Argo Defence Group (ARGO) Q4 2025 earnings summary

Executive summary

• Established in April 2025, the group executed several strategic acquisitions and completed a stock exchange listing in December 2025.

• Proforma net sales for 2025 reached 163 MSEK, up 28% year-over-year, with adjusted EBITDA of 19.3 MSEK and a stable margin despite one-time listing and growth costs.

• Order intake for 2025 totaled 164 MSEK, with an order backlog of 131 MSEK at year-end and ongoing framework agreements valued at 862 MSEK.

• The group expanded its presence in Ukraine and strengthened its position in the defense market through major contracts and acquisitions.

Financial highlights

• Q4 2025 net sales: 31.6 MSEK; EBITDA: 1.6 MSEK; adjusted EBITDA: 2.2 MSEK; order intake: 58.4 MSEK.

• April–December 2025 net sales: 63.0 MSEK; EBITDA: 5.7 MSEK; adjusted EBITDA: 6.4 MSEK.

• Proforma full-year 2025: net sales 163 MSEK, EBITDA 18.7 MSEK, adjusted EBITDA 19.3 MSEK, EBITDA margin 11.5%.

• Negative operating result for the year due to listing costs and goodwill amortization from acquisitions.

• Cash flow from operations for April–December 2025 was -12.5 MSEK; cash at year-end was 36.3 MSEK.

Outlook and guidance

• Strong growth and profitability expected for 2026, supported by confirmed order volumes and the Poseidon acquisition.

• High visibility for 2026 revenues due to long-term framework agreements and a robust order backlog.

• Continued organic and selective acquisition-driven expansion anticipated.