contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
      researchContentUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


aq-group-ab-publ-publicerar-arsredovisning-for-2025

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

AQ Group operates in the manufacturing industry and focuses on the development, manufacture and distribution of components and systems for various industries. The company's products are used in sectors such as the automotive industry, energy and medical technology. The operations are global with a main presence in Europe, North America and Asia. AQ Group was founded in 1986 and is headquartered in Västerås, Sweden.

AQ Group Q3/2025  Summary:   Net sales: 2,114 MSEK (1,949), +8 %   Operating profit (EBIT): 191 MSEK (188), +2 %   Profit before tax (EBT): 187 MSEK (177), +5 %   EBT margin: 8.8 % (9.1)   Profit for the period: 154 MSEK (146)   Cash flow from operating activities: 322 MSEK (363)   Earnings per share, undiluted: 1.67 SEK (1.60)   Net cash 429 MSEK, equity ratio 67 %   Cash flow from operating activities Q3 322 MSEK   Growth and Weaknesses:   Drivers: defense, electrification (EU) and data centers (USA).   Weaknesses: buses (USA/Mexico), food packaging machines, ship transformers (EU).   Organic growth +4.6 % (fell short of the company’s own target)   Future Outlook  Demand remains strong in defense, electrification, and data centers.  Quote from the CEO’s review: During the quarter, we have increased our deliveries to defense customers in England, Sweden, Poland and the US. Demand remains strong and we expect demand to increase further.   Efforts are being made to accelerate organic growth through sales development, delivery reliability, and fine-tuning of capacity.   Integration of acquisitions continues, and they are expected to contribute to profitability by 2026.   Data Centers:   New orders €7.5 M (medium voltage transformers).   Order book related to data centers approx. €15 M, deliveries complete by 6/2026.   Investments in production and testing equipment: in Czech Republic, Hungary, China, USA, and Bulgaria.    M&A & Integration (mdexx, Riedel):   Acquisitions added ~7 % to growth.   At mdexx, personnel costs -10 %, material costs reduced, financing terms improved: September ~EBT 0.   Integration weighed on margin -0.7 %-points in Q3   Segments (Q3):   Component (transformers, wire harnesses, machined metal, punched sheet metal, injection molded plastics): sales 1,811 MSEK, EBIT 140 MSEK  Drivers: electrification demand in Europe, data centers, defense. Challenges in ship transformers in Europe and buses in America.   System (systems, power and automation solutions, assembly of complete machines): sales 302 MSEK, EBIT 38 MSEK  Drivers: stable demand in selected customer operations. Fewer large food packaging systems.  Operational Highlights:   Tallinn unit moved to new premises; ~1/3 of electricity from own solar panels.   Goal to increase capacity utilization and improve profitability at the Trutnov unit.   Focus on delivery reliability and punctuality.   Q3 report in full here:            mb.cision.com              3724132.pdf    659.51 KB

Exactly, for example, international multi-standards for conductors and cables have become increasingly important in global trade (UL/CSA etc.), and managing them increases competitiveness. The more comprehensive the product package, including approvals etc., the less significant the price becomes.  I definitely need to look into this more closely, as Finnish companies are already quite familiar, good opening

I agree that competition in industrial subcontracting is tough. AQ has an extensive network of suppliers and subcontractors, so AQ also continuously tenders for subcomponents. Generally, in the long run, price is the deciding factor in the industry, but if the cheapest supplier cannot maintain quality or delivery reliability (and the situation does not improve despite complaints), the supplier is changed. Material price changes are usually taken into account in contracts, in which case the cost is passed on to the customer.  Contracts are typically long-term, suppliers are scored, and good relationships (price, quality, delivery reliability, cooperativeness) are practically a prerequisite for long-term customer relationships. Some of AQ’s competitors also manufacture complete sets, but my opinion on AQ’s strengths compared to competitors is the breadth of its manufacturing “under one roof,” i.e., those mentioned at the beginning:  Electric Cabinets / System Products (systems, testing, documentation) Wiring Systems (wire harnesses and electromechanical modules) Sheet Metal (frames, enclosures, surface treatments) Injection Molding (also multi-component molding) Inductive Components (transformers, reactors, chokes for power electronics)  In addition, AQ makes specific, certified deliveries with strict quality and certification requirements (e.g., UL, CE, railway and defense standards, traceability). These emphasize documentation and testing, and in these cases, a low price alone is usually not enough. I also count AQ’s extensive factory network around the world as an advantage.

This also immediately came to my mind, and indeed, the competition from low-cost production countries can be tough. On the other hand, when you outsource manufacturing, you also outsource expertise, and it’s possible that the company has a lasting competitive advantage and pricing power as a supplier to those customers who don’t want to “get involved” in manufacturing. An interesting point, I’ll have to delve into this with thought!

Another “risk” is that there are dozens of these panel builders in Finland as well, meaning price competition is thus very tough.  Material purchases play a significant role in manufacturing costs, and their price level is at rock bottom from the suppliers’ perspective, which also indicates fierce price competition.  However, Finland does have profitable panel builders.  The availability of skilled (cheap) labor is also a challenge.  Estonia also has several companies in this sector that manufacture a lot for the Finnish market. This is just a general comment on the industry.

AQ Group AB is a Swedish contract manufacturer that designs, manufactures, and assembles electrical and mechanical components and systems for demanding industrial customers. The company was founded in 1994 under the name Aros Quality Group by combining Aros Kvalitetsplast AB, ABB Industrial Systems’ transformer business, and ABB Relays’ accessories department. Since its inception, AQ has grown steadily and profitably. AQ has production in 17 countries in Europe, Asia, and the Americas, supporting “near-customer” deliveries.  What does AQ do and what does it consist of? AQ has two reporting segments:   System – Electric Cabinets and System Products: electrical cabinets, control and automation systems, complete deliveries according to customer specifications.   Component – Injection Molding, Inductive Components, Wiring Systems, Sheet Metal Processing (+ Special Tech & Engineering). In practice, plastic and metal components, wiring harnesses, and inductive components.   These may not necessarily mean anything as such, so let’s briefly open up a few sections and what AQ bills its customers for: AQ is not an own-brand equipment manufacturer, but rather makes parts and assemblies according to customer specifications that are needed within industrial machines and systems. 1) Electrical Cabinets and Control Panels (Electric Cabinets / Systems)  Acts as a full-service partner in electrical systems: design, procurement, assembly, testing, documentation, and installation if required.  Deliveries include ready-made electrical cabinets and control panels, as well as related control and power transmission systems. Examples:  • Control cabinets meeting the requirements of the food industry  • Automated Teller Machines (ATM)  • Control and power equipment cabinets for ship cranes  • Control equipment for automated cargo handling in ports  • Control systems for large motors and generators  • Frames and interiors for ticket and parking machines  • Packaging machines, printers, and passport automation equipment AQ designs/dimensions, procures components, assembles, tests, and documents; the customer receives a “plug-and-play” cabinet that meets standards (CE, UL, railway/defense-specific norms). Quality and safety standards are high; the systems are often the “brains” of the customer’s process.  2) Wiring Systems  Supplies wiring harness systems (cable harnesses) and electromechanical modules to demanding customers.  • Customer industries: automotive and commercial vehicles, railway, mechanical engineering, etc.  • Global footprint, local service: design and assembly in different markets close to the customer. Why do customers buy these from AQ?  Customization: designs and assembles all types of wiring harnesses and ready-made electromechanical modules according to customer specifications.  “One-stop”: design + procurement + assembly + testing → easy to integrate into customer products and production.  3) Injection Molding  AQ manufactures and assembles thermoplastic plastic components for demanding industrial customers. The equipment includes 120+ injection molding machines (clamping force 25–1500 t), covering everything from small series to annual volumes in the millions. The material range extends from structural plastics (PC, PA, PBT, PC/ABS, PP, ABS, TPE, TPU, POM) to high-performance plastics (PES, PEI, PEEK, >200 °C resistance). In addition, AQ performs multi-component molding – up to 4 different components in the same part. Customers include the automotive, medical, and mechanical engineering industries.  4) Sheet Metal Processing  This section briefly covers the subcontract manufacturing of sheet metal parts and assemblies for industrial customers, from single pieces to series.  Production is found in Sweden, Estonia, Finland, Bulgaria, China, India, etc. → “near customer” cost optimization.  5) Inductive Components AQ designs and manufactures transformers and inductors for demanding industrial applications: connections for frequency converters and large motors/generators, high-speed trains, solar and wind power, marine/offshore and process automation, as well as protective relay systems, defense, and aviation. The product range includes 1- and 3-phase transformers and coils, reactors, chokes, filters, toroids, and traction transformers – also with integrated coils.  Summary Q2/2025  Revenue grew by 4%: 2,344 MSEK (2,254) Operating profit (EBIT) decreased by 2%: 218 MSEK (222) Profit before tax (EBT) grew by 5%: 228 MSEK (218) EBT margin was 9.7% (9.7) Net profit was 189 MSEK (181) Cash flow from operating activities was 232 MSEK (301) – weakened mainly due to an increase in trade receivables Earnings per share (EPS), undiluted: 2.06 SEK (1.97)   Business Comments:  Organic growth came from segments: heavy vehicles, construction machinery, electrification, and defense. Weakness in bus components in USA/Mexico. Demand for inductive components remained strong globally. Integration of acquisitions (mdexx, Riedel) progressed slower than expected; –1 percentage point impact on the group’s margin in Q2. The capital gain of 22 MSEK from the sale of the Gävle property improved financial items and increased EBT-% by ~1 percentage point during the quarter.  AQ as an investment? Strengths: multiple business areas and customer industries → less dependence on a single cycle.  Value is created from long-term customer cooperation, co-development, documentation, and certifications making supplier changes costly → long lifecycle and recurring invoicing, a global factory network, and the ability to deliver higher value-added system deliveries, not just individual parts. Near-customer network: Europe/Asia/Americas → delivery reliability and cost flexibility. Mix driver: the share of system deliveries (electrical cabinets, modules) supports the margin. The company has emphasized operational discipline and cash flow, and its results have been exceptionally stable in recent years despite cycles. A high-quality, cash-generating industrial subcontractor. Key risks:  Cycle: exposure to commercial vehicles, construction machinery, and general industry → utilization rate sensitivity. Customer concentration: changes in individual major customers/programs can fluctuate volumes. Materials & components: metals, plastics, electricals; price transfer delay and availability. Integration and transfer risks: streamlining acquisitions and production transfers must succeed without compromising quality. Currency & regulation: USD/EUR/SEK fluctuations; changes in standards and regulation in defense/rail sectors. Technical Analysis  The stock has just reached new ATH (All-Time High) figures, and from a technical analysis perspective, a larger downward correction is very likely. Looking at daily candles, I consider it possible that the stock will find support at the 185-187 SEK level, but if that doesn’t hold, I see the next stronger support level being around 175.5 SEK.  Finally, a few bonus facts you can show off with in the office coffee room   “Best in class” from Siemens – two years in a row. The inductive components units have received the Best in class recognition from Siemens for two consecutive years. AQ acquired Finnish Trafotek in 2019, simultaneously gaining the company’s subsidiaries in Estonia, China, and Brazil; the purchase price was 28 M€ (EV). In 2024, AQ acquired Rockford, which has roots in British aero and defense connections (e.g., demanding wiring harnesses). This brought AQ additional specialized expertise in the defense and aerospace sectors.

AQ Group

AQ Group AB (publ) publicerar idag sin årsredovisning för verksamhetsåret 2025 på koncernens hemsida.Årsredovisningen på svenska i pdf, liksom en engelsk översättning, finns tillgänglig på: ...

AQ Group AB (publ) publicerar idag sin årsredovisning för verksamhetsåret 2025 på koncernens hemsida.Årsredovisningen på svenska i pdf, liksom en engelsk översättning, finns tillgänglig på:&nbsp;<a href="http://aqg.se/sv/investerare/finansiell-information/arsredovisning">https://www.aqgroup.com/sv/investerare/finansiell-information/arsredovisning</a>. Den svenska årsredovisningen finns även tillgänglig i European Single Electronic Format (ESEF) på koncernens hemsida.______________________________Informationen är sådan som AQ Group AB är skyldigt att offentliggöra enligt lag (2007:528) om värdepappersmarknaden.&nbsp;Informationen lämnades, genom James Ahrgrens försorg, för offentliggörande&nbsp;2026-03-26 08:30 CET.För ytterligare information kontakta: Koncernchef och IR, James Ahrgren&nbsp;telefon, 076-052 58 88&nbsp;eller CFO, Christina Hegg, telefon 070-318&nbsp;92 48______________________________AQ är en global tillverkare av komponenter och system till krävande industrikunder och är noterat på Nasdaq Stockholms huvudmarknad. Koncernen består till största delen av rörelsedrivande bolag som vart och ett utvecklar sin speciella kompetens, och i samarbete med övriga bolag, strävar efter att erbjuda kostnadseffektiva lösningar i nära samarbete med kunden.Huvudkontoret ligger i Västerås. AQ har 8 000 anställda i Bulgarien, Polen, Litauen, Sverige, Kina, Estland, Ungern, Mexiko, Finland, Indien, Kanada, USA, Tyskland, Italien, Brasilien, Storbritannien och Tjeckien. År 2025 hade AQ en omsättning på 9 miljarder SEK, och sedan koncernen startade år 1994 har AQ redovisat positivt resultat varje kvartal.www.aqgroup.com<div></div>