Interim report January – March 2026 for Scandinavian Astor Group

Summary of the Interim report January – March 2026

• Strong growth – Net sales rose by 74% to SEK 130.1 (74.7) million
• Significant margin improvement – The EBITDA margin strengthened to 21.4 (10.8) %
• Continued high profitability – EBITDA amounted to SEK 27.8 (8.1) million
• Increased order intake – Order intake increased by 34% to SEK 90.1 (67.0) million

Group January - March 2026

• Net sales increased to SEK 130,116 thousand (74,746)
• EBITDA amounted to SEK 27,803 thousand (8,053)
• Adjusted EBITDA amounted to SEK 27,924 thousand (8,580)
• EBIT amounted to SEK 16,050 thousand (2,668)
• Profit before tax amounted to SEK 13,785 thousand (1,055)
• Cash flow from operating activities for the period amounted to SEK 40,521 thousand (6,713)
• Earnings per share before dilution amounted to SEK 0.24 (0.03) and after dilution to SEK 0.24 (0.03)*
• The equity/assets ratio was 65.2 (64.1) %

* Calculated on 62,242,732 shares before dilution and 62,781,732 shares after dilution for the first quarter of 2026 and 45,314,020 before and 45,761,588 after dilution for the first quarter of 2025.
** For definition and calculation, see definitions and key figures on pages 26-27.
Amount in brackets: Comparative period of the previous year. For balance sheet items in the financial commentaries, the comparative figures refer to the closing balance as of December 31 last year.
For definitions of companies and terms, see the ”Other definitions” on page 27.
This report has not been subject to review by the Company’s auditor.

Significant events during the period Jan - Mar 2026

• On January 8, Astor Group announced the outcome of the redemption of warrants in series 2022/2025. All vested warrants were exercised at a subscription price of SEK 5.1 per share. The Company received approximately SEK 4.1 million before transaction costs. The transaction was registered with the Swedish Companies Registration Office in January 2026.
• On January 15, Astor Group announced a change in management. CFO Wictor Billström leaves the position as CFO. Pål Jernhag has been appointed as the new interim CFO, effective March 1, 2026. Recruitment for a permanent replacement has begun.
• On March 5, Astor Group announced that board member Kristoffer Weywadt had requested his own resignation from the board due to a new position that does not allow external engagements. The Nomination Committee proposed Wictor Billström as a new member of the Board of Directors.
• In connection with the change of Board of Directors, the Company convened an Extraordinary General Meeting which was held on April 1, 2026. Wictor Billström was elected as a new member of the Board of Directors in accordance with the Nomination Committee’s proposal. All decisions were approved by the required majority.

Significant events after the end of the period

• On April 7, Astor Group announced that the Company’s CEO, Mattias Hjorth, had resigned at his own request. The Board appointed Board member Martin Elovsson as the new CEO, to take up the post in conjunction with the Annual General Meeting on May 13, 2026.
• On April 8, Astor Group announced the Nomination Committee’s proposals for the Board of Directors ahead of the 2026 Annual General Meeting. The Nomination Committee proposed that the Board shall consist of five members, including the re-election of current Board members Ola Alfredsson, Wictor Billström, Lars Carlson, and Mats R Karlsson, and the new election of Helene Mörtberg. Mats R Karlsson was proposed for re-election as Chairman of the Board. On the same day, Astor Group convened the Annual General Meeting, to be held on 13 May 2026.
• On May 5, Astor Group announced that the Company had entered into an agreement to acquire the remaining shares in its associated company Nordic Shield Group (NSG). Through the acquisition, Nordic Shield Group will become a wholly owned subsidiary, strengthening the Group’s position within protection and security solutions and contributing to the development of a unified, defence-focused ecosystem. The initial purchase price amounts to approximately SEK 467.8 million, of which a portion will be paid in cash at closing and the remainder through shares and promissory notes. On the same day, the Board of Directors therefore convened an Extraordinary General Meeting to be held on 2 June 2026 to resolve on a directed share issue to the larger shareholders of NSG. The acquisition is expected to be completed no later than July 2026.

CEO Mattias Hjorth comments
- Continued strong performance in a changing safety and security climate

Europe’s security situation has not improved — and it is not expected to do so in the foreseeable future. The threat landscape remains, and the demands for resilience and more autonomous defence systems are increasing. This is the environment in which Astor Group operates, where we believe — and are prepared to stand up for — a world where freedom and security are a shared reality for all. We entered 2026 with the same conviction as in 2025: that a rapidly changing geopolitical landscape requires a Europe strengthened through preparedness, unity, and industrial capability.

Starting the year with growth and strong results
Thanks to a strong team and a well-diversified business base, we enter 2026 with a solid start. Revenue for the period nearly doubled to SEK 130.1 million, compared with SEK 74.7 million in the previous year. Earnings development remains positive: EBITDA amounted to SEK 27.8 (8.0) million, corresponding to a margin of 21.4%, compared with 10.8% in the previous year. Order intake during the period exceeded SEK 90 million, an increase of 34% compared with the same period last year. The order book also increased year-on-year and amounted to SEK 374.2 (199.8) million at the end of the quarter.

What we see in the figures is not only a growing market — it is clear evidence that the platform and business model we have built as a Group are robust and create value regardless of where we are in the cycle.

A broad business base creates collective strength
Our three business areas — Astor Industry, Astor Protect, and Astor Tech — complement each other and provide the Group with a robust revenue base and a strong margin profile. Astor Industry forms our industrial foundation through component and material deliveries, Astor Protect focuses on safety and survival solutions, while Astor Tech develops technologically advanced systems. During the quarter, performance was primarily driven by Astor Protect and Astor Industry, while Astor Tech was impacted by external factors and structurally longer sales cycles.

Astor Protect is the clearest value driver of the quarter. Revenue amounted to SEK 51.0 (6.7) million with an EBITDA margin of 36.2% (2.7%). Growth is driven by increased delivery volumes across several product areas within all operations in the business area, where demand for protection and security solutions has strengthened in line with the deteriorating security environment. The increased delivery volumes also reflect that our investments in ammunition provide us with a strategic position should the United States become engaged in a prolonged conflict and thereby need to reduce exports to Europe.

Astor Industry continues to deliver growth, with revenue of SEK 75.4 (51.3) million and an EBITDA margin of 26.2% (13.5%). The development is driven by increased demand from the defence industry, combined with improved capacity utilisation and operational efficiency. Mikroponent recorded a record-high order intake, reflecting increased investments in advanced military systems and ammunition, where the need for high-precision metal components is critical. Marstrom also delivered strong results during the period, reflecting increased deliveries primarily to the defence industry.

Astor Tech delivered a weaker quarter, with revenue of SEK 3.6 (16.7) million, mainly impacted by timing in customers’ decision-making and funding processes. For Scandiflash, we see increased trade policy and regulatory uncertainty in the United States, contributing to delayed order placements among several customers. In addition, the ongoing rearmament in Europe — particularly in Poland — means that resources are increasingly allocated to existing systems and products rather than to research and development, which temporarily impacts demand in certain parts of the offering. Oscilion operates with structurally long sales cycles — processes that take time but generate significant value once contracts are secured. The underlying market conditions within Astor Tech are assessed to remain intact, and investments in the business area continue.

Strengthening on all fronts
We continue to build on the foundation of the Group by investing in the future. The acquisition of the remaining shares in Nordic Shield Group represents a natural next step, as the business is central to both current and future preparedness needs. NSG has contributed positively to the Group and strengthens our offering within protection and security solutions, in line with our ambition to build a cohesive, defence-focused ecosystem. The acquisition is also strategically important to enable our long-term growth and supports the ambition of reaching SEK 2.5 billion in revenue by 2028.

Growth is not driven solely by acquisitions. We are also strengthening capacity within our existing operations. In Astor Group Deutschland GmbH, we have reinforced the organisation with a new business developer with deep market expertise, who will focus on increasing our market share outside the Nordic region. Several of our companies have also strengthened their sales organisations, giving us greater reach and an improved platform for converting demand into business.

At the same time, we are strengthening our presence in the European market. During the period, Astor Group participated in a high-level delegation organised by Business Sweden in Poland, as well as at SOFF’s Defence Industry Days in Berlin. This type of presence is essential for building stable, long-term relationships, and is something we consistently invest in.

Continued development on a strong foundation
The development we see in the quarter confirms the strength of the platform built within Astor Group. Today, the Group stands on a solid foundation that enables continued scalable and profitable growth. Our strategy remains unchanged, and our forward focus is clear: to strengthen our market presence, develop our delivery capabilities across the business areas, and maintain discipline in acquisitions and integration. In a market characterised by increasing demands for capacity and reliability, we are well positioned to continue developing the Group in line with these priorities.

Astor Group’s ownership-driven model — where specialised companies are brought together into a unified ecosystem — creates coordination, clear direction, and the ability to rapidly translate technology and expertise into delivery. It is a model that positions the Group strongly in a sector where speed, collaboration, and execution capability are becoming increasingly important.

This provides a solid foundation for the Group’s continued development in the next phase.

Stockholm in May 2026
Mattias Hjorth,
CEO Scandinavian Astor Group AB (publ)

Webcast presentation of the results for the first quarter of 2026
Astor Group invites investors, analysts, and media to a webcast presentation of the report. CEO Mattias Hjorth, together with Board member and incoming CEO (effective 13 May 2026) Martin Elovsson, will present the report on 7 May 2026 at 09:00 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/q1-2026-earnings-call-UL2JFOH?lng=en

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/.

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.