Swedish military IT specialists MilDef, experienced its highest levels of order intake and sales in the final quarter (Q4) of 2024, with 89% surge in orders, reaching Skr773m ($70.8m), compared with Skr408m in same quarter of 2023.
Concurrently, the backlog of orders expanded by 55%, culminating in an unprecedented Skr2bn at year-end.
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MilDef Group president and CEO Daniel Ljunggren said: “2024 ended strongly for MilDef. The fourth quarter was MilDef’s strongest to date in terms of both order intake and sales. Order intake saw the most improvement, increasing by 89% to Skr773m.
“The order backlog grew by 55% for a record high of Skr2m at the end of the year. This increase confirms the fact that MilDef has a relevant offering, high customer confidence and that rearmament is now entering a new phase with growing demand for tactical IT solutions.”
Net sales in Q4 was Skr417.5m ($38.4m), an 18% rise from the Skr352.8m recorded in the same quarter of the previous year.
The company’s gross profit for the quarter was Skr197.8m, compared to Skr170m in Q4 2023.
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By GlobalDataFor the quarter ending 31 December 2024, net loss amounted to Skr249.5m, a contrast to profit after tax of Skr25.7m a year previously.
Diluted loss per share was Skr5.78 in Q4 2024, compared to diluted earnings per share of Skr0.64 in Q4 2023.
MilDef’s adjusted earnings before interest, taxes, and amortisation (EBITDA) was Skr71m during the quarter, up from Skr52m in the same period the previous year.
Adjusted operating profit (EBIT) reached Skr62.8m, up from Skr41.4m, resulting in an operating margin of 15.0%, compared to 11.7% previously.
Among the orders received by MilDef were a Skr200m contract from BAE Systems for IT equipment in CV90 combat vehicles destined for Central Europe, a OneCIS software contract, and hardware orders worth Skr81m from the Swedish Defence Materiel Administration.
For the full year of 2024, MilDef’s sales increased to Skr1.2bn from Skr1.1bn in 2023, marking a 4.3% rise.
The gross profit for the year was Skr589m and gross margin was 49.0%.
“Also, MilDef started 2025 with the largest order backlog to date as well as important acquisitions in place. We are also well prepared to meet the growing demand in the market. All this makes me very optimistic about our progress in 2025,” added Ljunggren.
