Oslo, 26 November 2025
The Group acquired Fjord Defence AS in the second quarter and changed its strategy to become a compounder in the defence industry. The Fjord Defence AS revenue during the quarter was NOK 17 million, and NOK 67 million on a pro-forma basis* during the first nine months of 2025, up from NOK 57 million in the first 9 months of 2024 – representing 17% growth year-over-year. Fjord Defence AS expects revenue of NOK 95 to 100 million in 2025, which is 10-16% higher compared to 2024. Revenue demonstrates seasonal patterns, with reduced activity in the third quarter due to the holiday period and higher volumes in the fourth as customers allocate remaining annual budgets.
The combined Group EBITDA after the third quarter on a pro-forma basis* was NOK 6.3 million, excluding transaction cost and unrealized losses.
Net cash was NOK 64 million at the end of the third quarter. Total assets in the third quarter were NOK 595 million, up from NOK 306 million as of 31 December 2024, and an equity ratio of 85%. The Group also maintained a strong order backlog, liquidity and solidity, positioning it well for sustained growth.
The seismic business recorded no revenues in the third quarter and has a current book value of NOK 175.5 million. During the first nine months of the year, the seismic segment recorded revenues of NOK 9.7 million from late sales, and the company has received additional cash inflow of NOK 21.3 million resulting from legacy agreements with TGS and the disposal of shares in Arbaflame.
Key events in the quarter
• Subsidiary Fjord Defence AS signed new contracts in several NATO countries, and expect to deliver on call-off orders in the coming months
• Concluded the acquisition and integration of Fjord Defence AS
• Fjord Defence AS on track to reach 2025 revenue target of NOK 95 – 100 million
• Successful qualification of .338 system with US Army / Rangers
Subsequent events
• Completed uplisting to the main board on Oslo Stock Exchange
• Subsequent offering raising gross proceeds of approx. NOK 10 million
• NOK 2.5 million multi-client licensing agreement in the North Sea
• The company has entered into an agreement to acquire 100% of the shares in Scanfiber Composites A/S, the second step in the compounder strategy. A separate announcement will be made shortly
Outlook
• Fjord Defence Group successfully executing on compounder strategy
• Scanfiber Composites A/S adding significant growth and revenue potential
• Solid balance sheet enabling both organic and acquired growth
• Currently evaluating multiple companies to acquire in the Nordics & Baltics
• Expect continued positive cash contribution from legacy business going forward
Presentation at 10:00 CET on Thursday, 27 November 2025
Fjord Defence Group ASA invites investors, analysts and media to a live webcast presentation of the company’s third quarter 2025 financial results at 10:00 CET Thursday, 27 November 2025. The presentation will be held one and can be accessed via https://channel.royalcast.com/landingpage/hegnarmedia/20251127_5/.
A recording of the webcast and presentation can be viewed on www.fjorddefencegroup.no after the live event is completed.
For further information, please contact:
Jon Asbjørn Bø, CEO
JAB@fjorddefence.com
+47 930 86 932
* Unaudited pro forma figures. Investors are cautioned not to place undue reliance on the pro forma financial information.
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.