Ovzon (OVZON) Q2 2025 earnings summary

Executive summary

• Achieved strong growth and improved profitability in Q2 2025, driven by major defense sector orders and increased SATCOM service revenues.

• Secured the largest order to date: 1.04 billion SEK from the Swedish Defence Materiel Administration (FMV), with an additional post-quarter order of 72 MSEK.

• Order intake for the quarter reached 113.9 MUSD (1,092 MSEK), with a rolling 12-month intake of 152.9 MUSD (1,496 MSEK); order book at quarter-end was 1,159 MSEK.

• EBITDA and EBIT turned positive, with profit after tax at 22 MSEK for Q2 2025.

• Ovzon 3 satellite has been in commercial service for over a year, exceeding expectations and driving increased demand.

Financial highlights

• Q2 2025 revenue was 166 MSEK, up from 95 MSEK in Q2 2024; H1 2025 revenue was 256 MSEK.

• Q2 2025 EBITDA reached 63 MSEK, compared to -12 MSEK in Q2 2024; H1 2025 EBITDA was 81 MSEK.

• Q2 2025 EBIT was 27 MSEK, up from -17 MSEK year-over-year; profit after tax was 22 MSEK.

• Order book at quarter-end stood at 1,159 MSEK, up from 140 MSEK year-over-year.

• Cash flow from operations was -69 MSEK in Q2 2025, with 264 MSEK in customer payments received July 1, 2025, expected to improve Q3 cash flow.

Outlook and guidance

• Focus on strengthening the order book, driving revenue growth, and improving EBITDA and profit after tax.

• Targeting positive cash flow and full utilization of Ovzon 3 satellite.

• Continued emphasis on core market segments, relevant geographies, and leveraging Ovzon 3 for integrated SATCOM solutions.

• Strong cash flow expected, supported by robust order book and customer demand for rapid, high-quality deliveries.

• U.S. market remains a long-term strategic priority despite temporary uncertainty in government procurement.