Asetek is pleased to announce a long-term agreement with an undisclosed customer for the delivery of high-end liquid cooling solutions based on the Ingrid technology platform, which sets new standards for acoustic and thermal performance. Because of the agreement, the Company has raised the medium-term ambition for the Liquid Cooling segment. The agreement includes a minimum volume commitment estimated at $35 million during the first 2-year term, from start of shipments, but revenues may be higher depending on actual order volumes.

Asetek will provide liquid coolers, caps, heat exchangers and fans in one retail package, implying higher unit revenue in exchange for a slightly reduced gross margin due to the bundled accessories/commodities carrying lower margins. The agreement covers two products and deliveries of the first product are scheduled to start in Q2 2026 with deliveries for the second product scheduled to begin Q4 2026. The Company expects the customer to reclaim a top tier position when shipments are fully up and running in 2027.The undisclosed party is a globally leading provider of high-quality computers, components and accessories for the PC gaming community and has historically been one of Asetek's top three customers. The agreement reinforces the strong historic collaboration following a period of reduced shipments.

"This confirms Asetek's position as the top innovator of liquid cooling solutions with market leading thermal and leading acoustic performance. We have worked closely with this customer for more than 10 years and can tailor solutions to meet their specific demands. This is supported by close dialogue between both our R&D teams ensuring the best possible offering to their end-users," said, Henrik Lindskou-Mouritsen, VP Global Sales at Asetek.

Due to the agreement, the Company has revised its medium-term ambitions communicated in November 2024. For the Liquid Cooling segment, the Company now aims to reach revenue of above USD 65 million (previously USD 50 million) towards the end of the medium term. The Company expects revenue growth from 2026 and onwards aligned with previous expectations. Further, the Company aims to consistently achieve an Adjusted EBITDA Margin of above 25% (previously +25%) in the medium term for the Liquid Cooling segment. The full-year 2025 Group and segment guidance is not impacted.

"We are very pleased that one of Asetek's largest customers over time is returning after pursuing a dual-sourcing strategy, and it is the second returning customer in a short time frame. It shows the strong momentum we are experiencing with new and existing Liquid Cooling customers led by product innovation, focused commercial work and a growing recognition of our proven quality, supply chain and full-service offering. It also underpins our expectations of the Liquid Cooling business returning to revenue growth from 2026," said, André Sloth Eriksen the CEO of Asetek.