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Fjord Defence Group (DFENS) investor relations material
Fjord Defence Group Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 2025 marked a transformational period with the acquisition of Fjord/Fiori Defence AS, adoption of a compounder strategy in the defense industry, and new management appointments to support growth and acquisitions.
Uplisting process to the main list of Oslo Stock Exchange was initiated, expected to complete in H2 2025.
Equity raise of NOK 60 million was significantly oversubscribed, strengthening the cash position and supporting acquisition plans.
The new strategy targets NOK 2 billion in medium-term revenue through acquisitions and organic growth.
Management team has extensive defense expertise and significant shareholdings, aligning interests with shareholders.
Financial highlights
Acquisition of Fjord/Fiori Defence AS for NOK 278.8 million, settled with NOK 30 million in cash and up to 175.2 million shares; NOK 85 million credit line established.
Group-level positive EBITDA of NOK 10–10.7 million for H1 2025, after adjusting for transaction costs and unrealized losses.
Strong cash position of NOK 72–72.4 million and equity ratio of 86% as of June 30, 2025.
Cash inflow of NOK 60 million from private placement and additional proceeds from asset sales.
Net cash position of NOK 47.4 million with low leverage and NOK 60 million undrawn debt facilities.
Outlook and guidance
Revenue expected to exceed NOK/SEK 100 million in 2025, with higher growth projected for 2026 and a medium-term target of NOK 2 billion.
Order book for the rest of 2025 at NOK/SEK 50 million, with additional opportunities anticipated.
Actively evaluating further acquisitions in the Nordics and Baltics, with a strong pipeline.
High potential from a qualified product with the U.S. Department of Defense, with further testing and international interest ongoing.
Positive momentum in seismic sales expected to continue in 2025.
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