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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.
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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