AQNasdaq StockholmIndustrialsIFRS · SEK

AQ Group

AQ Group is a global manufacturer specializing in components and systems, with a strong focus on transformers and inductors. The company caters to demanding applications such as data centers, railways, and electric power. AQ Group is expanding its production capacity across multiple countries, including Finland, Hungary, the Czech Republic, China, and the US, to meet growing demand. The company is committed to high-quality production and aims to become a leading supplier of specialized transformers for niche markets.

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Revenue9,071m SEK
+6.0 %y/y
Operating profit (EBIT)840m SEK
+0.0 %y/y
EBIT margin9.3%
−0.6 ppy/y
Net income677m SEK
+1.7 %y/y
Free cash flow680m SEK
−32.8 %y/y

Fiscal year 2025 · change from previous year

Development 2021–2025

02,0004,0006,0008,00010,000m SEK2021: 5,471 m SEK2021: EBIT 446 m SEK20212022: 7,053 m SEK2022: EBIT 491 m SEK20222023: 8,968 m SEK2023: EBIT 792 m SEK20232024: 8,554 m SEK2024: EBIT 840 m SEK20242025: 9,071 m SEK2025: EBIT 840 m SEK2025TTM 2026: 9,824 m SEKTTM 2026: EBIT 955 m SEKTTM9,824955
RevenueOperating profit (EBIT)TTM = last 12 months, not a full fiscal year

Business

Share of revenue
Transformers and Inductors25 %

Includes customer unique transformers and inductors for niche applications

Components50 %

Includes mechanical components, wiring systems, and thermoplastics

Systems25 %

Includes systems for ventilation, heating, cooling, and automation solutions

Customers

AQ Group serves a diverse range of customer segments, primarily focusing on industries requiring specialized transformers and systems. Key customers include data centers, railway operators, and electric power companies, which demand high-quality, reliable components. The company's products are also essential for maritime and electrification applications. AQ Group's customer-centric approach involves close collaboration with clients to ensure tailored solutions that meet specific industry needs.

Data Centers

Purchase high-quality transformers for reliable power supply

Railway Operators

Require inductors for efficient and reliable operations

Electric Power Companies

Use dry transformers for demanding applications

Maritime Industry

Seek reliable components for electrification

Strategy

AQ Group's strategic priorities include expanding its transformer business and achieving profitable growth through both organic means and acquisitions. The company aims to enhance production capacity and quality to become a leading supplier of specialized transformers. AQ Group is also focused on integrating recent acquisitions to achieve targeted profit margins. The company's strategy emphasizes maintaining high product quality and delivery precision while managing financial risks effectively.

Expand transformer businessMedium term

To become a leading supplier for niche applications

Achieve profitable growthLong term

To enhance market position and financial stability

Integrate acquisitionsShort term

To achieve targeted profit margins and operational efficiency

Geography

Q4/2025

AQ Group has a significant global presence, with manufacturing facilities in Finland, Hungary, the Czech Republic, China, and the US. The company's operations are heavily concentrated in Europe, with Sweden and other European countries accounting for a substantial portion of sales. AQ Group's strategic geographic distribution allows it to efficiently serve key markets and manage supply chain risks. The company's expansion into the US and China markets supports its growth ambitions and diversifies its revenue base.

Other European Countries56 %
Sweden28 %
Other countries16 %

Share of the revenue the company reports by geography.

Risks

AQ Group faces several risks, including quality complaints in its transformer segment, which can impact earnings. The company is exposed to geopolitical risks and fluctuating energy costs due to its global operations. Currency and price risks, along with component shortages, pose challenges to delivery reliability. AQ Group's strategy of growth through acquisitions also carries integration risks. The company actively monitors these risks and invests in quality improvements to mitigate potential impacts.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Geopolitical risks1Component shortages2Currency and price risks4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Geopolitical risksImpact: CriticalLikelihood: Medium

    Affect energy costs and supply chain stability

  2. Component shortagesImpact: HighLikelihood: Medium

    Affect delivery reliability and customer relationships

  3. Quality complaints in transformer segmentImpact: High

    Can negatively impact earnings and customer satisfaction

  4. Currency and price risksImpact: MediumLikelihood: Medium

    Impact cost structure and profitability

Accounting

Judgemental items
Revenue recognition

Affects earnings in transformer segment

Impact: high

Currency risk management

Managed through derivatives

Impact: medium

Goodwill from acquisitions

Impacts balance sheet and financial stability

Impact: medium

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Last updated: 24/09/2026

AQ Group (AQ) Revenue, Earnings & Financials 2025 – Clarifo