Slides
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Q3/26 Daniel Ljunggren CEO Viveca Johnsson CFO
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Built on experience. Driven by people. The MilDef story MilDef provides rugged IT solutions, systems integration and services for defence. Our systems are proven in real conditions and built to stand firm in every detail. Founded 1997 A capability company Employees approx 580 Focus areas Defence & security Core markets Nordics, DACH, UK, US and selected NATO countries. Net Sales LTM 2,950 MSEK Adj EBITA LTM 552 MSEK Order book MSEK 5,654 Adj EBITA LTM 18.7 % Listed since 2021 Nasdaq Stockholm 2
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01 Q3 highlights 02 Financials 03 Summary 04 Q&A and dates ahead Agenda
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• Strong order intake, net sales and margin expansion • All three above metrics reached record levels for a single quarter • Strong business momentum, major contracts awarded • Margin expansion driven by operating leverage • Capacity investments drive solid delivery execution • Continued successful integration with MilDef GmbH (former roda Computer GmbH) • Record high order backlog supporting long-term growth • Long-term demand for mission-critical digital defense infrastructure remains strong • Still challenges in the supply chain of electronic components Highlights Q3 4
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Key figures Q3 829 Net sales, SEK m 180.5 Adjusted EBIT A, SEK m 2,091 Order intake, SEK m -112 Freecash flow, SEK m ATH net sales in a Q3 due to strong delivery execution. Growth for the quarter was entirely organic and was driven primarily by the Nordics and German markets. Adjusted EBITA-margin Q3 21.8% (15.7%), driven by increased sales and a strong operating leverage. Gross margin at a solid level, 45.4% (45.0%). Opex developed according to plan, increased 21% YoY excluding non-recurring items and FX. Opex-to-sales improved to 26% (33%). Order intake increased by 130%. This trend reflects continued high investment activity among customers and a growing need for robust digital defense infrastructure. Book-to-bill ratio Q3 reached 2.5, LTM 1.7. Free cash flow from strong profitability was offset by higher working capital, driven by inventory investments supporting future deliveries and increased receivables following strong sales growth. +54% growth Y oY +113% growth Y oY 130% growth Y oY -53 SEK m Q3 2025 5
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Strategic events Q3 Hardware contract with European NATO country, worth approx 553 MSEK. Deliveries are expected to take place in 2027. 7-year framework extension with Bundeswehr, potentially worth 5.8 SEK million + first call-off order worth approximately 1.1 SEK billion. Expansion of production & office facility Rosersberg. Facility, opened in 2025, expands by 7,600 square meters. Online Q1, 2028. 6
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01 Q3 highlights 02 Financials – CFO Viveca Johnsson 03 Summary 04 Q&A and dates ahead Agenda
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A fast growing defense tech company 4,911 SEK million in order intake, L TM 5,654 SEK million in order backlog, +61% L TM 66% Order intake Growth, L TM 1.66 Book-to-bill ratio, L TM 575 Employees FTE, +25% L TM 76 % Net Sales Growth, L TM 8 0 1 000 2 000 3 000 4 000 5 000 6 000 2022 2023 2024 2025 LTM Order backlog SEKm CAGR: 49% 0 1 000 2 000 3 000 4 000 5 000 6 000 2022 2023 2024 2025 LTM Order Intake SEKm CAGR: 51%
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ATH order intake & book - to - bill Order intake growth journey LTM (SEKm) Book-to-bill ratio development LTM 9 1,66 0,0 0,5 1,0 1,5 2,0 2022 2023 2024 2025 LTM 4 911 0 1 000 2 000 3 000 4 000 5 000 6 000 2022 2023 2024 2025 LTM
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923 3 274 1 088 369 Backlog duration Duration of the order backlog (SEKm) per September 30, 2026, based on planned deliveries Order backlog (SEKm) duration compared to same time last year Important information The pie chart shows future planned deliveries distributed over the year in SEK million and is based on MilDef's order backlog at the end of the period. The above chart should not be seen as guidance for 2026, as in addition to the existing order backlog, there will be orders invoiced during the year. Furthermore, actual results may differ significantly from the above planned deliveries, mainly due to delays.10 2028 2027 Beyond 2028 2026 923 3 274 1 088 369 0 500 1000 1500 2000 2500 3000 3500 Year 1 Year 2 Year 3 After year 3 Backlog 2025 Q3 Backlog 2026 Q3
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Net sales & gross margin development Net Sales, SEKm & Gross Margin, %, LTM 76% 11 1 136 1 680 2 950 49,4% 46,5% 45,9% 40% 42% 44% 46% 48% 50% 0 500 1 000 1 500 2 000 2 500 3 000 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 2024 2025 2026 Net Sales LTM Gross Margin LTM
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Further increased profitability (EBITA) Adjusted EBITA, SEKm, LTM +181% 12 130,7 196,5 552,6 0 100 200 300 400 500 600 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 2024 2025 2026
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Working capital & net debt development Net working capital SEKm Net Debt / EBITDA 33,2% 38,9% 31,2% -10% 0% 10% 20% 30% 40% 50% -200 0 200 400 600 800 1 000 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2024 2025 2026 Inventory Other Net WC % of Net Sales LTM 1,4 2,6 1,0 -2 -1 0 1 2 3 4 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2024 2025 2026 Net debt/EBITDA, multiple Long-term target 13
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Sales footprint North America 6% sales* Nordics 45% sales* Europe 47% sales* *LTM rounded (last 12 months). Other countries 2% 14
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01 Q3 highlights 02 Financials 03 Summary 04 Q&A and dates ahead Agenda
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Q3 summary • ATH order intake, net sales and margins • Margin expansion driven by operating leverage • Strong business momentum, major contracts awarded • Capacity investments drive solid delivery execution • Backlog supporting long-term growth 16
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17 Q&A & dates ahead Financial calendar Y ear-End 2026 February 4, 2027 Annual Report 2026 April 14, 2027 Q1 2027 April 27, 2027 AGM 2027 May 18, 2027 Q2 2027 July 16, 2027 Q3 2027 October 26, 2027