Fjord Defence Group ASA – Q1 2026 trading update

Oslo, 20 May 2026

Fjord Defence Group ASA ("Fjord Defence Group" or the "Company") today presents its trading update for the first quarter of 2026, demonstrating strong strategic momentum and a record-high order book within its defence segment. Q1 2026 Key Highlights:

• Strategic Integration: The acquisition of Scanfiber Composites A/S was successfully completed on 25 February 2026, marking a significant milestone in the Group's buy-and-build strategy.

• Revenue and EBITDA margin: First quarter pro forma revenue for the defence segment (including the contemplated acquisition of Frydenbø Milpro AS) reached approximately NOK 80 million, with a solid EBITDA margin of 15%.

• Record-High Orderbook: The Group's defence order book stands at an all-time high of approximately NOK 535 million (including the contemplated acquisition of Frydenbø Milpro AS), driven by strong underlying market demand.

• Capacity Expansion: Fjord Defence AS moved into new production facilities in Nøtterøy, expanding its production capacity 10-fold to support organic growth.

• Significant Contract Award: Fjord Defence AS secured a significant new contract from a leading military vehicle OEM for weapon mounts valued at NOK 43 million.

• Acquisition of Frydenbø Milpro: The Company has today entered into an agreement with Frydenbø Marine AS to acquire 100% of the shares in Frydenbø Milpro AS.

Full-Year 2026 Outlook: Backed by a robust European defence market, Fjord Defence Group expects year-over-year pro forma revenue growth of approximately 25–35% for the defence segment. For the full year 2026, the Company reiterates its pro forma financial guidance for the defence segment, targeting revenues of NOK 420–450 million and an EBITDA of NOK 90–110 million.

In line with the Fjord Defence Group’ acquisition strategy, the Company is continuously engaged in dialogue with potential acquisition targets. In particular, the Company has started on due diligence and is currently in discussions to potentially acquire another well-established Scandinavian defence company with strong products, reputable customers, a solid order book and mid-teen EBIT margins. The Company has been granted exclusivity, but no assurance can be given that the transaction will be completed.

The full Q1 2026 Trading Update presentation is attached to this announcement and is also available on the Company's website.

For more 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 Oslo Børs 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.

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This information is considered to be inside information pursuant to the EU Market Abuse Regulation (MAR) and is subject to the disclosure requirements pursuant to MAR article 17 and Section 5-12 of the Norwegian Securities Trading Act. This stock exchange announcement was published by Kristian Zahl, COO of Fjord Defence Group, at the date and time as set out above.

Important notice

This announcement is not and does not form a part of any offer to sell, or a solicitation of an offer to purchase, any securities in the Company. Matters discussed in this announcement may constitute forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as "believe", "expect", "anticipate", "strategy", "intends", "estimate", "will", "may", "continue", "should" and similar expressions. By their nature, forward-looking statements involve risk and uncertainty because they reflect the Company's current expectations and assumptions as to future events and circumstances that may not prove accurate. Any forward-looking statements in this announcement are based upon various assumptions, many of which are based, in turn, upon further assumptions. Such assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict. Such risks, uncertainties, contingencies and other important factors could cause actual events to differ materially from the expectations expressed or implied in this announcement by such forward-looking statements. The Company does not make any guarantee that the assumptions underlying any forward-looking statements in this announcement are free from errors nor does it accept any responsibility for the future accuracy of the opinions expressed in this announcement or any obligation to update or revise the statements in this announcement to reflect subsequent events. It should be understood that subsequent developments may affect the information contained in this announcement, which neither the Company nor its advisors are under an obligation to update, revise or affirm. You should not place undue reliance on any forward-looking statements in this announcement. The information, opinions and forward-looking statements contained in this announcement speak only as at its date, and are subject to change, completion, supplements or amendments without notice. The Company does not undertake any obligation to review, update, confirm, or to release publicly any revisions to any forward-looking statements to reflect events that occur or circumstances that arise in relation to the content of this announcement. This announcement is for information purposes only and is not to be relied upon in substitution for the exercise of independent judgment. It is not intended as investment advice and under no circumstances is it to be used or considered as an offer to sell, or a solicitation of an offer to buy any securities or a recommendation to buy or sell any securities of the Company. The distribution of this announcement and other information may be restricted by law in certain jurisdictions. Persons into whose possession this announcement or such other information should come are required to inform themselves about and to observe any such restrictions.