Q4 2025 Fjord Defence Group ASA Earnings Call Transcript

Feb 26, 2026 / 09:00 AM GMT

Release Date Price: €1.07

Transcript

Key Points

Positve

Fjord Defence Group ASA (FRA:S5B0) successfully completed the acquisition of Scan Fibre, enhancing its market position.
The company reported significant revenue growth, reaching 254 million compared to 70 million in 2022.
EBITDA increased substantially from 10 million in 2022 to 69 million in 2025.
The defense industry is expected to experience strong growth over the next decade, particularly in Europe and the US.
The company maintains a solid balance sheet with strong liquidity and an equity ratio of 91%, providing flexibility for future acquisitions.

Negative

The company faces major amortizations, particularly from the acquisition of Fuel Defense, which have no tax or cash effect.
There is a loss of 6.5 million in the legacy part of the business.
Quarterly revenues are expected to show significant variations, which may affect financial stability.
The company has not announced specific dates for future acquisitions, creating uncertainty about the timing of growth initiatives.
The integration of new acquisitions may pose challenges in maintaining operational efficiency and meeting growth targets.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

DFENS.OL - Fjord Defence Group ASA
Q4 2025 Fjord Defence Group ASA Earnings Call
Feb 26, 2026 / 09:00AM GMT

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Presentation
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Unidentified_1 [1]
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Welcome to the 4th quarter 2025 presentation for Fel Defence Group ASA.

The presentation will be done by me, E Oper Bern, CEO, and also Ein Merman, the CFO of the company.

As an introduction, I can tell you that we are very happy that yesterday we closed up finally everything with the acquisition of scan fibre, so that is now formally a part of your defence group.

If we look at 2025.

In Perspective We have done a total change of what earlier was Akila Holding.

And we have turned that into a compounder of the defence industry.

We have done during or since to June Two acquisitions we bought up Pure Defence A as.

And we also Bought up scan fibre, which is now

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