Slides
Page 1
b 2025 and Q4 earnings 26 February 2026
Page 2
Fjord Defence AS is a Norwegian defense innovator specializing in design and manufacturing of high-precision, lightweight weapon integration solutions. 2025 Key highlights – a transformational year FJORD DEFENCE GROUP | 2025 and Q4 PRESENTATION 2025 at a glance − Strategic pivot and rebranding: Completed shift from Aquila Holdings ASA to Fjord Defence Group ASA in June 2025, focusing on defence and security; symbolized commitment to building a resilient portfolio. − Key acquisitions: Acquired Fjord Defence AS on June 20, 2025 (specialist in high-performance NATO products); announced Scanfiber Composites A/S acquisition in November (leading ballistic protection supplier, closing Q1 2026). − Leadership and funding: New CEO appointed July 1, 2025; raised NOK 60 million via private placement in May to fund acquisitions and expansion; additional NOK 160 million raised in November for the Scanfiber transaction. − Strong shareholder support: Both 2025 private placements were substantially oversubscribed, as well as corresponding repair issues; raising additional NOK 35 million. Key milestones in 2025 Scanfiber Composites A/S is a Danish leader in advanced lightweight ballistic protection, founded in 1996 and headquartered in Sindal, Denmark Axxis Multi-Client AS is a Norwegian geophysical company specializing in high- resolution seismic data for the oil and gas industry1 Note: (1) Forms the main basis of the legacy assets in the Group NOK 60 million private placement and bank funding facility May Announced acquisition of Fjord Defence AS and strategic shift to become a defence compounder May Rebranding and Fjord Defence AS acquisition completed June Jon Asbjørn Bø appointed CEO and new organization July US Qualification for .338 Tripod + New NATO Contracts Q3 Uplisted to the main board at Euronext Oslo Børs October NOK 160 million private placement and NOK 165 million bank debt financing November Announced acquisition of Scanfiber Composites A/S November New NATO contracts + Revenue target on track December NOK 199 million cash at hand Year-end Axxis Multi Client (Seismic assets) 2
Page 3
Strong performance last three years and ready to grow FJORD DEFENCE GROUP | 2025 and Q4 PRESENTATION Main highlights − Q4 expansions: November acquisition of Scanfiber (adds NOK 160 million revenue, robust order book, and scalability); strengthened role as key sub- supplier to defence OEMs. − Oslo Børs: Uplisted the shares of the company from Euronext Expand to the main board of the Euronext Oslo Stock Exchange. − Full-year financials: Pro-forma revenue NOK 254 million and adjusted EBITDA NOK 69 million; year-end net cash NOK 199 million, available liquidity NOK 257.8 million, total assets NOK 723.5 million, equity ratio 91%. − Group order book: Strong start to the year with a NOK 360 million (45% YoY increase) at the beginning of 2026. − Proved strategy: The acquisition of Scanfiber proves the attractiveness of the industrial ownership model and compounder scheme. Revenue development last four years Fjord & Scanfiber (NOKm) 70 110 160 254 0 50 100 150 200 250 300 2022 2023 2024 2025 Fjord Defence Scanfiber Composites CAGR +54% 10 15 35 69 0 25 50 75 100 2022 2023 2024 2025 Fjord Defence Scanfiber Composites EBITDA development last four years Fjord & Scanfiber (NOKm) CAGR +104% 3
Page 4
High and growing demand for military equipment FJORD DEFENCE GROUP | 2025 and Q4 PRESENTATION Note: 3.5% scenario based on Janes estimates of GDP and share of procurement stable at 30%. Source: Janes, NATO, own analysis. 4 Supported by fundamental drivers − Market and future focus: Rising geopolitical tensions have catalyzed a historic shift in NATO's fiscal policy. Following the 2025 Hague Summit, the Alliance established a new long-term benchmark, committing to invest 5% of GDP annually by 2035. This ambitious target includes 3.5% for core military requirements and 1.5% for resilience-related infrastructure and dual-use technologies. − Demand surge: NATO/EU defence budgets exploding. − Sector tailwinds: Massive waves in equipment/protection needs; global security spending forecasted to double by 2030, with Nordics leading via heightened alliances. − Geopolitical catalysts: Persistent conflicts and hybrid warfare driving urgent procurement; supply chain shifts favoring regional players like FDG. − Economic Edge: Inflation-resilient sector with sticky contracts; low competition in niche SME spaces. 0 50 100 150 200 250 300 350 400 2014 2016 2018 2020 2022 2024 2026 2028 2030 2032 2034 3.5% scenario Post-invation 3.5% scenario (approx. USDbn) Pre-invation level (approx. USDbn) NATO Europe defence procurement budgets USD billion, % defence budgeted spending of GDP Significant increase ahead Moving to 3.5% of GDP implies a x3 increase, compared to the increase seen after the invasion Additional multiplicative effect EU policy to increase “Buy European” , and increased share of European procurement is expected to positively affect sales +222%
Page 5
Compounding strategy focused on defence, security and related segments FJORD DEFENCE GROUP | 2025 and Q4 PRESENTATION 5 Investment criteria Several ongoing discussion with defence companies meeting the investment criteria 6 Management team that will remain committed to the continued success of the company 3 History of profitability with EBITDA margins above 15%, or potential to reach this level 4 Clear organic growth potential and strong growth outlook the next decade 2 Small and medium companies with revenues of approximately NOK 100m to NOK 1,000m 1 Operating in the defence, security or related segments with value added products 5 Distinctive products that are not dependent on technology breakthrough to succeed Profitable, well-managed, fast-growing companies in attractive niches within the defence industry Buy & Build – Revenue Scenario in 3 years (NOKm) 2 000 Fjord Defence 25 Scanfiber 25 Identified targets Organic growth Total
Page 6
Attractive outlook on the back of unparalleled capacity build up in NATO/Europe FJORD DEFENCE GROUP | 2025 and Q4 PRESENTATION 6 Outlook: stable margins combined with solid growth in 2026 and even better growth in 2027 given: − High potential in US Army development contract − Several opportunities for high impact framework agreements Outlook: stable margins combined with solid growth in 2026 and even better growth in 2027 given: − The number of vehicle programs in Europe is expected to double over the next five years − Expanded customer base Exploit top line synergies between the companies in the portfolio 118 248 360 0 100 200 300 400 500 2024 2025 2026 Fjord Defence Scanfiber Composites New announced orders during the fourth quarter and early 2026 − NOK 13 million from an established NATO customer (Fjord Defence AS) − NOK 9 million for advanced spall liners to enhance NATO armored vehicle protection (Scanfiber Composites A/S) − NOK 6 million, of which NOK 4 million has been ordered, for advanced tripod system following successful U.S. DoW approval (Fjord Defence AS) − NOK 22 million from a customer in a European NATO country (Fjord Defence AS) +205% Current order book & development last 3 years (NOKm)
Page 7
Fjord Defence Group – Consolidated income statement (2025) FJORD DEFENCE GROUP | 2025 and Q4 PRESENTATION Note: FD AS = Fjord Defence AS, SC A/S = Scanfiber Composites A/S Unaudited pro forma figures prepared by the Company’s management solely for illustrative purposes. Investors are cautioned no t to place undue reliance on the pro forma financial information 7 INCOME STATEMENT (NOKk) SC A/S FD AS Legacy Group SC A/S FD AS Legacy Group 2024 2024 2024 2024 2025 2025 2025 2025 Sales revenue 79 042 86 579 41 941 207 562 160 508 93 487 12 448 266 443 Cost of goods sold (37 952) (56 908) (42 353) (137 213) (71 665) (58 809) (898) (131 372) Gross contribution 41 090 29 671 (412) 70 349 88 843 34 678 11 550 135 071 Personnel Costs (19 095) (8 082) (6 012) (33 189) (31 413) (7 709) (10 906) (50 028) Other operating costs (3 333) (6 211) (31 529) (41 073) (4 768) (10 554) (46 144) (61 466) Adjust for unrealised loss Capsol 0 0 0 0 0 0 18 230 18 230 Deducting transaction costs 0 0 3 366 3 366 0 0 20 682 20 682 Adjusted EBITDA 18 662 15 378 (34 587) (547) 52 662 16 415 (6 588) 62 489 Addback of Trans. Costs & CAPSOL 0 0 (3 366) (3 366) 0 0 (38 912) (38 912) Reported EBITDA 18 662 15 378 (37 953) (3 913) 52 662 16 415 (45 500) 23 577 Depreciation (2 942) (1 582) (0) (4 524) (3 338) (1 330) 0 (4 668) Amortisation & Impairment multi-client library 0 0 (97 295) (97 295) 0 0 (61 613) (61 613) Amortisation of other intangible assets (PPA) 0 0 (17 465) (17 465) 0 0 (15 823) (15 823) Operating Profit 15 720 13 796 (152 713) (123 197) 49 323 15 085 (122 935) (58 527) Net finance (851) (262) (1 481) (2 594) (587) (1 099) (2 744) (4 430) Profit (loss) before tax 14 869 13 534 (154 194) (125 791) 48 737 13 985 (125 679) (62 957) KPIs Contribution Margin 52 % 34 % -1 % 78 % 55 % 37 % 93 % 51 % EBITDA margin 24 % 18 % N/A 8 % 33 % 18 % N/A 9 % Operating margin 20 % 16 % N/A -87 % 31 % 16 % N/A -22 % − Pro forma financials as if Fjord Defence AS and Scanfiber Composites A/S were acquired 01.01.2024 − Defence segment dominates the P&L in all lines above EBITDA − 2025 Group Adjusted EBITDA of NOK 62.5 million − Amortisations for Multi Client are tax deductible, while PPA amortisations are not; no cash effect − Transaction costs related to Fjord Defence AS, uplisting and Scanfiber Composites A/S, and unrealized loss on Capsol shares is excluded from the adjusted EBITDA − Not captured as revenue in 2025: − Settlement from sale of seismic equipment of NOK 16.8 million − Sale of Arbaflame shares of NOK 4.5 million Commentary
Page 8
Fjord Defence Group – Consolidated income statement (Q4 2025) FJORD DEFENCE GROUP | 2025 and Q4 PRESENTATION Note: FD AS = Fjord Defence AS, SC A/S = Scanfiber Composites A/S Unaudited pro forma figures prepared by the Company’s management solely for illustrative purposes. Investors are cautioned no t to place undue reliance on the pro forma financial information 8 Commentary − Pro forma financials as if Fjord Defence AS and Scanfiber Composites A/S were acquired 01.01.2024 − Defence segment dominates the P&L in all lines above EBITDA − 2025 Group Adjusted EBITDA of NOK 5.9 million − Scanfiber presented per calendar year − Transaction costs related to uplisting and Scanfiber Composites A/S, and unrealized loss on Capsol shares is excluded from the adjusted EBITDA − Quarterly variations should be expected going forward INCOME STATEMENT (NOKk) SC A/S FD AS Legacy Group SC A/S FD AS Legacy Group Q4 2024 Q4 2024 Q4 2024 Q4 2024 Q4 2025 Q4 2025 Q4 2025 Q4 2025 Sales revenue 23 247 29 571 0 52 818 24 393 26 872 2 737 54 002 Cost of goods sold (13 146) 1 070 267 (11 809) (12 177) (15 744) (31) (27 952) Gross contribution 10 101 30 641 267 41 009 12 216 11 128 2 706 26 050 Personnel Costs (6 230) (2 112) (2 053) (10 394) (7 092) (1 927) (2 155) (11 174) Other operating costs (854) (2 628) (4 610) (8 092) (858) (1 851) (21 103) (23 812) Adjust for unrealised loss Capsol 0 0 0 0 0 0 4 840 4 840 Deducting transaction costs 0 0 3 366 3 366 0 0 9 980 9 980 Adjusted EBITDA 3 017 25 902 (3 030) 25 890 4 266 7 350 (5 733) 5 884 Addback of Trans. Costs & CAPSOL 0 0 (3 366) (3 366) 0 0 (14 819) (14 819) Reported EBITDA 3 017 25 902 (6 396) 22 524 4 266 7 350 (20 552) (8 936) Depreciation and amortisation (777) (396) 0 (1 173) (694) (270) 0 (964) Amortisation & Impairment multi-client library 0 0 (46 789) (46 789) 0 0 (14 955) (14 955) Amortisation of other intangible assets (PPA) 0 0 (4 366) (4 366) 0 0 (9 307) (9 307) Operating Profit 2 240 25 506 (57 551) (29 805) 3 572 7 080 (44 814) (34 162) Net finance (266) 1 082 1 533 2 349 (82) 83 (1 873) (1 872) Profit (loss) before tax 1 974 26 588 (56 018) (27 456) 3 490 7 163 (46 687) (36 033) KPIs Contribution Margin 43 % 104 % N/A 78 % 50 % 41 % 99 % 48 % EBITDA margin 13 % 88 % N/A 8 % 17 % 27 % N/A -17 % Operating margin 10 % 86 % N/A -87 % 15 % 26 % N/A -63 %
Page 9
Fjord Defence Group – Consolidated balance sheet (excl. Scanfiber) FJORD DEFENCE GROUP | 2025 and Q4 PRESENTATION Note: (1) Unutilized Debt Facilities per 4Q 2025 comprises unutilized overdraft facility of NOK 30m and unutilized M&A facilit y of NOK 30m 9 Commentary − Full-year 2024 balance sheet, excluding Fjord Defence AS and Scanfiber Composites A/S − 31.12.2025 reflects the actual balance sheet after the acquisition of Fjord Defence AS − Strong cash position of NOK 199 million including net proceeds from Private Placement to fund the Scanfiber acquisition − Equity ratio of 91% − Interest bearing debt of NOK 22 million giving a net cash position of NOK 177 million − Low leverage and unutilized debt facilities of NOK 60 million1 − Gross deferred tax asset of NOK 25 million recognised and netted against deferred tax liability of NOK 19 million EQUITY AND LIABILITIES UNIT 31.12.2024 31.12.2025 Share capital and other paid in capital NOKm 677.7 1 143.2 Own shares “ (18.9) (9.0) Other reserves “ (390.1) (487.2) Other reserves – CTA “ 38.0 11.5 Total equity “ 306.7 658.5 Interest-bearing debt NOKm 0.0 17.0 Lease liability “ 0.0 2.2 Total non-current liabilities “ 0.0 19.2 Interest-bearing debt NOKm 0.0 4.9 Deferred tax “ 0.0 0.0 Trade payables “ 0.4 19.4 Taxes payables “ 8.8 10.9 Other current liabilities “ 10.5 10.7 Total current liabilities “ 19.7 45.8 Total liabilities NOKm 19.7 65.0 Total equity and liabilities NOKm 326.4 723.5 ASSETS UNIT 31.12.2024 31.12.2025 Goodwill NOKm 0.0 178.2 Multi-client library “ 250.0 162.1 Other intangible assets “ 0.0 88.0 Deferred tax assets “ 0.0 5.9 Machinery and plant “ 0.0 2.7 Right of use asset “ 0.0 2.6 Investments “ 48.9 26.1 Financial assets “ 14.7 0.0 Total non-current assets “ 313.6 465.7 Inventories NOKm 0.0 19.7 Trade receivables “ 0.0 19.5 Other current assets “ 0.9 19.2 Bank deposits, cash in hand “ 12.0 199.4 Total current assets “ 12.8 257.8 Total assets NOKm 326.4 723.5
Page 10
Closing remarks FJORD DEFENCE GROUP | 2025 and Q4 PRESENTATION 10 Fjord Defence AS is moving into new facilities during Q2 and expands production capacity to meet higher demand M&A opportunity pipeline maturing; working with several targets meeting investment criteria Order book at all time high and preparing operationally to meet the growing demand – quarterly variations in revenue to persist in 2026 Focused on building a strong organization to execute on organic growth and M&A Solid balance sheet to support further acquisitions
Page 11
11 https://www.fjorddefencegroup.no/
Page 12
Fjord Defence AS: A leading supplier of light weapon mounts FJORD DEFENCE GROUP | Appendix 1 Product offering and application areas1 Revenue growth of 43% p.a. combined with EBITDA and EBIT margins of 15% Selected customers HQ and other locations Note: (1) Selected product offering, not exhaustive . Revenue share by application area is based on 2024 figures; (2) Capital light business model with focus on development and assembly – no parts production; (3) Funding source for Defence Segment investments over time 15 25 25 61 87 93 0% 5% 10% 15% 20% 25% 30% 0 20 40 60 80 100 120 140 20 21 22 23 24 25 Selected suppliers HQ, sales, engineering and production Sales 45% GROUND Tripods and weapons mount with focus on high precision 40% MARITIME Modular approach of Pedestals, Gun Wales and weapon mounts 8% VEHICLE Modular solutions with low-cost integration with all platforms 8% MISCELLANEOUS Weapon accessories designed to make the soldier’s life easier Revenue (NOKm) EBITDA margin (%) EBIT margin (%) 25: NOK 93m 25: 18% 25: 16% 12 Fjord Defence AS at a glance − Norwegian enterprise established in 2017 by founders/management with extensive experience from international defence industry − HQ in Vestfold, Norway with subsidiary in USA − 12 highly skilled and experienced employees − Niche company specialized in the design, manufacturing and installation of weapon integration solutions for soldiers, military vehicles and naval vessels − Capital light business model with focus on development and assembly – no parts production − Main end customers currently comprise German, British, Dutch, American and Swedish defence organizations − Profitable since FY2020 while delivering strong revenue growth − Debt free, internally funded since inception
Page 13
250 1,350 1,850 45 52 75 159 0% 5% 10% 15% 20% 25% 30% 35% 40% 0 50 100 150 200 21/22A 22/23A 23/24A 24/25A Scanfiber Composites: Market-leading provider of ballistic protection solutions FJORD DEFENCE GROUP | Appendix 2 Product offering1 Strong financial performance (NOKm)4 Solid customers HQ and other locations Note: Scanfiber Composite's financial year ends Sep 30. (1) Revenue share by product is based on 2024/25 figures; (2) These c an function as stand-alone systems or be integrated into existing base armour to improve survivability; (3) Share of revenue per application ar ea is based on management’s estimate of the average level over recent years; (4) EUR/DKK = 7.45 and DKK/NOK = 1.56 (constant currency) Application areas3 Scanfiber Composites A/S at a glance Spall liners Installed in vehicles to reduce fragments and narrow their cone angle to the cabin Add-on armour Panels2 designed to enhance protection for military and container platforms Other Including protection blankets, detonator bags, bomb blankets, ballistic shields, etc. PROTECTION AT SEA PROTECTION IN THE AIR PROTECTION OF BUILDINGS PROTECTION OF PERSONNEL PROTECTION ON LAND Attractive outlook 25-30 (NOKm) 4 Orderbook Pending orders (>90 probability) Pipeline (50-60 probability) − Leading ballistic protection manufacturer with 30 -year expertise using advanced composite materials − Specializes in lightweight, durable ballistic protection for vehicles, vessels, aircrafts, buildings and personnel with customers throughout Europe − Sources high-performance fiber composites exclusively from reputable European suppliers, ensuring quality, durability and timely delivery − Transforms materials into advanced ballistic protection through specialized manufacturing − In-house design and production ensure performance and lead time control − Scanfiber operates with a highly experienced in-house team based in Sindal, Denmark, with a technical support office in Germany − The Sindal facility is equipped with state-of-the-art machinery and offers capacity for future expansion − Scanfiber holds all relevant industry certifications and undergoes continuous quality control to ensure its products meet and exceed industry standards − Trusted partner to military OEMs, delivering tailored ballistic protection solutions with full in-house control, and a focus on quality and reliability Double digit growth expected in 25/26F Orderbook (NOKm) Pending orders (NOKm) Pipeline (NOKm) EBITDA margin (%) EBIT margin (%) Revenue (NOKm) 68% 30% 80% 10% 5% HQ Technical support / sales UK legal entity Collaborates with military OEMs for tailored systems via long-term partnerships and framework agreements Contracts secured through long-term framework agreements, providing high visibility on future sales Collaborates with military OEMs for tailored systems via long-term partnerships and framework agreements Preferred supplier for quality, punctuality, and durable mission-specific protection 13