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AQ Group
Quarterly Report • Apr 23, 2025
3002_10-q_2025-04-23_be0be9d1-ee18-4f6b-9748-c3dd1c4efb26.pdf
Quarterly Report
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AQ Group AB (publ)
Interim Report
J a n u a r y – M a r c h 202 5
A p r i l 2 3 , 2 0 2 5
First quarter, January-March 2025 in brief
- Net sales increased by 3% to SEK 2,290 m (2,225)
- Operating profit (EBIT) decreased by 4% to SEK 215 m (223)
- Profit before tax (EBT) decreased by 7% to SEK 205 m (221)
- Profit margin before tax (EBT %) was 8.9% (9.9)
- Profit after tax amounted to SEK 166 m (185)
- Cash flow from operating activities amounted to SEK 244 m (244)
- Earnings per share before dilution amounted to SEK 1.81 (2.01)
- Equity ratio was 65% (64)
- The Board of Directors proposes a dividend of SEK 1.60 /share (SEK 1.33 /share)
Group overview, key figures
| 2025 | 2024 | |||||
|---|---|---|---|---|---|---|
| SEKm unless otherwise stated | Q1 | Q1 | Q2 | Q3 | Q4 Full year | |
| Net turnover | 2,290 | 2,225 | 2,254 | 1,949 | 2,126 | 8,554 |
| Operating profit (EBIT) | 215 | 223 | 222 | 188 | 206 | 840 |
| Profit before tax (EBT) | 205 | 221 | 218 | 177 | 209 | 824 |
| Profit for the period | 166 | 185 | 181 | 146 | 154 | 666 |
| Total equity | 4,346 | 4,082 | 4,083 | 4,178 | 4,409 | 4,409 |
| Operating margin (EBIT), % | 9.4 | 10.0 | 9.8 | 9.6 | 9.7 | 9.8 |
| Profit margin before tax (EBT), % | 8.9 | 9.9 | 9.7 | 9.1 | 9.8 | 9.6 |
| Liquid ratio, % | 182 | 163 | 174 | 192 | 204 | 204 |
| Debt/equity ratio, % | 65 | 64 | 64 | 65 | 67 | 67 |
| Return on total assets, % 1) | 13.1 | 13.5 | 13.4 | 13.3 | 13.8 | 13.8 |
| Return on equtiy after tax, % 1) | 15.4 | 17.7 | 17.3 | 16.3 | 16.3 | 16.3 |
| Number of employees in Sweden | 1,034 | 904 | 979 | 975 | 1,017 | 1,017 |
| Number of employees outside Sweden | 6,699 | 6,937 | 6,861 | 6,886 | 6,796 | 6,796 |
| Key indicators per share, SEK | ||||||
| Profit related to parent company shareholders | 166 | 184 | 180 | 146 | 155 | 665 |
| Profit for the period before dilution | 1.81 | 2.01 | 1.97 | 1.60 | 1.69 | 7.27 |
| Equity | 47.51 | 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 |
1) Calculated based on 12 months rolling amounts.
A word from the CEO
We are reliable
AQ's factories keep going on despite the high economic turmoil in the world. AQ will survive even Trump´s tariffs. When things are turbulent, it feels reassuring that AQ is debt-free. Our demanding industrial customers must be able to rely on us regardless of the trading climate in the outside world. Our factories focus on helping our customers by delivering locally in the countries where they are located.
Acquisition
Growth through acquisition was 8% during the quarter. Our acquired companies have the largest sales in the defense technology, electrification and railways segments. On January 31, we completed the acquisition of the companies mdexx magnetronics and Michael Riedel, which develop, manufacture and sell inductive components. These companies have the majority of their sales in Germany and have strong relationships with demanding German industrial customers. The integration into AQ has started and we are impressed by these companies' high level of technology and well-organized factories. We have just started to get to know each other, but our view is that our new employees and customers from mdexx and Michael Riedel will contribute strongly to AQ's development going forward. Right now, the companies are performing as expected and they have a negative impact on AQ´s profit margin by 0.5 percentage points in the quarter. We expect a sequential improvement quarter by quarter until we reach AQ's average margin.
Market and investments
In the quarter, our sales decreased organically by 5% compared to the same quarter last year. This is worse than expected. Demand was low in January and then improved at the end of the quarter. Our sales to customers in trucks, buses and construction equipment were lower than in the same period last year, but also slightly better at the end of the quarter. Demand in our end markets electrification, defense and railway was good in the quarter. As always, we operate in a highly competitive market, and we must tirelessly ensure that we have the lowest costs combined with good delivery precision and quality of our products in order for us to continue to grow.
For as long as I can remember, our strategy has been to manufacture our products close to our customers. This is because neither we nor our customers appreciate long transports and tariffs. This means that we do not see any major direct impact with regard to the new tariffs that are now being introduced in the US. However, it has accelerated our decision to invest an additional USD 3.7 m in our factory in Whyteville, USA, where we manufacture larger transformers. This investment will be carried out in the second quarter. It is being done because we see great demand for transformers and inductors in the US for railways, electrification and data centers.
Demand for inductive components is strong for AQ globally. During the quarter, we signed a major agreement of at least SEK 100 m with deliveries over the next three years, with a world-leading customer in electrification that manufactures uninterrupted power supply for data centers. As a result, we will see increased sales from our factories in Hungary, China, the Czech Republic and the US.
Cash flow and balance sheet
Our cash flow from operating activities was SEK 244 m in the quarter. We have a net cash position of SEK 253 m, which means that we have plenty of capital to use for continued growth with our customers and to carry out value-creating acquisitions.
AQ we are reliable
We will stubbornly continue to 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 by our fantastic employees working closely with our customers and suppliers to solve the possible and impossible problems that arise. This, together with our strong financial position, makes me feel confident that AQ will continue to deliver customer value even in the current market climate, as we at AQ say: we are reliable.
James Ahrgren CEO
Group's financial position and results
First quarter
Net sales for the first quarter was SEK 2,290 m (2,225), an increase of SEK 65 m compared to the same period in the previous year. The total growth in the quarter was 2.9%, of which organic growth -5.0%, growth through acquisitions 8.2% and currency effects of -0.3%. The currency effect corresponded to SEK 6 m and was mainly driven by the currencies PLN, HUF and MXN.
The quarter's organic growth of -5.0% is mainly attributable to reduced volume of components for buses, trucks, construction equipment as well as systems within MedTech and parking meters compared to previous year.
Operating profit (EBIT) in the first quarter amounted to SEK 215 m (223), a decrease of SEK 8 m, which is mainly explained by the integration of newly acquired companies.
Net financial items in the quarter amounted to SEK -10 m (-3), which is explained by the negative impact of primarily the strengthened SEK currency. The EBT margin has decreased and amounted to 8.9% (9.9), which remains above our target of at least 8%.
2024
2024
2024
2024
2025
Interest-bearing liabilities of the Group was SEK 662 m (614) and cash and cash equivalents amounted to SEK 914 m (488) which means that the Group has a net cash position of SEK 253 m (-126). The Group's interest-bearing liabilities without regard to leasing liabilities amounted to SEK 326 m (306), which means a net cash position adjusted for leasing liabilities of SEK 589 m (182).
Cash flow from operating activities was SEK 244 m (244) and is at the same level as the corresponding quarter last year.
Cash flow from investing activities was SEK -132 m (-33), which relates mainly to acquisition of subsidiaries of SEK -94 m (0) and replacement and capacity-enhancing investments of tangible fixed assets of SEK - 39 m (-37). The single largest investments during the period are production equipment in Sweden of SEK 11 m, in Estonia of SEK 6 m and in Bulgaria of SEK 5 m.
Cash flow from financing activities was SEK -90 m (-160) and mainly refers to repayments of bank loans and leasing liabilities of SEK -90 m (-158).
Equity at the end of the period amounted to SEK 4,346 m (4,082) for the Group.
Significant events during the year
On January 31, 2025, following regulatory approval, AQ Group AB completed the acquisition of mdexx inductive electronics GmbH, mdexx Magnetronic Devices GmbH, mdexx Magnetronic Devices s.r.o. and Michael Riedel, Transformatorenbau GmbH. mdexx companies have manufacturing in the Czech Republic and sales and design engineers in Germany and the Czech Republic. The turnover in 2023 amounted to SEK 539 m and the EBITDA margin amounted to 4%. The Michael Riedel company is located in Ilshofen, Germany. The turnover in 2023 amounted to SEK 195 m and the EBITDA margin was 8%. The preliminary purchase price, SEK 144 m, was paid in cash at closing. There is no conditional earn-out.
Significant events after the end of the period
After the end of the quarter, the US has announced universally increased tariffs. New information about new decisions is constantly being released. This has led to increased tensions in global trade and affected relations between the US and several of its trading partners. In 2024, AQ had sales of SEK 681 m to customers in the US, the majority of which was produced locally. 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 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.
| Jan-Mar | Jan-Mar | Full year | ||
|---|---|---|---|---|
| Target | 2025 | 2024 | 2024 | |
| Product quality, % | 100 | 99.6 | 99.6 | 99.6 |
| Delivery precision, % | 98 | 94.0 | 93.1 | 92.6 |
| Equity ratio, % | >40 | 65.0 | 64.0 | 67.0 |
| Profit margin before tax (EBT), % | > 8 | 8.9 | 9.9 | 9.6 |
| Growth, % | >15 | 2.9 | -1.2 | -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. The subscription price was set at SEK 70.24 per share (after the share split). A total of 52,500 warrants were subscribed for in the three-year warrant-based incentive program that expires May 12, 2025. Upon redemption, each warrant entitles to five shares. 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 individual related 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 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 quarter of 2025 amounts to 19% and is in line with the same for the full financial year 2024.
Nomination committee
The Nomination Committee represents the shareholders and consists of members who are appointed by each of the four largest shareholders in terms of votes. The Nomination Committee's term of office extends until a new Nomination Committee has been appointed. The Nomination Committee for the Annual General Meeting 2025 consists of Björn Henriksson (Nordea Fonder), Peter Nygren (ODIN Fonder), Per Olof Andersson (own holding) and Claes Mellgren (own holding) with Björn Henriksson as chairman.
Future reporting dates
Interim report January-June,2025 July 15, 2025, at 08:00 CEST Interim report January-September 2025 October 16, 2025, at 08:00 CEST
Annual General Meeting April 23, 2025, at 18:00 CEST, in Västerås
The Annual Report, Annual General Meeting and dividend The Annual Report for 2024 is available on the company's website www.aqgroup.com.
The Annual General Meeting will be held on April 23, 2025 at 18:00 CEST in Västerås. More information is available in the notice convening the AGM, which was published on the company's website www.aqgroup.com.
The Board of Directors proposes a dividend of SEK 1.60 per share for the financial year 2024, a total of SEK 146,352,464.
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 April 23, 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, [email protected] CFO, Christina Hegg, telephone +46 70 318 92 48, [email protected]
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 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, April 23, 2025
James Ahrgren CEO
Financial reports
Summary Income Statement for the Group
| R12 | |||||
|---|---|---|---|---|---|
| Jan-Mar | Jan-Mar | Apr 2024 | Full year | ||
| SEKm | Note | 2025 | 2024 | -Mar 2025 | 2024 |
| Net sales | 2 | 2,290 | 2,225 | 8,619 | 8,554 |
| Other operating income | રેન્ડ | 38 | 138 | 141 | |
| Total income | 2,325 | 2,263 | 8,757 | 8,695 | |
| Change in inventory and work in progress | -6 | - / | -12 | -73 | |
| Raw material and consumables | -1,084 | -1,087 | -4,018 | -4,021 | |
| Goods for resale | -37 | -25 | -178 | -166 | |
| Other external expenses | -221 | -215 | -842 | -836 | |
| Personnel costs | 3 | -654 | -608 | -2,435 | -2,388 |
| Depreciation and amortization | -82 | -73 | -315 | -306 | |
| Other operating expenses | -27 | -25 | -67 | -65 | |
| Total expenses | -2,110 | -2,039 | -7,926 | -7,855 | |
| Operating profit | 215 | 223 | 832 | 840 | |
| Net financial income/expense | 5 | -10 | -3 | -23 | -15 |
| Profit before tax | 205 | 221 | 808 | 824 | |
| Taxes | -39 | -36 | -161 | -159 | |
| Profit for the period | 166 | 185 | 647 | રેસ્ટિ | |
| PROFIT FOR THE PERIOD ATTRIBUTABLE TO | |||||
| Parent company shareholders | 166 | 184 | 647 | 665 | |
| Non-controlling interests | 0 | 1 | 0 | 1 | |
| SHARE-RELATED REPORTING, SEK | |||||
| Earnings per share before dilution | 1.81 | 2.01 | 7.07 | 7.27 | |
| Earnings per share after dilution *) | 1.81 | 2.01 | 7.05 | 7.25 | |
| AVERAGE NUMBER OF SHARES | |||||
| Before dilution, thousands | 91,470 | 91,470 | 91,470 | 91,470 | |
| After dilution, thousands *) | 91,800 | 91,733 | 91,733 | 91,733 | |
Statement of comprehensive income for the Group, summary
| R12 | ||||
|---|---|---|---|---|
| Jan-Mar | Jan-Mar | Apr 2024 | Full year | |
| SEKm | 2025 | 2024 | -Mar 2025 | 2024 |
| PROFIT FOR THE PERIOD | 166 | 185 | 647 | 666 |
| OTHER COMPREHENSIVE INCOME | ||||
| Items that will not be reclassified to the income statement | ||||
| Revaluation related to defined benefit pension plans | 0 | 0 | - 4 | - 4 |
| Revalutation related to defined benefit pension plans, tax effect | - 0 | - 0 | 0 | 0 |
| Items that subsequently may be reclassified to the income statement | ||||
| Translation difference for foreign operations | -229 | 136 | -260 | 105 |
| Other comprehensive income for the period after tax | -229 | 136 | -263 | 102 |
| Comprehensive income for the period | -63 | 321 | 384 | 767 |
| COMPREHENSIVE INCOME FOR THE PERIOD ATTRIBUTABLE TO | ||||
| Parent company shareholders | -62 | 319 | 385 | 766 |
| Non-controlling interests | - 1 | 2 | - 1 | 1 |
*) Of the two outstanding warrant programs, a dilution effect has occurred in the quarter for both programs corresponding to a total of 66,000 warrants. Upon redemption, these entitle to 330,000 shares. In previous periods, only the first program corresponding to 52,500 options has had a dilution effect.
| Cost | |||||
|---|---|---|---|---|---|
| Customer Focus |
Simplicity | Entre- preneurial business |
Efficiency | Courage and Respect |
Summary Balance Sheet for the Group
| SEKm | Note | Mar 31 2025 |
Mar 31 2024 |
Dec 31 2024 |
|---|---|---|---|---|
| ASSETS | ||||
| Goodwill | 453 | 407 | 447 | |
| Other intangible assets | 134 | 105 | 109 | |
| Right-of-use assets | 329 | 303 | 320 | |
| Tangible assets | 1,181 | 1,158 | 1,210 | |
| Non-current receivables | 12 | 12 | 13 | |
| Deferred tax assets | 49 | 55 | 51 | |
| Total non-current assets | 2,157 | 2,040 | 2,149 | |
| Inventories | 1,474 | 1,484 | 1,443 | |
| Accounts receivable - trade | 1,932 | 2,145 | 1,844 | |
| Current tax assets | 23 | 15 | 31 | |
| Other receivables | 100 | 115 | 91 | |
| Prepaid expenses and accrued income | 130 | 80 | 91 | |
| Cash and cash equivalents | 914 | 488 | 919 | |
| Total current assets | 4,574 | 4,327 | 4,418 | |
| TOTAL ASSETS | 6,731 | 6,367 | 6,567 | |
| EQUITY AND LIABILITIES Equity attributable to parent company shareholders Non-controlling interests |
4,326 20 |
4,062 21 |
4,388 21 |
|
| TOTAL EQUITY | 4,346 | 4,082 | 4,409 | |
| Interest-bearing liabilities to credit institutions | 491 | 419 | 520 | |
| Deferred tax liabilities | 119 | 95 | 115 | |
| Provisions for post-employement benefits | 24 | 20 | 25 | |
| Other provisions | 13 | 8 | 8 | |
| Other non-current liabilities | 5 | 32 | - | 31 |
| Total non-current liabilities | 679 | 541 | 700 | |
| Interest-bearing liabilities to credit institutions | 171 | 195 | 115 | |
| Provisions | 24 | 41 | 23 | |
| Contract liabilities | 118 | 118 | 92 | |
| Accounts payable - trade | 833 | 848 | 716 | |
| Current tax liabilities | 30 | 28 | 40 | |
| Other current liabilities | 5 | 159 | 135 | 139 |
| Accrued expenses and prepaid income | 371 | 378 | 333 | |
| Total current liabilities | 1,706 | 1,743 | 1,458 | |
| TOTAL LIABILITIES | 2,385 | 2,285 | 2,158 | |
| TOTAL EQUITY AND LIABILITIES | 6,731 | 6,367 | 6,567 |
| Cost | |||||
|---|---|---|---|---|---|
| Customer Focus |
Simplicity | Entre- preneurial business |
Efficiency | Courage and Respect |
-AR- R- ARIF |
Statement of changes in Equity for the Group
| Equity attributable to parent company shareholders | |||||||
|---|---|---|---|---|---|---|---|
| Other | Retained | Non | |||||
| Share | contributed | earnings | controlling | Total | |||
| SEK M | capital | capital | Reserves | incl. profit | Subtotal | interests | equity |
| Equity, 12/31/2023 | 37 | 86 | 286 | 19 | |||
| 3,333 | 3,742 | 3,762 | |||||
| Profit for the year | - | - | - | 184 | 184 | 1 | 185 |
| Translation differences, foreign operations | - | - | 135 | - | 135 | 1 | 136 |
| 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 | - | - | 135 | 0 | 135 | 1 | 136 |
| Comprehensive income for the year | - | - | 135 | 184 | 319 | 2 | 321 |
| Paid dividend | - | - | - | - | - | - | - |
| Transactions with shareholders | - | - | - | - | - | - | - |
| Equity, 03/31/2024 | 37 | 86 | 422 | 3,517 | 4,062 | 21 | 4,082 |
| Equity, 12/31/2024 | 37 | 88 | 394 | 3,870 | 4,388 | 21 | 4,409 |
| Profit for the year | - | - | - | 166 | 166 | 0 | 166 |
| Translation differences, foreign operations | - | - | -228 | - | -228 | - 1 | -229 |
| 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 | - | - | -228 | - | -228 | - 1 | -229 |
| Comprehensive income for the year | - | - | -228 | 166 | -62 | - 1 | -63 |
| Paid dividend | - | - | - | - | - | - | - |
| Transactions with shareholders | - | - | - | - | - | - | - |
| Equity, 03/31/2025 | 37 | 88 | 166 | 4,036 | 4,326 | 20 | 4,346 |
All shares, 91,470,290 pcs, are A-shares with equal voting rights and equal rights to the results.
| Cost | |||||
|---|---|---|---|---|---|
| Customer Focus |
Simplicity | Entre- preneurial |
Efficiency | Courage and Respect |
- AZ- 2-11 1216 |
| business |
Summary Cash flow statement for the Group
| Jan-Mar | Jan-Mar | Full Year | ||
|---|---|---|---|---|
| SEKm | Note | 2025 | 2024 | 2024 |
| Profit before tax | 205 | 221 | 824 | |
| Adjustment for non cash generating items | 73 | 65 | 302 | |
| Income tax paid | -37 | -17 | -125 | |
| Cash flow from operating activities before change in | 241 | 268 | 1,002 | |
| working capital | ||||
| Change in inventories | 17 | 35 | 154 | |
| Change in trade receivables | -163 | -198 | 143 | |
| Change in other receivables | -50 | 23 | 88 | |
| Change in trade payables | 132 | 42 | -116 | |
| Change in other liabilities | 68 | 73 | -74 | |
| Change in working capital | 3 | -24 | 195 | |
| Cash flow from operating activities | 244 | 244 | 1,197 | |
| Business acquisitions | 4 | -94 | - | -84 |
| Acquisition of intangible non-current assets | - 0 | - 0 | - 3 | |
| Acquisition of tangible non-current assets | -39 | -37 | -185 | |
| Sale of tangible non-current assets | 0 | 5 | 7 | |
| Other changes in non-current assets | 0 | - | 0 | |
| Cash flow from investing activities | -132 | -33 | -265 | |
| New borrowings, credit institutions | - | - | 160 | |
| Amortization of loans | -55 | -129 | -330 | |
| Amortization of lease liabilities | -35 | -29 | -128 | |
| Change in bank overdraft facilities | - 0 | - 2 | -30 | |
| Payment of warrants | - | - | 2 | |
| Dividends | - | - | -122 | |
| Cash flow from financing activities | -90 | -160 | -448 | |
| Change in cash and cash equivalents for the period | 21 | 51 | 484 | |
| Cash and cash equivalents at the beginning of the year | 919 | 426 | 426 | |
| Exchange rate difference in cash and cash equivalents | -26 | 10 | 9 | |
| Cash and cash equivalents at the end of the period | 914 | 488 | 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 | ||||
|---|---|---|---|---|
| Jan-Mar | Jan-Mar | Apr 2024 | Full year | |
| SEKm Note |
2025 | 2024 | -Mar 2025 | 2024 |
| Net sales | 19 | 16 | 71 | 67 |
| Other operating income | 2 | 1 | 10 | 9 |
| Total income | 21 | 17 | 80 | 77 |
| Other external expenses | - 7 | - 6 | -32 | -31 |
| Personnel costs | -10 | - 9 | -41 | -40 |
| Depreciation and amortization | - 0 | - 0 | - 0 | - 0 |
| Other operating expenses | - 2 | - 0 | - 6 | - 4 |
| Total expenses | -19 | -15 | -79 | -75 |
| Operating profit | 1 | 2 | 1 | 1 |
| Net financial items 5 |
83 | 29 | 370 | 317 |
| Earnings after net financial items | 84 | 31 | 371 | 318 |
| Appropriations | - | - | 58 | 58 |
| Profit before tax | 84 | 31 | 429 | 376 |
| Taxes | - 4 | - 0 | -16 | -12 |
| Profit for the period | 80 | 31 | 413 | 364 |
| STATEMENT OF COMPREHENSIVE INCOME | ||||
| Profit for the period | 80 | 31 | 413 | 364 |
| Other comprehensive income for the period after tax | - | - | - | - |
| Comprehensive income for the period | 80 | 31 | 413 | 364 |
First quarter
Net sales during the first quarter amounted to SEK 19 m (16) and mainly pertained to internal services. Net financial items amounted to SEK 83 m (29). The profit for the period amounted to SEK 80 m (31).
| Customer Focus |
Simplicity | Entre- preneurial business |
Cost Efficiency |
Courage and Respect |
||
|---|---|---|---|---|---|---|
| -- | ------------------- | ------------ | ---------------------------------- | -------------------- | --------------------------- | -- |
Summary balance sheet for the Parent company
| Mar 31 | Mar 31 | Dec 31 | ||
|---|---|---|---|---|
| SEKm | Note | 2025 | 2024 | 2024 |
| ASSETS | ||||
| Tangible assets | 0 | 0 | 0 | |
| Participations in group companies | 1,468 | 1,220 | 1,317 | |
| Receivables from group companies | 76 | 134 | 97 | |
| Total non-current assets | 1,544 | 1,354 | 1,414 | |
| Receivables from group companies | 203 | 319 | 291 | |
| Current tax asset | - | 2 | - | |
| Other receivables | 0 | 0 | 0 | |
| Prepaid expenses and accrued income | 6 | 6 | 9 | |
| Cash and cash equivalents | 535 | 224 | 599 | |
| Total current assets | 744 | 551 | 899 | |
| TOTAL ASSETS | 2,287 | 1,906 | 2,313 | |
| EQUITY AND LIABILITIES | ||||
| Restricted equity | 38 | 38 | 38 | |
| Non-restricted equity | 1,096 | 803 | 1,016 | |
| TOTAL EQUITY | 1,134 | 841 | 1,054 | |
| Untaxed reserves | 35 | 22 | 35 | |
| Provisions | 4 | 39 | - | 40 |
| Interest-bearing liabilities to credit institutions | 259 | 210 | 309 | |
| Total non-current liabilities | 259 | 210 | 309 | |
| Interest-bearing liabilities to credit institutions | - | 75 | - | |
| Interest-bearing liabilities to group companies | 785 | 725 | 831 | |
| Accounts payable - trade | 6 | 6 | 7 | |
| Liabilities to group companies | - | - | 1 | |
| Current tax liability | 1 | - | 4 | |
| Other current liabilities | 9 | 9 | 9 | |
| Accrued expenses and deferred income | 20 | 18 | 23 | |
| Total current liabilities | 821 | 833 | 876 | |
| TOTAL LIABILITIES AND PROVISIONS | 1,119 | 1,043 | 1,224 | |
| TOTAL EQUITY AND LIABILITIES | 2,287 | 1,906 | 2,313 |
The non-restricted equity amounts to SEK 1,096 m. The change since 31 December 2024 consist of the profit for the period of SEK 80 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
First quarter
For the segment Component, the total net sales for the first quarter was SEK 2,101 m (1,996), of which SEK 1,948 m (1,853) is external sales. The increase of the external sales was SEK 95 m.
For the segment System, the total net sales for the first quarter was SEK 378 m (411), of which SEK 343 m (372) is external sales. The decrease of the external sales was SEK 29 m.
Operating profit (EBIT) in the first quarter was SEK 171 m (201) for Component, corresponding to a decrease of SEK 30 m compared to same period previous year. Operating profit (EBIT) for System was SEK 51 m (52), corresponding to a decrease of SEK 1 m compared to 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-Mar 2025, SEKm | Component | System | Unallocated | Group |
|---|---|---|---|---|
| Net sales, external | 1,948 | 343 | - | 2,290 |
| Net sales, internal | 153 | 35 | -188 | - |
| Total net sales | 2,101 | 378 | -188 | 2,290 |
| Material costs, excl. purchases own segment | -1,043 | -237 | 155 | -1,126 |
| Depreciation | -76 | - 6 | - 0 | -82 |
| Other operating expenses/income | -810 | -83 | 27 | -867 |
| Operating profit | 171 | 51 | - 7 | 215 |
| Net financials items | - | - | -10 | -10 |
| Profit before tax | 171 | 51 | -18 | 205 |
| Taxes | - | - | -39 | -39 |
| Profit for the period | 171 | 51 | -56 | 166 |
| Jan-Mar 2024, SEKm | Component | System | Unallocated | Group | |
|---|---|---|---|---|---|
| Net sales, external | 1,853 | 372 | 2,225 - |
||
| Net sales, internal | 143 | 39 | -182 - |
| Net sales, internal | 143 | 39 | -182 | - |
|---|---|---|---|---|
| Total net sales | 1,996 | 411 | -182 | 2,225 |
| Material costs, excl. purchases own segment | -988 | -266 | 136 | -1,119 |
| Depreciation | -66 | - 6 | - 0 | -73 |
| Other operating expenses/income | -740 | -87 | 17 | -810 |
| Operating profit | 201 | 52 | -30 | 223 |
| Net financials items | - | - | - 3 | - 3 |
| Profit before tax | 201 | 52 | -33 | 221 |
| Taxes | - | - | -36 | -36 |
| Profit for the period | 201 | 52 | -69 | 185 |
SALES DIVIDED BY SEGMENT AND GEOGRAPHICAL MARKETS
First quarter
The net sales divided among geographical markets in the first quarter; Sweden 28% (27), other European countries 57% (57) and other countries 15% (15).
| Jan-Mar 2025, SEKm | Component | System | Unallocated | Group |
|---|---|---|---|---|
| Sweden | 445 | 225 | 19 | 689 |
| Other European countries | 1,333 | 95 | - | 1,428 |
| Other countries | 323 | 57 | - | 381 |
| Net sales | 2,101 | 378 | 19 | 2,498 |
| Internal sales, eliminations | - | - | -207 | -207 |
| Total net sales | 2,101 | 378 | -188 | 2,290 |
| Jan-Mar 2024, SEKm | Component | System | Unallocated | Group |
|---|---|---|---|---|
| Sweden | 399 | 251 | 16 | 666 |
| Other European countries | 1,281 | 104 | - | 1,385 |
| Other countries | 316 | 56 | - | 372 |
| Net sales | 1,996 | 411 | 16 | 2,423 |
| Internal sales, eliminations | - | - | -198 | -198 |
| Total net sales | 1,996 | 411 | -182 | 2,225 |
Geographical markets are based on where AQ Group's subsidiaries have their registered office.
| Cost | |||||
|---|---|---|---|---|---|
| Customer Focus |
Simplicity | Entre- preneurial business |
Efficiency | Courage and Respect |
AF ARF REID 211 |
Note 3. Personnel
Number of employees (full time yearly equivalents) in the Group divided per country:
| Jan-Mar | Jan-Mar | Jan-Mar | |
|---|---|---|---|
| Country | 2025 | 2024 | 2023 |
| Bulgaria | 1,535 | 1,580 | 1,523 |
| Poland | 1,256 | 1,360 | 1,291 |
| Lithuania | 1,088 | 1,353 | 1,147 |
| Sweden | 1,034 | 904 | 860 |
| Estonia | 594 | 592 | 594 |
| Hungary | 497 | 494 | 472 |
| China | 423 | 439 | 608 |
| Mexico | 260 | 301 | 335 |
| Finland | 200 | 200 | 199 |
| Canada | 172 | 187 | 185 |
| India | 168 | 180 | 180 |
| Czech Republic | 164 | 0 | 0 |
| Great Britain | 114 | 0 | 0 |
| Germany | 106 | 15 | 16 |
| USA | 101 | 215 | 142 |
| Italy | 16 | 17 | 18 |
| Brazil | 5 | 4 | 6 |
| Total | 7,733 | 7,841 | 7,576 |
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. All acquisitions will be 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. No divestments have been made, either in 2025 or 2024.
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. A preliminary 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 March, the acquired business contributed SEK 88 m to the Group's revenues and SEK -3 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 -2 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-March 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:
| SEK m | Total |
|---|---|
| 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 March 31, 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.
| SEKm | JIT Mech | Rockford | Total |
|---|---|---|---|
| Opening balance, 2025 | 25 | 15 | 40 |
| Translation differences | - | -1 | -1 |
| Closing balance, 2025 | 25 | 14 | 39 |
| Whereof current liability | 9 | - | 9 |
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
After the end of the quarter, the US has announced universally increased tariffs. New information about new decisions is constantly being released. This has led to increased tensions in global trade and affected relations between the US and several of its trading partners. In 2024, AQ had sales of SEK 681 m to customers in the US, the majority of which was produced locally. 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 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 | Q1 | Q2 | Q3 | Q4 Full year | |
| Operating margin, (EBIT %) | ||||||
| Operating profit | 215 | 223 | 222 | 188 | 206 | 840 |
| Net sales | 2,290 | 2,225 | 2,254 | 1,949 | 2,126 | 8,554 |
| Operating margin | 9.4 | 10.0 | 9.8 | 9.6 | 9.7 | 9.8 |
| EBITDA | ||||||
| Profit before tax | 215 | 223 | 222 | 188 | 206 | 840 |
| Depreciations/amortisations | -82 | -73 | -75 | -75 | -83 | -306 |
| EBITDA | 297 | 296 | 297 | 263 | 290 | 1,146 |
| Profit margin before tax, (EBT %) | ||||||
| Profit before tax | 205 | 221 | 218 | 177 | 209 | 824 |
| Net sales | 2,290 | 2,225 | 2,254 | 1,949 | 2,126 | 8,554 |
| Profit margin before tax, % | 8.9 | 9.9 | 9.7 | 9.1 | 9.8 | 9.6 |
| Liquid ratio, % | ||||||
| Trade receivables | 1,932 | 2,145 | 2,126 | 1,877 | 1,844 | 1,844 |
| Other current receivables | 253 | 210 | 227 | 236 | 213 | 213 |
| Cash and cash equivalents | 914 | 488 | 503 | 818 | 919 | 919 |
| Current liabilities | 1,706 | 1,743 | 1,645 | 1,526 | 1,458 | 1,458 |
| Liquid ratio, % | 182 | 163 | 174 | 192 | 204 | 204 |
| Debt/equity ratio, % | ||||||
| Total equity | 4,346 | 4,082 | 4,083 | 4,178 | 4,409 | 4,409 |
| Total assets | 6,731 | 6,367 | 6,385 | 6,468 | 6,567 | 6,567 |
| Debt/equity ratio, % | 65 | 64 | 64 | 65 | 67 | 67 |
| Return on total assets, % | ||||||
| Profit before tax, rolling 12 months | 808 | 794 | 816 | 798 | 824 | 824 |
| Financial expenses, rolling 12 months | -49 | -51 | -36 | -39 | -41 | -41 |
| Total equity and liabilities, opening balance for 12 months | 6,367 | 6,125 | 6,300 | 6,160 | 5,960 | 5,960 |
| Total equity and liabilities, closing balance | 6,731 | 6,367 | 6,385 | 6,468 | 6,567 | 6,567 |
| Total equity and liabilities, average | 6,549 | 6,246 | 6,342 | 6,314 | 6,263 | 6,263 |
| Return on total assets, % | 13.1 | 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 | 662 | 671 | 645 | 666 | 666 |
| Total equity, opening for 12 months | 4,082 | 3,391 | 3,671 | 3,734 | 3,762 | 3,762 |
| Total equity, closing | 4,346 | 4,082 | 4,083 | 4,178 | 4,409 | 4,409 |
| Total equity, average | 4,214 | 3,737 | 3,877 | 3,956 | 4,085 | 4,085 |
| Return on equity after tax, % | 15.4 | 17.7 | 17.3 | 16.3 | 16.3 | 16.3 |
| Net cash / Net debt | ||||||
| Cash and cash equivalents | 914 | 488 | 503 | 818 | 919 | 919 |
| Non-current interest bearing liabilities | 491 | 419 | 512 | 591 | 520 | 520 |
| Current interest bearing liabilities | 171 | 195 | 119 | 109 | 115 | 115 |
| Total interest bearing liabilities Net cash / Net debt |
662 253 |
614 -126 |
631 -128 |
701 117 |
635 284 |
635 284 |
| Growth, % | ||||||
| Organic growth | ||||||
| Net sales - Effect of changes in exchange rates |
2,290 - 6 |
2,225 25 |
2,254 12 |
1,949 -47 |
2,126 - 8 |
8,554 -19 |
| - Net sales for last year | 2,225 | 2,253 | 2,345 | 2,149 | 2,221 | 8,968 |
| - Net sales for acquired companies | 182 | - | 39 | 76 | 111 | 226 |
| = Organic growth | -111 | -53 | -142 | -229 | -198 | -621 |
| Organic growth divided by last year net sales, % | -5.0 | -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 | 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.
