Fjord Defence Group Asa · OSL:DFENS
Fjord Defence Group Asa — Q4 2025 Earnings Presentation
13 slides from Fjord Defence Group Asa's earnings presentation, Feb 26, 2026
Slide 1: 2025 and Q4 earnings
b 2025 and Q4 earnings 26 February 2026
Slide 2: 2025 Key highlights – a transformational year
FJORD DEFENCE GROUP | 2025 and Q4 PRESENTATION 2025 Key highlights – a transformational year 2025 at a glance Fjord Defence AS is a Norwegian defense − Strategic pivot and rebranding: Completed shift from Aquila Holdings innovator specializing in design and ASA to Fjord Defence Group ASA in June 202
Slide 3: Strong performance last three years and ready to grow
FJORD DEFENCE GROUP | 2025 and Q4 PRESENTATION Strong performance last three years and ready to grow Main highlights Revenue development last four years Fjord & Scanfiber (NOKm) − Q4 expansions: November acquisition of Scanfiber (adds NOK 160 million 300 254 revenue, robust order book, and scalabil
Slide 4: High and growing demand for military equipment
FJORD DEFENCE GROUP | 2025 and Q4 PRESENTATION High and growing demand for military equipment Supported by fundamental drivers − Market and future focus: Rising geopolitical tensions have catalyzed a historic − Sector tailwinds: Massive waves in equipment/protection needs; global security shift in N
Slide 5: Compounding strategy focused on defence, security and related segments
FJORD DEFENCE GROUP | 2025 and Q4 PRESENTATION 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, secu
Slide 6: Attractive outlook on the back of unparalleled capacity build up in NATO/Europe
FJORD DEFENCE GROUP | 2025 and Q4 PRESENTATION Attractive outlook on the back of unparalleled capacity build up in NATO/Europe Current order book & development last 3 years (NOKm) 500 +205% 400 360 300 248 200 118 100 0 2024 2025 2026 Fjord Defence Scanfiber Composites Outlook: stable margins combin
Slide 7: Fjord Defence Group – Consolidated income statement (2025)
FJORD DEFENCE GROUP | 2025 and Q4 PRESENTATION Fjord Defence Group – Consolidated income statement (2025) INCOME STATEMENT (NOKk) SC A/S FD AS Legacy Group SC A/S FD AS Legacy Group Commentary 2024 2024 2024 2024 2025 2025 2025 2025 − Pro forma financials as if Fjord Sales revenue 79 042 86 579 41 9
Slide 8: Fjord Defence Group – Consolidated income statement (Q4 2025)
FJORD DEFENCE GROUP | 2025 and Q4 PRESENTATION Fjord Defence Group – Consolidated income statement (Q4 2025) INCOME STATEMENT (NOKk) SC A/S FD AS Legacy Group SC A/S FD AS Legacy Group Commentary Q4 2024 Q4 2024 Q4 2024 Q4 2024 Q4 2025 Q4 2025 Q4 2025 Q4 2025 − Pro forma financials as if Fjord Sales
Slide 9: Fjord Defence Group – Consolidated balance sheet (excl. Scanfiber)
FJORD DEFENCE GROUP | 2025 and Q4 PRESENTATION Fjord Defence Group – Consolidated balance sheet (excl. Scanfiber) ASSETS UNIT 31.12.2024 31.12.2025 EQUITY AND LIABILITIES UNIT 31.12.2024 31.12.2025 Commentary Goodwill NOKm 0.0 178.2 Share capital and other paid in capital NOKm 677.7 1 143.2 − Full-y
Slide 10: Closing remarks
FJORD DEFENCE GROUP | 2025 and Q4 PRESENTATION Closing remarks Fjord Defence AS is moving into new facilities during Q2 and expands production capacity to meet higher demand Order book at all time high and preparing operationally to meet the growing demand – quarterly variations in revenue to persis
Slide 11: https://www.fjorddefencegroup.no/
https://www.fjorddefencegroup.no/ 11
Slide 12: Fjord Defence AS: A leading supplier of light weapon mounts
FJORD DEFENCE GROUP | Appendix 1 Fjord Defence AS: A leading supplier of light weapon mounts Product offering and application areas1 Selected customers Fjord Defence AS at a glance − Norwegian enterprise established in 2017 by VEHICLE GROUND MARITIME MISCELLANEOUS founders/management with extensive
Slide 13: Scanfiber Composites: Market-leading provider of ballistic protection solutions
FJORD DEFENCE GROUP | Appendix 2 Scanfiber Composites: Market-leading provider of ballistic protection solutions Product offering1 Solid customers Scanfiber Composites A/S at a glance Spall liners Add-on armour Other Collaborates with military OEMs for − Leading ballistic protection manufacturer wit