Slide 1: Q1 2026
Q1 2026 Daniel Ljunggren Viveca Johnsson CEO CFO
Slide 2: Agenda
Agenda 01 Highlights 02 Financials 03 Roda progress 04 Summary 05 Q&A 2
Slide 3: Highlights Q1
Highlights Q1 • Record-high order intake driven by high customer demand • Strong delivery execution • Continued margin improvement • Significant improvement of cash generation • Strategic contracts secured within our solutions offering • Investments in capacity expansion still at a high level 3
Slide 4: Key figures Q1
Key figures Q1 708 121.6 1,085 159.3 Net sales, SEK m Adjusted EBITA, SEK m Order intake, SEK m Free cash flow, SEK m +108% growth YoY +675% growth YoY +169% growth YoY -75.2 SEK m Q1 2025 ATH net sales in a Q1 due to Adjusted EBITA-margin Q1 Order intake grew by 169%. Strong cash flow generation du
Slide 5: Operational highlights
Operational highlights Construction of new Decision to expand HQ & Several large system We have now reached the assembly space, adding up production in Helsingborg. engineering contracts, “one-year milestone” with to 50% more assembly area. Online no later than fall towards both B2G & B2B roda in th
Slide 6: Agenda 02 Financials – CFO Viveca Johnsson
Agenda 01 Highlights 02 Financials – CFO Viveca Johnsson 03 Roda progress 04 Summary 05 Q&A 6
Slide 7: A fast growing defense tech company
A fast growing defense tech company 3,875 94% 4,051 SEK million in order intake, LTM Order intake Growth, LTM SEK million in order backlog, +46% LTM 1.61 84% 514 Book-to-bill ratio, LTM Net Sales Growth, LTM Employees FTE, +10% LTM Order Intake SEKm Order backlog SEKm 4 000 4 000 3 500 CAGR: 46% 3 5
Slide 8: Continued strong order intake & stable book-to-bill
Continued strong order intake & stable book -to-bill Order intake growth journey LTM Book-to-bill ratio development LTM (SEKm) 4 000 3 875 2,0 3 500 1,61 3 000 1,5 2 500 2 000 1,0 1 500 1 000 0,5 500 0 0,0 2022 2023 2024 2025 LTM 2022 2023 2024 2025 LTM 8
Slide 9: Backlog duration
Backlog duration Duration of the order backlog (SEKm) per March 31, 2026, Order backlog (SEKm) duration compared to same time last year based on planned deliveries Beyond 2000 1881 2028* 362 (52) 1500 2028* 635 1174 (96) 1 881 2026* 1000 (791) 635 500 362 1 174 (377) 0 2027* Year 1 Year 2 Year 3 Aft
Slide 10: Net sales & gross margin development
Net sales & gross margin development Net Sales, SEKm, LTM Gross Margin, %, LTM +84% 2 414 60% 2 500 55% 53,5% 54,0% 2 000 50,8% 51,7% 50% 49,1% 49,4% 49,4% 49,8% 48,3% 49,0% 48,9% 47,6% 47,7% 47,6% 46,5% 45% 45,0% 44,4% 1 500 1 308 40% 1 100 1 000 35% 33,7% 32,6% 32,4% 30% 30,8% 30,4% 500 25% 0 20%
Slide 11: Further increased profitability (EBITA)
Further increased profitability (EBITA) Adjusted EBITA, SEKm, LTM +133% 400 382,2 350 300 250 200 164,1 150 112,9 100 50 0 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2023 2024 2025 2026 11
Slide 12: Positive working capital & net debt development
Positive working capital & net debt development Net Working Capital Net Debt / EBITDA SEKm 4 800 45,0% 700 40,0% 3 2,9 35,0% 2,6 2,6 600 2,4 2,2 2,1 30,0% 2 2,0 2,0 500 1,8 25,8% 25,0% 1,4 400 20,0% 1 1,1 300 15,0% 200 10,0% 0 100 5,0% 0 0,0% -1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 -1,7 2023 2024 202
Slide 13: Sales footprint
Sales footprint Nordics 44% sales* North America 8% sales* Europe 45% sales* 13 *LTM rounded (last 12 months). Other countries 3%
Slide 14: Agenda 03 Roda progress – CEO Daniel Ljunggren
Agenda 01 Highlights 02 Financials 03 Roda progress – CEO Daniel Ljunggren 04 Summary 05 Q&A 14
Slide 15: Roda progress Q1
Roda progress Q1 • Now +12 months within the MilDef Group • Continued strong order intake development • roda has been an important part of MilDef’s growth and improved profitability LTM • Integration going according to plan • Our investments into increased capacity expansion also applies for Germany
Slide 16: Agenda 04 Summary
Agenda 01 Highlights 02 Financials 03 Roda progress 04 Summary 05 Q&A 16
Slide 17: Summary
Summary • Record-high order intake driven by high customer demand • Strong delivery execution in Q1 • Higher volumes drives improved margins • Continued investments in capacity expansion, supported by a strong long- term demand • Record-high order backlog >4b SEK 17
Slide 18: Agenda 05 Q&A
Agenda 01 Highlights 02 Financials 03 Roda progress 04 Summary 05 Q&A
Slide 19: Coming up:
Q&A Coming up: AGM 2026 May 21, 2026 Q2 2026 July 16, 2026 Q3 2026 October 22, 2026 Q4 2026 February 4, 2027 19
Slide 20: MilDef - We armor IT.
AS MILDEF WE ARMOR IT.