July–September 2025

• Revenue totaled 202 MSEK (95)
• EBITDA totaled 95 MSEK (12)
• Operating profit totaled 54 MSEK (-23)
• Profit after tax totaled 28 MSEK (-32)
• Earnings per share, before and after dilution, totaled 0.25 SEK (-0.29)
• Cash flow for the quarter totaled 143 MSEK (-42)

January–September 2025

• Revenue totaled 458 MSEK (227)
• EBITDA totaled 176 MSEK (-17)
• Operating profit totaled 66 MSEK (-64)
• Profit after tax totaled 46 MSEK (-91)
• Earnings per share, before and after dilution, totaled 0.42 SEK (-0.81)
• Cash flow for the period totaled 90 MSEK (-161)

Significant events during the quarter

• Signed and finalized new Loan Facility with Danske Bank
• Jeanette Irekvist appointed new Chief Commercial Officer, brings extensive international experience in technology and telecommunication
• Additional order from the Swedish Defence Materiel Administration (FMV) for mobile satellite terminals – order value 72 MSEK

Significant events after the end of the quarter

• No significant events after the end of the quarter

Strong growth and continued improved profitability
Ovzon's third quarter was characterized by significantly increased deliveries as a result of the order we received from the Swedish Defense Materiel Administration (FMV) in May. This has clearly strengthened both revenues and earnings and underscores our ability to deliver with operational precision, quality and focus. Our refinancing on considerably improved terms, strong cash flow, and an order book of just over 1 billion SEK extending into 2027 provide us with a very solid foundation for our future plans and driving profitable growth.

Continued improved profitability
Revenue during the quarter increased to 202 MSEK, corresponding to a growth of 113 percent compared with the previous year. Deliveries for the part of the FMV contract concerning SATCOM services commenced in early June and ramped up progressively to full capacity by the end of the quarter. Deliveries of mobile satellite terminals started at the same time, based on existing inventory. During the third quarter, we have gradually increased new production to enable continued deliveries of terminals throughout the remainder of 2025 and 2026. The operating profit (EBIT) shows a clear improvement for the fourth consecutive quarter, driven by higher volumes, continued strong cost control, and a growing share of SATCOM services with increased utilization of Ovzon 3.

Reduced debt and positive cash flow
During the quarter, we also successfully refinanced our loans at a significantly lower interest rate, which will contribute to a stronger net profit and improved financial flexibility. Strong cash flow and a reduction in loans have significantly lowered our net debt. Cash flow from operating activities amounted to 199 MSEK, validating our business model's ability to generate liquidity with increased volumes. We have thereby built up significantly stronger financial stability and laid the foundation for future growth.

Strengthened organization
We continue to continuously strengthen our organization and leadership. With the recruitment of Jeanette Irekvist as Chief Commercial Officer, we are sharpening our focus on sales, global presence, and customer-driven growth. We have also engaged a number of strategic advisors in key markets and carried out targeted recruitment of engineers with cutting-edge expertise, while maintaining good cost control, operational quality, and efficiency.

Financial foundation for expansion
In addition to strong operational and financial results, we have taken important steps to scale up Ovzon during the quarter. In September, we held our first Capital Markets Day, where we shared plans on how we intend to drive profitable and scalable growth – including the possibility of proactively securing additional third-party and proprietary satellite capacity. Investments in proprietary satellite capacity are expected to be financed through a combination of internal cash flow and loans, where customer funding is also an opportunity.

Positioned for continued growth
Our dialogues within the framework of government-to-business procurement continue to develop well. These take time, but as our latest contracts show, the potential is significant when long-term trust has been built up. The US market remains important and a special focus area for us, even though activities are currently more dynamic in Europe. Our SATCOM solutions make a real
difference for customers with critical missions. We offer the most reliable, high-performance, and resilient communication services where they are needed most. It is also important to clarify that we do not compete with so-called LEO satellite constellations—we complement them. In today's hybrid communications landscape, Ovzon plays a key role in ensuring secure, scalable, and uninterrupted connectivity. We are an important part of a country's or defense alliance's communications infrastructure.

Moving forward – with strength and focus
We stand stronger than ever. With a technically proven platform, unique market position, specialized customer solutions, a robust financial position, and growing global demand, Ovzon is ready to take the next step. We have solid plans and are determined to continue delivering the highest customer value, continuing our profitable growth journey and thereby creating long-term value for both customers and shareholders.

Per Norén, CEO Ovzon

Webcast
In conjunction with the interim report, a webcast will be conducted at 10:00 am CET on October 31, 2025. 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/watch?v=Ag6dY1W3KIo