Thank you, Philipp. Very happy to be here this morning, cold morning in Sweden.

Wictor, next slide maybe?

Yes.

All right. Perfect.

We have some technical problems maybe with that. Good morning, everybody.

My name is Mattias Hjorth. I'm CEO of Astor Group since August 2024.

Very happy to host this earning call and presenting the numbers from last year and our quarter. Proud of the team and, yeah, we will soon dive into the numbers.

Over to you, Wictor.

Yes. My name is Wictor Billström, as you know.

I'm the CFO of Scandinavian Astor Group here until 28th of February, it's about 10 days left for me here. I have a financial background and I worked in the financial industry for many years and have a master in business administration and economics.

We move over to the next slide, we'll see if it works now. Yes.

We have to do it like this. All

right. We have something.

Thank you. At Astor Group, we believe that freedom and safety should be a shared reality for all.

Why do we believe this? I think we are here on a mission, and our mission is actually more than about creating this defense company, actually.

A lot of us actually go to work with a mission here. Can take next slide.

Yeah. I think we have to switch to PDF instead.

We have some technical problems with the PowerPoint.

Yeah.

Looking at Astor in brief, we are uniting a rising force of thinkers, innovators, and producers because our society's readiness and resilience depends not on those who fight, but also those who build. I think looking at what Astor Group is and what we are about to become, this is actually quite clear for me as a CEO that we actually have a real, to say, value to contribute back to society here.

Last year's numbers, the financial year 2025, we have a net sales of 433 million. We have a 310 million in invest firepower.

Our order book reached 420 million. We are doing this with 219 employees.

We have a quite outsized impact regarding the to say, from the size of the company. We have 12 production sites and we actually is in four countries as of today.

We are in Sweden, we are in Finland, we have a sales office in Germany, and we just entered Latvia, when we bought Immunity. Four countries.

Next slide.

See if you can switch now, Mattias. I gave you permission.

I can see. No.

It doesn't. I think I'll stop sharing and share a PDF instead.

Let's do the PDF.

Yeah. Sorry about this.

One second.

Sorry for that, the technical problems while Wictor is taking up the PDF instead, he will try to manage.

Yeah.

It could be a test, Wictor, for your last days. See how you cope with it.

Yes. One second.

I can't see it. While we're waiting for the presentation, I can continue.

Looking at what Astor Group is today, when we're leaving 2025, we did actually a lot during 2025. Before end of year, we became listed on the Nordic Growth main market.

I think a lot of you know about that. This actually means we are, to say, more ready to take on more regulated tasks.

Because being on the main market means that we have the full auditing, to say, requirements on Astor. Actually, and that's meaning being a defense company, that will also always be the case.

We need to know which our, to say, end customers are. We need to do this with quality and compliance.

Since our forces rely on that we know who we doing business with, and we also need to have the quality on our products. For me, being on the main regulated main market, it's very important.

It's also a, to say, a quality stamp for the company. I think you could go back one, Wictor.

No? No, then we'll go right.

That's the next one, yeah. Let's stay here.

Also, for those of you who don't know Astor Group as of today, we consist of three business areas. We have Astor Industry, we have Astor Protect, and we have Astor Tech.

In Astor Industry, that's actually, to say, one of the secrets here for Astor. We have the opportunity here to do both production to end users, but also working as a tier 1 sub-supplier to the larger defense corporations.

Meaning we will have, to say, a more stable monthly income on the Industry side, while on the Astor Tech, it's more volatile quarterly variations. The combination building up Astor is with having Astor Industry, Astor Protect, and Astor Tech means we are able to navigate through both peace, crisis, and war with this kind of company.

Astor Protect is our newest business areas, consisting of Airsafe, Nordic Shield Group, and Immunity, which was added as of 1st of November to the group. We will hear more about, to say, Immunity going forward.

Astor Tech, we have three companies. It's Scandiflash, building flash X-ray systems; it's Oscilloquartz EW, building EW systems; and it's Oscilloquartz Naval Systems, building underwater drones.

Let's take next slide. Let's see if it can change now, Wictor.

Yeah. Perfect.

As I started to talk about, we changed the listing to Nordic Growth main market. As you could see, we are, to say, very proud actually what we achieved during 2025.

Now looking at the numbers that actually, yeah, tells you, it's a lot of talk out there, but now when you actually see the numbers, we can confirm that our journey holds. We acquired Immunity, we acquired Carbonia, we acquired Vela, to Mikropor, and we acquired part of Nordic Shield Group during last year.

We were in Ukraine a couple of times. We inaugurated the large 3D printer at Marström.

We exhibited at a numerous amount of events, both defense and industry niche events during the year. Can take next slide.

That's over to you, Wictor, I think. Oh, no, one more for me.

We also invested in the organization to prepare for the next phase. We built the leadership and the organizational reinforcement.

We did the compliance and governance. We invested in IT and cybersecurity.

We did strengthen and expanded the audit and review requirements on our side, and we entered the Nordic Growth regulated market. We are prepared for the next phase to come.

I think that's the hand over.

Yes. Building momentum here in the 2025 numbers and for the future outlook here for Astor Group.

In 2025 here, this is a summary of what happened during the year. We made five acquisitions.

Organic growth was 42%. Shareholders have increased by 19,000.

We have participated in a number of exhibitions there, which we didn't have the capacity to do before we entered 2025. We were not present at almost any exhibitions, really.

That's definitely a landmark. Then locations, we have increased by five locations.

We have 12 production sites now. This is more of a fun fact here, but press releases in average, we are above the average, we would say, with 68 there, and the average is 36.5.

With that said, I think a lot of you investors here are looking for what's happening, and do we communicate a lot? If you look at the numbers, we do.

Obviously we don't communicate if we don't have anything to say. In average, we are way above the average publicly traded company.

Then the momentum here is really visible in the numbers, of course, when we will drill down more into those. If you look at the net sales, now we are really above 400.

We are 430 million approximately. Looking just a couple of years back, we were around 50 million.

It's definitely a very strong momentum here. If you look at the order book here down on the right-hand corner, you can see now that we are above 400 million.

This is important here, because we entered the year where the order book was 190 million. As you can see with the turnover there, we ended up with 430 million.

We will come back more to that later, but it's not possible to just look quarter to quarter on the defense industry. You need to zoom out a little bit.

I think that's definitely visible in this charts. Moving on here, some key takeaways from the quarter report here.

Obviously, there are so many positives, you start looking for if there's anything negative, and I will come back to that. Turnover, as you've seen, above 100%.

Quarter on quarter, we are increasing. If you remember, in Q3, we were at 78%.

Now we're at above 100% in Q4. I got the question last year from I don't know if it was in the call or if it was through an analyst at a later point that if Q4 2024 was a one-off quarter, but I think now we have really two really good quarters, if there's two quarters, at least there's some sort of trend in that, I would say.

You should take stock in this that it is definitely really good, and quarter four is definitely, I think we've shown our best quarter. EBITDA increased 296%.

That's quite a hefty increase. The margin is really good as well, so that's we're really proud of that one.

Looking at the order book, as mentioned here, we have acquired some companies as well that fill up the order book. If you compared to end of last year, the order book has increased by 121%.

We have a very good backlog for entering 2026 here, with 410 million expected to be delivered on what we have now in the books. The year has just started.

Especially this last point is the most positive, I would say. It's a very strong improvement from Oscilloquartz here, the electronic warfare company.

They're increasing tenfold, a 10x here from 4.8 to 50 million in net sales. That's a really strong performance, and that's really shown in the numbers here.

We're coming back to that. Of course, on the negative side, we were expecting a little bit more contribution from Nordic Shield Group here in Q4, as I mentioned in the last earnings call there.

We're coming back to that. We expect them to really outperform here in 2026.

While order intake decreased in Q4, if you compare year over year, but if you zoom out a little bit, the order book or the order intake increased by 43%. We're coming back to that on a slide further down.

Yes, I think I mentioned most of these numbers. Maybe we can mention also the operating cash flow that was positive, 34 million.

That's really good. We saw some good cash flow effect.

Obviously, we did see a lot of the sales in Q4 happened during December, actually. I would say that we will see some nice cash flow effect going into the first quarter here of 2026 as well.

One more number to mention there, of course, is the profit for the full year, of course. Now we can actually get a good P/E number coming out from Astor here.

A profit of 40 million compared to 400,000 the previous year. Moving on to the segments here.

Obviously, Industry is still the engine in Astor Group here with the most of the sales, 237 million. We have Tech with 126.

Now we starting to see some big numbers coming out from the Protect segment as well there with, as mentioned in the report, Immunity contributed with 38 million just for two months there in the end of Q4. For two months, 38 million contributed to that number.

Then we got some share of profit from Nordic Shield Group as well. Then EBITDA margin, Industry maybe were slightly lower than expected at 11%, but on the Tech side there, 34% was really good.

Very, very good. Protect ended up in 24%.

Here, if you zoom out a little bit and look at quarter to quarter or, yeah, year over year on quarters here, we increased by more than 100%, as mentioned, just for the quarter. On the adjusted EBITDA there, it increased by more than 100%, there's a nice margin effect there as well.

So 130% on the adjusted EBITDA number compared to last year. Yes, and then now we're at a deep dive on the order intake, I leave over to you, Mattias.

Thank you, Wictor. As you could see, the order intake, it varies between the quarters.

If you zoom out, as Wictor said a couple of times already, you have to look at defense companies, the whole sector actually, from a little bit large distance. Because the sales cycles are long, there are a lot of compliance, there are a lot of checks that needs to be done.

I think going forward, we will continue to see quite large variations regarding the order intake per quarter. That doesn't mean that, to say, the financial long term is at risk in any case.

Looking comparing quarter to quarter, that could be difficult. As a defense company, because we are relying on a lot of, to say, regulations that needs to be in place for an order to come.

I think that's

Definitely. Just to fill in there, as you can see on the right-hand graph there, if you look at the half-year numbers, the order intake is increasing.

You have to zoom out a little bit and it's very intermittent in the quarter to quarter.

Also, an order could also slip through that could be, say, just landed in next quarter. That could easily happen in defense.

Yeah. We move on to outlook 2026 and beyond here.

I start off here. What's to come in 2026?

As I mentioned, the Nordic Shield Group will probably, or expected to outperform here in 2026. They had their Q4 here in Q1, and we own 36.5% of them.

We expect a good contribution from them during the year. Definitely, last year results are laying a really good foundation for this continued momentum that Astor is showing now in 2026.

EW, on the EW side, it's definitely getting more and more attention and Oscilloquartz is very well positioned for that to take a lot of that growth. Especially as mentioned, Immunity, they will continue to contribute.

Ammunition is scarce. It will be so for many years.

As you all know, we expect that company to have a good performance here in the future years. One thing to mention here, of course, that it can be very very large variations between the quarters here.

We need to expect that for you shareholders, that it can be very intermittent again between the quarters. That is something to expect here for 2026.

The M&A efforts are obviously something that we continue to work a lot on.

Thank you, Wictor. Looking ahead, we remain confident in our 2028 financial objectives, our growth trajectories.

We are not dependent on the isolated large contracts, which some other peers are. We have a scalable and repeatable business, and I think that the numbers confirms that.

You could look at the numbers and actually then try to read in actually what Astor Group consists of. The defense market continues to expand.

We've seen this throughout the year, and also we now also got the latest threat intel report from our military intelligence agency yesterday. The threat is high.

The investments in defense are continued to increase. Astor Group are well positioned, and we have a lot of attractive niche segments.

I remain confident in our financial targets for 2028. We have a commercial momentum.

The commercial activity remains high across the group, which is reflected in the order book. Pipeline is active, and we have a diversified across the business areas.

As said, we operate with long lead times in the defense industry, and revenue conversion does not follow a linear monthly pattern like in some other businesses. The large vehicle schedule is also for MAR, you have to take that in the count regarding what is being communicated that sense.

Looking at the procurement processes, yeah, back to the lead times. Working at another defense company, I had 5 years actually to get the orders.

Then when the order came, it was quite a large order. You have to look at this with some time perspective.

That's how we see it from Astor's management. The large permits still define approval and budget cycles and long lead time [unclear], and as said, we remain confident in that we'll be on our way to the financial targets.

We continue to monitor business opportunities, and we have increased our sales force. Now going to be even more active in the business opportunities going forward.

I think we have an next slide. Yeah.

This is actually part of the questions we get a lot from out talking to investors is how the landscape looks like. When we started to do this compounding, we started to add these M&A targets, we were quite early on the defense side in Sweden.

At the moment, competition has naturally increased. More capital flows in the defense.

Suddenly everybody realize that defense is needed. You can't have a sustainable society without defense.

Actually a D is missing in the ESG abbreviations, you should add D to that one. I think a lot of both the governments, but also financial institutions realize this.

This is not a flying something that will go away. We will still see continuation of investment into defense over a very long time, because we need it.

We need it to keep the society safe. From our side, since we are in this competitive landscape, but we operate primarily in special niche segments, we have the technical competence, we have the certifications, and there are a high entry barrier.

For us, we actually is a little bit ahead. Still competitively positioned by industrial depth rather than volume positioning.

I remain confident, but, of course, competition has increased. There are more players out there, and there are money flowing into the sector.

Going to be an interesting 2026. We have, as we talked about, we have invested ahead, as you could see with the 3D printer we inaugurated for one example.

We're ready to take on more production and support Europe's defense targets. We're active exploring more markets to be a better partner to our customers.

We're building something great, something lasting, built to endure. I think it's over to Q&A.

Philipp, yeah, I think you can shoot off, and then we can reply here, Mattias and I.

Yes, I move to this slide here where all the pre-submitted questions are. Yeah.

Do you want to take that one, Mattias, or?

Yeah. As said, we don't rely solely on larger orders.

Since the group has grown, also that threshold for MAR has increased. You could still see that we have still gotten orders.

As Wictor showed, the order book actually has increased during the half-year.

I can reply to that one. Obviously, M&A is a big part of what Astor is.

I think that we showed that in the building momentum slide there. We made five acquisitions last year or invested in five companies in total.

It's definitely something that's driving a lot of shareholder value. It's a continued priority, and hopefully that will be shown here in 2026.

We still, as mentioned there, we have more than 300 million in M&A and investment firepower. There's definitely room with the current debt position we have that is not very high and we have this debt line with Swedbank that we can draw upon.

We have many sources to get capital from. Of course, if it's a very, very big acquisition, that would probably need some extra financing.

When you have this sort of good numbers coming out, you can increase on the debt side as well. I think I mentioned that in a lot of the previous calls.

I can take that one. As I said earlier, yes, competition is increasing.

We still see that we have started ahead of the rest. Actually, it's very verifiable on our side actually how we have supported our companies for their organic growth.

We're a home for the entrepreneurs that actually want to continue the growth. It has increased, but we will remain confident we will be ahead of the team.

I could take that one as well, Wictor. That's my home turf.

I think it's sad actually that we are not helping Ukraine more. We should do more for Ukraine, and actually time is running.

Independently from how Russia's war of aggression to Ukraine ends, the business side on Astor will continue to grow for a number of years. That's how I see it.

I can't say that they have accelerated actually. It's like I've made analogy before.

It's like everybody wants to go to the summer house and everybody wants to drive at 100 kilometers per hour, but actually all people are on the road at the moment. It actually goes not at the speed we want.

I would say that the bottlenecks are actually on the order-laying side, to say, on the outside Astor. I don't see any internal bottlenecks Astor side.

Wictor, you want to elaborate?

It's definitely I think continuing this momentum, but especially taking market, I would say, we increase the top line and continue servicing our customers and growing with them, and taking new customers. I think definitely becoming an even bigger company is the main purpose for this year and moving as straight on towards the 2028 target as possible.

I could try to answer that one. The battery is correctly made by Altris.

It was a test. We don't manufacture drones as of today.

This was a, to say, a procured drone just for the battery test. The acquisitions we are looking for going forward, I can't really dive into details.

We could try together, Wictor. I could start.

rapidly growing organization, growing pains will be here. Actually I expect them to be here.

It's a good entrepreneurial spirit within Astor. I expect to see them.

Then, of course, we need to manage them. We need to make sure that we enable organization to recruit and do things more efficiently also, to work on the processes so we don't burn ourselves.

At the moment, I expect growing pains and expect them to be here for a while. I'm not too worried about them.

Actually, I think it's good. Otherwise, we will not able to show the profit and this very strong report to the market.

This is as expected.

Philipp, I can just add there. That's actually a big selling point for being part of Astor, that we can drag out the synergies between companies and really help entrepreneurs that are overwhelmed with selling to the defense industry.

Or they have a workload that is too high. If we can support that from a mother company or from the group level, that's a big selling point of being part of the Astor Group instead of running your own business.

One risk, and of course there are a lot of risks out there, but one risk could actually be the, say, delay of, to say, the order laying on the customer side actually. That orders are not managed in due time.

That could actually be one risk actually I see, which is outside Astor.

Wictor, you want to say

Of course. Making acquisitions is very important.

Obviously, that is important in 2026, that we continue on that track.

I could start. We have grown a lot with existing customers actually.

We've seen all the existing customers actually grow over the year. I would say that I'm not that happy.

I would like to be over the new customers. Actually, that's something we are addressing.

We would like to be able to see more new customers actually coming, flowing into Astor. We are strengthening the sales side with improved, to say, sales process at Astor.

No.

Do you want to have a stab, Wictor?

Sure. Of course we're looking both upwards and downwards in the value chain there.

We're looking at the parts where we can increase our margins. If we want to buy a supplier or if we want to move into more production sites or whatever really.

In that, for example, in the composite fiber sector, it's definitely, I think we talked a lot about this during the years that we make autoclave-based carbon fiber, which is the highest quality. We see that the ones that make less quality carbon fiber, more simple wet layup and such, they are not as profitable.

We obviously looking a lot into how we can improve our position in the value chain there. That is also a big part of being part of Astor again.

We can improve the company, we can, for example, in carbon fiber, we can use it in our own companies, for example. We are, in that sense, using it both on end-customer level and also being a sub-supplier to the big defense giants.

I think that's a really good question. I think that our outsized impact actually is underestimated.

We do a lot actually, and we have a lot of, to say, value-add to the forces. I think we are growing, and we will be able to, to say, get customers to know about us.

I met a lot of, to say, new customers actually outside Sweden, and they say, "Oh, wow, why have not I heard about Astor before?" That's I think that's the story I would like to continue, be able to get new customers on.

I think we are a little bit underestimated by the market by, to say, since we are so young in the group. Our businesses are old.

I think we will see when customers actually understand what Astor could deliver, we will see the business growing.

Wictor, something you would like to add?

No, I agree.

Yes. It's fully set up.

It's in production. We are able to produce more, we are not limited by our, to say, machinery and the processes.

If you have something that you need help with, we are able to support you. It has reduced the time, and it was also reducing time in projects which we didn't see.

We're very, to say, very happy that actually we took that investment. We have sales still to do.

Testing. Testing.

Hello?

Let me lower the hand. Hello?

Yep. Can you hear me?

Good. Good morning.

Hello, Mr. [unclear] and Mattias.

It's not [unclear] you guys are doing a very good job. I've been following you since two years back.

Have tons of questions, but time is short. Mattias, you talked about Europe in growing and all that in Europe, but what's going on with Canada and South Korea?

You've been in Canada. You visited here with the king.

In South Korea, I know you have a reseller selling Eclipse, what's going on over there?

Thank you for the question, Robert. We are exploring, as I said, we are exploring more markets.

We are looking for markets actually where the culture is similar, where we will find both business partners, customers, and potential M&A targets, where we have the same perception of both the threat, but also how to do business. Countries you're mentioning, both South Korea, Canada, is on our list.

Happy to see. I can't disclose any details.

There are currently two countries which is on the Astor list, yes.

In short, something is going on, but you can't talk about it. Wait and see.

Ain't seen nothing yet.

Something like that, yeah.

Fine. That's, thank you.

Oh, we can't hear you, Philipp. Yeah.

Hi, Mattias. Hi, Wictor.

Congrats on the strong results. To you, Wictor, yeah, I wish you all the best for your future endeavors.

Yeah.

Now to my questions. Firstly, on the order book, yeah, it stood at 420 million, and I assume it's mostly scheduled for delivery in '26.

My question really is, could you help us understand how firm this delivery schedule is, and specifically also what portion would you consider rather highly secure versus potentially subject to customer-driven timing effects and shifts? Then my second question is on the current order outlook.

What book-to-bill do you target for 2026 on a full-year basis? Slightly linked to this, is a question on Immunity.

Is there a bigger framework contract ahead that could provide some visibility for you? Also on your press release earlier on CapEx and output increase, is there a timing for the CapEx that you mentioned and for the sixfold output increase that you can share with us?

Then my fourth and final question is on the topic of own work capitalized. We saw a normalization, I would say, in Q4 towards 4 million.

My question is, is this the new run rate going forward, 4 million in own work capitalized in the P&L? Thank you.

Maybe

You start, Wictor?

I can start. Yeah.

Our order book is very firm. Historically, I don't know if we have, obviously maybe we have lost something, but it's very firm.

We as said, we expect more than 400 million to be delivered this year from the current order book. We're not communicating any future outlook for book-to-bill.

I think that was what the question was. Then on the CapEx side, as mentioned there with Immunity, last year with the press release, we said that we're going to invest more than 90 million Swedish, and part of that was made already in Q4, and the rest will be here Q1, Q2, and Q3.

Then it will be up and running. Then moving over to the activation there, as you see in the quarter four report, the number has come down a little bit as I said it would in the earnings call last time.

I expect it to be maybe going forward as of Q4 here for 2026.

That's clear. Thank you.

Do you want to add maybe, Mattias, something there? Yeah.

I think it's

No, all questions covered. Thanks.

I think it's this quarter report we have mentioned, you can see there in italic next to the charts related to order intake and order book, you can see that they have a order book above 400 million, and a very good order intake obviously here in Q4 2025. Obviously we expect them to continue to deliver here for this year.

We definitely see from those numbers that they are likely to outperform here in 2026.

I would say, obviously, Immunity coming in, that's more of a framework order that they have. Otherwise, we don't give any too much details about that.

In general, it's all firm orders.

I think that's important also. That our order book it's not one large contract.

It's built up of many, many, to say, different, smaller pieces. Which make us, to say, it's visible for our side, it's not one large contract that could slip.

It's actually built up of many, many small pieces.

I could start with the last part actually, and we don't go into details of, to say, those numbers. Do you want to, to say, elaborate on the first part, Wictor?

How much is defense?

No, no, we don't go into that details regarding private versus defense.

No, exactly. No,

sorry. I think the question was twofold, Philipp.

I think we already mentioned it's about 400 for 2026.

I think as Mattias said, we don't communicate that. Obviously,

they only make military ammunition, but we see a possibility to make civil ammunition there. There's a lot of military coming in on top of what we did before Immunity.

I think it is very high. I don't know that we have lost anything that's in

the order intake that's I have the numbers from August 2024 when I joined, and we have not lost anything since then at least.

Yes. Astor 5, we would like to have.

We have Astor 4 as of today. As we have communicated, we're doing testing.

Currently it's doing for, say, here for assessment regarding how we will continue with the project. I can't dive into details.

Yes. Eclipse, our drone jammer, we started to build that product end of 2023 on a direct request from Ukraine armed forces.

We've been active in development and being, to say, down in Ukraine to test. Currently we are on our fourth edition.

We have done some pre-series of the product, and we are now, to say, ready to take on a serial production. As Wictor stated earlier, the EW market is growing a lot.

We currently see the Oscilloquartz EW Systems, which grown to 50 million last year, to be very well positioned to continue. We have rebuilt the team.

We have a new full digital platform. We know the domain.

We have seen the threat in Ukraine, and we have all of the check boxes almost, to say, yeah, completed in order for the continuation. As I think I said this when I joined Astor Group, that EW is the most complicated domain you could do business in, because you have to have first license to sell, then you have to have the trust for all the parties.

On top of that, you have to have the product that actually is better than the competitors. This is not a normal business.

When you have orders in this sector, it will be long term. You will be there for many, many years.

I think you could look at the numbers for the revenue for Oscilloquartz EW Systems separately, and then you could go from there and try to build, to say, yeah, the future of Oscilloquartz EW Systems. I remain confident we will, to say, get there.

I would first like to thank you, Wictor, and the whole team behind Astor. This report would not be possible without the team.

I'm very proud CEO today to deliver this report to the market. It is an extraordinary report from a company which a lot of people doesn't have heard of.

We are very pleased to submit this report to the market today. I will continue to work together with Wictor, but in another role, so that I still be doing interesting stuff going forward.

That will be a final remark for me. Wictor?

Yeah. Thank you.

I don't have any extra to add.

Bye-bye.

Bye-bye.