Mildef Group Ab · OMXSTO:MILDEF
Mildef Group Ab — Q3 2026 Earnings Presentation
18 slides from Mildef Group Ab's earnings presentation, Oct 22, 2026
Slide 1: Q3/26
Q3/26 Daniel Ljunggren Viveca Johnsson CEO CFO
Slide 2: The MilDef story
The MilDef story Built on experience. Driven by people. MilDef provides rugged Founded Employees Core markets Nordics, Net Sales LTM Order book MSEK IT solutions, systems integration and 1997 approx 580 DACH, UK, US and selected NATO countries. 2,950 MSEK 5,654 services for defence. Our systems are
Slide 3: Agenda
Agenda 01 Q3 highlights 02 Financials 03 Summary 04 Q&A and dates ahead
Slide 4: Highlights Q3
Highlights Q3 • Strong order intake, net sales and margin expansion • All three above metrics reached record levels for a single quarter • Strong business momentum, major contracts awarded • Margin expansion driven by operating leverage • Capacity investments drive solid delivery execution • Continu
Slide 5: Key figures Q3
Key figures Q3 829 180.5 2,091 -112 Net sales, SEK m Adjusted EBITA, SEK m Order intake, SEK m Free cash flow, SEK m +54% growth YoY +113% growth YoY 130% growth YoY -53 SEK m Q3 2025 ATH net sales in a Q3 due to Adjusted EBITA-margin Q3 Order intake increased by Free cash flow from strong strong de
Slide 6: Strategic events Q3
Strategic events Q3 Hardware contract with European 7-year framework extension with Expansion of production & office NATO country, worth approx 553 Bundeswehr, potentially worth 5.8 facility Rosersberg. Facility, opened MSEK. Deliveries are expected to SEK billion + first call-off order worth in 202
Slide 7: Agenda: Financials
Agenda 01 Q3 highlights 02 Financials – CFO Viveca Johnsson 03 Summary 04 Q&A and dates ahead
Slide 8: A fast growing defense tech company
A fast growing defense tech company 4,911 66% 5,654 SEK million in order intake, LTM Order intake Growth, LTM SEK million in order backlog, +61% LTM 1.66 76 % 575 Book-to-bill ratio, LTM Net Sales Growth, LTM Employees FTE, +25% LTM Order Intake SEKm Order backlog SEKm 6 000 CAGR: 51% 6 000 CAGR: 49
Slide 9: ATH order intake & book-to-bill
ATH order intake & book -to-bill Order intake growth journey LTM Book-to-bill ratio development LTM (SEKm) 6 000 2,0 4 911 1,66 5 000 1,5 4 000 3 000 1,0 2 000 0,5 1 000 0 0,0 2022 2023 2024 2025 LTM 2022 2023 2024 2025 LTM 9
Slide 10: Backlog duration
Backlog duration Duration of the order backlog (SEKm) per September 30, 2026, Order backlog (SEKm) duration compared to same time last year based on planned deliveries Beyond 2028 2026 3500 3 274 369 3000 923 2028 2500 1 088 2000 1500 1 088 923 1000 500 369 3 274 0 Year 1 Year 2 Year 3 After year 3
Slide 11: Net sales & gross margin development
Net sales & gross margin development Net Sales, SEKm & Gross Margin, %, LTM 76% 3 000 2 950 50% 49,4% 2 500 48% 46,5% 2 000 45,9% 1 680 46% 1 500 1 136 44% 1 000 42% 500 0 40% 11 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 2024 2025 2026 Net Sales LTM Gross Margin LTM
Slide 12: Further increased profitability (EBITA)
Further increased profitability (EBITA) Adjusted EBITA, SEKm, LTM +181% 600 552,6 500 400 300 196,5 200 130,7 100 0 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 12 2023 2024 2025 2026
Slide 13: Working capital & net debt development
Working capital & net debt development Net working capital Net Debt / EBITDA SEKm 1 000 31,2% 50% 4 800 38,9% 40% 3 2,6 33,2% 2 600 30% 1,4 1,0 1 400 20% 0 200 10% -1 0 0% -2 -200 -10% Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2024 2025 2026 2024 2025 2026 Inventory Oth
Slide 14: Sales footprint
Sales footprint Nordics 45% sales* North America 6% sales* Europe 47% sales* 14 *LTM rounded (last 12 months). Other countries 2%
Slide 15: Agenda: Summary
Agenda 01 Q3 highlights 02 Financials 03 Summary 04 Q&A and dates ahead
Slide 16: Q3 summary
Q3 summary • ATH order intake, net sales and margins • Margin expansion driven by operating leverage • Strong business momentum, major contracts awarded • Capacity investments drive solid delivery execution • Backlog supporting long-term growth 16
Slide 17: Q&A & dates ahead
Q&A & dates ahead Financial calendar Year-End 2026 February 4, 2027 Annual Report 2026 April 14, 2027 Q1 2027 April 27, 2027 AGM 2027 May 18, 2027 Q2 2027 July 16, 2027 Q3 2027 October 26, 2027 17
Slide 18: AS MILDEF
AS MILDEF WE ARMOR IT.