Interim report for January – June 2021

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  • Order bookings increased by 38% to SEK 181.7 million (131.5).
  • Order backlog increased by 180% to SEK 634.0 million (226.8).
  • Net sales increased by 59% to SEK 81.3 million (51.0).
  • Gross margin amounted to 48% (32).
  • Adjusted EBITDA amounted to SEK -2.3 million (-3.2), equivalent to an adjusted operating margin of -2.8% (-6.3).
  • Operating cash flow amounted to SEK -0.1 million (-49.4).
  • The company’s revolving credit facility was expanded by SEK 25 million to a total of SEK 50 million.
  • The acquisition credit raised in connection with the acquisition of Sysint AS in the first quarter 2021 was amortized in its entirety (SEK 30 million).
  • On June 4, the company’s share was listed on Nasdaq Stockholm. In connection with the listing, 10,958,904 new shares were issued at a price of SEK 36.50 per share. The new share issue provided the company with a total of approximately SEK 400 million before deductions for listing costs.

Summary of significant events after the end of the period

  • As a result of the over-allotment option being exercised, 449,939 new shares were issued.
  • On July 20, MilDef announced that it had signed an agreement to acquire all shares in Defcon Solutions AB.
  • In connection with the acquisition of Defcon Solutions AB, 321,512 new shares were issued. 

Statement by Björn Karlsson, CEO MilDef Group:

Accelerated growth and sustained increase in order bookings

Activity in the defense market remained favorable in the second quarter. With significant orders in Sweden and Norway, the Nordic investments in defense capabilities and preparedness set the tone for MilDef’s business in the second quarter. After the end of the quarter MilDef completed an additional strategically significant acquisition.

Following the listing on Nasdaq Stockholm on June 4, the Company has continued to deliver on both its operational and strategic agendas. The list of acquisition candidates has been developed, prioritized, and received an extra boost from favorable publicity generated by the stock market listing. The organization has shown in an excellent way that it is prepared for the regulatory changes that being in a stock exchange environment entail.

The acquisition in the first quarter of Norwegian Sysint AS helped increase both the growth rate and the number of new international business opportunities in the second quarter. Sysint AS provides services and software – two areas in which MilDef is expanding. Cooperation and integration efforts have been successful.

After the end of the second quarter MilDef completed the acquisition of Swedish Defcon Solutions AB. This acquisition also addresses the services segment, with a focus on integration. In a Swedish defense market experiencing strong growth it is considered of significant importance for MilDef to be able to deliver system solutions quickly and effectively, and the acquisition will contribute to this.

The strong growth continued in the second quarter, which means that we are entering the second half of the year with a record order book. As a result of continued investment in growth and personnel, the operating profit in the first half of the year did not develop as well as sales and gross margins. Looking forward, our assessment is that the market potential justifies continuing to prioritize accelerated growth – both organic and acquisition-driven. 

MilDef Group’s Interim Report January-June 2021 Presentation

MilDef Group’s CEO Björn Karlsson and CFO Daniel Ljunggren will present the interim report for January-June 2021.

Date: Wednesday, 4 August at 11:00 a.m. (CEST)

The report is published at 08:00 CEST on the same day at

You are welcome to watch the live webcast or dial in to the conference call. It is possible to ask questions over the conference call and the web. 

Connecting to the meeting

To connect to the meeting, click this Teams link or dial in on one of the phone numbers below (audio only). Please connect or call in 5 minutes before the start time of the meeting.

Phone numbers:

+46 8 502 413 79 (Sweden)
+47 23 52 52 25 (Norway)
+45 32 73 03 21 (Denmark)
+358 9 23106849 (Finland)
+44 20 3855 6017 (UK)
+1 323-486-4735 (USA)

Use conference-ID: 156 570 498#

The interim report, the presentation material and the webcast will be available on

For more information, please contact:

MilDef Group AB (publ)

Björn Karlsson, CEO
Phone: +46 705 25 01 07

Daniel Ljunggren, EVP & CFO
Phone: +46 706 68 00 15


This is information that MilDef Group AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact person set out above, at 08:00 CEST on August 4, 2021.

About MilDef

MilDef was founded in 1997 in Helsingborg, Sweden. The company delivers tactical IT, including rugged hardware, software, and services. MilDef’s products are sold to more than 160 customers through MilDef’s subsidiaries in Sweden, Norway, United Kingdom, the United States, and through partner networks in more than 30 countries, predominantly within the EU. MilDef Group is listed on Nasdaq Stockholm.


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