Fjord Defence Group ASA

Investor Presentation • Nov 26, 2025

Quarterly presentation Q3 2025

Disclaimer

The information in this Presentation has been prepared by Fjord Defence Group ASA (the "Company", and together with its consolidated subsidiaries, the "Group"). By attending the meeting where this Presentation is made, or by reading the Presentation slides, you agree to be bound by the below limitations and provisions. For the purposes of this notice, "Presentation" means and includes this document and its appendices, any oral presentation given in connection with this Presentation, any question and answer session during or after such oral presentation, and any written or oral material discussed or distributed during any oral presentation meeting.

• − This Presentation has been prepared by the Company based on information available as of the date hereof. By relying on this Presentation you accept the risk that the Presentation does not cover all matters relevant of an assessment of an investment in the Group.
• − No representation or warranty (expressed or implied) is made as to, and no reliance should be placed on, any information, including projections, estimates, targets and opinions, contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein, and, accordingly, none of the Company, its subsidiaries, any advisor or any such persons' officers or employees accepts any liability whatsoever arising directly or indirectly from the use of this Presentation. The information herein is subject to change, completion, supplements or amendments without notice.
• − The Presentation is based on the economic, regulatory, market and other conditions as in effect on the date hereof, and may contain certain forward-looking statements. By their nature, forward-looking statements involve risk and uncertainty because they reflect the Company's current expectations and assumptions as to future events and circumstances that may not prove accurate. It should be understood that subsequent developments may affect the information contained in this document, which neither the Company nor its advisors are under an obligation to update, revise or affirm.
• − This complete Presentation is for informational purposes only and does not constitute an offer to purchase, sell or subscribe for any securities in any jurisdiction. This Presentation is not a prospectus, disclosure document or offering document and does not purport to be complete.
• − This Presentation has not been reviewed or approved by any regulatory authority or stock exchange. The (re)distribution of this Presentation and/or any prospectus or other documentation into jurisdictions other than Norway may be restricted by law. This Presentation does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to acquire any securities offered by any person in any jurisdiction in which such an offer or solicitation is unlawful. Neither this Presentation nor anything contained herein shall form the basis of any contract or commitment whatsoever. Persons into whose possession this Presentation comes should inform themselves about and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such restrictions.
• − This Presentation contains forward-looking information and statements relating to the business, financial performance and results of the Group and/or the industry and markets in which it operates. Forwardlooking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words "believes", "expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", and similar expressions. The forward-looking statements contained in this Presentation, including assumptions, opinions and views of the Company or cited from third party sources, are solely opinions and forecasts which are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. The Company assumes no obligation, except as required by law, to update any forward-looking statements or to conform any forward-looking statements to the Group's actual results.
• − The contents of this Presentation are not to be construed as legal, business, investment or tax advice. Each recipient should consult with its own legal, business, investment and tax adviser as to legal, business, investment and tax advice.
• − Any investment in the Company involves inherent risks and is suitable only for investors who understand the risks associated with this type of investment and who can afford a loss of all or part of the investment.
• − The Presentation and any purported liability in connection with it is subject to Norwegian law and is subject to the exclusive jurisdiction of the Norwegian courts.

Presenting team

Fjord Defence Group: A Nordic compounder of high-quality defence companies

Product offering and application areas¹

Revenue growth of 55% p.a. combined with EBITDA and EBIT margins of 15%

Fjord Defence AS Fjord Defence Group ASA

Fjord Defence Group at a glance

• − Repositioned as a compounder in the defence sector following the acquisition of Fjord Defence AS in Q2'25
• − The first step in the compounder strategy was to acquire Fjord Defence AS, a niche company providing design, manufacturing and installation of weapon integration solutions for soldiers, military vehicles and vessels²
• − End customers comprise defence organizations including multiple national defence forces
• − Direct sales through our agents who know all the formal rules and bureaucracy in each country
• − Continuously evaluating acquisition opportunities within defence, security and related sectors across the Nordics and Baltics, with acquired companies operating independently under their existing mgmt.
• − Ownership interest in seismic assets and Capsol, with a strategy to maximize longterm value

Highlights during the quarter and subsequent events

Highlights during the quarter

Subsequent events

• 1 Completed uplisting to the main board on Oslo Stock Exchange
• 2 Oversubscribed subsequent offering, raising NOK 10m
• Entered into an agreement to acquire Scanfiber Composites A/S, second step in the compounder strategy
• 4 NOK 2.5 million multi-client licensing agreement in the North Sea; total YTD ~NOK 30 million cash inflow from seismic assets

Completed the uplisting to the main board on Oslo Stock Exchange

Concluded the acquisition and Integration of Fjord Defence AS

Concluded the US qualification for FD's Lightweight Machine Gun Tripod

Entered into an agreement to acquire Scanfiber Composites A/S

Strong tailwinds across all defence segments

Compounding strategy focused on defence, security and related segments

Several ongoing discussion with defence companies meeting the investment criteria

Investment criteria

1

Operating in the defence, security or related segments with value added products

• 2 Small and medium companies with revenues of approximately NOK 100m to NOK 1,000m
• 3 History of profitability with EBITDA margins above 15%, or potential to reach this level
• 4 Clear organic growth potential and strong growth outlook the next decade
• 5 Distinctive products that are not dependent on technology breakthrough to succeed
• 6 Management team that will remain committed to the continued success of the company

Profitable, well-managed, fast-growing companies in attractive niches within the defence industry

Buy & Build – Revenue Scenario in 3 years (NOKm)

Execution of Fjord Defence Group's communicated compounder strategy

Transaction overview

• − Fjord Defence Group has entered into an agreement to acquire Scanfiber Composites A/S ("Scanfiber"), a leading producer of high-performance composite ballistic protection solution
• − The company is valued at an enterprise value of NOK 400 million³ on a cash- and debt-free basis, which corresponds to an equity value of NOK 406 million³ after a working capital adjustment
• − The purchase price in the transaction is expected to be settled through a combination of 20% consideration in shares of Fjord Defence Group and 80% in cash

Revenue development (NOKm)³

Transaction rationale

2

1 Scanfiber fits the investment criteria of Fjord Defence Group

1 Operating in the defence, security or related segments with value added products

Small and medium companies with revenues of approximately NOK 100m to NOK 1,000m

Distinctive products that are not dependent on technology breakthrough to succeed

History of profitability with EBITDA margins above 15%, or potential to reach this level

Management team that will remain committed to the continued success of the company

2 Scanfiber can unlock meaningful top-line synergies across the Group

Although Fjord Defence Group's strategy is to allow acquired companies to operate independently under existing mgmt., there are clear opportunities for revenue synergies, as Fjord and Scanfiber share many of the same customers – with Fjord active in far more countries. This wider market reach can be leveraged to accelerate Scanfiber's sales growth

3 Scanfiber diversifies the Groups revenue and lowers concentration risk

Scanfiber serves a broad and diversified customer base across Europe, enhancing revenue diversification and reducing concentration risk for Fjord Defence Group

Broad product portfolio with commercial efforts focused on key products

Illustration Description Revenue share LYF (%) Spall liners Add-on armour Other products − Manufactured from ultra-light materials − Installed in vehicles to reduce fragments and narrowing their cone angle within the cabin − Provides maximum occupant protection while minimising weight − Designed to enhance protection for military platforms and container application − Function as stand-alone systems − Integrated into existing base armour to improve survivability − Develops innovative products to expand its portfolio and identify future high-demand opportunities − Introducing new material combinations to improve performance and durability − Significant growth opportunity under new ownership 68% 30% 2% Product

Scanfiber Composites: Market-leading provider of ballistic protection solutions

Product offering¹

Add-on armour Panels² designed to enhance protection for military and container platforms

Other Including protection blankets, detonator bags, bomb blankets, ballistic shields, etc.

Solid customers

Collaborates with military OEMs for tailored systems via long-term partnerships and framework agreements

Contracts secured through long-term framework agreements, providing high visibility on future sales

Collaborates with military OEMs for tailored systems via long-term partnerships and framework agreements

Preferred supplier for quality, punctuality, and durable mission-specific protection

Scanfiber Composites at a glance

• − Leading ballistic protection manufacturer with 30-year expertise using advanced composite materials
• − Specializes in lightweight, durable ballistic protection for vehicles, vessels, aircrafts, buildings and personnel with customers throughout Europe
• − Sources high-performance fiber composites exclusively from reputable European suppliers, ensuring quality, durability and timely delivery
• − Transforms materials into advanced ballistic protection through specialized manufacturing
• − In-house design and production ensure performance and lead time control
• − Scanfiber operates with a highly experienced in-house team based in Sindal, Denmark, with a technical support office in Germany
• − The Sindal facility is equipped with state-of-the-art machinery and offers capacity for future expansion
• − Scanfiber holds all relevant industry certifications and undergoes continuous quality control to ensure its products meet and exceed industry standards
• − Trusted partner to military OEMs, delivering tailored ballistic protection solutions with full in-house control, and a focus on quality and reliability

Application areas³

HQ and other locations

Note: Scanfiber Composite's financial year ends Sep 30. (1) Revenue share by product is based on 2024/25 figures; (2) These can function as stand-alone systems or be integrated into existing base armour to improve survivability; (3) Share of revenue per application area is based on management's estimate of the average level over recent years; (4) EUR/DKK = 7.45 and DKK/NOK = 1.56 (constant currency)

Revenue growth of >50% with an EBITDA and EBIT margin of >30% in 24/25A

Revenue (NOKm)¹

EBITDA (NOKm) and EBITDA margin (%)¹

EBIT (NOKm) and EBIT margin (%)¹

Focus areas to deliver on business plan

Maintain strong military OEM relationships

− Sustained collaboration with key European military OEMs, supported by long-term framework agreements and repeat business

Agile production set-up

− Ongoing delivery of customized, high-quality solutions with a flexible production

Leverage inbound demand

− Capitalize on growing inbound enquiries driven by increased market visibility and a strong reputation

Current production setup

− Aligned capacity with growth; current setup supports ÑOK ~300m¹ in revenue (depending on product mix) without further investment

Capacity upgrades for further growth

• − Ability to nearly double revenue to NOK 310m¹ without any meaningful additional CAPEX
• − Limited CAPEX of NOK 37m¹ supports scalable revenue growth of up to NOK 620-780m¹

Robust orderbook and pipeline

− Healthy orderbook and pipeline, while long-term framework agreements provide strong order visibility

Orderbook of NOK 250m supported by additional orders and a large pipeline¹

Orderbook of NOK 250m across 15+ projects¹

Pending orders (>90% probability) of NOK 1,350m across 10+ projects¹

Larger pipeline projects (50-60% probability) of NOK 1,850m across 15+ projects¹

Commentary

• − Forecast supported by a robust orderbook, including remaining value of active projects and signed contracts
• − Highly reliable orderbook conversion to revenue; occasional delays may occur due to project timeline changes, but full orderbook value is expected within the forecast period
• − Pending orders consists of projects with a >90% probability of being awarded, many involving multiyear contracts
• − Pipeline reflects the total value if all larger pipeline projects, currently known, are secured at a 50-60% win rate
• − Larger pipeline projects covers longer-term opportunities that management is actively tracking and other anticipated new opportunities
• − The combination of orderbook, pending orders and pipeline ensures strong multi-year revenue visibility
• − Long-standing customer relationships reinforce orderbook and pipeline reliability
• − Current market developments, including rising defence budgets, are likely to bring additional opportunities currently unknown

Overview of Fjord Defence Group

Company structure Portfolio company and investments

Steady growth combined with EBITDA and EBIT margins of 15%

2023A 2024A 2025F

Revenue (NOKm) 61 87 95-100 0 20 40 60 80 100 120 2023A 2024A 2025F EBITDA (NOKm) and EBITDA margin (%) EBIT (NOKm) and EBIT margin (%) CAGR 30% 25F: NOK 95-100m 25F: 25F: 15-17% 25F: 14-16% 8 15 15-17 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% 0 5 10 15 20 25 30 2023A 2024A 2025F Max Min Orderbook (NOKm) 6 14 14-16 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% 0 5 10 15 20 25 30 Max 30 30 6 5 5 1 77 0 10 20 30 40 50 60 70 80 90 2025-30: NOK 77k

25F 26F 27F 28F 29F 30F Total

Strong Q3 performance driving 17% YoY growth for the first nine months

Quarterly revenue development (NOKm)

9M revenue (NOKm) FY revenue (NOKm)

Commentary

Seasonality

− Revenue demonstrates seasonal patterns, with reduced activity in the third quarter due to the holiday period and higher volumes in the fourth as customer allocate remaining annual budgets

Positive revenue growth

• − 9M'25 revenue reached NOK 67m, up from NOK 57m in 9M'24, representing 17% growth year-over-year
• − FY'25F revenue is forecasted at NOK 95-100m, which is 10-16% higher compared to FY'24 (NOK 87m)

Strong Q3 performance

• − Q3'25 revenue (NOK 17m) is significantly higher than both Q2 (NOK 9m) and Q3 (NOK 6m) in 2024, showing a clear upward trend
• − Q3'25 revenue is almost on par with Q2'25 (NOK 18m), which is unusual given historical seasonality where Q3 has been much weaker
• − Strong Q3 performance, considering operations were limited to roughly 1.5 months due to upgrade focus and facility expansion during July

Quarterly revenue share of FY revenue (%)

Fjord Defence Group – Consolidated income statement (pro forma)

INCOME STATEMENT	UNIT	2023 FD	2024 FD	2024 Legacy	2024 Group	9M'25 FD	9M'25 Legacy	9M'25 Group
Sales revenue	NOKm	60.5	86.6	41.9	128.5	66.6	9.7	76.3
Cost of goods sold	NOKm	(42.2)	(56.9)	(42.4)	(99.3)	(43.1)	(0.9)	(43.9)
Gross profit	"	18.2	29.7	(0.4)	29.3	23.6	8.8	32.4
Personnel costs	NOKm	(6.0)	(8.1)	(6.0)	(14.1)	(7.2)	(8.8)	(16.0)
Other operating costs	"	(4.6)	(6.2)	(31.5)	(37.7)	(7.6)	(26.7)	(34.2)
Adjustments for unrealized loss Capsol	"	0.0	0.0	0.0	0.0	0.0	13.4	13.4
Adjustments for transaction costs	"	0.0	0.0	3.4	3.4	0.0	10.7	10.7
Adjusted EBITDA	"	7.6	15.4	(34.6)	(19.2)	8.8	(2.5)	6.3
Addback of transaction costs & Capsol	NOKm	0.0	0.0	(3.4)	(3.4)	0.0	(24.1)	(24.1)
Reported EBITDA	"	7.6	15.4	(38.0)	(22.6)	8.8	(26.6)	(17.8)
Depreciation and amortization	NOKm	(1.4)	(1.6)	(114.8)	(116.3)	(0.9)	(53.4)	(54.2)
EBIT	"	6.2	13.8	(152.7)	(138.9)	7.9	(80.0)	(72.1)
Net financials	NOKm	(1.1)	(0.3)	(1.5)	(1.7)	(1.1)	(1.1)	(2.2)
Profit (loss) before tax	"	5.1	13.5	(154.2)	(140.7)	6.8	(81.1)	(74.3)
KPIs
Revenue growth	%		43%			17%
Gross profit margin	"	30%	34%	(1%)	23%	35%	91%	42%
Adjusted EBITDA margin	"	12%	18%	(82%)	(15%)	13%	(26%)	8%
Reported EBITDA margin	"	12%	18%	(90%)	(18%)	13%	(274%)	(23%)
EBIT margin	"	10%	16%	(364%)	(108%)	12%	(824%)	(94%)
Profitt (loss) margin	"	8%	16%	(368%)	(109%)	10%	(835%)	(97%)

Commentary

• − Pro forma financials as if Fjord Defence AS was acquired 01.01.2024
• − Transaction costs related to Fjord Defence AS and unrealized loss on Capsol shares is excluded from the adjusted EBITDA
• − No revenue from legacy segment in Q3'25
• − Not captured as revenue per Q3'25:
• − Settlement from sale of seismic equipment of NOK 16.8 million
• − Sale of Arbaflame shares of NOK 4.5 million
• − High depreciation and amortization driven by legacy assets, primarily from the amortization of the multi-client libraries in Utsira North Sea and Gulf of Suez

Fjord Defence Group – Consolidated balance sheet

ASSETS	UNIT	31.12.2024	30.09.2025
Goodwill	NOKm	0.0	178.2
Multi-client library	"	250.0	175.5
Other intangible assets	"	0.0	97.4
Machinery and plant	"	0.0	0.5
Right of use asset	"	0.0	2.7
Investments	"	48.9	31.0
Financial assets	"	14.7	0.0
Total non-current assets	"	313.6	485.3
Inventories	NOKm	0.0	20.5
Trade receivables	"	0.0	14.3
Other current assets	"	0.9	11.2
Bank deposits, cash in hand	"	12.0	64.0
Total current assets	"	12.8	109.9
Total assets	NOKm	326.4	595.2

EQUITY AND LIABILITIES	UNIT	31.12.2024	30.09.2025
Share capital and other paid in capital	NOKm	677.7	981.8
Own shares	"	(18.9)	(9.0)
Other reserves	"	(390.1)	(475.5)
Other reserves – CTA	"	38.0	9.0
Total equity	"	306.7	506.3
Interest-bearing debt	NOKm	0.0	19.5
Lease liability	"	0.0	2.3
Total non-current liabilities	"	0.0	21.7
Interest-bearing debt	NOKm	0.0	4.9
Deferred tax	"	0.0	21.2
Trade payables	"	0.4	20.5
Taxes payables	"	8.8	9.2
Other current liabilities	"	10.5	11.3
Total current liabilities	"	19.7	67.2
Total liabilities	NOKm	19.7	88.9
Total equity and liabilities	NOKm	326.4	595.2

Commentary

• − Full-year 2024 balance sheet excluding Fjord Defence AS
• − 30.09.2025 reflects the actual balance sheet after the acquisition of Fjord Defence AS
• − Strong cash position of NOK 64 million
• − Equity ratio of 85%
• − Draw down of NOK 25 million giving a net cash position of NOK 39 million
• − Low leverage and unutilized debt facilities of NOK 60 million

Concluding remarks and outlook

Fjord Defence Group executing on compounder strategy Solid balance sheet enabling both organic and acquired growth Scanfiber Composites A/S adding significant growth and revenue potential Expect continued positive cash contribution from legacy business going forward Currently evaluating multiple companies to acquire in the Nordics & Baltics