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Mildef Group
Mildef Group (MILDEF) investor relations material
Mildef Group Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary23 Oct, 2025
Executive summary
Order intake reached SEK 907 million in Q3 2025, up 119% year-over-year, driven by organic growth and the Roda acquisition, with a record order backlog for 2026.
Net sales doubled to SEK 540 million, increasing 116% year-over-year, with organic growth at 36% and acquisition contributing 80%.
Strategic contracts secured with FMV (Sweden), Secunet (Germany), NATO NSPA, and Bundeswehr, reinforcing market position.
Significant capacity ramp-up underway, including a new production facility in Stockholm/Rosersberg, quadrupling previous capacity.
Roda delivered strong order intake and secured its largest-ever contract with Bundeswehr, strengthening its position in Germany.
Financial highlights
Adjusted EBITA for Q3 was SEK 84.6 million, up 172% year-over-year, with a margin of 15.7% (up from 12.5%).
Gross margin (excluding M&A) reached 53.5%; group gross margin was 45% due to Roda's lower margin.
Free cash flow was negative SEK 53.1 million, mainly due to inventory build-up for Q4 deliveries.
Book-to-bill ratio at 1.8, reflecting strong demand and future revenue visibility.
Net debt/EBITDA improved to 2.6x, with working capital as a percentage of net sales just below 40%.
Outlook and guidance
Strong and intensive Q4 2025 expected, with high delivery volumes and improved free cash flow projected for Q1 2026.
Continued focus on scaling capacity, process excellence, and maintaining high gross margins.
Anticipated margin improvement for Roda and sustained high margins for the core business.
Seasonality expected to persist, with Q4 remaining the largest delivery quarter.
Defense tech supercycle and digitalization trends expected to drive long-term growth.
Explain Jan-Sep 4% organic sales growth?
Q4 delivery confidence given inventory build?
Roda's long-term gross margin impact?
Address 2026 delivery capacity constraints
Explain path to 30% working capital ratio
Roda EBITDA margin recovery timeline?
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Next Mildef Group earnings date
Q4 20255 Feb, 2026
Mildef Group
Next Mildef Group earnings date
Q4 20255 Feb, 2026
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Frequently asked questions
MilDef Group AB develops, manufactures, and sells rugged IT solutions and special electronics primarily to customers in the security and defense sectors. Its product portfolio is divided into mobile computers that are used by soldiers, unit commanders and in vehicles; mobile servers for critical infrastructures that can be used on land, sea, air and space environments; servers for harsh environments; and tarpaulin protective covers to protect equipment from dirt and moisture. The company markets its products under the MilDef brand name through a network of distributors in Africa, Asia, Europe, Oceania, South America, and North America.
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