Fjord Defence Group Asa · OSL:DFENS

Fjord Defence Group Asa — Merger or Acquisition (June 2026)

28 slides from Fjord Defence Group Asa's merger presentation, Jun 17, 2026

  1. Slide 1: Contemplated acquisition of PartnerTech Karlskoga AB

    Contemplated acquisition of PartnerTech Karlskoga AB ("PartnerTech") June 2026

  2. Slide 2: Important information and disclaimer

    INTRODUCTION Important information and disclaimer Introduction: This Presentation has been prepared by Fjord Defence Group ASA (the "Company", and together with its The Company has not authorised any other person to provide any persons with any other information related to the Group, and consolidate

  3. Slide 3: Summary of risk factors

    INTRODUCTION Summary of risk factors Investing in the Company's shares (the "Shares") involves a high level of risk and the Group is and will be exposed to numerous RISKS RELATED TO THE GROUP'S FINANCIAL SITUATION risk factors, of which a brief summary is outlined below. All prospective investors sh

  4. Slide 4: Table of contents

    Table of contents 1. Transaction overview 2. Company overview a. Fjord Defence Group b. PartnerTech 3. Financial overview 4. Appendix

  5. Slide 5: Transaction overview and transaction rationale

    TRANSACTION OVERVIEW Transaction overview and transaction rationale Transaction overview Transaction rationale − Fjord Defence Group has entered into an agreement to acquire PartnerTech Karlskoga AB 1 PartnerTech fits the investment criteria of Fjord Defence Group (“PartnerTech”)1, a leading strateg

  6. Slide 6: Table of contents

    Table of contents 1. Transaction overview 2. Company overview a. Fjord Defence Group b. PartnerTech 3. Financial overview 4. Appendix

  7. Slide 7: Compounding strategy focused on defence, security and related segments

    COMPANY OVERVIEW | FJORD DEFENCE GROUP Compounding strategy focused on defence, security and related segments Several ongoing discussions with defence companies meeting the investment criteria Investment criteria Overview of current defence portfolio companies – all acquired within the last year Ope

  8. Slide 8: Organic growth expected to drive defence EBITDA to NOK 400-500m by 2029

    COMPANY OVERVIEW | FJORD DEFENCE GROUP 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,

  9. Slide 9: Table of contents

    Table of contents 1. Transaction overview 2. Company overview a. Fjord Defence Group b. PartnerTech 3. Financial overview 4. Appendix

  10. Slide 10: PartnerTech: Strategic metal components supplier to global defence OEMs

    COMPANY OVERVIEW | PARTNERTECH PartnerTech: Strategic metal components supplier to global defence OEMs LTM Q1 2026 revenue of SEK 600 million and adj. EBITDA of SEK 100 million Product offering Customer overview PartnerTech at a glance Mechanical components Ammunition Other products A concentrated

  11. Slide 11: Providing key components for defence systems and various industry applications

    COMPANY OVERVIEW | PARTNERTECH Providing key components for defence systems and various industry applications Attractive customer base and longstanding relationships with world-leading defence OEMs Mechanical components Ammunition1 155mm ammunition1 Medium calibre ammunition1 Valves, bearings, mecha

  12. Slide 12: Strategic supplier with advanced capabilities and technical know-how

    COMPANY OVERVIEW | PARTNERTECH Strategic supplier with advanced capabilities and technical know-how Providing products and services throughout the product life cycle, including prototyping and serial production Raw material and traditional Strategic supplier Defence OEMs Government armed forces cont

  13. Slide 13: 2026F revenue of SEK 600-650 million with adj. EBITDA of SEK 100-120 million

    COMPANY OVERVIEW | PARTNERTECH 2026F revenue of SEK 600-650 million with adj. EBITDA of SEK 100-120 million YTG orderbook of SEK 430 million covering large parts of the forecasted 2026 revenue Revenue development (SEKm) YTG orderbook of SEK 430m for 2026 800 700 35-85 600-650 CAGR +20% 621 600-65

  14. Slide 14: Table of contents

    Table of contents 1. Transaction overview 2. Company overview a. Fjord Defence Group b. PartnerTech 3. Financial overview 4. Appendix

  15. Slide 15: 2025A pro forma defence revenue of NOK 940 million (30% revenue CAGR)

    FINANCIAL OVERVIEW 2025A pro forma defence revenue of NOK 940 million (30% revenue CAGR) Revenue development the defence segment (NOKm)1 1,200 955 1,000 CAGR 30% 789 800 576 600 446 400 200 0 2022 2023 2024 2025 Fjord Defence Scanfiber Composites Fjord Defence Marine PartnerTech1 EBITDA devel

  16. Slide 16: Record-high orderbook of NOK 1.1bn across the four defence companies

    FINANCIAL OVERVIEW Record-high orderbook of NOK 1.1bn1 across the four defence companies 600 1,720 390 1,120 “Planned & Released” Volumes that customers 730 have indicated they intend to order but which are not yet firm. The customer asks PartnerTech to prepare for these additional orders and

  17. Slide 17: Outlook: high-level financials, M&A activity and organisational developments

    FINANCIAL OVERVIEW Outlook: high-level financials, M&A activity and organisational developments Expected year-over-year revenue growth for the defence segment of 5–15% for 2026, corresponding to NOK FINANCIAL 1,020-1,100 million2 in revenue and NOK 190–230 million2 in EBITDA. For PartnerTech, H2’26

  18. Slide 18: Table of contents

    Table of contents 1. Transaction overview 2. Company overview a. Fjord Defence Group b. PartnerTech 3. Market overview 4. Appendix

  19. Slide 19: Overview of Fjord Defence Group: company structure and portfolio companies

    APPENDIX | FJORD DEFENCE GROUP: OVERVIEW Overview of Fjord Defence Group: company structure and portfolio companies Seismic assets Future acquisitions 1 Capsol Shares CORE BUSINESS LEGACY BUSINESS (Defence segment) 1 Note: (1) Previously Frydenbø Milpro AS 19

  20. Slide 20: Fjord Defence AS: Provider of light weapon mounts to the global defence market

    APPENDIX | FJORD DEFENCE GROUP: PORTFOLIO COMPANIES Fjord Defence Scanfiber Composites Fjord Defence Marine Fjord Defence AS: Provider of light weapon mounts to the global defence market Revenue split by product offering and application area1 Selected customers Fjord Defence AS at a glance − Norwegi

  21. Slide 21: Scanfiber Composites: Provider of ballistic protection solutions across Europe

    APPENDIX | FJORD DEFENCE GROUP: GROUP PORTFOLIO COMPANIES Fjord Defence Scanfiber Composites Fjord Defence Marine Scanfiber Composites: Provider of ballistic protection solutions across Europe Revenue split by product offering1 Solid customers Scanfiber Composites at a glance Spall liners Add-on arm

  22. Slide 22: Fjord Defence Marine: Provider of bespoke light boat platforms for defence

    APPENDIX | FJORD DEFENCE GROUP: GROUP PORTFOLIO COMPANIES Fjord Defence Scanfiber Composites Fjord Defence Marine Fjord Defence Marine1: Provider of bespoke light boat platforms for defence Product offering2 Selected customers Milpro at a glance “Projects” – Smaller boat platforms Related services N

  23. Slide 23: High and growing demand for military equipment

    APPENDIX | MARKET OVERVIEW High and growing demand for military equipment Supported by fundamental drivers − Market and future focus: Rising geopolitical tensions have catalysed a historic − Sector tailwinds: Massive waves in equipment/protection needs; global security shift in NATO’s fiscal policy.

  24. Slide 24: Risk factors (1/4)

    APPENDIX | RISK FACTORS Risk factors (1/4) An investment in Fjord Defence Group ASA (the "Company"), involves inherent risks. Before making an investment decision regarding the Company's shares (the "Shares"), The Group is subject to risks relating to future acquisitions in line with the Company's "

  25. Slide 25: Risk factors (2/4)

    APPENDIX | RISK FACTORS Risk factors (2/4) employees, on a timely and cost-effective basis in response to developments or changes in the industry, it could have a material adverse effect on the Group's business, the abovementioned deficiencies by entering into satisfactory restrictive covenants with

  26. Slide 26: Risk factors (3/4)

    APPENDIX | RISK FACTORS Risk factors (3/4) parties, such as market representatives, suppliers etc. is generally known to imply risk of corruption. As a result, the Group pays particular attention to this aspect in its The Group has a senior facilities agreement with Nordea Bank Abp, filial i Norge (

  27. Slide 27: Risk factors (4/4)

    APPENDIX | RISK FACTORS Risk factors (4/4) of liquidity issues for the Group which in turn may weaken of the Group's financial position, reputation and lead to higher credit risk. The Group also faces specific financial PartnerTech may be classified as conducting security-sensitive activities under

  28. Slide 28: https://www.fjorddefencegroup.no/

    https://www.fjorddefencegroup.no/ 28

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