Slide 1: Q2/26 Earnings Presentation
Q2/26 Daniel Ljunggren Viveca Johnsson CEO CFO
Slide 2: Agenda
Agenda 01 Highlights 02 Financials 03 Summary 04 Q&A 2
Slide 3: Highlights Q2
Highlights Q2 • Strong organic sales growth and operating leverage • Good market momentum with continued high demand across the entire portfolio • High gross margin due to profitable sales mix • Backlog supporting long-term growth > 4.2 billion SEK • New strategic framework agreement signed with Swe
Slide 4: Key figures Q2
Key figures Q2 630 99.7 731 7.4 Net sales, SEK m Adjusted EBITA, SEK m Order intake, SEK m Free cash flow, SEK m +64% growth YoY +297% growth YoY -17% growth YoY 32.7 SEK m Q2 2025 ATH net sales in a Q2 due to Adjusted EBITA-margin Q2 Order intake decreased by During the first six months of the stro
Slide 5: Agenda
Agenda 01 Highlights 02 Financials – CFO Viveca Johnsson 03 Summary 04 Q&A 5
Slide 6: A fast growing defense tech company
A fast growing defense tech company 3,727 51% 4,230 SEK million in order intake, LTM Order intake Growth, LTM SEK million in order backlog, +32% LTM 1.40 91% 553 Book-to-bill ratio, LTM Net Sales Growth, LTM Employees FTE, +18% LTM Order intake SEKm Order backlog SEKm 4 000 4 000 3 500 CAGR: 41% CAG
Slide 7: Solid order intake & stable book-to-bill
Solid order intake & stable book -to-bill Order intake growth journey LTM Book-to-bill ratio development LTM (SEKm) 4 000 3 727 2,0 3 500 3 000 1,5 1,40 2 500 2 000 1,0 1 500 1 000 0,5 500 0 0,0 2022 2023 2024 2025 LTM 2022 2023 2024 2025 LTM 7
Slide 8: Backlog duration
Backlog duration Duration of the order backlog (SEKm) per June 30, 2026, based Order backlog (SEKm) duration compared to same time last year on planned deliveries Beyond 2028 2000 304 1604 1608 2028 1500 714 1 604 1000 714 2026 500 304 1 608 2027 0 Year 1 Year 2 Year 3 After year 3 Backlog 2025 Q2 B
Slide 9: Net sales & gross margin development
Net sales & gross margin development Net Sales, SEKm & Gross Margin, %, LTM 3 000 91% 55,0% 2 661 2 500 49,4% 47,6% 50,0% 2 000 45,9% 45,0% 1 500 1 390 1 113 40,0% 1 000 35,0% 500 0 30,0% Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 9 2023 2024 2025 2026 Net Sales LTM Gross Margin LTM
Slide 10: Further increased profitability (EBITA)
Further increased profitability (EBITA) Adjusted EBITA, SEKm, LTM +219% 500 456,6 400 300 200 143,1 118,5 100 0 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 10 2023 2024 2025 2026
Slide 11: Positive working capital & net debt development
Positive working capital & net debt development Net working capital Net Debt / EBITDA SEKm 4 900 50% 2,9 3 700 38,0% 35,1% 40% 2 1,8 500 1,0 25,7% 30% 1 300 20% 100 0 10% -1 -100 -300 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 2026 2023 2024 2025 202
Slide 12: Sales footprint
Sales footprint Nordics 47% sales* North America 7% sales* Europe 43% sales* 12 *LTM rounded (last 12 months). Other countries 3%
Slide 13: Agenda
Agenda 01 Highlights 02 Financials 03 Summary 04 Q&A 13
Slide 14: Q2 summary
Q2 summary • Strong organic sales growth and operating leverage • Good market momentum with continued high demand across the entire portfolio • Backlog supporting long-term growth • Good progress in production capacity build-out 14
Slide 15: Agenda
Agenda 01 Highlights 02 Financials 03 Summary 04 Q&A
Slide 16: Dates ahead
DATES AHEAD Dates to keep in mind: AUSA October 12-14, 2026 Q3 2026 October 22, 2026 Year-End 2026 February 4, 2027 16
Slide 17: As MilDef we armor IT
AS MILDEF WE ARMOR IT.