Scandinavian Astor

Summary of the Interim report January – June 2026

• Strong growth – Net turnover for April–June rose by 89% to approximately 171 (91) MSEK
• Strengthened market position – The order book rose to a record high of SEK 610 million, up 111%
• A growing defence ecosystem – The acquisition of Nordic Shield Group and the new business area structure strengthen Astor’s platform for continued growth.

Group April – June 2026

• Net turnover increased to SEK 170,944 (90,565) thousand
• EBITDA amounted to SEK 141,606 (8,874) thousand
  • One-off effect of a fair value adjustment to the holding in NSG of SEK 131.9 million
• Adjusted EBITDA amounted to SEK 10,627 (10,872) thousand
• EBIT amounted to SEK 128,763 (2,655) thousand
• Profit before tax amounted to SEK 125,091 (1,579) thousand
• Cash flow from operating activities for the period amounted to SEK -25,874 (6,885) thousand
• Earnings per share before dilution amounted to SEK 2.09 (0.03) and after dilution to SEK 2.08 (0.03)*.
• The equity/assets ratio amounted to 38.3% (64.1%). The delayed set-off issue increases the equity/assets ratio to 45.6%, all else being equal.

Group January – June 2026

• Net turnover increased to SEK 301,060 (165,311) thousand
• EBITDA amounted to SEK 169,408 (16,926) thousand
  • One-off effect of a fair value adjustment to the holding in NSG of SEK 131.9 million
• Adjusted EBITDA amounted to SEK 38,550 (19,452) thousand
• EBIT amounted to SEK 144,812 (5,323) thousand
• Profit before tax amounted to SEK 138,875 (2,634) thousand
• Cash flow from operating activities for the period amounted to SEK 14,647 (13,418) thousand
• Earnings per share before dilution amounted to SEK 2.62 (0.05) and after dilution to SEK 2.59 (0.05)*.
• The equity/assets ratio amounted to 38.3% (64.1%). The delayed set-off issue increases the equity/assets ratio to 45.6%, all else being equal.

* Calculated on 62,242,732 shares before dilution and 62,531,732 shares after dilution for the second quarter of 2026, and 61,442,732 before and 62,088,380 after dilution for the second quarter of 2025.** For definitions and calculations, see “Definitions and Key Figures” on pages 29-30. 

Figures in brackets: Comparative period for the previous year. For balance sheet items in the financial comments, the comparative figures refer to the closing balance as of 31 December of the previous year.

For definitions of companies and terms, see the section ‘Other definitions’ on page 30.
This report has not been subject to review by the Company’s auditor.
 
Significant events during the period Apr - Jun 2026 

Management change at Astor Group
On 7 April, Astor Group announced that the Company’s CEO, Mattias Hjorth, had resigned at his own request. The Board of Directors appointed Board member Martin Elovsson as the new CEO, to take up his post in conjunction with the Annual General Meeting on 13 May 2026.

2026 Annual General Meeting
On 8 April, Astor Group announced the Nomination Committee’s proposal for the Board of Directors ahead of the 2026 Annual General Meeting. The AGM was held on 13 May 2026 and resolved to re-elect Ola Alfredsson, Wictor Billström, Lars Carlson and Mats R Karlsson, and to elect Helene Mörtberg as a new member of the Board. Mats R Karlsson was re-elected as Chairman of the Board. The Annual General Meeting also resolved to authorise the Board to decide on the issue of shares, warrants and/or convertibles, as well as on the acquisition and disposal of own shares.

Acquisition of Nordic Shield Group
On 5 May, Astor Group announced that the Company had entered into an agreement to acquire the remaining shares in its associated company, Nordic Shield Group (NSG). Through this acquisition, Nordic Shield Group will become a wholly-owned subsidiary, which will strengthen the Group’s position in protection and security solutions and contribute to the development of a cohesive, defence-focused ecosystem. The initial purchase price amounts to approximately SEK 467.8 million, part of which will be paid in cash upon completion and the remainder through shares and promissory notes. On the same day, the Board convened an extraordinary general meeting, which was held on 2 June 2026, to resolve on a private placement with the major shareholders of NSG. All resolutions were passed by a majority at the extraordinary general meeting.

Niclas Lundin appointed as new CFO
On 21 May 2026, Astor Group appointed Niclas Lundin as the Group’s new CFO, who will take up the role on September 1, 2026.

Completion of the acquisition of NSG
On 8 June, Astor Group took up the remaining shares in the acquisition of Nordic Shield Group, with financial effective date June 1, 2026.
 
Significant events after the end of the period

Acquisition of PBH Teknik
On 2 July 2026, Astor Group’s subsidiary Mikroponent AB entered into an agreement to acquire PBH Teknik AB. The acquisition strengthens the Group’s capabilities in advanced CNC milling and high-precision manufacturing, and establishes Astor Group in Karlskoga, one of Sweden’s most important clusters for the defence industry. The purchase price amounts to SEK 88.2 million on a cash- and debt-free basis, of which 75 per cent is payable on completion and the remainder constitutes a performance-based additional purchase price payable over three years. The acquisition is being financed through existing cash and an acquisition loan and is expected to be completed by 1 September 2026 at the latest, subject to customary conditions, including approval from the ISP. 

Directed new rights issue to the sellers of NSG
On 21 July, Astor Group announced that the sellers of NSG had received approval from the Swedish Inspectorate for Strategic Products (ISP) regarding the ownership review in connection with the Company’s previously announced acquisition of NSG. In light of this, the Board resolved to allocate shares in the previously announced rights issue. The issue was registered in July 2026. 

New business area structure
On 7 August, Astor Group announced that the Board had decided on a new business area structure whereby the Group would be organised into two business areas, Astor Protect and Astor Industry, instead of three. The change aims to strengthen governance, synergies and capital allocation and will be applied in external financial reporting from the Q2 2026 interim report onwards.

CEO Martin Elovsson comments
A defence ecosystem is taking shape 

My first quarter as CEO has given me the opportunity to visit our operations, meet customers, partners and employees, and gain a deeper understanding of the Group we are building together. It has also confirmed something I saw even before taking on the role of CEO – Astor Group brings together a unique combination of specialist expertise, entrepreneurship and industrial capacity. 

This is a strength that is not always fully reflected in a single quarter, but becomes increasingly clear when looking at the Group as a whole. Our task going forward is therefore not only to continue growing, but also to develop the interaction between our businesses and create an offering where the whole is greater than the sum of its parts.

A quarter marked by strategic progress
The first half of the year was characterised by continued strong growth and several strategically important steps in Astor Group’s development. Net sales amounted to SEK 171 million (91) in the second quarter, an increase of 89%, and SEK 301 million for the first half of the year, corresponding to growth of 82% compared with the previous year. The majority of the growth is attributable to completed acquisitions, while several of our established businesses continue to develop well.

Performance is not evenly distributed across the Group. While several companies, including Marstrom, Mikroponent and Airsafe, continue to grow organically and strengthen their market positions, other businesses are being affected by adverse macro trends, longer lead times and postponed deliveries. This is a natural consequence of Astor now operating across several parts of the defence market value chain.

Within the Protect business area, profitability was temporarily under pressure during the quarter. This was primarily attributable to a larger customer contract where significant deliveries, originally expected to be recognised as revenue in the second quarter, will instead be delivered during the second half of the year. Profitability was also affected by a less favourable product mix with lower margins. In the coming quarters, we expect the product mix to return to more normal levels and thereby contribute positively to margin development. During the quarter, we continued to invest in Ammunity, Marstrom Composite, Mikroponent and Cesium, a subsidiary of NSG, expanding capacity to meet growing demand.

Our order backlog grew to more than SEK 600 million during the period, the highest level in the Group’s history. At the same time, order intake varies between quarters as the defence market is increasingly characterised by larger and more complex procurement processes. Decision-making cycles are becoming longer and order values larger, resulting in greater quarterly variation in the timing of new orders.

The Company notes a high level of quotation activity, an assessment that is also supported by our subsidiaries, which continue to see a need for capacity-enhancing investments following ongoing dialogue with their respective customers. With a strong order backlog and some of our planned deliveries for the current quarter having shifted slightly in timing, we see favourable conditions for continued solid invoicing across the Group.

The acquisition of Nordic Shield Group represents an important strategic step in the development of our defence ecosystem and strengthens our position within protection and security solutions. In connection with the acquisition, our previous holding in NSG was remeasured at fair value, resulting in a positive one-off effect of SEK 132 million on reported EBITDA. The remeasurement reflects the increase in value since our initial investment in NSG. To provide a clearer view of the underlying operational development, we therefore also monitor adjusted EBITDA, with continued focus on organic growth, margin improvements and realising the growth potential within the Group’s companies.

An organisation built for growth
The Group has established a new business area structure. Following several years of rapid growth through both organic development and strategic acquisitions, two distinct business platforms have emerged.
The change enables us to manage and monitor two different types of businesses more effectively, move closer to our customers and create additional leverage from both existing and future framework agreements.

Astor Protect develops and delivers complex solutions where business is often characterised by long sales cycles, project execution and larger individual contracts. At the same time, we see significant potential to make better use of the Group’s combined resources and products to offer more integrated system solutions and a more cohesive customer offering.

Astor Industry conducts advanced industrial manufacturing where production flows, capacity utilisation and operational efficiency are key value drivers. By organising the Group around these two distinct business logics, we can manage, monitor and develop each business according to its own characteristics while strengthening collaboration between them.

Building a defence ecosystem
Astor is not building a traditional industrial group. Our ambition is to build a leading defence ecosystem. This means acquiring specialist companies with a clear strategic fit and allowing them to continue developing through their entrepreneurial culture and specialist expertise, while becoming part of something larger. Value is created not only within the individual companies, but through the interaction between them – through shared customer relationships, cross-selling, shared industrial capacity and the ability to jointly offer a broader range of solutions.

We have recently taken further steps in this direction by completing the acquisition of Nordic Shield Group and through the acquisition of PBH Teknik. The former strengthens our offering within protection and critical infrastructure, while the latter expands our industrial capacity and establishes Astor in Karlskoga – one of Sweden’s most important defence industry clusters.

Both acquisitions illustrate our acquisition strategy. We invest in businesses that strengthen the ecosystem, complement our existing capabilities and meet our requirements for long-term value creation and financial discipline, for both customers and shareholders.

The next phase
My first quarter as CEO has confirmed what attracted me to Astor from the outset. We have brought together a unique combination of specialist expertise, technologies and industrial capabilities in areas that are becoming increasingly important to Europe’s defence capabilities.

Over the past few years, Astor has grown through strategic acquisitions of leading specialist companies. The next phase is about realising the potential of the platform we have built, while maintaining a high level of activity and continuing to acquire profitable niche businesses that strengthen our ecosystem through our selective acquisition process.
Through active ownership, disciplined capital allocation and Group-wide expertise in areas including strategy, security and business development, we create the conditions for our companies to grow faster and capture the opportunities presented by the strong defence market.

While we are not satisfied with the operational outcome of the quarter, we are confident that the measures we have implemented, combined with our strong order backlog, postponed deliveries and continued high level of market activity, provide a solid foundation for a stronger second half of the year. We remain committed to our long-term strategy, with an unchanged focus on profitable growth, financial discipline and strengthening Astor step by step.

Finally, I would like to extend my sincere thanks to all our employees. It is through your commitment, expertise and entrepreneurial spirit that we strengthen Astor every day and contribute to building a safer and more resilient society.

Stockholm in August 2026
Martin Elovsson, CEO
Scandinavian Astor Group
 
Webcast presentation of the results for the period January–June 2026
Astor Group invites investors, analysts, and media to a webcast presentation of the report. CEO Martin Elovsson will present the report on 12 August 2026 at 10:00 CET. The presentation will be held in English and will be followed by a Q&A session. To participate in the live presentation, please register via the following link: https://www.nuways-ag.com/events/earnings-call-2026-08-12-scandinavian-astor-group-ab-on56i  

The full report, which is attached to the press release, can also be downloaded from the company's website, https://astorgroup.se/investor-relations/financial-reports/.