Scandinavian Astor Group (ASTOR) Q1 2026 earnings summary

Executive summary

• Leadership transition announced, with Martin Elovsson taking over as CEO, bringing extensive executive experience and board involvement.

• Net sales increased 74% year-over-year, driven by acquisitions and strong demand in defence-related segments.

• Acquisition of the remaining shares in Nordic Shield Group (NSG) strengthens the Group’s position in protection and security solutions and nearly doubles sales.

• Group is well-positioned for growth, with a robust order book, increased operational efficiency, and improved profitability.

• Astor Protect and Astor Industry were primary growth drivers, while Astor Tech faced headwinds from longer sales cycles and regulatory uncertainty.

Financial highlights

• Net sales increased 74% year-over-year in Q1, reaching SEK 130.1 million, with growth in both Astor Industry and Astor Protect segments.

• EBITDA margin improved to 21.4% from 10.8% year-over-year, with EBITDA reaching SEK 27.8 million.

• Order intake rose 34% to SEK 90.1 million, and the order book grew to SEK 374.2 million.

• Cash flow from operating activities increased to SEK 40.5 million, indicating strong core profitability.

• Equity/assets ratio at 65.2%.

Outlook and guidance

• Targeting SEK 2.5 billion in revenue and >15% EBITDA margin by 2028, with high confidence in achieving these goals.

• Continued focus on profitable growth through both organic expansion and selective M&A.

• Continued investment in capacity and market expansion, especially outside the Nordic region.

• Defense and civil infrastructure markets expected to provide long-term structural tailwinds.