Fjord Defence Group Asa · OSL:DFENS
Fjord Defence Group Asa — Merger or Acquisition (May 2025)
23 slides from Fjord Defence Group Asa's merger presentation, May 27, 2025
Slide 1: Company Presentation: Acquisition of Fjord Defence AS and strategic repositioning
Company Presentation Acquisition of Fjord Defence AS and strategic repositioning 27 May 2025
Slide 2: Disclaimer
Disclaimer The information in this presentation has been prepared by Aquila Holdings ASA (the “Company”). The presentation is intended for information purposes only and does not itself constitute, and should not in itself be construed as, an offer, invitation or recommendation to purchase, sell or s
Slide 3: Aquila acquires Fjord Defence and repositions Aquila as Fjord Defence Group
Aquila acquires Fjord Defence and repositions Aquila as Fjord Defence Group - a defence compounder under new leadership • Aquila Holdings ASA has entered into an agreement to acquire 99% of the outstanding shares of Fjord Defence AS • Enterprise Value NOK ~178.2m including net debt of NOK 8m • Equit
Slide 4: Investment highlights
Investment highlights I Differentiated Buy and Build strategy as a listed Defence compounder II Strong market tailwinds III Seasoned management team with skin in the game IV Fjord Defence acquisition creates a strong starting point V Positioned for high growth in revenue and profit 4
Slide 5: Buy & Build strategy with focus on established, profitable businesses
Buy & Build strategy with focus on established, profitable businesses Revenue Scenario in 3-4 years (NOKm) Buy & Build Strategy • Fjord Defence Group looking to acquire companies within Defence, Realistic EBITDA margins of 12-15% for fairly capital light business models Security & related segments w
Slide 6: Management with extensive defence expertise and skin in the game
Management with extensive defence expertise and skin in the game CEO: Jon Asbjørn Bø CFO: Øyvind Mølmann CEO, Fjord Defence: Harald Lunde ~38m shares ~26m shares • Founder and Chairman of the • Interim CFO, Hesselberg AS • MD, Business development, Fjord Board, Fjord Defence AS 2017- • CFO of Selmer
Slide 7: Fjord Defence: A profitable and fast-growing niche player
Fjord Defence: A profitable and fast-growing niche player Profitable since 2020 with About Fjord Defence Strong revenue growth (NOKm) increasing margins (NOKm) 140 Pre-Tax Profit (LHS) Pre-Tax Profit % (RHS) • Norwegian enterprise established in 2017 by founders/ 120 management with extensive experi
Slide 8: Fjord offers advanced platforms for next-gen weapons systems
Fjord offers advanced platforms for next-gen weapons systems1 Ground Vehicle Maritime Miscellaneous Light Tripods Roof Top Systems System Solutions for MMG Sight Brackets Mounts Skate Mounts System Solutions for HMG Ammo Box Holders 1) Selected products from a broad product portfolio 8
Slide 9: Leveraging Technology for sustained competitive edge
Leveraging Technology for sustained competitive edge State of the art technology… …Leading to a superior competitive edge • Fjord Defence’s unique recoil dampening mitigation system gives • Fjord Defence is one of the market leaders in Europe in the weapons consistent rate of fire and good weapon fu
Slide 10: Experienced product developer with customer-oriented approach
Experienced product developer with customer-oriented approach Extensive product development expertise and experience Customer-centric with multiple joint development projects • Extensive experience and deep expertise in the development of products • Fjord Defence has ongoing off-set agreements with
Slide 11: Strong momentum across all financial metrics
Strong momentum across all financial metrics Revenue development since 2020 (NOKm) EBITDA development (NOKm) 140 EBITDA (LHS) EBITDA Margin (RHS) 30 25% 120 25 20% 100 87 20 80 15.4 15% 60.5 15 60 10% 10 7.6 40 24.8 24.9 3.8 5% 15.4 5 3.2 3.2 20 0 0 0% 2020 2021 2022 2023 2024 2025E 2020 2021 2022 2
Slide 12: Step-change in demand growth from Europe and NATO
Step-change in demand growth from Europe and NATO Market Drivers: European & NATO Defence Spending Defence spending development Structural shift in European defence budgets 40% Share of defence expenditure spent on equipment % 35% • European countries are undergoing a long-term structural shift in d
Slide 13: Fjord Defence's markets are just entering a multi-year upcycle
Fjord Defence's markets are just entering a multi-year upcycle Increased defence spending thus far has mostly benefited established players We are on the cusp of entering a super cycle for niche defence players • Following Russia’s invasion of Ukraine defence spending has followed a typically • Mark
Slide 14: Strong balance sheet creates ample capacity for growth
Strong balance sheet creates ample capacity for growth Fjord Defence Group pro forma1) balance sheet Comments to balance sheet and liquidity position 31.3.2025 (NOKm) 532.1 532.1 • Aquila reported available liquid funds of USD 6.6m on 31 March 2025, ST liabilities; 48.2 consisting of bank deposits a
Slide 15: Investment highlights
Investment highlights I Differentiated Buy and Build strategy as a listed Defence compounder II Strong market tailwinds III Seasoned management team with skin in the game IV Fjord Defence acquisition creates a strong starting point V Positioned for high growth in revenue and profit 15
Slide 16: Appendix
HOLDINGS APPENDIX
Slide 17: Shareholder Overview
Shareholder Overview1) Aquila Shareholders as per 6th of May 2025 Aquila Shareholders after Acquisition and Private Placement2 # Name Shares % ownership # Name Shares % ownership 1 INVESTERINGSFONDET VIKING AS 23 717 632 11.0 % 1 AS Saturn 37 602 784 8.1 % 2 F2 FUNDS AS 20 846 200 9.7 % 2 Trigger AS
Slide 18: Product Portfolio Examples
Product Portfolio Examples MAG mount for Mercedes trucks for Lithuania Top-roof system truck FMV Sweden Pedestal with ballistic shield Vittoria Weapon integration on Goldfish RIB Shipyard Italy HMG on Defenture 4x4 NL Skatemount mount on Mercedes truck Tripod and HMG Mount DK Integration MAG on CB 9
Slide 19: Countries sold to, user nations of Fjord products
21 COUNTRIES SOLD TO, 18 USER NATIONS OF FJORD PRODUCTS NOR SWE DKN FIN USA CAN GER NL CH AUS GBR LAT LIT EST IT SP POR SLV Malaysia Singapore South Africa 19
Slide 20: Aquila Legacy assets supports NOK ~1.2 pre-transaction NAV/share
Aquila Legacy assets supports NOK ~1.2 pre-transaction NAV/share Financial Assets and Net Asset Value / share, per 31 March 251 (NOK) Multi client Library Investments 0.15 1.22 0.17 -0.10 1.00 Utsira North Sea Gulf of Suez USD 17.2m USD 3.3m (84%) (16%) Highlights from Q1 2025 Highlights from Q1 202
Slide 21: Overview of bank debt facilities
Overview of bank debt facilities NOK 25m Term Loan NOK 30m M&A Loan (“Hunting License”) NOK 30m (20+10) Overdraft Facility Amount • NOK 25 million • Up to NOK 30 million • NOK 20m +10m (seasonal overdraft) Interest • Competitive margin, payable quarterly in arrears • Competitive margin, payable quar
Slide 22: Fjord Defence Group Pro Forma Balance Sheet 31 March 2025
Fjord Defence Group Pro Forma Balance Sheet 31 March 20251 Assets NOKm • Pro Forma balance sheet is based on the balance sheets of Aquila Long-term assets Holding ASA and Fjord Defence AS as of 31 March 2025, adjusted for the Total Intangible assets 147 576 terms of the transaction, settlement of th
Slide 23: Askekroken 11 0277 Oslo Norway
Askekroken 11 aquilaholdings.no 0277 Oslo copyright © 2023 Norway Aquila Holdings 23
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