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Argo Defence Group
Argo Defence Group (ARGO) investor relations material
Argo 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
Established in April 2025, the group executed several strategic acquisitions and completed a stock exchange listing in December 2025.
Proforma net sales for 2025 reached 163 MSEK, up 28% year-over-year, with adjusted EBITDA of 19.3 MSEK and a stable margin despite one-time listing and growth costs.
Order intake for 2025 totaled 164 MSEK, with an order backlog of 131 MSEK at year-end and ongoing framework agreements valued at 862 MSEK.
The group expanded its presence in Ukraine and strengthened its position in the defense market through major contracts and acquisitions.
Financial highlights
Q4 2025 net sales: 31.6 MSEK; EBITDA: 1.6 MSEK; adjusted EBITDA: 2.2 MSEK; order intake: 58.4 MSEK.
April–December 2025 net sales: 63.0 MSEK; EBITDA: 5.7 MSEK; adjusted EBITDA: 6.4 MSEK.
Proforma full-year 2025: net sales 163 MSEK, EBITDA 18.7 MSEK, adjusted EBITDA 19.3 MSEK, EBITDA margin 11.5%.
Negative operating result for the year due to listing costs and goodwill amortization from acquisitions.
Cash flow from operations for April–December 2025 was -12.5 MSEK; cash at year-end was 36.3 MSEK.
Outlook and guidance
Strong growth and profitability expected for 2026, supported by confirmed order volumes and the Poseidon acquisition.
High visibility for 2026 revenues due to long-term framework agreements and a robust order backlog.
Continued organic and selective acquisition-driven expansion anticipated.
Clarify Ukraine operations' Q4 cost impact
Reconcile order backlog figures: 70 MSEK vs 131 MSEK
Zel-Aaren acquisition: Explain negative goodwill
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Next Argo Defence Group earnings date
Q1 202620 May, 2026
Argo Defence Group
Next Argo Defence Group earnings date
Q1 202620 May, 2026
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