Fjord Defence Group ASA

Share Issue/Capital Change • Dec 29, 2025

Fjord Defence Group ASA – Disclosure of major shareholding and mandatory notifications of trade: Redelivery of borrowed shares

Fjord Defence Group ASA – Disclosure of major shareholding and mandatory notifications of trade: Redelivery of borrowed shares

Oslo, 29 December 2025

Reference is made to the stock exchange announcement made by Fjord Defence Group ASA (the "Company") on 29 December 2025 regarding the registration of the share capital increase pertaining to the issuance of 13,333,333 new shares in the Company in the private placement announced on 27 November 2025 (the "Private Placement").

Settlement of the offer shares allocated to investors in the Private Placement on a delivery-versus-payment (DVP) basis was facilitated by a share lending agreement between the Company, the managers in the Private Placement and existing shareholders in the Company, AS Saturn, Cubic Invest AS, Trigger AS, GKI AS and Hugin Management AS, by delivery of already existing shares in the Company admitted to trading on Euronext Oslo Børs.

Following the registration of the share capital increase pertaining to the Private Placement, Pareto Securities AS, acting as settlement agent on behalf of the managers in the Private Placement, has today redelivered 13,333,333 new shares in the Company to each of the Share Lenders as settlement of the shares borrowed to facilitate settlement of the Private Placement. The new shares issued by the Company were used for the redelivery, including the redelivery of 2,894,823 shares to AS Saturn, a close associate of CEO and primary insider Asbjørn Bø. Please see the enclosed form for further details.

Upon redelivery of the borrowed shares, the following share lenders have exceeded the 5% threshold pursuant to section 4-2 of the Norwegian Securities Trading Act:

* AS Saturn holds 3,300,231 shares in the Company, representing ~6.02% of the issued shares and votes. AS Saturn is ultimately controlled by Jon Asbjørn Bø and has no rights to further shares or votes in the Company.

* Cubic Invest AS holds 3,211,173 shares in the Company, representing ~5.86% of the issued shares and votes. Cubic Invest AS is ultimately controlled by Lars Harald Henriksen and has no rights to further shares or votes in the Company.

* Trigger AS holds 3,211,173 shares in the Company, representing ~5.86% of the issued shares and votes. Trigger AS is ultimately controlled by Jan Marius Hektoen and has no rights to further shares or votes in the Company.

* GKI AS holds 2,969,654 shares in the Company, representing ~5.42% of the issued shares and votes. GKI AS is ultimately controlled by Gudmund Kjærheim and has no rights to further shares or votes in the Company.

For further details about the Private Placement, please refer to the Company's stock exchange announcement of 27 November 2025.

For more information please contact:

Jon Asbjørn Bø

jab@fjorddefence.com

+47 930 86 932

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This information is subject to the disclosure requirements pursuant to the Market Abuse Regulation (EU) 596/2014 (MAR) article 19 number 3 and section 4-2 of the Norwegian Securities Trading Act.