Swedish cybersecurity provider Clavister Holding AB (CLAVI) posted its strongest quarter on record in Q2 2026, driven by robust demand from defense and civilian sectors.
Net sales rose 63% year-over-year to SEK 89 million, while adjusted EBITDA margin reached a record 30%, up from 22% in the prior-year period. Gross margin expanded to 80%-82%, exceeding the company’s target range. EBIT margin climbed to 17%, the highest level achieved to date. Operating expenses increased 20% YoY, or 15% excluding one-off items, reflecting investment in growth initiatives.
Order backlog surged 71% to SEK 642 million, with SEK 226 million expected to convert to revenue within the next 12 months. Trailing 12-month order intake totaled SEK 503 million, while annual recurring revenue in the civilian business rose about 5% during the quarter. Operating cash flow before working capital changes increased to SEK 23 million from SEK 4 million a year earlier.
Defense sector contributions included a SEK 40 million extension to the Norwegian Armed Forces contract, bringing the total framework to SEK 280 million. A first payment milestone of more than SEK 60 million is anticipated in autumn. The company also highlighted integration work with BAE Systems on the CV90 vehicle family’s Nordic Edition, targeting 10 platforms by end-2027, up from six at the end of Q2 2026 and three at end-2025.
Financial positioning strengthened with a SEK 140 million commercial bank loan from Swedbank, including SEK 26 million used to repay COVID-era tax deferrals. Tax loss carryforwards of SEK 800 million are expected to result in a zero tax rate in 2026. A SEK 10 million convertible loan from Norrlandsfonden matures in May 2027.
Shares of Clavister were recently trading at $4.91, up 0.53% on the day and about 10.7% below its 52-week high of $5.50. The company’s defense-focused growth strategy and expanding margin profile underscore its positioning in both commercial and government cybersecurity markets.
