Slide 1: Transformative Q4 & Accelerating Growth Journey
“TRANSFORMATIVE 9 Q4 & ACCELERATING 4 GROWTH JOURNEY” 4 NY . Daniel Ljunggren Viveca Johnsson 42. . sah) ae President & CEO CFO 3% \ : a™ ¥
Slide 2: Highlights Q4
HIGHLIGHTS Q4 Strongest quarter in MilDef’s history = ATH order intake = ATH net sales = ATH order backlog = Book-to-bill ratio R12 = 1.5 = Strong demand across our product portfolio and in our main geographical markets = A transformative acquisition of roda open up central Europe for growth = Strat
Slide 3: Quarter 4, 2024
QUARTER 4, 2024 418 NET SALES, SEK M 18% increase Q4 71 ADJUSTED EBITA, SEK M Net sales exceeded SEK 400 million for the first time in a quarter. Geographically it’s Europe that is the main driver behind the growth. The net sales growth confirms a relevant offering and a high level of customer confi
Slide 4: A Very Busy Q4
A VERY BUSY Q4 OCTOBER-DECEMBER Dismounted cvg0 FMV Command Tracked vehicle FMV OneCIS Transformative Share issue Strategic focus Solider BAE Systems, & Control, BAE Systems, Navy acquisition 500 SEKm on defense launch 200 SEKm 63 SEKm 80 SEKm 81SEKm _roda computer 424 MSEK announced order intake in
Slide 5: Financial Summary
Slide 6: 2015 2016 2017 2018 2019 2020 2021
1 400 1 200 1 000 800 600 400 200 0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Slide 7: Full Year 2024
FULL YEAR 2024 1,201 NET SALES, SEK M 4% increase 2023 149.7 EBITA, SEK M A slower start to 2024 gives a sales growth of 4%. The second half of the year has accelerated and H2 2024 vs H2 2023 shows growth of 15%. As we continue to build for the future with added resource, competencies and employees
Slide 8: Order intake by quarter
+49% 2 000 1 810 1 800 1 600 1 400 1 214 1 200 1 000 938 800 600 400 200 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2022 2023 2024
Slide 9: Net sales by quarter
2 500 2 055 2 000 1 500 1 327 1 156 1 000 500 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2022 2023 2024
Slide 10: Backlog Duration
BACKLOG DURATION Beyond 2027* * Order backlog of 2,1 SEKb — All time high. * Deliveries for next year 37% higher than end of last year. * Duration of the order backlog (SEKm) per 2027" December 31, 2024, based on planned deliveries. 2025* *Important information Forward-looking statements do not guar
Slide 11: Gross margin and net sales by quarter
50% 49,4% 49,4% 49,1% 49,0% 49% 1 400 1 201 1 200 1 151 48,3% 48,1% 48% 1 000 47,7% 47,6% 47,7% 800 739 47% 47,0% 600 46,6% 46,3% 400 46% 200 0 45% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2022 2023 2024 2022 2023 2024
Slide 12: Adjusted EBITA by quarter
160 149,7 140,2 120 80 44,8 40 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2022 2023 2024
Slide 13: Working capital and net debt/EBITDA
8 6 5,7 5,3 4 450 45,0% 3,5 400 41,4% 40,0% 33,5% 27,6% 2,2 2,4 350 35,0% 2 2,1 2,0 1,8 300 30,0% 1,4 250 25,0% 0 200 20,0% 150 15,0% -1,1 100 10,0% -1,7 -2 50 5,0% -2,8 0 0,0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 -4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2022 2023 2024 2022 2023 2024 Inventory Other Ne
Slide 14: Acquisition of roda
Slide 15: Process roda
14 PROCESS RODA = Regulatory approvals in Germany, France and UK progressing according to plan = UK & France approval already received = Authorities deem MilDef as an important industry contributor to a stronger European defense = Final closing expected in Q1 TACTICAL AND RUGGED IT MILDEF BECOMES A
Slide 16: Future Outlook
Slide 17: MilDef Has Never Been More Relevant
MILDEF HAS NEVER BEEN MORE RELEVANT PLUNGING PEACE INDEX 27 YEARS OF UNDERSPENDING EUROPEAN DEFENSE SPENDING +45% Global peace index Swedish defense expenditure as % of GDP. 2017 - 2024, USDm men —. 45% sons +45% peaceful DOUBLE EUROPEAN DEFENSE SALES +70% EUROPEAN SPEND UNTIL 2039 BUDGET SWEDEN 202
Slide 18: Positive Future Outlook
POSITIVE FUTURE OUTLOOK Market activity expected to remain strong for many years to come Broader market trends are in our favor, with a 2’ significant need for modernization of current tactical IT-solutions 3 An anticipated increase in defense spending will further boost demand, complementing underl
Slide 19: Calendar 2025
Follow our journey on ‘in| CALENDAR 2025 Q1 — April 29, 2025 AGM - May 22, 2025 Q2 — July 18, 2025 CMD — September 18, 2025 Q3 — October 23, 2025 ASMILDEF
Slide 20: We Armor IT.
WE ARMOR IT. We ARMOR your IT when and where the stakes are the highest._ ASMILDEF