The quarter (October–December)
- Order intake totaled 297 MSEK (209)
- Revenue totaled 277 MSEK (107)
- EBITDA totaled 115 MSEK (17)
- Operating profit totaled 74 MSEK (-18)
- Profit after tax totaled 90 MSEK (-71)
- Earnings per share, before and after dilution, totaled 0.81 SEK (-0.63)
- Cash flow for the quarter totaled -46 MSEK (38)
Full Year (January–December)
- Order intake totaled 1,483 MSEK (516)
- Revenue totaled 735 MSEK (334)
- EBITDA totaled 291 MSEK (-0)
- Operating profit totaled 140 MSEK (-82)
- Profit after tax totaled 137 MSEK (-162)
- Earnings per share, before and after dilution, totaled 1.23 SEK (-1.45)
- Cash flow for the period totaled 45 MSEK (-123)
- The Board of Directors proposes that no dividend be paid for the financial year 2025
Significant events during the quarter
- Supplementary order of 58 MSEK from FMV for additional mobile satellite terminals
- Agreement of 240 MSEK with European NATO customer
Significant events after the end of the quarter
- Martin Eriksson appointed as Chief Technology Officer
Execution momentum accelerates profitability
Ovzon’s fourth quarter, and the full year as a whole, were characterized by strong operational execution, important customer wins, and a continued strengthening of our financial position. Order intake during the quarter amounted to 297 MSEK, including both a second supplementary order following the major FMV order received in May 2025, as well as a solid order from a European NATO customer. The order book remains at very satisfying levels and continues to exceed 1 billion SEK, providing multi-year revenue visibility. Coupled with our strong growth in revenue and earnings, this underlines Ovzon’s solid position as we close the year.
Improving operating leverage as the business scales
Revenue and earnings continued to develop positively during the quarter. We maintained strong operational performance across both SATCOM services and mobile satellite terminal deliveries, demonstrating our ability to deliver at scale. This leads to high customer satisfaction and strong customer references. Profitability continues to improve, driven by higher volumes, increased utilization of Ovzon 3, and a growing share of service-based revenues. For the full year 2025, EBITDA increased from near break-even in 2024 to just over 290 MSEK, demonstrating the scalability of our business model. In addition, the refinancing had full impact during the fourth quarter, which contributed positively to net profit. Cash flow continues to improve, supported by higher volumes and efficient working capital management. Our significantly stronger financial position provides both resilience and flexibility to support continued growth initiatives.
Positioned for long-term growth and strategic relevance
Governments and defense organizations continue to strengthen their long-term capabilities, with increasing investments in defense across NATO countries and a growing focus on space and satellite communications. Secure and resilient SATCOM is a critical component of modern defense and security infrastructure, where performance, mobility, and resiliency are essential requirements. We see sustained and growing demand for our solutions, driven by long-term defense planning and capability development.
Europe represents a region where Ovzon’s capabilities are particularly well aligned with customer needs, especially within total defense, where sovereign SATCOM solutions and technologies are high on the agenda. Our increased focus on Europe is therefore a deliberate prioritization of resources toward areas where we see strong long-term growth potential. At the same time, the US market remains an important and prioritized focus area for Ovzon.
Clear priorities for 2026
During 2026, our focus will be on disciplined execution and continued strengthening of Ovzon’s long-term growth platform. We will prioritize expanding our customer base and increasing the order book through new business, while actively renewing and extending existing customer solutions and relationships. Profitability remains a central objective, supported by sustained operational efficiency, cost control, and an emphasis on value-creating growth. We will continue to strengthen and expand the commercial organization and continue to develop our R&D and dedicated customer support to support both near-term delivery and long-term innovation. Maintaining high delivery performance across all operations remains a key focus area. In early 2026, we strengthened and evolved our Group Management, including the appointment of Martin Eriksson as Chief Technology Officer.
Our priority remains to maximize capacity utilization on Ovzon 3, which is a key value driver and an important foundation as we advance plans and evaluation of additional proprietary satellites. In parallel, we will continue to secure relevant third-party satellite capacity and strengthen our supply chain through deeper collaboration with key suppliers and the establishment of a mobile satellite terminal center of excellence. Together, these initiatives are designed to support progressive, predictable, and resilient financial performance over time.
Ready for the next phase of growth
We enter 2026 with strong momentum. Ovzon has a proven platform, a differentiated market position, a strengthened organization, and a solid financial foundation. Supported by growing customer demand, favorable market dynamics, and a clear strategic focus, we are well positioned to continue delivering long-term value for our customers and shareholders.
Per Norén, CEO Ovzon
Webcast
In conjunction with the year-end report, a webcast will be conducted at 10:00 am CET on February 19, 2026. Ovzon’s CEO Per Norén and CFO André Löfgren will present the results and answer questions.
The webcast can be reached via the following link: https://youtube.com/live/w7UBbvxRfJE
