Fjord Defence Group (DFENS) Company presentation summary

Transaction overview and rationale

• Agreement to acquire PartnerTech Karlskoga AB for SEK 900 million enterprise value, with SEK 708 million purchase price after adjustments; 36% settled in shares and 64% in cash.

• Cash portion funded by NOK 375 million private placement and bank debt from Nordea (5-year bullet loan).

• PartnerTech brings a strong management team, history of profitability, and a +20% revenue CAGR from 2022 to 2025.

• Acquisition expected to diversify revenue, lower concentration risk, and create cross-selling opportunities.

• PartnerTech's SEK 600m+ orderbook and new programs support a 15-20% standalone CAGR outlook.

Company and portfolio overview

• Focused on acquiring profitable, well-managed SMEs in defence, security, and related segments with EBITDA margins above 15%.

• Portfolio includes Fjord Defence (weapon mounts), Scanfiber Composites (ballistic protection), and Fjord Defence Marine (light boat platforms).

• Organic growth and bolt-on acquisitions targeted to drive defence EBITDA to NOK 400-500m by 2029.

• All portfolio companies acquired within the last year, with strong growth and profitability profiles.

PartnerTech business profile

• Leading Swedish manufacturer of strategic metal components for global defence OEMs, with roots in Karlskoga since 1917.

• LTM Q1 2026 revenue of SEK ~600m and adj. EBITDA of SEK ~100m; 92% of revenue from defence applications.

• High-precision components for weapon systems and ammunition, with 30+ years as a strategic supplier to blue-chip OEMs.

• Full-cycle offering from prototyping to serial production and assembly, with in-house advanced material handling.

• Orderbook of SEK ~430m for 2026, supporting continued growth and margin expansion.