Fjord Defence Group Asa · OSL:DFENS
Fjord Defence Group Asa — Q1 2026 Earnings Presentation
19 slides from Fjord Defence Group Asa's earnings presentation, May 28, 2026
Slide 1: Quarterly Presentation Q1 2026
Quarterly Presentation Q1 2026 28 May 2026
Slide 2: Disclaimer
QUARTERLY PRESENTATION Q1 2026 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,
Slide 3: Q1 2026 – Key highlights
QUARTERLY PRESENTATION Q1 2026 Q1 2026 – Key highlights First quarter of 2026 Subsequent events COMPLETION OF The acquisition of Scanfiber Composites A/S for approx. NOK SIGNIFICANT A leading military vehicle OEM has placed a new order 400 million was completed on 25 February 2026. During the SCANFI
Slide 4: Acquisition of Frydenbø Milpro: a leading bespoke light boat platforms provider
QUARTERLY PRESENTATION Q1 2026 Acquisition of Frydenbø Milpro: a leading bespoke light boat platforms provider Product offering1 Selected customers Milpro at a glance “Projects” – Smaller boat platforms Related services Norwegian Swedish − Leading Nordic integrator of bespoke light boat Customer-spe
Slide 5: Significant developments in Fjord Defence AS
QUARTERLY PRESENTATION Q1 2026 Significant developments in Fjord Defence AS In collaboration with KNDS, Fjord Defence has engineered and integrated a specialised anti-aircraft weapon system for the new Leopard 2A8 Main Battle Tank. The programme exemplifies our commitment to user-centric innovation,
Slide 6: Fjord Defence AS: Highlights and update
QUARTERLY PRESENTATION Q1 2026 Fjord Defence AS: Highlights and update − Signficant contract award: A leading military vehicle OEM has placed a new order for weapon mounts valued at NOK 43 million, of which NOK 19 million will be delivered during 2026 − New Production facilities: Moved into new prod
Slide 7: Scanfiber Composites A/S: Highlights and update
QUARTERLY PRESENTATION Q1 2026 Scanfiber Composites A/S: Highlights and update − Awarded new contracts: New contract awarded for Add-on Armour for naval vessels in NATO country – adding NOK 11 million to backlog − Current backlog: Large orderbook consisting of both new and existing orders stands at
Slide 8: Frydenbø Milpro AS: Company at a glance
QUARTERLY PRESENTATION Q1 2026 Frydenbø Milpro AS: Company at a glance Leading integrator of bespoke light boat platforms − Frydenbø Milpro provides customer-specific engineering and system solutions focused on smaller boat platforms1and integrated equipment for defence and professional use Asset-li
Slide 9: LTM Q1’26 pro forma defence revenue of NOK 340 million, up 25% YoY
QUARTERLY PRESENTATION Q1 2026 LTM Q1’26 pro forma defence revenue of NOK 340 million, up 25% YoY Revenue development Fjord Defence, Scanfiber and Milpro (NOKm) Revenue development year-over-year (NOKm) 400 400 YoY +25% 335 340 CAGR +50% 300 260 300 270 200 155 200 100 100 100 0 0 2022 2023
Slide 10: Record-high orderbook of NOK 535m across the three defence companies
QUARTERLY PRESENTATION Q1 2026 Record-high orderbook of NOK 535m across the three defence companies 140 535 95 300 2026 YTG 2027 2028+ Total YTG = Year-to-go (Q2-Q4) 10
Slide 11: Pro forma Q1 for the defence segment (including Milpro), legacy and the Group
QUARTERLY PRESENTATION Q1 2026 Pro forma Q1 for the defence segment (including Milpro), legacy and the Group Q1’25 Q1’26 Def. Def. Commentary INCOME STATEMENT UNIT Milpro SF FD Legacy Group Milpro SF FD Legacy Group seg. seg. − Total pro forma Defence revenues increased 6% y/y, Sales revenue NOKm 1.
Slide 12: Compounding strategy focused on defence, security and related segments
QUARTERLY PRESENTATION Q1 2026 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 13: Outlook: high-level financials, M&A activity and organisational developments
QUARTERLY PRESENTATION Q1 2026 Outlook: high-level financials, M&A activity and organisational developments PRO FORMA Expected year-over-year pro forma revenue growth for the defence segment of 25–35% for 2026, corresponding to FINANCIAL NOK 420–450 million in pro forma revenue and NOK 90–110 milli
Slide 14: Appendix
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Slide 15: Fjord Defence AS: A leading supplier of light weapon mounts
QUARTERLY PRESENTATION Q1 2026 Fjord Defence Scanfiber Composites 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 fo
Slide 16: Scanfiber Composites: Market-leading provider of ballistic protection solutions
QUARTERLY PRESENTATION Q1 2026 Fjord Defence Scanfiber Composites 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 ballisti
Slide 17: Fjord Defence Group – Consolidated income statement
QUARTERLY PRESENTATION Q1 2026 Fjord Defence Group – Consolidated income statement INCOME STATEMENT UNIT Q1 2026 Q1 2025* Commentary Total revenue NOKm 32.1 0 − Profit and loss includes Fjord Defence AS from 01.01.2026 and Scanfiber Composites A/S from the Cost of goods sold NOKm (21.2) (0.1) Gross
Slide 18: Fjord Defence Group – Consolidated balance sheet (Q1 2026)
QUARTERLY PRESENTATION Q1 2026 Fjord Defence Group – Consolidated balance sheet (Q1 2026) BALANCE SHEET UNIT 31.03.2026 31.03.2025 BALANCE SHEET UNIT 31.03.2026 31.03.2025 Commentary Goodwill NOKm 407.6 178.2 Share capital and other paid in capital NOKm 1,275.2 1,143.2 − The consolidated balance she
Slide 19: https://www.fjorddefencegroup.no/
https://www.fjorddefencegroup.no/ 19