Slide 1: Interim Report Q4 2025
Interim Report Q4 2025 Per Norén CEO André Löfgren CFO
Slide 2: Ovzon on a page
Ovzon on a page VISION OVZON PERFORMANCE MSEK Ovzon delivers fully integrated, 800 735 60% high-performance mobile 700 40% satellite communication 600 20% 500 solutions — bringing resilient, 400 355 334 0% secure connectivity to the 300 190 290 -20% world’s most demanding 200 -40% 100 environments 0
Slide 3: Ovzon value proposition
Ovzon value proposition proposition Integrated SATCOM Ovzon provides solutions unique for critical SATCOM missions solutions with market leading performance, mobility and resiliency. We enable critical missions for defense, national security and public safety customers. SPACE SEGMENT MOBILE SATELLIT
Slide 4: Ovzon
Live radar sharing Ovzon Secure Reliable broadband for Secure broadband connections transport aircraft for fast aircraft at sea Fast data for boats and ships Works even through helicopter rotors Stable link for remote- controlled vessels Connected Headquarters Support for small drones Internet acces
Slide 5: Mission-critical connectivity for Defense, National Security and Public Safety
Ovzon Mission-critical connectivity for Defense, National Security and Public Safety MEDIA H O S P I TA L S AV I AT I O N MARITIME LAW INFR ASTRUCTURE PUBLIC ENFORCEMENT SAFETY FIRE SURVEILLANCE BORDER BRIGADES CONTROL UNMANNED VEHICLES R A I LW AY DEFENSE
Slide 6: Strategic environment
Strategic environment GEOPOLITICS POLICY AND PROCUREMENT INDUSTRY AND COMPETITION OVZON IMPLICATIONS • Global defense spendings • Europe: Sovereignty first • LEO investment race continues • Well-positioned in a structurally accelerating • US: Domestic industry and • Spectrum becoming a strategic gro
Slide 7: Q4 accomplishments
Q4 accomplishments Execution momentum accelerates profitability During the quarter • Supplementary order of 58 MSEK from FMV for additional mobile satellite terminals • Agreement of 240 MSEK with a European NATO customer for an Ovzon 3-based SATCOM solution and mobile satellite terminals After the e
Slide 8: Delivering on commitments
Delivering on commitments Scaling with discipline Operational excellence • Order book supports revenue and profitability into 2027 • Utilizing Ovzon 3 and third-party satellite capacity • Delivered mobile satellite terminals to a total value of 208 MSEK in 2025 Customer trust reinforced • Consistent
Slide 9: Increasing revenue
Increasing revenue REVENUE (MSEK) RUN RATE SERVICE REVENUE (MSEK)* 300 800 277 708 275 700 645 250 225 202 600 200 166 500 450 175 150 400 322 305 125 101 107 91 95 90 300 252 247 259 255 100 217 223 230 69 73 65 67 75 57 200 145 50 100 25 0 0 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1
Slide 10: Profitability continues to improve
Profitability continues to improve EBITDA AND EBITDA MARGIN (MSEK) EBIT AND EBIT MARGIN (MSEK) 130 50% 80 74 30% 120 115 40% 70 110 20% 95 30% 60 54 100 10% 90 20% 50 80 0% 10% 40 70 63 27 0% 30 -10% 60 50 -10% 20 -20% 40 -20% 10 -30% 30 17 18 -30% 20 12 0 -40% 10 -40% -10 0 -50% -50% -20 - 14 -10 -
Slide 11: Profit after tax and EPS significantly up
Profit after tax and EPS significantly up PROFIT AFTER TAX (MSEK), EPS (SEK) 100 NET PROFIT (MSEK) EPS (SEK) 90 90 • Q4 2025: Profit after tax improves significantly 80 1,2 to 90 MSEK (-71), EPS 0.81 SEK (-0.63) 70 60 • Refinancing reduces interest costs significantly in 0,81 the quarter, and onward
Slide 12: Strong cash flow and solid financial position
Strong cash flow and solid financial position CASH FLOW FROM OPERATIONS (MSEK) NET DEBT (MSEK) 700 649 300 QTD R12 400 587 600 350 529 250 199 300 500 200 250 141 400 150 200 328 100 150 300 60 66 259 100 50 200 50 0 0 100 -50 -50 -100 -69 -100 0 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q4 24 Q1 25 Q2 25 Q3 25
Slide 13: Execution momentum accelerates profitability
Execution momentum accelerates profitability REVENUE (MSEK) EBITDA (MSEK), 300 735 800 140 291 300 277 700 120 115 250 250 95 600 100 200 200 202 500 80 150 166 63 150 400 60 100 107 300 100 90 40 50 200 17 18 50 20 0 100 0 -50 0 0 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 QTD R12
Slide 14: Ovzon business model
Ovzon business model SATCOM services • Monthly service revenue from customer networks • High service margins and cash flow • Long-term contracts create predictability Mobile satellite terminals • Revenue recognized upon delivery • Terminal deployments drive service growth • Follow-on and supplementa
Slide 15: Going forward
Going forward DELIVER FINANCIAL ENSURE COMMERCIAL ACTIVELY PERFORMANCE SUCCESS SCALE UP
Slide 16: Thank you!
Thank you!