Fjord Defence’s shares fell 4.8% to $15.90 in premarket trading on Thursday after the company reported Q2 2026 pro forma revenue of NOK 245 million and EBITDA of NOK 42.4 million, alongside rising costs following recent acquisitions.
The Oslo-listed defense contractor, which expanded its portfolio with the June 5 acquisition of Fjord Defence Marine (formerly Frydenbø Milpro) and the recent purchase of PartnerTech, posted a 1,163% year-over-year revenue increase in the last 12 months to NOK 942 million. First-half 2026 pro forma revenue reached NOK 460 million, while the order backlog stood at NOK 530 million, with total backlog including planned and released volumes totaling approximately NOK 1.8 billion.
Cash and bank holdings stood at NOK 480 million at the end of the first half of 2026, following a NOK 412 million private placement in late June. Total assets rose to NOK 1.7 billion after the acquisitions of Scanfiber and Fjord Defence Marine, while the equity ratio improved to 77%. Net interest-bearing debt to EBITDA remained within the company’s 2.5x limit at approximately 2.0x.
CEO Jon-Asbjørn Engelschiøn highlighted the company’s strengthened order book, noting it “improves visibility and confidence for the next following quarters.” He added that internal capacity building could elevate EBITDA over time. CFO Øyvind Eriksen emphasized the company’s financial robustness, pointing to a strong equity ratio and moderate leverage as key strengths.
Despite the revenue growth, shares of Fjord Defence declined 4.79% from a prior close of $16.70, leaving the stock near the lower end of its 52-week range of $11.56 to $20.60. The company maintained its 2026 guidance for pro forma revenue of NOK 1 billion and pro forma EBITDA of NOK 190 million to NOK 230 million. Longer-term, Fjord Defence targets EBITDA of NOK 400 million to NOK 500 million by 2029, driven by organic growth expectations.
Fjord Defence’s market capitalization stands at $170 million, with cash earnings per share rising from NOK 0.49 to NOK 1.14 in the last 12 months. The company has approximately NOK 700 million in internal acquisition capacity through retained earnings, debt, and consideration shares, with consideration shares typically averaging around 40% of acquisition deals.
