Slide 1: Q1 report 2023
Q1 report 2023 Björn Karlsson, Daniel Ljunggren, CEO EVP/CFO
Slide 2: Q1 Agenda
Q1 Agenda MilDef’s universe Business highlights Financial overview Future outlook Q&A Priority Proactivity Integrity Unity
Slide 3: MilDef's universe
MilDef’s universe • Founded 1997 • +300 employees in 11 countries • Core markets: Nordics, EU, NATO • Customers: Defense, government and critical infrastructure • Product portfolio: Hardware, software and services • Expansion through: - Organic growth - Partner networks - Acquisitions 3|
Slide 4: Traded on Nasdaq Mid Cap
Traded on Nasdaq Mid Cap Number of Trading Market cap Ticker shareholders platform Nasdaq +10K 2.8 Stockholm MILDEF SEK billion (Mid Cap) 4|
Slide 5: We digitalize the world
We digitalize the world where the stakes are the highest, requirements are the toughest, and when technology has game-changing potential Hardware Software Service 5|
Slide 6: Our customers
Our customers Military Government Critical infrastructure Photo: Jimmie Adamsson, Försvarsmakten 6|
Slide 7: MilDef's growing universe
MilDef´s growing universe +300 EMPLOYEES 11 COUNTRIES Government customers and industry customers contribute about 50% of the revenue each. Focus is on the Nordics, EU, and selected NATO countries. Offices in 11 countries and partners across Europe. SWEDEN THE NETHERLANDS FINLAND SWITZERLAND DENMARK
Slide 8: Q1 2023 – a dark global context
Q1 2023 – a dark global context Geopolitical tension is Economic slowdown increasing War AI is a megatrend that includes a Energy supply crisis technological arms race between (primarily) USA and China Climate crisis Democracy decline Inflation and Supply chain risks interest rate impact Security, r
Slide 9: Q1 2023 highlights
Q1 2023 highlights +100% Net sales 283.2 SEKm (141.3) +230% Order intake 342.9 SEKm (103.9) +72% Order backlog 1 279 SEKm (744) -2 p.p. Gross margin amounted to 45% (47) +440% Adj. EBITDA 34.0 SEKm (6.3) +7.5 p.p. Adj. EBITDA-margin 12.0% (4.5) 9|
Slide 10: Q1 2023 business headlines
Q1 2023 business headlines Opens subsidiary in RBSL awards £2.5m SEK 50 million order MilDef wins 69 MSEK Daniel Ljunggren Denmark for Challenger 3 supplier for prototypes to contract with appointed next CEO accelerated expansion contract to MilDef digitalize an army Swedish customer 10 |
Slide 11: Q1 in numbers
Q1 in numbers Daniel Ljunggren - CFO
Slide 12: January – March 2023 Snapshot
January – March 2023 Snapshot Net Sales (SEKm) Order Intake (SEKm) Order Backlog (SEKm) Adj. EBITDA (SEKm) +100% +230% +72% +440% 283 343 1 279 34,0 141 744 104 6,3 Q1 2022 Q1 2023 Q1 2022 Q1 2023 Q1 2022 Q1 2023 Q1 2022 Q1 2023 12 |
Slide 13: Net sales LTM at all time high (SEK 881 million)
Net sales LTM at all time high (SEK 881 million) +57% Net Sales (SEKm) 1 000 Gross Margin, % 900 881 800 700 600 560 48% 48% 47% 47% 47% 46% 47% 46% 500 45% 45% 415 400 331 300 39% 39% 37% 200 100 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2020 2021 2022 2023 202
Slide 14: EBITDA LTM at all time high (SEK 87,7 million)
EBITDA LTM at all time high (SEK 87,7 million) +65% EBITDA (SEKm) 100 90 87,7 80 75,8 70 60 53,3 50 40 30 27,7 20 10 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2020 2021 2022 2023 14 |
Slide 15: Order intake LTM at all time high (SEK 1 177 million)
Order intake LTM at all time high (SEK 1 177 million) +90% (SEKm) 1 200 1 177 1 000 800 744 618 600 400 346 200 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2020 2021 2022 2023 15 |
Slide 16: Order backlog at all time high (+72% vs Q1 2022)
Order backlog at all time high (+72% vs Q1 2022) +72% (SEKm) 1 400 1 279 1 200 1 000 800 744 600 498 400 200 147 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2020 2021 2022 2023 16 |
Slide 17: Order backlog duration (SEKm)
Order backlog duration (SEKm) Beyond 2025* Duration of the order backlog 252 per March 31, 2023, based on planned deliveries 2025* 135 641 2023* 251 *Important information 2024* Forward-looking statements do not guarantee future results or development and the actual outcome could differ materially f
Slide 18: Net working capital Net debt / EBITDA
Net working capital Net debt / EBITDA (SEKm) 350 70% 5,0 300 60% 4,3 4,2 3,9 250 50% 2,8 200 41% 40% 1,8 36% 1,1 150 33% 32% 30% 0,3 100 23% 23% 24% -0,8 -0,8 21% 20% 18% 19% 50 16% -2,1 -2,1 10% 10% 0 6% -3,5 -50 0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2020
Slide 19: Financial summary Q1 2023
Financial summary Q1 2023 ● Net Sales +100%, 283.2 SEKm (141.3) ● Order intake +230%, 342.9 SEKm (103.9) ● Gross margin 45% vs 47% ● Operating cash flow 28.8 SEKm (43.4) ● Adj. EBITDA 34.0 SEKm (6.3) ● Adj. EBITDA-margin 12.0% (4.5) ● Order backlog ATH at 1.279 SEKm ● Net working capital 33% of Net
Slide 20: Future outlook
Future outlook Björn Karlsson - CEO
Slide 21: MilDef focus areas in 2023
MilDef focus areas in 2023 Maximized Fortified Nato readiness Nordic business organization 21 |
Slide 22: Summary Q1 2023
Summary Q1 2023 Profitable growth with: • 2X revenue • 12% adj. EBITDA margin • 230% increase in order intake • Record-breaking order backlog @ 1.279 BSEK 22 |
Slide 23: Annual Report & Sustainability Report 2022
Annual Report & Sustainability Report 2022 • Published May 4 • CEO – MilDef well prepared for accelerated growth • Meet the leaders of MilDef – around the world • Market trends on a growing market • Our role in protecting the fabrics of society and a sustainable world 23 |
Slide 24: Questions & Answers
QUESTIONS & ANSWERS Upcoming events AGM 2023 – May 25 Q2 report 2023 – July 27 Q3 report 2023 – October 26 Year-end report 2023 – February 8 Follow our journey on