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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Fjord Defence Group
Fjord Defence Group (DFENS) investor relations material
Fjord Defence Group Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary27 Aug, 2026
Executive summary
Q2 2026 results aligned with expectations, achieving pro forma revenue of NOK 245.4 million and EBITDA of NOK 42.4 million in the defence segment, with expanding personnel and production capacity.
Closed acquisitions of PartnerTech Karlskoga and Frydenbø Milpro (now Fjord Defence Marine), both expected to add significant revenue and EBITDA.
Order book reached a record NOK 1.8 billion, providing strong visibility for future quarters.
Buy-and-build strategy continues, focusing on acquisitions and operational improvements.
Raised NOK 412.5 million in an oversubscribed private placement, supporting further growth and acquisitions.
Financial highlights
Q2 2026 defence segment revenue: NOK 245.4 million, EBITDA: NOK 42.4 million at a 17% margin.
Last 12 months pro forma revenue reached NOK 942 million, EBITDA NOK 188.4 million.
Cash position of NOK 479.6 million post-private placement, with unutilised facilities of NOK 425 million.
Equity ratio at 77% as of Q2 2026, with net cash position of NOK 245 million.
Revenue increased more than 10x year-over-year, from NOK 85 million to NOK 942 million.
Outlook and guidance
2026 guidance maintained: NOK 1 billion pro forma revenue and NOK 190–230 million pro forma EBITDA.
Accelerated growth expected in 2027 and beyond, supported by strong order backlog and pipeline.
2027 guidance to be provided with Q3 results.
Ambition to reach NOK 400–500 million EBITDA in 2029 based on organic and inorganic growth.
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Latest events from Fjord Defence Group
- Record orderbook and strong revenue growth position the group for accelerated expansion in 2026.DFENS
Q1 2026 TU - Acquisition of PartnerTech accelerates growth and diversification, backed by a record orderbook.DFENSCompany presentation
- Record order book, major acquisitions, and strong Q1 growth support a robust 2026 outlook.DFENSQ1 2026
- Transformational year with soaring revenue, record order book, and strong financial position.DFENSQ4 2025
- Acquisition of Scanfiber for NOK ~400m creates a leading Nordic defence supplier with strong growth.DFENSCompany presentation
- Defence acquisitions doubled revenue and segment size, driving strong growth and future expansion.DFENSQ3 2025
- Transformational quarter with defence acquisition, strong growth, and NOK 2bn revenue target.DFENSQ2 2025
- Q2 2024 delivered USD 0.8m revenue, strong equity, and ongoing share buybacks amid volatile markets.DFENSQ2 2024
- Acquisition and rebranding form a high-growth defence group targeting NOK 2bn revenue.DFENSM&A announcement
Next Fjord Defence Group earnings date
Q3 202626 Nov, 2026
Fjord Defence Group
Next Fjord Defence Group earnings date
Q3 202626 Nov, 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.