Scandinavian Astor Group AB Reports Robust Q4 2025 Performance and 2026 Outlook

Scandinavian Astor Group AB, a Swedish defence‑technology company listed on the Frankfurt Stock Exchange, released its year‑end report for 2025 on 18 February 2026. The filing, available through the company’s investor‑relations portal, highlights significant growth in revenue and profitability, alongside a forward‑looking view for 2026.

Q4 2025 Results

  • Net turnover rose 107.2 % to SEK 189.2 million (EUR ≈ 91.3 million).
  • Organic sales growth for the quarter was 51 %.
  • Adjusted EBITDA reached SEK 46.6 million (EUR ≈ 20.2 million), up 45.0 million on a comparable basis.
  • Operating profit before tax was SEK 30.0 million (EUR ≈ 14.0 million).
  • Cash‑flow from operating activities amounted to SEK 34.3 million (EUR ≈ 17.7 million).

The company’s order book closed the quarter with orders at SEK 420 million (EUR ≈ 191 million), while new order inflow during the period amounted to SEK 59.3 million (EUR ≈ 115 million).

Management noted that the year‑long revenue growth of 94 % and EBITDA growth of 29 % are driven primarily by the Ammunity segment, which contributed SEK 38 million in turnover from 1 November 2025 onward.

2026 Outlook

In a separate commentary dated 19 February 2026, analysts from NuWays AG issued a “BUY” recommendation, citing the company’s ability to scale its operations. The outlook projects 14.8 % sales growth and 29 % EBITDA expansion for 2026. The target price set by NuWays is SEK 51, with a 12‑month horizon.

Dividend and Capital Policy

The board proposed no dividend for 2025, reflecting a strategy to retain earnings for further expansion and to consolidate the company’s position as a European defence and industrial‑technology player.

Market Context

As of 18 February 2026, the share price stood at EUR 2.212, with a market capitalization of approximately EUR 136 million. The company’s price‑to‑earnings ratio is 59.1, indicative of a valuation that incorporates expectations for continued growth.

The 2025 financials underscore a transition from a construction phase to a growth phase, with the company leveraging its high‑technology solutions to secure a stronger market footprint and to prepare for the projected gains in 2026.