Third quarter, July-September 2026 in brief
- Net sales increased by 21% to SEK 2,566 m (2,114)
- Operating profit (EBIT) increased by 36% to SEK 259 m (191)
- Profit before tax (EBT) increased by 38% to SEK 257 m (187)
- Profit margin before tax (EBT %) was 10.0% (8.8)
- Profit after tax amounted to SEK 205 m (154)
- Cash flow from operating activities amounted to SEK 269 m (322)
- Earnings per share before dilution amounted to SEK 2.23 (1.67)
Nine months, January-September 2026 in brief
- Net sales increased by 11% to SEK 7,500 m (6,748)
- Operating profit (EBIT) increased by 18% to SEK 739 m (624)
- Profit before tax (EBT) increased by 19% to SEK 736 m (619)
- Profit margin before tax (EBT %) was 9.8% (9.2)
- Profit after tax amounted to SEK 586 m (509)
- Cash flow from operating activities amounted to SEK 631 m (799)
- Earnings per share before dilution amounted to SEK 6.39 (5.54)
- Equity ratio was 68% (67)
A word from the CEO
High growth in the US and China
During the third quarter, we grew rapidly in defense and data centers. We increased net sales by 21% and had organic growth of 18%. This is as planned. A significant portion of the growth was to end customers in the US and Asia. We have increased our deliveries of inductive components for electric power and cooling of data centers. AQ Transformer Solutions, our transformer company in Virginia, has successfully won several new orders in the US market and during the quarter we acquired assets and properties from Norlake to quickly increase our production capacity. With experienced employees from Norlake and Transformer Solutions, we expect to be able to double our deliveries of inductive components in the US in the coming years. Normally, Q3 is a weaker quarter in terms of sales, but thanks to our growth in China and the US, we have managed to achieve a smoother flow of products even during the summer months, as neither our customers nor AQ's factories have any general industrial holiday in these countries.
Acquisitions
Our growth through acquisitions during the quarter was 2% due to the acquisition of Time 24 and the assets in Norlake. The integration of Time 24 continues at a high pace. The focus is on delivering products to customers in the semiconductor industry that is growing rapidly. At the same time, we are improving the IT infrastructure, strengthening management and improving our productivity in the purchasing area. The assets for Norlake were acquired on September 21. The company has more than 50 years of experience in the design and production of transformers for special applications. Norlake has been undercapitalized in recent years, which has prevented growth. Production capacity, in terms of facilities and machinery, is significantly higher than sales levels in recent years.
Our CEO of Transformer Solutions in the US, Dan Day, and his team are now tasked with integrating the company and quickly increasing production capacity to accommodate Norlake's, but also Transformer Solutions' customers with more products. This is a typical AQ acquisition where we need to reverse a bad trend and make Norlake a good company again. It will not be easy, but with hard work we will succeed.
Market and investments
Our deliveries increased during the quarter to the defense industry and to data centers. Several of our factories in China, Europe and the US are running at full speed. We are also pleased to see growth now in several of our other market segments. During the quarter, we acquired AQ Rockford's property in Worksop, UK, and Gumboda Stålteknik with associated property in Robertsfors. These are investments to increase capacity for defense and electrification customers.
Cash flow, balance sheet and margin
Our profit margin for the quarter was on par with our target of 10% profit before tax. Our cash flow from operating activities in the quarter was SEK 269 m (322), impacted by increased inventories and trade receivables as a result of strong growth. However, we can continue to be opportunistic and grow organically and through acquisitions as we have a net cash position of SEK 467 m at the end of the quarter.
Easier to run in a tailwind
AQ has no patents or own products. We are dependent on having world-leading customers who develop world-leading products. We have the ability to help them scale up quickly while maintaining good quality when their products become popular on the market. Our skilled salespeople and technicians are good at identifying new markets and products that will grow in the future. An example right now is our transformers for data centers, where we see good demand from several of our customers. Of course, it is easier to grow in markets that are growing. We usually say that it is easier to run fast and far in a tailwind.
James Ahrgren
CEO
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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 15-10-2026 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
