MilDef Group AB reported strong financial results for the fourth quarter (Q4) and full year (FY) 2025. In Q4 2025, order intake rose 30% to SEK 1,005 million. Net sales for the quarter increased 87% to SEK 783 million, with organic growth accounting for 13%. The gross margin for the quarter was 43.1%. Adjusted EBITA reached SEK 150.8 million, corresponding to an adjusted operating margin of 19.3%. Adjusted operating profit $(EBIT)$ amounted to SEK 131.6 million, with an adjusted operating margin of 16.8%. Free cash flow for Q4 totaled SEK 59.6 million. For the full year 2025, net sales reached SEK 2,053 million, up 87%, with organic growth of 13%. The adjusted operating profit (EBIT) for the year was SEK 209 million, representing an adjusted operating margin of 10.2%. Adjusted earnings per share after dilution over the last 12-month period were SEK 3.04. Free cash flow for the year was SEK -33.5 million, reflecting the impact of working capital development driven by the company's growth. The Board of Directors proposed a dividend of SEK 0.75 per share for the 2025 financial year. Key business highlights during the period included a SEK 52 million contract with L3Harris for robust 19"/2 hardware for a US customer, the company’s single largest order of such hardware, and a SEK 320 million call-off order from an unnamed European NATO country for IT equipment, with deliveries expected from 2026 to 2028. MilDef also received a SEK 320 million order under a framework agreement from a German defense and security company, with deliveries planned for 2026. Additionally, MilDef expanded its operational capacity with the opening of Bastionen, a new facility in Rosersberg that quadruples the company’s integration services capacity. No significant events affecting financial reporting occurred after the balance sheet date.

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