Oslo, 29 August 2025 
Fjord Defence Group ASA experienced a transformational second quarter in 2025.
The company has changed its strategy to become a compounder in the defence
industry. The Group acquired Fjord Defence AS, which had a turnover of 49.7
million and EBITDA of NOK 8.1 million on a stand-alone basis in the first half
of 2025. Including Fjord Defence AS in the Group, on a pro-forma basis, the
combined revenue was NOK 59 million for the period. The combined and adjusted
EBITDA on a pro-forma basis was NOK 10.7 million, excluding transaction cost and
unrealized losses, in the first half of 2025. 

Net cash flow was NOK 60.4 million in the first half of the year. Total assets
grew significantly to NOK 633 million, up from NOK 306 million as of 31 December
2024, driven by the first acquisition in the new defence compounder strategy.
The Group also maintained a strong order backlog, liquidity and solidity,
positioning it well for sustained growth.

The new strategy to establish the Group as a defence compounder is well under
way, and management are in discussions with several companies that meet the
defined investment criteria. At the same time, the company is working on an
uplisting to the main list on the Oslo Stock Exchange which is expected to be
concluded by the end of October. 

Fjord Defence AS delivered according to plan in H1 2025 and expects to deliver
revenues of at least its target of NOK 100 million for 2025, supported by the
existing order book. 

The seismic business recorded revenues of NOK 9.6 million in the second quarter
and has a current book value of NOK 192 million. There are positive developments
with clients in the Utsira area, and we are expecting that further revenues will
materialize in the second half of 2025. 

During the first half of the year, the company received settlement of the
financial asset relating to the sale of seismic equipment to MagSeis Fairfield
(TGS) and the sale of shares in Arbaflame, resulting in a cash inflow of NOK
21.3 million, not captured as revenues in the accounts.

Key events in the quarter
o	On 20 June 2025, the Group acquired Fjord Defence AS, repositioned itself as a
compounder within the defence industry
o	On 20 June 2025, the Group issued 250 187 968 new shares through a combination
of the Private Placement and consideration shares in connection with the
acquisition
o	Also on 20 June, the Group entered into a bank facilities agreement of NOK 85
million, where the Group has drawn down NOK 25 million as of 30 June 2025
o	On 1 July 2025, Jon Asbjørn Bø was appointed CEO of Fjord Defence Group ASA
o	The Group is in the process of doing an uplift from Euronext Expand to the
main list on Oslo Børs 


Outlook
o	Fjord Defence AS delivering according to plan and robust growth going forward
o	Fjord Defence AS has qualified through a development contract with US
Department of Defense (SO/LIC)
o	Based on an updated assessment, Fjord Defence Group is aiming at NOK 2 billion
revenue in the medium term via acquisitions and organic growth
o	Financial flexibility enhanced through credit facilities
o	Positive momentum in seismic sales - expect additional sales in 2025
o	Issuance of Consideration Shares and regulatory approvals (e.g. NFSA
prospectus by Q3 2025).
o	Uplisting to main list on Oslo Stock Exchange in H2 2025

Presentation at 08:00 today
Fjord Defence Group ASA invites investors, analysts and media to a live webcast
presentation of the company's second quarter and half-year 2025 financial
results at 08:00 CEST today. The presentation will be held at Wikborg Rein
Advokatfirma AS, Dronning Mauds gate 11, 0250 Oslo, Norway and an online. For
registration of attendance and dial-in details, please register via
info@fjorddefencegroup.com to receive dial-in details. 

The recording of the webcast and presentation can be viewed on
www.fjorddefencegroup.no.

For further information, please contact: 
Jon Asbjørn Bø, CEO JAB@fjorddefence.com +47 930 86 932 

About Fjord Defence Group ASA Fjord Defence Group ASA, "DFENS" is a Norwegian
"compounder" listed on Euronext Expand seeking to acquire and develop
fast-growing, profitable, and well-run companies in the defence industry. The
company has a buy & build strategy, with focus on acquiring established,
profitable businesses within the defence, security and related segments. More
information on www.fjorddefencegroup.com.