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Research

Asetek (One-pager): Mid-term targets raised following major OEM returning customer

By Philip CoombesEquity Research Analyst
Asetek
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Summary

  • Asetek has increased its mid-term Liquid Cooling revenue target to over USD 65m, supported by a new agreement with a returning top-three OEM customer, with shipments starting in 2026.
  • The SimSports segment aims for revenues above USD 50m by 2024, despite current tariff challenges, with growth expected from production expansion and a mass-market product launch in H2 2025.
  • Following a DKK 88m rights issue, Asetek is well-capitalized to pursue its strategy, with management confident in achieving profitable growth across divisions from 2026.
  • HC Andersen Capital, which receives payment from Asetek, provides this information as part of a corporate visibility agreement.

This content is generated by AI. You can give feedback on it in the Inderes forum.

Read the latest Asetek One-Pager following the upgraded mid-term guidance for the Liquid Cooling segments, and suggested return to growth in 2026.

Following a new long-term agreement with a returning top-three OEM customer, Asetek has raised its mid-term Liquid Cooling revenue target to above USD 65m (from >USD 50m) while maintaining an adjusted EBITDA margin above 25%. Shipments under the agreement, with a minimum commitment of USD 35m, are set to begin in 2026, supporting a return to growth from that year onward.

Asetek’s SimSports segment continues to scale, targeting revenues above USD 50m (vs. USD 9.6m in 2024) and single-digit EBITDA margins. While tariff headwinds have weighed on near-term results, production expansion in Malaysia and the H2 2025 mass-market product may position the segment for renewed growth.

Disclaimer: HC Andersen Capital receives payment from Asetek for a Digital IR/corporate visibility agreement. Philip Coombes, 13:20 17.10.2025

Asetek is a global leader within liquid cooling solutions for high-end PC’s and also produces high-end equipment for SimSports. Asetek was listed on the OBX Oslo Stock Exchange in 2013. Asetek’s liquid cooling of high-end PC’s and eSports enthusiasts is its largest segment. Its sealed loop liquid cooler supports the thermal challenges of the computers and can also be implemented at data centers to provide significant energy savings and recapturing of heat against the air cooling industry norm; however, this segment remains relatively smaller. In 2021 Asetek made its first expansion into the SimSports Gaming market with its high-end SimRacing pedals, designed to create an immersive experience for sim racers. Asetek plans to expand further into the SimRacing value chain with ambitions to release wheelbases, steering wheels, shifters, and other end-user customization options.

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