Ovzon Interim Report January–September 2026

The Quarter (July–September)

•  Order intake totaled 119 MSEK (72)
• Revenue totaled 220 MSEK (202)
• EBITDA totaled 94 MSEK (95)
•  Operating profit totaled 54 MSEK (54)
• Profit for the period totaled 47 MSEK (28)
• Earnings per share, before dilution totaled 0.42 (0.25) SEK and after dilution 0.41 SEK (0.25)
• Cash flow from operating activities totaled -90 MSEK (199)

The Period (January–September)

• Order intake totaled 207 MSEK (1,186)
• Revenue totaled 725 MSEK (458)
• EBITDA totaled 301 MSEK (176)
• Operating profit totaled 180 MSEK (66)
• Profit for the period totaled 158 MSEK (46)
• Earnings per share, before dilution totaled 1.41 ( 0.42) SEK and after dilution 1.40 SEK (0.42)
• Cash flow from operating activities totaled 81 MSEK (196)

Significant Events During the Quarter

• Order from new NATO customer of 40 MSEK where half pertains to Ovzon’s mobile satellite terminals and the service part is for 6 months SATCOM-services
• Supplementary order from European customer of 36 MSEK for additional mobile satellite terminals
• German market entry through new defense partnerships
• 12-month renewal for delivery of the company’s SATCOM solutions to the Italian Fire and Rescue Services
• 12-month order of 90 MSEK from a new U.S. government customer, of which 34 MSEK is reported as order intake in the third quarter

Significant Events After the End of the Quarter

• No significant events after the end of the quarter

New Customers. New Countries. More Orders. 
Order intake in the third quarter was strong. We won two new customers, entered two new countries, and existing customers expanded and renewed. Order intake rose to 119 MSEK, up 65 percent from the same quarter last year. Our profitability and financial position remain robust. Order intake in the first half of 2026 was below our ambition. The third quarter shows the response. There is more to do, and we are doing it. 

Why Customers Choose Ovzon 
Defense and security customers need communications that work when it matters most: on the move, in contested environments, under national control. That need is not hypothetical. It is being tested every day. We meet this with one integrated platform; satellites, networks, mobile terminals and service management – Ovzon, the one single accountable provider. In contested environments, capabilities must go where the mission is and keep working under interference. Ovzon 3’s steerable beams and on-board processing deliver exactly that. 

Our technology is proven in the field. The strongest proof is customer behavior. Italian Fire and Rescue Services renewed for the fourth consecutive year. A European customer that started with us in 2024 ordered 36 MSEK of additional terminals this quarter. Customers start small, test us under real conditions, and scale. They buy more because the service performs.

The market is moving our way. Europe is investing in sovereign space capability, and new constellations, including IRIS² and national programs, are planned for the next decade. They will matter, but they are years from service. Ovzon is available now. In a multi-orbit architecture our sovereign GEO service adds resilience, mobility and control. That LEO alone cannot. Customers need both, and they need ours today.

New Customers and New Countries 
Order intake totaled 119 MSEK (72), and the order book stands at 570 MSEK.

A new NATO customer ordered our integrated platform for 40 MSEK. A new U.S. government customer placed a 12-month order of 90 MSEK on Ovzon 3. In Germany, Europe's largest defense market, we partnered with IABG Teleport and MBS and secured a first order from a German government customer. Ovzon now has six countries as customers, and that number is expected to grow.

Procurement cycles are dynamic and thereby long. Decisions continue to involve more stakeholders, larger budgets and stricter interoperability requirements, and our orders compete for procurement attention with the largest programs in defense. We won these orders despite that. A broader base of customers and countries is how we make order intake increase and more even over time. 

Solid Profitability 
Revenue was 220 MSEK (202) and EBITDA 94 MSEK (95). Profitability, a 43 percent EBITDA margin, remains strong as a result of continued cost control. Ovzon 3 is in orbit and each additional customer on the satellite contributes strongly to earnings. Our financial position remains robust. During the quarter we have extended our credit facilities at the same beneficial terms and conditions, ensuring access to funding when needed. 

Building for Scale
This quarter's new customers are the first return on our investment in the sales organization in Europe and North America. In Germany, we chose to build through established local partners so we can grow beyond a single contract.

Ovzon T8, our new On-The-Move terminal, is now in field use with the first customers, and it extends our offer to vehicles and units on the move. Mobile satellite terminals are central to our model. Every terminal we deploy ties a customer more closely to our network and our service.

Clear Priorities 
Our priorities for the fourth quarter and into 2027 are clear. We will renew and extend existing contracts, win new customers, expand into more countries, and fill Ovzon 3, while maintaining cost control for sustainable profitable growth.

We continue to prepare for additional satellite capacity, including future proprietary satellites. We will commit when the business case and the risk profile are right.

Ovzon was built for the world we now operate in. Our job is to turn that relevance into orders. The third quarter shows we are doing it.

Per Norén, CEO Ovzon

Webcast
In conjunction with the interim report, a webcast will be conducted at 10:00 CEST on October 21, 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://youtube.com/live/gsUWCXZbNsQ