Interim report January – September 2026 for Scandinavian Astor Group

Summary of the Interim report January – September 2026
Strong organic growth and improved earnings following a weaker Q2

• Strong revenue growth – Net sales rose by 218% to SEK 250.5 (78.7) million, boosted by final deliveries within business area Astor Protect and acquisitions.
• Improved profitability – the adjusted EBITDA margin increased to 13.9% compared with 6.2% in the second quarter of 2026.
• Strategic acquisition – PBH Teknik strengthens business area Astor Industry with advanced CNC expertise.
• Increased defence exposure within Astor Industry – Defence-related business is becoming increasingly significant in the industrial segment.

Group July – September 2026

• Net sales increased to SEK 250,473 (78,709) thousand
• EBITDA amounted to SEK 33,667 (15,927) thousand
• Adjusted EBITDA amounted to SEK 34,823 (17,044) thousand
• EBIT amounted to SEK 16,556 (7,158) thousand
• Profit before tax amounted to SEK 8,471 (6,043) thousand
• Cash flow from operating activities for the period amounted to SEK -84,642 (-11,120) thousand
• Earnings per share before dilution amounted to SEK 0.11 (0.06) and after dilution to SEK 0.11 (0.06)*
• The equity/assets ratio amounted to 48.7% (63.7%).

Group January – September 2026

• Net sales increased to SEK 551,533 (244,020) thousand
• EBITDA amounted to SEK 203,074 (32,854) thousand
• Adjusted EBITDA amounted to SEK 73,372 (36,496) thousand
• EBIT amounted to SEK 161,367 (12,481) thousand
• Profit before tax amounted to SEK 147,346 (8,677) thousand
• Cash flow from operating activities for the period amounted to SEK -69,996 (416) thousand
• Earnings per share before dilution amounted to SEK 2.28 (0.11) and after dilution to SEK 2.27 (0.11)*
• The equity/assets ratio amounted to 48.7% (63.7%)

* Calculated on 78,146,589 shares before dilution and 78,435,589 shares after dilution for the third quarter of 2026, and 64,961,246 before and 65,250,246 after dilution for the third quarter of 2025.** For definitions and calculations, see “Definitions and Key Figures” on pages 32-33.
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 33.
This report has been subject to review by the Company’s auditor.
 
Significant events during the period Jul - Sep 2026
Acquisition of PBH Teknik
On 2 July, 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 defence industry clusters. The purchase price amounts to SEK 88.2 million on a cash- and debt-free basis, of which 75% is payable at closing, with the remainder comprising a performance-based earn-out over three years. The acquisition is financed through existing cash and acquisition loans. The acquisition was completed on 1 September 2026.

Order for Marstrom Composite
On 9 July, Astor Group announced that Marstrom Composite had received an order worth approximately SEK 24 million from a Western defence industry company.

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 share issue.
The share 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 is applied in external financial reporting from the Q2 2026 interim report onwards.

Directed share issue
On 9 September, Astor Group resolved on a directed share issue of 7,104,235 shares at a subscription price of SEK 16 per share, raising approximately SEK 114 million before transaction costs. The subscription price was determined through an accelerated bookbuilding procedure. The share issue was registered in September 2026.

Order within Astor Protect
On 17 September, Astor Group announced that one of the subsidiaries within the Astor Protect business area had received an order worth approximately SEK 35 million.
Significant events after the end of the period
Order for Marstrom Composite
On 6 October, Astor Group announced that Marstrom Composite had received an order worth approximately SEK 33 million from a Western customer in the infrastructure sector.

Shifting gears for profitable growth
CEO Martin Elovsson comments

The third quarter was characterised by continued high activity and improved financial performance. Following a weaker second quarter, we returned to more stable earnings levels, demonstrating the strength and flexibility of our organisation.
We are also seeing extensive quotation activity and numerous commercial discussions. However, long decision-making processes among government agencies and major defence customers mean that the timing of orders and deliveries can vary between quarters.

In the third quarter, net sales increased by 218% to SEK 250.5 (78.7) million, with organic growth of 72.4%. EBITDA increased to SEK 33.7 (15.9) million, corresponding to an EBITDA margin of 13.4 (20.2) %. Adjusted EBITDA amounted to SEK 34.8 (17.0) million, with an adjusted EBITDA margin of 13.9 (21.7) %. The order book amounted to SEK 554.5 (368.3) million at the end of the quarter.

For the first nine months of the year, net sales increased by 126% to SEK 551.5 (244.0) million. Adjusted EBITDA amounted to SEK 73.4 (36.5) million, corresponding to an adjusted EBITDA margin of 13.3 (15.0) %.

I am pleased with the development during the quarter. We report very strong organic growth, driven by continued positive performance across our operations and a high pace of deliveries. Growth was also supported by several major project deliveries, the size and timing of which naturally vary between quarters. The increased pace of deliveries, together with the efficiency improvements and cost adjustment measures initiated during the second quarter, has contributed to improved profitability. Our continued focus is on cost control and greater efficiency, while strengthening our ability to convert the high level of quotation activity into new business, increased order intake and improved profitability.

High levels of quoting activity and a focus on winning the next deal
Underlying activity in our markets remains high, although the path from an identified need to an order and subsequent delivery is not always linear. This is particularly evident within Astor Protect, where several operations are affected by long sales cycles. At the same time, our companies continue to work on a substantial number of quotations and commercial discussions.

During the quarter, we continued our efforts to improve profitability in operations where performance has not met our objectives. Additional cost adjustment measures have been implemented, with effect from the beginning of 2027. In parallel, we are working to strengthen commercial activity and create better conditions for our companies to translate market demand into orders and profitable growth.

A major delivery within Astor Protect, which had previously been postponed, was completed after the end of the reporting period. At the same time, the delivery schedule for the SEK 256 million order received during the previous year has been revised in dialogue with the customer. Parts of the order have been delivered during 2026, while the majority is now scheduled for delivery in 2027. The rescheduling is related to the customer's project planning and associated requirements.

These types of delays illustrate an important characteristic of the market in which we operate. Contracts are becoming larger and more complex, while customers' planning and decision-making processes can influence when orders and revenue are realised. This creates fluctuations between quarters without necessarily changing the long-term market potential.

We are building capacity and strengthening our customer offering
Following several years of rapid expansion, Astor now has a significantly broader industrial and technological platform. A key priority is therefore to realise more of the potential within the Group's existing operations.

The integration of Nordic Shield Group continues, and we see several commercial opportunities to broaden its offering and create the conditions for larger contracts. In parallel, the company has strengthened its production capacity through a number of efficiency improvements. This is a good example of what active ownership means to us: combining the specialist expertise and entrepreneurship of our companies with the Group's resources in areas such as business development, strategy and operational development.

We also continue to develop Ammunity's operations and production capacity. During the quarter, the company experienced clear interest from several new customers, primarily in Europe. We view this as further confirmation of the strategic importance of local and European production capacity in ammunition manufacturing and security of supply. Looking ahead, the focus is on converting this interest into concrete business opportunities and securing a sustainable long-term order intake.

Defence contracts are becoming increasingly important within Astor Industry
Within Astor Industry, we continue to see high levels of commercial activity and a growing contribution from defence-related business across several of our operations. During the quarter, Marstrom Composite, among others, continued to strengthen its position in the defence industry through new contracts.

In September, we completed the acquisition of PBH Teknik, which is now part of Mikroponent. The integration is progressing well, and PBH strengthens our industrial platform with additional specialist expertise in advanced CNC machining and an established position in Karlskoga, one of Sweden's most important defence industry clusters. PBH's recognition as a Di Gasell company this autumn is also a welcome acknowledgement of the company's development.

Developments in Carbonia's RTM production of carbon fibre components also illustrate a shift we are seeing in parts of the market. Demand from the automotive industry has weakened, while production capacity is gradually being allocated to components for the defence industry.

This demonstrates the value of a broad industrial platform and our ability to redirect expertise and capacity over time towards markets where demand is stronger.
At the same time, we continue to invest in capacity where we see long-term customer needs. Our focus is not solely on increasing capacity, but also on improving productivity and efficiency to ensure that our investments contribute to profitable growth.

Financial strength provides greater flexibility
During the quarter, Astor Group carried out a directed share issue of approximately SEK 114 million before issue costs. The capital strengthens our financial flexibility and our ability to act when the right opportunities arise.

Acquisitions remain an important part of Astor's growth strategy, but acquired growth is not an end in itself. What matters is acquiring the right companies, with strong prospects of contributing to the Group's long-term development and profitability. We continuously evaluate new opportunities and assess a large number of potential acquisition targets. Our financial discipline remains unchanged, and we would rather walk away from a transaction than compromise on our requirements for strategic fit, profitability and long-term value creation.

Our strengthened financial position also provides greater flexibility in the Group's continued development, including investments in existing operations and financial commitments related to previously completed acquisitions. This enables us to make decisions based on what creates the greatest long-term value, rather than the need to complete the next transaction within a particular timeframe.

The next phase is about securing more orders and achieving greater engagement on our platform
Following several years of rapid expansion, Astor has built a broad platform of specialist companies with capabilities relevant to Europe's growing defence needs. Our focus now is on execution: increasing commercial momentum, strengthening operational efficiency and realising synergies between our companies.

With a stronger financial position and continued high levels of market activity, we are well positioned to translate the potential of our platform into profitable business.

The third-quarter results confirm that our focus on profitable growth is delivering results. As we approach the end of the year, we will continue to prioritise strong commercial momentum and our efforts to convert our substantial pipeline into orders. Our ambition is to enter 2027 with a stable order book and favourable conditions for continued profitable growth.

Finally, I would like to extend my sincere thanks to all Astor employees for your efforts during the quarter. Through continued collaboration, the development of our operations and the exchange of knowledge across our companies, we are laying the foundations for Astor's next phase of growth.
Stockholm in November 2026
Martin Elovsson, CEO
Scandinavian Astor Group

Webcast presentation of the results for the period January–September 2026
Astor Group invites investors, analysts, and media to a webcast presentation of the report. CEO Martin Elovsson will present the report on 11 November 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/astor-earnings-call-2026-11-11

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/.