MilDef Group AB
STO:MILDEF

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MilDef Group AB
STO:MILDEF
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Price: 143 SEK 4.92%
Market Cap: 6.7B SEK

MilDef Group AB
Investor Relations

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.

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MILDEF
OMX Stockholm 30
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Last Earnings Call
Fiscal Period
Q3 2025
Call Date
Oct 23, 2025
AI Summary
Q3 2025

Record Orders: MilDef posted an all-time high order intake in Q3, more than doubling year-on-year, up 119%.

Sales Surge: Net sales also more than doubled, climbing 116% compared to last year.

Profitability Up: Adjusted EBITDA rose 172%, with margins improving to 15.7% from 12.5%.

Gross Margin Mix: Underlying gross margin (excluding M&A) was very strong at 53.5%, though group gross margin fell to 45% due to acquisition of lower-margin roda.

Strong Backlog: Order backlog for 2026 is up 142% versus last year, sitting at SEK 3.5 billion.

Negative Free Cash Flow: Q3 free cash flow was negative SEK 53.1 million, mainly due to inventory build for large Q4 deliveries.

Capacity Ramp-up: Significant investments in new production facilities and staff to meet surging demand and continued growth targets.

Outlook: Management expects continued high demand, a strong Q4, and further expansion in Europe, particularly Germany.

Key Financials
Organic Growth (Net Sales)
36%
Acquisition Growth (Net Sales)
80%
Adjusted EBITDA Margin
15.7%
Gross Margin (excl. M&A)
53.5%
Group Gross Margin
45%
Free Cash Flow
-SEK 53.1 million
Order Backlog
SEK 3.5 billion
Book-to-Bill Ratio
1.8
Net Working Capital (as % of Net Sales)
just below 40%
Net Debt to EBITDA
2.6
Earnings Call Recording
Other Earnings Calls

Management

Mr. Daniel Ljunggren
President & CEO
No Bio Available
Ms. Viveca Johnsson
Chief Financial Officer
No Bio Available
Mr. Fredrik Persson
Deputy CEO & CTO
No Bio Available
Mr. Olof Engvall
Head of Investor Relations & Communication
No Bio Available
Ms. Karin Svalander
Chief Legal & Compliance Officer
No Bio Available
Ms. Martina Karlsson
Chief People Officer
No Bio Available

Contacts

Address
SKANE
Helsingborg
Muskotgatan 12
Contacts
+4642250000
mildef.com