AQ Group

Interim / Quarterly Report • Jul 15, 2025

AQ Group AB (publ)

Interim Report

J a n u a r y – J u n e 202 5

J u l y 1 5 , 2 0 2 5

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

	2025			2024
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.

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 believe 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 prices, 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 defense 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, we 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

Group's financial position and results

Second quarter

Net sales for the second quarter was SEK 2,344 m (2,254), an 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, while 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).

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

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 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.

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 countries 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.

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.

		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

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 expired 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 meant 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 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 parties' transactions regarding the purchase of products and consulting services which are at market conditions.

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 prominent 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 of Pillar II has been adopted in Sweden, where AQ Group AB is based, and entered 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%.

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 Swedish Securities Markets 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

Board member Board member Board member

Gunilla Spongh Lars Wrebo Åsa Landén Ericsson

Financial reports

Summary Income Statement for the Group

						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

Statement of comprehensive income for the Group, summary

					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

*) 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.

			Cost
Customer Focus	Simplicity	Entre- preneurial	Efficiency	Courage and Respect	FARE RELARI
		business

Summary Balance Sheet for the Group

SEKm	Note	Jun 30 2025	Jun 30 2024	Dec 31 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

			Cost
Customer Focus	Simplicity	Entre- preneurial	Efficiency	Courage and Respect	T- AREREIL
		business

Statement of changes in Equity for the Group

		Equity attributable to parent company shareholders
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

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.

Customer Focus	Simplicity	Entre- preneurial business	Cost Efficiency	Courage and Respect	VE AKE KE IAK

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		281	277	522	545	1,002
working capital
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

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

						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

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).

Customer Focus	Simplicity	Entre- preneurial business	Cost Efficiency	Courage and Respect	1 2 11 1

Summary balance sheet for the Parent company

		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

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.

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, 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

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

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.

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

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).

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.

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).

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.

Customer Focus	Simplicity	Entre- preneurial	Cost Efficiency	Courage and Respect	- Д 12-1
		business

Note 3. Personnel

Number of employees (full time yearly equivalents) in the Group divided per country:

	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

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 in 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 companies 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.

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, 2025, 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:

	mdexx
SEK m	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

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 exceptionally 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.

Additional purchase prices belong 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.

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

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 countries 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.

Key figures

		2025				2024
SEKm unless otherwise stated	Q1	Q2	YTD	Q1	Q2	Q3		Q4 Full year
Operating margin, (EBIT %)
Operating profit Net sales	215	218	433	223	222	188	206	840
	2,290 9.4	2,344 9.3	4,634 9.3	2,225 10.0	2,254 9.8	1,949 9.6	2,126 9.7	8,554 9.8
Operating margin
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

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 accordance with IFRS are not necessarily comparable to similar measures presented by other companies and have certain limitations 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 account 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.

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 the 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 of 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.