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Original-Research: Scandinavian Astor Group AB - from NuWays AG

20.10.2025 / 09:00 CET/CEST

Dissemination of a Research, transmitted by EQS News - a service of EQ

Group.

The issuer is solely responsible for the content of this research. The

result of this research does not constitute investment advice or an

invitation to conclude certain stock exchange transactions.

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Classification of NuWays AG to Scandinavian Astor Group AB

Company Name: Scandinavian Astor Group AB

ISIN: SE0019175274

Reason for the research: Update

Recommendation: BUY

from: 20.10.2025

Target price: SEK 56.00

Target price on sight of: 12 month

Last rating change:

Analyst: Henry Wendisch

Q3 prelims confirm strong momentum

Topic: Last Friday, Astor released preliminary Q3 figures, showing a

continuation of growth and margin expansion amid rising orders and scale. In

detail:

Q3 sales rose by 79% yoy to SEK 79m, driven by a mix of past M&A (eNuW: 52%

yoy inorganically) as well as strong underlying growth (eNuW: 27% yoy

organically). Especially the consolidation of Scandiflash (Q4'24) should

have again driven inorganic sales growth the most. Mind you, Q3 is usually

considered a „weak“ quarter, given the Swedish summer holidays and thu

seasonally less output. Against this backdrop, this development stands even

stronger and highlights the superb momentum at Astor, in our view. For 9M,

this implies sales growth of 86% yoy, of which we estimate 31% to be

organically and 55% inorganically.

A clear highlight of the release was the bottom-line, with Q3 EBITDA

arriving at SEK 15m (vs. SEK -3.9m in Q3'24). The EBITDA margin thus stood

at 19% (+28pp yoy), which is an outstanding result for a seasonally „weak“

quarter. On an LTM basis, EBITDA margin reached 15.7%, which already exceed

the mid-term target of at least 15%. We attribute the strong increase in

EBITDA to several drivers: (1) the consolidation of the highly profitable

Scandiflash (32% EBITDA margin) has lifted the margin mix significantly, (2)

overall rising utilization rates amid growing orders, (3) improving coverage

of fixed costs, especially holding expenses and (4) first at-equity

contributions from the recently closed Nordic Shield Group acquisition.

Looking ahead, Q4 is seasonally strong and aims for new records. With the

expected upcoming consolidation of AMMUNITY (FY'24: SEK 103m sales, 21%

EBITDA margin with an estimated SEK 1.1bn order backlog) in Q4, the revenue

base should be lifted notably while the consolidation should also be highly

margin accretive. In sum, we expect Q4 sales of SEK 154m (+69% yoy, thereof

26% organically and 43% inorganically) and an 18% EBITDA margin.

Newsflow should remain upbeat. Following recent drone infringements at

European airports, Europe is currently massively increasing anti

drone-defence commitments. Germany is committing EUR 10bn (for both, drone

and drone defence), whereas Sweden announced SEK 3.5bn for drone defence.

Here, Astor seems perfectly positioned with its Astor Eclipse to capture

parts of the budgets with upcoming order intake announcements.

All in all, the release fully underpins our positive view on the stock, that

offers a strong sales and margin expansion profile, excellent tailwinds and

an attractive valuation. Consequently, we reiterate our BUY recommendation

with an unchanged PT of SEK 56.00, based on DCF.

You can download the research here:

https://eqs-cockpit.com/c/fncls.ssp?u=90acc63c4f3250bc992b21682f2cda03

For additional information visit our website:

https://www.nuways-ag.com/research-feed

Contact for questions:

NuWays AG - Equity Research

Web: www.nuways-ag.com

Email: research@nuways-ag.com

LinkedIn: https://www.linkedin.com/company/nuwaysag

Adresse: Mittelweg 16-17, 20148 Hamburg, Germany

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Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschlu

bestimmter Börsengeschäfte.

Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben

analysierten Unternehmen befinden sich in der vollständigen Analyse.

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2215250 20.10.2025 CET/CEST

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