First quarter, January-March 2026 in brief
- Net sales increased by 3% to SEK 2,358 m (2,290)
- Operating profit (EBIT) increased by 5% to SEK 225 m (215)
- Profit before tax (EBT) increased by 9% to SEK 223 m (205)
- Profit margin before tax (EBT %) was 9.4% (8.9)
- Profit after tax amounted to SEK 179 m (166)
- Cash flow from operating activities amounted to SEK 339 m (244)
- Earnings per share before dilution amounted to SEK 1.95 (1.81)
- Equity ratio was 68% (65)
- The Board of Directors proposes a dividend of SEK 1.80 /share (SEK 1.60 /share)
A word from the CEO
Growth in data centers and defense industry
During the first quarter, we increased net sales by 3% and had organic growth of 6%. We are growing primarily in transformers for data centers, and electrical systems and mechanics for the defense industry. Our customers want more faster. In the first quarter, we have significantly increased our production capacity of transformers, but the expansion of all AQ's transformer factories will continue throughout this year. We are also expanding our capacity in wiring systems and mechanics to defense customers to meet increased demand. At the same time, we are experiencing capacity utilization issues in our wiring systems' factories in the US and Mexico. We have now won a number of new customer contracts that are gradually improving the situation during the year.
It is great that during this quarter we have promoted five young leaders in Sweden, Italy and Bulgaria. Developing new leaders within AQ is central to us being able to continue to grow, earn money and have fun in the long term in the future as well.
Acquisitions
Our growth through acquisitions during the quarter was 1%. This is below our target of 5%. Our M&A team is working intensively to find value-creating acquisitions, but we have not been able to buy anything at a valuation that we think is reasonable for a number of quarters. The work to integrate mdexx and Riedel is progressing according to plan and we continue to fill up the factories with new volumes to reach the 2026 target of 8% in EBT margin.
Market and investments
In the quarter, our sales increased organically by 6% compared to the corresponding quarter last year. This is less than our target of growing 10% annually. Our sales increased to defense in Europe, to data centers in the US and to construction equipment in Europe. Sales decreased to ships in Europe, vehicles in Mexico and packaging equipment to the food industry in Europe. We see it as a strength that we can show growth through our decentralized and geographically dispersed organization despite the fact that some of our markets have lower demand.
During the quarter, we continued to invest in new winding machines, vacuum impregnation and test equipment for inductive components to increase our capacity.
Cash flow, balance sheet and margin
Our cash flow from operating activities was SEK 339 m in the quarter. At the end of the quarter, we had a net cash position, without regard to lease liabilities, of more than SEK 1 billion. This allows us to grow together with our customers and carry out value-creating acquisitions. Our profit margin before tax (EBT) in the quarter was 9.4%.
On the margin
Our margin reflects how efficient we are. If we have the lowest costs and the highest productivity, there is room for a higher margin as we will be competitive. This, combined with high delivery precision, quality and customer focus, results in satisfied customers. This is of course a result of the diligent work of our fantastic employees who are thrifty, work efficiently without bureaucracy, and make sure to take responsibility for every delivery to our wonderful customers. So never forget, customer satisfaction is visible on the margin.
James Ahrgren
CEO
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This disclosure contains information that AQ Group is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014) and the Swedish Securities Markets Act (2007:528). The information was released for publication by James Ahrgren on 23-04-2026 08:00 CEST.
For further information, please contact:
James Ahrgren, CEO and IR, telephone +46 76 052 58 88 or
CFO, Christina Hegg, telephone +46 70 318 92 48
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AQ is a global manufacturer of components and systems to demanding industrial customers and is listed on Nasdaq Stockholm's main market. The Group consists mainly of operating companies each of which develop their special skills, and in cooperation with other companies, striving to provide cost effective solutions in close cooperation with the customer.
The Group headquarter is in Västerås, Sweden. AQ has 8,000 employees in Bulgaria, Poland, Lithuania, Sweden, China, Estonia, Hungary, Mexico, Finland, India, Canada, USA, Germany, Italy, Brazil, Great Britain and Czech Republic. In 2025 AQ had net sales of SEK 9 billion, and the Group has since its start in 1994 shown profit every quarter.
www.aqgroup.com
