Fjord Defence Group Asa · OSL:DFENS
Fjord Defence Group Asa — Q2 2025 Earnings Presentation
19 slides from Fjord Defence Group Asa's earnings presentation, Aug 29, 2025
Slide 1: Financial results Q2 2025
Financial results Q2 2025 29 August 2025 Shaping the future of defence.
Slide 2: Disclaimer
Disclaimer The information in this Presentation has been prepared statements. By their nature, forward-looking statements performance and results of the Group and/or the industry by Fjord Defence Group ASA (the “Company”, and involve risk and uncertainty because they reflect the and markets in which
Slide 3: Introduction to Fjord Defence Group ASA
Introduction to Fjord Defence Group ASA
Slide 4: Q2 2025 - A transformational quarter for Fjord Defence Group
Q2 2025 - A transformational quarter for Fjord Defence Group • New strategy defined and repositioned the company as a compounder within the defence industry Fjord Defence Group ASA • Acqusition of Fjord Defence AS • NOK 30m settled in cash • NOK ~140m settled in Aquila shares @ NOK 0.8/share, a pre-
Slide 5: Fjord Defence Group offers an attractive exposure to the defence industry
Fjord Defence Group offers an attractive exposure to the defence industry I Highly attractive market outlook for European defence players 2 Experienced management team with skin in the game 3 Fjord Defence AS with strong organic growth prospects 4 Currently evaluating several companies to acquire in
Slide 6: Management with extensive defence expertise and skin in the game
Management with extensive defence expertise and skin in the game CEO: Jon Asbjørn Bø CFO: Øyvind Mølmann CEO, Fjord Defence: Harald Lunde ~38m shares ~26m shares • Founder and Chairman of the • Interim CFO, Hesselberg AS • MD, Business development, Fjord Board, Fjord Defence AS 2017- • CFO of Selmer
Slide 7: Fjord Defence AS: A profitable and fast-growing niche player
Fjord Defence AS: A profitable and fast-growing niche player Profitable since 2020 with Strong revenue growth (NOKm) • Established in 2017 by founders and management increasing margins (NOKm) 120 with extensive experience from international defence 100 Pre-Tax Profit (LHS) industry. 100 87 Pre-Tax P
Slide 8: Buy & Build strategy with focus on established, profitable businesses
Buy & Build strategy with focus on established, profitable businesses Revenue ambition in the medium term (NOKm) Strategy – growth through M&A 2500 • Fjord Defence Group looking to acquire companies within defence, security & related segments which fulfill the following criteria: • Well run with str
Slide 9: Step-change in demand growth from Europe and NATO
Step-change in demand growth from Europe and NATO Market Drivers: European & NATO Defence Spending Defence spending development 40% Share of defence expenditure spent on equipment % 35% • Structural shift in European defence budgets 30% 25% • European countries are undergoing a long-term structural
Slide 10: Fjord Defence's markets are just entering a multi-year upcycle
Fjord Defence’s markets are just entering a multi-year upcycle We are on the cusp of entering a super cycle for niche defence players Increased defence spending thus far has mostly benefited established • Market entering a capacity-building phase, with focus on growing players capacities like light
Slide 11: Pro-forma financials
Pro-forma financials
Slide 12: Fjord Defence AS – first half 2025
Fjord Defence AS – first half 2025* 2023 Fjord Defence 2024 Fjord Defence 2025 H 1 Fjord Defence Profit & Loss (NOK thousands) (IFRS) (IFRS) (IFRS) Sales revenue 60 458 86 579 49 718 Cost of goods sold (42 248) (56 908) (32 290) Gross contribution 18 210 29 671 17 428 Contribution Margin 30 % 34 % 3
Slide 13: Interim consolidated statement of comprehensive income – Pro Forma
Interim consolidated statement of comprehensive income – Pro Forma 2025 H 1 Fjord Profit & Loss 2024 Fjord 2025 H 1 2025 H 1 2024 Legacy Defence 2024 Group (NOK thousands) Defence (IFRS) Legacy Group (IFRS) • Defence segment makes Sales revenue 86 579 41 941 49 718 9 606 128 520 59 324 substantial c
Slide 14: Interim consolidated statement of financial position – Assets
Interim consolidated statement of financial position – Assets NOK thousands Note 30.06.2025 31.12.2024* Assets Non-current assets Goodwill 6 178 180 - • Full year 2024 balance sheet excluding Fjord Multi-client library Other intangible assets 10 10 192 239 103 900 249 975 - Defence AS Machinery and
Slide 15: Interim consolidated statement of financial position – Equity and Liabilities
Interim consolidated statement of financial position – Equity and Liabilities USD thousands Note 30.06.2025 31.12.2024* Equity and Liabilities Equity Share capital and other paid in capital 981 823 677 727 Own shares (9 035) (18 907) Other reserves (438 631) (390 137) Other reserves - CTA 10 999 38
Slide 16: Interim consolidated statement of cash flow
Interim consolidated statement of cash flow NOK thousands Q2 2025 Q2 2024* YTD H1 2025 YTD H1 2024* Cash flow from operating activities Profit (loss) before tax (16 952) (15 101) (42 143) (37 819) Taxes refund (paid) - - - 1 • Total Cash outlay for Fjord Defence Depreciation, amortization and net im
Slide 17: Outlook
Outlook
Slide 18: Concluding remarks
Concluding remarks Fjord Defence AS delivering according to plan and robust organic growth going forward Fjord Defence AS qualified through development contract with US Department of Defense (SO/LIC) Solid balance sheet enabling both organic and acquired growth Currently evaluating several companies
Slide 19: Q&A
Q&A