Quarterly Presentation Q1 2026
28 May 2026
QUARTERLY PRESENTATION Q1 2026
Q1 2026 - Key highlights
COMPLETION OF SCANFIBER ACQUISITION |
SUBSEQUENT OFFERING |
RECORD-HIGH ORDERBOOK |
REVENUE AND EBITDA MARGIN |
REVENUE GROWTH |
SIGNIFICANT CONTRACT AWARD FOR FD AS |
FJORD DEFENCE AS |
SCANFIBER COMPOSITES A/S |
NEW BOARD OF DIRECTORS |
ACQUISITION OF MILPRO |
First quarter of 2026 Subsequent events
Note: (1) Including Milpro FD = Fjord Defence AS
The acquisition of Scanfiber Composites A/S for approx. NOK 400 million was completed on 25 February 2026. During the first quarter, the Group focused on building capacity and positioning the business for continued growth
On January 14, 2026, the company launched a subsequent offering for eligible shareholders who were not part of the previous private placement of NOK 25 million
The company reported a robust orderbook at an all-time high as of the start of 2026, with NOK ~55 million added during the first quarter (excluding Frydenbø Milpro). Including Frydenbø Milpro, the current orderbook amounts to NOK ~535 million
The group anticipates stable margins and solid growth throughout 2026. First quarter pro forma revenue from defence segment1 of NOK ~80 million and EBIDTA margin of 15%
Growth is expected to be driven by a strong European defence market (incl. European vehicle programmes), with pro forma 2026 revenues expected at NOK 420-450 million and EBITDA of NOK 60-110 million from the defence segment1
3
A leading military vehicle OEM has placed a new order for weapon mounts valued at NOK 43 million, of which NOK 16 million will be delivered during 2026
Moved into new production facilities in Nøtterøy, increasing production capacity 10-fold
Successfully recruited a new CEO to lead and scale the operations in Denmark, hired one new salesperson and initiated the build-out of an international sales team
The AGM elected Niels Ihloff as Chair and Emilie Mehl as Board member. Ketil Skorstad was re-elected as Board member, with Karl Sivert Skatland as personal deputy for Ketil Skorstad
A leading integrator of mission-critical bespoke light boat platforms (such as RIBs, inflatables and other types of crafts typically below 10 metres) for military and professional use
QUARTERLY PRESENTATION Q1 2026
Acquisition of Frydenbø Milpro: a leading bespoke light boat platforms provider
Product offering1"Projects" - Smaller boat platforms
Customer-specific engineering of small boat platforms2, typically delivered as complete systems with engine(s), electronics, modular ballistic protection and mission-specific equipment tailored to customer requirements
Related servicesA broad range of tailored post-delivery related services and equipment
Selected customersNorwegian Armed Forces
Swedish Armed Forces
~91%
NORWEGIAN SWEDISH
ARMED FORCES ARMED FORCES
EXPEDITION
CRUISES
POLICE AND
REL. SERVICES
OTHER
CUSTOMERS3
Application areas1
~8%
~32%
~
~32%
16%
~3%
~7%
= Indirect deliveries to Ukraine via the Norwegian Armed Forces
Revenue CAGR of +40% combined with adj. EBITDA / EBIT margins of ~25%26 26
Revenue (NOKm)
2cE: NOK 150-1c0m
8 8
4 4
3 3
2 2
30-40
30-40
23 22
Adj. EBITDA (NOKm)
2cE: NOK 30-40m
42
28
24
14
81
95
Adj. EBIT (NOKm)
2cE: NOK 30-40m
150-160
200
150
100
50
0
~9%
Selected suppliers
HQ and other locations HQ, sales, assembly and engineering
20A 21A 22A 23A 24A 25A 26E
Milpro at a glance
− Leading Nordic integrator of bespoke light boat platforms and integrated solutions for defence and professional use, established in 2015 as a carve-out from Frydenbø Marine
− HQ and workshop in Sætre, Norway (40 min from Oslo), with waterfront access, deep-water quay and assembly facilities
− Lean team, led by CEO Trond Underhaug, with 20-30+ years of marine sector experience each (military, commercial and leisure)
− Asset-light "system integrator" model - Milpro owns design, engineering, project execution and quality assurance, while sourcing boats, engines, electronics and ballistic protection from a network of 100+ subcontractors
− ~50 customers since inception, all in the professional segment - Norwegian and Swedish Armed Forces account for 75% of historical revenue, complemented by global expedition cruise operators, police and other professional users
− 41% revenue CAGR 2020-2025 with adj. EBIT margins of 20-30%; minimal capex and high cash conversion driven by the asset-light model
Note: Unaudited 2025 financials. (1) Revenue share by product offering and customer segment based on 2016-2025 figures; (2) Such as RIBs, inflatables and other types of crafts typically below 10m; (3) Provision of maritime vessels and related equipment to the aquaculture industry 4
and other commercial operators
QUARTERLY PRESENTATION Q1 2026
Significant developments in Fjord Defence AS
In collaboration with KNDS, Fjord Defence has engineered and integrated a specialised anti-aircraft weapon system for the new Leopard 2A8 Main Battle Tank. The programme exemplifies our commitment to user-centric innovation, merging lightweight, robust engineering with modular interfaces to address the shifting demands of modern high-intensity conflict.
Engineered to counter emerging aerial threats like loitering munitions and drones, the system provides critical protection without compromising vehicle mobility or crew ergonomics.
This solution underscores Fjord Defence's mastery of platform-specific customisation, utilising proven mounting technology to deliver superior stability and mission-ready flexibility on the move.
The Fjord Defence Anti-Aircraft Weapon System is a core component of the Leopard 2A8 deliveries to Norway and Germany, with further international supply planned as additional nations adopt this next-generation platform.
Modernising Land Capabilities: The first Leopard 2A8 NOR Main Battle Tanks arrived at Rena Camp in April 2026, marking the commencement of a NOK 23.4 billion fleet renewal programme. This digitalised platform significantly strengthens Brigade Nord's combat power and ensures high levels of interoperability within NATO's northern flank through state-of-the-art protection and sensor integration.
5
QUARTERLY PRESENTATION Q1 2026
Fjord Defence AS: Highlights and update
− Signficant contract award: A leading military vehicle OEM has placed a new order for weapon mounts valued at NOK 43 million, of which NOK 19 million will be delivered during 2026
− New Production facilities: Moved into new production facilities in Nøtterø, increasing production capacity 10-fold and facilitates for significantly larger production series of ring mounts and other equipment requiring a large physical footprint in the production and logistics chain. Production equipment has been set up, workflows are taking shape, and most importantly, both production and development of new products are already underway.
− Organisation: Successfully recruited new COO, US Head of Business Development, additional logistics and procurement and production people
− Deployment of solutions: Successfully delivered and integrated a specialised anti-aircraft weapon system for the new Leopard 2A8 Main Battle Tank. The system was rolled out in April 2026
6
QUARTERLY PRESENTATION Q1 2026
Scanfiber Composites A/S: Highlights and update
− Awarded new contracts: New contract awarded for Add-on Armour for naval vessels in NATO country - adding NOK 11 million to backlog
− Current backlog: Large orderbook consisting of both new and existing orders stands at NOK 535 million at the end of the first quarter
− New CEO onboard: Peter Bertelsen is a highly accomplished executive and strategic visionary with a profound background in the defence and industrial sectors, demonstrated by his ability to scale Roshield A/S from DKK 20m to over DKK 150m and secure critical NATO patents. His career is defined by a unique mastery of the entire business lifecycle, encompassing everything from technical RCD and greenfield factory establishment in China to executing complex MCA processes and international divestments. Fjord Defence Group is proud to bring Peter onboard
− New sales team build-out: To support increased market activity, Scanfiber has hired a new salesperson and initiated the build-out of an international sales team. This is expected to significantly strengthen the company's footprint in the Northern European and UK markets.
7
QUARTERLY PRESENTATION Q1 2026
Frydenbø Milpro AS: Company at a glance
Leading integrator of bespoke light boat platforms
− Frydenbø Milpro provides customer-specific engineering and system solutions focused on smaller boat platforms1and integrated equipment for defence and professional use
Asset-light bus. model supported by supplier ecosystem
− Operating as a "system integrator", Frydenbø Milpro sources
the relevant parts from its network of 100+ subcontractors
Operating in a structurally growing defence market
− NATO allies have raised defence spending target from 2.0% to 3.5% of GDP, driving higher investment in military equipment
Strong financial performance with attractive margins
− Since 2020, Frydenbø Milpro has delivered ~41% annual revenue growth, with adj. EBITDA (≈EBIT) margins of ~20-30%
NOK > 125m orderbook supported by a large pipeline
− The orderbook of NOK >125m for 2026 covers more than 75%
of the forecasted 2026 revenue of NOK 165m
Revenue CAGR of +40% combined with adj. EBITDA / EBIT margins of ~25%
150-160
95
81
14 2 2
24
3
28
42
26 26
30-40
3
4 4
8 8
2322
30-40
200
150
100
50
0
Revenue (NOKm)2cE: NOK 150-1c0m
Adj. EBITDA (NOKm)
2cE: NOK 30-40m
Adj. EBIT (NOKm)
2cE: NOK 30-40m
20A 21A 22A 23A 24A 25A 26E
8
QUARTERLY PRESENTATION Q1 2026
LTM Q1'26 pro forma defence revenue of NOK ~340 million, up ~25% YoY
Revenue development Fjord Defence, Scanfiber and Milpro (NOKm) ~335CAGR +50%
~260 ~155 ~100400
300
200
100
Revenue development year-over-year (NOKm)YoY +25%
~340 ~270400
300
200
100
0
2022 2023 2024 2025 Fjord Defence Scanfiber Composites Milpro0
LTM Q1'25 LTM Q1'26 Fjord Defence Scanfiber Composites Milpro~G0
CAGR +100%
~60 ~25 ~10 EBITDA development Fjord Defence, Scanfiber and Milpro (NOKm)100
80
60
40
20
0
2022 2023 2024 2025 Fjord Defence Scanfiber Composites MilproEBITDA development year-over-year (NOKm)
YoY +55%
~G0 ~60100
80
60
40
20
0
LTM Q1'25 LTM Q1'26 Fjord Defence Scanfiber Composites Milpro9
Note: Unaudited pro forma figures prepared by the Company's management solely for illustrative purposes. Investors are cautioned not to place undue reliance on the pro forma financial information. Adj. EBITDA for Milpro
QUARTERLY PRESENTATION Q1 2026
Record-high orderbook of NOK ~535m across the three defence companies
~140 ~535
~95
~300
2026 YTG 2027 2028+ TotalYTG = Year-to-go (Q2-Q4) 10
QUARTERLY PRESENTATION Q1 2026
Pro forma Q1 for the defence segment (including Milpro), legacy and the Group
Commentary
− Total pro forma Defence revenues increased 6% y/y, driven by a solid contribution from Milpro
− Scanfiber's Q1 was impacted by stock shortage of input raw materials that pushed some deliveries forward. This is expected to be caught up, and on a pro forma basis, revenues from these two companies are expected to grow 10-20% in 2026. Including Milpro, total defence revenues are expected to grow 25-35% YoY
− Defence EBITDA ended at NOK 13.9m in the quarter, reflecting the timing effect on revenues and ramp-up costs incurred to meet strong demand and a growing backlog. For the full year, pro forma defence EBITDA is expected to come in at NOK 90-110m, with stable margins YoY
− Transaction costs of NOK 4.2m in Q1 2026, including NOK 0.5m related to a transaction that was abandoned. The remaining cost relates to Scanfiber Composites
− Defence adj. EBITA at NOK 12.5m reflecting the
capital light nature of the defence segment
− Multi client amortizations and PPA amoritzations carry no cash effect
− Unrealized losses on Capsol shares of NOK 6.7m in Q1 2026 (no cash effect)
Q1'25 Q1'26
INCOME STATEMENT UNIT | Milpro | SF | FD | Def. | Legacy | Group | Milpro | SF | FD | Def. | Legacy Group | |
seg. | seg. | |||||||||||
Sales revenue NOKm | 1.8 | 42.2 | 32.0 | 76.0 | 0.0 76.0 | 28.G | 32.2 | 1G.7 | 80.8 | 1.2 82.0 | ||
Cost of materials and direct services NOKm | (0.9) | (24.6) | (23.1) | (48.6) | (0.1) | (48.7) | (20.3) | (18.4) | (12.1) | (50.8) | (0.1) (50.9) | |
Gross contribution " | 1.0 | 17.6 | 8.G | 27.4 | (0.1) 27.3 | 8.6 | 13.G | 7.6 | 30.0 | 1.1 31.1 | ||
Contribution margin % | 53% | 42% | 28% | 3c% | N/A | 3c% | 30% | 43% | 38% | 37% | S0% 38% | |
Personnel cost NOKm | (0.4) | (7.2) | (2.6) | (10.2) | (2.3) | (12.5) | (0.8) | (6.2) | (3.5) | (10.6) | (2.9) (13.4) | |
Other operating costs " | (0.7) | (0.9) | (1.5) | (3.2) | (3.1) | (6.2) | (1.4) | (1.4) | (2.8) | (5.6) | (15.8) (21.3) | |
Adjust for unrealised loss Capsol " | 0.0 | 0.0 | 0.0 | 0.0 | 4.0 | 4.0 | 0.0 | 0.0 | 0.0 | 0.0 | 6.7 6.7 | |
Deducting transaction costs " | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 4.2 4.2 | |
Adj. EBITDA " | (0.1) | G.4 | 4.8 | 14.1 | (1.6) 12.5 | 6.4 | 6.3 | 1.2 | 13.G | (6.6) 7.2 | ||
Adj. EBITDA margin % | (8%) | 22% | 15% | 18% | N/A | 1c% | 22% | 1S% | c% | 17% | N/A S% | |
Depreciation NOKm | 0.0 | (0.8) | (0.4) | (1.2) | 0.0 | (1.3) | (0.1) | (0.7) | (0.5) | (1.3) | 0.0 (1.3) | |
Adj. EBITA " | (0.1) | 8.6 | 4.4 | 12.8 | (1.6) | 11.2 | 6.3 | 5.5 | 0.7 | 12.5 | (6.6) 5.G | |
Adj. EBITA margin % (8%) 20% 14% | 17% | N/A | 15% | 22% | 17% | 4% | 1c% | N/A 7% | ||||
Addback of transaction costs C CAPSOL NOKm 0.0 0.0 0.0 | 0.0 | (4.0) | (4.0) | 0.0 | 0.0 | 0.0 | 0.0 | (10.9) (10.9) | ||||
Reported EBITA " | (0.1) | 8.6 | 4.4 | 12.8 | (5.5) 7.3 | 6.3 | 5.5 | 0.7 | 12.5 | (17.6) (5.0) | ||
Reported EBITA margin % | (8%) | 20% | 14% | 17% | N/A | 10% | 22% | 17% | 4% | 1c% | N/A (c%) | |
Amortization C Impairment multi-client library " | 0.0 | 0.0 | 0.0 | 0.0 | (16.4) | (16.4) | 0.0 | 0.0 | 0.0 | 0.0 | (14.4) (14.4) | |
Amortization of other intangible assets (PPA) " | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | (7.3) (7.3) | |
Operating Profit " | (0.2) | 8.6 | 4.4 | 12.8 | (21.G) (G.2) | 6.3 | 5.5 | 0.7 | 12.5 | (3G.3) (26.7) | ||
Operating margin % | (10%) | 20% | 14% | 17% | N/A | (12%) | 22% | 17% | 4% | 1c% | N/A (33%) | |
Net finance NOKm | 0.4 | (0.3) | (0.4) | (0.2) | (0.2) | (0.4) | 0.2 | (0.1) | (1.3) | (1.3) | (12.3) (13.5) | |
Profit (loss) before tax " | 0.3 | 8.3 | 4.0 | 12.6 | (22.1) (G.6) | 6.5 | 5.4 | (0.6) | 11.3 | (51.5) (40.3) | ||
Note: Unaudited pro forma figures (as if all defence entities were owned from 01.01.2024) prepared by the Company's management solely for
illustrative purposes. Investors are cautioned not to place undue reliance on the pro forma financial information. Adj. EBITDA for Milpro. 11
SF = Scanfiber Composites; FD = Fjord Defence
QUARTERLY PRESENTATION Q1 2026
Compounding strategy focused on defence, security and related segments
Several ongoing discussion with defence companies meeting the investment criteriaInvestment criteria
1
Operating in the defence, security or related segments with value added products
2
Small and medium companies with revenues of approximately NOK 100m to NOK 1,000m
3
History of profitability with EBITDA margins above 15%, or potential to reach this level
4
Clear organic growth potential and strong growth outlook the next decade
5
Distinctive products that are not dependent on technology breakthrough to succeed
6
Management team that will remain committed to the continued success of the company
Buy s Build - Revenue Scenario in ~3 years (NOKm)~2 000
Profitable, well-managed, fast-growing companies in attractive niches within the defence industry
Fjord Defence 25 Scanfiber 25 Frydenbø Milpro 25 Identified targets Organic growth Total
12
QUARTERLY PRESENTATION Q1 2026
Outlook: high-level financials, MsA activity and organisational developments
PRO FORMA FINANCIAL TARGETS1 |
ORDERBOOK |
MsA ACTIVITY |
NEW FACILITIES |
ORGANISATION |
Expected year-over-year pro forma revenue growth for the defence segment of ~25-35% for 2026, corresponding to NOK 420-450 million in pro forma revenue and NOK 60-110 million of pro forma EBITDA. Supported by a record-high order backlog and strong pipeline, we expect accelerated growth for Fjord Defence and Scanfiber in 2027
Orderbook at all-time high, exceeding NOK 500 million across Fjord Defence, Scanfiber Composites and Milpro
In line with DFENS' acquisition strategy, the company is continuously engaged in dialogue with potential acquisition targets. In particular, DFENS has started on due diligence and is currently in discussions to potentially acquire another well-established Scandinavian defence company with strong products, reputable customers, a solid order book and mid-teen EBIT margins. DFENS has been granted exclusivity, but no assurance can be given that the transaction will be completed.
Fjord Defence AS moved into new facilities during Q2 and expands production capacity to meet higher demand
Focused on building a strong organisation to execute significant organic growth and new MsA
Note: (1) For the defence segment 13
Appendix
Scanfiber Composites
Fjord Defence
QUARTERLY PRESENTATION Q1 2026
Fjord Defence AS: A leading supplier of light weapon mounts
Fjord Defence AS at a glance
− Norwegian enterprise established in 2017 by founders/management with extensive experience from international defence industry
− HQ in Vestfold, Norway with subsidiary in USA
− 20 highly skilled and experienced employees
− Niche company specialised in the design, manufacturing and installation of weapon integration solutions for soldiers, military vehicles and naval vessels
− Capital light business model with focus on development and assembly - no parts production
− Main end customers currently comprise German, British, Dutch, American and Swedish defence organisations
− Profitable since FY2020 while delivering strong
revenue growth
Product offering and application areas1 Selected customers
VEHICLE
GROUND
MARITIME
MISCELLANEOUS
Modular solutions with low-cost integration with all platforms
Tripods and weapons mount with focus on high precision
Modular approach of Pedestals, Gun Wales and weapon mounts
Weapon accessories designed to make the soldier's life easier
45% | 40% | 8% | 8 |
%
Selected suppliers
Revenue CAGR of +40% combined with EBITDA and EBIT margins of ~15%
Revenue (NOKm)
25A: NOK S3m
EBITDA margin (%)
25A: ~18%
EBIT margin (%)
25A: ~1c%
87
93
61
15
25
25
140
120
100
80
60
40
20
0
2020A 2021A 2022A 2023A 2024A 2025A30%
25%
20%
15%
10%
5%
0%
HQ and other locationsHQ, sales, engineering and production
SalesNote: (1) Selected product offering, not exhaustive. Revenue share by application area is based on 2024 figures 15
Scanfiber Composites
Fjord Defence
QUARTERLY PRESENTATION Q1 2026
Scanfiber Composites: Market-leading provider of ballistic protection solutions
Product offering1Spall liners
Installed in vehicles to reduce fragments and narrow their cone angle to the cabin
68%
Add-on armour Panels2 designed to enhance protection for military and container platforms
30%
Scanfiber Composites at a glance
− Leading ballistic protection manufacturer with 30-year expertise using advanced composite materials
− Specialises in lightweight, durable ballistic protection for vehicles, vessels, aircrafts, buildings and personnel with customers throughout Europe
− Sources high-performance fibre composites exclusively from reputable European suppliers, ensuring quality, durability and timely delivery
− Transforms materials into advanced ballistic protection through specialised manufacturing
− In-house design and production ensure performance
and lead time control
− Scanfiber operates with a highly experienced in-house team based in Sindal, Denmark, with a technical support office in Germany
− The Sindal facility is equipped with state-of-the-art machinery and offers capacity for future expansion
− Scanfiber holds all relevant industry certifications and undergoes continuous quality control to ensure its products meet and exceed industry standards
− Trusted partner to military OEMs, delivering tailored ballistic protection solutions with full in-house control, and a focus on quality and reliability
Other
Including protection blankets, detonator bags, bomb blankets, ballistic shields, etc.
Collaborates with military OEMs for tailored systems via long-term partnerships and framework agreements
Contracts secured through long-term framework agreements, providing high visibility on future sales
PROTECTION
ON LAND
PROTECTION
AT SEA
PROTECTION
IN THE AIR
PROTECTION
OF BUILDINGS
PROTECTION
OF PERSONNEL
Collaborates with military OEMs for tailored systems via long-term partnerships and framework agreements
80% | 10 | % | 5% |
Preferred supplier for quality, punctuality, and durable mission-specific protection
Revenue CAGR of +50% combined with EBITDA and EBIT margins of ~30%4Revenue (NOKm)
25A: NOK 1c1m
EBITDA margin (%)
25A: ~33%
EBIT margin (%)
25A: ~31%
161
75
45
52
240
200
160
120
80
40
0
2022A 2023A 2024A 2025A40%
30%
20%
10%
0%
HQ and other locationsHQ
Technical support / sales UK legal entity
Note: Scanfiber Composite's financial year ends Sep 30. (1) Revenue share by product is based on 2024/25 figures; (2) These can function as
stand-alone systems or be integrated into existing base armour to improve survivability; (3) Share of revenue per application area is based on 16
management's estimate of the average level over recent years; (4) EUR/DKK = 7.45 and DKK/NOK = 1.56 (constant currency)
QUARTERLY PRESENTATION Q1 2026
Fjord Defence Group - Consolidated income statement
INCOME STATEMENT | UNIT | Q1 2026 | Q1 2025* |
Total revenue | NOKm | 32.1 | 0 |
Cost of goods sold | NOKm | (21.2) | (0.1) |
Gross profit | " | 10.G | (0.1) |
Other income (losses) | NOKm | 0 | 2.2 |
Sales, general and administrative expenses | " | (15.1) | (3.7) |
Transaction costs | " | (4.2) | 0 |
EBITA | " | (8.5) | (1.6) |
Amortization multi-client | NOKm | (14.4) | (16.4) |
Amortization identified intangible assets | " | (7.3) | 0 |
EBIT | " | (30.2) | (18.0) |
Change in fair value investments | NOKm | (6.7) | (4.0) |
Financial items | " | (13.3) | (0.2) |
Profit (loss) before tax | " | (50.2) | (22.1) |
Income tax (expense) | NOKm | 1.5 | 0 |
Profit (loss) for the period | " | (48.7) | (22.1) |
Other comprehensive income, items that will not be reclassified to profit or loss | |||
Currency translation adjustments | NOKm | (0.5) | 16.6 |
Other comprehensive income (loss) for the period | " | (0.5) | 16.6 |
Total comprehensive income (loss) for the period | " | (4G.2) | (5.5) |
Earnings (loss) per share Basic earnings per average share | NOK / sh. | (0.85) | (1.23) |
Diluted earnings per average share | NOK / sh. | (0.85) | (1.23) |
* Comparative figures have been restated | |||
Commentary
− Profit and loss includes Fjord Defence AS from 01.01.2026 and Scanfiber Composites A/S from the closing date 25.02.2026, while Q1 2025 only consist of previous Group activities
− NOK 1.2m of the revenues for Q1 2026 came from Legacy activities and the remaining NOK 30.9m stemmed from the Defence segment
− SGCA increased from NOK 3.7m in 2025 to NOK
15.1m in 2026
− NOK 7.4m related to the Defence segment
− NOK 1.8m related to increased salaries and travel cost
− NOK 1.1m related to periodization of audit cost
− NOK 0.5m related to transactions not
consummated
− Transaction costs of NOK 4.2m as a consequence of the current buy and build strategy initiated in Q2 2025
− Amortization of Multiclient libraries according to plan
− Other amortizations of NOK 7.3m are related to PPA
after Fjord Defence and Scanfiber acquisitions
− Financial items include negative unrealized currency effects from assets denominated in USD due to relative strengthening of NOK
17
QUARTERLY PRESENTATION Q1 2026
Fjord Defence Group - Consolidated balance sheet (Q1 2026)
BALANCE SHEET | UNIT | 31.03.2026 | 31.03.2025 | BALANCE SHEET | UNIT | 31.03.2026 | 31.03.2025 | |
Goodwill | NOKm | 407.6 | 178.2 | Share capital and other paid in capital | NOKm | 1,275.2 | 1,143.2 | |
Multi-client library | " | 142.3 | 162.1 | Own shares | " | (9.0) | (9.0) | |
Other intangible assets | " | 274.5 | 88.1 | Other reserves | " | (535.9) | (487.2) | |
Deferred tax asset | " | 7.0 | 5.9 | Other reserves - CTA | " | 11.0 | 11.5 | |
Machinery and plant | " | 20.2 | 2.7 | Total equity | " | 741.3 | 658.5 | |
Right of use asset | " | 3.4 | 2.6 | |||||
Investments | " | 19.2 | 26.1 | Interest-bearing debt | NOKm | 131.5 | 17.0 | |
Non-current assets | " | 874.4 | 465.7 | Lease liability | " | 3.0 | 2.2 | |
Non-current liabilities | " | 134.6 | 1G.2 | |||||
Inventory | NOKm | 44.8 | 19.7 | |||||
Trade receivables | " | 34.1 | 19.5 | Interest-bearing debt current | NOKm | 33.1 | 4.9 | |
Other current assets | " | 7.0 | 19.2 | Deferred tax | " | 41.3 | 0 | |
Bank deposits. cash in hand | " | 47.0 | 199.4 | Trade payables | " | 29.0 | 19.4 | |
Current assets | " | 132.G | 257.8 | Taxes payables | " | 10.5 | 10.9 | |
Other current liabilities " 17.5 10.7 | ||||||||
Total assets | NOKm | 1,007.2 | 723.5 | Current liabilities | " | 131.4 | 45.8 | |
Total liabilities | NOKm | 265.G | 65.0 | |||||
Total equity and liabilities | NOKm | 1,007.2 | 723.5 | |||||
Commentary
− The consolidated balance sheet at 31.03.2026 include Scanfiber Composites and a preliminary Purchase Price Allocation after the closing of the transaction 25 February 2026
− The increase in goodwill and other intangible assets from year end 2025 stems from the mentioned transaction
− Multiclient library in Egypt will be fully amortized during Q2 2026 and only the Norwegian part of the library remains after that
− Cash of NOK 47m remains satisfactory after a decrease during Q1 due to settlement of the Scanfiber transaction
− Unutilised facilities of NOK 75m per 31 March 2026
− Equity ratio of 74% and net interest-bearing debt of NOK 121m
− Pro-forma net debt following the private placement of ~NOK 115m, implying ~1.0x NIBD / 2026E Defence segment EBITDA
Financial robustness and flexibility persists
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https://www.fjorddefencegroup.no/
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