AQ Group-AQ acquires UK-based Time 24 for ~0.4x EV/Sales-05/12/2026

Research evidence excerpt

AQ Group-AQ acquires UK-based Time 24 for ~0.4x EV/Sales-05/12/2026

AQ Group

NEWSFLASH | 12 MAY 2026

AQ acquires UK-based Time 24 for ~0.4x EV/Sales

AQ acquires UK-based Time 24, a manufacturer of electrical cabinets and wiring systems with 150 employees, two factories

(UK and Czech Republic) and GBP 10m sales (~SEK 125m) at sub-AQ margins. Consideration is GBP 1m cash and 4m debt

redemption, implying EV/Sales ~0.4x. The deal adds 1.7–1.9% to sales but <1.0% to EBIT due to margin dilution, with

improvements expected in 2026–27E. Consistent with AQ's disciplined buy-and-improve playbook and supportive of the

equity story by signaling further M&A capacity, though we view current valuation as already reflecting this.

Acquisition details

• Time 24 manufactures electrical cabinets and wiring systems to demanding industrial customers in the UK

• 150 employees, two factories (UK and Czech Republic)

• GBP 10m annual sales (SEK ~125m) with EBIT margins below AQ’s average of ~9.3%

• Purchase price consists of GBP 1m cash at closing and redemption of debts (GBP ~4m), implying EV/Sales ~0.4x

Conclusions for the share

• The acquisition is expected to contribute 1.7-1.9% to sales and <1.0% to EBIT due to margin dilution

• It is consistent with AQ’s disciplined buy-and-improve approach, with margin recovery expected in 2026-27E

• We have a HOLD rating and TP SEK 206 for AQ

• While the deal is positive for the equity story, signaling that there are more deals to be made, we argue AQ’s current valuation reflects

M&A potential

Thomas Blikstad

+46 72 402 33 94, thomas.blikstad@paretosec.com

Forbes Goldman

+46 8 402 5278, forbes.goldman@paretosec.com

For disclosures on relevant definitions, methods, risks, potential conflicts of interests etc. and disclaimers please see www.paretosec.com.