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Fjord Defence Group (DFENS) investor relations material
Fjord Defence Group Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary27 Nov, 2025
Executive summary
Completed transformative acquisition of Fjord Defence AS and announced agreement to acquire Scanfiber Composites A/S, expanding presence in high-growth, high-margin defence niches and repositioning as a sector compounder.
Uplisted to the main board of the Oslo Stock Exchange and completed an oversubscribed share offering for NOK 10 million, enhancing access to capital and visibility.
Core business focuses on modular weapon integration solutions and ballistic protection, serving multiple national defence forces and military OEMs.
Buy-and-build strategy targets profitable defence companies with strong organic growth potential in the Nordics and Baltics.
Signed new contracts in several NATO countries, with deliveries expected in coming months.
Financial highlights
Group revenue for 9M'25 reached NOK 67 million, up 17% year-over-year; Q3 2025 revenue was NOK 17 million, up from NOK 9.1 million in Q3 2024.
Scanfiber reported NOK 159 million in revenue and over NOK 50 million in EBITDA, with a 30% margin; delivered >50% revenue CAGR and >30% EBITDA/EBIT margins in 24/25A.
Fjord Defence AS expected to reach NOK 100 million in revenue for the year, with EBITDA margins at or above 15%.
Net cash position of NOK 39 million and equity ratio of 85% at quarter-end; bank deposits at quarter-end were NOK 64 million.
Q3 2025 net loss was NOK 36.9 million, compared to NOK 43.1 million loss in Q3 2024; basic EPS for Q3 2025 was NOK -0.99.
Outlook and guidance
Management expects strong organic growth and further value-accretive acquisitions, with a robust M&A pipeline and continued expansion as a leading European defence compounder.
Scanfiber acquisition expected to add significant growth and revenue potential, with a robust orderbook and pipeline supporting multi-year visibility.
Defence market in Europe anticipated to grow robustly over the next decade, benefiting from increased budgets and geopolitical developments.
Continued positive cash contribution expected from legacy business.
Detail Scanfiber's tech leadership and portfolio synergy
What are the characteristics of identified M&A targets?
Given strategic shift, what is Seismic's long-term plan?
Criteria for next Nordic/Baltic acquisitions
Expected synergies from Scanfiber acquisition?
How is legacy cash flow supporting growth strategy?
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Next Fjord Defence Group earnings date
Q4 202520 Feb, 2026
Next Fjord Defence Group earnings date
Q4 202520 Feb, 2026
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Frequently asked questions
Fjord Defence Group ASA, "DFENS" is a Norwegian "compounder" listed on Euronext Expand 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.
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