Scandinavian Astor Group (ASTOR) Q2 2026 earnings summary

Executive summary

• Net sales increased 89% year-over-year in Q2 to SEK 171 million, marking the strongest Q2 in company history, primarily driven by acquisitions and some organic growth.

• Order book reached a record SEK 610 million, up 111% year-over-year, providing strong visibility for H2, with most deliveries expected within the year.

• Adjusted EBITDA for Q2 was SEK 10.6 million, with underlying margins temporarily impacted by project mix and postponed deliveries; management expects a return to historical margins in H2.

• The company restructured from three to two business areas, integrating Astor Tech into Astor Protect and consolidating for improved governance and synergies.

• Recent acquisitions, including NSG and PBH Teknik, are expected to contribute significantly to growth and operational leverage.

Financial highlights

• Q2 2026 net sales: SEK 170.944 million (Q2 2025: SEK 90.565 million); H1 2026 net sales: SEK 301.060 million (H1 2025: SEK 165.311 million).

• Adjusted EBITDA for Q2 was SEK 10.6 million, with a temporary margin drop due to delayed deliveries and unfavorable project mix.

• Cash flow from operating activities was SEK -25.9 million, reflecting inventory build-up ahead of H2 deliveries.

• Earnings per share before dilution was SEK 2.09; after dilution, SEK 2.08.

• Equity/assets ratio decreased to 38.3% from 64.1%, mainly due to increased borrowing for acquisitions.

Outlook and guidance

• Management expects to recover postponed Q2 deliveries in H2 and return to historical margins.

• Strong order backlog and high quotation activity support expectations for solid invoicing and improved profitability in H2 2026.

• Continued focus on organic growth and selective acquisitions, with an ambition to acquire SEK 1 billion in new companies in coming years.

• Efficiency and cost-adjustment measures implemented in underperforming businesses are expected to yield results in the second half of 2026.