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Fjord Defence Group
Fjord Defence Group (DFENS) investor relations material
Fjord Defence Group Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary26 Feb, 2026
Executive summary
Completed the acquisition and integration of Scanfiber and Fjord Defence AS, marking a strategic pivot to defense and security with a focus on NATO-related products.
Transitioned from Aquila Holdings ASA to a defense industry compounder, executing two acquisitions since June.
Raised NOK 60 million in May and NOK 160 million in November through oversubscribed private placements to fund acquisitions and expansion.
Uplisted shares to the main board at Euronext Oslo Børs, reflecting increased market confidence.
Revenue and EBITDA have grown significantly, reflecting successful execution of the buy-and-build strategy.
Financial highlights
Revenue increased to NOK 266 million in 2025, up from NOK 70 million in 2022, with adjusted EBITDA of NOK 69 million.
Defense segment contributed NOK 254 million of NOK 266 million group revenue and NOK 69 million EBITDA.
Year-end net cash position of NOK 199.4 million and available liquidity of NOK 257.8 million.
Equity ratio at 91%, with total assets of NOK 723.5 million.
Four-year revenue CAGR of 54% and EBITDA CAGR of 104%.
Outlook and guidance
Defense industry growth expected to remain strong in Europe and the US over the next decade, with robust M&A pipeline and plans to acquire 1-3 additional companies.
Stable margins and solid growth expected in 2026, with even stronger growth projected for 2027.
High potential from US Army development contracts and new framework agreements.
Order book at an all-time high, supporting growth through 2026 and beyond.
Anticipates doubling of vehicle programs in Europe over the next five years.
What are the key M&A investment criteria?
Scanfiber's path to double revenue without big capex
Long-term plan for the legacy business
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Next Fjord Defence Group earnings date
Q1 202628 May, 2026
Fjord Defence Group
Next Fjord Defence Group earnings date
Q1 202628 May, 2026
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Frequently asked questions
Fjord Defence Group ASA, "DFENS" is a Norwegian "compounder" listed on Euronext Expand 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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