Slide 1: MILDEF Q4 & YEAR-END 2025
MILDEF Q4 & YEAR-END 2025 Daniel Ljunggren Viveca Johnsson CEO CFO
Slide 2: Agenda
AGENDA 01 02 03 04 05 HIGHLIGHTS FINANCIALS RODA PROGRESS FUTURE OUTLOOK Q&A 2
Slide 3: Highlights Q4
HIGHLIGHTS Q4 ▪ Strongest quarter to date – both in terms of order intake, net sales & earnings ▪ Margins improved – EBITA at SEK 151 million (19.3%) ▪ Continued strong underlying gross margin excl. M&A (52.8%) ▪ Free cash flow +25% (SEK 60 million) ▪ Net debt / EBITDA dropped from 2.6 to 2.0 ▪ NWC
Slide 4: Bastionen: Our Latest Expansion
BASTIONEN OUR LATEST EXPANSION A STRATEGIC CAPACITY INCREASE FOR 4 STRONGER DEFENSE CAPABILITIES
Slide 5: Key Figures Q4
KEY FIGURES Q4 Net sales reached ATH for a Order intake grew by 30%. 783 NET SALES, SEK M single quarter. Organic growth amounted to 13% and M&A contributed with 75%. 1,005 ORDER INTAKE, SEK M ATH – driven by some larger announced contracts. Book -to-bill ratio Q4 reached 1.28, LTM 1.56. +87% growth
Slide 6: Business News
BUSINESS NEWS Q4 press releases L3Harris contract to NATO Order from undisclosed NATO Bastionen . roda order, nation, worth 52 SEKm country, worth 320 SEKm New production facility worth 320 SEKm opened in Stockholm 6
Slide 7: Financial Targets Follow Up
FINANCIAL TARGETS FOLLOW UP GROWTH PROFITABILITY CAPITAL STRUCTURE DIVIDEND POLICY At least At least Distribute Net debt shall not 25% 15% 20 -40% exceed 2.5x EBITDA growth per year EBITA -margin of the net profit Outcome LTM 70% 13.5% 2.0x 24 % Net Sales Growth EBITA -margin Net debt / EBITDA Propo
Slide 8: Agenda
AGENDA 01 02 03 04 05 HIGHLIGHTS FINANCIALS RODA PROGRESS FUTURE OUTLOOK Q&A 8
Slide 9: A Fast-Growing Defense Tech-Company
A FAST-GROWING DEFENSE TECH-COMPANY 3 193 76% 3 595 SEK million in order intake, LTM Order intake Growth, LTM SEK million in order backlog, +75% LTM 1.56 70% 479 Book-to-bill ratio, LTM Net Sales Growth, LTM Employees FTE, +46% LTM Order intake, SEKm Order backlog, SEKm 3 500 4 000 3 000 3 500 3 000
Slide 10: Full Year 2025
FULL YEAR 2025 Growth from acquisitions has Organic growth was 1% and is 2,045 NET SALES, SEK M contributed 64% and organic growth was 6%. Organic growth is impacted by the divestment of Handheld and that external sales to roda before the acquisition is 3,193 ORDER INTAKE, SEK M impacted by the dive
Slide 11: Order Intake & Book-to-Bill
ORDER INTAKE & BOOK-TO-BILL Order intake growth journey LTM Book-to-bill ratio development LTM (SEKm) 2,0 3 500 3 193 3 000 1,56 1,5 2 500 2 000 1,0 1 500 1 000 0,5 500 0 0,0 2021 2022 2023 2024 LTM 2021 2022 2023 2024 LTM 11
Slide 12: Backlog Duration
BACKLOG DURATION Duration of the order backlog ( SEKm ) per December 31, ORDER BACKLOG (SEKM) DURATION COMPARED TO SAME TIME LAST YEAR 2025, based on planned deliveries +82% Beyond 2028* Backlog 2024 Q4 2 092 Backlog 2025 Q4 2028* 267 (13 ) 400 (36 ) 2026* + 211 % 1 149 836 2 092 (257 ) (969 ) 836 +
Slide 13: Solid Underlying Gross Margin Development
SOLID UNDERLAYING GROSS MARGIN DEVELOPMENT Net Sales, SEKm, LTM Gross Margin, %, LTM +70% 54% 53,5% 2 400 2 045 52% 51,7% 2 000 50,8% 50% 49,8% 49,1% 49,4% 49,4% 49,0% 48,9% 1 600 48% 48,3% 47,6% 47,7% 47,6% 1 151 1 201 47,0% 1 200 46,5% 46% 45,0% 800 44% 400 42% 0 40% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
Slide 14: EBITA Development
EBITA DEVELOPMENT ADJUSTED EBITA, SEKm, LTM +85% 300 276,3 260 220 180 149,7 140,2 140 100 60 20 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 -20 2023 2024 2025 14
Slide 15: Working Capital & Net Debt/EBITDA
WORKING CAPITAL & NET DEBT/EBITDA Net Working Capital Net Debt / EBITDA 4 SEKm 3,5 3 2,9 800 45% 2,6 2,6 40% 2,4 700 2,2 2,1 2 2,0 2,0 33,6% 35% 1,8 600 30% 1,4 500 1 25% 400 20% 300 0 15% 200 10% 100 -1 5% 0 0% -1,7 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 -2 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2023 202
Slide 16: Sales Footprint
SALES FOOTPRINT Nordics 46% sales* North America 7% sales* Europe 43% sales* *LTM rounded (last 12 months). Other countries 4% 16
Slide 17: Agenda
AGENDA 01 02 03 04 05 HIGHLIGHTS FINANCIALS RODA FUTURE OUTLOOK Q&A PROGRESS 17
Slide 18: Roda Progress Q4
RODA PROGRESS Q4 ▪ Solid Q4 -figures - strong order intake ▪ Integration going according to plan ▪ Roda has won several strategic, large contracts in the fourth quarter ▪ Proves rodas strong position on the German market and their good end -user reputation ▪ The acquisition of roda will be an import
Slide 19: Agenda
AGENDA 01 02 03 04 05 HIGHLIGHTS FINANCIALS RODA PROGRESS FUTURE Q&A OUTLOOK 19
Slide 20: Summary – Fundaments for Growth
SUMMARY – FUNDAMENTS FOR GROWTH High demand landscape Demand expected to remain strong +10 years Digitalization & Connectivity Defense tech super cycle is here Decade of trust in defense domain A field proven portfolio and a well -trusted supplier and partner 20
Slide 21: Agenda
AGENDA 01 02 03 04 05 HIGHLIGHTS FINANCIALS RODA PROGRESS FUTURE OUTLOOK Q&A 21
Slide 22: IR Calendar
IR CALENDAR Annual Report 2025 – April 15, 2026 Q1 2026 – April 23, 2026 AGM 2026 – May 21, 2026 Q2 2026 – July 16, 2026 Q3 2026 – October 22, 2026 Follow our journey on
Slide 23: We ARMOR your IT when and where the stakes are the highest.
We ARMOR your IT when and where the stakes are the highest.