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Scandinavian Astor Group (ASTOR) investor relations material

Scandinavian Astor Group Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary26 Aug, 2025

Executive summary

  • Net sales increased 77% year-over-year in Q2 2025, with 33% organic growth and strong order intake up 85%, reflecting robust operational momentum and successful M&A activity.

  • EBITDA and adjusted EBITDA rose by several hundred percent, with Q2 EBITDA margin at 9.8% and adjusted EBITDA margin at 12.0%; rolling 12-month adjusted EBITDA margin reached 14.6%.

  • Record order book at quarter-end, reaching SEK 289 million and rising to SEK 374 million after July orders, indicating robust demand.

  • Major acquisitions and investments included Carbonya/Carbonia Composites, Nordic Shield Group, and Immunity/Ammunity SIA, expanding presence in defense and composites.

  • Directed share issue raised SEK 320 million, and a SEK 127.5 million credit facility was secured to support M&A strategy.

Financial highlights

  • Q2 2025 net sales: SEK 90.6 million (Q2 2024: SEK 51.2 million); H1 2025 net sales: SEK 165.3 million (H1 2024: SEK 87.6 million).

  • Q2 EBITDA: SEK 8.9 million (Q2 2024: SEK 1.5 million); adjusted EBITDA: SEK 10.9 million (Q2 2024: SEK 3.0 million).

  • Profit before tax in Q2: SEK 1.6 million (Q2 2024: SEK -2.4 million); H1: SEK 2.6 million (H1 2024: SEK -4.1 million).

  • Cash flow from operations in Q2: SEK 6.9 million (Q2 2024: SEK -1.7 million); H1: SEK 13.4 million (H1 2024: SEK -6.6 million).

  • Equity/assets ratio improved to 71.8% (Q2 2024: 56.0%).

Outlook and guidance

  • Financial targets for 2028: sales of at least SEK 2,500 million and EBITDA margin of at least 15%.

  • Strong finish expected for 2025, with full effect from recent acquisitions and new product deliveries anticipated in the second half.

  • Ongoing transition to a regulated market listing expected by year-end 2025, with most costs already incurred.

  • Continued focus on M&A, with a growing pipeline of over 50 potential targets and expansion in prioritized European defense markets.

  • Management targets a long-term 15% EBITDA margin.

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Frequently asked questions

The Scandinavian Astor Group is a Swedish conglomerate with activities in both the defense and industrial sectors. It is composed of a military division that specializes in the development, production, and sale of radar jamming systems intended for training purposes. The industrial segment of the company focuses on manufacturing composite and metal components for various industries, including aviation, automotive, and defense. The Group's holdings include My-Konsult, Marstrom Composite, JPC Composite, and Mikroponent. The company is headquartered in Kista, Sweden, and its shares are listed on the Stockholm Stock Exchange.

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