Q2 2026 Fjord Defence Group ASA Earnings Call Transcript
Key Points
- Fjord Defence Group ASA (STU:S5B0) reported Q2 proforma revenue of NOK245 million and EBITDA of NOK42.4 million, in line with management expectations.
- The order book reached approximately NOK1.8 billion, including planned and released customer volume, improving visibility and confidence for upcoming quarters.
- The acquisition of PartnerTech was closed, adding a leading Swedish manufacturer of strategic metal components with strong profitability growth (revenue from NOK350 million in 2022 to NOK620 million in 2025, margin from 7% to 16%).
- The company maintains its 2026 guidance of NOK1 billion in proforma revenue and NOK190-230 million in proforma EBITDA, supported by a strong order backlog and pipeline.
- Cash earnings per share increased from NOK0.49 to NOK1.14, a 2.3 times uplift, reflecting a focus on shareholder value.
- The balance sheet remains solid with a 77% equity ratio, NOK480 million in cash, and moderate net debt-to-EBITDA of about 2 times, providing financial flexibility for future acquisitions.
- The company has internal capacity for new acquisitions of about NOK700 million through retained earnings, debt, and consideration shares, reducing dependence on share issues.
- Q2 EBITDA declined year-over-year due to increased personnel and other operating costs, which were incurred as preparation for accelerated growth in 2027.
- Revenue growth in Q2 was modest, with relatively flat development into 2026, as the company awaits accelerated growth in 2027.
- The company has not yet provided guidance for 2027, which may create uncertainty for investors.
- The intensive acquisition phase has increased the balance sheet significantly, from NOK700 million to NOK1.7 billion, potentially increasing integration risks.
- The company's growth strategy relies heavily on continued acquisitions, which may face market competition or valuation challenges.
- The company has issued a private placement of NOK412 million, which could dilute existing shareholders, despite the use of consideration shares.
Welcome to the quarterly presentation for Fjord Defense Group ASA. It's a pleasure to hold this presentation. Q2 is according with the management expectation and in line with normally quarterly variation. Second quarter proforma revenue from the defense segment was NOK245 million with an EBITDA of NOK42.4 million.
The order book we have now is reached approximately NOK1.8 billion, including planned and release customer volume. It's a strong order book that improves visibility and confidence for the next following quarters.
As you may have seen, we closed the latest acquisition of PartnerTech yesterday and we did close also Frydenbo Milpro, now renamed to Fjord Defense Marine at the 5th of June this year. As visibility have increased during the quarter, we remain confident in our previous communicated guiding for 2026 and therefore keep our guiding unchanged. We will provide guiding for 2027 when we do the third quarter presentation.
Since we have got a new company, we presented what's now called Fjord Defense Marine in
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