AQ Group (AQ) Q4 2025 earnings summary

Executive summary

• Achieved record annual turnover of SEK 9,071 million in 2025, with profit every quarter since 1994 and a strong net cash position.

• Exposed to high-growth industrial segments: electrification, data centers, defense, and MedTech.

• Expanded through acquisitions in Germany, Czech Republic, and Sweden, and invested in advanced production lines.

• Operating profit (EBIT) for 2025 was SEK 840 million, with profit after tax at SEK 677 million.

• Board proposes a dividend of SEK 1.80 per share, up from SEK 1.60.

Financial highlights

• Q4 2025 sales increased 9% year-over-year to SEK 2,323 million; full-year net sales up 6% to SEK 9,071 million.

• Q4 operating profit up 5% to SEK 216 million; profit after tax SEK 168 million.

• Full-year EBT margin was 9.2%; Q4 EBT margin was 9.1%.

• Cash flow from operating activities was SEK 921 million for the year.

• Net cash position at year-end was SEK 427 million; equity ratio at 68%.

Outlook and guidance

• Strong demand expected in power grid electrification, data centers, and defense; slower in trucks, buses, and food equipment.

• Targeting at least 5% annual growth from acquisitions, with SEK 500 million turnover as a goal for 2026.

• Management maintains goals of >15% growth and >8% EBT margin.

• Anticipates more defense deliveries in 2026 as customers catch up on orders.

• Focus on profitable growth, quality, and delivery precision.