Original-Research: Scandinavian Astor Group AB (von NuWays AG): BUY

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Original-Research: Scandinavian Astor Group AB - from NuWays AG

27.05.2025 / 09:00 CET/CEST

Dissemination of a Research, transmitted by EQS News - a service of EQS

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The issuer is solely responsible for the content of this research. The

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invitation to conclude certain stock exchange transactions.

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Classification of NuWays AG to Scandinavian Astor Group AB

Company Name: Scandinavian Astor Group AB

ISIN: SE0019175274

Reason for the research: Update

Recommendation: BUY

from: 27.05.2025

Target price: SEK 40.00

Target price on sight of: 12 months

Last rating change:

Analyst: Henry Wendisch

Keeping the news flow up, decisive order and team add

Topic: Last week, Astor's subsidiary Oscilion received a first commercial

order for its drone shield system "Astor Eclipse" and also announced Emelie

Agnedal as a new board member (Chief Business Development Officer) starting

on 1st Sept'25. Here is our take:

Milestone order for Astor Eclipse. Following a trial order in 2023 by an

undisclosed customer, Oscilion seems to start commercialization of the C-UAS

product (simply put: "drone shields") Astor Eclipse, as an order from an

undisclosed country in the Western world worth SEK 21m was received last

week. Next to the electronic warfare (EW)system itself, the order also

includes training and technical support. With short lead times (Oscilion

entered into an agreement for serial production with a third-party

manufacturer in Nov '24), deliveries will begin this summer and should be

completed by Y/E'25e. Although no more information were disclosed, we regard

this order as an important milestone for Astor with potential follow up

order from the same customer in the cards. The fact that training and

technical support were also part of the order and that it had a comparably

low order volume (SEK 21m = EUR 1.9m), suggests that the implementation of

Astor Eclipse for the customer's armed forces could only just start, in our

view. A new era of warfare, which is based on the intense deployment of UAS

("drones"), evidenced by the Ukraine war, shows the need for effective

C-UAS, especially among Western world's armed forces. Therefore, the

adoption of one customer in the Western world, might also suggest that many

other NATO members adopt the technology for their armed forces, also to

fulfil common NATO standards. In our view, Astor Eclipse therefore comes at

the right time and could rightfully be called a "blockbuster product", as

CFO Billström commented during Q1's earnings call.

Emelie Agnedal to become CBDO. Astor expands its management board by hiring

the engineering physicist (MSc) Emelie Agnedal to oversee the group's

business development & strategy as of 1st September 2025. Having previously

worked at MilDef as Director of BD, in leading roles at the Swedish military

procurement agency FMV and at AFRY as a technical consultant for EW and

communications, she brings extensive experience and a broad network to

Astor.

Astor continues to keep the good news flow. We therefore reiterate our BUY

recommendation, despite our PT of SEK 40.00 (in which no potential and

recently announced M&A is baked in yet) being close to the current share

price.

You can download the research here: http://www.more-ir.de/d/32732.pdf

For additional information visit our website:

https://www.nuways-ag.com/research-feed

Contact for questions:

NuWays AG - Equity Research

Web: www.nuways-ag.com

Email: research@nuways-ag.com

LinkedIn: https://www.linkedin.com/company/nuwaysag

Adresse: Mittelweg 16-17, 20148 Hamburg, Germany

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2145866 27.05.2025 CET/CEST

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