Interim Report January – March 2026 for Argo Defence Group
Financial Summary
» Strengthened profitability – EBITDA amounted to 10.2 (2.0*) MSEK
» Margin above target – EBITDA margin amounted to 22.2% (3.4%*)
» Strong order intake – Order intake increased by +207% to 90.3 (29.4*) MSEK
» Growing order backlog – Order backlog increased by +168% to 144.4 (53.8*) MSEK
» Framework agreement value amounted to a total of 867 MSEK, of which 583 MSEK remained under existing framework agreements
The Group January – March 2026
» Net sales amounted to SEK 45,645 thousand (54,158*)
» EBITDA amounted to SEK 10,157 thousand (1,859*), corresponding to an EBITDA margin of 22.2% (3.4%*)
» EBITA amounted to SEK 10,062 thousand (1,122*), corresponding to an EBITA margin of 22.0% (2.1 %*)
» Operating profit amounted to SEK 5,577 thousand (-3,470*)
» Profit for the period amounted to SEK 4,670 thousand
» Earnings per share amounted to SEK 0.23***
» Order intake amounted to SEK 90,332 thousand (29,394*) and the order backlog amounted to SEK 144,357 thousand (53,821*)
Figures in parentheses refer to the corresponding period in the previous year and are presented on a pro forma basis.
* Pro forma figures have been prepared for illustrative purposes and are based on the assumption that the Group had owned the five subsidiaries – Swedish Net Air & Defence AB, Disarmament Solutions AB, Disarmament Solutions Ukraine, Zel-Aaren Innovation AB and LPG Trafikmarkeringar AB – throughout the full year of 2025. Poseidon Diving Group AB is not included in the pro forma figures, as the acquisition was completed only on 2 March 2026. The pro forma information is hypothetical in nature and is intended as supplementary information only and does not replace the statutory financial reporting. For a detailed description of the methodology and reconciliation, please refer to the section “Pro Forma Information”.
Significant Events
The Quarter January – March 2026
» Argo Defence Group acquired 99.55% of Poseidon Diving Group AB, whose subsidiary Poseidon Diving Systems AB is a leading developer of advanced diving and breathing equipment for military units and professional users worldwide.
» A second order from the Swedish Defence Materiel Administration (FMV) was received under the framework agreement for specialised containers, valued at SEK 54 million, with expected delivery during Q3–Q4 2026.
Significant events after the end of the period
» The acquisition of the remaining outstanding 0.45% of the shares in Poseidon Diving Group AB is ongoing during Q2 2026 and is expected to be completed during the quarter, after which Argo Defence Group AB will own 100% of the shares.
Comments from CEO Marcus Selme
I am pleased to note that we have entered 2026 exactly as planned. The first quarter confirms that our strategy is delivering and that we are moving in the right direction – precisely where we want to be.
Q1 2026 is a quarter of particular significance for us. It is the first quarter in which we report actual figures rather than pro forma figures. This means that the results presented reflect our underlying business as it is, without adjustments or assumptions. It is a milestone we are proud of and one that provides us with a solid foundation for the remainder of the year.
For the first quarter of 2026, we report EBITDA of SEK 10.2 million, corresponding to an EBITDA margin of 22.2%, primarily driven by deliveries within the Defence Materiel business area. This demonstrates that we are growing in a profitable and sustainable manner while maintaining cost discipline, even during a period of active growth.
During the quarter, we received a second order from the Swedish Defence Materiel Administration (FMV) under our framework agreement for specialised containers, valued at SEK 54 million, with deliveries planned for Q3–Q4 2026. Together with other business secured during the quarter, this resulted in order intake of SEK 90 million, with particularly strong demand within the Defence Materiel business area, supported by increasing volumes under our framework agreements with FMV and the Swedish Armed Forces.
Framework agreements constitute a central part of our business model, with call-off orders placed continuously throughout contract periods that often extend four years or longer. The total value of the Group’s ongoing framework agreements amounts to approximately SEK 867 million, of which approximately SEK 583 million remains outstanding, providing us with a solid and predictable revenue base going forward.
At the end of the quarter, the order backlog amounted to SEK 144 million, providing us with clear visibility into the remainder of 2026. Within the Defence Materiel business area, we currently have eight ongoing projects relating to materiel deliveries to the Swedish Armed Forces, all scheduled for Q2–Q4 2026. Within Counter-Explosive Risk Solutions, we are broadening our customer base through new strategic customers and reseller agreements, while also seeing increased demand from international defence customers. The Airfield Operations business area has an active delivery schedule during Q2–Q3 2026, including product deliveries to Sweden, Italy, Poland, Denmark, Norway and Finland, as well as repair and maintenance assignments at Sweden’s largest airports. Overall, this provides us with favourable conditions for continued stable revenue growth and profitability, and we enter the coming quarters with confidence in both our delivery capacity and underlying demand.
In March, we acquired Poseidon Diving Group AB, including its wholly owned subsidiary Poseidon Diving Systems AB, which is being integrated into the Counter-Explosive Risk Solutions business area. The acquisition adds unique expertise within underwater environments and clearance operations to the Group and represents a natural and value-creating addition to Argo Defence Group’s combined offering.
We enter the remainder of 2026 with confidence, driven by the conviction that what we deliver matters – for our customers, for defence capabilities and for society as a whole. Our pipeline is strong, our organisation is well positioned and our financial position provides us with the flexibility to continue investing in the future. We are delivering according to plan – and our outlook for the full year remains unchanged.
I would like to thank our employees, customers and shareholders for the trust you place in us. We remain firmly committed to continuing to earn that trust.
Stockholm, May 2026
Marcus Selme, Group CEO, Argo Defence Group AB (publ)
The full report attached to this press release is also available for download on the company’s website: https://argodefence.se/investor-relations/financial-reports/
Please note that this is an English translation of a press release written in Swedish, in the event of any inaccuracies, the Swedish version applies.
For further information, please contact:
Marcus Selme, CEO, Argo Defence Group AB (publ)
Telephone: +46 (0)70-629 85 61
E-mail: ir@argodefence.se
This information is information that Argo Defence Group is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2026-05-20 08:03 CEST.
About Argo Defence Group AB (publ)
Argo Defence Group is a growth-oriented defence group with a focus on customers within both military and civil defence. The Company consists of six subsidiaries: Swedish Net Air & Defence, Disarmament Solutions, Disarmament Solutions Ukraine, Poseidon Diving Group, Zel-Aaren Innovation and LPG Trafikmarkeringar. Argo Defence Group operates through three business areas: Defence Materiel, Counter-Explosive Risk Solutions and Airfield Operations. Together, these business areas enable Argo Defence Group to offer a broad and complementary range of defence-related products and services that contribute to increased resilience and security across the Nordic region, Ukraine and internationally. The Company is listed on Nordic SME, a marketplace operated by Nordic Growth Market (NGM). Learn more at www.argodefence.se
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