Mildef Group (MILDEF) Q3 2026 earnings summary

Executive summary

• Q3 net sales rose 54% organically to SEK 829.2m; adjusted EBITA increased 113% to SEK 180.5m, with a record quarterly adjusted EBITA margin of 21.8%.

• Order intake reached SEK 2,091m, up 130% YoY; backlog was SEK 5,654m at September 30, up 34% in the quarter and 61% LTM.

• Strong demand and major contract wins support delivery visibility into 2027, while electronic-component supply constraints remain a challenge.

Financial highlights

• Q3 net sales were SEK 829.2m versus SEK 539.7m; operating profit was SEK 161.1m versus SEK 68.1m.

• Adjusted EBITA was SEK 180.5m versus SEK 84.6m; gross profit was SEK 376.1m versus SEK 243.1m.

• 9M net sales rose 72% to SEK 2,167m; adjusted EBITA reached SEK 401.7m versus SEK 125.5m.

• 9M profit attributable to parent shareholders was SEK 237.9m versus SEK 54.5m; diluted EPS was SEK 5.05 versus SEK 1.17.

• Free cash flow was -SEK 111.9m in Q3 and SEK 54.8m in 9M, versus -SEK 53.1m and -SEK 93.1m, respectively.

Outlook and guidance

• Backlog was SEK 5,654m; planned delivery schedules are not guidance, and actual results may differ, mainly due to delays.

• Management entered Q4 with a positive view of sustained growth and solid profitability, citing demand, established customer positions and increased delivery capacity.

• The majority of the Bundeswehr call-off is expected to deliver in 2027; management sees potential for major contracts in 2027, though order timing remains volatile.

• Rosersberg expansion supports higher volumes; increased capacity could moderate historical seasonality in 2027, though the pattern remains uncertain.

• Long-term targets: annual sales growth of at least 25% including acquisitions, EBITA margin above 15%, and net debt/EBITDA no higher than 2.5x except temporarily.