Fjord Defence Group ASA announces Q1 2026 financial results

28 May 2026 07:00 CEST

Oslo, 28 May 2026
The Group has continued the strong execution on its buy-and-build “compounder”
strategy in the defence sector. Following the acquisitions of Fjord Defence AS
and Scanfiber Composites A/S, and with the agreement to acquire Frydenbø Milpro
AS, the Group is demonstrating robust momentum with significant organic growth,
capacity expansion, and a record-high order book in its defence segment.


Key defence segment highlights (pro forma, including the Frydenbø Milpro AS
acquisition):

• Q1 2026 pro forma* defence segment revenue reached approximately NOK 80
million, with a solid EBITDA margin of 15%
• The Group’s defence order book stands at an all-time high of approximately NOK
535 million (including the acquisition of Frydenbø Milpro AS), driven by strong
underlying NATO and European defence market demand
• Frydenbø Milpro AS adds a strong year-to-go order book of approximately NOK
120 million and a solid pipeline for the following years
• Fjord Defence AS secured a significant new contract valued at NOK 43 million
from a leading military vehicle OEM for weapon mounts
• Fjord Defence AS moved into new production facilities in Nøtterøy, expanding
production capacity 10-fold to support growth expectations


Highlights from the Frydenbø Milpro AS acquisition

• Leading Nordic integrator of bespoke light boat platforms (RIBs, inflatables,
and other light crafts <10m) with integrated solutions for defence and
professional use
• Strong historical growth with revenue CAGR of ~40% from NOK 14 million in 2020
to NOK 81 million in 2025, achieved through purely organic growth via an
asset-light system-integrator model
• 2026 forecast: Revenue of NOK 150–160 million and adjusted EBIT of NOK 30–40
million
• Deep relationships with the Norwegian and Swedish Armed Forces (~75% of
historical revenue)
• Enterprise value of ~NOK 170 million (cash- and debt-free) excluding earn out
potential. The acquisition diversifies the Group’s revenue base, adds naval
craft capabilities, and creates cross-selling synergies across the portfolio
• Expected to close in late May / early June 2026


Key events in the period / recent highlights

• Record-high pro forma defence order book of ~NOK 535 million
• Successful integration of Scanfiber Composites A/S (completed 25 February
2026)
• Major contract wins, including the NOK 43 million weapon mounts order
• Significant capacity expansion at Fjord Defence AS
• Continued progress on NATO qualifications and deliveries (e.g., .338 systems)


Subsequent events

• Agreement to acquire Frydenbø Milpro AS, the third step in the compounder
strategy
• Private placement successfully completed, raising gross proceeds of NOK 81.5
million to support the Frydenbø Milpro acquisition and general corporate
purposes
• Ongoing due diligence and exclusivity granted on another well-established
Scandinavian defence company
• Strong momentum in tender activity and framework agreements


Outlook

Fjord Defence Group is successfully executing its compounder strategy in a
robust European defence market. The record order book, expanded production
capacity, and attractive acquisition pipeline position the Group for strong
growth. For full year 2026, the Company expects pro forma revenue growth of
approximately 25–35% for the defence segment and reiterates its guidance
targeting pro forma revenues of NOK 420–450 million and EBITDA of NOK 90–110
million for the defence segment. The solid balance sheet enables both organic
and acquisitive growth, with multiple attractive targets under evaluation. The
Group expects continued positive contributions from legacy activities.


Presentation

Fjord Defence Group ASA invites investors, analysts and media to a live webcast
presentation of the company’s first quarter 2026 financial results at 10:00 CEST
on 28 May 2026. The presentation can be accessed via
https://qcnl.tv/p/7EdI80vyv1G-N0F_9N23yA. A recording will be available on
www.fjorddefencegroup.no afterwards.


For further information, please contact:

Jon Asbjørn Bø, CEO
JAB@fjorddefence.com (mailto: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.

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674673_2026 Q1 Fjord Defence Group earnings release FINAL.pdf
674673_Fjord Defence Group ASA - Q1 2026 earnings presentation FINAL.pdf