DFENS: Fjord Defence Group ASA announces H1 and Q2 2026 financial results

Oslo, 27 August 2026

The second quarter of 2026 marks a milestone quarter for the Group with the
acquisition of PartnerTech Karlskoga AB and Fjord Defence Marine AS. As a
result, the top line has essentially tripled, and we are pleased to report that
our defence segment is delivering according to plan. In addition, the Group has
increased its order book substantially, providing high visibility and confidence
in the coming quarters. The Group thereby reiterates its 2026 guiding and 2029
ambition (from June 26) and will provide guidance for 2027 in the Q3 report.

Key defence segment highlights (pro forma, including the PartnerTech Karlskoga
AB acquisition)
o	Q2 2026 pro forma defence segment revenue reached approximately NOK 245.4
million, generating an EBITDA of NOK 42.4 million and an EBITDA margin of 17.3%
o	The Group's defence order book stands at ~NOK 1.8 billion (including
PartnerTech Karlskoga AB and their Planned & Relased volumes from customers),
driven by strong underlying NATO and European defence market demand
o	Unchanged target of NOK 1 billion in pro forma revenue and NOK 190-230 million
of pro forma EBITDA for 2026 and an EBITDA ambition of NOK 400 - 500 million in
2029. Guidance for 2027 to be provided as part of the Q3 2026 reporting  
o	Closed the acquisition of Frydenbø Milpro AS on 5 June at an EV of ~NOK 170
million, adding light boat and RIB platforms under the rebranded name Fjord
Defence Marine AS. The company is expected to add NOK 150-160 million in revenue
and NOK 30-40 million in EBITDA in 2026 
o	Closed the acquisition of PartnerTech Karlskoga AB 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 
o	Private placement in connection with the Fjord Defence Marine transaction, the
group completed a multiple times oversubscribed private placement of 5,415,282 
new shares at a market-match price of NOK 15.05 per share, raising gross
proceeds of approximately NOK 81.5 million
o	Private placement in connection with the PartnerTech Karlskoga AB acquisition,
the Group completed a multiple times oversubscribed private placement of
25,000,000 new shares at NOK 16.50 per share, raising gross proceeds of
approximately NOK 412.5 million

Jon Asbjørn Bø, CEO of Fjord Defence Group, comments: "The second quarter was
another rewarding quarter for us, and we have now built a solid platform of
companies, all of which enjoy strong market positions as niche suppliers to the
European defence industry and end users. As we have increased our scale
substantially the last year through four acquisitions, the Group will now
intensify its focus on organic growth. We are scaling and improving our
subsidiaries through hirings and increasing production capacities. Coupled with
the strong outlook for the defence sector, I am highly optimistic about the
future".

Highlights from the PartnerTech Karlskoga AB acquisition
Fjord Defence Group is now firmly established in the key Bofors defence industry
area through the acquisition of PartnerTech Karlskoga AB. This adds significant
scale to the Company and will provide a platform for further growth and
expansion.
o	Leading Swedish manufacturer of strategic metal components for global defence
OEMs, with manufacturing roots in the Bofors industrial area dating back to 1917
o	HQ and main production site in Karlskoga, Sweden - a protected object under
Skyddslagen (2010:305) 
o	Around 250 FTEs led by Group CEO Magnus Blomgren, 
o	Niche supplier of high-precision components for weapon systems and
large-calibre ammunition, with ~92% of products covered under an ISP license
o	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)
o	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%

Key operational highlights 
o	Fjord Defence Marine AS secured a seven-year framework agreement (with
options) with an estimated value of up to NOK 113 million
o	Fjord Defence AS was awarded contracts for vehicle weapon mount systems,
including approximately NOK 22 million (deliveries 2026-2030)
o	Scanfiber Composites A/S secured strategic maritime add-on armour contracts
for NATO naval vessels totalling approximately NOK 12 million

Subsequent events  
o	New CEO of Scanfiber Composites A/S joined in August
o	Fjord Defence Marine AS awarded new contract with an approximate value of NOK
21 million
o	Fjord Defence AS awarded NOK 25 million agreement with a major European
military vehicle OEM
o	The prospectus for listing of the new shares and the consideration shares was
approved by the Financial Supervisory Authority of Norway on 24 August 2026

Outlook
Fjord Defence Group is successfully executing its compounder strategy in a
growing European defence market. The order book, expanded production capacity,
and attractive acquisition pipeline position the Group for strong growth.  
For full year 2026, the Group expects pro forma revenue of ~NOK 1 billion for
the defence segment and reiterates its guidance targeting pro forma EBITDA of
NOK 190 - 230 million for the defence segment.
The solid balance sheet enables both organic and acquisitive growth, and the
company is now in a position to fund substantial expansion through internal
funds and debt facilities, while keeping its long-term leverage target of ~2.5
NIBD/EBITDA. 

Presentation
Fjord Defence Group ASA invites investors, analysts and media to a webcast
presentation of the company's second quarter 2026 financial results at 10:00
CEST on 27 August 2026. The presentation can be accessed via
https://qcnl.tv/p/F1ZKTpmgOjUE688bxPeOng. A recording will be available on
www.fjorddefencegroup.no afterwards.

For further information, please contact: 
Jon Asbjørn Bø, CEO 
JAB@fjorddefence.com 
+47 930 86 932

ABOUT FJORD DEFENCE GROUP ASA 
Fjord Defence Group ASA ("DFENS") is a Norwegian "compounder" listed on Euronext
Oslo Børs seeking to acquire and develop fast-growing, profitable, and well-run
companies in the defence industry. The company has a buy & build strategy, with
focus on acquiring established, profitable businesses within the defence,
security and related segments. More information on www.fjorddefencegroup.com. 

This information is subject to the disclosure requirements pursuant to Section
5-12 of the Norwegian Securities Trading Act
mation on www.fjorddefencegroup.com. \
\
This information is subject to the disclosure requirements pursuant to Section\
5-12 of the Norwegian Securities Trading Act\