Summary of the year-end report

• The Company exceeds market expectations for sales and earnings in 2024
• Order intake during the quarter amounted to SEK 115 million, compared with SEK 56 million in the fourth quarter last year
• EBITDA of SEK 20 million during the quarter, corresponding to a margin of 22%
• Strong cash flow of SEK 17 million from operating activities during the quarter
• The Group starts 2025 with an order book of just over SEK 190 million
• Acquisition strategy and business plan generate clear results
• Work towards regulated market in 2025 has started.

Group October - December 2024

• Net sales increased to SEK 91,264 thousand (21,257)
• EBITDA amounted to SEK 20,156 thousand (-471)
• Adjusted EBITDA amounted to SEK 20,240 thousand (1,158)
• Profit before tax amounted to SEK 14,004 thousand (-2,267)
• Cash flow from operating activities for the period amounted to SEK 16,800 thousand (-3,072) 
• Earnings per share before dilution amounted to SEK 0.28 (0.00) and after dilution to SEK 0.28 (0.00)*.
• The equity/assets ratio was 53.8% (38.5%)

Group full year 2024

• Net sales increased to SEK 222,983 thousand (83,009) 
• EBITDA amounted to SEK 19,656 thousand (1,455) 
• Adjusted EBITDA amounted to SEK 28,803 thousand (3,751)
• Profit before tax amounted to SEK 1,715 thousand (-5,915)
• Cash flow from operating activities for the period amounted to SEK 10,529 thousand (-12,490) 
• Earnings per share before dilution amounted to SEK 0.01 (-0.08) and after dilution to SEK 0.01 (-0.08)*.
• The equity/assets ratio was 53.8 (38.5%)
• The Board of Directors proposes that no dividend be paid for the financial year 2024.

* Based on 45,314,020 pre-diluted shares and 45,761,588 diluted shares for the fourth quarter of 2024 and 39,036,101 pre-diluted shares and 45,761,588 diluted shares for the full year 2024.
** For definition and calculation see definitions and key figures on pages 35-36.
Amounts in brackets: Comparative period last year.

Significant events during the period Oct - Dec 2024

• On October 1, Astor Group completed the acquisition of Scandiflash.
• On October 4, Astor Group announced that Scandiflash had received an order of approximately SEK 43,6 million.
• On October 15, Astor Group announced that the Company is establishing a new wholly-owned subsidiary in Germany. The purpose of the establishment is to strengthen the Company's presence in the German market and enable more direct and efficient sales of its products and services.
• On November 11, Astor Group announced that Fredrik Bergman had been appointed as the new CEO of Oscilion with effect from November 18, 2024.
• On November 14, Astor Group announced that board member James McVeigh is leaving the board at his own request. The reason is a lack of time as a result of other private commitments.
• On November 14, Astor Group announced that the Nomination Committee for the 2025 Annual General Meeting had been appointed. The 2025 Annual General Meeting will be held on 22 May 2025.
• On November 22, Astor Group announced that its subsidiary Marstrom Composite had secured an order of approximately SEK 23 million, scheduled for final delivery in 2026. 
• On 29 November, Astor Group announced that its subsidiary Oscilion had extended its framework agreement with the Swedish Defence Materiel Administration (FMV). The new agreement extends until the end of 2026 and has a total value of SEK 20 million.
• On 6 December, Astor Group announced that NGM's application process for the parallel listing of Astor Group's shares on Boerse Stuttgart had been completed. The first day of trading on Boerse Stuttgart was December 12, 2024.
• On December 10, Astor Group announced that the Company had strengthened its Group Management Team by establishing a new role: Chief Operating and Communications Officer (COCO). Louise Åberg was recruited to the role and took up the position at the turn of the year 2024/2025.
• On 12 December, Astor Group announced that its subsidiary Mikroponent is expanding its production capacity in the Nordic region through the acquisition of the Finnish company Welas Oy Ltd ("Welas"). The initial purchase price amounted to approximately SEK 15.5 million, of which approximately SEK 12 million was paid in cash and financed through Mikroponent's own cash and cash equivalents, and SEK 3.5 million was paid through debt securities that the sellers of Welas undertook to offset against 300,000 new shares in Scandinavian Astor Group at an established subscription price of SEK 11.50 per share in a set-off issue. In addition, there is a potential earn-out of up to approximately SEK 2.4 million, where the sellers of Welas receive 10 percent of potential sales revenues from an individual customer over a five-year period. The Board of Directors announced its intention to resolve on the set-off issue in January 2025 and that the acquisition was expected to be completed no later than January 31, 2025.
• On December 19, Astor Group announced that its subsidiary Marstrom Composite was broadening its operations in Sweden through the asset acquisition of ID Modeller AB (IDM). The purchase price amounted to approximately SEK 12.75 million, of which approximately SEK 7.65 million was paid in cash through existing cash in Astor Group, and SEK 5.1 million was paid through debt securities that the sellers of IDM undertook to set off against 443,479 new shares in Scandinavian Astor Group at an established subscription price of SEK 11.50 per share in a set-off issue. The Board of Directors announced its intention to resolve on the set-off issue in January 2025 and that the acquisition was expected to be completed no later than February 28, 2025.

Significant events after the end of the period

• On 23 January, the Board of Directors resolved, based on the authorization granted by the 2024 Annual General Meeting and in accordance with the undertaking entered into in connection with the acquisition of Welas, on a set-off issue of 300,000 shares to the sellers of Welas. The subscription price was SEK 11.50 per share.  In connection with this, Mikroponent also acquired the company.
• On January 23, Astor Group announced a change in the date for publication of the year-end report 2024.
• On January 24, Astor Group announced revised figures for its subsidiary Airsafe for the full year 2024. Sales for the full year 2024 amounted to approximately SEK 33.6 million with an EBITDA of approximately SEK 4.9 million. This meant that the full amount of the earn-out consideration of SEK 5 million, which is included in the acquisition terms for the acquisition of Airsafe, was fulfilled. The total purchase price for Airsafe thus amounted to the stated maximum amount of SEK 25 million.
• On February 3, the Board of Directors resolved, based on the authorization granted by the 2024 Annual General Meeting and in accordance with the commitment entered into in connection with the asset acquisition of ID Modeller, on a set-off issue of 443,479 shares to the owners of ID Modeller. The subscription price was SEK 11.50 per share. In connection with this, Marstrom also took possession of the assets in the asset acquisition.
• On February 4, Astor Group announced that the preliminary revenue and earnings for the full year 2024 exceed the markets expectations.

CEO Mattias Hjorth comments

As we close the books on 2024, I can conclude that it has been an eventful and successful year for Astor Group, with record revenue in the final quarter. Not only have we exceeded market expectations in terms of both revenue and earnings, but we have also continued our strategic expansion through acquisitions and organic growth. Over the past year, we have acquired Airsafe, Scandiflash, Welas, Composite Design Sweden, and ID Modeller, and we are now present in nine locations. Additionally, we have opened a new office in Germany with a wholly-owned subsidiary in Europe's largest defense market. We have listed on the NGM and the Börse Stuttgart in Germany. With a pro forma revenue of SEK 271 million and an order book of approximately SEK 190 million at the start of 2025, along with increased customer engagement across all our companies, we are stronger than ever. And the journey has only just begun when it comes to developing our group and businesses.

A strategic partner for nordic and european defense
Astor Group is a defense company that manufactures vital components and advanced systems essential for strengthening Sweden's and Europe's defense capabilities. We develop and produce advanced electronic warfare systems and flash X-ray technology, lightweight carbon fiber components, and precision metal components. In addition, we manufacture parachutes and advanced technical sewn products.

Our strategy of acquiring profitable niche companies within the defense sector and then adding sales networks, security functions, and financial support is already yielding results. We are building an agile and profitable defense group that accelerates defense innovation, creating and delivering value to NATO's combat units-either directly to operators or as a subcontractor for critical components.

A strong defense requires a robust defense industry, which in turn necessitates capital for investments. It is therefore beneficial for Europe's security that defense companies have increasingly gained interest from investors and banks, including us at Astor Group. Over the past year, we transitioned to Swedbank, which will provide us with economies of scale and simplified administration over time.

Unfortunately, we are witnessing more and more non-European countries attempting to destabilize the security we have enjoyed for many years. With the recent U.S. presidential election, potential trade tariffs, and growing polarization, stability is further threatened. Security of supply, interoperability, and interchangeability for the Nordic and European markets have never been more critical. Astor Group stands strong, with only partial exposure to the U.S. market, primarily through our subsidiary, Scandiflash.

We have also actively participated in the Swedish Government's and Ministry of Defense's work on a new Defense Industry Strategy, which will be presented later this year. We are proud that our work and vision for building a strong and innovative defense sector have been recognized, and we humbly appreciate the opportunity to contribute.

Strategic expansion and acquisitions driving growth
Our acquisition strategy has clearly and rapidly begun to yield results. Over the past year, we have executed several strategic acquisitions, including Airsafe and Scandiflash, while also expanding Marstrom's production capacity through the asset acquisition of Composite Design Sweden (CDS). Each acquisition has been carried out with a clear plan on how it contributes to our overall business and creates synergies across the group.

Astor Group has also established a German subsidiary, Astor Group Deutschland GmbH, which will serve as a central sales channel for the German market. This gives us direct access to Bundeswehr, the German Armed Forces, and other defense stakeholders. We have already begun market engagement through this entity and are in the bidding phase for several products. Being locally present fosters trust and business opportunities that would otherwise be more challenging to realize.

Astor Industry
Significant developments have also taken place within Astor Industry this year. Marstrom has experienced strong growth and secured several major orders. Additionally, through the acquisition of Composite Design Sweden, Marstrom has established a new production hub in the expanding Öresund region, further increasing manufacturing capacity. At the end of the year, Marstrom also signed an agreement to acquire ID Modeller, further strengthening the composite business's market position and production capabilities.

Beyond acquisitions, Marstrom has begun installing an advanced large-scale 3D printer with an associated five-axis milling machine, specifically adapted to meet precision requirements in composite manufacturing. Expected to be operational in Västervik by March, this will significantly enhance production capacity while increasing automation and streamlining certain processes over time.

Mikroponent has also made key investments in 2024, including a new etching production line that became operational in the fall and has already reduced production times. At the end of the year, we also acquired Welas Oy in Vaasa, Finland - an established supplier to the Swedish and Nordic defense industries. This acquisition enables synergies through resource optimization and efficiency improvements while providing better control over the value chain and reducing dependence on external suppliers.

Astor Tech
Astor Tech's subsidiaries have demonstrated strong development and performance in 2024. Airsafe has exceeded our expectations, confirming the growth potential we identified at the time of acquisition. The ability to now activate the full earn-out is a clear indication of the company's successful strategy and our capacity to integrate and develop acquired businesses.

The electronic warfare company Oscilion has undergone a strategic review, with new leadership under CEO and retired Brigadier General Fredrik Bergman. During the year, Oscilion developed the Counter UAS system, called Astor Eclipse, which has been successfully tested multiple times and was launched in December. The latest Swedish test of Astor Eclipse delivered strong results against drones, and a recent international test against even more resilient FPV drones achieved similar outcomes. The need for enhanced protection against antagonistic and asymmetric threats-such as drones carrying explosives or chemical agents-is evident and recognized as a priority area. We see great potential in further developing Astor Eclipse in the spring, aiming for larger-scale sales. Additionally, the flight testing and extensive evaluation of Astor IV is approaching, marking a new milestone in our development and business maturation.

Scandiflash, acquired in October 2024, has had an excellent start within the group, securing an order worth over SEK 48 million from a NATO country in the West. We see continued strong potential in expanding Scandiflash's business to new markets and product areas, strengthening both the company and the group as a whole. The market for advanced defense systems is growing rapidly, and with our expertise and innovation, we are positioning ourselves as a leading player in the sector. In the short term, Scandiflash has been affected by U.S. market uncertainties, which have delayed planned projects.

A strong 2024 leads us into 2025 with continued growth focus
Our vision, `Empowering society with strength and security in all elements,' drives everything we do and motivates us to continuously develop new solutions to meet future challenges. 2024 has been a year of expansion, innovation, and strategic progress aligned with our vision. Our acquisitions have not only broadened our product portfolio but also created significant business opportunities. We have gained the trust of both existing and new customers, establishing a foundation for continued growth.

Looking ahead, we are focused on strengthening our market position, expanding internationally, and driving technological advancements within our segments. Supported by a strong financial position and a clear strategy, we enter 2025 with a commitment to continued growth and innovation. The increasing demand for our products and solutions validates our efforts and opens up new opportunities to enhance our capabilities, broaden our offerings, and further develop our business.

With a strong organization, a clear vision, and a solid order book, we approach the coming year with great confidence. I want to extend my sincere gratitude to our employees, customers, and investors for a fantastic year - together, we are building a leading group in defense and security.

Stockholm in February 2025
Mattias Hjorth,
CEO Scandinavian Astor Group AB (publ)

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/.

Scandinavian Astor Group - Strength and security in all elements

For further information, please contact:
Scandinavian Astor Group's CEO Mattias Hjorth
E-mail: ir@astorgroup.se

This information is information that Scandinavian Astor Group AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation 596/2014. The information was submitted for publication, through the agency of the contact person set out above, at the time specified by Astor Group's news distributor at the time of publication of this press release.

Please note that this is an English translation of a press release written in Swedish by Scandinavian Astor Group AB (publ), in the event of any inaccuracies, the Swedish version applies.

About Scandinavian Astor Group AB (publ)
Scandinavian Astor Group is active in the defence industry. The company is a supplier of products, services and related technical solutions in military defence and civil security as well as products for industries. The Group is divided into two business areas, Astor Industry and Astor Tech, where the product portfolios consist of, for example, electromagnetic warfare systems and military aviation equipment, as well as metal and composite components. Astor Group is a public company with shares traded under the ticker ASTOR on NGM Nordic SME and is dual listed on Boerse Stuttgart. The Company has a registered office in Stockholm, Sweden. Shark Communication AB, tel. +46 73-434 45 15, e-mail: info@sharkcom.se is the Company's Mentor. For more information about Astor Group's business, visit: www.astorgroup.se