annual Report of 2024. In recent times, we have experienced pandemics, direct acts of war, hybrid acts of war and political threats and initiatives that are causing great concern in the world. This has resulted in increased and more unpredictable energy costs, sanctions, tariffs and other risks and uncertainties that can have a material impact on AQ's customers and suppliers. These, in turn, affect the actual outcome for AQ. In addition to the commented factors the actual outcome can be affected by for example political events, business cycle effects, currency and interest rates, competing products and their pricing, product development, commercial and technical difficulties, events linked to cyber security and IT infrastructure, delivery problems and large credit losses at our customers. AQ does not have any production units in the Middle East, Ukraine, Russia or Belarus, nor any significant customers or suppliers in these countries. However, AQ has production units in several countries that are subject to the US's announced universally increased tariffs. This, together with the impact of component shortages on delivery reliability as well as currency and price risks on, in addition to tariffs, such as energy, transport and materials, are the risks that are most prom inent for AQ in a shorter perspective. We are constantly monitoring and evaluating the situation to be prepared to act quickly to limit any impact on AQ. Transactions and assets and liabilities in foreign currency are managed centrally within AQ in order to create balance in the respective currency thereby achieving highest possible levelling effect within the Group in order to minimize currency differences. AQ is not buying any direct raw material, but mainly semi-finished products for further production such as sheet metal of steel and aluminum, cables, insulated wire etc. The risk is minimized through customer agreements with price clauses. Raw material price risk refers to the change in the price of material and its impact on earnings. The Group's purchase of materials to different processes is significant. There is a risk of sharp price increases for raw materials where the Group is not able to compensate for price increases, which may affect the Group's earnings negatively. The Group’s credit risks are mainly connected to accounts receivable. The parent company is indirectly affected by the same risks and uncertainties. Global minimum tax The legislation o f Pillar II has been adopted in Sweden, where AQ Group AB is based, and enter ed into force on 1 January 2024. The threshold of EUR 750 m in turnover, for two of the last four years, has been exceeded after the end of the financial year 2024. As of 2025, the Group will thus be subject to the OECD model rules for Pillar II. The Group has significant operations in several countries that have previously reported lower corporate income tax rates than 15%, including Bulgaria, Estonia, Lithuania and Hungary. The Group's average tax expense is affected by the share of profit from each country in which AQ operates. The average tax expense for the first six months of 2025 amounts to 18% and is in line with the full financial year 2024 of 19%.
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AQ Group Interim Report Q2 2025 Future reporting dates Interim report January-September 2025 October 16, 2025, at 08:00 CEST Other information The information in this Interim Report contains information that AQ Group AB is obliged to make public pursuant to the EU Market Abuse Regulation and the S wedish Securities Market s Act (2007:528). The information was submitted for publication by James Ahrgren at 08:00 CEST on July 15, 2025. AQ Group AB (publ) is listed on Nasdaq Stockholm’s main market. This report has not been reviewed by the company´s financial auditors. Further information can be given by AQ Group AB: CEO and IR, James Ahrgren, telephone +46 76 052 58 88, james.ahrgren@aqgroup.com CFO, Christina Hegg, telephone +46 70 318 92 48, christina.hegg@aqgroup.com Financial reports and press releases are published in Swedish and English. If there are discrepancies between the two, the Swedish version shall prevail. They are available at www.aqgroup.com. Certification The Board and the Chief Executive Officer certify that the interim report gives a true and fair overview of the Group's and the parent company's operations, financial position and performance and describes material risks and uncertainties facing the parent company and the companies that form part of the Group. Västerås, July 15, 2025 James Ahrgren CEO Claes Mellgren PO Andersson Ulf Gundemark Chairman of the Board Board member Board member Gunilla Spongh Lars Wrebo Åsa Landén Ericsson Board member Board member Board member
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AQ Group Interim Report Q2 2025 Financial reports Summary Income Statement for the Group Statement of comprehensive income for the Group, summary *) Of the two warrant programs, a dilution effect occurred in 2025 for both programs corresponding to a total of 66,000 warrants. Upon redemption, these are entitled to 330,000 shares. In previous periods, only the first program corresponding to 52,500 options has had a dilution effect. The number of shares will increase during July 2025 as a result of share subscription through the exercise of warrants 2022/2025. R12 Apr-Jun Apr-Jun Jan-Jun Jan-Jun Jul 2024 Full year SEKm Note 2025 2024 2025 2024 -Jun 2025 2024 Net sales 2 2,344 2,254 4,634 4,479 8,709 8,554 Other operating income 34 33 69 71 139 141 Total income 2,378 2,287 4,703 4,550 8,848 8,695 Change in inventory and work in progress -27 -46 -33 -52 -53 -73 Raw material and consumables -1,080 -1,058 -2,164 -2,145 -4,040 -4,021 Goods for resale -48 -39 -85 -64 -187 -166 Other external expenses -220 -206 -442 -421 -856 -836 Personnel costs 3 -685 -627 -1,339 -1,234 -2,493 -2,388 Depreciation and amortization -82 -75 -164 -147 -323 -306 Other operating expenses -17 -15 -44 -40 -69 -65 Total expenses -2,160 -2,065 -4,271 -4,104 -8,021 -7,855 Operating profit 218 222 433 445 827 840 Net financial income/expense 5 10 -4 -0 -7 -9 -15 Profit before tax 228 218 432 439 818 824 Taxes -39 -37 -77 -73 -163 -159 Profit for the period 189 181 355 366 655 666 PROFIT FOR THE PERIOD ATTRIBUTABLE TO Parent company shareholders 188 180 354 364 655 665 Non-controlling interests 1 1 1 1 0 1 SHARE-RELATED REPORTING, SEK Earnings per share before dilution 2.06 1.97 3.87 3.98 7.16 7.27 Earnings per share after dilution *) 2.05 1.96 3.86 3.97 7.14 7.25 AVERAGE NUMBER OF SHARES Before dilution, thousands 91,470 91,470 91,470 91,470 91,470 91,470 After dilution, thousands *) 91,800 91,733 91,800 91,733 91,733 91,733 R12 Apr-Jun Apr-Jun Jan-Jun Jan-Jun Jul 2024 Full year SEKm 2025 2024 2025 2024 -Jun 2025 2024 PROFIT FOR THE PERIOD 189 181 355 366 655 666 OTHER COMPREHENSIVE INCOME Items that will not be reclassified to the income statement Revaluation related to defined benefit pension plans 0 0 0 0 -4 -4 Revalutation related to defined benefit pension plans, tax effect -0 -0 -0 -0 0 0 Items that subsequently may be reclassified to the income statement Translation difference for foreign operations 60 -60 -169 76 -139 105 Other comprehensive income for the period after tax 60 -60 -169 76 -142 102 Comprehensive income for the period 249 121 186 441 513 767 COMPREHENSIVE INCOME FOR THE PERIOD ATTRIBUTABLE TO Parent company shareholders 248 120 186 439 513 766 Non-controlling interests 1 0 0 2 -0 1
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AQ Group Interim Report Q2 2025 Summary Balance Sheet for the Group Jun 30 Jun 30 Dec 31 SEKm Note 2025 2024 2024 ASSETS Goodwill 459 412 447 Other intangible assets 129 110 109 Right-of-use assets 363 327 320 Tangible assets 1,233 1,169 1,210 Non-current receivables 12 11 13 Deferred tax assets 52 51 51 Total non-current assets 2,248 2,079 2,149 Inventories 1,437 1,450 1,443 Accounts receivable - trade 2,058 2,126 1,844 Current tax assets 32 20 31 Other receivables 99 106 91 Prepaid expenses and accrued income 121 101 91 Cash and cash equivalents 888 503 919 Total current assets 4,636 4,306 4,418 TOTAL ASSETS 6,883 6,385 6,567 EQUITY AND LIABILITIES Equity attributable to parent company shareholders 4,446 4,061 4,388 Non-controlling interests 21 21 21 TOTAL EQUITY 4,467 4,083 4,409 Interest-bearing liabilities to credit institutions 517 512 520 Deferred tax liabilities 117 102 115 Provisions for post-employement benefits 24 20 25 Other provisions 15 6 8 Other non-current liabilities 5 10 17 31 Total non-current liabilities 682 657 700 Interest-bearing liabilities to credit institutions 152 119 115 Provisions 32 43 23 Contract liabilities 122 121 92 Accounts payable - trade 839 794 716 Current tax liabilities 48 35 40 Other current liabilities 5 174 146 139 Accrued expenses and prepaid income 367 387 333 Total current liabilities 1,734 1,645 1,458 TOTAL LIABILITIES 2,416 2,302 2,158 TOTAL EQUITY AND LIABILITIES 6,883 6,385 6,567
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AQ Group Interim Report Q2 2025 Statement of changes in Equity for the Group All shares, 91,470,290 pcs, at the end of the period are A -shares with equal voting rights and have equal rights to the result. The number of shares will increase when the ongoing new issue is completed. SEK M Share capital Other contributed capital Reserves Retained earnings incl. profit Subtotal Non- controlling interests Total equity Equity, 12/31/2023 37 86 286 3,333 3,742 19 3,762 Profit for the year - - - 364 364 1 366 Translation differences, foreign operations - - 78 -3 75 0 76 Revalutation of defined benefit pension plans - - - 0 0 0 0 Revalutation of defined benefit pension plans, tax effect - - - -0 -0 -0 -0 Other comprehensive income for the year after tax - - 78 -3 75 0 76 Comprehensive income for the year - - 78 362 439 2 441 Issue of warrants - 2 - - 2 - 2 Paid dividend - - - -122 -122 - -122 Transactions with shareholders - 2 - -122 -120 - -120 Equity, 06/30/2024 37 88 364 3,573 4,061 21 4,083 Equity, 12/31/2024 37 88 394 3,870 4,388 21 4,409 Profit for the year - - - 354 354 1 355 Translation differences, foreign operations - -1 -167 - -168 -1 -169 Revalutation of defined benefit pension plans - - - 0 0 0 0 Revalutation of defined benefit pension plans, tax effect - - - -0 -0 -0 -0 Other comprehensive income for the year after tax - -1 -167 0 -168 -1 -169 Comprehensive income for the year - -1 -167 354 186 0 186 Ongoing new issue 0 18 - - 18 - 18 Issue costs - -0 - - -0 - -0 Paid dividend - - - -146 -146 - -146 Transactions with shareholders 0 18 - -146 -128 - -128 Equity, 06/30/2025 37 105 227 4,078 4,446 21 4,467 Equity attributable to parent company shareholders
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AQ Group Interim Report Q2 2025 Summary Cash flow statement for the Group Apr-Jun Apr-Jun Jan-Jun Jan-Jun Full Year SEKm Note 2025 2024 2025 2024 2024 Profit before tax 228 218 432 439 824 Adjustment for non cash generating items 85 93 158 157 302 Income tax paid -31 -34 -69 -51 -125 Cash flow from operating activities before change in working capital 281 277 522 545 1,002 Change in inventories 54 62 71 97 154 Change in trade receivables -107 18 -270 -180 143 Change in other receivables 13 -9 -37 15 88 Change in trade payables 5 -47 137 -5 -116 Change in other liabilities -14 0 54 73 -74 Change in working capital -48 25 -45 0 195 Cash flow from operating activities 232 301 477 545 1,197 Business acquisitions 4 - -40 -94 -40 -84 Divestment of shares in subsidiaries 26 - 26 - - Acquisition of intangible non-current assets -3 -0 -3 -1 -3 Acquisition of tangible non-current assets -91 -49 -129 -86 -185 Sale of tangible non-current assets 1 1 1 5 7 Cash flow from investing activities -67 -88 -199 -121 -265 New borrowings, credit institutions - 60 - 60 160 Amortization of loans -35 -91 -90 -220 -330 Amortization of lease liabilities -35 -31 -71 -60 -128 Change in bank overdraft facilities 5 -11 5 -13 -30 Payment of warrants - 2 - 2 2 Ongoing new issue 18 - 18 - - Dividends -146 -122 -146 -122 -122 Cash flow from financing activities -195 -193 -285 -353 -448 Change in cash and cash equivalents for the period -29 20 -7 71 484 Cash and cash equivalents at the beginning of the year 914 488 919 426 426 Exchange rate difference in cash and cash equivalents 2 -5 -24 5 9 Cash and cash equivalents at the end of the period 888 503 888 503 919
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AQ Group Interim Report Q2 2025 Parent company development The parent company, AQ Group AB, focuses primarily on managing and developing the Group. As in previous years, the parent company's income consists almost exclusively of the sale of administrative services to subsidiaries. There are no purchases of any substance from subsidiaries. Summary income statement for the Parent company Second quarter Net sales during the second quarter amounted to SEK 19 m (15) and mainly pertained to internal services. Net financial items amounted to SEK 85 m (52). The profit for the period amounted to SEK 77 m (48). First six months Net sales during the first six months amounted to SEK 38 m (31) and mainly pertained to internal services. Net financial items amounted to SEK 168 m (81). The profit for the period amounted to SEK 157 m (79). R12 Apr-Jun Apr-Jun Jan-Jun Jan-Jun Jul 2024 Full year SEKm Note 2025 2024 2025 2024 -Jun 2025 2024 Net sales 19 15 38 31 75 67 Other operating income 0 -0 2 1 10 9 Total income 19 15 40 32 85 77 Other external expenses -8 -9 -15 -14 -32 -31 Personnel costs -13 -11 -23 -20 -43 -40 Depreciation and amortization -0 -0 -0 -0 -0 -0 Other operating expenses -0 -1 -2 -1 -5 -4 Total expenses -21 -20 -40 -35 -80 -75 Operating profit -1 -5 -0 -3 5 1 Net financial items 5 85 52 168 81 403 317 Earnings after net financial items 83 47 168 78 407 318 Appropriations - - - - 58 58 Profit before tax 83 47 168 78 465 376 Taxes -6 1 -10 1 -24 -12 Profit for the period 77 48 157 79 442 364 STATEMENT OF COMPREHENSIVE INCOME Profit for the period 77 48 157 79 442 364 Other comprehensive income for the period after tax - - - - - - Comprehensive income for the period 77 48 157 79 442 364
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AQ Group Interim Report Q2 2025 Summary balance sheet for the Parent company The non-restricted equity amounts to SEK 1,045 m. The change since 31 December 2024 consists of the profit for the period of SEK 157 m, paid dividend of SEK -146 m and an ongoing new share issue linked to warrants in series 2022/2025 that are exercised for subscription of shares in the company of SEK 18 m. Jun 30 Jun 30 Dec 31 SEKm Note 2025 2024 2024 ASSETS Tangible assets 0 0 0 Participations in group companies 1,468 1,280 1,317 Receivables from group companies 68 120 97 Total non-current assets 1,536 1,399 1,414 Receivables from group companies 257 258 291 Current tax asset 8 5 - Other receivables 2 0 0 Prepaid expenses and accrued income 6 5 9 Cash and cash equivalents 559 255 599 Total current assets 831 523 899 TOTAL ASSETS 2,367 1,922 2,313 EQUITY AND LIABILITIES Restricted equity 38 38 38 Non-restricted equity 1,045 731 1,016 TOTAL EQUITY 1,083 769 1,054 Untaxed reserves 35 22 35 Provisions 4 31 25 40 Interest-bearing liabilities to credit institutions 259 270 309 Total non-current liabilities 259 270 309 Interest-bearing liabilities to credit institutions - -2 - Interest-bearing liabilities to group companies 919 810 831 Accounts payable - trade 5 5 7 Liabilities to group companies 0 - 1 Current tax liability 10 - 4 Other current liabilities 10 9 9 Accrued expenses and deferred income 16 13 23 Total current liabilities 960 836 876 TOTAL LIABILITIES AND PROVISIONS 1,249 1,131 1,224 TOTAL EQUITY AND LIABILITIES 2,367 1,922 2,313
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AQ Group Interim Report Q2 2025 Notes to the financial statements in summary Note 1. Accounting principles The interim report has been prepared in accordance with IAS 34, Interim Financial Reporting, and applicable parts of the Swedish Annual Accounts Act. Information according to IAS 34.16A are presented in the financial reports and their notes as well as in other parts of the interim report. The interim report fo r the parent company has been prepared in accordance with Swedish Annual Accounts Act, chapter 9 Interim report. For the Group and the parent company the accounting and valuation principles applied are the same as used in the latest annual report. Unless otherwise stated, all amounts are rounded to the nearest million. The total sum in tables and calculations do not always sum up of the parts due to rounding differences. The objective is that every interim row shall conform with the original source, which can result in rounding differences. Note 2. Segment reporting and breakdown of revenue The Group operates in two business segments: Component, which produces transformers, wiring systems, mechanical components, punched sheet metal and injection -molded thermoplastics and System, which produces systems, power and automation solutions and assembles complete machines in close collaboration with the customers. There are no breakdown or analysis of assets and liabilities per segment. SEGMENT REPORTING Second quarter For the segment Component, the total net sales for the second quarter was SEK 2,120 m (1,992), of which SEK 1,995 m (1,850) is external sales. The increase in external sales was SEK 145 m. For the segment System, the total net sales for the second quarter was SEK 376 m (443), of which SEK 349 m (404) is external sales. The decrease in external sales was SEK 55 m. Operating profit (EBIT) in the second quarter was SEK 163 m (170) for Component, corresponding to a decrease of SEK 7 m compared to the same period previous year. Operating profit (EBIT) for System was SEK 56 m (57), corresponding to a decrease of SEK 1 m compared to the same period previous year. In the column “Unallocated” there are items which have not been allocated to the two segments, parent company and group eliminations. Apr-Jun 2025, SEKm Component System Unallocated Group Net sales, external 1,995 349 - 2,344 Net sales, internal 125 27 -152 - Total net sales 2,120 376 -152 2,344 Material costs, excl. purchases own segment -1,047 -229 121 -1,155 Depreciation -75 -7 -0 -82 Other operating expenses/income -835 -84 30 -889 Operating profit 163 56 -1 218 Net financials items - - 10 10 Profit before tax 163 56 9 228 Taxes - - -39 -39 Profit for the period 163 56 -30 189
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AQ Group Interim Report Q2 2025 First six months For the segment Component, the total net sales for the first six months was SEK 4,221 m (3,988), of which SEK 3,943 m (3,703) is external sales. The increase in external sales was SEK 240 m. For the segment System, the total net sales for the first six months was SEK 754 m (854), of which SEK 692 m (776) is external sales. The decrease in external sales was SEK 84 m. Operating profit (EBIT) in the first six months was SEK 334 m (371) for Component, corresponding to a decrease of SEK 37 m compared to the same period previous year. Operating profit (EBIT) for System was SEK 107 m (109), corresponding to a decrease of SEK 2 m compared to the same period previous year. In the column “Unallocated” there are items which have not been allocated to the two segments, parent company and group eliminations. Apr-Jun 2024, SEKm Component System Unallocated Group Net sales, external 1,850 404 - 2,254 Net sales, internal 142 39 -181 - Total net sales 1,992 443 -181 2,254 Material costs, excl. purchases own segment -1,006 -291 155 -1,143 Depreciation -69 -6 -0 -75 Other operating expenses/income -748 -89 22 -815 Operating profit 170 57 -4 222 Net financials items - - -4 -4 Profit before tax 170 57 -9 218 Taxes - - -37 -37 Profit for the period 170 57 -46 181 Jan-Jun 2025 SEKm Component System Unallocated Group Net sales, external 3,943 692 - 4,634 Net sales, internal 278 63 -341 - Total net sales 4,221 754 -341 4,634 Material costs, excl. purchases own segment -2,091 -467 276 -2,281 Depreciation -151 -13 -0 -164 Other operating expenses/income -1,645 -167 57 -1,756 Operating profit 334 107 -9 433 Net financial items - - -0 -0 Profit before tax 334 107 -9 432 Taxes - - -77 -77 Profit for the period 334 107 -87 355 Jan-Jun 2024, SEKm Component System Unallocated Group Net sales, external 3,703 776 - 4,479 Net sales, internal 285 78 -364 - Total net sales 3,988 854 -364 4,479 Material costs, excl. purchases own segment -1,994 -557 290 -2,261 Depreciation -135 -12 -0 -147 Other operating expenses/income -1,488 -176 39 -1,625 Operating profit 371 109 -35 445 Net financial items - - -7 -7 Profit before tax 371 109 -41 439 Taxes - - -73 -73 Profit for the period 371 109 -114 366
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AQ Group Interim Report Q2 2025 SALES DIVIDED BY SEGMENT AND GEOGRAPHICAL MARKETS Second quarter The net sales divided among geographical markets in the second quarter; Sweden 28% (28), other European countries 59% (54) and other countries 14% (18). First six months The net sales divided among geographical markets in the first six months; Sweden 28% (28), other European countries 58% (56) and other countries 14% (16). Apr-Jun 2025, SEKm Component System Unallocated Group Sweden 464 217 19 701 Other European countries 1,375 97 - 1,472 Other countries 280 62 - 343 Net sales 2,120 376 19 2,515 Internal sales, eliminations - - -172 -172 Total net sales 2,120 376 -152 2,344 Apr-Jun 2024, SEKm Component System Unallocated Group Sweden 420 252 15 687 Other European countries 1,200 131 - 1,330 Other countries 372 61 - 433 Net sales 1,992 443 15 2,451 Internal sales, eliminations - - -197 -197 Total net sales 1,992 443 -181 2,254 Geographical markets are based on where AQ Group's subsidiaries have their registered office. Jan-Jun 2025, SEKm Component System Unallocated Group Sweden 909 443 38 1,390 Other European countries 2,708 192 - 2,900 Other countries 604 120 - 723 Net sales 4,221 754 38 5,013 Internal sales, eliminations - - -379 -379 Total net sales 4,221 754 -341 4,634 Jan-Jun 2024, SEKm Component System Unallocated Group Sweden 820 502 31 1,353 Other European countries 2,481 235 - 2,716 Other countries 688 117 - 805 Net sales 3,988 854 31 4,874 Internal sales, eliminations - - -395 -395 Total net sales 3,988 854 -364 4,479 Geographical markets are based on where AQ Group's subsidiaries have their registered office.
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AQ Group Interim Report Q2 2025 Note 3. Personnel Number of employees (full time yearly equivalents) in the Group divided per country: Note 4. Business acquisitions AQ’s strategy is to grow in both segments. On January 31, 2025, the mdexx companies and Michael Riedel were acquired and included i n the Component segment. In 2024, the JIT Mech Group, Rockford Components and TechROi were acquired. These acquisitions are also included in the Component segment. In April 2025, the wholly owned property company AQ Fastigheter i Gävle AB was divested for SEK 26 m and with a capital gain of SEK 22 m. Acquisitions during the year mdexx and Michael Riedel On January 31, 2025, AQ Group AB completed the transaction with Lafayette Mittelstand Capital to acquire mdexx inductive electronics GmbH, mdexx Magnetronic Devices GmbH, mdexx Magnetronic Devices s.r.o. and Michael Riedel, Transformatorenbau GmbH. Operations are conducted in Trutnov Czech Republic and in Ilshofen and Weyhe, Germany. At the time of the acquisition, approximately 400 employees were taken over. The purpose of the acquisition is to extend AQ’s customer base and broaden our technology and market presence in inductive components. mdexx and Michael Riedel have more than 60 years’ experience of working with demanding industrial customers and these com panies complement AQ’s business area inductive components in a very good way. This deal continues AQ’s strategy to become the number one company globally for custom inductive components for demanding industrial customers. We believe that mdexx and Michael Riedel fits very well into the AQ business model, and we see many synergies in production, purchasing and in the market. The purchase price amounted to SEK 144 m in cash on the day of acquisition. An acquisition analysis has been prepared which shows consolidated surplus values of SEK 62 m divided into customer relations SEK 20 m, technologies SEK 20 m, goodwill SEK 31 m and a deferred tax liability of SEK 8 m. The depreciation rate is estimated at 7 years for customer relationships and 5 years for technologies. The goodwill value of SEK 31 m includes synergy effects in the form of more efficient production processes and the employees’ technical knowledge. Jan-Jun Jan-Jun Jan-Jun Country 2025 2024 2023 Bulgaria 1,516 1,555 1,544 Poland 1,251 1,372 1,318 Lithuania 1,091 1,300 1,215 Sweden 1,040 979 862 Estonia 599 587 599 Hungary 500 496 479 China 428 439 604 Mexico 234 293 340 Czech Republic 201 0 0 Finland 201 206 208 Canada 187 182 189 India 166 178 186 Germany 129 15 16 Great Britain 117 0 0 USA 103 216 147 Italy 16 17 17 Brazil 5 5 6 Total 7,784 7,840 7,730
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AQ Group Interim Report Q2 2025 External acquisition-related expenses in connection with the acquisition amounted to SEK 7 m, which are reported in the Group's other external costs. The acquisition was financed with own funds and existing credit facilities. During the period February to June 2025, the acquired business contributed SEK 212 m to the Group's revenues and SEK -19 m to the Group's profit after tax, taking into account consolidated acquisition depreciation. The contribution to the Group's profit after tax without regard to consolidated acquisition depreciation is SEK -17 m. If the acquisition had occurred as of January 1, 202 5, ie. including January, the company management estimates that the Group's revenues would have been SEK 40 m higher and the profit after tax for the period with regard to consolidated acquisition depreciation would have been SEK 3 m lower for the period January-June 2025. The contribution to the Group's profit after tax without regard to consolidated acquisition depreciation would have been SEK 2 m lower. Acquired net assets at the time of acquisition: Note 5. Financial instruments Financial instruments that are shown in the balance sheet include on the assets side mainly cash or cash equivalents, accounts receivable and other receivables. On the liabilities side they consist mainly of accounts payable, other payable, credit debts and provisions for additional purchase price. For financial instruments that are listed, fair value is determined on the basis of the instrument's quoted price on an active market, level 1. The Group had no items in this category either as of the balance sheet date this year or the previous year. The Group exceptional ly uses derivatives, forward exchange agreement, to reduce currency risks. As of June 30, 2025, there are no outstanding derivatives. The same applies to the corresponding period of the previous year. SEK m mdexx magnetronics Intangible assets 42 Tangible assets incl.right-of-use assets 63 Non-current receivables 4 Inventories 119 Other current assets 32 Cash and cash equivalents in the acquired business 51 Total assets 311 Interest-bearing non-current liabilities incl. leasing liabilities 46 Interest-bearing current liabilities incl. leasing liabilities 64 Deferred tax 8 Other current liabilities 79 Total provisions and liabilities 197 Total Net Assets 113 Cash paid 144 Total purchase price 144 Goodwill 31 Cash flow effect Cash paid 144 Cash and cash equivalents in the acquired business -51 Total cash flow effect 94
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AQ Group Interim Report Q2 2025 Additional purchase prices belon g to valuation level 3 and have been valued at the amount they are estimated to be paid out, based on terms in the acquisition agreements regarding future cash flows. For the Group's other financial assets and liabilities, fair value is estimated to correspond in all material respects to the carrying amount due to the short maturity, which is why fair value is not reported separately for these. Note 6 Significant events after the end of the period Through the exercise of the warrants, AQ has received approximately SEK 18 m before issue costs and the number of shares and votes in the company has increased by 262,500, from 91,470,290 to 91,732,790. The share capital has increased by SEK 105,000, from SEK 36,588,116 to SEK 36,693,116, which was registered at Bolagsverket (the Swedish Companies Registration Office) on July 8, 2025. After the end of the quarter, there is continued instability and increased tensions in global trade and hostilities are ongoing. However, this has not led to any significant direct impact on AQ. AQ has a decentralized business model with production in 17 c ountries and a habit of moving production between production units to minimize any potential impact on our customers. Management and the Board of Directors are constantly monitoring and evaluating the situation in order to be prepared to act quickly to limit any impact on our customers and AQ. Contingent additional purchase prices in group SEKm JIT Mech Rockford Total Opening balance, 2025 25 15 40 Purchase consideration paid -9 - -9 Adjustments through income statement 1 - 1 Translation differences - -1 -1 Closing balance, 2025 17 14 31 Whereof current liability 8 14 22
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AQ Group Interim Report Q2 2025 Key figures SEKm unless otherwise stated Q1 Q2 YTD Q1 Q2 Q3 Q4 Full year Operating margin, (EBIT %) Operating profit 215 218 433 223 222 188 206 840 Net sales 2,290 2,344 4,634 2,225 2,254 1,949 2,126 8,554 Operating margin 9.4 9.3 9.3 10.0 9.8 9.6 9.7 9.8 EBITDA Operating profit 215 218 433 223 222 188 206 840 Depreciations/amortisations -82 -82 -164 -73 -75 -75 -83 -306 EBITDA 297 300 597 296 297 263 290 1,146 Profit margin before tax, (EBT %) Profit before tax 205 228 432 221 218 177 209 824 Net sales 2,290 2,344 4,634 2,225 2,254 1,949 2,126 8,554 Profit margin before tax, % 8.9 9.7 9.3 9.9 9.7 9.1 9.8 9.6 Liquid ratio, % Trade receivables 1,932 2,058 2,058 2,145 2,126 1,877 1,844 1,844 Other current receivables 253 253 253 210 227 236 213 213 Cash and cash equivalents 914 888 888 488 503 818 919 919 Current liabilities 1,706 1,734 1,734 1,743 1,645 1,526 1,458 1,458 Liquid ratio, % 182 185 185 163 174 192 204 204 Debt/equity ratio, % Total equity 4,346 4,467 4,467 4,082 4,083 4,178 4,409 4,409 Total assets 6,731 6,883 6,883 6,367 6,385 6,468 6,567 6,567 Debt/equity ratio, % 65 65 65 64 64 65 67 67 Return on total assets, % Profit before tax, rolling 12 months 808 818 818 794 816 798 824 824 Financial expenses, rolling 12 months -49 -63 -63 -51 -36 -39 -41 -41 Total equity and liabilities, opening balance for 12 months 6,367 6,385 6,385 6,125 6,300 6,160 5,960 5,960 Total equity and liabilities, closing balance 6,731 6,883 6,883 6,367 6,385 6,468 6,567 6,567 Total equity and liabilities, average 6,549 6,634 6,634 6,246 6,342 6,314 6,263 6,263 Return on total assets, % 13.1 13.3 13.3 13.5 13.4 13.3 13.8 13.8 Return on equity after tax, % Profit for the period after tax, rolling 12 months 647 655 655 662 671 645 666 666 Total equity, opening for 12 months 4,082 4,083 4,083 3,391 3,671 3,734 3,762 3,762 Total equity, closing 4,346 4,467 4,467 4,082 4,083 4,178 4,409 4,409 Total equity, average 4,214 4,275 4,275 3,737 3,877 3,956 4,085 4,085 Return on equity after tax, % 15.4 15.3 15.3 17.7 17.3 16.3 16.3 16.3 Net cash / Net debt Cash and cash equivalents 914 888 888 488 503 818 919 919 Non-current interest bearing liabilities 491 517 517 419 512 591 520 520 Current interest bearing liabilities 171 152 152 195 119 109 115 115 Total interest bearing liabilities 662 669 669 614 631 701 635 635 Net cash / Net debt 253 219 219 -126 -128 117 284 284 Growth, % Organic growth Net sales 2,290 2,344 4,634 2,225 2,254 1,949 2,126 8,554 - Effect of changes in exchange rates -6 -97 -103 25 12 -47 -8 -19 - Net sales for last year 2,225 2,254 4,479 2,253 2,345 2,149 2,221 8,968 - Net sales for acquired companies 182 180 361 - 39 76 111 226 = Organic growth -111 7 -103 -53 -142 -229 -198 -621 Organic growth divided by last year net sales, % -5.0 0.3 -2.3 -2.3 -6.1 -10.6 -8.9 -6.9 Growth through acquisitions Net sales for acquired companies divided by last year's net sales, % 8.2 8.0 8.1 0.0 1.7 3.5 5.0 2.5 2025 2024
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AQ Group Interim Report Q2 2025 Definitions Alternative key figures that are not defined according to IFRS The interim report includes certain key figures which are not defined according to IFRS. AQ’s view is that the presented key figures are essential for investors, securities analysts, and other stakeholders. Furthermore, the operating margin, cash liquidity and solidity are important measures in terms of AQ’s monitoring of results, position, and liquidity. AQ’s key figures not calculated in ac cordance with IFRS are not necessarily comparable to similar measures presented by other companies and have certain l imitations as an analytical tool. They should therefore not be considered in isolation from, or as a substitute for, AQ’s financial information prepared in accordance with IFRS. Operating margin, EBIT % Calculated as operating profit divided by net sales. This key figure shows the achieved profitability in the operative business of the company. Operating margin is a useful measure to follow up profitability and efficiency of the business before deduction of tied up capital. The figure is used internally for controlling and managing the business as well as a benchmark towards other companies in the industry. Profit margin before tax, EBT% Calculated as profit before tax divided by net sales. This key figure shows the profitability of the business before tax. Profit margin before tax is a useful measure to follow up profitability and efficiency including tied up capital. The figure is used internally for controlling and managing the business as well as a benchmark towards other companies in the industry. Liquid ratio, % Calculated as current assets (excl. inventory) divided by current liabilities. This key figure reflects the company’s short-term solvency as it sets the company’s current assets (except inventory) in relation to the short-term liabilities. If the liquid ratio exceeds 100%, it means that the assets exceed the liabilities in question. Debt/Equity ratio, % Calculated as adjusted equity divided by balance sheet total. This key figure reflects the company’s financial position and its long -term solvency. To have a good equity ratio and thus a strong financial position is important for being able to manage business cycles with varying sales. To have a strong financial position is also important for managing growth. Return on total assets, % Calculated as profit/loss after financial items plus financial costs divided by the average balance sheet total. This key figure also shows the achieved profitability in the operative business. This number complements the operating margin as it includes tied up capital. It means that the number gives information on the return the business is given in relation to the capital tied in it. (Financial investments and cash and cash equivalents are also considered and the profit they give in the form of financial income.) Return on equity after tax, % Calculated as profit/loss after tax divided by average equity including minority interest. This is a key figure showing the return of the capital that the owners have invested in the company (including retained earnings) after other stakeholders have received their dividends. This key figure shows how profitable the company is for its owners. This return also has significance for the company’s opportunities to grow in a financial balance. Operating profit (EBIT), SEKm Calculated as the profit before tax and financial items. Operating profit shows the result generated by the operative business and is used together with operating margin and return on total assets for evaluating and managing the operative business. Profit before tax / Profit after financial items (EBT), SEKm Calculated as the profit before tax. The key figure shows the result generated by the operative business and financial income taking into account payments to creditors for the capital they are contributing to finance the business. The figure shows remaining profit to the owners taking into ac count that part of it will be deducted for tax payments. EBITDA Calculated as the period’s net operating profit with the addition of depreciations and amortization of tangible and intangible assets. The measure is used in the calculation of covenants towards the bank. EBITDA stands for "earnings before interest, taxes, depreciation and amortization". Net cash/Net debt, SEKm Calculated as the difference between interest bearing debts and cash and cash equivalents. This key figure is reflecting how much interest -bearing debts the Group has taking into account that there are also cash and cash equivalents. The figure gives a good picture of the debt situation. Net cash means that cash and cash equivalents exceed interest bearing debts. Net debt means that interest bearing debts exceed cash and cash equivalents.
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AQ Group Interim Report Q2 2025 Growth, % The company is using two key figures to describe growth; 1) organic growth and 2) growth through acquisitions. Organic growth is calculated as the difference between the net sales of the current period and the net sales of the previous period, excluding currency effect and net sales of acquired units. Organic growth in % is calculated as the organic growth divided by the net sales in the same period in the previous year. Growth through acquisitions is calculated as net sales of acquired companies divided by the net sales in the previous year. Growth is an important component in the company’s strategy as growth is required to be a leading actor in the markets where t he company is operating. Growth is partly through acquisition and partly organic. It’s important to follow up and to present the different ways of achieving growth as it is two different ways to grow. Acquisitions are done when opportunities are given to expand the business in a certain geographic market or in a certain product area (in line with the company’s strategic plan). Organic growth often has the character of a continued expansion within the existing operations. Dividend per share, SEK Dividend per share is decided at the Annual General Meeting where the annual report is approved for the fiscal year. Number o f shares are the thousands of shares issued at the set date for payment of dividends. Earnings per share, before/after dilution, SEK Income for the period attributable to equity holders of the parent company divided by the average number of shares before or after dilution. When the average share price during the period is higher than the established subscription price for subscribed warrants, dilution effect is calculated for the earnings per share. AQ in brief AQ is a global manufacturer of components and systems to demanding industrial customers and is listed on Nasdaq Stockholm’s main market. The Group consists mainly of operating companies each of which develop their special skills and in cooperation with other companies, striving to provide cost effective solutions in close cooperation with the customer. The Group headquarter is in Västerås, Sweden. AQ has 8,000 employees in Bulgaria, Poland, Lithuania, Sweden, China, Estonia, Hungary, Mexico, Finland, India, Canada, USA, Germany, Italy, Brazil, Great Britain and Czech Republic. In 2024 AQ had net sales of SEK 9 billion, and the Group has since its start in 1994 shown profit every quarter. 0 100 200 300 400 500 600 700 800 900 -94 -95 -96 -97 -98 -99 -00 -01 -02 -03 -04 -05 -06 -07 -08 -09 -10 -11 -12 -13 -14 -15 -16 -17 -18 -19 -20 -21 -22 -23 -24 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000 AQ Group´s Net Sales and EBT 1994-2024 Net sales SEKm EBT SEKm
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AQ Group Interim Report Q2 2025