Hello, and good morning to everyone here from Hamburg. Welcome to today's earnings call with Scandinavian Astor Group. I'm very happy to welcome, alongside me, Mattias Hjorth, the CEO of the group, and Wictor Billström, the CFO of the group. They will guide you through the results presentation. Afterwards, we will have a Q&A session. You will be able to ask questions, one, via audio line, and two, via the Q&A function. However, quick information from my side, we already received some questions beforehand via mail, so Wictor will answer them before we enter the Q&A session. I will explain to you again at a later stage how to ask the questions. With that, I'm handing over the word to you guys. Please go ahead.
Thank you. Thank you, Philip, and, very happy to be here this morning. Cold morning, Sweden. So, Wictor, next slide, maybe?
Yes. Mm.
All right. Perfect. We have some technical problems maybe with the... My name is,
Yeah.
Yeah. Good morning, everybody. My name is Mattias Hjorth. I'm CEO of Astor Group since August 2024. Very happy to host this earnings call and presenting the numbers from last year and our quarter. So proud of the team, and yeah, we'll soon dive into the numbers. Over to you, Wictor.
Yes. So yeah, my name is Wictor Billström. As you know, I'm the CFO of Scandinavian Astor Group here until 28th of February, so, it's about 10 days left for me here. But, you know, I have a financial background and, and, I worked in the financial industry for many years and, and, have a master in Business Administration and Economics. We move over to the next slide. We'll see if it works now or if I... Yes, we have to do it like this.
Right. We have something. Yeah. Thank you. At Astor Group, we believe that freedom and safety should be a shared reality for all. And why do we, why do we believe this? I think we are, we are here on a mission, and our mission is actually, it's all about, it's more about creating this defense company actually. A lot of us are actually going to work with a mission here. Can take the next slide.
Yeah. I think we-
We have some technical problems with the PowerPoint.
Yeah. Yeah.
Yeah, looking at Astor in brief, we are here. We are actually looking at people we have, we are that built up Astor. We are uniting a rising force of thinkers, innovators, and producers because our society's readiness and resilience depends not on those who just to fight, but also those who build. I think looking at Astor, 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, let's say, value to contribute back to society here. Last year's numbers, the financial year 2025, we have net sales of SEK 433 million. We have SEK 310 million in invest firepower.
Our order book reached 420 million, and we are doing this with 219 employees. So we have a quite outsized impact regarding the, 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, and we are in Finland. We have a sales office in Germany, and we just entered Latvia, where we when we bought Ammunity. So four countries. Next slide.
Yes. See if you can switch now, because I gave you permission.
I can see. No.
So it doesn't... But I'll think I stop sharing and share a PDF instead.
Yeah, let's do the PDF.
Yeah. Sorry about this. One second.
So sorry for the technical problems, while Wictor is taking up the PDF instead. So we will, we'll try to manage.
Yeah.
It could be a test, Wictor, your last days.
Yeah.
See how you cope with it.
Yes. One second.
Yeah, we could. While we're waiting for the presentation, I can continue. I mean, looking at what Astor Group is today, when we leave in 2025, we did actually a lot during 2025. Before end of the year, we became listed on the Nordic Growth Main Market. I think a lot of you know about that. This actually means we are, say, we are more ready to take on, say, more regulated tasks. Because being on the main market means that we have the full auditing, say, requirements on our Astor. Actually, and that's meaning, being a defense company, that will also always be the case. We need to know what our, let's say, end customers are.
We need to do this with quality and compliance, since our business, I mean, our forces rely on that we could—we know who we do business with, and we also need to have the quality on our products. So for me, being on the main regulated market, it's very important, and it's also a, say, a quality stamp for the company. I think you could go back one, Wictor. No, no, I mean, you were right. That's the next one. Yeah. Yeah, let's stay here. So for you, 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, 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 one sub-supplier to the larger defense corporations, meaning we will have a more stable monthly income from on the industry side, while on Astor Tech, it's more volatile, quarterly variations. So 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 Ammunity, which was added as of first of November to the group. And we will hear more about Ammunity going forward. Astor Tech, we have three companies. It's Scandiflash, building flash X-ray systems.
It's Oscilion EW, building EW systems, and there's Oscilion Naval Systems, building underwater drones. Take the next slide. Let's see if I can change now, Wictor. Yeah, perfect. As I started to talk about, we changed the listing to NGM Main Market. As you could see, we are very, say, very proud, actually, what we achieved during 2025. Now looking at the numbers, that actually, yeah, tells you... I mean, it's a lot of talk about out there, but now when you actually see the numbers, we can confirm that our journey holds. We acquired Ammunity, we acquired Carbonia, we acquired Welas to the Mikroponent, and we acquired a part of Nordic Shield Group during last year. We were in Ukraine a couple of times.
We inaugurated the large three-D printer at Marström. We exhibited at a numerous amount of events, both defense and industry niche events during the year. Next slide. That's over to you, Wictor, I think. Oh, one more for me. And 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 Market regulated market. So we are actually prepared for the next phase to come. I think that's the handover.
Yes. So, building momentum here in the 2025 numbers and for the future outlook here for Astor Group. So, in 2025, you know, a summary of what happened during the year, you know, we made five acquisitions, organic growth was 42%. Shareholders have increased by 19,000. You know, 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. So, that's definitely a landmark. And then, you know, locations, we have increased by five locations. You know, we have 12 production sites now.
This is, you know, more of a fun fact here, but, you know, press releases, you know, in average, we are above the average, we would say, with 68, and the average is 36.5. With that said, you know, I think a lot of you investors here are looking for, what's happening and, do we communicate a lot? And, and if you look at the numbers, we do. But, obviously, you know, we don't communicate if we don't have anything to say. So, but, you know, in average, we are way above the average, you know, publicly traded company.
And here, the momentum here is really visible in the numbers, of course, and we will, you know, drill down more into those. But if you look at the net sales, we're now really, you know, we are above SEK 400. We are SEK 430 million, approximately. And, you know, looking just a couple of years back, we were, you know, around SEK 50 million. So, it's definitely a very strong momentum here. And if you look at the order book here, down on the right-hand corner, you can see now that we are, you know, we are above SEK 400 million. And this is important here because we entered the year at the order book was SEK 190 million.
You know, as you can see with the turnover there, we ended up with SEK 430 million. So, 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, and I think that's definitely visible in these charts. Moving on here. So some key takeaways from the quarter report here. So obviously there are so many positives, so you start looking for if there's anything negative, and I will come back to that. But the turnover, as you've seen, you know, about 100%. So, quarter-on-quarter, we are increasing.
You know, if you remember in Q3, we were at 78%, and now we're at, you know, above 100% in Q4. And I got the question last year from... I don't know if it was in the call or if it was to an analyst at a later point that, you know, if Q4 2024 was a one-off quarter. But I think now we have really two really good quarters. So if there's two quarters, at least there's some sort of trend in that, I would say. So you should take stock in this. That is definitely really good, and quarter four is definitely, you know, I think we showed now our best quarter.
EBITDA increased, you know, 296%. So that, that's a quite hefty increase. And 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, you know, we have acquired some companies as well, that fill up the order book. But if you compare, you know, to the end of last year, the order book has increased by 121%. And we have a very good backlog for, you know, entering 2026 here, with SEK 410 million expected to be delivered on what we have now in the books.
Then the year has just, you know, just started. And especially this last point is the most positive, I would say. You know, it's a very strong improvement from Oscilion here, the electronic warfare company. You know, they're increasing tenfold, you know, 10x here from SEK 4.8 million to SEK 50 million in net sales. So 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, you know, we were expecting a little bit more contribution from Nordic Shield Group here in Q4, as I mentioned in the last earnings call there. But we're coming back to that.
We expect them to be, you know, really outperform here in 2026. And, you know, and while, you know, order intake decreased in Q4, if you compare, you know, year-over-year, but, you know, if, if you zoom out a little bit, you know, if you zoom out a little bit, the order book or the order intake increased by 43%. So, so, but we, we're coming back to that on a, on our slide further down. Yeah, so I think I, I mentioned most, most of these numbers. Maybe we can mention also the, the operating cash flow there was positive SEK 34 million. So, so, that's really good. We, we saw some, some good cash flow effect. Obviously, we did see a lot of the sales in Q4 happened in, in, during December, actually.
So I would say that we will see some nice cash flow going into the first quarter here of 2026 as well. But one more number to mention there, of course, is the profit for the full year, of course. Now we can actually get a good PE number coming out from Astor here. So you know, a profit of SEK 40 million compared to SEK 400,000 the previous year. So I'm moving on to the segments here. So obviously you know, industry is still the engine in Astor Group here with most of the sales, SEK 237 million.
We have tech with 126, and now we see starting to see some big numbers coming out from the protect segment as well there with. As mentioned in the report, Ammunity contributed with SEK 38 million just for two months there in the end of the Q4. So for two months, you know, SEK 38 million contributed to that number, and then we got some share of profit from the Nordic Shield Group as well. And then, you know, EBITDA margin, you know, industry maybe were slightly lower than expected at 11%, but on the tech side, there 34% was really good. And very, very good, and protect ended up in 24%.
So here, if you zoom out a little bit and look at quarter-to-quarter or year-over-year on quarters here, we increased by more than 100%, as mentioned, just for the quarter. You know, on the adjusted EBITDA there, it increased by more than 100%, so it's a nice margin effect there as well. So, 130% on the Adjusted EBITDA number compared to last year. Yes, and then now we'll do a deep dive on the order intake. So I'll hand over to you, Mattias.
Yeah. Thank you, Wictor. And as you can see, I mean, the order intake, it varies between the quarters. But I mean, if you zoom out, as Wictor said a couple of times already, I mean, you have to look at the 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. So I think going forward, we will continue to see quite large variations regarding order intake per quarter, but that doesn't mean that we say the financial long term is at risk at any case. But looking, comparing quarter-over-quarter, I mean, that could be difficult.
As a decent defense company, because, I mean, we are relying on a lot of the same regulations that needs to be in place for an order to come. So I think that's-
Yeah. Definitely, yeah. Just to fill in there, you know, as you can see on the right, right-hand graph there. So if you look at the half year numbers, you know, the order intake is increasing. So you have to zoom out a little bit, and it, it's very intermittent in the quarter to quarter.
Yeah. And also, I mean, there are—I mean, an order could also slip through that, that could be, say, just landing in next quarter. That could easily happen in defense.
Yeah. So we move on to Outlook 2026 and beyond here. So I start off here, you know, what's to come in 2026? As I mentioned, the Nordic Shield Group will probably, you know, or expected to outperform here in 2026. They have their Q4 here in Q1, so we, and we own 36.5% of them. So we expect a good contribution from them during the year. And definitely, you know, last year results are laying a really good foundation for this, you know, this continued momentum that Astor is showing now in 2026.
And EW, on the EW side, you know, it's definitely getting more and more attention and, you know, Oscilion is very well positioned for that to take a lot of that growth. And, especially as mentioned, Ammunity, they will continue to contribute, you know, they, they, ammunition is scarce. It will be so for many years, as you all know. So, we expect that the company to have a good performance here in the future years. But, one thing to mention here, of course, that it can be very large variations between the quarters here.
So we need to expect that for your shareholders, that it can be very, you know, it can be very, very intermittent again between the quarters. So that is something to expect here for 2026. And the M&A efforts are obviously something that we continue to work a lot on.
Thank you. Thank you, Wictor. Looking ahead, I mean, we, we remain confident in our 2021 financial objectives. Our growth trajectories, I mean, we are not dependent on the isolated large contracts, which some other peers are, but we have a scalable and repeatable business, and I think that the numbers confirms that. So you could look at the numbers and actually then try to read in actually what kind of Astor Group consists of. And the defense market continues to expand, and we've seen this throughout the year. And there also, I mean, we now also got the latest threat intel report from our our military intelligence agency last, yeah, yesterday. And the threat is high.
The investments in defense are continuing to increase, and as the group are well positioned, and we have a lot of attractive niche segments. So I remain confident in our financial targets for 2028. We have a commercial momentum. The commercial activity remains high across group, which is reflected in the order book. Pipeline is active, we have diversified across the business areas. But as said, we operate with long lead times in the defense industry, and revenue conversion doesn't follow a linear monthly pattern, like, I mean, in some other businesses. The larger we come, the larger the threat is also for more... So we have to take that into account regarding what is being communicated in that sense.
Looking at the procurement processes, yeah, back to the lead times. I mean, working at another defense company, I had five years actually to get the orders. And then when the order came, it was quite a large order. So you have to look at this with some time perspective. That's how we see it from Astor management. The large program is still in definition, approval and budgetary cycles and long lead time from authorities. As said, we remain confident in that we'll be on our way to the financial targets. We continue to monitor our business opportunities, and we have increased our sales force. So now it can be even more active in the business opportunities going forward.
I think we have a next slide. Yeah. This is actually quite the questions we got, we get a lot from our talking to investors, is how the landscape looks like. When Astor, 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 defense is, is Everybody realized that defense is needed. You can't have a sustainable society without defense. So actually, a D is missing in the ESG, yeah, abbreviation, so you should add D to that one. I think a lot of both the governments, but also financial institutions realize this.
Defense is not a fly-by-night something that will go away. We will still see continuation of investment into defense over a very long time because we need it, and we need it to keep the society safe. From our side, since we are in this competitive landscape, but we operate primarily in special and niche segments. We have the technical competence, we have the certifications, and there are high entry barriers. So for us, we actually is a little bit ahead. Still competitive positioned by industrial depth rather than volume positioning. So I remain confident that we will be safe, but of course, competition has increased, and there are more players out there, and there is money flowing into the sector.
But, yeah, going to be an interesting 2026. And 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 to support Europe's defense targets. We're active exploring more markets to be a better partner to our customers, and we're building something great, something lasting, so built to endure. I think it's over to Q&A.
Yes. Wictor, you want to start with the questions you received beforehand by email?
Philip, I think you can, you know, shoot off, and then we can reply, Mattias and I.
Okay. Then I will read out those questions you received beforehand. As said before, we will come to the queue afterwards. So the first question is-
Yeah
... how do you regard your financial objectives for 2028 and ability to reach those in light of that not one single order has been communicated since October 2025?
Yes. So I moved to this slide here where all the pre-submitted-
Oh, okay
... questions are. Yeah, yeah. Do you want to take that one, Mattias, or?
Yeah, I mean, as I said, I mean, we don't rely solely on larger orders. I mean, since the group has grown, also the threshold for more has increased. So you could still, but we—I mean, we have still gotten orders, but during... I'm looking for, as Wictor showed, the order book actually has increased during the half year.
All right. Thank you. I'm going to continue to read them out to create a great kind of a dialogue here, if that's okay for you.
Mm-hmm.
Second one is-
Yeah
... how do you view continued growth through M&A, and how do you plan to finance it?
Yeah, I can reply to that one. So, obviously, M&A is a big part of what Astor is, and I think we showed that in the building momentum slide here. You know, we made five acquisitions last year. We invested in five companies in total. And, it's definitely something that's driving a lot of shareholder value. So, it's a continued priority, and hopefully that will be shown here in 2026. And, we still, as mentioned, we have more than SEK 300 million in M&A and investment firepower. So there, there's definitely room with the current...
With the current debt position we have, that is not very high, and we have this debt line with the Swedbank that we can draw upon. So we have many sources to get capital from. So but of course, if it's a very, very big acquisition, that would probably need some extra financing. But you know, when you have these sort of good numbers coming out, it's yeah you can increase on the debt side as well. So I think I mentioned that in a lot of the previous calls.
Thank you, Wictor. I think that answers the question well. Next one is, how do you assess the competitive landscape currently, and has competition increased recently?
I can take that one. As I said earlier, yes, competition is increasing, but we still see that we have started ahead of the rest. And actually, we have also been... It's very verifiable on our side, actually, how we have supported our companies for their organic growth, and with a home for entrepreneurs that actually want to continue the growth. So, it has increased, but we remain confident we will be safe. Yeah, ahead of the team.
Thank you, Mattias. Next one, a bit more general. What is your view on the current rearmament in Europe and the Russia-Ukraine possible peace negotiations? How would that impact your business?
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 it's time is running. But independently from how the Ukraine conflict with Russia how that Russia's war of aggression to Ukraine ends, the business side on Astor will remain will continue to grow for a number of years. That's how I see it.
All right. Thanks. So, let's continue. Can you give a quick comment on whether procurement processes, also from public authorities, have accelerated, recently?
Yeah. Yeah, I can't say that they have accelerated, actually. It's, 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 km per hour, but actually, all people are on the road at the moment, so it actually goes not at the speed we want.
Okay, understood. Next, are there any bottlenecks or constraints affecting incoming orders, example given, related to production capacity or internal capabilities?
I would say that the bottlenecks are actually on the order laying side, say, on the outside Astor. So I don't see any internal bottlenecks Astor side.
Okay, sounds good. I think the next one, we discussed with the first one already, regarding your 2028 targets, so let's skip that one and continue with what will be the key determining factors for the coming financial year?
Wictor, you want elaborate?
Yeah. Yeah, it's definitely, I think, continuing this momentum, and but especially taking market, I would say. So we increased the top line, and continue, you know, servicing our customers and growing with them and taking new customers. So I think definitely, becoming a even bigger company is the main purpose for this year and, you know, moving us straight on towards the 2028 target as possible.
Perfect. Thank you. Next is regarding drone battery test that was pictured in one of your presentations. The question is, what is your role in this? Says here, the battery is made by Altris, and, as far as the question, he says, they don't manufacture drones either, or is that something you plan to do going forward?
I could try to answer that one. Yeah, yeah, the battery is correctly made by Altris. It was a test. We don't manufacture drones of today, so but this was a procured drone for, yes, for the battery test. I mean, the acquisitions we are looking for, I mean, going forward, I can't really dive into details.
Okay, that's fair. So let's continue. You're currently growing at rapid speed. I mean, you showed it, more than 100% year-on-year top line growth. How do you ensure that you avoid growing pains in the organization and, yeah, make sure that you created synergies instead of that?
We could try together, Wictor. I could start.
Yeah.
I mean, as a rapidly growing organization, growing pains will be here. I mean, actually, I expect them to be here. It's good when entrepreneurial spirit within Astor, I expect to see them. But then, of course, we need to manage them. So 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. But at the moment, I'm expecting growing pains and expect them to be here for a while, so and I'm not too worried about them. Actually, I think it's good, otherwise we will not be able to show the profit and this very strong report to the market.
I'm actually, this is as expected.
All right. Yeah, thank you.
Yeah, and I think, yeah, Philip, I can just add there that that's actually a big selling point for, you know, being part of Astor that we can, you know, drag out the synergies between companies, you know, and really help entrepreneurs that are, you know, overwhelmed with, you know, selling to the defense industry or they have, you know, a workload that is too high. But if we can support that from a mother company, or from the group level, that that's a big selling point of being part of the Astor Group, instead of, you know, running your own business.
I think that's a, that's a good, good point you mentioned there, Wictor. Yeah, very, very good. I think we can combine the next questions we have here. One is, what is your—what are your biggest concerns, risk areas at the moment? And the next one is, regarding 2028 targets, which risks are there on the road to achieve them?
One risk, I mean, of course, there are a lot of risks out there, but one risk could actually be the, say, delay of, 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.
Mm-hmm. All right,
Wictor, you want to, you want to say?
Yeah, of course, yeah, you know, making acquisitions is very important. So, obviously, that is important in 2026 that we continue on that track.
Yeah, that makes, that makes perfect sense. I think the next one, we can skip as well, because you covered that in your presentation already. Next one is on order intake. How is the share of inflow from new customers developing compared to existing customer inflow?
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 and flowing into Astor. So we are strengthening the sales side with improved, say, sales process at Astor.
Perfect. Thanks.
Mm-hmm.
Wictor, you want to add to that or?
No.
Okay. I think the next one as well, we covered previous questions and in the presentation as well. Combining the next two questions, are there any markets or segments that you are actively choosing to avoid? And the other is, which parts of the value chain, do you, yeah, seek to take more control of?
We want to have a stab, Wictor?
Yeah, sure. Yeah, of course, we're, you know, we're looking both, you know, upwards and downwards in the, in the value chain there. So, we're looking at the parts where we can, you know, increase our margins. So, we, you know, if we want to buy a supplier or if we want to, or move into, you know, more production sites or, or whatever, really, in that, you know, for example, in the composite fiber sector, it's definitely—You know, I think we talked a lot about this during the years that we make autoclave-based carbon fiber, which is, you know, highest quality.
We see that the ones that make, you know, less quality, carbon fiber, more, more simple, you know, wet lay up and such, they, they are not as profitable. So, so but, but, but we, we, we want to, we, we, we obviously looking a lot into, how, how we can improve our position in the value chain there. So but that, that is, that is also a big part of being, you know, part of Astor again. So, so we can, we can improve the company, so, so we, we can, for example, in carbon fiber, we, we can use it in our own companies, for example.
So we are, you know, in that sense, you know, using it both on, you know, end customer level and also being a sub-supplier to the big defense giants.
Sounds good. Thank you. Thank you, Wictor, Wictor. Next one. I don't know, I don't know if you can answer that well, but what is, from your perspective, the most underestimated part of your business by the market?
Yeah, I think that's a really good question. I think that our outsized impact actually is ultimately we do a lot, actually, and we have a lot of, say, value add to the forces. So I think we are growing and we will be able to say get customers to know about us. I met a lot of, say, new customers actually outside Sweden, and they say, "Wow, but why have I not heard about Astor before?" And that I think that's a story I would like to continue, be able to get new customers on.
So I think we are a little bit underestimated by the market, by say, since we are so young and on the group, but our businesses are old. So but I think we will see when customers actually understands what Astor could deliver, we will see the business growing.
It makes sense.
Wictor, something you would like to add?
Yeah. No, I agree. I agree.
All right, then let's move to the last question of the pre-submitted questions. It's regarding the 3D printer, Marström. Is it fully set up now? And, does it help you? Do you already recognize it shorten lead times and delivery times?
Yes, it's fully set up. It's in production, but we are able to produce more. So we are not limited by our say machinery and the processes. So if you want, if you have something that you need help with, I mean, we are able to support you. So, but it has reduced the time, and it has also reduced in time in projects which we didn't see. So we are very, we say, very happy that actually we took that investment, but we also... But we have sales still to do.
Very good. Thank you very much, guys. We covered this part of the Q&A, and the participants, we're going to now head over to the quote, unquote, "live Q&A." You can submit questions via the Q&A function. You see that on the bottom of your screen, but you can also ask questions directly via audio. For this, I would ask you to raise your virtual hand, and afterwards, I will give you permission to unmute yourself. I see currently a pair of hands up. The first one is of Robert Waagman. Robert, you can unmute yourself now and ask questions. Robert, are you there?
Testing. Yep, testing. Hello?
Yeah, we can hear you.
Yeah, down the line. So, hello, hello?
Yeah.
Can you hear me?
Yes.
Yeah. Good, good, good.
Yeah.
First of all, good morning. Hello, Mr. [Wictor] and Mattias. It's noticeable that you guys are doing a very good job. I've been following you since two years back. I have tons of questions, but time is short. Mattias, you talked about Europe, you are growing and all that in Europe, but what's going on with Canada and South Korea? You've been in Canada, you visit there with the king, and in South Korea, I know you have a reseller selling Eclipse. So what's going on over there?
Yeah, I think... Thank you, thank you for the question, Robert. We have been, let me say, we are exploring, as I said, we are exploring more markets. We are, we're looking for markets actually, where the culture is similar, where we find both the business partners, customers, and potential M&A targets, where we actually we're looking for, where we have a same perception of both the threat, but also how to do business. So all countries you're mentioning, both South Korea, Canada, is on our list. So yeah, happy to, happy to see. But I don't, I can't disclose any details of... But there are currently two countries, which is on the Astor list. Yes.
In short, something's going on, but you can't talk about it. Wait and see, ain't see nothing yet.
Something like that, yeah.
Okay, fine. That's thank you.
Oh, we can't, we can't hear you, Philip. Yeah.
Excuse me. Next, next question is from Simon Keller. Simon, you can now unmute yourself.
Hi, Mattias. Hi, Wictor. First of all, congrats-
Hello
... on the strong results, and to you, Wictor, I wish you all the best for your future endeavors.
Thank you.
Now to my questions. Firstly, on the order book, yeah, it stood at SEK 420 million, and I assume it's mostly scheduled for delivery in 2026. But 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? And then my second question is on the current order outlook. What book-to-bill do you target for 2026 on a full year basis? And slightly linked to this is a question on Ammunity. First of all, 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 timing for the CapEx that you mentioned and for the sixfold output increase that you can share with us? And then my fourth and final question is on the topic of own work capitalized. Yeah, we saw a normalization, I would say, in Q4 towards SEK 4 million. And my question is: Is this the new run rate going forward, SEK 4 million in own work capitalized in the P&L? Thank you.
Yeah, and maybe-
You start, Wictor?
Yeah, I can start. Yeah, yeah, yeah. So yeah, our order book, you know, is very firm. So historically, I don't know if we have, you know, obviously, maybe we have lost something, but it's very firm. And, you know, we, as said, we expect, you know, more than SEK 400 million to be delivered this year from the current order book. And we are not communicating any, you know, future outlook for, you know, book-to-bill. I think that was what the question was. And then, on the CapEx side, we, as mentioned, with Ammunity, we, last year, we, with the press release, we said that we're going to invest more than SEK 90 million .
And part of that was made already in Q4, and the rest will be here, Q1, Q2, and Q3. And then it will be, you know, up and running. And 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. And I expect it to be, you know, 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-
Did we cover all the questions, Simon, or is there anything left you need to?
No. All questions covered. Thanks.
Perfect. Thank you very much for your questions, Simon. Right now, we do not see any raised hands, so let's continue with the questions we have in the Q&A here. So regarding your guidance that NSG is expected to output from next year, can you yeah, give us a bit more color on what what you built that statement on?
Yeah, I think it's... This quarter report, we, we have mentioned, you, you can see there in the- in italic, next to the, to the charts related to order intake and order book. You can see that they have an order book above SEK 400 million. So, so, and a very good order intake, obviously, here in Q4 2025. So obviously, we, we expect them to continue to deliver here for this year. So, so we, we definitely see from those numbers, that, that they, they are likely to, you know, outperform here in 2026.
That makes sense. Thank you, Wictor. Next up, how much of the order book is framework agreements and how much is via firm purchase orders?
Yeah, I would say, obviously, you know, Ammunity coming in, that's more of a, you know, a framework order that they have. But otherwise, it's, we don't, you know, give any too much details about that. In general, it's all firm orders.
Okay. Understood. And, continuing with your-
I think that's important also. I mean, that our order book is not one large contract. It's built up of many, many, say, different smaller pieces, so which make us, we say, it's visible for our side. It's not one large contract that could-
Yeah
... that could slip. It's actually built up over many, many small pieces.
That's, I think, very important to mention. Let's continue on order book. What proportion has committed delivery schedules for this year? And another question on the order book, how much is private customers versus defense agencies?
I could start with the last part, actually. We don't go into details of, let's say, those numbers. But you want to say, elaborate on the first part, Wictor?
Yeah. How much is defense?
No, no, I mean, we, we don't-
Sorry
... go into that details regarding private versus defense.
No, exactly. Exactly.
But I think the question was too slow, Philip.
Yes, yes. So the one was, what, what is defense agencies versus private customers, and the other is how much is scheduled for or committed for 2026.
Yeah, I think we already mentioned what's, you know, it's above 400 for 2026.
Okay.
I think, yeah, as Mattias said, we don't communicate that. But obviously-
Mm
... you know, Ammunity, they only make, you know, military ammunition, but we see a possibility to make civil ammunition there. So, there's a lot of military coming in on top of what we did before ammunition.
Mm-hmm. Another question from Georg here. "What is the historical conversion rate from order intake to sales?
Yeah, I think it is very high. I, I don't know that we have lost anything that, that's, that-
We have not lost them. I have the numbers from August 2024 when I joined, and we have not lost anything since then, at least.
All right. I mean, that's very good. We only have a couple of minutes left and two questions remaining, so I would say we continue with the next one. Can you say anything about the progression of Astor IV or Astor V?
Yes, the Astor V, we would like to have, we have Astor IV as of today. It's as we have communicated, we're doing testing, and currently it's doing for, we say, up here for assessment regarding how we will continue with the project. So I can't dive into details.
Okay, fair, fair enough. Then let's dive into the last question we have here. Investments throughout the year have been mostly put into tech. Could you maybe elaborate how it's going, and is there still interest in Eclipse?
Yes. Eclipse, our drone jammer, we have been, I think we started to build that product end of 2023 on a direct request from Ukraine Armed Forces. Been active in development and say down in Ukraine to test. And currently we are on the fourth edition. We have done some pre-series of the product, and we are now say ready to take on a serial production. So as Wictor stated earlier, the EW market is growing a lot. We currently see the Oscilion EW Systems, which grown to SEK 50 million last year, to be very well positioned to continue. We have rebuilt the team. We have a new digital full digital platform.
We are, we say we know, we know the domain. We have seen the threat in Ukraine, and we are, say, we have all, all of the check boxes, almost, say, yeah, completed, you know, in order for the continuation. But as I think I said this when I joined Astor Group, that EW is the most complicated domain we could sell business- you could do business in, because you have to have first a license to sell, then you have to have the trust for all the parties. And on top of that, you have to have the product that actually is better than the competitors. It's- this is not the normal business, but when you have orders in this sector, it will be long term.
You will be there for, for many, many years. So you could... I think you could look at the numbers which we, for the revenue for Oscilion EW Systems separately, and then you could go from there and try to build, let's say, yeah, the future of Oscilion EW Systems. But I'm confident we will, like, get there.
Thank you, Mattias. So although we received some further questions in the meantime, we have to make a cut here. It's 10:00 sharp. So from my side, thank you guys for the presentation and answering all those questions. Thank you to all the participants for taking part in this call. And as always, guys, I would love to hand over the word to you for some final remarks for the audience.
Yeah. I would first like to thank you, Wictor, and the whole team behind Astor. This report would not have been 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 haven't heard of. So 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 we'll still be doing interesting stuff going forward. So that will be a final remark from me. Wictor?
Yeah. Thank you. I don't have any extra to add.
Perfect. And thank you again, and take care. Bye-bye.
Bye-bye.
Bye-bye.