Scandinavian Astor Group (ASTOR) Q3 2025 earnings summary

Executive summary

• Net sales grew 78% in Q3 to SEK 79 million, with 85% growth for Jan–Sep 2025 year-over-year and organic growth of 22% and 32% respectively.

• EBITDA improved to SEK 15.9m in Q3 (from SEK -3.9m), with an adjusted EBITDA margin of 21.7%.

• Record order intake of SEK 144 million in Q3, a 432% year-over-year increase, and order book at SEK 368.3 million.

• Strategic acquisitions, including Ammunity, Carbonia, Welas, and ID Modeller, expanded operations to four countries and market reach.

• Applied for listing on the NGM main market, expected in early December.

Financial highlights

• Q3 net sales: SEK 78.7m (Q3 2024: SEK 44.1m); YTD net sales: SEK 244.0m (YTD 2024: SEK 131.7m).

• Q3 EBITDA: SEK 15.9m; YTD EBITDA: SEK 32.9m.

• Q3 profit before tax: SEK 6.0m; YTD profit before tax: SEK 8.7m.

• Q3 earnings per share: SEK 0.06; YTD: SEK 0.11.

• Operating cash flow was negative in Q3 due to buildup for Q4 deliveries.

Outlook and guidance

• Q4 expected to be a record quarter, historically the strongest period.

• Management targets SEK 2.5bn in sales and EBITDA margin above 15% by 2028.

• Ammunity and Nordic Shield Group expected to contribute significantly to Q4 and beyond.

• Continued focus on M&A, with several large acquisition targets in Northern Europe under discussion.

• Anticipates strong finish to 2025, with ongoing investments in development and M&A.