Slide 1: Q2 Report 2025
.Q2 REPORT 2025 July 18, 2025 J _ _ CONTINUED STRONG ORDER f INTAKE - SALES AND | EARNINGS LOWER THAN PLANNED 1 AW Daniel Ljunggren Olof Engvall President & CEO Head of IR
Slide 2: Highlights Q2
—— a J _ ey HIGHLIGHTS Q2 : = Still positive order intake trend — ATH ™ Deliveries moved from Q2 to Q3 - clearly negative impact on net sales and profit in Q2 = MilDef climbs value chain with combined software, hardware and solutions contracts ™ Increased gross margin excluding M&A = Strong order ba
Slide 3: Market Update
MARKET UPDATE ™ Strong customer activity in the market ™ NATO June summit decided on a 5% GDP defense spending target by 2035 ™ Sweden and many other Nato-countries aim for reaching the new spending target already by 2030 ™ ReArm Europe / Resilience 2030 adding additional spending of EUR 800 billion
Slide 4: Quarter 2, 2025
QUARTER 2, 2025 383 NET SALES, SEK M +27% increase Q2 Net sales for the quarter was negatively affected by the postponement of some major planned deliveries to the third quarter. As a result, organic net sales declined by 36 percent, while total sales grew by 27 percent, driven by the acquisition of
Slide 5: Q2 Business News: announced order intake
Q2 BUSINESS NEWS 396 MSEK announced order intake Q2 Press released July KONGSBERG Single largest Westek FMV contract for Kongsberg Defence & * FMV orders software, hardware contract, command & control, Aerospace contract, and integration services, worth worth 45 MSEK worth 126 MSEK worth 225 MSEK 13
Slide 6: Financial Summary
Slide 7: Net sales 2015 to 2025 LTM
1 400 1 390 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 6% (+4pp) AAMILDEF WE ARMOR TT
Slide 9: LTM
2,0 2 600 2 470 1,78 2 400 1,8 2 200 1,6 2 000 1,4 1 800 1 600 1,2 1 400 1,0 1 200 0,8 1 000 800 0,6 600 0,4 400 0,2 200 0 0,0 2021 2022 2023 2024 LTM 2021 2022 2023 2024 LTM
Slide 10: Backlog 2024 Q2 vs Backlog 2025 Q2
1 509 Backlog 2024 Q2 Backlog 2025 Q2 546 361 1 509 789 544 546 351 361 789 314 238 Current year Year 2 Year 3 After year 3
Slide 11: Gross margin by quarter
50% 49,4% 49,4% 49% 49,1% 49,0% 48,9% 48,3% 48% 48,1% 47,7% 47,6% 47,7% 47,6% 47% 47,0% 46% 45% 44% 43% 42% 41% 40% Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2023 2024 2025
Slide 12: Quarterly net sales
180 160 143,1 140 123,2 118,5 120 100 80 60 40 20 0 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2023 2024 2025
Slide 13: Net debt/EBITDA and net working capital
6 5,7 5,3 590 50,0% 4 490 40,0% 3,5 35,1% 38,0% 2,9 31,3% 2,6 390 2,4 30,0% 2,2 2,1 2 2,0 1,8 290 1,4 20,0% 190 0 10,0% 90 -1,7 -10 0,0% -2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2023 2024 2025 2023 2024 2025 Net debt/EBITDA, multiple Long-term target Inventory Other
Slide 14: Status Acquisition of roda
Slide 15: Roda Acquisition
ils RODA ACQUSITION Solid Q2-figures but roda also volatile on a quarterly basis Integration project ongoing with focus on realizing commercial synergies The acquisition is part of MilDef’s strategy to expand and increase the presence in the European market. Early this year Germany announced a defen
Slide 16: Future Outlook
Slide 17: Near and long-term outlook
7 Near and long-term outlook ™ MilDef moves up the value chain — towards full solutions provider and system house ™ Continued strong trend towards digitalization and data driven defense capabilities = MilDef + roda accelerates market penetration as a leading European powerhouse in defense technology
Slide 18: Calendar
CALENDAR CMD 2025 STOCKHOLM — September 18, 2025 e F. ; es (CEOand President g Dep CEO & CTO Q3 — October 23, 2025 Year-end 2025 — February 5, 2026 Follow our journey on ‘in| AAMILDEF WE ARMOR TT