companyName

extensiveId

feedTypes

includeDividend

includeEstimates

includeOverview

includeOwnership

snapshotDate

CompanyName_Query

companySlug

CompanyMetaData

CompanyContent_query

company

query CompanyName_Query(
  $companyName: String!
  $extensiveId: ID
  $snapshotDate: String
  $feedTypes: [ContentType!]!
  $includeEstimates: Boolean!
  $includeOverview: Boolean!
  $includeOwnership: Boolean!
  $includeDividend: Boolean!
) {
  ...CompanyMetaData_Ux1x9
  ...CompanyContent_query_3mc3wd
}

fragment AnalystData on Analyst {
  name
  pageUrl
  jobTitle
  imgUrl
}

fragment AuthorList on Content {
  __isContent: __typename
  id
  authors {
    __typename
    id
    name
    pageUrl
  }
}

fragment ChangePercentBlock_Company on Company {
  defaultInstrument {
    isin
    symbol
    priceData {
      diff1mPercentage
      diff1yPercentage
      diff3yPercentage
      diffFromStartPercentage
    }
    id
  }
}

fragment CompactFeed_3NXCcw on Query {
  compactFeed: feedContent(companySlug: $companyName, filter: {types: $feedTypes}) {
    edges {
      node {
        __typename
        id
        ...TeaserExtraCompact_content
        createdAt
        companies {
          viewerIsFollowing
          id
        }
      }
      cursor
    }
    pageInfo {
      endCursor
      hasNextPage
    }
  }
}

fragment CompanyAnalystQuery on Company {
  analysts {
    ...AnalystData
    name
    pageUrl
    jobTitle
    imgUrl
    id
  }
}

fragment CompanyContent_query_3mc3wd on Query {
  ...CompanyHeader_query_Ux1x9
  ...CompanyOwnership_query_Ux1x9 @include(if: $includeOwnership)
  ...CompanyFinancials_query_Ux1x9 @include(if: $includeEstimates)
  ...CompanyDividend_query_Ux1x9 @include(if: $includeDividend)
  ...CompanyInvestorConsensus_query_Ux1x9
  ...CompanyPageTop_query_Ux1x9 @include(if: $includeOverview)
  ...CompanyPageBottom_query_2bVJwf @include(if: $includeOverview)
  ...CompanyDisclaimer_query_Ux1x9
  ...Extensive_query_3u4Ry5
}

fragment CompanyCoverage_Company on Company {
  analysts {
    name
    id
  }
  isPayingCustomerOf
  isFormerCustomerOf
  isCorporateCustomer
  ...CompanyAnalystQuery
  defaultInstrument {
    ...TargetAndRecommendation_Company
    id
  }
}

fragment CompanyDescription_Company on Company {
  description
  websiteUrl
  name
}

fragment CompanyDisclaimer_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    name
    isPayingCustomerOf
    isFormerCustomerOf
    id
  }
}

fragment CompanyDividendER_query on Company {
  name
  defaultInstrument {
    estimateData {
      reportingCurrency
    }
    dividendTransactions: estimateTransactions(first: 1, includeQuarters: false) {
      actualized {
        year
        dividend
        dividendYield
        payoutPercentage
        sharePrice
      }
      estimates {
        year
        dividend
        dividendYield
        payoutPercentage
        sharePrice
      }
    }
    id
  }
}

fragment CompanyDividendNonER_query on Company {
  name
  defaultInstrument {
    nonERDividendSet: nonERCompanyNumberSet(includeQuarters: false) {
      year
      dividend
      dividendYield
      epsReported
      sharePrice
      currency
    }
    id
  }
}

fragment CompanyDividend_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    ...CompanyDividendER_query
    ...CompanyDividendNonER_query
    defaultInstrument {
      coreId
      id
    }
    id
  }
}

fragment CompanyFinancials_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    ...NonERCompanyNumbers_query
    ...CompanyNumbers_query
    defaultInstrument {
      coreId
      id
    }
    id
  }
}

fragment CompanyHeader_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    id
    companyInsref
    name
    viewerIsFollowing
    followersCount
    isCorporateCustomer
    hasPinpointData
    hasDividendHistory
    sector {
      sectorname
      industry
    }
    regions
    extensiveExists
    defaultInstrument {
      symbol
      priceData {
        tradeCurrency
        lastPrice
        diff1dPercentage
      }
      marketplace {
        name
      }
      estimates: estimateTransactions(first: 1, includeQuarters: false) {
        date
      }
      nonERCompanyNumberSet(first: 1, includeQuarters: false) {
        year
      }
      id
    }
    topOwners {
      holders {
        name
      }
    }
    transactions: insiderTransactions(filter: {types: [BUY, SELL, SUBSCRIPTION]}) {
      edges {
        node {
          date
          id
        }
      }
    }
  }
}

fragment CompanyInsiderTransactions on Company {
  name
  regions
  insiderTransactions(filter: {types: [BUY, EXERCISE_OF_SHARE_OPTION, PLEDGE, RECEPTION_OF_SHARE_PREMIUM, SELL, SUBSCRIPTION]}) {
    edges {
      node {
        insider
        position
        volume
        price
        date
        unit
        type
        relatedParty
        id
      }
    }
  }
}

fragment CompanyInvestorConsensus_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    name
    companyInsref
    id
  }
}

fragment CompanyMetaData_Ux1x9 on Query {
  company(companySlug: $companyName) {
    name
    description
    pageUrl
    defaultInstrument {
      estimateData {
        modelType
      }
      id
    }
    id
  }
}

fragment CompanyName_Slug on Company {
  slug
}

fragment CompanyNumbers_query on Company {
  name
  defaultInstrument {
    estimateData {
      modelType
      reportingCurrency
    }
    estimateTransactions(first: 1, includeQuarters: true) {
      comparisonIndexName
      actualized {
        year
        quarter
        revenue
        revenueGrowth
        ebitda
        ebitAdjusted
        ebitReported
        preTaxProfit
        netEarnings
        epsReported
        epsAdjusted
        dividend
        payoutPercentage
        roePercent
        roiPercent
        enterpriseValue
        bookValue
        marketCap
        gearingPercent
        equityRatio
        dividendYield
        totalCosts
        loanLosses
        balanceSheetTotal
        tangibleBook
        cet1
        rwa
        sharePrice
        sharesTotal
        nav
        navPerShare
        opexOfNav
        totalShareholderReturn
        comparisonIndexReturn
        netDebtTotalAsset
        quarterlySharePrice
      }
      estimates {
        year
        quarter
        revenue
        revenueGrowth
        ebitda
        ebitAdjusted
        ebitReported
        preTaxProfit
        netEarnings
        epsReported
        epsAdjusted
        dividend
        payoutPercentage
        roePercent
        roiPercent
        enterpriseValue
        bookValue
        marketCap
        gearingPercent
        equityRatio
        dividendYield
        totalCosts
        loanLosses
        balanceSheetTotal
        tangibleBook
        cet1
        rwa
        sharePrice
        sharesTotal
        nav
        navPerShare
        opexOfNav
        totalShareholderReturn
        comparisonIndexReturn
        netDebtTotalAsset
        quarterlySharePrice
      }
    }
    id
  }
}

fragment CompanyOverviewGraphs_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      companyTransactions: estimateTransactions(first: 1, includeQuarters: false) {
        actualized {
          year
          revenue
          ebitAdjusted
          epsAdjusted
          dividendYield
          navPerShare
          totalShareholderReturn
        }
        estimates {
          year
          revenue
          ebitAdjusted
          epsAdjusted
          dividendYield
          navPerShare
          totalShareholderReturn
        }
      }
      id
    }
    id
  }
}

fragment CompanyOwners on Company {
  regions
  topOwners {
    recordDate
    compareDate
    source
    holders {
      name
      capitalPercent
      votingPowerPercent
      positionChange
      totalSharesChange
      shareChange
      isNew
      isRemoved
    }
  }
}

fragment CompanyOwnership_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    name
    ...CompanyOwners
    ...CompanyInsiderTransactions
    id
  }
}

fragment CompanyPageBottom_query_2bVJwf on Query {
  ...GeneralFeed_data_3NXCcw
  ...CompactFeed_3NXCcw
  ...UpcomingEventsQuery_Ux1x9
  ...RiskRecommendMatrix_query_Ux1x9
  ...CompanyOverviewGraphs_query_Ux1x9
  ...NonERCompanyOverviewGraphs_query_Ux1x9
  company(companySlug: $companyName) {
    companyInsref
    ...ForumUpdates_Company
    defaultInstrument {
      coreId
      id
    }
    id
  }
  allFeed: feedContent(first: 1, companySlug: $companyName, filter: {hideUpcomingVideos: true}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  main: feedContent(first: 1, companySlug: $companyName, filter: {hideUpcomingVideos: true, types: [COMPANY_REPORT, EXTENSIVE_COMPANY_REPORT, ANALYST_COMMENT, VIDEO, ARTICLE]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  webcasts: feedContent(first: 1, companySlug: $companyName, filter: {hideUpcomingVideos: true, types: [WEBCAST]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  thirdPartyResearch: feedContent(first: 1, companySlug: $companyName, filter: {types: [THIRD_PARTY_COMPANY_REPORT]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  releases: feedContent(first: 1, companySlug: $companyName, filter: {types: [STOCK_EXCHANGE_RELEASE, PRESS_RELEASE]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
}

fragment CompanyPageTop_query_Ux1x9 on Query {
  ...StockChart_ChartQuery_Ux1x9
  ...LatestReports_query_Ux1x9
  company(companySlug: $companyName) {
    isFund
    name
    ...CompanyCoverage_Company
    ...CompanyName_Slug
    ...CompanyDescription_Company
    ...FundNumbers_Company
    ...ChangePercentBlock_Company
    ...KeyEstimateFigures_Company
    ...InvestmentCompanyKeyFigures_Company
    defaultInstrument {
      id
      estimateData {
        modelType
      }
    }
    analysts {
      name
      id
    }
    id
  }
  extensiveReport: feedContent(first: 1, companySlug: $companyName, filter: {types: [EXTENSIVE_COMPANY_REPORT]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  analysis: feedContent(first: 1, companySlug: $companyName, filter: {types: [COMPANY_REPORT, EXTENSIVE_COMPANY_REPORT], tagNames_nin: ["Mallisalkku", "Arvonluojat"]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  analysisArvonluojat: feedContent(first: 1, companySlug: $companyName, filter: {types: [COMPANY_REPORT, EXTENSIVE_COMPANY_REPORT], tagNames_nin: ["Mallisalkku"]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
}

fragment CompanyTagList on Company {
  pageUrl
  name
  viewerIsFollowing
}

fragment Extensive_query_3u4Ry5 on Query {
  company(companySlug: $companyName) {
    extensive(extensiveId: $extensiveId, snapshotDate: $snapshotDate) {
      publishedAt
      pageUrl
      content {
        id
        title
        lang
        slug
        htmlBody
        publishedAt
        createdAt
        changedAt
        isOutdated
      }
    }
    id
  }
}

fragment ForumUpdates_Company on Company {
  name
  forum {
    threadUrl
    highlightedPosts {
      url
      author
      authorImgUrl
      text
      postedAt
      likesCount
    }
  }
}

fragment FundNumbers_Company on Company {
  defaultInstrument {
    isin
    symbol
    priceData {
      lastPrice
      ath
    }
    id
  }
}

fragment GeneralFeed_data_3NXCcw on Query {
  generalFeed: feedContent(first: 20, companySlug: $companyName, filter: {types: $feedTypes}) {
    edges {
      node {
        __typename
        id
        ...Teaser_content
        ...TeaserCompact_content
      }
      cursor
    }
    pageInfo {
      endCursor
      hasNextPage
    }
  }
}

fragment InvestmentCompanyKeyFigures_Company on Company {
  marketData {
    marketCap
  }
  defaultInstrument {
    priceData {
      tradeCurrency
      dailyTurnover
    }
    estimateData {
      modelType
    }
    estimateTransactions(first: 1, includeQuarters: true) {
      actualized {
        year
        quarter
        sharesTotal
        marketCap
        nav
        navPerShare
        dividendYield
        quarterlySharePrice
      }
      estimates {
        year
        quarter
        dividendYield
      }
    }
    id
  }
}

fragment KeyEstimateFigures_Company on Company {
  marketData {
    marketCap
  }
  defaultInstrument {
    priceData {
      tradeCurrency
      dailyTurnover
      lastPrice
      marketCap
    }
    sector
    fundamentalData {
      ebit
      eps
      sales
      dividend
    }
    estimateData {
      modelType
      estimates {
        firstEstimateYear {
          year
          bookValue
          netSales
          dividendA
          epsAdjusted
          ebitAdjusted
          hybridLoan
          noOfShares
          netDebt
          mvMinorities
          mvAssociated
          roePercent
        }
      }
    }
    estimatesSharePrice: estimateTransactions(first: 1) {
      estimates {
        sharePrice
      }
    }
    id
  }
}

fragment LatestReports_query_Ux1x9 on Query {
  extensiveReport: feedContent(first: 1, companySlug: $companyName, filter: {types: [EXTENSIVE_COMPANY_REPORT]}) {
    edges {
      node {
        __typename
        createdAt
        pageUrl
        id
      }
    }
  }
  analysis: feedContent(first: 1, companySlug: $companyName, filter: {types: [COMPANY_REPORT, EXTENSIVE_COMPANY_REPORT], tagNames_nin: ["Mallisalkku", "Arvonluojat"]}) {
    edges {
      node {
        __typename
        createdAt
        pageUrl
        id
      }
    }
  }
  analysisArvonluojat: feedContent(first: 1, companySlug: $companyName, filter: {types: [COMPANY_REPORT, EXTENSIVE_COMPANY_REPORT], tagNames_nin: ["Mallisalkku"]}) {
    edges {
      node {
        __typename
        createdAt
        pageUrl
        id
      }
    }
  }
}

fragment NonERCompanyNumbers_query on Company {
  name
  defaultInstrument {
    nonERNumberSet: nonERCompanyNumberSet(includeQuarters: true) {
      year
      quarter
      revenue
      ebitda
      ebitReported
      epsReported
      dividend
      sharesTotal
      roe
      roi
      enterpriseValue
      marketCap
      gearingRatio
      equityRatio
      dividendYield
      sharePrice
      currency
      evSales
      evEbitda
      evEbit
      pb
      netIncome
      ptp
    }
    id
  }
}

fragment NonERCompanyOverviewGraphs_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    defaultInstrument {
      overviewGraphsData: nonERCompanyNumberSet(includeQuarters: false) {
        year
        revenue
        ebitReported
        epsReported
        dividend
        dividendYield
        currency
      }
      id
    }
    id
  }
}

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

fragment RiskRecommendMatrix_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    defaultInstrument {
      riskData: estimateTransactions(first: 1) {
        businessRisk
        valuationRisk
      }
      id
    }
    id
  }
}

fragment StockChart_ChartQuery_Ux1x9 on Query {
  company(companySlug: $companyName) {
    isFund
    defaultInstrument {
      coreId
      id
      marketOpen
      marketClose
      marketplace {
        region
      }
      priceData {
        lastPrice
      }
      returns {
        day
        week
        month
        threeMonths
        sixMonths
        year
        threeYears
        fiveYears
        tenYears
        ytd
        total
      }
    }
    id
  }
}

fragment TargetAndRecommendation_Company on Instrument {
  estimateData {
    modelType
    researchCurrency
    estimates {
      date
      recommendation
      targetPrice
    }
  }
}

fragment TeaserCompact_content on Content {
  __isContent: __typename
  __typename
  id
  type
  title
  createdAt
  isPremium
  pageUrl
  lang
  companies {
    ...CompanyTagList
    id
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
  ...AuthorList
}

fragment TeaserExtraCompact_content on Content {
  __isContent: __typename
  id
  title
  createdAt
  pageUrl
  lang
  companies {
    name
    pageUrl
    viewerIsFollowing
    id
  }
}

fragment Teaser_content on Content {
  __isContent: __typename
  __typename
  id
  type
  title
  createdAt
  pageUrl
  imgUrl
  isPremium
  lang
  companies {
    ...CompanyTagList
    id
  }
  publishers {
    imgUrl
  }
  authors {
    __typename
    id
  }
  ... on AnalystComment {
    preview
  }
  ... on Article {
    preview
  }
  ... on CompanyReport {
    preview
  }
  ... on ThirdPartyCompanyReport {
    preview
  }
  ... on QA {
    preview
  }
  ... on Video {
    preview
    liveTime
    videoDuration
  }
  ... on Webcast {
    preview
    liveTime
  }
  ...AuthorList
  ...Reactions
}

fragment UpcomingEventsQuery_Ux1x9 on Query {
  company(companySlug: $companyName) {
    defaultInstrument {
      calendarEvents(first: 10) {
        edges {
          node {
            date
            type
            period
            id
          }
        }
      }
      id
    }
    id
  }
}


name

description

pageUrl

defaultInstrument

companyInsref

viewerIsFollowing

followersCount

isCorporateCustomer

hasPinpointData

hasDividendHistory

sector

regions

extensiveExists

topOwners

insiderTransactions

isPayingCustomerOf

isFormerCustomerOf

extensive

feedContent

AQ Group

Annual General Meeting in AQ Group AB (publ) on April 23, 2026

AQ Group AB (publ): Year-end report 2025

The Nomination Committee's proposal for a new Chairman of the Board and Board directors of AQ Group AB

Invitation to a presentation of AQ Group's Year-End report on February 12, 2026

AQ Group's share advances to Nasdaq Stockholm Large Cap

AQ Group AB (publ), interim report January-September, 2025

Nominating Committee for AQ Group appointed

Invitation to presentation of AQ Group's Q3 interim report on October 16, 2025

Change in the number of shares and votes in AQ Group AB

AQ Group AB (publ), interim report January-June, 2025

Invitation to presentation of AQ Group's Q2 interim report on July 15, 2025

Resolutions made at the AGM 2025 in AQ Group AB

AQ Group AB (publ), interim report January - March, 2025

Invitation to presentation of AQ Group's Q1 interim report on April 23, 2025

AQ Group AB (publ) publishes Annual Report 2024

Annual General Meeting in AQ Group AB (publ) on April 23, 2025

AQ Group AB (publ): Year-end report 2024

AQ Group completed mdexx magnetronics acquisition

Changed time for the presentation of AQ Group's Year-End report on February 13, 2025

Invitation to a presentation of AQ Group's Year-End report on February 13, 2025

AQ Group acquires mdexx magnetronics unit from Lafayette Mittelstand Capital

Changes to AQ Group's Nomination Committee

AQ Group has completed the acquisition of TechROi Engineering & TechROi Scandinavia

AQ Group AB (publ), interim report January - September, 2024

NASDAQ Stockholm

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 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 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.

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.

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!

Per Olof Andersson

Claes Mellgren

AQ Group

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