Ovzon (OVZON) Q2 2026 earnings summary

Executive summary

• Launched next-generation Ovzon T8 mobile satellite terminal, with first deliveries completed within six months of order.

• Secured a 74 MSEK renewal order from a European NATO customer and a 40 MSEK order from a new NATO customer; post-quarter orders totaled 76 MSEK.

• Supplementary 36 MSEK order for mobile satellite terminals and successful Arctic expeditions demonstrating Ovzon 3 performance at extreme latitudes.

• Order intake was 76 MSEK, reflecting longer procurement cycles, and the order book stood at 668 MSEK.

• Cash flow from operating activities improved to 96 MSEK (-69) in Q2.

Financial highlights

• Q2 2026 revenue reached 277 MSEK, a 48% increase year-over-year; H1 2026 revenue: 505 MSEK (256), up 97%.

• EBITDA increased 38% and EBIT rose 74% compared to the same period last year; Q2 EBITDA: 87 MSEK (63), operating margin: 19% (16%).

• Profit for the period rose 86% to 41 MSEK, with EPS at 0.36 SEK (up from 0.20 SEK).

• Free cash flow was 76 MSEK, up from -93 MSEK in the prior year.

• Net debt reduced to 116 MSEK from 587 MSEK, and interest-bearing net debt/EBITDA (12 months) at 0.3x (5.3x).

Outlook and guidance

• Focus on continued growth, improved profitability, and further strengthening of the financial position.

• Management expects continued profitable growth, supported by strong cash position and reduced net debt.

• Strategic focus on expanding satellite capacity and further investments in sales and commercial development.

• Longer procurement cycles are anticipated, but market demand remains robust, especially in defense.