The Quarter (January–March)

• Order intake totaled 12 MSEK (22)
• Revenue totaled 260 MSEK (90)
• EBITDA totaled 120 MSEK (18)
• Operating profit totaled 80 MSEK (-16)
• Profit for the period totaled 70 MSEK (-4)
• Earnings per share, after dilution, totaled 0.62 SEK
  (-0.03)
• Cash flow from operating activities for the quarter totaled 75 MSEK (66)

Significant Events During the Quarter

• Martin Eriksson appointed as Chief Technology Officer
• Order from the U.S. Department of War of 12 MSEK (1.3 MUSD)

Significant Events After the End of the Quarter

• Launch of next-generation mobile satellite terminal – Ovzon T8

Record Earnings as Ovzon Scales
The first quarter demonstrates Ovzon’s ability to deliver at scale, with disciplined operational execution and continued improvement in profitability. We are increasingly converting our capabilities into commercial performance, supported by a solid order book and a global growing demand for mission-critical SATCOM solutions. In parallel, we are strengthening our solutions and offerings through the launch of a next-generation compact On-The-Move terminal – the Ovzon T8. We are optimistic about the remainder of the year which shows good opportunities for both renewed and new orders.

Solid order book provides predictability
Order intake during the quarter totaled 12 MSEK, reflecting natural variations in our business. Over the last twelve months, order intake totaled 1,473 MSEK. The order book stands at 806 MSEK, providing revenue visibility.

During the quarter, we received a new order from the U.S. Department of War (U.S. DOW) of 12 MSEK. This customer within the U.S. DOW has been a long-standing partner since 2014, and this specific order, although initially limited in scope, confirms that the relationship has been reestablished and holds further growth potential. In parallel, we have several advanced dialogues with both current and new customers. One in specific, is with the customer that placed a 12 month order in December 2024. This agreement of 158 MSEK in SATCOM services expired at the end of February 2026. We will, as always, provide further information when these dialogues are concluded.

As previously stated, our objective is to secure longer-term customer agreements, while meeting our customers’ short-term needs when necessary. Even though procurement processes remain complex, underlying demand remains strong.

Increased deliveries drive financial performance
Revenue during the quarter totaled 260 MSEK (90) and EBITDA reached record levels of 120 MSEK (18). With rising volumes across both SATCOM services and mobile satellite terminal deliveries, we demonstrate the scalability of our business. In addition, profitability continues to improve driven by high utilization of satellite capacity, including Ovzon 3, and a growing share of service-based revenues. This reflects the strength of our integrated business model, where SATCOM services drive both growth and margin expansion.

Structural demand driven by defense and security priorities
Demand is foremost driven by increasing defense investments and a growing recognition of space as critical infrastructure. This is most clear across NATO countries, a trend that has accelerated further in the light of the geopolitical developments. Europe remains a prioritized geographical region where Ovzon's capabilities are well aligned with customer needs. At the same time, the order from the U.S. DOW confirms that the US market remains a key market.

Innovation that advances our technological edge
Innovation and to continuously advance our technological edge has always been a priority for us. Since the company’s foundation, we have achieved remarkable technological milestones – not least the launch of Ovzon 3, the first ever privately funded and developed Swedish geostationary communications satellite to be launched. After the end of the quarter, we took yet another significant step with the launch of Ovzon T8, our next-generation On-The-Move satellite terminal and the smallest in its class on the market.

Ovzon T8 showcases how we continue pushing the boundaries of innovation within performance, mobility and resiliency. Customer interest is high and initial orders on prototypes have already been received. This is a true indication of the market demand for our SATCOM solutions.

Building the organization
During the first quarter, we have continued to deliberately strengthen the organization – from executive leadership to operational level. With key recruitments and internal promotions of commercial leadership, technical experts and finance, we continue to strengthen the capabilities needed to develop our company.

Positioned for continued profitable growth
We will continue to build on our momentum by continuously developing our operational capabilities and strengthening our position in our prioritized markets.

While order intake may vary between quarters, we see great opportunities to expand our business with continued profitable growth over time.

Per Norén, CEO Ovzon

Webcast
In conjunction with the interim report, a webcast will be conducted at 10:00 am CEST on Thursday 23, 2026. Ovzon’s CEO Per Norén and CFO André Löfgren will present the results and answer questions.

The webcast can be reached via the following link: https://www.youtube.com/live/rtR5ZL6aKlo