Argo Defence Group (ARGO) Q1 2026 earnings summary

Executive summary

• Achieved first fully reported quarter as a listed group, reflecting actual business performance without pro forma adjustments for Q1 2026.

• EBITDA reached SEK 10.2 million, with a margin of 22.2%, driven by Defence Materiel deliveries.

• Order intake surged 207% year-over-year to SEK 90.3 million, and order backlog grew 168% to SEK 144.4 million.

• Acquired 99.55% of Poseidon Diving Group AB, expanding expertise in underwater and clearance operations.

Financial highlights

• Net sales for Q1 2026 were SEK 45.6 million, down from SEK 54.2 million pro forma in Q1 2025.

• EBITDA was SEK 10.2 million (22.2% margin), up from SEK 1.9 million (3.4% margin) pro forma last year.

• EBITA reached SEK 10.1 million (22.0% margin), and operating profit was SEK 5.6 million, compared to a loss of SEK -3.5 million pro forma.

• Profit for the period was SEK 4.7 million; earnings per share SEK 0.23.

• Cash flow from operating activities was SEK 5.3 million; total cash flow for the period was SEK -26.0 million, mainly due to the Poseidon acquisition.

Outlook and guidance

• Outlook for the full year remains unchanged, with strong pipeline and confidence in delivery capacity and demand.

• Ongoing framework agreements valued at SEK 867 million, with SEK 583 million remaining, provide stable revenue visibility.