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Quarterly Presentation Q2 2026 27 August 2026
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Disclaimer QUARTERLY PRESENTATION Q2 2026 2 The information in this Presentation has been prepared by Fjord Defence Group ASA (the “Company”, and together with its consolidated subsidiaries, the "Group"). By attending the meeting where this Presentation is made, or by reading the Presentation slides, you agree to be bound by the below limitations and provisions. F or the purposes of this notice, "Presentation" means and includes this document and its appendices, any oral presentation given in connection with this Presentation, any question and answer session during or a fter such oral presentation, and any written or oral material discussed or distributed during any oral presentation meeting. − This Presentation has been prepared by the Company based on information available as of the date hereof. By relying on this P resentation you accept the risk that the Presentation does not cover all matters relevant of an assessment of an investment in the Group. − No representation or warranty (expressed or implied) is made as to, and no reliance should be placed on, any information, inc luding projections, estimates, targets and opinions, contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein, and, accordingly, none of the Company, its subsidiaries, any advisor or any such persons’ officers or employees accepts any liability whatsoever arising directly or indirectly from the use of this Presentation. The information herein is subject to change, completion, supplements or amendments without notice. − The Presentation is based on the economic, regulatory, market and other conditions as in effect on the date hereof, and may c ontain certain forward-looking statements. By their nature, forward-looking statements involve risk and uncertainty because they reflect the Company’s current expectations and assumptions as to future events and circumstances that may not prove accurate. It should be understood that subsequent developments may affect the information contained in this document, which neither the Company nor its advisors are under an obligation to update, revise or affirm. − This complete Presentation is for informational purposes only and does not constitute an offer to purchase, sell or subscribe for any securities in any jurisdiction. This Presentation is not a prospectus, disclosure document or offering document and does not purport to be complete. − This Presentation has not been reviewed or approved by any regulatory authority or stock exchange. The (re)distribution of th is Presentation and/or any prospectus or other documentation into jurisdictions other than Norway may be restricted by law. This Presentation does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to acquire any securities offered by any person in any jurisdiction in which such an offer or solicitation is unlawful. Neither this Presentation nor anything contained herein shall form the basis of any contract or commitment whatsoever. Persons into whose possession this Presentation comes should inform themselves about and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such restrictions. − This Presentation contains forward-looking information and statements relating to the business, financial performance and result s of the Group and/or the industry and markets in which it operates. Forward - looking statements concern future circumstances and results and other statements that are not historical facts, sometimes ide ntified by the words "believes", "expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", and similar expressions. The forward -looking statements contained in this Presentation, including assumptions, opinions and views of the Company or cited from third party sources, are solely opinions and forecasts which are subject to risks, uncertainties and ot her factors that may cause actual events to differ materially from any anticipated development. The Company assumes no obligation, except as required by law, to update any forward -looking statements or to conform any forward-looking statements to the Group's actual results. − The contents of this Presentation are not to be construed as legal, business, investment or tax advice. Each recipient should consult with its own legal, business, investment and tax adviser as to legal, business, investment and tax advice. − Any investment in the Company involves inherent risks and is suitable only for investors who understand the risks associated with this type of investment and who can afford a loss of all or part of the investment. − The Presentation and any purported liability in connection with it is subject to Norwegian law and is subject to the exclusiv e jurisdiction of the Norwegian courts.
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Table of contents Financials2. Q2 update1. Appendix4. Outlook3.
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Q2 2026 – Delivering as expected with strengthening growth outlook QUARTERLY PRESENTATION Q2 2026 4 Closed the acquisition of Frydenbø Milpro on 5 June for an EV of ~NOK 170 million³, adding light boat and RIB platforms under the rebranded name Fjord Defence Marine. The company is expected to add NOK 150–160 million in revenue and NOK 30–40 million in EBITDA in 2026 ACQUISITION OF FRYDENBØ MILPRO Closed the acquisition of PartnerTech Karlskoga on 26 August at an EV of ~SEK 900 million. The company adds high-precision component manufacturing, and is expected to deliver NOK 600-650 million in revenue and NOK 100 - 120 million in EBITDA in 2026 ACQUISITION OF PARTNERTECH KARLSKOGA Total order book reached NOK ~1.8 billion2, including planned and released customer volumes. Strong orderbook conversion improves visibility and confidence in the coming quartersORDERBOOK Pro forma revenue for the defence segment1 reached NOK 245.4 million, generating an EBITDA of NOK 42.4 million. Expanding personnel and production capacity to meet growing demand Q2 REVENUE AND EBITDA Unchanged target of NOK 1 billion in pro forma revenue and NOK 190–230 million of pro forma EBITDA for 2026, and reiterate 2029 EBITDA ambition of NOK 400 – 500 million in 2029. Guidance for 2027 to be provided in Q326 report OUTLOOK & GUIDANCE4 Notes: (1) Including Frydenbø Milpro (now Fjord Defence Marine) and PartnerTech. (2) Order Book including Planned and Released volumes from customer. (3) Frydenbø Milpro acquisition includes a potential additional Earn Out of NOK 10m for 2026 and up to NOK 50m for 2027, subject to reaching specified EBIT thresholds. (4) For the defence segment
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PartnerTech: Strategic metal components supplier to global defence OEMs QUARTERLY PRESENTATION Q2 2026 Revenue CAGR of +20% combined with adj. EBITDA (EBIT) margins of 18% (13%) Selected customers HQ and other locations 348 423 532 621 600-650 25 46 62 105 100 - 120 15 35 48 81 70 - 90 0 200 400 600 800 1000 2022A 2023A 2024A 2025A 2026E Selected suppliers Located in the Bofors area; Karlskoga HQ, sales, engineering/prototyping, production and assembly Revenue (SEKm) 26E: SEK 600-650m Adj. EBIT (SEKm) 26E: SEK 70-90m Adj. EBITDA (SEKm) 26E: SEK 100-120m PartnerTech at a glance − Leading Swedish manufacturer of strategic metal components2 for global defence OEMs, with manufacturing roots in the Bofors industrial area dating back to 1917 − HQ and main production site in Karlskoga, Sweden – a protected object under Skyddslagen (2010:305) – with a second production facility in Filipstad − Around 250 FTEs led by Group CEO Magnus Blomgren, supported by an experienced board chaired by the former CEO of BAE Systems Bofors − Niche supplier of high-precision components for weapon systems and large-calibre ammunition, with ~92% of products covered under an ISP license 3 − Strategic supplier to SAAB and BAE Systems for 30+ years, with deep involvement in the development of their production lines − Full-cycle offering across construction, prototyping, serial production, assembly and non-destructive testing, underpinned by decades of expertise in advanced material handling (titanium, aluminium, copper, magnesium) − Profitable with accelerating growth – revenue grew from SEK 350m in FY22 to SEK 620m in FY25, with adj. EBITDA margins expanding from ~7% to ~16% Note: Preliminary 2025 figures. (1) Revenue share by customer segment based on 2025 figures; (2) Strategic components are key metal parts of OEMs’ weapon systems and ammunition, forming a key part of their unique selling proposition. These components typically co mmand higher margins compared to standard parts; (3) ISP license: Swedish state authorisation required to manufacture, sell and export defence (“krigsmateriel”) and dual-use products – issued and supervised by Inspektionen för strategiska produkter Product offering Revenue split by application area1 Mechanical components Titanium, aluminium and copper components for various weapon systems, such as SAAB's Carl- Gustaf, AT4 and RBS 70 GENERAL INDUSTRY OTHER INDUSTRIES DEFENCE 92% 5 7% 0% Ammunition Outer shells and inner metal components for gun ammunition and artillery rounds Other products Hydraulic components, valves and bearings for defence and industrial use LTM Q2 2026: Revenue: SEK 622m Adj. EBITDA: SEK 104m LTM Q2 2026 revenue of SEK 622 million and adj. EBITDA of SEK 104 million
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Update: • Increased number of employees in a range of functions • New production facilities operational Preparing for growth and increasing capacity throughout the Group QUARTERLY PRESENTATION Q2 2026 6 Major potential in scaling portfolio companies through working capital management and optimizing facilities and structure Update: • High production and delivery schedule in H2 • Visible synergies with Fjord Defence AS • Production facilities • Joint market opportunities Update: • New CEO started in August • Adding sales staff • Training of employees • Optimizing factory and production line (new machines) Update: • Increasing capacity in existing locations • Potential bolt-on acquisitions • Updated partnership agreement with main customer 1 Provider of light weapon mounts to the global defence market Provider of ballistic protection solutions across Europe A leading provider of bespoke light boat platformsStrategic metal components supplier to global defence OEMs Note: (1) Previously Frydenbø Milpro AS
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Buy & Build growth engine QUARTERLY PRESENTATION Q2 2026 Capital Allocation: Increased emphasis on organic growth while continuing to evaluate accretive acquisitions Buying new companies (BUY) Organic growth (BUILD) Fast scaling & entry Buying existing companies (Fjord Defence, Scanfiber, Fjord Defence Marine & PartnerTech) allows us to instantly acquire established products, market access & operating capacity without starting from scratch Immediate earnings growth Each acquisition has been accretive and directly adds revenue and profit, growing cash earnings per share step-by-step from 0.49 to 1.14 NOK/share Creates the foundation The buying phase provides the baseline size, capability, and scale required to unlock future operational improvements in the building phase Compounding capacity Going forward, new acquisitions may be funded through retained earnings, increased debt capacity and consideration shares. Less dependent on raising cash equity ✓ ✓ ✓ ✓ Highly efficient capital allocation Optimizing and expanding businesses we already own is an effective use of capital to create shareholder value (in many instances superior to M&A) Higher profit per share Developing internal capacity is highly accretive to shareholders, and will over time elevate cash earnings per share Cost-effective growth While building internal capacity takes time and resources, it is less capital intensive and allows DFENS to leverage existing products, know how and customer relations Available debt capacity Over time maintaining a disciplined NIBD/EBITDA ratio of 2.5 ✓ ✓ ✓ ✓
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Organic growth expected to drive defence EBITDA to NOK 400-500m by 2029 QUARTERLY PRESENTATION Q2 2026 Medium-term defence EBITDA ambitions, including Fjord Defence, Scanfiber Composites, Fjord Defence Marine and PartnerTech(NOKm)1 37 68 122 196 190-230 400-500 2022A 2023A 2024A 2025A 2026E 2029 ambition (organic) 2029 ambition (organic + inorganic) 8 1 Organic growth and smaller bolt-ons Funded through earnings and/or debt 2 Larger acquisition(s) Funded through operations, debt, cash and consideration shares Estimate Organic growth + smaller bolt-onsHistorical Organic growth2 + larger acquisition(s) 2 Note: Unaudited figures and forecasts prepared by the Company’s management solely for illustrative purposes. You are cautioned not to place undue reliance on any forward-looking statements, including, without limitation, forecasts of future results and earnings for forthcoming periods. Figures based on estimates prepared by the Company's management. You are cautioned not to place undue r eliance on any forward-looking statement, including estimated EBITDA. Adj. EBITDA for Fjord Defence Marine and PartnerTech. (1) SEK/NOK = 1.00 (constant currency); (2) Organic growth and smaller bolt-on acquisitions
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Robust orderbook: NOK 1.8 billion1 across the defence segment ~530 640 1,170 600 ~1,770 2026 YTG 2027+ Total orderbook Planned & Released (PartnerTech) Total orderbook incl. Planned & Released (PartnerTech) QUARTERLY PRESENTATION Q2 2026 9 “Planned & Released” The customer asks PartnerTech to prepare for these additional orders and notifies the company when each order is released. Historically, a large share of planned & released volumes has converted into firm orders. 2 2 Note: Forecasts prepared by the Company's management solely for illustrative purposes. You are cautioned not to place undue r eliance on any forward-looking statements, including, without limitation, forecasts of future results and earnings for forthcoming periods . (1) SEK/NOK = 1.00 (constant currency); (2) The firm orderbook excludes the framework agreement won by Fjord Defence Marine AS on 10 June 2026, worth up to NOK 113m (seven-year term, plus 2 + 2-year options)
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Table of contents Q2 update1. Financials2. Appendix4. Outlook3.
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QUARTERLY PRESENTATION Q2 2026 11 Commentary − The pro-forma Profit and Loss assumes that all acquired entities have been owned since 1.1.2024 − Significant increase in turnover when including PartnerTech − Revenue recognition will be somewhat lumpy between the quarters, depending on customer delivery schedules − 2026 figures as expected with activity ramp up in portfolio companies to prepare for higher volumes. Costs are incurred for additional personnel, premises, machines and inventory buildups according to plan − Some cost of materials and direct services are moved to other operating cost and change in personnel cost reflects preparation for further growth − Operating margins are stable over time − LTM financials and YTD 2026, support the full year forecast of NOK 1bn turnover and EBITDA of NOK 190–230m Pro forma Q2 and LTM Q2 for the defence segment Note: Unaudited pro forma figures (as if all defence entities were owned from 01.01.2024) prepared by the Company’s managemen t solely for illustrative purposes. Investors are cautioned not to place undue reliance on the pro forma financial information. Profit & Loss (NOK thousands) Q2 2025 Defence Segment Q2 2026 Defence Segment LTM Q2 2025 Defence Segment LTM Q2 2026 Defence Segment Sales revenue 241 946 245 376 927 112 941 864 Cost of materials and direct services (106 898) (93 938) (424 470) (391 091) Gross contribution 135 048 151 439 502 642 550 773 Contribution Margin 56 % 62 % 54 % 58 % Personnel Costs (53 175) (56 601) (184 982) (194 153) Other operating costs (34 131) (52 457) (144 340) (168 181) EBITDA 47 742 42 381 173 320 188 438 Depreciation (7 167) (4 412) (23 984) (27 449) EBITA 40 575 37 970 149 336 160 989 EBITA margin 17 % 15 % 16 % 17 % Operating Profit 40 575 37 970 149 336 160 989 Operating margin 17 % 15 % 16 % 17 % Net finance (1 769) 1 740 (3 721) (2 977) Profit (loss) before tax 38 806 39 710 145 615 158 012
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QUARTERLY PRESENTATION Q2 2026 Clear path to reach NOK 1 billion revenue in 2026 LTM pro-forma numbers and year-to-go order book for 2026 supports estimates LTM1 Q2 2026 vs. 2026 forecast (NOKm) 942 1,020-1,100 188 190-230 LTM Q2 2026 Forecast 2026 Revenue (NOKm) EBITDA (NOKm) High target visibility Achieved 89% of our full-year revenue forecast within the current LTM baseline Firm backlog coverage Remaining year-to-go volume is entirely supported by the secured order book Profitable runway Current LTM EBITDA of NOK 188.4M provides a strong launchpad to secure our NOK 190 - 230M full-year EBITDA- guidance Organic de-risking The narrow gap to our target reduces our reliance on short- term market changes or new orders ✓ ✓ ✓ ✓ Note: (1) LTM = Last Twelve Months for the defence segment (Q3 2025 to Q2 2026) 12
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M&A scaling translates directly into 2.3x CEPS1 growth LTM QUARTERLY PRESENTATION Q2 2026 85,5 96,2 254,0 339,4 941,9 18,2 35,0 69,1 91,4 188,4 LTM Q2'25 LTM Q3'25 LTM Q4'25 LTM Q1'26 LTM Q2'26 Scaling to NOK 1bn pro-forma revenue2 Revenue EBITDA - 0,20 0,40 0,60 0,80 1,00 1,20 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Proven value accretion: CEPS per share 2.3x LTM CEPS (NOK/SHARE) Successful M&A scaling Our annual pro-forma revenue run-rate expanded from NOK 85 million to approximately NOK 1 billion, establishing a premier Nordic defence platform High operational leverage With a ~NOK 1 billion revenue baseline now established, we target to significantly amplify our per-share profits through internal scaling and improvements Accretive organic growth Strong cash compounding allows us to increasingly shift our near-term focus toward internal execution of growth initiatives, as opposed to acquisitive growth Demonstrated per-share accretion M&A execution has driven a 2.3x expansion in CEPS per share, outstripping capital deployment dilution and proving the structural value of our model Robust cash compounding Increased cash earnings per share demonstrates that our rapid top-line scaling translates directly into clean cash generation Focus on shareholder value Further growth is less dependent on share issues and earnings per share is expected to exceed growth in profits Note: 1) CEPS = Cash Earnings Per Share, calculated as EBITA less 7% interest cost on NIBD, post transactions 2 ) Financials and estimates relate to the defence segment. Fjord Defence AS from Q2 25, Scanfiber Composites in Q4 24, Fjord Defence Marine in Q1 26 an d PartnerTech included from Q2 26 on a pro-forma LTM basis. NOK 1.14 13
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Fjord Defence Group – Consolidated balance sheet (Q2 2026) QUARTERLY PRESENTATION Q2 2026 14 BALANCE SHEET UNIT 30.6.26 31.12.25 Share capital, other paid in capital NOKm 1871.8 1143.2 Own shares " (9.0) (9.0) Other reserves " (576.5) (487.2) Other reserves - CTA " 16.0 11.5 Total equity NOKm 1302.2 658.5 Interest bearing debt NOKm 172.4 17.0 Lease liability " 18.1 2.2 Non-current liabilities NOKm 190.5 19.2 Interest bearing debt current NOKm 43.4 4.9 Deferred tax " 51.9 0 Trade payables " 45.2 19.4 Taxes payables " 14.2 10.9 Other current liabilities " 48.9 10.7 Current liabilities NOKm 203.6 45.8 Total liabilities NOKm 394.1 65.0 Total equity and liabilities NOKm 1696.3 723.5 BALANCE SHEET UNIT 30.6.26 31.12.25 Goodwill NOKm 550.2 178.2 Multi-client library " 130.4 162.1 Other intangible assets " 351.7 88.1 Deferred tax asset " 0 5.9 Machinery and plant " 21.2 2.7 Right of use asset " 19.4 2.6 Investments " 17.9 26.1 Non-current assets NOKm 1090.8 465.7 Inventories NOKm 75.8 19.7 Trade receivables " 41.5 19.5 Other current assets " 8.6 19.2 Bank deposits, cash in hand " 479.6 199.4 Total current assets NOKm 605.5 257.8 Total assets NOKm 1696.3 723.5 Commentary − The consolidated balance sheet on 30.06.2026 include Fjord Defence Marine AS and a preliminary Purchase Price Allocation after the closing of the transaction 5 June 2026 − The increase in goodwill and other intangible assets from year end 2025 stems from the Scanfiber and Fjord Defence Marine transactions − Cash of NOK 479.6 million post Private Placement of NOK 412.5 million awaiting settlement of the PartnerTech transaction − Unutilised facilities of NOK 425 million per 30 June 2026 − Equity ratio of 77% and net cash position of NOK 245 million, per Q2 2026 − Pro-forma net debt estimate of NOK ~410m1, implying ~2.0x NIBD/2026E EBITDA following the PartnerTech transaction Financial robustness and flexibility persists Note: 1) Including leasing liabilities
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Table of contents Q2 update1. Outlook3. Appendix4. Financials2.
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Outlook QUARTERLY PRESENTATION Q2 2026 16 Strong focus on organic growth (“Build”). Preparing the portfolio for continued growth over the next 5 years Internal capacity for new acquisitions of NOK 700 million through retained earnings, debt and consideration shares (excluding new private placements and assuming 60/40 cash/shares) Orderbook at approximately NOK 1.8 billion2 Unchanged 2026 target of NOK 1 billion in pro forma revenue and NOK 190–230 million of pro forma EBITDA. Supported by the order backlog and strong pipeline. Expect accelerated growth in 2027 and beyond 2027 guiding to be provided as part of the Q3 report Note: (1) For the defence segment (2) Order Book including Planned and Released volumes from customer. STRATEGY GUIDING 2027 FINANCIAL POSITION ORDERBOOK PRO FORMA FINANCIAL TARGETS1
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Table of contents Q2 update1. Appendix4. Outlook3. Financials2.
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Pro forma Q2 income statement for the group QUARTERLY PRESENTATION Q2 2026 18 Commentary − The pro-forma Profit and Loss assumes that all acquired entities have been owned since 1.1.2024 − High transaction activity − NOK 17.1 million Q2 2026 related to Scanfiber, Fjord Defence Marine and PartnerTech acquisitions − NOK 6.4 millon Q2 2025 related to the Fjord Defence acquisition − Substantial increase in PPA related amortisations from zero in Q2 25 to NOK 16.3 million in Q2 26 − Amortisations of NOK 30.3 million and NOK 1.3 unrealised loss in Capsol shares have no cash effect − The underlying operating costs at group level remain quite stable Note: Unaudited pro forma figures (as if all defence entities were owned from 01.01.2024) prepared by the Company’s managemen t solely for illustrative purposes. Investors are cautioned not to place undue reliance on the pro forma financial information. Adj. EBITD A for Milpro. SF = Scanfiber Composites; FD = Fjord Defence PPA = Purchase Price Allocation Profit & Loss (NOK thousands) Q2 2025 Defence Segment Q2 2025 Group functions Q2 2025 Group Q2 2026 Defence Segment Q2 2026 Group functions Q2 2026 Group Sales revenue 241 946 9 606 251 552 245 376 0 245 376 Cost of materials and direct services (106 898) (706) (107 604) (93 938) (67) (94 005) Gross contribution 135 048 8 900 143 948 151 439 (67) 151 372 Contribution Margin 56% 93% 57% 62% N/A 62% Personnel Costs (53 175) (3 500) (56 675) (56 601) (2 449) (59 050) Other operating costs (34 131) (10 056) (44 187) (52 457) (23 481) (75 938) Adjust for unrealised loss Capsol 0 2 735 2 735 0 1 291 1 291 Deducting transaction costs 0 6 411 6 411 0 17 100 17 100 Adjusted EBITDA 47 742 (1 553) 12 501 42 381 (7 606) 34 775 Depreciation (7 167) 0 (7 167) (4 412) 0 (4 412) Adjusted EBITA 40 575 4 490 45 065 37 970 (7 606) 30 364 Addback of Trans. Costs & CAPSOL 0 (9 146) (9 146) 0 (18 391) (18 391) Reported EBITA 40 575 (4 656) 35 919 37 970 (25 997) 11 973 EBITA margin 17% -48% 14% 15% N/A 5% Amortisation & Impairment multi-client library 0 (15 281) (15 281) 0 (13 994) (13 994) Amortisation of other intangible assets (PPA) 0 0 0 0 (16 323) (16 323) Operating Profit 40 575 (19 937) 20 638 37 970 (56 314) (18 344) Operating margin 17% -208% 8% 15% N/A -7% Net finance (1 769) (374) (2 143) 1 740 (2 182) (442) Profit (loss) before tax 38 806 (20 311) 18 494 39 710 (58 496) (18 787)
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Pro forma H1 2026 income statement for the group QUARTERLY PRESENTATION Q2 2026 19 Commentary − The pro-forma Profit and Loss assumes that all acquired entities have been owned since 1.1.2024. − High transaction activity − NOK 21.3 million in H1 2026 related to Scanfiber, Fjord Defence Marine and PartnerTech acquisitions − NOK 6.4 million H1 2025 related to the Fjord Defence acquisition − Substantial increase in PPA related amortisations from zero in H1 25 to NOK 21.3 million in H1 26 − Amortisations of NOK 60 million and NOK 8 million in unrealised loss in Capsol shares have no cash effect − The underlying operating costs at group level remain quite stable Note: Unaudited pro forma figures (as if all defence entities were owned from 01.01.2024) prepared by the Company’s managemen t solely for illustrative purposes. Investors are cautioned not to place undue reliance on the pro forma financial information. Adj. EBITD A for Milpro. SF = Scanfiber Composites; FD = Fjord Defence Profit & Loss (NOK thousands) H1 2025 Defence Segment H1 2025 Group functions H1 2025 Group H1 2026 Defence Segment H1 2026 Group functions H1 2026 Group Sales revenue 475 323 9 606 484 928 461 898 1 168 463 066 Cost of materials and direct services (216 771) (817) (217 588) (192 791) (182) (192 973) Gross contribution 258 552 8 788 267 340 269 107 986 270 093 Contribution Margin 54% N/A 55% 58% N/A 58% Personnel Costs (103 571) (5 834) (109 405) (107 601) (5 306) (112 907) Other operating costs (68 943) (13 125) (82 068) (81 050) (39 240) (120 290) Adjust for unrealised loss Capsol 0 6 695 6 695 0 7 986 7 986 Deducting transaction costs 0 6 411 6 411 0 21 329 21 329 Adjusted EBITDA 86 038 2 936 88 975 80 456 (14 245) 66 211 Depreciation (14 376) 0 (14 376) (13 183) 0 (13 183) Adjusted EBITA 71 663 2 936 74 599 67 273 (14 245) 53 028 Addback of Trans. Costs & CAPSOL 0 (13 107) (13 107) 0 (29 315) (29 315) Reported EBITA 71 663 (10 170) 61 492 67 273 (43 560) 23 713 EBITA margin 15% N/A 13% 15% N/A 5% Amortisation & Impairment multi-client library 0 (31 692) (31 692) 0 (28 421) (28 421) Amortisation of other intangible assets (PPA) 0 0 0 0 (23 595) (23 595) Operating Profit 71 663 (41 862) 29 800 67 273 (95 576) (28 303) Operating margin 15% N/A 6% 15% N/A -6% Net finance (2 894) (583) (3 477) (1 497) (14 434) (15 931) Profit (loss) before tax 68 769 (42 445) 26 323 65 776 (110 010) (44 234)
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Fjord Defence Group – Consolidated Income Statement (Q2 2026) QUARTERLY PRESENTATION Q2 2026 20 INCOME STATEMENT UNIT Q2 2026 Q2 2025 YTD Q2 2026 YTD Q2 2025 Total revenue NOKm 56.4 12.4 88.5 12.4 Cost of goods sold NOKm (25.2) (2.5) (46.2) (2.6) Gross Profit NOKm 31.3 9.8 42.3 9.7 - - - - Other income (losses) NOKm - - - 2.2 Sales, general and administrative expenses " (20.7) (4.9) (36.0) (8.6) Transaction costs " (17.1) (6.4) (21.3) (6.4) EBITA NOKm (6.5) (1.5) (15.0) (3.1)- - - - Amortisation multi-client NOKm (14.0) (15.3) (28.4) (31.7) Amortisation identified intangible assets " (16.3) - (23.6) - EBIT NOKm (36.9) (16.8) (67.1) (34.8) Change in fair value of investments NOKm (1.3) 0.3 (8.0) (6.7) Financial items " (4.2) (0.5) (17.6) (0.7) Profit (loss) before tax NOKm (42.4) (17.0) (92.6) (42.1) Income tax (expense) NOKm 1.8 (0.1) 3.3 (0.1) Profit (loss) for the period NOKm (40.6) (17.0) (89.4) (42.2) Other comprehensive income, items that will not be reclassified to profit or loss Currency translation adjustments NOKm 5.0 (8.7) 4.5 (27.1) Net movement of cash flow hedges " (0.1) - (0.1) - Other comprehensive income (loss) for the period 4.9 (8.7) 4.5 (27.1) Total comprehensive income (loss) for the period NOKm (35.7) (25.7) (84.9) (69.3) Earnings (loss) per share Basic earnings per average share (0.60) (0.84) (1.42) (2.20) Diluted earnings per average share (0.60) (0.84) (1.42) (2.20) Commentary − Profit and loss includes Fjord Defence AS from 01.01.2026 while Scanfiber and Fjord Defence Marine are included from 25 February and 5 June 2026 respectively − NOK 1.2m of the revenues for H1 2026 came from Legacy activities and the remaining NOK 87.3 m stemmed from the Defence segment − SG&A in H1 increased from NOK 8.6m in 2025 to NOK 36.0 m in 2026 reflecting the growth in the Defence segment − Transaction costs of NOK 21.3m in H1 of which NOK 17.1m relates to the second quarter and the acquisitions of Fjord Defence Marine and PartnerTech (pending closing) − Amortisation of Multiclient libraries according to plan, only Utsira remain after 30.6.2026 − Other amortisations of NOK 23.6m are related to PPA after the three consummated acquisitions − The value of the Capsol shares fell by NOK 8m during H1 − Earnings per share shows a strong upward trajectory even after non- cash amortisations
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Overview of Fjord Defence Group: company structure and portfolio companies QUARTERLY PRESENTATION Q2 2026 Future acquisitions Seismic assets Capsol Shares LEGACY BUSINESS & GROUP FUNCTIONS CORE BUSINESS (Defence segment) 21 1 Note: (1) Previously Frydenbø Milpro AS 1
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22 https://www.fjorddefencegroup.no/