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Mildef Group
Mildef Group (MILDEF) investor relations material
Mildef Group Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary5 Feb, 2026
Executive summary
Q4 2025 was the strongest quarter to date, with record order intake, net sales, and earnings, significantly supported by the Roda acquisition and major contract wins.
Significant growth was driven by both organic performance and M&A, with expanded production capacity and integration of Roda progressing well.
The board proposed a dividend of SEK 0.75 per share, up from SEK 0.50 last year.
Financial highlights
Q4 net sales reached SEK 783 million, up 87% year-over-year; full-year net sales at SEK 2,045 million, up 70%.
Q4 adjusted EBITA was SEK 150.8 million (+112% YoY), margin 19.3%; full-year adjusted EBITA at SEK 276.3 million (+85% YoY), margin 13.5%.
Order intake for Q4 was SEK 1,005 million (+30% YoY); full-year order intake SEK 3,193 million (+76% YoY).
Gross margin in Q4 was 43.1% (including M&A); underlying gross margin excluding M&A was 52.8%.
Free cash flow for Q4 was SEK 59.6 million (+25% YoY); full-year free cash flow was SEK -33.5 million, impacted by investments and working capital.
Outlook and guidance
Entering 2026 with a solid order backlog of SEK 2.1 billion, with strong demand expected to continue for over 10 years.
Continued high demand is expected, driven by increased defense spending and digitalization trends in Europe.
No specific cash flow guidance for 2026, but management is confident in long-term cash conversion improvement.
Ongoing investments in capacity and production sites to support future growth.
Mitigate roda's gross margin impact?
DRAM/NAND volatility impact on margins?
Accelerate organic growth post-capacity?
Roda's gross margin improvement strategy
Sustaining positive cash flow amid growth
Capacity ramp-up risks and mitigation
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Next Mildef Group earnings date
Q1 202623 Apr, 2026
Mildef Group
Next Mildef Group earnings date
Q1 202623 Apr, 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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