Fjord Defence Group (DFENS) Q2 2026 earnings summary

Executive summary

• Q2 2026 results aligned with expectations, achieving pro forma revenue of NOK 245.4 million and EBITDA of NOK 42.4 million in the defence segment, with expanding personnel and production capacity.

• Closed acquisitions of PartnerTech Karlskoga and Frydenbø Milpro (now Fjord Defence Marine), both expected to add significant revenue and EBITDA.

• Order book reached a record NOK 1.8 billion, providing strong visibility for future quarters.

• Buy-and-build strategy continues, focusing on acquisitions and operational improvements.

• Raised NOK 412.5 million in an oversubscribed private placement, supporting further growth and acquisitions.

Financial highlights

• Q2 2026 defence segment revenue: NOK 245.4 million, EBITDA: NOK 42.4 million at a 17% margin.

• Last 12 months pro forma revenue reached NOK 942 million, EBITDA NOK 188.4 million.

• Cash position of NOK 479.6 million post-private placement, with unutilised facilities of NOK 425 million.

• Equity ratio at 77% as of Q2 2026, with net cash position of NOK 245 million.

• Revenue increased more than 10x year-over-year, from NOK 85 million to NOK 942 million.

Outlook and guidance

• 2026 guidance maintained: NOK 1 billion pro forma revenue and NOK 190–230 million pro forma EBITDA.

• Accelerated growth expected in 2027 and beyond, supported by strong order backlog and pipeline.

• 2027 guidance to be provided with Q3 results.

• Ambition to reach NOK 400–500 million EBITDA in 2029 based on organic and inorganic growth.