AQ Group (AQ) Q2 2026 earnings summary

Executive summary

• Achieved record net sales and profit in Q2 2026, with strong growth in data centers and defense segments; net sales rose 10% year-over-year and organic growth reached 9.1%.

• Maintained a 14% CAGR in earnings per share over the last 10 years, with profit every quarter since 1994.

• Acquired Time24 in the UK, contributing SEK 20 million in Q2 turnover and expanding presence in the semiconductor industry.

• Operating in 17 countries with 8,000 employees and SEK 9 billion turnover, serving 4,000 customers globally.

• Raised profit margin before tax target from 8% to 10% due to sustained outperformance and a shift to more complex products.

Financial highlights

• Q2 2026 net sales: SEK 2,577 million (up 10% YoY); EBIT: SEK 255 million (up 17% YoY); EBT: SEK 256 million (up 13% YoY); EBT margin: 9.9%.

• First half 2026 net sales: SEK 4,934 million (up 6% YoY); EBIT: SEK 480 million (up 11% YoY); EBT: SEK 479 million (up 11% YoY); EBT margin: 9.7%.

• Earnings per share before dilution: SEK 2.20 in Q2 (SEK 4.16 for H1), up from SEK 2.06 last year.

• Cash flow from operating activities: SEK 23 million in Q2 (down from SEK 232 million), SEK 362 million for H1, impacted by increased working capital.

• Net cash position of SEK 413 million at quarter end; equity ratio at 67%.

Outlook and guidance

• Continued ramp-up in data center transformer capacity and further growth expected in H2 and beyond.

• Defense and construction equipment sales expected to remain strong; several large RFQs for defense programs in the pipeline.

• Power grid segment anticipated to recover in the second half after a slow start.

• Board targets profit margin before tax above 10% going forward, reflecting a shift to higher-value products.

• Ongoing productivity improvements in newly acquired and underperforming sites.