Swedish cybersecurity company Clavister Holding AB reported a 63% year-over-year increase in net sales to 89.2 million Swedish kronor (SEK) for the second quarter of 2026, driven by strong growth in its defence segment.
The company posted a record adjusted EBITDA margin of 30.4%, translating to 27.1 million kronor, up from 16.6% in the same period last year. Adjusted EBIT turned positive at 15.1 million kronor, compared with a loss of 2.4 million kronor in Q2 2025, while net profit reached 10 million kronor, marking the second consecutive profitable quarter.
Defence sales surged 370% to 47 million kronor from 9.9 million kronor in Q2 2025, now accounting for roughly 40% of trailing twelve-month revenue. Civilian annual recurring revenue increased 5% to 143 million kronor, though quarterly sales remained broadly flat year-over-year. The company has integrated its software into six defence platforms, up from three at the end of 2025, with a target of at least 10 integrations by year-end 2027.
Gross margin expanded to 82.5% from 81.1% in the prior-year period, while gross profit rose 68% to 73.9 million kronor. Operating expenses increased 20% to 59.2 million kronor but declined as a percentage of sales to 66% from 79%. Order backlog grew 71% year-over-year to 642 million kronor, with approximately 226 million kronor expected to convert to revenue within the next 12 months.
Management highlighted a 256 million kronor contract with the Norwegian Defence Materiel Agency, including a 14 million kronor option order, with the first major milestone payment of at least 60 million kronor expected in autumn 2026. Clavister also secured a 5-year credit facility from Swedbank, increasing commercial financing to 130 million kronor after quarter-end.
CEO John Vestberg noted the company’s software uniformity across defence and civilian markets, stating that the same capabilities are deployed in defence platforms, municipalities, energy companies and small businesses. The company aims to exceed overall cybersecurity market growth over the next three years, targeting an average gross margin of 80% and an EBIT margin range of 10-15%, prioritizing reinvestment over short-term margin maximization.
