Fjord Defence Group (DFENS) Q4 2025 earnings summary

Executive summary

• Completed the acquisition and integration of Scanfiber and Fjord Defence AS, marking a strategic pivot to defense and security with a focus on NATO-related products.

• Transitioned from Aquila Holdings to a defense industry compounder, executing two acquisitions since June and rebranding.

• Raised NOK 255 million in equity and debt in 2025 to fund acquisitions and expansion, including NOK 60 million in May and NOK 160 million in November through oversubscribed private placements.

• Uplisted shares to the main board at Euronext Oslo Børs, reflecting increased market confidence.

• Achieved significant revenue and EBITDA growth, with a four-year revenue CAGR of 54% and EBITDA CAGR of 104%.

Financial highlights

• Pro-forma 2025 revenue reached NOK 266 million, with adjusted EBITDA of NOK 69 million.

• Defense segment contributed NOK 254 million of NOK 266 million group revenue and NOK 69 million EBITDA.

• Year-end net cash position of NOK 199.4 million and available liquidity of NOK 257.8 million.

• Equity ratio at 91%, with total assets of NOK 723.5 million.

• Q4 2025 group adjusted EBITDA was NOK 5.9 million on revenue of NOK 54 million.

Outlook and guidance

• Anticipates strong defense market growth in Europe and the U.S. over the next decade, with robust order book at an all-time high and production capacity expansion underway.

• Plans to acquire one to three additional companies in 2026, maintaining strict investment criteria.

• Stable margins and solid growth expected in 2026, with even stronger growth projected for 2027.

• High potential from US Army development contracts and new framework agreements.

• European vehicle programs projected to double in five years, benefiting Scanfiber.