Scandinavian Astor Group (ASTOR) Q3 2024 earnings summary

Executive summary

• Net sales for Q3 2024 increased 91% year-over-year to 44.1 MSEK, with 10% organic growth; RTM sales reached 153 MSEK.

• Adjusted EBITDA for Q3 was 3.6 MSEK, impacted by 7.2 MSEK in non-cash, acquisition-related one-off costs; RTM adjusted EBITDA was 9.2 MSEK.

• Major acquisitions included Scandiflash and Airsafe Sweden AB, strengthening the group’s position in defense and technology.

• Order intake RTM reached 175 MSEK, with a record order book of 213 MSEK post-Scandiflash acquisition.

• New CEO Mattias Hjorth appointed in August 2024; significant organizational and strategic changes implemented.

Financial highlights

• Q3 2024 net sales: 44.1 MSEK (23.1 MSEK Q3 2023); YTD net sales: 131.7 MSEK (61.8 MSEK YTD 2023).

• Q3 EBITDA: -3.9 MSEK (2.4 MSEK Q3 2023); adjusted EBITDA: 3.6 MSEK (3.1 MSEK Q3 2023).

• YTD EBITDA: -1.0 MSEK (1.5 MSEK YTD 2023); adjusted YTD EBITDA: 8.1 MSEK (2.2 MSEK YTD 2023).

• Q3 net result: -8.6 MSEK (0.8 MSEK Q3 2023); YTD net result: -12.5 MSEK (-3.7 MSEK YTD 2023).

• Cash flow from operations Q3: 0.3 MSEK (-6.7 MSEK Q3 2023); YTD: -6.3 MSEK (-6.5 MSEK YTD 2023).

• Equity at period end: 227.9 MSEK (51.5 MSEK Q3 2023); cash position: 104.2 MSEK (6.4 MSEK Q3 2023).

Outlook and guidance

• Q4 2024 sales expected to reach 70 MSEK with a positive net result, driven by Scandiflash consolidation and record October for Mikroponent.

• Full-year 2024 sales projected to exceed 200 MSEK.

• Ambition to continue growth and set new records in 2025, supported by a robust order book and market expansion.