Fjord Defence Group ASA delivers a strong 2025 & expects accelerating growth in the years ahead

26 Feb 2026 11:32 CET

***Correction in the Annual report; corrected date for the auditors report***


Oslo, 26 February 2026

Fjord Defence Group ASA (“the Group” or the “Company”) has today announced its
financial results for the fourth quarter and audited 2025 annual report,
delivering strong growth, robust operational and financial performance. The
Company has executed on its strategy as a compounder in the defence industry,
and during 2025 acquired Fjord Defence AS in the second quarter and Scanfiber
Composites A/S in the fourth quarter.

• Group pro-forma* revenue ended at NOK 266 million and adjusted EBITDA NOK 62.5
million, excluding transaction cost and unrealized losses. At the end of the
period, the Group held a strong liquidity position of NOK 199 million including
net proceeds from Private Placement to fund the Scanfiber acquisition. The
equity ratio was 91%. Interest bearing debt of NOK 22 million giving a net cash
position of NOK 177 million
• Fjord Defence AS delivered revenue of NOK 24.4 million in the fourth quarter,
and NOK 93.4 million on a full-year pro-forma* basis for 2025, up from NOK 86.6
million in 2024 – representing 7.9% growth year-over-year.
• Scanfiber Composites A/S delivered NOK 24.4 million in revenue for the fourth
quarter. On a full-year pro-forma* basis, 2025 revenue reached NOK 160.5
million, a substantial increase from NOK 79.0 million in 2024 - representing
103.2% year-over-year growth.
• The legacy business contributed cash-inflows of NOK 30 million during 2025,
stemming from settlement from sale of seismic assets and mulit-client sales, as
well as settlement from disposal of shares in Arbaflame AS.

Key events in the quarter

• Uplisted the Company from Euronext Expand to the main board of the Euronext
Oslo Stock Exchange
• Acquisition of Scanfiber Composites A/S and strengthened role as key
sub-supplier to defence OEMs
• Raised NOK 160m of equity through a private placement
• Orderbook at NOK 360 million at the end of the fourth quarter
• Successful qualification of .338 system with US Army / Rangers

Subsequent events
• Several new contracts announced for Fjord Defence AS, adding a total of NOK
38.3 million to the order book
• Successful repair offering, adding NOK 25 million of equity
• Closing of Scanfiber Composites A/S acquisition on 25 February 2026

Outlook
• Fjord Defence Group expect strong growth in 2026 & accelerated growth in 2027
for current portfolio companies based on current order book and pipeline
• Strong market development in the armored personnel vehicle (APV) segment,
expected to positively impact portfolio companies
• Current portfolio companies have the potential to double their top line with
limited additional capex
• Currently evaluating multiple accretive acquisition opportunities in the
defence sector
• Solid balance sheet enabling both organic and acquired growth

Jon Asbjørn Bø, CEO of the Company, comments; “We are pleased with our results
for 2025 and are excited about the prospects for 2026 and even more so for the
period 2027 to 2030. The long term prospect for our portfolio companies are
highly promising as we see multiple opportunities for organic growth the next 5
years. In addition, we continue to see compelling acquisition opportunities with
equally good organic growth opportunities. In sum, we are confident to deliver
strong, profitable growth for our shareholders in the foreseeable future”

Fjord Defence Group ASA invites investors, analysts and media to a webcast
presentation of the company’s fourth quarter and 2025 financial results at 10:00
CET Thursday, 26 February 2026. The presentation will be held online and can be
accessed via https://qcnl.tv/p/7EdI80vyv1G-N0F_9N23yA
A recording of the webcast and presentation can be viewed on
www.fjorddefencegroup.no after the live event is completed.


For further information, please contact:
Jon Asbjørn Bø, CEO
JAB@fjorddefence.com
+47 930 86 932

* Unaudited pro-forma figures. Investors are cautioned not to place undue
reliance on the pro forma financial information.


ABOUT FJORD DEFENCE GROUP ASA
Fjord Defence Group ASA ("DFENS") is a Norwegian "compounder" listed on Euronext
Oslo Børs seeking to acquire and develop fast-growing, profitable, and well-run
companies in the defence industry. The company has a buy & build strategy, with
focus on acquiring established, profitable businesses within the defence,
security and related segments. More information on www.fjorddefencegroup.com.
This information is subject to the disclosure requirements pursuant to Section
5-12 of the Norwegian Securities Trading Act

More information:
Access the news on Oslo Bors NewsWeb site

666923_Fjord Defence Group ASA - 2025 and Q4 earnings presentation.pdf
666923_2025 Fjord Defence Group annual report.pdf