Fjord Defence Group Asa · OSL:DFENS
Fjord Defence Group Asa — Q2 2026 Earnings Presentation
22 slides from Fjord Defence Group Asa's earnings presentation, Aug 27, 2026
Slide 1: Quarterly Presentation Q2 2026
Quarterly Presentation Q2 2026 27 August 2026
Slide 2: Disclaimer
QUARTERLY PRESENTATION Q2 2026 Disclaimer The information in this Presentation has been prepared by Fjord Defence Group ASA (the “Company”, and together with its consolidated subsidiaries, the "Group"). By attending the meeting where this Presentation is made, or by reading the Presentation slides,
Slide 3: Table of contents
Table of contents 1. Q2 update 2. Financials 3. Outlook 4. Appendix
Slide 4: Q2 2026 – Delivering as expected with strengthening growth outlook
QUARTERLY PRESENTATION Q2 2026 Q2 2026 – Delivering as expected with strengthening growth outlook Q2 REVENUE AND Pro forma revenue for the defence segment1 reached NOK 245.4 million, generating an EBITDA of NOK EBITDA 42.4 million. Expanding personnel and production capacity to meet growing demand T
Slide 5: PartnerTech: Strategic metal components supplier to global defence OEMs
QUARTERLY PRESENTATION Q2 2026 PartnerTech: Strategic metal components supplier to global defence OEMs LTM Q2 2026 revenue of SEK 622 million and adj. EBITDA of SEK 104 million Product offering Selected customers PartnerTech at a glance Mechanical components Ammunition Other products − Leading Swe
Slide 6: Preparing for growth and increasing capacity throughout the Group
QUARTERLY PRESENTATION Q2 2026 Preparing for growth and increasing capacity throughout the Group Major potential in scaling portfolio companies through working capital management and optimizing facilities and structure Provider of light weapon mounts to the global defence market Provider of ballisti
Slide 7: Buy & Build growth engine
QUARTERLY PRESENTATION Q2 2026 Buy & Build growth engine Capital Allocation: Increased emphasis on organic growth while continuing to evaluate accretive acquisitions Buying new companies (BUY) Organic growth (BUILD) Fast scaling & entry Highly efficient capital allocation Buying existing companies (
Slide 8: Organic growth expected to drive defence EBITDA to NOK 400-500m by 2029
QUARTERLY PRESENTATION Q2 2026 Organic growth expected to drive defence EBITDA to NOK 400-500m by 2029 Medium-term defence EBITDA ambitions, including Fjord Defence, Scanfiber Composites, Fjord Defence Marine and PartnerTech (NOKm)1 400-500 2 Larger acquisition(s) Funded through operations, debt, c
Slide 9: Robust orderbook: NOK 1.8 billion across the defence segment
QUARTERLY PRESENTATION Q2 2026 Robust orderbook: NOK 1.8 billion1 across the defence segment 600 ~1,770 640 1,170 “Planned & Released” The customer asks PartnerTech to prepare for these additional orders and notifies the company when ~530 each order is released. Historically, a large share of p
Slide 10: Table of contents
Table of contents 1. Q2 update 2. Financials 3. Outlook 4. Appendix
Slide 11: Pro forma Q2 and LTM Q2 for the defence segment
QUARTERLY PRESENTATION Q2 2026 Pro forma Q2 and LTM Q2 for the defence segmentx Commentary − The pro-forma Profit and Loss assumes that all Q2 2025 Q2 2026 LTM Q2 2025 LTM Q2 2026 Profit & Loss acquired entities have been owned since 1.1.2024 Defence Defence Defence Defence (NOK thousands) Segment S
Slide 12: Clear path to reach NOK 1 billion revenue in 2026
QUARTERLY PRESENTATION Q2 2026 Clear path to reach NOK 1 billion revenue in 2026 LTM pro-forma numbers and year-to-go order book for 2026 supports estimates LTM1 Q2 2026 vs. 2026 forecast (NOKm) High target visibility 1,020-1,100 ✓ Achieved 89% of our full-year revenue forecast within the current LT
Slide 13: M&A scaling translates directly into 2.3x CEPS growth LTM
QUARTERLY PRESENTATION Q2 2026 M&A scaling translates directly into 2.3x CEPS1 growth LTM Scaling to NOK 1bn pro-forma revenue2 941,9 Proven value accretion: CEPS per share 2.3x LTM 1,20 NOK 1.14 1,00 0,80 0,60 339,4 254,0 0,40 188,4 96,2 91,4 0,20 85,5 69,1 18,2 35,0 - Q2'25 Q3'25 Q4'25 Q1'26 Q2'26
Slide 14: Fjord Defence Group – Consolidated balance sheet (Q2 2026)
QUARTERLY PRESENTATION Q2 2026 Fjord Defence Group – Consolidated balance sheet (Q2 2026) BALANCE SHEET UNIT 30.6.26 31.12.25 BALANCE SHEET UNIT 30.6.26 31.12.25 Commentary Goodwill NOKm 550.2 178.2 Share capital, other paid in capital NOKm 1871.8 1143.2 − The consolidated balance sheet on 30.06.202
Slide 15: Table of contents
Table of contents 1. Q2 update 2. Financials 3. Outlook 4. Appendix
Slide 16: Outlook
QUARTERLY PRESENTATION Q2 2026 Outlook PRO FORMA Unchanged 2026 target of NOK 1 billion in pro forma revenue and NOK 190–230 million of FINANCIAL pro forma EBITDA. Supported by the order backlog and strong pipeline. Expect accelerated TARGETS1 growth in 2027 and beyond ORDERBOOK Orderbook at approxi
Slide 17: Table of contents
Table of contents 1. Q2 update 2. Financials 3. Outlook 4. Appendix
Slide 18: Pro forma Q2 income statement for the group
QUARTERLY PRESENTATION Q2 2026 Pro forma Q2 income statement for the group Commentary Q2 2025 Q2 2025 Q2 2026 Q2 2026 Profit & Loss Q2 2025 Q2 2026 Defence Group Defence Group (NOK thousands) Group Group Segment functions Segment functions − The pro-forma Profit and Loss assumes that all Sales reven
Slide 19: Pro forma H1 2026 income statement for the group
QUARTERLY PRESENTATION Q2 2026 Pro forma H1 2026 income statement for the group Commentary H1 2025 H1 2025 H1 2026 H1 2026 Profit & Loss H1 2025 H1 2026 Defence Group Defence Group (NOK thousands) Group Group Segment functions Segment functions − The pro-forma Profit and Loss assumes that all Sales
Slide 20: Fjord Defence Group – Consolidated Income Statement (Q2 2026)
QUARTERLY PRESENTATION Q2 2026 Fjord Defence Group – Consolidated Income Statement (Q2 2026) INCOME STATEMENT UNIT Q2 2026 Q2 2025 YTD Q2 2026 YTD Q2 2025 Commentary Total revenue NOKm 56.4 12.4 88.5 12.4 − Profit and loss includes Fjord Defence AS from 01.01.2026 while Cost of goods sold NOKm (25.2
Slide 21: Overview of Fjord Defence Group: company structure and portfolio companies
QUARTERLY PRESENTATION Q2 2026 Overview of Fjord Defence Group: company structure and portfolio companies Seismic assets Future acquisitions 1 Capsol Shares CORE BUSINESS LEGACY BUSINESS & (Defence segment) GROUP FUNCTIONS 1 Note: (1) Previously Frydenbø Milpro AS 21
Slide 22: https://www.fjorddefencegroup.no/
https://www.fjorddefencegroup.no/ 22