Mildef Group Ab · OMXSTO:MILDEF
Mildef Group Ab — Investor Day (September 2025)
95 slides from Mildef Group Ab's investor day presentation, September 2025
Slide 1: Welcome to MilDef CMD 2025
WELCOME T0 MILDEF CMD 2025 Daniel Ljunggren Frediik Persson Magnus Hagman Karin Svalander CEO & President Dep CEO.& CTO VP Nordics Chief Legal gf omplianee iD Kner Martina Kar Fabian Forst Frank Schol WE ARMOR IT. a “BM Onecs Dreda ASMILDEF
Slide 2: Welcome
WELCOME
Slide 3: It's a full flight
IT’S A FULL FLIGHT = 09.00 Welcome to MilDef CMD = 09.10 This is MilDef — history, present and future = 09.35 Offering in products, solutions and software = 10.05 OneCIS — Powering Mission-Critical IT = 10.25 COFFEE BREAK — 20 min = 10.45 Sales & Marketing = 11.10 Herzlich willkommen roda computer G
Slide 4: MilDef on top of SEB defense ranking
Rangordning av europeiska férsvarsbolag MILDEF ON TOP OF SEB Orderbok _Fereatjning __Loncamhet 2024 ‘ DEFENSE RANKING a Top 3: Rheinmetall, MilDef and Chemring European defense stocks ranked by scoring based on five factors that may be important for financial success Financial performance, growth po
Slide 5: We will talk about
WE WILL TALK ABOUT ™ THE MILDEF JOURNEY ™ NEXT LEVEL PRODUCTS & INNOVATION ™ TO WHOM WE SELL & HOW ™ RODA & MILDEF ACCELERATION ™ POWERING MISSION-CRITICAL IT WITH ONECIS ™ THE STRATEGY FOR FUTURE GROWTH ™ A SMASHING Q&A. ASMILDEF
Slide 6: The MilDef Universe
THE, MILDEF UNIVERSE DANIEL LJUNGGREN CEO & PRESIDENT
Slide 7: Provider of tactical IT-solutions
| ound L ai i 4 Provider of tactical IT-solutions Founded-1997 — History matters! = |PO June 4, 2021 = 45,000 shareholders = 500 employees in 10 countries The Fortress. H@-and production facility in Helsingborg
Slide 8: Order backlog, MSEK
Order backlog, MSEK 3 500 3 000 2 500 2 000 1 500 1 000 500 0 2021 2022 2023 2024 LTM
Slide 9: The geographic footprint that's needed
THE GEOGRAPHIC FOOTPRINT THAT’S NEEDED 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% (+4pp) ASMILDEF WE ARMOR TT.
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Slide 11: Long-term drivers of growth in Europe
LONG-TERM DRIVERS OF GROWTH IN EUROPE Say » 01 — Rearming of Europe NATO 5% pledge by 2035 Defense tech super cycle VA a 02, European autonomy EU target: 50% procurement in the Union “Buy European” — independent European supply chain XX / XN - 03 Technology > Rising demand for digitalisation, unmann
Slide 12: Differentiated defense procurements
DIFFERENTIATED DEFENSE PROCUREMENTS MILDEF IS LATE-CYCLICAL IN DEFENSE PROCUREMENT 1. Operational effect 2. Platforms 3. Tactical IT, 2 (command & contro!) = Ammunition = Troop transportation = Computers = Fuel = Battle tanks = Switches = Training = Aircrafts = Displays = Drones = Ships = System of
Slide 13: Priorities going forward
PRIORITIES GOING FORWARD
Slide 14: Priorities going forward
PRIORITIES GOING FORWARD As © Climb the value chain Focused expansion Scaling up = Capacity ramp-up = Empowered workforce = Increased facility capacity = Costefficient way = Process excellent mindset = Data-driven capabilities Prime contractor " Defense domain focus Turn-key solutions = Prioritized
Slide 15: Priorities going forward
PRIORITIES GOING FORWARD As e Scaling up Climb the value chain Focused expansion Resilience Capacity ramp-up = Prime contractor = Defense domain focus = Multi-location manufacturing Empowered workforce = Turn-key solutions = Prioritized key customers in ealpeidis) . attractive geographic areas = Red
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Slide 17: Priorities going forward
PRIORITIES GOING FORWARD Scaling up = Capacity ramp-up = Empowered workforce = Increased facility capacity = Costefficient way = Process excellent mindset = Data-driven capabilities (45 Sy Climb the value chain Focused expansion Prime contractor " Defense domain focus Turn-key solutions = Prioritize
Slide 18: Priorities going forward
PRIORITIES GOING FORWARD all As Scaling up Climb the value chain Focused expansion Resilience = Capacity ramp-up = Prime contractor Defense domain focus = Multi-location manufacturing * Empowered workforce * Turn-key solutions Prioritized key customers in eSPECy : attractive geographic areas = Redun
Slide 19: Priorities going forward
PRIORITIES GOING FORWARD Scaling up = Capacity ramp-up = Empowered workforce = Increased facility capacity = Costefficient way = Process excellent mindset = Data-driven capabilities As eS Climb the value chain Focused expansion Resilience Prime contractor = Defense domain focus Multi-location manufa
Slide 20: Priorities going forward
PRIORITIES GOING FORWARD As e Climb the value chain Focused expansion Scaling up = Capacity ramp-up = Empowered workforce = Increased facility capacity = Costefficient way = Process excellent mindset = Data-driven capabilities Prime contractor " Defense domain focus Turn-key solutions = Prioritized
Slide 21: Priorities going forward
PRIORITIES GOING FORWARD As e Climb the value chain Focused expansion Scaling up = Capacity ramp-up = Empowered workforce = Increased facility capacity = Costefficient way = Process excellent mindset = Data-driven capabilities Prime contractor " Defense domain focus Turn-key solutions = Prioritized
Slide 22: The numbers that matter
THE NUMBERS THAT MATTERS
Slide 23: Net sales 2015-2025 LTM
1 400 1 390 1 200 1 000 800 600 400 200 0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 LTM
Slide 24: Backlog Q2 2024 vs Q2 2025
1 509 Backlog 2024 Q2 Backlog 2025 Q2 546 361 1 509 789 544 546 351 361 789 314 238 Current year Year 2 Year 3 After year 3
Slide 25: Gross margin by quarter
50% 49,4% 49,4% 49% 49,1% 49,0% 48,9% 48,3% 48% 48,1% 47,7% 47,6% 47,7% 47,6% 47% 47,0% 46% 45% 44% 43% 42% 41% 40% Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2023 2024 2025
Slide 26: Quarterly net sales
180 160 143,1 140 123,2 118,5 120 100 80 60 40 20 0 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2023 2024 2025
Slide 27: Net working capital and net debt/EBITDA
6 5,7 5,3 590 50,0% 4 490 40,0% 3,5 35,1% 38,0% 2,9 31,3% 2,6 390 2,4 30,0% 2,2 2,1 2 2,0 1,8 290 1,4 20,0% 190 0 10,0% 90 -1,7 -10 0,0% -2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2023 2024 2025 2023 2024 2025 Net debt/EBITDA, multiple Long-term target Inventory Other
Slide 28: Financial targets
FINANCIAL TARGETS GROWTH PROFITABILITY | CAPITAL STRUCTURE | DIVIDEND POLICY At least At seat Mo aoe Rot Be buie dhe ae exceed 2.5x EBITDA — eble growth per year EBITA-margin f of the net profit — Outcome LTM ° 25% 10.3% 2.9x ~20% Net Sales Growth EBITA-margin Net debt / EBITDA ‘Dividend pay-out 202
Slide 29: Proven track record & growth mindset
™ Proven track record & growth mindset ™ NATO 5% spending target = “Buy European” ™ High need for digitalization — Defense tech super cycle is here to stay ™ Near-term growth supported by a strong order backlog for the second half 2025 = Well-established & field proven offering in combination with b
Slide 30: Agenda 2025
AGENDA 2025 = 09.35 Offering in products, solutions and software 10.05 OneCIS — Powering Mission-Critical IT 10.25 COFFEE BREAK — 20 min 10.45 Sales & marketing 11.10 Herzlich willkommen roda computer GmbH 11.30 Future outlook 11.35 Q&A 12.00 Wrap up and final comment CEO 12.05 End of CMD and lunch
Slide 31: MilDef beyond the product
MILDEF BEYOND THE PRODUCT FREDRIK PERSSON DEPUTY CEO & CTO
Slide 32: It's not just delivering technology
“It's not just delivering technology... We’re in the business of ensuring mission success, from day one to the last day of service” IN 30 MINUTES, WE'LL COVER: = WHAT WE OFFER = WHY CUSTOMERS CHOOSE US = AND WHY THEY CONTINUE TO COME BACK “Because it’s not just about what we deliver — it’s about how
Slide 33: 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 AAMILDEF
Slide 34: Tactical IT
TACTICAL IT Forms the backbone of a system of systems that includes the IT lataraanetetorm Intercom infrastructure and the operator environment, enabling secure system communication and function as one integrated unit. system IT Infrastructure . and IR = Secure Communication cameras = Data processin
Slide 35: Hardware solutions
HARDWARE SOLUTIONS 70% of sales 25% of sales SOFTWARE fee | 5% of sales AAMILDEF WE ARMOR TT
Slide 36: Hardware
HARDWARE DAMILDEF ( Mobile Computing & Networking & computers Displays servers communications Power distribution Peripherals AAMILDEF ‘WE ARMOR TT
Slide 37: MilDef tactical IT infrastructure
MILDEF — TACTICAL IT INFRASTRUCTURE sens ge = oO Power products. | Converters KVMs & video extenders 19”/2 Switches — Peripherals Mounting solution _4 Routers & gateways \ gat & servers AAMILDEF
Slide 38: Form factor
FORM FACTOR Standardization * Same form factor over generations CUSTOMIZABLE ¢ Modular design ¢ In-house capabilities - Concept - Design - Test & verification - Manufacturing - Service & support DESIGNED FOR DEFENSE io al | | iN d Vs ar ay. i ~~ ~ —— ° Long life cycles * MIL standards - EMC - Enviro
Slide 39: Westek
WESTEK High perfomance rugged computing UK Company, established 1986. = |n-house design & manufacturing of rugged 19” IT hardware, deployed globally in defense data management applications = Computer platforms = High performance servers = Data storage = KVM consoles * Active Domains: Land/Air/Sea. 4
Slide 40: Solutions
SOLUTIONS Customized solutions for all kinds of platforms, objects and facilities Experience and expertise through the entire systems engineering process and life cycle PROJECT MANAGEMENT SYSTEM ENGINEERING & DESIGN INTEGRATION SERVICES ASMILDEF
Slide 41: MilDef - a system house
MILDEF — A SYSTEM HOUSE MilDef deliver turn-key solutions that _ Vehicle significantly enhance the capabilities for Initerneitem iitsreehin . system systems Weapon defense forces across all domains. system " Defense industry enhancing Armed Optical igs and IR Forces capabilities @eS, navizaition cam
Slide 42: What customers are really buying
WHAT CUSTOMERS ARE REALLY BUYING BECAUSE IT’S NOT JUST ABOUT WHAT WE DELIVER — IT’S ABOWT HOW WE DELIVER IT.
Slide 43: MilDef design house
MILDEF DESIGN HOUSE Customization and realization of customer requirements Concept Early product concepts and proof of concept aligned with customer needs. Design & development + In-house development teams. + Tailored Defense solutions. + Prototyping capabilities. Test & verification Defense-grade t
Slide 44: Modular values that last over time
MODULAR VALUES THAT LAST OVER TIME Reusable building blocks create long-term customer value and scalable margins Modular technology Economy of scale & cross-domain Higher volumes per design Reusable, proven building drive cost efficiency and blocks certified for land, sea, stronger margins — in both
Slide 45: What customers are really buying
WHAT CUSTOMERS ARE REALLY BUYING Not just technology — but certainty and mission success Trust Competence Partnership TANK Deliver on promise Mission-ready People who deliver Secure, adaptable & Built on competence and deep capability Dedicated, innovative teams who flexible technology understanding
Slide 46: Navigating complexity: MilDef's strategic advantage
NAVIGATING COMPLEXITY MILDEF’S STRATEGIC ADVANTAGE = Decades of trust in defense = Customer proximity = Sovereign delivery capacity = Unique HW + SW + Solutions = Agile innovation ASMILDEF
Slide 47: We grow and stay true to our core
“We grow — and stay true to our core. Military focus. Digitalization. Tough requirements, and the ability to deliver when it truly matters” ASMILDEF
Slide 48: Agenda 2025
AGENDA 2025 10.05 OneCIS — Powering Mission-Critical IT Business Manager — Fabian Forster 10.25 COFFEE BREAK - 20 min 10.45 Sales & Marketing VP Nordics —- Magnus Hagman 11.10 Herzlich willkommen roda computer GmbH MD roda — Frank Scholz 11.30 Future outlook CEO — Daniel Ljunggren 11.35 Q&A All pres
Slide 49: OneCIS: powering mission-critical IT
ONECIS POWERING MISSION-CRITICAL IT AT THE TACTICAL EDGE FABIAN FORSTER BUSINESS MANAGER ONECIS
Slide 50: OneCIS gives you speed and reliability
=) OGneci GIVES YOU UNSURPASSED SPEED AND RELIABILITY WHEN DEPLOYING IT SERVICES AT THE™ TACTICAL EDGE.
Slide 51: The challenge & customer needs
THE CHALLENGE & CUSTOMER NEEDS = Digitalization of the battlefield = |T-complexity at the tactical edge = |nteroperability with allied forces = Adaptation of new technology = Operational resilience
Slide 52: OneCIS tactical deployed CIS
ONECIS™ TACTICAL DEPLOYED CIS* = Software for automated deployment and configuration of |T-services at the tactical WiReetion at the end -add =1 level select=1 a , ° ; saree } = Hardware and software agnostic ob.select = @ . . Pret op = Ray convert. selactod oy 3 = Security hardening for classified
Slide 53: Key selling points
KEY SELLING POINTS = Rapid and robust deployment through high level of automation = Reduced complexity through standardization and automation = Operational resilience through mobility and autonomous edge computing = Flexible and open architecture that opens for faster technology adaptation and less
Slide 54: Norwegian Armed Forces
NORWEGIAN ARMED FORCES = The start of OneClS and first ee ee eae deployment in 2021 ————— a, o = Tactical information systems and — xs <. deployable mission networks = NATO interoperability in mission networks = Foundation for Battlespace management, command and control, and support systems
Slide 55: Swedish Armed Forces
SWEDISH ARMED FORCES = Standing NATO maritime group > record speed delivery! = Deployable mission networks = "Fast track" NATO interoperability = OneClS software, hardware and systems integration services ASMILDEF
Slide 56: NATO countries
2 NATO COUNTRIES = Supporting mobile deployments and mission networks = Foundation for deployed command & control and battlespace management = "Fast track" NATO interoperability = Planning, training and simulation w/OneCIS data centre solution
Slide 57: Next step for OneCIS
NEXT STEP FOR ONECIS 1) Evolve OneCIS to support a richer ecosystem of software and hardware products 2) Supporting multidomain operations (MDO) 3) Expand marketing initiatives targeting NATO nations and prime system integrators ASMILDEF
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Slide 59: Agenda 2025
AGENDA 2025 10.45 Sales & Marketing 11.10 Herzlich willkommen roda computer GmbH 11.30 Future outlook 11.35 Q&A 12.00 Wrap up and final comment CEO 12.05 End of CMD and lunch mingling 13.00 Close of show VP Nordics —- Magnus Hagman MD roda — Frank Scholz CEO — Daniel Ljunggren All presenters & audit
Slide 60: Sales & marketing
SALES & MARKETING MAGNUS HAGMAN VICE PRESIDENT NORDICS
Slide 61: Hardware solutions
HARDWARE SOLUTIONS 70% of sales 25% of sales == SOFTWARE i AS 5% of sales rake ASMILDEF WE ARMOR TT.
Slide 62: MilDef sales organization & presence
MILDEF SALES — ORGANIZATION & PRESENCE Nordics Staff in Sweden, Norway and Finland engaging in the Nordic and Baltic countries Continental Europe Staff in Sweden, Germany and France engaging continental Europe United Kingdom Staff located in the UK engaging this market North America Staff in the U.S
Slide 63: Notable business news events in 2025
NOTABLE BUSINESS NEWS EVENTS IN 2025 APRIL MAY JULY FMV New office in Oslo opened OneCIS to FMV for the rugged IT equipment Swedish Army SEK 126 million SEK 139-203 million APRIL JUNE Undiscl. customer Kongsberg Defence & Aerospace rugged IT equipment (Westek) rugged IT equipment SEK 45 million SEK
Slide 64: How we build demand and sell
HOW WE BUILD DEMAND AND SELL = Multi-year/decades long customer relations and strong network providing the conditions jas) > to create end-user preference eS AUSA UNITED STATES ARMY = Proven high-quality & dependable supplier with ability to encompass a high degree of customer customization to our p
Slide 65: Our market position
OUR MARKET POSITION = Nordic & Baltics Full portfolio of hardware, software, system integration and associated services and support is addressed and requested. Strong foothold in Sweden, Denmark and Norway. Finland and the Baltic countries are developing markets = Germany, Austria, Switzerland Solid
Slide 66: Competitiveness
COMPETITIVENESS = Offering has grown A comprehensive suite of hardware (that can be combined -> solution), system integration and C2 deployment software (OneCIS) = For hardware portfolio MilDef often selected for the high level of customer- driven product adaptations and customizations = MilDef’s lo
Slide 67: Market route: climbing value chain
MARKET ROUTE — CLIMBING VALUE CHAIN aye END USERS bq Swedish Armed Forces Norwegian Armed Forces at - BUNDESWEHR L AG] MATER AGEN'® | <SL2P ptisirnmotossic orem oo B2G 6 7 @— fs of Defence GLOBAL B2B @ sass PF reimerau ©AIRBUS,_—- Patria Astroni GENERAL DYNAMICS PA L3HARRIS”™ ISTRONICS RBSL LSHARRI
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Slide 69: Reference: Clavister cyber security
REFERENCE — CLAVISTER CYBER SECURITY CYBER SECURITY BY CLAVISTER & MILDEF SCOPE: = The hardware is a sub-component of two products in Clavister CyberArmour, a product family of Al-based, military-adapted next-generation firewalls for defense applications = Close to 1,000 vehicles of the highly digit
Slide 70: Reference: RBSL MIV program
REFERENCE — RBSL MIV PROGRAM 3x GVA 2x GVA 16 crew station PC port switch (RED) 1x GVA 2x GVA 16 server port switch (BLACK) BOXER VEHICLES — 8 19”/2UNITS IN EACH = Value to MilDef Group: £28.5m = Production vehicles: RBSL and WFEL in UK = Pre-production: KMV and RMV in Germany 3x 13” GVA Crewstation
Slide 71: Reference: roda Fu(W)es-LBO
REFERENCE — RODA — Fu(W)es-LBO = Hardware equipment as part of the German Fu(W)es-LBO battle management system program = Supply of 6th generation notebooks, tablets and display solutions under the framework agreement thanks to form fit function (FFF) product design philosophy Scope: = Delivery perio
Slide 72: Summary and outlook
SUMMARY AND OUTLOOK 7) MilDef is focusing its engagements on the regions and markets where we are established and present 2» Our solutions and integrations offering allow us to provide the customers with turnkey solutions which reduce complexity and lead times 3) The increased interest in OneCIS is
Slide 73: Agenda 2025
AGENDA 2025 11.10 Herzlich willkommen roda computer GmbH 11.30 Future outlook 11.35 Q&A 12.00 Wrap up and final comment CEO 12.05 End of CMD and lunch mingling 13.00 Close of show MD roda — Frank Scholz CEO — Daniel Ljunggren All presenters & auditorium CEO — Daniel Ljunggren AXMILDEF ‘WE ARMOR TT
Slide 74: roda computer GmbH
RODA,.COMPUTER GMBH FRANK SCHOLZ MANAGING DIRECTOR
Slide 75: Agenda
AGENDA The roda story Inhouse capabilities & competence roda customer examples Route to market & framework agreements German defense ramp up & budgets How roda & MilDef grow together
Slide 76: The roda footprint
THE RODA FOOTPRINT 8% sales i (3 is Rest of Europe 16% sales gfosnle | oe AAMILDEF
Slide 77: This is roda
THIS IS RODA i 2 roda computer GmbH Lichtenau = 150 employees = 38 years in operation Management, development IT, quality management, sales, marketing, fulfillment In 2024, a new 90012 building was opened. — AO people currently work here. Future jobs = 83 million € (total) can be created in the shor
Slide 78: The roda journey
THE RODA 2015 2022 J 0 U R N FEY New production site Acquisition Westek in Hiillhorst | | | : | | ° 1987 1997 2012 2018 2024 Birth of roda German Armed Forces Expansion mil Start Roda France Acquired by MilDef Foundation and registration of roda computer gmbh specializing in tough mobile computers a
Slide 79: Team Lichtenau - headquarter
TEAM LICHTENAU — HEADQUARTER Ie ull Bl y's pee Mee EE IC. ASMILDEF
Slide 80: Team Hüllhorst - workbench
TEAM HULLHORST — “WORKBENCH” Marc Rebeschke Roman Schellenberg ASMILDEF
Slide 81: roda customer examples
am £0 yan WE ARMOR TT
Slide 82: Product solutions - cases
PRODUCT SOLUTIONS — CASES X 4 roda Common Crew Station Sina Workstation Rear View Monitor Situation Table (Lynx & Puma) HR RW14 This display is used as as a central The secunet SINA Workstation is Reversing camera plays important The roda RD 55 was developed operating and display device of Lynx a un
Slide 83: Beyond a reseller
BEYOND A RESELLER = Nota “reseller” — a true value adder = 65% of products are customized or developed for military requirements = Own developed power supplies in 90% of all deliveries = From sale to delivery is approx. 3-9 months Verification and environmental tests on location ASMILDEF WE ARMOR TT
Slide 84: Focus on 19"/2
FOCUS ON 19”/2 = Cross selling contracts on 19”/2 systems since 2012 = Substantial opportunities in combined roda and 19”/2 deliveries = Already today direct procurements to German Armed Forces for 19”/2 = The combined offering strengthens both roda and MilDef in DACH = The Boxer UK reference case i
Slide 85: roda - route to market
RODA - ROUTE TO MARKET F ‘ armasuisse W VS END USERS BUNDESWEHR en Rs DGA GLOBAL B2B secu PS eneimerau ® KNDS THALES amweea - tcensoily) DIEHL AIRBUS a LOCAL B2B QS ELeTRONICA SpA INTERNATIONAL rc FRAMEWORKS li PF eeimeraut KNDS ~ AIRBUS AGREEMENT
Slide 86: Framework agreements in Germany
FRAMEWORK AGREEMENTS IN GERMANY GERMAN ARMED FORCES GERMAN ARMED FORCES Enables German Armed Forces to flexibly call upon goods or services over a longer period of time in line with needs, not having to carry out a complete procurement procedure each time. TECHNICAL AND LOGISTICS SUPPORT Includes al
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Slide 90: Sustainable course correction: special fund and Basic Law amendment
Slide 91: How roda and MilDef grow strong together
Slide 92: Agenda
Slide 93: Future outlook
Slide 94: Strong outlook for the future
Slide 95: Thank you all for your support