Mildef Group (MILDEF) Q2 2026 earnings summary

Executive summary

• Q2 net sales rose 64% year-over-year to SEK 630 million, all organic, with strong operating leverage and high demand across the portfolio.

• Operating profit (EBITDA/EBITA) increased by nearly 300% year-over-year, with adjusted EBITA at SEK 99.7 million and a 15.8% margin.

• Order backlog exceeded SEK 4.2 billion at quarter-end, supporting long-term growth.

• Major seven-year SEK 1.5 billion framework agreement signed with Swedish Defence Materiel Administration; largest-ever hardware order (SEK 553 million) secured post-period.

• Investments in delivery capacity and production expansion continued, with Helsingborg site set to double capacity by autumn 2027.

Financial highlights

• Net sales reached SEK 630 million in Q2, up 64% year-over-year, all organic.

• Adjusted EBITDA/EBITA was SEK 99.7 million, up nearly 300% year-over-year; margin was 15.8%.

• Gross margin improved to 51.9% from 46% in Q2 last year, driven by a higher share of software and solutions sales.

• Order intake declined 17% year-over-year to SEK 731 million, attributed to normal quarterly volatility.

• Free cash flow for Q2 was SEK 7.4 million, impacted by inventory buildup; rolling 12-month free cash flow was SEK 175 million.

Outlook and guidance

• Strong order backlog and new strategic agreements support long-term net sales growth.

• Most deliveries under the new FMV framework are expected in the first three years of the seven-year contract.

• Expansion of production facilities in Helsingborg to double capacity by autumn 2027.

• Management remains confident in maintaining pricing power and passing on component cost increases to customers.

• Optimism for a strong second half of 2026, driven by investments, broader product portfolio, and market activity.