Slide 1: Doubled net sales, ATH order intake and focus on increased delivery capacity
* October 23, 2025 J d DOUBLED NET SALES, al ATH ORDER INTAKE AND > FOCUS ON INCREASED X DELIVERY CAPACITY \ ‘ » : ' , ~\ Daniel Ljunggren Olof Engvall Pe Ga \ President & CEO Head of IR .
Slide 2: The MilDef Universe
| \THE MILDEF UNIVERSE (| ni M1 Provider of tactical IT-solutions Founded-1'997 — History matters! = IPO June 4, 2021 4] = 46,000 shareholders a = +460 employees in 10 countries The Fortress. HQ-and production facility in Helsingborg
Slide 3: A Strong, Multi Domain Offering
A STRONG, MULTI DOMAIN OFFERING Products and solutions that enables data driven defense, where the stakes are the highest. ARMY NAVY AIR & SPACE ASMILDEF
Slide 4: Highlights Q3
HIGHLIGHTS Q3 ™ ATH order intake, +119% ™ Doubled net sales, +116% ™ High underlying gross margin excluding M&A ™ Strong order backlog for 2026, +142% ™ Moved deliveries in Q2 was mostly delivered in Q3 ™ Several contracts won of strategic importance ™ Capacity ramp-up accelerating — buildings, peop
Slide 5: Business News
BUSINESS NEWS Q3 press releases Q4 press releases NATO Support and Procurement Agency (NSPA) FMV orders software, hardware and integration services, worth 139 (203) MSEK roda signs contract with German cyber security company secunet L3Harris Order from Bastionen. roda received First hardware roda re
Slide 6: Key Figures Q3
KEY FIGURES Q3 040 NET SALES, SEK M +116% growth YoY The positive trend for MilDef continued during the third quarter of 2025 and net sales reached an ATH for a single quarter. Organic growth amounted to 36% and acquisitions to 80%. 84.6 ADJUSTED EBITA, SEK M +172% growth YoY Adjusted EBITA grew by
Slide 7: Financial Summary
Slide 8: Order backlog, MSEK
Order backlog, MSEK 4 000 3 500 3 000 2 500 2 000 1 500 1 000 500 0 2021 2022 2023 2024 LTM
Slide 9: The MilDef Footprint
THE MILDEF FOOTPRINT MilDef offices are located in the Nordics, Germany, France, UK, USA, Australia & local partners on the other key markets *LTM rounded (Last 12 months). Other countries 6% (+2pp) AAMILDEF WE ARMOR TT
Slide 10: LTM net sales and EBITA
2,0 3 200 2 962 1,76 3 000 1,8 2 800 2 600 1,6 2 400 1,4 2 200 2 000 1,2 1 800 1 600 1,0 1 400 0,8 1 200 1 000 0,6 800 600 0,4 400 0,2 200 0 0,0 2021 2022 2023 2024 LTM 2021 2022 2023 2024 LTM
Slide 11: Backlog 2025 Q3 by year
1 446 Backlog 2024 Q3 Backlog 2025 Q3 666 852 852 543 666 597 543 397 381 1 446 252 Current year Year 2 Year 3 After year 3
Slide 12: Gross margin by quarter
50% 49,4% 49,4% 49% 49,1% 49,0% 48,9% 48,3% 48% 47,7% 47,6% 47,7% 47,6% 47% 47,0% 46,5% 46% 45% 44% 43% 42% 41% 40% Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 2024 2025
Slide 13: Quarterly net sales
200 196,5 180 160 140 130,7 126,6 120 100 80 60 40 20 0 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 2024 2025
Slide 14: Inventory, Other Net WC and Net debt/EBITDA
6 5,7 700 45% 40% 600 4 38,9% 35% 3,5 500 2,9 30% 2,6 2,6 2,4 2,2 2,1 400 2 2,0 25% 1,8 1,4 300 20% 15% 200 0 10% 100 5% -1,7 0 0% -2 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2022 2023 2024 2025 2023 2024 2025 Inventory Other Net WC % of Net Sales LTM Net debt/EBITDA,
Slide 15: Status roda Q3
ils STATUS RODA Q3 ™ Solid Q3-figures - strong order intake ™ Integration project ongoing with focus on realizing commercial synergies ™ Roda has won largest call off order with Bundeswehr, worth 212 MSEK (D-LBO contract) ™ Proves rodas strong position on the German market and good end-user reputati
Slide 16: Future Outlook
Slide 17: Growth Priorities
17 GROWTH PRIORITIES SCALING UP = Capacity ramp-up = Empowered workforce = Increased facility capacity = Cost-efficient way = Process excellent mindset = Data-driven capabilities As CLIMB VALUE CHAIN Prime contractor Turn-key solutions Increased barriers to enter Improved margins Deliver on customer
Slide 18: Strong Outlook for the Future
18 Bw #. STRONG OUTLOOK FOR THE FUT High demand landscape Demand expected to remain strong +10 years Digitalization & Connectivity Defense tech super cycle is here Decade of trust in defense domain MilDef has a field proven portfolio and is a well-trusted supplier and partner in the domain y URE aie
Slide 19: IR Calendar
Follow our journey on ‘in| IR CALENDAR Year-end 2025 — February 5, 2026 Q1 2026 — April 23, 2026 AGM 2026 - May 21, 2026 Q2 2026 — July 16, 2026 Q3 2026 — October 22, 2026 ASMILDEF