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

24.10.2025 / 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: 24.10.2025

Target price: SEK 57.00

Target price on sight of: 12 month

Last rating change:

Analyst: Henry Wendisch

NSG secures a huge SEK 256m order

Topic: Yesterday Astor's minority stake Nordic Shield Group announced a

large order intake while on Wednesday, the subsidiary Scandiflash reached an

important agreement as a reseller of doppler radar systems. In detail:

To recap, NSG is a civil defense company (36.5% stake, recently increased

from 36%) that develops and builds shielded structures like shelters, data

centers, and containers. In doing so, it has two subsidiaries: NEZ and

Cesium. While NEZ builds and sells highly secure (physical and technical)

data centers for mostly civil customers, Cesium builds mobile security

vaults (e.g. bullet, chemical and explosion proof mobile command centers)

for defense purposes.

Now, NEZ secured a SEK 256m order from an undisclosed company in the Western

world. This is one of the largest order in NSG's history, and first revenue

are expected to be recognized already in Q4'25 and final delivery i

scheduled for Q4'26e, with ongoing revenue recognition until then.

As Astor consolidates NSG at equity, only the attributable net income will

appear as „income from companies recorded at equity“, pushing EBITDA, but

not impacting group sales. Assuming a stable EBITDA margin for NSG (FY'24:

28%) going forward, a net income margin between 5-15% seems reasonable, in

our view. Consequently, this order alone would thus translate into a SEK

5-14m positive EBITDA contribution over the next 12 months (eNuW), which

compares well to our old estimate of SEK 15m for NSG's attributable net

income in FY'26e, based on the current order book. Now, we conservatively

raise this estimate to SEK 20m for FY'26e (i.e. + SEK 5m from this order).

Second to NSG, Scandiflash continues to expand as well. The company recently

entered a cooperation agreement with Pulse MC2 (a French reseller of

Scandiflash's flash X-ray systems and INFINITION doppler radar systems) to

resell the doppler radar systems to customers in Sweden, Norway, and

Denmark. Although the expected revenue and margin impact is not disclosed,

it should add additional sales and profits in absolute levels, however, the

cooperation has the potential to drag margins. Simply put, we do not

estimate that Scandiflash's superb 30%+ EBITDA margin can be maintained if a

relevant share of sales are lower margin reselling revenues.

Against this backdrop coupled with strong anti-drone defense news flow

across Europe and currently ample M&A firepower, we strongly reiterate our

BUY recommendation and slightly increase our PT to SEK 57.00 (old: SEK

56.00), based on DCF.

You can download the research here:

https://eqs-cockpit.com/c/fncls.ssp?u=63eaeda610971ea06a9ce88c6441c891

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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2218126 24.10.2025 CET/CEST

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