Scandinavian Astor Group (ASTOR) Q4 2025 earnings summary

Executive summary

• Net sales for FY2025 reached SEK 433 million, with organic growth of 42% and five acquisitions completed during the year, including Ammunity, Carbonia, Welas, and increased stakes in NSG.

• EBITDA for 2025 rose to SEK 77.8 million, up from SEK 19.7 million in 2024, with a full-year profit of SEK 39.8 million compared to SEK 0.4 million the previous year.

• The order book at year-end stood at SEK 420 million, up 121% year-over-year, with NSG contributing an additional SEK 412 million.

• The group expanded to 12 production sites across four countries and was listed on the Nordic Growth Main Market in December 2025.

• Major acquisitions and increased ownership in NSG strengthened the Group’s position in defence and industrial technology.

Financial highlights

• Net sales grew from SEK 50 million a few years ago to SEK 433.2 million in 2025, with Q4 sales at SEK 189.2 million.

• EBITDA for 2025 was SEK 77.8 million, with an adjusted EBITDA margin of 19.2%.

• Operating cash flow was positive at SEK 32.1 million, with significant sales occurring in Q4.

• Equity/assets ratio improved to 63.7%, and net debt at year-end was SEK -35.1 million, indicating a net cash position.

• Order intake for the year was SEK 381.5 million, with the order book at year-end at SEK 420.4 million.

Outlook and guidance

• Strong commercial momentum and robust order book expected to drive growth in 2026, with continued focus on defence and security markets.

• Financial targets for 2028 include sales of at least SEK 2.5 billion and an EBITDA margin of at least 15%.

• Management expects continued profitable growth through organic expansion and strategic acquisitions.