Slide 1: Interim Report Q1 2026
C Y B E R S E C U R I T Y S O L U T I O N S M A D E I N S W E D E N Interim Report Q1 2026 January – March 2026 John Vestberg, CEO and David Nordström, CFO
Slide 2: Disclaimer
Disclaimer This presentation may contain forward-looking statements. Such statements are based on our best assessment at the time of the presentation and are subject to risks and uncertainties that could materially affect our business and results. Clavister expressly disclaim a duty to provide updat
Slide 3: Q1 2026 in Summary – Strong Start to the Year
Q1 2026 in Summary – Strong Start to the Year Major defence contract awarded Strong revenue growth Significant improvement in profitability Robust order backlog and future visibility 35 % 6% 21 % Net Sales ARR Adjusted EBITDA Growth Growth Margin
Slide 4: Geopolitical Drivers
Geopolitical Drivers Geo-political development continues to be a strong growth driver for our market. Increased security tensions and focus on European digital sovereignty. Creates structural and sustainable demand for European cybersecurity. Prospect customers transitioning to concrete tech
Slide 5: Solid Foundation in Civilian Business
Solid Foundation in Civilian Business Civilian business a central part of our long-term growth strategy. Focus on gradually establishing Clavister within strategic customer segments, partnerships and geographical markets. An investment which builds the foundation and creates conditions for hig
Slide 6: Awarded Tactical Networking Contract from NDMA
Awarded Tactical Networking Contract from NDMA Significant contract award from Norwegian Defence Materiel Agency (NDMA). Part of the Norwegian digitalisation programme “Mime”. Break-through in tactical communication and Nordic defence. Concerns development and delivery of Clavister’s proprie
Slide 7: Norway's Extensive Experience and Learnings
Norway’s Extensive Experience and Learnings L E A D I N G U P TO A N E X T - G E N E R AT I O N N ATO S O LU T I O N M I M E P RO G R A M Development and Development and RFI RFP Deployment of first delivery of new next- Tactical Core Network generation NATO System FMN compliant TCNS Decision to invi
Slide 8: Clavister Tactical Core Network System
COMBAT CLOUD SATELLITE COMMUNICATIONS TACTICAL RADIO HEAD QUARTER 4G/5G Clavister TACTICAL COMMAND POST Tactical Core MANET Network System ( TC N S ) TACTICAL TACTICAL UNITS EDGE The brain of the network – ensuring best possible connection at all times, from the soldier to the cloud. Interoperable w
Slide 9: Clavister TCNS – Interconnecting all Systems
Clavister TCNS – Interconnecting all Systems BATTLE MANAGEMENT SYSTEMS CLOUD Sitaware TAK NorBMS SAAB SLB Fires Applications Frontline/HQ ATAK Clavister Tactical Core Network System (TCNS) TACTICAL RADIO OTHER CONNECTIVITY Fixed Kongsberg Elbit Bittium TrellisWare 4G/5G SATCOM Network 9 PUBLIC
Slide 10: Clavister TCNS – Operational Benefits
Clavister TCNS – Operational Benefits N O R D I C E N V I R O N M E N T. VA S T W I L D E R N E S S , C O L D, LO N G D I S TA N C E B E T W E E N U N I T S . Always Nationwide Inter- Global Connected Comms operability Access Always connected using Reach anyone, anywhere, and Interoperability betwee
Slide 11: Defence Sector – Recovery in the Supply Chain
Defence Sector – Recovery in the Supply Chain The supply chain challenges within the defence sector – negatively impacting Q4 2025 – have been substantially mitigated in Q1 2026. We continue to closely monitor the development to ensure long-term stability going forward.
Slide 12: Record Order Intake
Record Order Intake Order Intake amounted to 312.9 (110.3) MSEK, +183.6 % Y/Y. Strongest order intake quarter to date. Strategic contract with Norwegian Defence Materiel Agency significant contributor. 640 MSEK Order Book
Slide 13: Strong Net Sales Growth
Strong Net Sales Growth Net Sales amounted to 71.8 (53.4) MSEK, +34.6 % Y/Y. Strong revenue contribution from defence deliveries. 18 Consecutive Quarters of Y/Y Growth
Slide 14: Civilian vs Defence Sales
Civilian vs Defence Sales Net Sales relating to defence business amounted to 32.5 (7.6) MSEK, +329.3 % Y/Y. Civilian business stands at 70 % vs defence business at 30 % of total Net Sales on an LTM basis.
Slide 15: Continued ARR Growth Trend
Continued ARR Growth Trend ARR balance 142 MSEK per end of quarter., +5.9 % Y/Y.
Slide 16: Solid Gross Profit Increase
Solid Gross Profit Increase Gross profit amounted to 59.0 (40.7) MSEK, +45 % Y/Y. Gross margin remained strong despite high sales growth. Sound balance of software and hardware in the product mix. 81% Gross Margin
Slide 17: Operating Leverage
Operating Leverage OPEX amounted to -53.3 (-43.5) MSEK. Adjusted for non-recurring expenses, structural OPEX increase amounts to 11 % Y/Y – representing build-up of sales and delivery capacity.
Slide 18: Encouraging Profitability Development
Encouraging Profitability Development Adjusted EBITDA improved to 15.1 (6.8) MSEK – adjusted EBITDA margin of 20.6 (12.6) %. Adjusted EBIT improved to 3.6 (-4.2) MSEK. Net Result amounted to 1.4 (3.2) MSEK. Q1 2025 positively impacted by FX effects from long-term borrowings (EIB).
Slide 19: Outlook
Outlook Europe is rapidly moving toward increased digital and military sovereignty. Structural growth opportunities in both civil and defence-related cybersecurity. Large order backlog, strategically important contracts, and a strengthened financial position Clavister is well prepared for th
Slide 20: Q&A
CLOVISTer QaA
Slide 21: Thank you for your participation
Thank you for your participation - hope to see you again at our Q2 2026 interim presentation!