Mildef Group Ab · OMXSTO:MILDEF
Mildef Group Ab — Q1 2025 Earnings Presentation
20 slides from Mildef Group Ab's earnings presentation, Apr 29, 2025
Slide 1: Q1 Report 2025
Q1 REPORT 2025 April 29, 2025 __ Youd ‘Strong backlog & order P| intake supports further growth + We welcome roda to the MilDef family” bay x Daniel Ljunggren Olof Engvall President & CEO Head of IR WE ARMOR IT.
Slide 2: Highlights Q1
HIGHLIGHTS Q1 = The positive trend continued in Q1, demand continues to be strong across our product portfolio = Roda acquisition successfully closed, intensive integration phase ongoing = Handheld close-down according to plan = Continued growth in European defense budgets, the pace in the European
Slide 3: Quarter 1, 2025
QUARTER 1, 2025 340 NET SALES, SEK M 46% increase Q1 The positive trend seen in the second half of 2024 was further reinforced in the first quarter of 2025. Net sales increased by 46% to a new Q1 ATH, of which 18% organic and 28% M&A. 15.7 ADJUSTED EBITA, SEK M Gross margin excluding M&A 50.5% in Q1
Slide 4: Market Update
MARKET UPDATE = Global uncertainty drives long-term defence needs = ReArm Europe / Resilience 2030 adding additional spending of EUR 800 billion = New Swedish defence spend target of 3.5% of GDP by 2030 = Recently announced Swedish spring budget 2025 adds SEK 25 billion in defence procurement commit
Slide 5: Business News
BUSINESS NEWS Q1 2025 April Completed Cybersecurity Single largest FMV contract for acquisition of roda__ contract with Clavister, Westek contract, | command & control, computer GmbH worth 40 MSEK worth 45 MSEK worth 126 MSEK ASMILDEF WE ARMOR TT
Slide 6: Slide 6
Slide 7: 2025 LTM
1 400 1 308 1 200 1 000 800 600 400 200 0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 LTM
Slide 8: The MilDef footprint
The MilDef footprint MilDef offices are located in the Nordics, Germany, France, UK, USA, Australia & local partners on the other key markets *LTM rounded (Last 12 months). Other countries 4% AAMILDEF WE ARMOR TT
Slide 9: 2,0 1,8 1,6 1,53 1,4 00 1,2 1 000 1,0 800 0,8 600 0,6
2 200 1 999 2,0 2 000 1 800 1,8 1,6 1,53 1 600 1 400 1,4 1 200 1,2 1 000 1,0 800 0,8 600 0,6 400 0,4 200 0,2 0 0,0 2021 2022 2023 2024 2025 Q1 2021 2022 2023 2024 2025 Q1
Slide 10: Backlog 2024 Q1 vs Backlog 2025 Q1
Backlog 2024 Q1 1 570 Backlog 2025 Q1 462 289 1 570 698 445 462 445 289 287 188 138 Current year Year 2 Year 3 After year 3
Slide 11: Gross margin by quarter
50% 49,4% 49,4% 49,1% 49% 49,0% 48,9% 48,3% 48,1% 48% 47,7% 47,6% 47,7% 47% 47,0% 46,6% 46% 45% Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2023 2024 2025
Slide 12: Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
180 164,1 160 140 120 112,9 100 80 70,2 60 40 20 0 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2023 2024 2025
Slide 13: Q2 Q3 Q4
6 5,7 5,3 600 50% 41,2% 4 500 40% 3,5 33,4% 33,4% 400 2,6 2,4 30% 2,2 2,1 2 2,0 1,8 300 1,4 20% 200 0 10% 100 -1,1 -1,7 0 0% -2 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2022 2023 2024 2025 2023 2024 2025 Inventory Other Net WC % of Net Sales LTM Net debt/EBITDA, multip
Slide 14: Slide 14
Slide 15: Roda Acquisition on Track
ils) RODA ACQUSITION ON TRACK = On March 6 MilDef successfully completed the acquisition of roda computer GmbH = Roda is consolidated from March 6, 2025 = Continued good development in 2024, purchase price ~6x EBITDA on 2024- EBITDA = Integration project ongoing with focus on commercial synergies «
Slide 16: Slide 16
Slide 17: Underlying Growth Drivers
UNDERLYING GROWTH DRIVERS PLUNGING PEACE INDEX 27 YEARS OF UNDERSPENDING Global peace index USDbn More peaceful —/ Less py 2008 $$$» 2024 BUDGET SWEDEN GDP% Swedish defense expenditure as % of GDP 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 DECOM succesteo +70% EUROPEAN SPEND UNTIL 2039 . ime
Slide 18: Differentiated Defense Procurements
DIFFERENTIATED DEFENSE PROCUREMENTS DYNAMICS IN TIMES OF ACTIVE CONFLICTS 1. Operational effect 2. Platforms 3. Tactical IT, 2 (command & contro!) = Ammunition = Troop transportation = Computers = Fuel = Battle tanks = Switches = Training = Aircrafts = Displays = Drones = Ships = System of systems I
Slide 19: Near and long-term objectives
19 Near and long-term objectives 1. Markets expected to remain strong +10 years 2. Significant need for digitalization and data driven defense systems 3. Continued growth in European defense budgets 4. Order backlog supporting further near-term growth 5. MilDef + roda becomes a leading European play
Slide 20: Follow our journey
Follow our journey on ‘in| CALENDAR 2025 AGM - May 22, 2025 Q2 — July 18, 2025 CMD 2025 STOCKHOLM — September 18, 2025 Q3 — October 23, 2025 ASMILDEF