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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.
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Q2 2025 earnings summary29 Aug, 2025

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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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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