MilDef Group AB
STO:MILDEF
MilDef Group AB
MilDef Group AB engages in the development and manufacture of rugged electronic products and hardware systems to security and defense customers. The company is headquartered in Helsingborg, Skane. The company went IPO on 2021-06-04. MilDef operates in three main product segments: ruggade natverkssystem, ruggade skarmar och ruggade datorer. Ruggade datorer consist of laptops, tablets and handheld devices. Ruggade natverkssystem consist of complete IT systems with power supply, servers, computers and network equipment. Ruggade skarmar include screens that can be customized both in terms of computing power (so-called intelligent screens) and current equipment such as built-in tactile keypads. MilDef has subsidiaries in Sweden, Finland, Norway, Great Britain and the USA, with direct sales and sales through partner networks to over 30 countries.
MilDef Group AB engages in the development and manufacture of rugged electronic products and hardware systems to security and defense customers. The company is headquartered in Helsingborg, Skane. The company went IPO on 2021-06-04. MilDef operates in three main product segments: ruggade natverkssystem, ruggade skarmar och ruggade datorer. Ruggade datorer consist of laptops, tablets and handheld devices. Ruggade natverkssystem consist of complete IT systems with power supply, servers, computers and network equipment. Ruggade skarmar include screens that can be customized both in terms of computing power (so-called intelligent screens) and current equipment such as built-in tactile keypads. MilDef has subsidiaries in Sweden, Finland, Norway, Great Britain and the USA, with direct sales and sales through partner networks to over 30 countries.
Record Quarter: Q4 was MilDef's strongest quarter ever, with all-time highs in order intake, net sales, and earnings, aided significantly by the Roda acquisition.
Margin Improvement: EBITDA margin rose to 19.3% in Q4, while underlying gross margin (excluding Roda) exceeded 50% for the fourth consecutive quarter.
Cash Flow Recovery: Free cash flow turned positive in Q4, up 25% year-over-year, after earlier challenges in the year.
Order Backlog Growth: Year-end order backlog reached SEK 2.1 billion, more than 80% higher than last year, supporting a strong 2026 outlook.
Roda Integration: Roda contributed over 50% of Q4 order intake and is progressing well, with improved gross margins since acquisition.
Dividend Proposal: Board proposed a dividend of SEK 0.75 per share for 2025, up from SEK 0.50 last year.
No Cash Flow Guidance: Management declined to give guidance on free cash flow for 2026, citing variability in working capital needs.
OpEx Rising: Operating expenses are expected to increase as the company ramps up capacity, but management anticipates operating leverage over time.
