Argo Defence Group Ab (publ) · NGM:ARGO
Argo Defence Group Ab (publ) — Investor Presentation (December 2025)
20 slides from Argo Defence Group Ab (publ)'s investor presentation, December 2025
Slide 1: Company Presentation
Company Presentation December 2025 STRICTLY PRIVATE AND CONFIDENTIAL
Slide 2: Disclaimer
Disclaimer THE INFORMATION CONTAINED IN THIS PRESENTATION IS STRICTLY CONFIDENTIAL. ACCORDINGLY, THE INFORMATION INCLUDED HEREIN MAY NOT BE REFERRED TO, QUOTED OR OTHERWISE DISCLOSED BY YOU, NEITHER DIRECTLY OR INDIRECTLY NOR WHOLLY OR PARTLY. BY REVIEWING THIS INFORMATION, YOU ARE ACKNOWLEDGING THE
Slide 3: Legal structure
Legal structure Overview of the current legal structure Founders and Others Management 71% 29% Markus Selme CEO 100% 100% 100% 100% 100% Mariem Butler Markus Selme Fredrik Johnsson Isabelle Selme Patrik Gustafsson CEO CEO CEO CEO CEO Awaiting ISP approval for completion; following completion, Zel- A
Slide 4: Board of Directors & Management team
Board of Directors & Management team Reputable Board of Directors supporting management team Board of Directors Lars Granbom Anna Höjer Magnus Ericsson Mariem Butler Markus Selme Chairman of the board Board Member Board Member Board Member Board Member Management team Markus Selme Mariem Butler Fred
Slide 5: Argo Defence – a growth-oriented defence company
Argo Defence – a growth-oriented defence company Company overview Argo Defence in brief Financial development Geographical footprint SEKm • A defence company rooted in mission-critical operations 18 0 16 0 141 150-165 35% 30% 14 0 • Primarily focuses on procurements, supply sourcing, and delivery of
Slide 6: Argo Defence's product and service catalog
Argo Defence’s product and service catalog Selection of products and services Defence materiel 68% %, revenue FY25 YTD1 Medical equipment for Radio linked Technical spaces Cold storage Power solutions intensive care & training antennas and cabinets within healthcare Counter-explosive risk solutions
Slide 7: History of Argo Defence
History of Argo Defence j FIRST FRAMEWORK AGREEMENT FOUNDING & REGISTRATION BUILDING KNOWLEDGE CLEAN UP SCALE-UP FUTURE WIN & MOMENTUM 1998-2005 2008-2012 2015-2021 2022 2023-2024 2025- Consultancy focus Procurement focus Source: Company information Strictly private and confidential 7
Slide 8: Sweden's defence spending drives growth in military procurement
Sweden’s defence spending drives growth in military procurement Investments in equipment and personnel create opportunities for suppliers like Argo Defence Two decades of underspending in Swedish military expenditure… Swedish military spending (% of GDP) 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% 1960 2000 2026
Slide 9: Argo Defence is a uniquely positioned defence company
Argo Defence is a uniquely positioned defence company The company's current position, combined with its exposure, presents a unique opportunity for substantial growth Example of a defence materiel procurement and Argo Defence’s position Participant Requirements Won / Lost Other observations Document
Slide 10: Diversified contract portfolio with high-value and long duration contracts
Diversified contract portfolio with high-value and long duration contracts Overview of the current Framework agreements1 Framework agreement current status Framework portfolio summary Counter-explosive contract portfolio SEKm SEKm 156 862 706 11 SEK 78.4m Framework Avg. framework agreements agreemen
Slide 11: Tender tracking
Defence Materiel Clear process to keep track of new potential procurements Leveraging industry events, network & internal knowledge, and software to target the right procurements # of potential procurements/year Total number of defence-related ~300 procurements per year in Sweden within Yearly SOFF
Slide 12: Market leading hit-rate
Defence Materiel Airfield Operations Market leading hit-rate With a proven model, Argo Defence is a market-leader in winning tenders, losing mostly due to size-related criteria1 Tender overview Tenders won Tenders lost 13 10 10 8 8 7 6 6 6 3 5 5 4 4 4 5 2 1 2 2 4 6 5 4 4 4 4 4 3 2 2 1 2015 2016 2017
Slide 13: Development projects
Defence Materiel Execution after winning a procurement Two main types of projects for delivering won procurement Payment upon each Partial delivery Partial delivery Partial delivery partial delivery Supplier Supplier Supplier Quality Standard project assurance First partial delivery ~3-4 months Won
Slide 14: Guidance and financial targets
Guidance and financial targets 2025 guidance Medium-term financial targets Organic revenue growth: Revenue: >20% per year SEK 150-165m With individual years potentially affected positively or negatively by the (18-30% YoY growth range) timing of customer orders. In addition to organic growth, the co
Slide 15: EBITDA-positive with strong momentum going forward
EBITDA-positive with strong momentum going forward EBITDA development 2023-Q3’25 YTD1 EBITDA by business area2 SEKm SEKm EBITDA EBITDA-m Defence Materiel Counter-explosive Airfield operations EBITDA contribution of SEK 6-11m in Q4 expected 11-15% 15 12% 4.2 9% 12 2.7 7.7 1 8.1 1.4 1 -20% 3.6 1.0 0.4
Slide 16: Driving organic growth through strategy and scale
Driving organic growth through strategy and scale Four strategic factors that enable Argo to win larger framework agreements and expand into new markets Scale 4 Strategy / Scale 3 Strategy Low cost to compete in, and Strategy 2 win, larger procurements 1 Supplier network to increase profitability Co
Slide 17: Active M&A agenda supporting strong organic growth
Active M&A agenda supporting strong organic growth Anticipates robust organic expansion and continues to explore value-creating acquisition opportunities 1 Proprietary products 2 Services / consultancies 3 Agencies Source: Company information Strictly private and confidential 17
Slide 18: Risk factors (I/II)
Risk factors (I/II) RISK FACTORS Below are several risk factors that could have a material adverse effect on the Company’s operations, financial position, and results, affect the Company’s future prospects, or cause the value of the Company’s shares to decrease, which could result in investors losin
Slide 19: Risk factors (II/II)
Risk factors (II/II) Disputes The Company has not been involved in significant disputes with competitors, suppliers, or customers. However, as a company operating in the defense industry and involved in several complex projects simultaneously, there is a risk that the Company may in the future becom
Slide 20: Strictly private and confidential
STRICTLY PRIVATE AND CONFIDENTIAL Please note that this presentation is for information purposes only and no investment decision may be based on the content
Argo Defence Group — Investor Presentation (December 2025) on 6ix