Fjord Defence Group (DFENS) Q1 2026 TU earnings summary

Executive summary

• Completed acquisition of Scanfiber Composites A/S for NOK 400 million, focusing Q1 on integration.

• Record-high orderbook at NOK ~535 million, including the contemplated Milpro acquisition.

• Launched a NOK 25 million subsequent offering for eligible shareholders.

• Significant contract award: NOK 43 million order for weapon mounts, with NOK 19 million to be delivered in 2026.

• New board nominations, including a new chair and former Norwegian Minister of Justice.

Financial highlights

• Pro forma Q1 2026 defence segment revenue of NOK ~80.8 million, up from NOK 76 million in Q1 2025.

• Defence segment pro forma EBITDA of NOK 13.9 million, with a margin of 15%.

• LTM Q1'26 pro forma defence revenue of NOK ~340 million, up ~25% YoY.

• Consolidated Q1 2026 revenue at NOK 32.1 million, with a net loss of NOK 48.7 million.

• SG&A expenses increased to NOK 15.1 million in Q1 2026, reflecting integration and expansion costs.

Outlook and guidance

• Projected 2026 pro forma defence segment revenue of NOK 420-450 million and EBITDA of NOK 90-110 million.

• Expected YoY pro forma revenue growth of 25-35% for 2026, with accelerated growth anticipated in 2027.

• Orderbook supports robust growth outlook, with continued M&A activity and organizational strengthening.