Fjord Defence Group Asa · OSL:DFENS
Fjord Defence Group Asa — Q3 2025 Earnings Presentation
24 slides from Fjord Defence Group Asa's earnings presentation, 2025
Slide 1: Quarterly presentation Q3 2025
b Quarterly presentation Q3 2025
Slide 2: Disclaimer
Disclaimer The information in this Presentation has been prepared by Fjord Defence Group ASA (the “Company”, and together with its consolidated subsidiaries, the "Group"). By attending the meeting where this Presentation is made, or by reading the Presentation slides, you agree to be bound by the be
Slide 3: Presenting team
Presenting team Jon Asbjørn Bø CEO c Øyvind Mølmann Interim CFO
Slide 4: Agenda
Agenda 1. Fjord Defence Group at a glance 2. Acquisition of Scanfiber Composites A/S 3. Financials 4. Outlook 5. Q&A
Slide 5: Fjord Defence Group: A Nordic compounder of high-quality defence companies
FJORD DEFENCE GROUP AT A GLANCE Fjord Defence Group: A Nordic compounder of high-quality defence companies Fjord Defence AS Fjord Defence Group ASA Product offering and application areas1 Fjord Defence Group at a glance − Repositioned as a compounder in the defence sector following the acquisition o
Slide 6: Highlights during the quarter and subsequent events
FJORD DEFENCE GROUP AT A GLANCE Highlights during the quarter and subsequent events Highlights during the quarter Fjord Defence AS signed new contracts in several NATO countries, 1 and expect to deliver on call-off orders in the coming months Completed the uplisting to the main board on Oslo Stock E
Slide 7: Strong tailwinds across all defence segments
FJORD DEFENCE GROUP AT A GLANCE Strong tailwinds across all defence segments 800 EU defence CAGR +12% expenditure 326 Significant unknown upside potential: Recent 279 EURbn 214 240 development indicate that actual defence 186 198 spending across Europe may exceed EUR 800bn 2019A 2020A 2021A 2022A 2
Slide 8: Compounding strategy focused on defence, security and related segments
FJORD DEFENCE GROUP AT A GLANCE Compounding strategy focused on defence, security and related segments Several ongoing discussion with defence companies meeting the investment criteria Investment criteria Buy & Build – Revenue Scenario in 3 years (NOKm) Operating in the defence, security or related
Slide 9: Agenda
Agenda 1. Fjord Defence Group at a glance 2. Acquisition of Scanfiber Composites A/S 3. Financials 4. Outlook 5. Q&A
Slide 10: Execution of Fjord Defence Group's communicated compounder strategy
ACQUISITION OF SCANFIBER COMPOSITES A/S Execution of Fjord Defence Group’s communicated compounder strategy Transaction overview Transaction rationale − Fjord Defence Group has entered into an agreement to acquire Scanfiber Composites A/S 1 Scanfiber fits the investment criteria of Fjord Defence Gro
Slide 11: Broad product portfolio with commercial efforts focused on key products
ACQUISITION OF SCANFIBER COMPOSITES A/S Broad product portfolio with commercial efforts focused on key products Product Spall liners Add-on armour Other products Illustration − Manufactured from ultra-light materials − Designed to enhance protection for military platforms − Develops innovative produ
Slide 12: Scanfiber Composites: Market-leading provider of ballistic protection solutions
ACQUISITION OF SCANFIBER COMPOSITES A/S Scanfiber Composites: Market-leading provider of ballistic protection solutions Product offering1 Solid customers Scanfiber Composites at a glance Spall liners Add-on armour Other Collaborates with military OEMs for − Leading ballistic protection manufacturer
Slide 13: Revenue growth of >50% with an EBITDA and EBIT margin of >30% in 24/25A
ACQUISITION OF SCANFIBER COMPOSITES A/S Revenue growth of >50% with an EBITDA and EBIT margin of >30% in 24/25A Revenue (NOKm)1 Focus areas to deliver on business plan 200 159 Maintain strong military OEM relationships >50% CAGR 150 − Sustained collaboration with key European military OEMs, supporte
Slide 14: Orderbook of NOK 250m supported by additional orders and a large pipeline
ACQUISITION OF SCANFIBER COMPOSITES A/S Orderbook of NOK 250m supported by additional orders and a large pipeline1 Orderbook of NOK 250m across 15+ projects1 Commentary 300 250 − Forecast supported by a robust orderbook, including 12 0 remaining value of active projects and signed 200 42 contract
Slide 15: Agenda
Agenda 1. Fjord Defence Group at a glance 2. Acquisition of Scanfiber Composites A/S 3. Financials 4. Outlook 5. Q&A
Slide 16: Overview of Fjord Defence Group
FINANCIALS Fjord Defence Group DFENS Overview of Fjord Defence Group Company structure Portfolio company and investments … Future acq. #n Seismic assets Capsol Shares Core business Legacy Defence Segment business Axxis Multi Client (Seismic assets) Approx. value: NOK 175m1 Approx. value: NOK 30m1 No
Slide 17: Steady growth combined with EBITDA and EBIT margins of 15%
FINANCIALS Fjord Defence Group Fjord Defence AS Steady growth combined with EBITDA and EBIT margins of 15% Revenue (NOKm) EBITDA (NOKm) and EBITDA margin (%) 25F: NOK 95-100m 25F: 25F: 15-17% 30 20% 120 CAGR 30% 18% 95-100 25 Max 100 16% 87 Min 20 14% 80 15-17 15 12% 61 15 10% 60 8% 40 10 8 6% 5 4
Slide 18: Strong Q3 performance driving 17% YoY growth for the first nine months
FINANCIALS Fjord Defence Group Fjord Defence AS Strong Q3 performance driving 17% YoY growth for the first nine months Quarterly revenue development (NOKm) 9M revenue (NOKm) FY revenue (NOKm) Commentary 150 150 150 Seasonality +10-16% − Revenue demonstrates seasonal patterns, with 125 125 125 reduce
Slide 19: Fjord Defence Group – Consolidated income statement (pro forma)
FINANCIALS Fjord Defence Group DFENS Fjord Defence Group – Consolidated income statement (pro forma) INCOME STATEMENT UNIT 2023 FD 2024 FD 2024 Legacy 2024 Group 9M’25 FD 9M’25 Legacy 9M’25 Group Commentary Sales revenue NOKm 60.5 86.6 41.9 128.5 66.6 9.7 76.3 − Pro forma financials as if Fjord Defe
Slide 20: Fjord Defence Group – Consolidated balance sheet
FINANCIALS Fjord Defence Group DFENS Fjord Defence Group – Consolidated balance sheet ASSETS UNIT 31.12.2024 30.09.2025 EQUITY AND LIABILITIES UNIT 31.12.2024 30.09.2025 Commentary Goodwill NOKm 0.0 178.2 Share capital and other paid in capital NOKm 677.7 981.8 Multi-client library “ 250.0 175.5 Own
Slide 21: Agenda
Agenda 1. Fjord Defence Group at a glance 2. Acquisition of Scanfiber Composites A/S 3. Financials 4. Outlook 5. Q&A
Slide 22: Concluding remarks and outlook
OUTLOOK Concluding remarks and outlook Fjord Defence Group executing on compounder strategy Scanfiber Composites A/S adding significant growth and revenue potential Solid balance sheet enabling both organic and acquired growth Currently evaluating multiple companies to acquire in the Nordics & Balti
Slide 23: Agenda
Agenda 1. Fjord Defence Group at a glance 2. Acquisition of Scanfiber Composites A/S 3. Financials 4. Outlook 5. Q&A
Slide 24: https://www.fjorddefencegroup.no/
https://www.fjorddefencegroup.no/ 24