AQ Group (AQ) Q3 2026 earnings summary

Executive summary

• Q3 net sales rose 21.4% YoY to SEK 2,566m, including 17.9% organic growth; EBIT increased 36% to SEK 259m.

• Demand in data centers and defense, particularly in the US and China, drove higher volumes and capacity utilization.

• Q3 EBT margin reached 10.0%, meeting the financial target; delivery reliability and productivity at selected sites remain priorities.

Financial highlights

• Q3 EBT was SEK 257m and profit after tax SEK 205m; diluted and basic EPS were both SEK 2.23.

• Q3 growth comprised 17.9% organic, 2.2% acquired and 1.3% currency effects.

• 9M net sales rose 11.1% to SEK 7,500m; EBIT increased 18% to SEK 739m and profit after tax was SEK 586m.

• 9M EPS was SEK 6.39 basic and SEK 6.38 diluted; operating cash flow was SEK 631m versus SEK 799m.

• Q3 operating cash flow was SEK 269m versus SEK 322m, with higher working capital affecting cash generation.

Outlook and guidance

• Financial targets are annual growth above 15% and EBT margin of at least 10%; no turnover or profit forecast was given.

• Annual organic and acquired growth targets are 10% and 5%, respectively; Q4 acquired growth of up to 5% was described as uncertain.

• Delayed data-center deliveries are expected to be recovered in Q4; management also expects delayed defense deliveries to resume.

• EPS has doubled between 2021 and Q3 2026, adjusted for split; the target is to double EPS every five years.

• Fully utilized Norlake facilities could generate ~SEK 300m in annual revenue; US inductive-component deliveries are expected to double in coming years.