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 – S e p t e m b e r 2 0 26 O c t o b e r 15 , 2 0 26 www.aqgroup.com
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AQ Group Interim Report Q3 2026 1 Third quarter, July-September 2026 in brief ■ Net sales increased by 21% to SEK 2,566 m (2,114) ■ Operating profit (EBIT) increased by 36% to SEK 259 m (191) ■ Profit before tax (EBT) increased by 38% to SEK 257 m (187) ■ Profit margin before tax (EBT %) was 10.0% (8.8) ■ Profit after tax amounted to SEK 205 m (154) ■ Cash flow from operating activities amounted to SEK 269 m (322) ■ Earnings per share before dilution amounted to SEK 2.23 (1.67) Nine months, January-September 2026 in brief ■ Net sales increased by 11% to SEK 7,500 m (6,748) ■ Operating profit (EBIT) increased by 18% to SEK 739 m (624) ■ Profit before tax (EBT) increased by 19% to SEK 736 m (619) ■ Profit margin before tax (EBT %) was 9.8% (9.2) ■ Profit after tax amounted to SEK 586 m (509) ■ Cash flow from operating activities amounted to SEK 631 m (799) ■ Earnings per share before dilution amounted to SEK 6.39 (5.54) ■ Equity ratio was 68% (67) Group overview, key figures SEKm unless otherwise stated Q1 Q2 Q3 YTD Q1 Q2 Q3 Q4 Full year Net turnover 2,358 2,577 2,566 7,500 2,290 2,344 2,114 2,323 9,071 Operating profit (EBIT) 225 255 259 739 215 218 191 216 840 Profit before tax (EBT) 223 256 257 736 205 228 187 212 831 Profit for the period 179 202 205 586 166 189 154 168 677 Total equity 4,925 5,058 5,349 5,349 4,346 4,467 4,593 4,688 4,688 Operating margin (EBIT), % 9.6 9.9 10.1 9.8 9.4 9.3 9.0 9.3 9.3 Profit margin before tax (EBT), % 9.4 9.9 10.0 9.8 8.9 9.7 8.8 9.1 9.2 Liquid ratio, % 188 179 177 177 182 185 184 184 184 Debt/equity ratio, % 68 67 68 68 65 65 67 68 68 Return on total assets, % 1) 13.0 12.8 13.5 13.5 13.1 13.3 13.4 13.3 13.3 Return on equtiy after tax, % 1) 14.9 14.8 15.2 15.2 15.4 15.3 15.1 14.9 14.9 Number of employees in Sweden 1,029 1,023 1,020 1,020 1,034 1,040 1,033 1,039 1,039 Number of employees outside Sweden 6,786 6,825 6,865 6,865 6,699 6,744 6,779 6,788 6,788 Key indicators per share, SEK Profit related to parent company shareholders 179 202 205 586 166 188 154 169 676 Profit for the period before dilution 1.95 2.20 2.23 6.39 1.81 2.06 1.67 1.84 7.38 Total equity 53.69 55.14 58.31 58.31 47.51 48.84 50.06 51.10 51.18 Number of shares, thousands 91,733 91,733 91,733 91,733 91,470 91,470 91,733 91,733 91,597 1) Calculated based on 12 months rolling amounts. 20252026
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AQ Group Interim Report Q3 2026 2 A word from the CEO High growth in the US and China During the third quarter, we grew rapidly in defense and data centers. We increased net sales by 21% and had organic growth of 18%. This is as planned. A significant portion of the growth was to end customers in the US and Asia. We have increased our deliveries of inductive components for electric power and cooling of data centers. AQ Transformer Solutions, our transformer company in Virginia, has successfully won several new orders in the US market and during the quarter we acquired assets and properties from Norlake to quickly increase our production capacity. With experienced employees from Norlake and Transformer Solutions, we expect to be able to double our deliveries of i nductive components in the US in the coming years. Normally, Q3 is a weaker quarter in terms of sales, but thanks to our growth in China and the US, we have managed to achieve a smoother flow of products even during the summer months, as neither our customers nor AQ's factories have any general industrial holiday in these countries. Acquisitions Our growth through acquisitions during the quarter was 2% due to the acquisition of Time 24 and the assets in Norlake. The integration of Time 24 continues at a high pace . The focus is on delivering products to customers in the semiconductor industry that is growing rapidly. At the same time, we are improving the IT infrastructure, strengthening management and improving our productivity in the purchasing area. The assets for Norlake were acquired on September 21. The company has more than 50 years of experience in the design and production of transformers for special applications. Norlake has been undercapitalized in recent years, which has prevented growth . Production capacity, in terms of facilities and machinery, is significantly higher than sales levels in recent years. Our CEO of Transformer Solutions in the US, Dan Day, and his team are now tasked with integrating the company and quickly increasing production capacity to accommodate Norlake's, but also Transformer Solutions' customers with more products. This is a typical AQ acquisition where we need to reverse a bad trend and make Norlake a good company again. It will not be easy, but with hard work we will succeed. Market and investments Our deliveries increased during the quarter to the defense industry and to data centers. Several of our factories in China, Europe and the US are running at full speed. We are also pleased to see growth now in several of our other market segments . During the quarter, we acquired AQ Rockford's property in Worksop, UK, and Gumboda Stålteknik with associated property in Robertsfors. These are investments to increase capacity for defense and electrification customers. Cash flow, balance sheet and margin Our profit margin for the quarter was on par with our target of 10% profit before tax. Our cash flow from operating activities in the quarter was SEK 269 m (322), impacted by increased inventories and trade receivables as a result of strong growth. However , we can continue to be opportunistic and grow organically and through acquisitions as we have a net cash position of SEK 467 m at the end of the quarter. Easier to run in a tailwind AQ has no patents or own products. We are dependent on having world-leading customers who develop world- leading products. We have the ability to help them scale up quickly while maintaining good quality when their products become popular on the market. Our skilled salespeople and technicians are good at identifying new markets and products that will grow in the future. An example right now is our transformers for data centers, where we see good demand from several of our customers. Of course, it is easier to grow in markets that are growing. We usually say that it is easier to run fast and far in a tailwind. James Ahrgren CEO
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AQ Group Interim Report Q3 2026 3 Group’s financial position and results Third quarter Net sales for the third quarter was SEK 2,566 m (2,114), an increase of SEK 452 m compared to the same period in the previous year. The total growth in the quarter was 21.4%, of which organic growth 17.9%, growth through acquisitions 2.2% and currency effects of 1.3%. The currency effect corresponded to SEK 28 m and was mainly driven by the currencies HUF, CNY and PLN. The quarter's organic growth of 17.9% is largely attributable to increased volume of components for data centers and defense industries, but we are growing in most market segments. Operating profit (EBIT) in the third quarter amounted to SEK 259 m (191), an increase of SEK 68 m, which is mainly explained by higher volumes in China and the US and better capacity utilization in the previous year's newly acquired companies. Net financial items in the quarter amounted to SEK -2 m (-4). The profit margin before tax (EBT margin) was 10.0% (8.8). Cash flow from operating activities was SEK 269 m ( 322), a decrease of SEK 53 m, which is explained by increased tied -up working capital in trade receivables and inventories, driven by increased sales in the growth segments. Cash flow from investing activities was SEK -190 m (-55) and mainly refers to business acquisitions of SEK -126 m (0) and replacement and capacity-enhancing investments of tangible fixed assets of SEK -63 m (-53). Cash flow from financing activities was SEK -39 m (-187) and mainly refers to repayments of bank loans and leasing liabilities of SEK -42 m (-199). First nine months Net sales for the first nine months was SEK 7,500 m (6,748), an increase of SEK 752 m compared to the same period in the previous year. The total growth for the first nine months was 11.1%, of which organic growth 10.9%, growth through acquisitions 1.5% and currency effects of -1.2%. The currency effect corresponded to SEK -84 m and was mainly driven by the currencies EUR, HUF and USD. The first nine months' organic growth of 10.9% is largely attributable to increased volume of components for the data center and defense industries, while several other market segments are also growing. Operating profit (EBIT) in the first nine months amounted to SEK 739 m (624), an increase of SEK 115 m, which is mainly explained by higher volumes in China and the US and better capacity utilization in last year's newly acquired companies. Net financial items in the first nine months amounted to SEK -3 m (-5). The profit margin before tax (EBT margin) was 9.8% (9.2). Interest-bearing liabilities of the Group were SEK 437 m (536) and cash and cash equivalents amounted to SEK 904 m (965) which means that the Group has a net cash position of SEK 467 m (429). The Group's interest-bearing liabilities without regard to leasing liabilities amounted to SEK 36 m (145), which means a net cash position adjusted for leasing liabilities of SEK 868 m (820). Cash flow from operating activities was SEK 631 m (799), a decrease of SEK 168 m, which is mainly due to increased tied-up working capital in trade receivables and inventories. Net sales EBT SEKm % 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 0 50 100 150 200 250 300 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 0 500 1,000 1,500 2,000 2,500 3,000 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 SEKm
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AQ Group Interim Report Q3 2026 4 Cash flow from investing activities was SEK -326 m (-254) and refers to business acquisitions of SEK -126 m ( -94) and replacement and capacity -enhancing investments of tangible fixed assets of SEK -197 m (-183). In the corresponding period last year, a divestment of a property subsidiary of SEK 26 m was also made. The single largest investments during the period consist of acquired production equipment in Hungary of SEK -31 m and in Bulgaria of SEK -26 m. Cash flow from financing activities was SEK -425 m (-472) and mainly refers to repayments of bank loans and leasing liabilities of SEK -260 m (-360) and dividend of SEK -165 m (-146). Equity at the end of the period amounted to SEK 5,349 m (4,593) for the Group. Significant events during the year AQ Group's share advanced to Nasdaq's Large Cap segment as of January 2, 2026. Nasdaq conducts an annual segment review every year based on the average market capitalization carried out during November. The results of this form the basis for the segment ch anges that will then take effect in January of the following year. At the Annual General Meeting on April 23, 2026, the existing Board member Åsa Landén Ericsson was elected as new Chairman of the Board and Roland Kasper as new Board member. Board members Gunilla Spongh, Lars Wrebo, Ulf Gundemark and Claes Mellgren were r e-elected. Board member Per Olof Andersson did not stand for re -election. Furthermore, the 2026 Annual General Meeting resolved on an additional round of three-year warrant programs for key employees in the AQ Group. The subscription price was set at SEK 273 per share. A total of 90,500 warrants were subscribed for in the warrant program that expires on May 17, 2029. Upon redemption, each option entitles to one share. On May 11, 2026 AQ Group acquired 100% of the shares in Time 24 that manufactures electrical cabinets and wiring systems to demanding industrial customers in the UK. The company has an annual turnover of approximately SEK 124 m, 135 employees and an operating margin below AQ average. Operations are conducted in Burgess Hill in the UK and Vizovice in the Czech Republic. The purchase price consisted of £1 in cash at closing and redemption of debts. The company’s net debt at closing was approximately SEK 50 m. There is no conditional earn-out. On July 14, 2026, AQ Group's Board of Directors decided to raise the financial target for profit margin before tax from 8% to 10%. On September 21, 2026, AQ Group acquired operating assets and associated properties from Norlake, Ohio, USA. The purchase price amounted to SEK 133 m, and there is no additional purchase price. Norlake designs and manufactures custom transformers and inductors for demanding industrial applications. The business was founded in 1974 and is based in Cleveland, Ohio. Its customers include leading industrial companies in electrical automation, electrification, data centers, nuclear power, and defense. Revenue for 2025 amounted to SEK 69 m with profitability below the AQ average. The acquisition adds further manufacturing capacity and AQ estimates that, with full utilization of the existing facilities and production equipment, the operation could generate annual revenues of just over SEK 300 m. The geopolitical uncertainty in the world continues with acts of war, political tensions and trade conflicts. This has led to more volatile and unpredictable costs and prices regarding tariffs, energy, transport and materials, disruptions in supply chains and other uncertainties for AQ, customers and suppliers. However, this has not led to any significant direct impact on AQ , as AQ has a decentralized business model with production in 17 countries and a habit of moving production between production units to minimize any impact on our customers. Management and the Board of Directors follow and constantly evaluate the situation to be prepared to act quickly to limit any impact on our customers and AQ.
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AQ Group Interim Report Q3 2026 5 Significant events after the end of the period No significant events occurred after the end of the reporting period. Goals The goal of the Group is continued profitable growth. The goal is a profit margin before tax (EBT %) of at least 10%. 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. AQ Group paid a dividend of SEK 165 m to its shareholders in April 2026 following a decision at the 2026 Annual General Meeting. The company has two rounds of three-year warrant programs that run, one 2024-2027 and the other 2026- 2029. The subscription price for the 2024/2027 program is SEK 152.10 per share after the share split. A total of 13,500 warrants were subscribed for in the warrant program that expires on May 12, 2027. Upon exercise, each option entitles to five shares. For the 2026/2029 program, the subscription price is SEK 273 per share and a total of 90,500 warrants were subscribed for in the warrant program that expires on May 17, 2029. Upon redemption, each option entitles to one share. When the average share price during the period is higher than the determined subscription price, th e dilution effect for earnings per share is calculated 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 party transactions regarding the purchase of products and consulting services which are at market conditions. Jul-Sep Jul-Sep Jan-Sep Jan-Sep Full year Target 2026 2025 2026 2025 2025 Product quality, % 100 99.7 99.5 99.6 99.6 99.6 Delivery precision, % 98 91.1 92.8 92.7 93.8 94.0 Equity ratio, % >40 68 67 68 67 68 Profit margin before tax (EBT), % >10 10.0 8.8 9.8 9.2 9.2 Growth, % >15 21.4 8.4 11.1 5.0 6.0
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AQ Group Interim Report Q3 2026 6 Risks and uncertainty factors AQ is a global group with a decentralized business model and operations in 17 countries and is thus exposed to risks and uncertainties of a strategic, operational, financial and regulatory nature. Geopolitical developments and the macroeconomic environment may affect AQ, its customers and suppliers, including disruptions in supply chains, changed trade conditions (including sanctions, tariffs and other trade restrictions) and increased volatility in costs and prices related to energy, transport and materials. Financial risks include, among other things, changes in exchange rates and interest rates, as well as credit risk attributable to trade receivables. The business can also be affected by incidents linked to cyber and IT security. These factors may have a material impact on AQ, its customers and suppliers, which in turn affects the actual outcome. 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 the US and 6% of the Group's total sales in the 2025 financial year were to customers in the US. The Parent Company is indirectly affected by the same risks and uncertainties as the Group. A more detailed description of the Group's and the Parent Company's material risks, uncertainties and risk management is provided in the Annual Report for 2025. No events of material significance have occurred during the period that materially affect or change these descriptions of the Group's and the Parent Company's risks and their management. Global minimum tax As of 1 January 2025, the Group is reporting income tax in accordance with the OECD's model rules for Pillar II and the first payment of additional tax is expected to be made in 2027 . The Group has significant operations in several countries that have previously reported lower corporate income tax rates than 15%, including Bulgaria, Estonia and Lithuania. 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 nine months, including provisions for additional tax, amounts to 20% (18). Nomination committee The Nomination Committee represents the shareholders and consists of members appointed by the four largest shareholders in terms of voting rights based on Euroclear Sweden AB's ownership statistics as of the last day of August each year. If a shareholder waives its right to appoint a member, the right shall pass to the next largest shareholder. The Nomination Committee's term of office extends until a new Nomination Committee has been appointed and the Nomination Committee appoints a Chairman among its members. The Nomination Committee for the 2027 Annual General Meeting was announced on 14 October 2026 and consists of Björn Henriksson (Nordea Fonder), Stephan Müchler (Swedbank Robur Fonder), Per Olof Andersson (own holding) and Claes Mellgren (own holding) with Björn Henriksson as Chairman. Future reporting dates Year-End Report, 2026 February 11, 2027, at 08:00 CET Annual Report 2026 Week 13, 2027 Interim Report January-March 2027 April 22, 2027, at 08:00 CEST Annual General Meeting April 22, 2027, at 18:00 CEST Interim Report January-June 2027 July 14, 2027, at 08:00 CEST Interim Report January-September 2027 October 20, 2027, at 08:00 CEST
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AQ Group Interim Report Q3 2026 7 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 October 15, 2026. AQ Group AB (publ) is listed on Nasdaq Stockholm’s main market. 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 Chief Executive Officer certifies 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, October 15, 2026 James Ahrgren CEO
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AQ Group Interim Report Q3 2026 8 Review report To the board of AQ Group AB (publ) Corp. id. 556281-8830 Introduction We have reviewed the summary interim financial information (interim report) of AQ Group AB (publ ) as of 30 September 2026, and the nine -month period then ended. The Board of Directors and the Managing Director are responsible for the preparation and presentation of this interim report in accordance with IAS 34 and the Annual Accounts Act. Our responsibility is to express a c onclusion on this interim report based on our review. Scope of review We conducted our review in accordance with International Standard on Review Engagements ISRE 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity . A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and other generally accepted audi ting practices and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the interim report is not prepared, in all material respects, for the Group in accordance with IAS 34 and the Annual Accounts Act, and for the Parent Company in accordance with the Annual Accounts Act. Stockholm, October 15, 2026 Ernst & Young AB Jennifer Rock-Baley Authorized Public Accountant
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AQ Group Interim Report Q3 2026 9 Financial reports Summary Income Statement for the Group Statement of comprehensive income for the Group, summary *) During 2026, the 2024/2027 warrant program has resulted in a dilution effect equivalent to 67,500 shares. R12 Jul-Sep Jul-Sep Jan-Sep Jan-Sep Oct 2025 Full year SEKm Note 2026 2025 2026 2025 -Sep 2026 2025 Net sales 2 2,566 2,114 7,500 6,748 9,823 9,071 Other operating income 36 27 110 96 146 133 Total income 2,601 2,141 7,610 6,844 9,969 9,203 Change in inventory and work in progress 36 -15 60 -48 20 -88 Raw material and consumables -1,308 -975 -3,679 -3,139 -4,730 -4,191 Goods for resale -45 -27 -118 -112 -157 -150 Other external expenses -239 -217 -695 -659 -920 -884 Personnel costs 3 -677 -619 -2,108 -1,958 -2,793 -2,642 Depreciation and amortization -93 -87 -265 -251 -350 -337 Other operating expenses -17 -10 -66 -54 -83 -71 Total expenses -2,342 -1,950 -6,871 -6,220 -9,014 -8,363 Operating profit 259 191 739 624 955 840 Net financial items 5 -2 -4 -3 -5 -7 -9 Profit before tax 257 187 736 619 948 831 Taxes -52 -33 -149 -110 -193 -154 Profit for the period 205 154 586 509 755 677 PROFIT FOR THE PERIOD ATTRIBUTABLE TO Parent company shareholders 205 154 586 508 755 676 Non-controlling interests 0 0 0 1 -0 1 SHARE-RELATED REPORTING, SEK Earnings per share before dilution 2.23 1.67 6.39 5.54 8.23 7.38 Earnings per share after dilution *) 2.23 1.67 6.38 5.54 8.22 7.38 AVERAGE NUMBER OF SHARES Before dilution, thousands 91,733 91,710 91,733 91,551 91,733 91,597 After dilution, thousands *) 91,800 91,777 91,800 91,619 91,800 91,664 R12 Jul-Sep Jul-Sep Jan-Sep Jan-Sep Oct 2025 Full year SEKm 2026 2025 2026 2025 -Sep 2026 2025 PROFIT FOR THE PERIOD 205 154 586 509 755 677 OTHER COMPREHENSIVE INCOME Items that will not be reclassified to the income statement Revaluation related to defined benefit pension plans 0 0 0 0 0 0 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 86 -29 237 -197 164 -270 Other comprehensive income for the period after tax 86 -29 237 -197 164 -270 Comprehensive income for the period 291 125 824 312 919 407 COMPREHENSIVE INCOME FOR THE PERIOD ATTRIBUTABLE TO Parent company shareholders 290 125 822 311 918 407 Non-controlling interests 1 0 1 1 1 -0
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AQ Group Interim Report Q3 2026 10 Summary Balance Sheet for the Group Sep 30 Sep 30 Dec 31 SEKm Note 2026 2025 2025 ASSETS Goodwill 547 456 450 Other intangible assets 94 120 113 Right-of-use assets 390 383 411 Tangible assets 1,405 1,243 1,231 Non-current receivables 14 13 13 Deferred tax assets 58 48 44 Total non-current assets 2,508 2,262 2,261 Inventories 1,696 1,452 1,396 Accounts receivable - trade 2,505 1,924 2,029 Current tax assets 33 43 33 Other current assets 250 215 197 Cash and cash equivalents 904 965 992 Total current assets 5,388 4,599 4,648 TOTAL ASSETS 7,896 6,861 6,909 EQUITY AND LIABILITIES Equity attributable to parent company´s shareholders 5,328 4,571 4,667 Non-controlling interests 22 21 20 TOTAL EQUITY 5,349 4,593 4,688 Long-term borrowings 4 126 6 Long-term lease liabilities 275 269 285 Deferred tax liabilities 118 115 119 Provisions for post-employement benefits 29 24 26 Other provisions 32 16 13 Other non-current liabilities 5 - 10 9 Total non-current liabilities 458 560 457 Short-term borrowings 32 19 139 Short-term lease liabilities 125 123 136 Provisions 65 36 40 Contract liabilities 128 113 113 Accounts payable - trade 1,070 825 768 Current tax liabilities 108 61 46 Other current liabilities 5 561 533 523 Total current liabilities 2,089 1,709 1,765 TOTAL LIABILITIES 2,546 2,269 2,221 TOTAL EQUITY AND LIABILITIES 7,896 6,861 6,909
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AQ Group Interim Report Q3 2026 11 Statement of changes in Equity for the Group All shares, 91,732,790, at the end of the period are A-shares with equal voting rights and have equal rights to the result. SEK M Share capital Other contributed capital Reserves Retained earnings incl. profit Subtotal Non- controlling interests Total equity Equity, 12/31/2024 37 88 394 3,870 4,388 21 4,409 Profit for the year - - - 508 508 1 509 Translation differences, foreign operations - - -196 - -196 -1 -197 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 - - -196 0 -196 -1 -197 Comprehensive income for the year - - -196 508 311 1 312 Ongoing new issue 0 18 - - 18 - 18 Emission costs - -0 - - -0 - -0 Paid dividend - - - -146 -146 - -146 Transactions with shareholders 0 18 - -146 -128 - -128 Equity, 09/30/2025 37 106 197 4,231 4,571 21 4,593 Equity, 12/31/2025 37 106 124 4,400 4,667 20 4,688 Profit for the year - - - 586 586 0 586 Translation differences, foreign operations - - 236 - 236 1 237 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 - - 236 0 236 1 237 Comprehensive income for the year - - 236 586 822 1 824 New issue - 3 - - 3 - 3 Paid dividend - - - -165 -165 - -165 Transactions with shareholders - 3 - -165 -162 - -162 Equity, 09/30/2026 37 109 361 4,821 5,328 22 5,349 Equity attributable to parent company shareholders
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AQ Group Interim Report Q3 2026 12 Summary Cash flow statement for the Group Jul-Sep Jul-Sep Jan-Sep Jan-Sep Full Year SEKm Note 2026 2025 2026 2025 2025 Profit before tax 257 187 736 619 831 Adjustment for non cash generating items 113 91 304 249 331 Income tax paid -32 -27 -91 -95 -134 Cash flow from operating activities before change in working capital 338 251 949 773 1,028 Change in inventories -75 -25 -181 45 82 Change in trade receivables -12 122 -329 -148 -283 Change in other receivables 5 3 -37 -34 -21 Change in trade payables 27 -15 224 122 76 Change in other liabilities -14 -14 4 41 39 Change in working capital -69 71 -318 26 -106 Cash flow from operating activities 269 322 631 799 921 Business acquisitions 4 -126 - -126 -94 -96 Divestment of shares in subsidiaries - - - 26 26 Acquisition of intangible non-current assets -1 -2 -4 -5 -8 Acquisition of tangible non-current assets -63 -53 -197 -183 -233 Sale of tangible non-current assets 1 0 1 1 3 Cash flow from investing activities -190 -55 -326 -254 -307 New borrowings, credit institutions 3 - 3 - - Amortization of loans -2 -164 -144 -254 -255 Amortization of lease liabilities -41 -36 -116 -106 -144 Change in bank overdraft facilities 0 11 -6 16 18 Payments of warrants - - 3 - - New issue - - - 18 18 Dividends - - -165 -146 -146 Cash flow from financing activities -39 -187 -425 -472 -509 Change in cash and cash equivalents for the period 41 80 -121 73 105 Cash and cash equivalents at the beginning of the year 849 888 992 919 919 Exchange rate difference in cash and cash equivalents 14 -3 32 -27 -32 Cash and cash equivalents at the end of the period 904 965 904 965 992
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AQ Group Interim Report Q3 2026 13 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 Third quarter Net sales during the third quarter amounted to SEK 24 m (21) and mainly pertained to internal services. Net financial items amounted to SEK -3 m (15). The profit for the period amounted to SEK -6 m (17). First nine months Net sales during the first nine months amounted to SEK 65 m (59) and mainly pertained to internal services. Net financial items amounted to SEK 281 m (182). The profit for the period amounted to SEK 262 m (174). R12 Jul-Sep Jul-Sep Jan-Sep Jan-Sep Oct 2025 Full year SEKm Note 2026 2025 2026 2025 -Sep 2026 2025 Net sales 24 21 65 59 82 76 Other operating income 0 3 1 5 3 7 Total income 24 24 66 64 85 83 Other external expenses -10 -7 -31 -22 -39 -30 Personnel costs -11 -10 -35 -33 -48 -45 Depreciation and amortization -0 -0 -0 -0 -0 -0 Other operating expenses -0 -0 -1 -2 -1 -3 Total expenses -21 -17 -67 -57 -88 -79 Operating profit 3 7 -0 7 -2 5 Net financial items 5 -3 15 281 182 398 299 Earnings after net financial items -0 22 281 189 395 304 Appropriations - - - - 101 101 Profit before tax -0 22 281 189 496 405 Taxes -5 -5 -19 -15 -42 -39 Profit for the period -6 17 262 174 454 366 STATEMENT OF COMPREHENSIVE INCOME Profit for the period -6 17 262 174 454 366 Other comprehensive income for the period after tax - - - - - - Comprehensive income for the period -6 17 262 174 454 366
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AQ Group Interim Report Q3 2026 14 Summary balance sheet for the Parent company The non-restricted equity amounts to SEK 1,354 m. The change since December 31, 2025 consists of the profit for the period of SEK 262 m, paid dividend of SEK -165 m and additional paid in capital related to the subscription of warrants of SEK 3 m. Sep 30 Sep 30 Dec 31 SEKm Note 2026 2025 2025 ASSETS Tangible assets 0 0 0 Participations in group companies 1,724 1,468 1,484 Receivables from group companies 152 92 89 Total non-current assets 1,876 1,560 1,574 Receivables from group companies 346 244 400 Current tax asset 7 10 - Other current assets 6 4 3 Cash and cash equivalents 458 602 657 Total current assets 817 861 1,060 TOTAL ASSETS 2,693 2,420 2,634 EQUITY AND LIABILITIES Restricted equity 38 38 38 Non-restricted equity 1,354 1,062 1,254 TOTAL EQUITY 1,392 1,100 1,292 Untaxed reserves 54 35 54 Provisions 5 8 27 17 Interest-bearing liabilities to credit institutions - 119 - Total non-current liabilities - 119 - Short-term borrowings - - 119 Interest-bearing liabilities to group companies 1,183 1,095 1,096 Accounts payable - trade 4 3 5 Liabilities to group companies - 0 4 Current tax liability 31 14 26 Other current liabilities 21 27 20 Total current liabilities 1,239 1,139 1,271 TOTAL LIABILITIES AND PROVISIONS 1,247 1,285 1,288 TOTAL EQUITY AND LIABILITIES 2,693 2,420 2,634
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AQ Group Interim Report Q3 2026 15 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 for the parent company has been prepared in accordance with Swedish Annual Accounts Act. For the Group and the parent company the accounting and valuation principles applied are the same as used in the latest annual report. IFRS 18 Presentation and Disclosure in Financial Statements was endorsed by the EU on February 13, 2026, and is effective from January 1, 2027, and will replace IAS 1 Presentation of financial statements, introducing new requirements on presentation and di sclosures in interim reports and annual reports. The new standard will not impact the recognition or measurement of items in the financial statements but will have a noticeable impact on presentation and disclosures, such as the statement of financial perf ormance and management-defined performance measures within the financial statements. The detailed implications of applying the new standard on the Group’s consolidated financial statements are still being assessed. The Group will apply the new standard from January 1, 2027, the mandatory financial date. IFRS 18 requires retrospective application, i.e. comparative figures for 2026 will be restated. 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.
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AQ Group Interim Report Q3 2026 16 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 Third quarter For the segment Component, the total net sales for the third quarter was SEK 2,484 m (1,940), of which SEK 2,240 m (1,811) is external sales. The increase in external sales was SEK 429 m. For the segment System, the total net sales for the third quarter was SEK 340 m (332), of which SEK 326 m (302) is external sales. The increase in external sales was SEK 23 m. Operating profit (EBIT) in the third quarter was SEK 223 m (140) for Component, corresponding to a n increase of SEK 83 m compared to the same period previous year. Operating profit (EBIT) for System was SEK 35 m (38), corresponding to a decrease of SEK 3 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. Jul-Sep 2026, SEKm Component System Unallocated Group Net sales, external 2,240 326 - 2,566 Net sales, internal 244 15 -259 - Total net sales 2,484 340 -259 2,566 Material costs, excl. purchases own segment -1,328 -205 216 -1,317 Depreciation -84 -8 -0 -93 Other operating expenses/income -848 -92 43 -896 Operating profit 223 35 0 259 Net financials items - - -2 -2 Profit before tax 223 35 -2 257 Taxes - - -52 -52 Profit for the period 223 35 -54 205 Jul-Sep 2025, SEKm Component System Unallocated Group Net sales, external 1,811 302 - 2,114 Net sales, internal 129 29 -159 - Total net sales 1,940 332 -159 2,114 Material costs, excl. purchases own segment -938 -210 131 -1,017 Depreciation -79 -7 -0 -87 Other operating expenses/income -783 -76 41 -818 Operating profit 140 38 13 191 Net financials items - - -4 -4 Profit before tax 140 38 8 187 Taxes - - -33 -33 Profit for the period 140 38 -24 154
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AQ Group Interim Report Q3 2026 17 First nine months For the segment Component, the total net sales for the first nine months was SEK 7,126 m (6,161), of which SEK 6,492 m (5,754) is external sales. The increase in external sales was SEK 738 m. For the segment System, the total net sales for the first nine months was SEK 1,062 m (1,086), of which SEK 1,008 m (994) is external sales. The decrease in external sales was SEK 14 m. Operating profit (EBIT) in the first nine months was SEK 619 m (474) for Component, corresponding to an increase of SEK 145 m compared to the same period previous year. Operating profit (EBIT) for System was SEK 130 m (145), corresponding to a decrease of SEK 15 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. Jan-Sep 2026, SEKm Component System Unallocated Group Net sales, external 6,492 1,008 - 7,500 Net sales, internal 635 54 -689 - Total net sales 7,126 1,062 -689 7,500 Material costs, excl. purchases own segment -3,673 -635 570 -3,737 Depreciation -241 -23 -0 -265 Other operating expenses/income -2,594 -274 109 -2,760 Operating profit 619 130 -10 739 Net financial items - - -3 -3 Profit before tax 619 130 -13 736 Taxes - - -149 -149 Profit for the period 619 130 -162 586 Jan-Sep 2025, SEKm Component System Unallocated Group Net sales, external 5,754 994 - 6,748 Net sales, internal 408 92 -500 - Total net sales 6,161 1,086 -500 6,748 Material costs, excl. purchases own segment -3,029 -677 407 -3,299 Depreciation -230 -21 -0 -251 Other operating expenses/income -2,428 -243 97 -2,574 Operating profit 474 145 4 624 Net financial items - - -5 -5 Profit before tax 474 145 -1 619 Taxes - - -110 -110 Profit for the period 474 145 -111 509
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AQ Group Interim Report Q3 2026 18 SALES DIVIDED BY SEGMENT AND GEOGRAPHICAL MARKETS Third quarter The net sales divided among geographical markets in the third quarter; Sweden 20% (24), other European countries 57% (60) and other countries 23% (16). First nine months The net sales divided among geographical markets in the first nine months; Sweden 23% ( 27), other European countries 57% (58) and other countries 20% (15). Jul-Sep 2026, SEKm Component System Unallocated Group Sweden 387 157 24 568 Other European countries 1,503 114 - 1,618 Other countries 594 69 - 662 Net sales 2,484 340 24 2,848 Internal sales, eliminations - - -283 -283 Total net sales 2,484 340 -259 2,566 Jul-Sep 2025, SEKm Component System Unallocated Group Sweden 369 164 21 554 Other European countries 1,273 98 - 1,371 Other countries 298 69 - 368 Net sales 1,940 332 21 2,293 Internal sales, eliminations - - -179 -179 Total net sales 1,940 332 -159 2,114 Geographical markets are based on where AQ Group's subsidiaries have their registered office. Jan-Sep 2026, SEKm Component System Unallocated Group Sweden 1,276 575 65 1,916 Other European countries 4,436 277 - 4,712 Other countries 1,415 211 - 1,625 Net sales 7,126 1,062 65 8,253 Internal sales, eliminations - - -753 -753 Total net sales 7,126 1,062 -689 7,500 Jan-Sep 2025, SEKm Component System Unallocated Group Sweden 1,278 607 59 1,944 Other European countries 3,982 290 - 4,272 Other countries 902 189 - 1,091 Net sales 6,161 1,086 59 7,306 Internal sales, eliminations - - -559 -559 Total net sales 6,161 1,086 -500 6,748 Geographical markets are based on where AQ Group's subsidiaries have their registered office.
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AQ Group Interim Report Q3 2026 19 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. During the year, Time 24, which is part of the Systems segment, and Gumboda and Norlake, both of which are part of the Component segment, were acquired. In 2025, the mdexx companies, Michael Riedel and Sandflo Forma were acquired , all of which are part of the Component segment. Acquisitions during the year Time 24 On May 11, 2026, AQ Group acquired 100% of the shares in Time 24 that manufactures electrical cabinets and wiring systems to demanding industrial customers in the UK. The company has an annual turnover of approximately SEK 124 m , 135 employees and an operating margin below AQ average. Operations are conducted in Burgess Hill in the UK and Vizovice in the Czech Republic. The purpose of the transaction is to expand AQ’s customer base and broaden our offering within the manufacturing of electrical cabinets and wiring systems. Time 24 has a long history, strong technical expertise and extensive experience serving demanding customers. Time 24 is part of AQ’s Electrical Cabinets business area. The purchase price consisted of £1 in cash at closing and redemption of debts. The company’s net debt at closing was approximately SEK 50 m. An acquisition analysis has been prepared which shows consolidated surplus values (goodwill) of SEK 5 m. The goodwill value includes synergy effects in the form of more efficient production processes and the employees’ technical knowledge. Jan-Sep Jan-Sep Jan-Sep Country 2026 2025 2024 Poland 1,308 1,250 1,355 Bulgaria 1,292 1,505 1,547 Lithuania 1,105 1,090 1,257 Sweden 1,020 1,033 975 Estonia 630 607 583 Hungary 500 503 496 China 468 435 437 Czech Republic 263 211 0 Canada 259 199 180 Finland 214 199 208 Mexico 182 224 295 Great Britain 167 120 108 India 165 167 175 USA 158 115 208 Germany 133 132 15 Italy 16 16 17 Brazil 5 6 5 Total 7,885 7,812 7,861
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AQ Group Interim Report Q3 2026 20 Gumboda On August 31, 2026, AQ Group AB's subsidiary AQ JIT Mech Robertsfors AB acquired 100% of the shares in Gumboda Stålteknik AB and AQ JIT Mech AB acquired the associated property. Gumboda has annual sales of SEK 14 m , 7 employees and an operating margin below the AQ average. The business is conducted in Robertsfors. The company manufactures, designs and assembles welded and machined metal and plastic components for demanding industrial customers. The purpose of the transaction is to increase capacity for defense and electrification customers. Gumboda is part of AQ's Sheet Metal business area. The purchase price for the shares amounted to SEK 2 m . A preliminary acquisition analysis has been prepared which does not show any surplus values for the Group. There is no conditional earn-out. Norlake On September 21, 2026, newly established AQ companies acquired operating assets and associated properties from Norlake, Ohio, USA. These companies are owned by AQ Group AB’s subsidiary, AQ Transformer Solutions, Inc. Norlake designs and manufactures custom transformers and inductors for demanding industrial applications. The business was founded in 1974 and is based in Cleveland, Ohio. Its customers include leading industrial companies in electrical automation, electrification, data centers, nuclear power, and defense. Revenue for 2025 amounted to SEK 69 m , with profitability below the AQ average. At the time of the acquisition, approximately 35 employees were taken over. The acquisition adds further manufacturing capacity, and AQ estimates that, with full utilization of the existing facilities and production equipment, the operation could generate annual revenues just over SEK 300 m. The purpose of this acquisition is to expand AQ’s manufacturing capacity and customer base, while broadening our technology offering and market presence within inductive components in the US. Norlake brings more than 50 years of experience serving demanding industrial customers and complements AQ’s Inductive Components business area. This transaction is a continuation of AQ’s strategy to become the leading global provider of customized inductive components for demanding industrial customers. The purchase price amounted to SEK 133 m. A preliminary acquisition analysis has been prepared which shows consolidated surplus values (goodwill) of SEK 69 m. There is no conditional earn-out.
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AQ Group Interim Report Q3 2026 21 Acquired net assets at the time of acquisition: SEK m Time 24 Gumboda Norlake Total Tangible assets incl. right-of-use assets 10 4 51 65 Deferred tax 7 - - 7 Inventories 37 1 9 47 Other current assets 21 1 6 28 Cash and cash equivalents in the acquired business 0 - - 0 Total assets 75 6 66 147 Interest-bearing non-current liabilities incl. leasing liabilities 3 0 1 4 Interest-bearing current liabilities incl. leasing liabilities 40 2 1 42 Deferred tax 1 0 - 1 Other current liabilities 38 2 - 39 Total provisions and liabilities 81 4 2 86 Total Net Assets -5 2 64 61 Cash paid 0 2 124 126 Debt purchase price - - 9 9 Total purchase price 0 2 133 135 Goodwill 5 - 69 74 Cash flow effect Cash paid 0 2 124 126 Cash and cash equivalents in the acquired business -0 - - -0 Total cash flow effect -0 2 124 126 Detailed information acquisitions: SEK m Time 24 Gumboda Norlake Contribution since the acquisition Revenue 64 1 0 Profit after tax, with/without acquisition depreciations -5 0 0 Estimated additional contribution if the acquisition ocurred January 1 Revenue 48 5 13 Profit after tax, with/without acquisition depreciations -2 -0 -3
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AQ Group Interim Report Q3 2026 22 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 primarily 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 September 30, 2026, there are no outstanding derivatives. The same applies to the corresponding period of the previous year. 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. Contingent additional purchase prices in group SEKm JIT Mech Opening balance, 01/01/2026 17 Purchase consideration paid -8 Adjustments through income statement -0 Closing balance, 30/09/2026 8 Whereof current liability 8
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AQ Group Interim Report Q3 2026 23 Key figures SEKm unless otherwise stated Q1 Q2 Q3 YTD Q1 Q2 Q3 Q4 Full year Operating profit 225 255 259 739 215 218 191 216 840 Net sales 2,358 2,577 2,566 7,500 2,290 2,344 2,114 2,323 9,071 Operating margin, (EBIT %) 9.6 9.9 10.1 9.8 9.4 9.3 9.0 9.3 9.3 Operating profit 225 255 259 739 215 218 191 216 840 Depreciations/amortisations -84 -88 -93 -265 -82 -82 -87 -85 -337 EBITDA 309 342 352 1,003 297 300 278 302 1,177 Profit before tax 223 256 257 736 205 228 187 212 831 Net sales 2,358 2,577 2,566 7,500 2,290 2,344 2,114 2,323 9,071 Profit margin before tax, (EBT %) 9.4 9.9 10.0 9.8 8.9 9.7 8.8 9.1 9.2 Trade receivables 2,153 2,442 2,505 2,505 1,932 2,058 1,924 2,029 2,029 Other current receivables 276 276 284 284 253 253 258 230 230 Cash and cash equivalents 1,117 849 904 904 914 888 965 992 992 Current liabilities 1,887 1,990 2,089 2,089 1,706 1,734 1,709 1,765 1,765 Liquid ratio, % 188 179 177 177 182 185 184 184 184 Total equity 4,925 5,058 5,349 5,349 4,346 4,467 4,593 4,688 4,688 Total assets 7,255 7,504 7,896 7,896 6,731 6,883 6,861 6,909 6,909 Debt/equity ratio, % 68 67 68 68 65 65 67 68 68 Profit before tax, rolling 12 months 849 877 948 948 808 818 828 831 831 Financial expenses, rolling 12 months -57 -46 -46 -46 -49 -63 -67 -67 -67 Total equity and liabilities, opening balance for 12 months 6,731 6,883 6,861 6,861 6,367 6,385 6,468 6,567 6,567 Total equity and liabilities, closing balance 7,255 7,504 7,896 7,896 6,731 6,883 6,861 6,909 6,909 Total equity and liabilities, average 6,993 7,194 7,379 7,379 6,549 6,634 6,665 6,738 6,738 Return on total assets, % 13.0 12.8 13.5 13.5 13.1 13.3 13.4 13.3 13.3 Profit for the period after tax, rolling 12 months 690 704 755 755 647 655 663 677 677 Total equity, opening for 12 months 4,346 4,467 4,593 4,593 4,082 4,083 4,178 4,409 4,409 Total equity, closing 4,925 5,058 5,349 5,349 4,346 4,467 4,593 4,688 4,688 Total equity, average 4,635 4,763 4,971 4,971 4,214 4,275 4,385 4,548 4,548 Return on equity after tax, % 14.9 14.8 15.2 15.2 15.4 15.3 15.1 14.9 14.9 Cash and cash equivalents 1,117 849 904 904 914 888 965 992 992 Non-current interest bearing liabilities 274 283 279 279 491 517 395 290 290 Current interest bearing liabilities 145 153 158 158 171 152 141 275 275 Total interest bearing liabilities 420 436 437 437 662 669 536 565 565 Net cash / Net debt 697 413 467 467 253 219 429 427 427 Cost of goods sold, rolling 12 months -4,458 -4,567 -4,867 -4,867 -4,267 -4,280 -4,318 -4,429 -4,429 Inventory, closing 1,449 1,588 1,696 1,696 1,474 1,437 1,452 1,396 1,396 Inventory turnover (ITO), times 3.1 2.9 2.9 2.9 2.9 3.0 3.0 3.2 3.2 Growth, % Organic growth Net sales 2,358 2,577 2,566 7,500 2,290 2,344 2,114 2,323 9,071 - Effect of changes in exchange rates -110 -3 28 -84 -6 -97 -67 -97 -267 - Net sales for last year 2,290 2,344 2,114 6,748 2,225 2,254 1,949 2,126 8,554 - Net sales for acquired companies 33 22 46 100 182 180 142 112 615 = Organic growth 144 214 378 736 -111 7 90 182 169 Organic growth divided by last year net sales, % 6.3 9.1 17.9 10.9 -5.0 0.3 4.6 8.6 2.0 Growth through acquisitions Net sales for acquired companies divided by last year's net sales, % 1.4 0.9 2.2 1.5 8.2 8.0 7.3 5.3 7.2 2026 2025
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AQ Group Interim Report Q3 2026 24 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 profitability achieved 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 economic downturn. 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 profitability achieved 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 Q3 2026 25 Inventory turnover (ITO), times The inventory turnover rate indicates how many times inventory is sold and turned over during the year (rolling 12 months) . It is a financial measure of the efficiency of inventory management and how quickly products move through the warehouse. 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 is 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 2025 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 -25 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 1994-2025 Net sales SEKm EBT SEKm
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