Scandinavian Astor Group (ASTOR) Q2 2024 earnings summary

Executive summary

• Net sales increased by 131% to 51.2 MSEK in Q2 2024; H1 sales reached 87.6 MSEK, surpassing full-year 2023 sales.

• Record order book of 177 MSEK, with strong order intake of 60 MSEK in Q2 and 91 MSEK for H1.

• Acquisition of Airsafe completed; several strategic and profitable acquisitions in the pipeline.

• Mattias Hjorth appointed as new CEO, bringing extensive international defense industry experience.

Financial highlights

• Q2 2024 net sales: 51,166 TSEK (22,126 TSEK Q2 2023); H1 2024: 87,593 TSEK (38,664 TSEK H1 2023).

• Q2 EBITDA: 1,057 TSEK (-1,188 TSEK Q2 2023); H1 EBITDA: 1,196 TSEK (-2,064 TSEK H1 2023).

• Q2 net result: -2,729 TSEK (-2,937 TSEK Q2 2023); H1 net result: -6,025 TSEK (-5,520 TSEK H1 2023).

• Solid equity ratio at 60% (35% Q2 2023); cash position at period end: 59,038 TSEK (5,441 TSEK Q2 2023).

• Operating cash flow for H1: -8,641 TSEK (-1,397 TSEK H1 2023).

Outlook and guidance

• Management targets 400 MSEK in sales and at least 15% EBITDA margin by 2026.

• Strong order book and pipeline support continued organic and acquisition-driven growth.

• IFRS transition planned for Q3 2024 to enhance comparability and transparency.

• List change to NGM approved, aiming for increased visibility and institutional investor interest.