Argo Defence Group Ab (publ) · NGM:ARGO
Argo Defence Group Ab (publ) — Q4 2025 Earnings Presentation
31 slides from Argo Defence Group Ab (publ)'s earnings presentation, March 2026
Slide 1: Innovation & Security for a Stronger Defence – Q4 2025 Presentation
INNOVATION & SECURITY FOR A STRONGER DEFENCE Q4 2025 Presentation March 2026 STRICTLY PRIVATE AND CONFIDENTIAL Please note that this presentation is for information purposes only and no investment decision may be based on the content
Slide 2: Today's presenters
Today’s presenters Markus Selme Group CEO • Founder and entrepreneur who has run several companies in the security, defence and aerospace industries. Largest owner of Argo Defence Group AB A growth-oriented defence group Mariem Butler CEO Swedish Net Air & Defence • +20 years of experience in busine
Slide 3: Introduction to Argo Defence
1 INTRODUCTION TO ARGO DEFENCE BUSINESS AREAS Q4 2025 HIGHLIGHTS STRATEGY AND FUTURE GROWTH APPENDIX 3
Slide 4: First quarter as a listed company
First quarter as a listed company Status update Successfully delivered on the 2025 guidance First report • Successfully delivered on communicated targets Revenue guidance 2025 EBITDA guidance 2025 of of SEK 150-165m SEK 18-23m • Strong initial report on a revenue and EBITDA basis for full year 2025
Slide 5: Overview of the current legal structure
Overview of the current legal structure Markus Selme CEO 100% 100% 100% 100% 100% 100% Mariem Butler Markus Selme Fredrik Johnsson Patrik Gustafsson Patrik Gustafsson Jonas Brandt CEO CEO CEO CEO CEO CEO 1998 2016 2023 1987 2015 1958 Founded Founded Founded Founded Founded Founded Source: Company in
Slide 6: Argo Defence in brief
Argo Defence in brief Company overview • Argo is a defence company rooted in mission-critical operations Proforma revenue 20251 split • Primarily focuses on the design, production, and delivery of defence products and materiel • Extensive history with underlying operations having existed since the 1
Slide 7: Sweden's defence spending drives growth in military procurement
Sweden’s defence spending drives growth in military procurement Investments in equipment and personnel create opportunities for suppliers like Argo Defence Two decades of underspending in Swedish military expenditure… Swedish military spending (% of GDP) “5%” 6.0% 1 5.0% By 2030 4.0% 3.0% 2.0% 1.0%
Slide 8: Business areas
INTRODUCTION TO ARGO DEFENCE 2 BUSINESS AREAS Q4 2025 HIGHLIGHTS STRATEGY AND FUTURE GROWTH APPENDIX 8
Slide 9: Example of products
Example of products An in-house product portfolio that the company has developed and acquired over time, which will continue to be expanded Focus also on developing off-the-shelf technical products and adapting them for military environments Prioritises the domestic (Swedish) market and the Ukrainia
Slide 10: Defence materiel
Business area Defence materiel • Focuses on developing and delivering defence systems and equipment, including deliveries for civil defence • Great earnings visibility through framework agreements, procurements and direct contracts • High hit-rate when tendering • Developed a strong product portfoli
Slide 11: Counter-explosive risk solutions
Business area Counter-explosive risk solutions • Products and solutions for mine clearance and safe ammunition and weapon disposal, as well as safety and risk assessments in relation to explosive hazards • The company has +30 years of expertise, including leading positions at the Swedish EOD and Dem
Slide 12: Airfield operations
Business area Airfield operations • Covers airport system design, international sales of airfield products, and construction of high security facilities • Project deliveries (performs electrical installations, systems, runways, antennas and instrument landing systems) • >50% of projects military rel
Slide 13: Argo tendering competitively on much larger projects
Argo tendering competitively on much larger projects, enabled by larger size and established suppliers Also driven by a more extensive product offering through three complementary areas, unlike most competitors limited to only one area Tendering project size development Argo’s wide technically advan
Slide 14: Q4 2025 Highlights
INTRODUCTION TO ARGO DEFENCE BUSINESS AREAS 3 Q4 2025 HIGHLIGHTS STRATEGY AND FUTURE GROWTH APPENDIX 14 14
Slide 15: Significant growth in framework agreements with good earnings visibility
Significant growth in framework agreements with good earnings visibility forward Framework agreements and orderstock SEK 32.4m SEK 862m SEK 663m SEK 70m 862 573 131 42 2022 2023 2024 2025 Orderstock Remaining framework Net sales in Q4’20251 Current framework agreement agreement value value SEK 131m
Slide 16: Q4 performance in line with full-year guidance
Q4 performance in line with full-year guidance Reviewed1 proforma figures Net sales EBITDA-m 163.0 20.7% 11.5% 32.4 6 Q4 2025 FY 2025 ▪ On proforma basis, Q4 2025’s profitability was higher than FY 2025PF, primarily driven by lower net sales in Q4 due to a reclassification adjustment, see next slide
Slide 17: Strong underlying EBITDA-margin in Q4
Strong underlying EBITDA-margin in Q4 Illustrative example and explanation of reclassification effects and impact on proforma net sales and EBITDA-margin SEK 32.4m SEK +8.4m2 Donations adjustment SEK 40.9m Proforma Net sales Q4 2025 Like-for-like proforma net sales Q4 2025 ▪ During Q1-Q3 2025, donat
Slide 18: Underlying gross margin illustration
Underlying gross margin illustration Illustrative example and explanation of reclassification effects and impact on audited direct costs and gross profit ~10% GM SEK -27.8m Audited Direct costs, Q4 2025 Full year SEK 11.4m 1 SEK 8.4m SEK 7.6m SEK -20.2m Underlying gross profit, Q4 2025 SEK 31.6m Don
Slide 19: Strategy and future growth
INTRODUCTION TO ARGO DEFENCE BUSINESS AREAS Q4 2025 HIGHLIGHTS 4 STRATEGY AND FUTURE GROWTH APPENDIX 19
Slide 20: Established a platform for continued growth
Established a platform for continued growth Entering the phase of hypergrowth in military expenditures, opportunities to growth organically are highly present Defence materiel Counter-explosive risk solutions Airfield operations ▪ Compete in larger tenders, having ▪ Compete in larger tenders, having
Slide 21: Case study: Poseidon
Case study: Poseidon Founded in 1958, perfect fit into Argo with proprietary and category leading proucts Superior in cold water Mechanically regulator Emergency solution Poseidon regulators are Poseidon regulators provide Poseidon’s emergency engineered for extreme stable, low-effort breathing brea
Slide 22: Case – summary
Case – summary 1 Sustained long-term market growth supported by rising defence spending 2 Strategically positioned product portfolio and market presence Proven ability to identify, participate in, and win complex 3 procurements Scalable cost base with stable fixed costs for each tender, even as the
Slide 23: Innovation & Security for a Stronger Defence
INNOVATION & SECURITY FOR A STRONGER DEFENCE STRICTLY PRIVATE AND CONFIDENTIAL 23 Please note that this presentation is for information purposes only and no investment decision may be based on the content
Slide 24: Appendix
INTRODUCTION TO ARGO DEFENCE BUSINESS AREAS Q4 2025 HIGHLIGHTS STRATEGY AND FUTURE GROWTH 5 APPENDIX 24
Slide 25: Board of directors & Management team
Board of directors & Management team Board of Directors Lars Granbom Anna Höjer Magnus Ericsson Mariem Butler Markus Selme Chairman of the board Board Member Board Member Board Member Board Member Management team Markus Selme Mariem Butler Fredrik Johnsson Isabelle Stiernstedt Nicklas Karlbom Mikael
Slide 26: Income Statement
Income Statement KSEK 2025-10-01 - 2025-12-31 2025-04-29 - 2025-12-31 Operating income Net sales 31,600 62,970 Other operating income 2,711 4,243 Total operating income 34,310 67,213 Operating expenses Direct costs (27,788) (50,892) Other external costs (1,586) (3,347) Personnel costs (3,375) (7,249
Slide 27: Balance Sheet
Balance Sheet KSEK 2025-12-31 KSEK 2025-12-31 Non-current assets Equity Share capital 693 Intangible assets Other equity, including profit for the year 126,494 Goodwill 75,698 Total equity 127,187 Capitalized development expenditure 637 Total intangible assets 76,335 Non-current liabilities Liabilit
Slide 28: Cash Flow Statement
Cash Flow Statement KSEK 2025-10-01 - 2025-12-31 2025-04-29 - 2025-12-31 Operating activities Operating profit (loss) (6,212) (7,549) Adjustments for depreciation and amortization 7,775 13,275 Adjustments for items not included in cash flow 139 312 Interest received 509 509 Interest paid (218) (303)
Slide 29: Pro forma income statement
Pro forma income statement Reviewed1 KSEK 2023 2024 2025 Operating income Net sales 24,072 126,956 162,978 Other operating income 7,284 13,629 8,449 Total operating income 31,355 140,585 171,427 Operating expenses Direct costs (14,868) (104,776) (127,821) External costs (15,615) (14,101) (11,660) Pe
Slide 30: Balance Sheet
Balance Sheet Reviewed1 KSEK 2023-12-31 2024-12-31 2025-12-31 KSEK 2023-12-31 2024-12-31 2025-12-31 Non-current assets Equity Share capital 551 551 551 Goodwill 73,519 55,021 36,735 Reserve for development expenditure 7,836 5,930 5,951 Intangible assets 7,816 5,828 637 Retained earnings incl. share
Slide 31: Innovation & Security for a Stronger Defence
INNOVATION & SECURITY FOR A STRONGER DEFENCE STRICTLY PRIVATE AND CONFIDENTIAL 31 Please note that this presentation is for information purposes only and no investment decision may be based on the content