Scandinavian Astor Group (ASTOR) Q1 2025 earnings summary

Executive summary

• Achieved a solid Q1 with EBITDA margin above 10%, despite seasonality, and net sales increased 105% year-over-year to SEK 74.7 million in Q1 2025, with 38% organic growth and the remainder from acquisitions.

• Announced acquisitions of Carbonia Composites, Nordic Shield Group, Welas Oy, and ID Modeller AB, strengthening production, vertical integration, and high-volume carbon fiber capabilities.

• Incorporated into the MSCI Global Share Index (micro cap segment), with ambitions to move to the small cap index.

• Order intake rose 111% year-over-year to SEK 67.0 million, and the order book stood at SEK 199.8 million at quarter-end.

• Continued strong M&A pipeline and preparations for listing on a regulated market in late 2024 or 2025.

Financial highlights

• Rolling 12-month pro forma revenue stands at approximately SEK 350 million, with LTM net sales at SEK 261.5 million and LTM adjusted EBITDA at SEK 35.7 million.

• Adjusted EBITDA for Q1 2025 was SEK 8.6 million, up from SEK 1.7 million in Q1 2024, and EBITDA margin reached 10.8% (adjusted 11.5%).

• Cash flow from operating activities improved to SEK 6.7 million, and cash position at period-end was SEK 24.5 million.

• Market capitalization is about SEK 1.6 billion, and equity/assets ratio strengthened to 51.8%.

• Net profit achieved in Q1, with positive operating cash flow for the second consecutive quarter.

Outlook and guidance

• Long-term target of SEK 2.5 billion in revenue and EBITDA margin of at least 15% by 2028.

• Underlying demand remains steady, with increasing early-phase procurement invitations and a robust order book.

• Seasonality expected to decrease as more acquisitions diversify the business across regions.

• Ongoing preparations for listing on a regulated market in late 2024 or 2025.