Mildef Group (MILDEF) Q4 2025 earnings summary

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.