Thank you, Maxi. Maybe I should do a short— Maybe.

Please.

Yeah. Let me introduce myself.

Good morning, everybody. My name is Martin Elovsson, and I'm currently one of the board members in Astor Group, and I've been in the Astor Group board since May 2025, and from next week, I will take over the position as CEO of Astor Group, since Mattias has decided to leave.

I have a previous experience in several executive positions. I've been working within the Volvo Group, more specific in the Volvo Construction Equipment.

I've been the CEO for a company called Nimo-Appen, which is a subsidiary of NIBE Group. I currently hold the position as CEO for a company called ScaffSense that I will be leaving tomorrow, since I will start next week within Astor Group.

In parallel to that, I have been participating in some boards in different companies, and one of them is Hepro, who is also a defense company that I have been involved for the last 3 years. My background education is I have a Master of Science in mechanical engineering from Chalmers in Sweden, and also an MBA from the School of Business, Economics and Law in Gothenburg.

As you can see here, I also a very happy shareholder in Astor, and I think me as a leader, I think it's important to have some skin in the game. This is my current holdings, and we will see what happening is going forward here.

Again, good morning, and looking forward to interact with you the upcoming sessions.

Thank you, Martin. We will start, with with short brief intro to Astor Group and then dive into the Q1 numbers, and we will look into the acquisition of Nordic Shield Group, and then have a look into, 2026 and beyond, with, yeah, coming up to the Q&A session.

Let's start with Astor Group in brief. In Astor Group, we believe in and are ready to fight for a world where freedom and safety are a shared reality for all.

We believe that every person, every family, every community deserves to live without fear. The pace of conflict has accelerated.

It's hybrid. It's multidomain.

It's unannounced. Tactical shifts are in days, not decades, and the old defense playbook no longer works.

To make matters even more complicated, there's a war shift taking place, a paradigm shift where the pace of change outruns prediction, where tactical, technological, and strategic shifts unfold in days or weeks, not decades. The old defense playbooks were built for a world where threats evolved slowly, where strategies could be planned years ahead, and where peace peace was the assumed reality.

That world is gone. Modern wars will be unannounced, hybrid, multidomain, surprising, and constantly switching.

That is why we at Astor Group, we see a need for a Europe made resilient through readiness, unity, and industrial strength. We believe this demands the building of a defense and security ecosystem that thrives in uncertainty.

An ecosystem engineered to evolve, respond, and adapt through every shift in the paradigm. It's time for new approaches to defense modernization, and it's time for new types of defense and security entities to be put in place that are far more in tune with the war shift.

Astor Group is such an entity. We can go as far as to say that we're force-built for the war shift.

We aspire to become Europe's most united, defense-first ecosystem, engineered for change. Our ambition is clear: to strengthen European readiness and resilience by uniting and empowering specialized civilian, security, and defense companies in a uniquely capable, unified, and adaptable ecosystem.

Our mission is to unite a rising force of thinkers, innovators, and producers, because our society's readiness and resilience depend not only on those who fight, but those who build. You can think of us as gathering a rising force of small giants, each with a set of superpowers.

United, they form an alliance that delivers an outsized impact, and united, they are ready to collaborate, co-develop, deploy solutions that meet the evolving needs of the defense and security. From advanced composites and micro metal components to ammunition, electronic warfare system, and flash X-ray technology, we have many and growing competencies within the group.

In fact, we enable impact across wide set of domains, across the spectrum of civil, security, and defense contexts. When the situation demands it, we can combine these distinct strengths to form a resilient, adaptive force ready to meet Europe's most complex security and defense challenges.

Looking at Astor in brief, we are really well positioned for growth, and we are growing fast. All figures you see are last 12 months, and now, with the announced acquisition of the remaining shares in Nordic Shield Group, we actually see our sales are almost doubling up, going from 407 million SEK last 12 months to 704 in top line.

EBITDA is also strengthening above 100 million, 116 million. Order book is growing to 707 million.

Number of employees increasing a little to 271 persons within the group. If you do the calculation, you can come up with that actually we are very, say, efficient, delivering 2.6 million per number of per full-time employee.

During the first quarter of 2026, NSG, Nordic Shield Group, actually reported a net sales of 104 million. It's it's a strong it's a strong acquisition actually, and we'll come back to that one.

Number of locations and number of countries are remain unchanged with the announced with the announced acquisition of Nordic Shield Group, because Nordic Shield Group has been part of Astor Protect since last summer. We are still at 12 production sites, still in 4 countries.

Now, looking at the numbers from the Q1 report. The net sales increased 74% year over year, and we see growth in both Astor Industry and Astor Protect segments.

We we deliver still a continued high profitability, and actually cash flow from operating activities increased, showing a true profitability and seen as a thriving core business. This is this is really good numbers, and we see this is this actually the most important thing I think you should the key takeaway is we we are growing with true profitability.

Two years ago, we were at 222 million in top line when we closed the books for 2024. Now, we have a revenue of 244 million for our first quarter, which meaning we now make the same money in in, we say, we had the same sales, net sales in top line for one quarter as we had for a full year, which I believe is very strong.

If you do the calculation in growth, you see we come up with 190%, and that's that's also a strong number. Very very proud of the report, very proud of the team delivering these numbers.

It's a strong team effort within Astor Group. Looking at the segments, our sales was distributed according to table as you could see it.

You could see that Industry performs really well, boosting a margin of 26%, but are still in the shadow of Astor Protect, that really delivers a good quarter. Industry segment was more efficient, increasing revenue per employee.

The Protect segments growing fast, and Nordic Shield Group addition will now make, Astor Protect our biggest segment. The Tech segment's performance was impacted by weaker research spending in the US, affecting Scandiflash.

Note also that Airsafe has been excluded from the segment since Q2 2025, and Oscillione typically has a soft first quarter. I we made a a short, cut out for Oscillione EW for for you to see that actually first quarter has been has been soft, way back.

What's happening across the group? We could see sales commercial activity remains high, and we have actually added, a number of sales people.

Now, with Nordic Shield Group, our order book has grown to 707 million. We have a broad broad customer base, and we have a recurring business flow rather than larger individual orders building up this order book.

As I said, several senior sales people joined the group, and we are strengthening the business development activities as well. We are having increased market activities with exhibitions throughout the group.

Oscillione jamming system has the C-UAS system has been broadened, and now we are looking at C-UAS system solution including both the pilot tracker and a drone tracker as well to the to the jamming system. Scandiflash is now agent for ignition stock operator solutions, and Scandiflash has also developed a prototype based on the flash X-ray technology that opened up a new market for Scandiflash as for studies of structural changes at performance critical points in battery cycling tests that could be of interest going forward.

We were exhibiting at several events and taking place both high level and, yeah, specialized military events. Two examples to mention: Main Chief of Swedish Army visited our headquarter, and Defense Minister Pål Jonson visited our booth at the Defense Expo event.

That's all for me. Over to you, Martin.

Thank you, Mattias. I would like to express myself as a board member to you, Mattias, and to the complete team.

We as the board think you have done a fantastic job during Q1 and delivered very well. We are very proud about that.

We are very pleased with you as the CEO for the last 2 years. We wish you all the best going forward.

Thank you.

Thank you very much, and good job. Really important to say, I think.

Number two for me is to say welcome to the NSG team, Cesium, MYS, and NSG. We're really looking forward to cooperate with you and have you on board.

We're very glad for that, and let's do this thing together going forward in good cooperation. We are very pleased with that, so, again, very welcome.

Now, going back to the rationale behind the acquisition of NSG. As this is a known asset to us.

We have had two colleagues in the board. We have been owning the company for 2 years, and we have been following them very closely.

We are very confident with the acquisition, and we feel high confidence, and we expect Peter and the team to do this good in line with our commitments. We also see NSG as high quality asset.

We see the proven margins, and they also have a large order book. It's over 400 million SEK.

To us, this is a quality earnings. This is not a turnaround case.

The purpose of Astor here is actually to support and challenge Peter and the team to continue developing according to plan and taking this forward. This will be a good cooperation.

I'm also very proud about the deal team here at Astor Group. I think the deal is very capital efficient in its structure way and set up.

I'm also very pleased to see that we have a long-term relationship with the sellers, we will do this together and do this jointly, which I see as very positive. Taking a more holistic perspective into this segment of our business now, you see the structure tailwinds are there both from a defense perspective, but also from a civil infrastructure perspective.

The first wave will be within defense, and the second wave will be within the civil infrastructure investments, and this is across the NATO countries, and this is in the Nordics as well. This is a long-term investment for us.

This is also amplified or confirmed by the new laws, by the Swedish civil protection legislation that also underpins this segment in focus here with NSG solutions, as you can see to the pictures here on the screens. As Mattias already has mentioned, this is a good fit for Astor Protect, no additional investments required to include it.

It's more or less an easy hand-over here. Again, maybe the most important thing with the acquisition: this is a good step for Astor Group on our journey towards 2.5 billion SEK in revenue for 2028.

This is the acquisition in brief. We will come back to a deep dive in NSG after the confirmation from the EGM that the deal is closed.

Then we will invite to a new session where we can actually discuss NSG together with the team at NSG more in detail going forward. Just some high-level KPIs also today.

As we have been an owner for NSG since 2025. We have done several purchases during the time, and the total amount for the company ends up to 695 million SEK, including full earn-out in this deal.

Just for your understanding, the earn-out terms is if we reach an EBITDA for 2027 of 150 million SEK, the maximum earn-out will be 147 million SEK, and this will be distributed with 30% in shares and 70% in cash going forward. I think if we go to the next line here, Astor's enterprise value divided by EBITDA looking forward is a multiple of 4.6, and I think this really, again, emphasized the potential and the power of Astor.

The companies wants to join us. We think we have got a good deal, but also that people wants to be in our portfolio, and that is really, really positive on a way going forward.

This is a good business, good deal, and a good forward-looking statement here. Just for information, the deal also includes two fully owned properties, one production site in Katrineholm for Cesium and also a co-located data center in Visby on Gotland is including in this.

We will come back with more details on the properties in the next deep dive after the EGM decision. This is NSG in brief, and we are very positive and very pleased to have concluded this deal.

My expectations looking on 2026 and beyond. I would like to say it's business as usual.

I think we have a strategy that is proven in use for the last years. We see that we actually have true, profitable growth, and this is really, really important, and this will not be changed.

We will continue on that path. More in details, just to point it out and bullet it up for you to understand, we will continue our M&A activities, active, really, really active, but selective.

It needs to have a capability fit. It needs to have the capital efficiency of the company that we are looking for to reach our targets 2028.

We also need to have some kind of seller alignment and cultural values that we share together. I really think that NSG is a good example of all these boxes we ticking here.

Focus going forward on M&As: active but selective. Really, really important.

We also focus on operational efficiency, and this is mainly related to our Industry segment. We need to stay smart and expand our margins by adding more customer value per order.

What is that mean? To me, in the business situation of today, our customers have a lot of work ingoing, and they are not able to handle all work on a decent time to fulfill the time to market.

If we can be there, close to the customer, help them with more activities in the product design phase, we will make it easier for our customers, and we can also be closer in cooperation with our customers, and also gain some additional margins by that. This will be one of the focus areas going forward for the Industry segment.

Mattias communicated earlier today that we have invested in the sales force, and this is really, really positive to me. Now my expectations on the sales force is actually to convert our project pipeline into real wins that we can deliver and execute on revenue.

This is really one of my high expectations now to get leverage out of the investment we have in the sales, really, really good and full support from my side. Then we have the CapEx and capability.

Looking at the European defense market, there is a structural demand, and it's growing, and we need to be there. We need to be prepared.

We need to invest in our companies both from a CapEx and a capacity perspective to be able to follow our customers out in Europe. This is also really, really important going forward.

Finally, the reason for Astor to exist: we have a group platform proven in use with good profitability over the growth, and we need to continue take leverage of the cooperation within the portfolio. We see synergies between Immunity and Scandiflash.

We see synergies between Immunity and NSG, etc., etc., and we need to take leverage on it to really, really get the impact through this unity we have in the portfolio. This is the short-term expectations for me.

We will come back and follow up on this going forward during the year. Looking ahead, and to conclude this a little bit, strategy remains intact.

Target remains intact: 2.5 billion, better than 15% in EBITDA margin. That's intact, and we are very confident in that.

We need to understand the business climate and the business situation between the different business areas. Some of the business area supply every month and have a very practice calculation of order output.

We have other companies within the portfolio that have more of project sales, where we have stochastic sales that we not can plan in a quarter or two. We will live with some kind of fluctuations between the quarters in the sales pipeline.

Maybe the base fundament going forward also that the defense market in Europe continue to expand. We feel ourselves well-positioned to join this expansion with the attractive niche segments we are playing in, and we will follow our customers in this expansion.

Reflecting back on the order book again, including NSG here, we see that the order book is approximately 800 millions going forward from today. Conclude this a little bit.

My perception of Astor is we are just in the beginning of our journey. We aim to be a significant player long-term in the European defense industry, and, again, this is just the beginning of this journey.

We are well-invested, and we are ready to take on more production to support our customers and the European defense target going forward the upcoming 10 years. We are active, and we are seeking new footprints and new markets to be a better partner with our customers.

We truly believe that we build something great and something that is sustainable and lasting. Again, the Astor journey has just begun, and we foresee good progress and being a significant player in the European defense industry here going forward.

Yeah.

Hello. Can you hear me?

Yes.

Thank you for the presentation. I'm very excited to be shareholder in Astor Group.

Can you tell me some tell us something more about, the Eclipse and the counter-UAS segment? What's what's happening there?

We are we are waiting for it.

Yeah, I can take that one.

Yeah.

Thank you thank you for the question. We are waiting, too.

As you could see, we've been both been part of exhibition. We are out actually quite active and, marketing it, in both both internal, visible events where you could actually could attend, and also more closed situations actually.

You see the Swedish Army is actually here, looking at it. Our CEO, Fredrik Bergmann, also was interviewed by the Swedish state tele- television, SVT, during and about our work in Ukraine.

We are we are in the still in the testing phase, I would say, and, and quite active, I would say, in in preparations for we have we have matured the system, and we know that it's actually performs well, for its task, but we're still waiting for for for the big order. Exhibition upcoming, I would mention AOC, Association of Old Crows, now taking place in Helsinki mid-May, where Oscillione will will be in place.

Also what to mention regarding your question is, that the system is now about to be more integrated into a networking system where it could be tasked by a C2 node. Oscillione also has looked and broadened the solution, now we go for both a pilot tracker and a drone tracker, which is also needed, because the threat is is evolving.

So, but we're also looking into, a vehicle-mounted drone jammer. There are still, there are a lot of activities actually happening, but we are still waiting for for the big order.

I hope that answers the question.

Thank you very much. Can I ask another question, please?

Absolutely.

The Astor 4, is it do you see it as a risk that the product will be obsolete before any orders come? That

that risk is of course always in all projects regarding, say, technology, yeah, that could of course happen. But, you have also to to acknowledge that the sales cycle for EW equipment is very long.

Even if some parts would be obsolete, there are there are, we say, the main functions are still there. I would not rule it out that that this could still be a success, but, you have to be patient, and, lead times are very long in this sector.

Thank you very much. I I'm I'm I'm I'm very confident with the with the base you're building, and and I'm just hoping that the tech will be the cherry on top, eventually.

Thank you very much.

Yeah. Thank you, Jack.

Thank you. Then

Good morning. Firstly, thank you, Mattias, and best of luck on what lies ahead, and welcome, Martin.

Sorry, I had missed some parts of the Q&A session so far, I hope I do not repeat my or my questions are not repetitive. Two from me.

Firstly, on Nordic Shield Group, which did particularly well during Q1, can we consider the Q1 run rate sustainable in the coming quarters? That's my first question.

The second one is on the order intake situation. What's your take here?

Is it like, are you satisfied with it? Order book still looks strong, yet book-to-bill is rather soft.

Is there anything, for example, a bigger order upcoming that is worth to highlight and to provide like some comfort in, the strong growth that you have planned ahead?

I can I can try to answer it. Normally, looking at Nordic Shield Group, it was strong quarter one, of course.

You had to acknowledge as well as part of Nordic Shield Group is Cesium, which also has a strong end of their their financial year, which ends, end of April. Actually, it's it's I would say that quarter one is is a is a good quarter for for Nordic Shield Group, while it'd be a soft quarter normally for Astor Group.

Those combined actually, is a is a good, perfect mix. So, those together are strong.

Regarding, say, guiding for the future and what you could, say, if you could calculate multiplying by four and getting the the top line for for the year, we are not guiding. The the number we are we are talking about and the and what we are, say, stating to the market is those 2.5 billion SEK 2028, with 15% EBITDA margin.

So—

The environment that NSG is in is very active.

Absolutely. Yeah.

It's both in Sweden, in the Nordics, in the Baltics, and in Poland and so on, so we are very positive going ahead.

Yeah. Macro is macro is there.

Underlying sentiment is there, but, yeah, it's still defense, and things might take more time than actually than we want as as business leaders. But—

I think it's also important to point out that I hope everybody see NSG as a long-term investment. Exactly.

Yeah.

The initial wave, we call it the defense wave, will will come, and, with the sales cycles and and terms for placing orders, but that will be one wave, and then we will have the civil infrastructure wave going forward in beyond 2030. This is a long-term, long-term investment, and we see long-term growth because a lot of countries is underutilized in this area.

Absolutely. Just looking at the the Baltic region, actually, there are no shelters and no protection infrastructure for for civilian people, like we have in Finland and Sweden, where we built shelters actually.

Just in the Baltic region, it's it's a huge demand for for protection of civilian society. That was part of the answer, I guess, Simon.

Yes, definitely. I understood that you don't want to guide on, Nordic Shield Group, but if I'd say I'd assume multiplying by four is okay, would you feel confident or comfortable with this, or would you say that's a bit too ambitious?

I I believe that that the future

incoming

CEO is—

But, we are positive, of course, but we do not guide in this area, so, we we see, high activity. We have very, how to say, we are market leader from a product perspective, we are very attractive in this business, and we are very positive, in our forecast internally, but we keep them to ourselves going forward.

Understood. Thank you.

The 2028 goal, looking at the numbers, you could I think this one is something to look at. 190% since 2024, and now, last 12 months actually, with Nordic Shield Group, we have 704 million in the books.

Adding our increased, sales team, more market activities plus underlying sentiment and the macro, I feel quite confident that that we will reach it, and, otherwise we Yeah, I there are other companies that are not growing with profitability as we do, we have all the KPIs actually are are right for Astor Group, it's it's a stable foundation, and there would I don't see any risk that we will we will miss it, that target.

I think it's I think it's important, as Mattias said, to point out we we grow through, profitable growth,

and

that's really important. We have two growth engines.

One is, the internal or the organic growth, and one is the M&A activities. I think we are, we are on top on both at the moment, and and we're following our forecast going forward.

So, let's come back in a year and see that we continue to follow our forecast, and, and build our confidence even further. As we have stated today, we we truly believe that this is reachable for us.

Absolutely.

I've stated it earlier. You did the calculation actually when we set this target of 2.5 billion, a lot of people actually know thinking that this would be a big problem for us, because going to having that organic growth combined with the M&A growth actually, which we now showed the market that we are capable of, means, I think this is

this is important. Yeah.

This is one one and to me, this is one key message

for

me as well. The M&A activities will continue for sure, but we need to be very active and very selective, because we need to continue our journey on profitable growth.

This is really important, also, to continue to grow. This is, the message: we we're selective, finding the right companies for our portfolio that that have decent, margins and that will also enable us to continue to grow.

Exactly. But, yeah, the answer is yes.

We have to add more companies, but we are selective which which ones.

Yes. As we took an investment, before before Christmas actually, in in ramping up the production in Immunity.

The actual ramp-up that could full speed would be six times, but actually with that that has take some time actually to get that. The machines The project is running, machines are ordered, and, deliveries of new machinery is expected after summer, this year.

I will not go into details of, yeah, for several reasons, but, we'll actually see that this this makes us is laying the foundation to be able to to produce, with both high quality and also higher volumes. This is attractive.

Now, US is exporting 600 million rounds per year to Europe, and now US is being dragged into conflicts outside Europe. If if that, if you have a shortage already, and that shortage will even be increased if US is dropping their export to Europe.

I think Immunity and that strategy we we laid out, actually creating Astor Protect and that business area, which now see is growing the fastest, within Astor Group, that I think that that tells us that the strategy is right, and the investment we have done in Immunity that, is also, very clear from my side.

Yeah. You can also see the contribution.

Already.

Yeah.

Thank you for the question. As I said, we we have a pipeline, and we are very active, but, selective.

So, I don't, I shouldn't say I don't see a time for consolidation, but I think we need to to This is a fast-moving, business, and there is a lot of competitors out there, we really really need to to visualize that we are agile and that we are fast, taking the right decisions in speed. In parallel to that, continue to develop our organic portfolio, or in our internal portfolio.

So, we will continue, with the strategy we have today, full focus going forward.

We normally don't comment, yeah, each each company, we comment only on the on the segment. Sorry, I will not dive into the details.

Hello again. Are you, on Immunity, are you looking at any doing any product development or trying to go into expand their their products?

They have quite narrow product line, I think.

We are we are on small, fine-caliber ammunition, and, that that that niche is is actually It's a good start, but but of course, business development is is active, and, but I will I will not delve into details. I will I will I think we have to come back to that one.

At the moment, it's full focus on on the current sales, of the of the niche where we're in, actually. It's a good start.

We are only Swedish-owned ammunition company, at the moment.

Thank you very much.

I could say something and, wish thank you for attending the presentation, and, best of luck, Martin, for the for the future. I remain confident that this will be, I will follow Astor Group, even though I'm leaving, but, I'm still a shareholder.

So, looking forward to to see what what's next around the corner.

Thank you, Mattias. Again, we're very pleased with your performance, your deliveries.

So, thank you again, and good luck. My final words today would be, Astor is just the beginning of our of our journey to be a European player in the defense market, so, we will move forward.

Thank you for attending.

Thank you.

Thank you, the same.

The same.