Fjord Defence Group (DFENS) Q1 2026 earnings summary

Executive summary

• Completed acquisition of Scanfiber Composites A/S (NOK 400–430.6 million) and Frydenbø Milpro, expanding defense and naval capabilities and market reach.

• Achieved record order book of NOK 535 million at Q1 2026, driven by robust market demand and high-value contracts.

• Significant contract wins, including NOK 43 million for weapon mounts and NOK 11 million for naval vessel armour.

• New board and leadership hires, including new CEO and sales team at Scanfiber, to support strategic direction and international expansion.

• Expanded production facilities, increasing capacity up to tenfold to support larger production series and organic growth.

Financial highlights

• Q1 2026 pro forma defense segment revenue of NOK ~80 million, with EBITDA margin of 15–18%.

• LTM Q1 2026 pro forma defense revenue reached NOK ~340 million, up 25% year-over-year.

• Consolidated Q1 2026 revenue was NOK 32.1 million, with a net loss of NOK 48.7 million, impacted by transaction costs and amortizations.

• Order book of NOK 300 million for the remainder of 2026, supporting turnover guidance of NOK 420–450 million for the year.

• Equity ratio stands at 73.6–74% as of March 31, 2026, with net interest-bearing debt of NOK 121 million and cash of NOK 47 million.

Outlook and guidance

• Full-year 2026 pro forma guidance: revenue NOK 420–450 million, EBITDA NOK 90–110 million, implying 25–35% YoY growth.

• Order backlog supports strong revenue visibility, with NOK 95 million for 2027 and NOK 140 million for 2028 and beyond.

• Accelerated growth expected for Fjord Defence and Scanfiber in 2027, supported by robust market and capacity expansion.

• Ongoing M&A activity, with exclusivity granted for due diligence on a new Scandinavian defense company.