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===== SIDA 1 =====

2024
ANNUAL AND
1, 201
NET SALES, SEK M
150
ADJUSTED EBITA, SEK M
12.5%
ADJUSTED EBITA MARGIN
WE ARMOR IT.
SUSTAINABILITY REPORT

===== SIDA 2 =====

Annual General Meeting
The Annual General Meeting will be held on Thursday,  
May 22, 2025 at 4 pm CEST at MilDef’s headquarters in  
Helsingborg. Information on how to register to attend the 
meeting and notice of the meeting will be available on the 
website no later than four weeks prior to the meeting.
Application
Shareholders wishing to participate in the Annual General 
Meeting must be registered in the share register maintained by 
Euroclear Sweden AB no later than May 14, 2025 and must 
notify MilDef of their intention to attend no later than May 16, 
2025. In order to be entitled to participate in the AGM, share-
holders with nominee-registered shares must request tempo-
rary registration of their shares in their own name in the share 
register maintained by Euroclear Sweden AB (so-called voting 
rights registration). Shareholders must inform their nominee of 
this well in advance of May 14, 2025. Voting rights registra-
tion requested by shareholders in time for registration to be 
carried out by the nominee no later than May 16, 2025 will 
be taken into account when the share register for the Annual 
General Meeting is prepared.
Agenda
Details on the agenda for the Annual General meeting will be 
announced in Post- och Inrikes Tidningar (the Official Swedish 
Gazette) and in the Swedish newspaper Dagens Industri, and 
will be available on MilDef’s website. Documents can also be 
obtained from MilDef when registering to attend the AGM.
Dividend proposal
The Board of Directors is proposing to the AGM that a div-
idend of SEK 0.50 per share be set for the 2024 financial 
year. 
Nomination Committee
The following board members are members of MilDef’s  
Nomination Committee:
• Johan Ståhl, appointed by Svolder AB (publ), Nomination 
Committee chair
• Marianne Trolle, who represents her own holding in MilDef
• Martin Jonasson, appointed by the Second Swedish  
National Pension Fund (AP2)
Björn Karlsson, Chair of the Board, is also co-oped to the 
Nomination Committee.
Requesting financial information
Financial and other relevant information can be requested 
from MilDef by post or can be downloaded from the website, 
where there is also a subscription service for news and  
financial reports.
Investor relations contact 
Olof Engvall 
Head of IR and Communications 
email: olof.engvall@mildef.com 
Tel.: +46 735 41 45 73
Financial calendar
Interim Report Q1 2025 April 29, 2025 
Interim Report Q2 2025 July 18, 2025 
Interim Report Q3 2025 October 23, 2025 
Year-End Report 2025 February 5, 2026
Contact
Website: www.mildef.com 
email: infomildef@mildef.com  
Phone: +46 42 25 00 00 
MilDef Group AB (publ) 
Address: Box 22079, 250 22 Helsingborg 
Visiting address: Muskötgatan 6, 254 66 Helsingborg, Sweden
INFORMATION FOR SHAREHOLDERS
READING GUIDELINES
Figures in parentheses refer to operations in 2023, unless 
otherwise stated. The Swedish krona (SEK) is the currency 
used throughout. SEK million is abbreviated to SEK m and 
thousands to SEK 000. The information presented in the An-
nual Report regarding markets, competition and future growth 
constitutes MilDef’s assessment, which is based primarily 
on materials produced internally within the Group and from 
external sources.
The Company’s Sustainability Report is presented on pag-
es 34–49. The formal annual report is presented on pages 
53–140. Some figures have been rounded off and, according-
ly, tables and calculations do not always add up exactly.
PRODUCTION 
ANNUAL REPORT 2024
Project management and text  
Olof Engvall, Viveca Johnsson, Christer Rasmusson 
and Marie Jonsson
Design and graphics  
Sara Blomqvist
2
MILDEF GROUP ANNUAL AND SUSTAINABILITY REPORT 2024

===== SIDA 3 =====

WE ARMOR IT ..........................................................3
THE YEAR IN BRIEF .................................................4
CEO’S COMMENTS ...................................................6
MILDEF’S BUSINESS AND OFFERING .....................10
HR & EMPLOYEES .................................................24
MILDEF’S HISTORY ................................................26
TRENDS AND DEFENSE BUDGETS .........................29
SUSTAINABILITY REPORT ......................................34
MILDEF’S SHARE ..................................................50
FORMAL ANNUAL REPORT
CORPORATE GOVERNANCE REPORT .......................54
GUIDELINES FOR REMUNERATION OF  
SENIOR EXECUTIVES .............................................62
REMUNERATION REPORT ......................................64
BOARD OF DIRECTORS ..........................................66
MANAGEMENT TEAM .............................................68
DIRECTORS’ REPORT .............................................70
RISK AND RISK MANAGEMENT ..............................76
FINANCIAL STATEMENTS AND NOTES ....................81
SIGNATURES .......................................................128
AUDITOR’S REPORT............................................. 129
MULTI-YEAR SUMMARY .......................................133
DEFINITION OF KEY FIGURES ..............................135
ARTICLES OF ASSOCIATION .................................136
Letters. Words. Codes. Coordinates. Orders. 
Every moment vital information is transmitted around us and at risk.  
Enter MilDef. We create rugged IT solutions for the harshest conditions  
and most challenging environments, which prevent your information from  
being interrupted, intercepted or disrupted. 
Put simply: we armor your IT, when and where the stakes are the highest.
WE ARMOR IT.
3
MILDEF GROUP ANNUAL AND SUSTAINABILITY REPORT 2024

===== SIDA 4 =====

2024 was a year in which MilDef made important, transformative progress. The Company reported record 
sales, strong order intake and clearly improved cash flow. 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.
THE YEAR IN BRIEF
THE YEAR IN BRIEF
Highlights in 2024
Financial development 2024 
Transformative agreement 
in Germany for acquisition 
of roda computer GmbH
Adjusted EBITA Net sales 
Adjusted operating profit (EBIT)
Gross margin 
Operating cash flow Adjusted earnings per share
Order backlogOrder intake
Dividend
Record contract with  
BAE Systems Hägglund  
SEK 200 M 
Decision on raised  
profitability target  
15% EBITA
49% (48.3)SEK M 1,201 (1,151) SEK M 149.7 (140.2) 
SEK M 111.8 (108.1) SEK M 1,810 (1,214) SEK M 2,055 (1,327)
SEK M 127.7 (8.7) SEK M 3.19 (1.71) 0.50 SEK per share (0.50)
4
MILDEF GROUP ANNUAL AND SUSTAINABILITY REPORT 2024

===== SIDA 5 =====

0,0
200,0
400,0
600,0
800,0
1000,0
1200,0
1400,0
2019 2020 2021 2022 2023 2024
44,8
140,2
149,7
0
40
80
120
160
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2022 2023 2024
THE YEAR IN BRIEF
Order intake, (SEK m) Order backlog (SEK m)
Net sales (SEK m)
Adjusted operating profit (EBITA) LTM (SEK m) Adjusted operating margin (EBITA) LTM (%)
YEAR-ON-YEAR COMPARISON 2024
938
1 214
1 810
0
200
400
600
800
1 000
1 200
1 400
1 600
1 800
2 000
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2022 2023 2024
1 156
1 327
2 055
0
500
1 000
1 500
2 000
2 500
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2022 2023 2024
0%
2%
4%
6%
8%
10%
12%
14%
16%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2022 2023 2024
6.1%
12.2% 12.5%
CAGR +29%
+49%
+7%
+55%
5
MILDEF GROUP ANNUAL AND SUSTAINABILITY REPORT 2024

===== SIDA 6 =====

With this Annual Report we are closing the books on an in-
tense year. In 2024 MilDef made important progress, achiev-
ing record sales, our highest profitability to date, strong order 
intake and improved cash flow. MilDef entered 2025 with a 
laser focus on the defense domain and is well-positioned to 
meet the growing needs of the market.  
A year of record orders 
In the second half of 2024 MilDef witnessed the clear start 
of the rearmament that has been talked about for several 
years. Greater activity in the market, combined with increased 
digitalization among our end-customers, is behind MilDef’s 
strong expansion. This is particularly noticeable in the growing 
number of orders – which are also increasing in size – from 
platform manufacturers such as BAE Systems. These global 
players are choosing MilDef’s IT solutions for more of their 
platforms – to both modernize existing systems and to develop 
entirely new vehicles and capabilities. 
Acquisitions strengthen our offering  
In 2024 we took a major step on our growth journey and 
announced our largest acquisition to date, of roda computer 
GmbH (“roda”). This German company is a well-established 
supplier of military IT solutions with a strong market presence 
in the DACH region. The acquisition will make MilDef one of 
Europe’s leading actors within tactical and rugged IT for the 
defense sector. It will also give us valuable access to important 
market channels, long-term customer relationships and exist-
ing framework agreements. This was not the only acquisition 
2024 was a transformative year for MilDef. The 
Company has never been more relevant or in 
demand in the Nordic and European defense and 
security rearmament. With strong financial de-
velopment, state-of-the-art product development, 
close customer relationships and the acquisition of 
roda computer GmbH, MilDef has strengthened its 
market position and climbed higher up the value 
chain. This makes us optimistic about the future.
“MilDef has strengthened 
its market position and 
climbed higher up 
the value chain”
ACCELERATION ON  
MILDEF’S GROWTH JOURNEY 
CEO’S COMMENTS DANIEL LJUNGGREN

===== SIDA 7 =====

in 2024. An acquisition of certain assets in the UK company 
Advanced Vision Technologies Ltd took place in 2024. This 
transaction added a mature offering within intelligent displays. 
It was an acquisition that quickly led to large orders. 
Strategic focus on defense  
The idea behind MilDef’s acquisition of roda was our intention 
to prioritize being an important actor in Europe’s defense 
build-up, which will continue for many years to come. MilDef 
therefore took the decision to focus fully on the defense sec-
tor. To strengthen the Company’s competitiveness, profitability 
and cash flow, we decided to consolidate our strengths rather 
than spread them across several areas. As a result of this stra-
tegic decision, the operations of Handheld subsidiary ceased 
and its products for the defense sector are now integrated into 
MilDef’s existing operations. One important factor behind this 
decision is the fast-growing demand within the defense sector. 
Interoperability drives the software business into 
new markets 
In the past we have mainly delivered our OneCIS software to 
Norway and Denmark, but in 2024 we received a comprehen-
sive order from the Swedish Defence Materiel Administration 
(FMV), as part of the Navy’s command and control system. 
OneCIS enables NATO interoperability and connectivity, and 
MilDef is proud of being able to supply a system that facil-
itates communication between cooperating NATO member 
states. This is an increasingly important component for the 
Swedish Armed Forces now that Sweden has become an inte-
grated part of NATO. MilDef also sees an opportunity to sell 
OneCIS to more NATO member nations.
MilDef expands its integration business 
To meet the growing demand for integration services in Swe-
den, MilDef took the decision in 2024 to expand its local ca-
pacity in the Stockholm region. A bespoke building with more 
than 6,000 square meters of office and production space will 
quadruple MilDef’s capacity in integration services and enable 
the Company to accept larger orders. Move-in is expected to 
take place in autumn 2025. Our new premises are facilitating 
accelerated growth. 
Market conditions going forward 
The geopolitical tensions affect our industry and have resulted 
in the biggest increase in defense expenditure for 30 years. 
The need for advanced defense technology and secure supply 
chains is expected to drive high demand for a long time to 
come. The Nordics and Europe are entering a time of extensive 
defense rearmament, which to a large extent will be delivered 
by European defense companies based on the European De-
 President & CEO of MilDef Group
ACCELERATION ON  
MILDEF’S GROWTH JOURNEY 
CEO’S COMMENTS DANIEL LJUNGGREN
1, 201
NET SALES, SEK M
1, 810
ORDER INTAKE, SEK M
150
ADJUSTED EBITA, SEK M
fence Industry Programme (EDIP). The armed forces’ planning, 
prioritizations and resource distribution are becoming increas-
ingly clear, and orders aimed at raising capabilities are now 
starting to enter MilDef’s order books in a major way. 
We are ready for the next level 
MilDef has now taken the step towards being one of the largest 
defense technology companies in our niche, not only in the 
Nordics but in Europe as well. With the heightened instabil-
ity in the world, MilDef’s contribution to stronger and more 
resilient communities is becoming increasingly important. 
Almost 30 years after our founding, MilDef’s position in time, 
locations and capability is unique. This position makes me 
optimistic as I look forward to MilDef seizing the opportunities 
offered by an increasingly active market. We are entering 2025 
with great optimism. 
In conclusion I would like to thank our shareholders for choos-
ing to invest in our company and for the confidence you show 
us. Together we are strengthening one of the fastest expanding 
defense technology companies in the Nordic region. Last but 
not least, I would like to express my appreciation in particular 
to our employees for your commitment and hard work during 
the year. Your efforts are crucial for MilDef’s continued growth 
journey and for increased security in Europe. 
7
MILDEF GROUP ANNUAL AND SUSTAINABILITY REPORT 2024

===== SIDA 8 =====

2024 – IN THE NEWS
2024 – A NEWS-RICH YEAR
NEWS ON BUSINESS AND OPERATIONS
FEBRUARY
APRIL
JULY
AUGUST
MilDef signs Memorandum 
of Understanding (MoU) 
with Lockheed Martin  
to explore an industrial 
partnership within Sweden’s 
aerospace sector. Opportu-
nities for collaboration will be identified where MilDef’s 
solutions can be integrated into Lockheed Martin’s glob-
al ecosystems for the aviation and defense industries.
MilDef signs 10-year framework agreement with BAE 
Systems Bofors.  The agreement entered into with 
BAE Systems Bofors is for future delivery of MilDef’s 
hardware for the Archer artillery system. The framework 
agreement is for MilDef products such as computers, 
network equipment and displays.
The subsidiary Handheld wins contract worth SEK 69 
million for nanodrone technology.  MilDef will deliver a 
large quantity of operator computers for nanodrones to a 
US and global defense group. The order value is SEK 69 
million, with growth potential once delivery of additional 
quantities begin.
MilDef wins agreement worth SEK 52 million with BAE 
Systems Bofors.  After the signing of the framework 
agreement with BAE 
Systems Bofors, addition-
al orders were secured for 
hardware for the Archer 
artillery system. This is 
for IT equipment such as 
displays, computers and 
switches. Deliveries will start in 2025.
MilDef signs hardware contract worth SEK 53 million 
in Estonia. The contract is for integration of MilDef’s 
hardware for armored vehicles. This is a partnership 
between MilDef and a local Estonian partner and is 
MilDef’s largest order to date in the Estonian market. 
Deliveries are set to begin in 2024.
MilDef quadruples local capacity in Swedish integra -
tion services.  The construction of a bespoke proper-
ty with just over 6,000 square meters of office and 
production space in Rosersberg quadruples MilDef’s 
capacity in integration services, enabling the Company 
to accept larger orders.
MilDef recruits VP Nordics and 
strengthens the Management Team.   
Magnus Hagman has solid industry 
experience in international business 
development and sales. He comes to 
MilDef from his role as Head of Mar-
keting and Sales at Carmenta. Before 
that he was employed by the SAAB 
defense company. 
MilDef delivers rugged displays worth SEK 135 million 
to European manufacturers of military vehicles.  
Through the acquisition of 
certain assets in Advanced 
Vision Technologies Ltd (AVT), 
MilDef has been entrusted 
with delivering intelligent and 
rugged displays for a major 
European vehicle program. Deliveries are taking place in 
2024–2029.
MilDef wins order worth SEK 72 million to deliver com -
puters for the Norwegian CV90 combat vehicle.  MilDef 
is continuing it multi-year agreement with the Norwe-
gian Defence Materiel Agency (NDMA) and has been 
entrusted with delivering 900 rugged computers for the 
modernization of Norway’s CV90 fleet. Deliveries will 
take place in 2025.
MilDef raises its long-term profitability target.  In light 
of MilDef’s financial development, market conditions 
and prospects, the Company’s Board is amending its 
profitability target. The EBITDA target of at least 10% is 
being replaced by an EBITA target over time of at least 
15% per year.
MILDEF GROUP ANNUAL AND SUSTAINABILITY REPORT 2024 
8

===== SIDA 9 =====

2024 – A NEWS-RICH YEAR
SEPTEMBER NOVEMBER
DECEMBER
OCTOBER
MilDef wins Danish order worth SEK 27.5 million for 
hardware for a new artillery system. MilDef has been 
entrusted by the Danish Ministry of Defence Acquisition 
and Logistics Organization (DALO) to deliver IT equip-
ment that will be integrated into Denmark’s new artillery 
system. Deliveries are scheduled for 2024–2025.
Successful first Capital Markets Day.  At the Capital 
Markets Day MilDef presents the strengths of its busi-
ness model and anticipated future market development. 
The updated financial 
profitability target of 
15% EBITA over time 
is communicated along 
with strategies for con-
tinued high growth.
MilDef launches the Dismounted Soldier concept at 
AUSA. To increase situation awareness and cross-border 
interoperability between dismounted squads in the field 
and tactical control, 
MilDef will launch its 
Dismounted Soldier 
System (DSS) at the 
AUSA 2025 exposition 
in Washington DC.
MilDef signs an agreement with BAE Systems Häg -
glunds for IT equipment in CV90 combat vehicles for 
delivery to Central Europe – an order worth SEK 200 
million.  MilDef has been 
entrusted with delivering 
rugged IT equipment for 
operator stations in new 
CV90 combat vehicles, 
which BAE Systems 
Hägglunds will deliver to 
defense forces in Central Europe. Given the outcome of 
the options, the total value could reach up to SEK 280 
million. 
MilDef wins orders worth SEK 63 million from the 
Swedish Defence Materiel Administration (FMV) in 
the command and control systems area. MilDef has 
signed a new contract with the FMV for IT equipment 
and integration services for the Swedish Armed Forces 
command systems. Deliveries will begin immediately.
MilDef implements transformative acquisition of roda 
computer GmbH.  MilDef 
Group AB, through its 
wholly owned subsidiary 
MilDef Germany Hold-
ing GmbH, has signed 
a binding agreement to 
acquire all of the shares in 
roda computer GmbH, a 
well-established supplier 
of military IT solutions with a strong market presence 
in Central Europe, particularly the DACH region. This 
acquisition will make MilDef one of Europe’s leading 
actors within tactical and rugged IT for the defense and 
security segment. 
MilDef implements a private placement issue of 
around 5.4 million shares, raising SEK 500 million.  
MilDef has implemented a private placement issue of 
5,434,782 share at a subscription price of SEK 92 per 
share. As a result of the significant demand from both 
new and existing long-term investors, the Company has 
decided to increase the size of the targeted new share 
issue by around SEK 50 million, from around SEK 450 
million to SEK 500 million. 
MilDef focuses in on the defense sector. The reason for 
this is the strong market conditions within that sector. 
Consequently, the Company fully integrates the produc-
tion operations of its Handheld subsidiary aimed at the 
defense industry into MilDef’s business and Handheld’s 
operations are discontinued.
MilDef wins an order worth SEK 80 million from BAE 
Systems Hägglunds for IT equipment for the BvS10 
articulated armored vehicle. The deliveries will go to  
a European nation in 2025–2029.
MilDef wins OneCIS software contract and hardware 
orders from the Swedish Defence Materiel Administra -
tion (FMV) worth SEK 81 million. The agreement with 
FMV is for command and control systems to increase 
NATO interoperability and connectivity with the Swedish 
Navy. Given the outcome of the options, the total value 
could reach up to SEK 127 million. 
9
MILDEF GROUP ANNUAL AND SUSTAINABILITY REPORT 2024

===== SIDA 10 =====

MilDef protects critical information flows and systems, where 
and when the stakes are the highest. The Company guarantees 
secure, resilient and reliable IT, which is ultimately not only 
protecting human lives but also our way of life, freedom and 
democracy – the very foundation of our society. 
In close cooperation with our customers, partners and sup-
pliers we integrate durable, reliable and bespoke hardware, 
services and software in customizable systems and solutions; 
solutions that are rigorously tested – not only in our laborato-
ries and test facilities, but also in real life.
THIS IS MILDEF
MilDef is a systems integrator and full-spectrum supplier of specialized and rugged IT for defense and 
security. The Company develops and offers hardware, software and services to help digitalize important 
information flows in the toughest conditions and in the most challenging environments.
MILDEF’S BUSINESS AND OFFERING
• Tactical IT supplier
• Founded in 1997
• Listed on June 4, 2021
• Around 330 employees
• Key markets: Nordics, Europe and selected 
NATO nations
• Customers: Security and defense
• Offering: Hardware, software and services
Focus on security and defense
With operations in ten countries, MilDef had sales of SEK 
1,201 million in 2024 and 327 full-time employees at the  
end of the year.
The customers are in the defense and security sectors. There 
is a shared need for tactical IT solutions, hardware, software 
and services to digitalize their operations in environments 
where the strains on IT systems are considerable. MilDef holds 
a strong position in its domestic market, the Nordic region, 
and has strong relationships with international customers. 
These relationships have been built up over time and are 
based on trust and delivery reliability.
MILDEF GROUP ANNUAL AND SUSTAINABILITY REPORT 2024 
10

===== SIDA 11 =====

Vision
Your number one choice for tactical IT.
Mission
In an ever-changing and highly digitalized world, there is urgent need for tactical IT systems that are robust, fit for purpose and 
produce the desired effect. MilDef provides unique solutions to those needs with high quality, speed, and accuracy.  
Business concept
MilDef’s business concept is to develop, deliver and offer tactical IT products and services for operations and functions that are 
crucial for society. MilDef customize solutions to meet our customers’ specific requirements in the demanding environments 
in which they are used. MilDef’s hardware and software products are combined with services to deliver effective digitalization. 
MilDef operates in the global security and defense market. 
Core values
MilDef achieves its goals by meeting the unique requirements of tactical and demanding environments. Quality and robustness 
are crucial for the success of MilDef’s customers. MilDef’s relationships are based on trust and the business is to be operated 
in an open, honest, respectful and transparent way. Integrity must always be maintained. MilDef’s brand is based on quality 
and a commitment to meeting and exceeding expectations – both MilDef’s own and those of its customers. 
Four financial targets 
Over the past five years sales have increased by an average of 29.2% per year and the operating margin has averaged 10.4%. 
MilDef is planning to grow through a combination of organic and acquisition-driven growth. MilDef’s target for interest-bearing 
net debt is for it not to exceed 2.5 times operating profit (EBITDA), other than temporarily. MilDef’s dividend policy is to distrib-
ute 20–40% of net profits when this is possible.
To reach the financial targets for growth and profitability MilDef is employing the following strategies: 
• Increase market share in existing prioritized markets. 
• Implement strategic acquisitions that complement MilDef’s current product portfolio and/or provide entry into new markets. 
• Continue to invest in product and software development as well as the service offering – for both new products and to 
further develop existing ones.
MILDEF’S BUSINESS AND OFFERING
VISION, BUSINESS CONCEPT 
AND GOALS
Digitalization is increasing within defense and security as is the need for tactical IT solutions in  
demanding environments. MilDef is taking an active part in this development and the Company’s goal 
is to be the most reliable partner in the industry. MilDef adds value through industry-leading quality 
and good delivery precision.
GROWTH PROFITABILITY CAPITAL STRUCTURE DIVIDEND POLICY
At least 25% growth  
per year over time
Distribute 20–40% of  
net profit
Net debt not  
to exceed2.5x EBITDA
At least 15% EBITA 
margin over time
Outcome 2024
4%  
Growth
Neg.  
Net profit 
distribution
-2.2x  
Net debt  
to EBITDA
12.5%  
Adjusted 
EBITA margin
11
MILDEF GROUP ANNUAL AND SUSTAINABILITY REPORT 2024

===== SIDA 12 =====

As a leading supplier of tactical IT, MilDef has linked its strategies to expansion within three areas:  
hardware, services and software. The way to continue the rapid development is through growth in  
existing and new markets, an expanded portfolio and an active acquisition agenda.
PATHS TO CONTINUED 
GROWTH AND EXPANSION
MILDEF’S BUSINESS AND OFFERING
EXISTING MARKETS
With its own representation in 10 coun-
tries, MilDef has significant opportuni-
ties to grow in its existing markets. With 
a focus on the Nordics, Europe, the 
USA, the UK, selected NATO countries, 
and carefully selected other markets, 
MilDef is creating a market situation 
with factors for repeatable success.
By accelerating sales of MilDef’s “clas-
sic” range of products and services, 
the Company is well-positioned to win 
market share, above all in the markets 
where MilDef has its own companies. 
Through its long-term market presence, 
the Company also has potential for 
add-on sales (product upgrades and re-
placement products) based on previous 
contracts, thereby generating repeat 
revenue.
Pillars of growth
PORTFOLIO STRATEGY
Alongside expanding its range of hard-
ware, MilDef is also aiming for growth 
in software and services. The services 
that MilDef delivers range from strategic 
IT to software-related services and 
implementation, as well as aftermarket 
services. Future solutions will increas-
ingly be a combination that includes 
more components from fewer suppliers.
Hardware and software represent the 
technical element of digitalization. This 
is supplemented by a spectrum of ser-
vices, from strategic IT including change 
management, to implementation. 
MilDef has identified good opportunities 
in so-called infrastructural software, i.e. 
in operating systems, communications, 
security, deployment, sensor systems, 
etc.
ACQUISITION COMPASS
With a structured process to identify 
and evaluate candidates and implement 
acquisitions, MilDef is seizing opportu-
nities in a fragmented market. MilDef 
acquires companies with the potential 
to develop better within the Group than 
on their own. MilDef’s M&A compass is 
a telescopic sight aimed at the types of 
companies MilDef looks for and evalu-
ates. The strategy includes eight selec-
tion criteria with a focus on choosing the 
right acquisition candidates. Combined 
with an integration model focused on 
value-generating benefits and soft 
integration, the necessary conditions are 
being created for expansion.
Eight acquisitions have been implement-
ed over the past decade. These acquisi-
tions have allowed MilDef to expand its 
customer offering to add services and 
software, in addition to the hardware it 
offers.
    
Unleash the potential in the “classic”  
portfolio to exceed market growth  
in years to come
New technology, system design  
actor/integrator solutions and software  
lead to enhanced relationships
M&A compass to find 
the right target companies
MILDEF GROUP ANNUAL AND SUSTAINABILITY REPORT 2024 
12

===== SIDA 13 =====

AN ACTIVE ACQUISITION 
STRATEGY
MILDEF’S BUSINESS AND OFFERING
roda computer GmbH – a transformative acquisition in 2024
In November 2024 MilDef, through its wholly owned subsidiary MilDef Germany Holding GmbH, signed a binding agreement 
to acquire all of the shares in roda computer GmbH, a well-established supplier of military IT solutions with a strong market 
presence in Central Europe, particularly the DACH region. This acquisition will make MilDef one of Europe’s leading actors 
within tactical and rugged IT for the defense and security segment. It will also give MilDef access to vital market channels, 
long-term customer relationships and existing framework agreements in attractive and growing markets in Central Europe.
Headquartered in Lichtenau (Germany), roda computer GmbH was founded in 1987, and has around 115 employees and 
two production plants. From the start the company has specialized in selling mobile and rugged computers, primarily within 
Europe (excluding the Nordics). The customers are mainly active within the defense sector and consist of government  
authorities such as national defense agencies and purchasing organizations, as well as companies in the defense industry.  
A majority of the company’s sales are through framework agreements. In addition to its headquarters in Lichtenau and 
production plant in Hüllhorst, roda also has a presence in France and the UK. The company is an exclusive distributor of 
laptops and tablets from MilDef Crete Inc. in most of the markets in Central Europe.  
Since 2011 MilDef has carried out eight acquisitions. The single largest is the roda acquisition in 2024. 
Below is a description of MilDef’s work on strategic acquisitions.
• Untapped potential in the existing offering
• Added value via MilDef’s market channels and/or 
organizational structure
• Compatible corporate culture and values
• Continued engagement of key individuals
Criteria to qualify as  
an acquisition candidate
• A compass showing prioritized acquisition 
targets
• A backlog where M&A opportunities mature
• A plan for valuation and due diligence
• A growth model for integration
MilDef’s M&A strategy  
includes
ACQUISITIONS 1997–2024
2021
2011
 2016
 2024
2022
8
Terralogic Handheld Group Advanced Vision  
Technology
Amrel’s Rugged  
Computer Division
Sysint
Bedriftssystemer Defcon Solutions roda computer
13
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===== SIDA 14 =====

FIVE REASONS TO  
INVEST IN MILDEF
MILDEF’S BUSINESS AND OFFERING
1 Well-reputed supplier in a market  
experiencing strong growth
2 Technology and solutions positioned for 
defense build-up
3 Experienced experts in digitalization 
within defense and security
4 High-level engineering knowledge and 
solid industry know-how
5 Tried and tested strategies for  
accelerated growth and value-creation
14
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===== SIDA 15 =====

1. Well-reputed supplier in a market experiencing strong growth
• MilDef targets selected markets that have high potential and forecast growth The Company is focusing on the Nordic 
region, Europe, the UK, the USA and selected NATO nations.
• Growth is driven by digitalization in demanding environments, expanding defense budgets globally, technical innova-
tions and modernization.
• Long-term customer relationships are crucial for success in this market. 
2. Technology and solutions positioned for defense build-up 
• MilDef has significantly broadened its offering to become a supplier of hardware, software and services to system 
design actors and is fully focused on defense and security.
• The products are constructed to handle the most challenging environments and meet strict military specifications.
• With modern production facilities in Sweden and Wales, and on the strength of the 2024 decision to quadruple 
capacity through new integration operations in Rosersberg, MilDef has greatly expanded its manufacturing and inte-
gration capacity in defense and security. 
3. Experienced experts in digitalization within defense and security 
• A well-positioned portfolio for comprehensive tactical solutions in hardware, software and services.
• For almost 30 years MilDef has built a unique knowledge bank as a leading supplier of rugged and field-proven 
defense and electronic equipment.
• MilDef only has a few direct competitors. 
4. High-level engineering knowledge and solid industry know-how 
• MilDef is a company that attracts cutting-edge technical talent; frequently employees who have many years of  
experience in the defense industry, leadership and international business development.
• MilDef has a value-driven corporate culture in which the employees are motivated by doing work that is critical for 
society and by technological challenges; their motivation also comes from inspiring working environments, internal 
career opportunities and training programs. 
5. Tried and tested strategies for accelerated growth and value-creation
• The growth strategy is based on three strategic pillars: growth in the Nordics, Europe and selected NATO countries, 
expansion through partner companies in prioritized markets and defense-driven growth.
• A solid financial position: From 2019–2024 MilDef increased its revenue by an average of 29.2% a year and the 
average adjusted EBITA margin for the same period was 10.4%, with an adjusted EBITA margin of 12.5% for 2024.
• An active acquisition strategy: Over the past decade eight acquisitions have been implemented that have taken 
MilDef into new geographical markets and expanded the customer offering. 
MILDEF’S BUSINESS AND OFFERING
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===== SIDA 16 =====

Since 2024 MilDef’s sales have been divided into two busi-
ness areas, both with a clear focus on expansion and growth: 
Business area Nordics and business area Europe and North 
America.
Business area Nordics
- Sales companies in Sweden, Norway, Denmark, Finland
- Integration services (Sweden), software (developed in Norway)
- Both B2G and B2B sales
Business area Europe and North America
- Sales companies in the USA and UK, international partner 
sales, and subsidiary Handheld (decision on discontinuation in 
2025)
- Primarily B2B sales
Multiple channels to end-customers
The value chain for complex defense platforms and systems 
consists of a number of subcontractors delivering subsystems, 
products and components to a main supplier that manufac-
tures, delivers and is responsible for the end-products and/or 
systems delivered to end-customers. Suppliers of integrated 
systems and products are often well-established, large, mul-
tinational tier 1 corporations that are diversified in terms of 
products and geographical presence, and have close business 
relationships with national defense procurement agencies.
HOW MILDEF SELLS
MILDEF’S BUSINESS AND OFFERING
Various channels to the end-customer
Public sector customers use direct contracts and also acquire 
products through logistics organizations, such as the Swed-
ish Defence Materiel Administration (FMV), the Norwegian 
Defence Materiel Agency (NDMA), the Danish Ministry of 
Defence Acquisition and Logistics Organization (DALO) or 
Bundeswehr, the armed forces of Germany. In less complex 
transactions, contracts may be signed directly by the procuring 
agency, such as the Armed Forces in Sweden. 
As the business volume and complexity grow, so too does the 
supply chain. In an international scenario there may be local 
and global subcontractors delivering products and services 
to one or more integration partners, who in turn deliver to a 
contracted supplier with overall responsibility for a project or 
program. The relationship between tier 1 suppliers, integrators 
and subcontractors is typically a commercial business-to-busi-
ness relationship involving private procurement and purchasing 
contracts. 
In cases where MilDef is not represented in a geographical 
market the Company works with well-established partner com-
panies who in turn sell directly to end-customers or through 
local partners.
By selling and delivering high-quality products, on time and 
with a strong focus on the best interests of the customer,  
MilDef has built strong relationships and deep trust in an 
industry where this is valued even more than usual.
The majority of MilDef’s sales – just over 80% – went to critical infrastructure and industry in 2024, 
while the remaining 20% in 2024 went to critical infrastructure and industry. The end-customers are 
almost exclusively national defense forces that have specific requirements for the equipment procured by 
their purchasing departments. Bearing in mind the longevity of defense systems, the customers prefer to 
build long and deep relationships with suppliers whose products have demonstrated reliability. 
MilDef’s sales in the world 2024
North America
13%
Nordics
58%
Europe 
26%
3% rest of the world.
16
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===== SIDA 17 =====

Over the past few years MilDef as a company has been climbing steadily up the value chain and has 
increasingly sold its products directly to the Nordic defense materiel procurement administrations (FMV, 
DALO, NDMA), and more and more through framework agreements with a few of the world’s largest  
defense corporations. With a highly reputable offering, MilDef has strengthened its market position  
and become increasingly relevant. 
17
Defense customer
Defense logistics 
organization
Tier 1 supplier
Integrator
Supplier X Supplier Y Supplier Z 
MILDEF CLIMBING UP  
THE VALUE CHAIN
DEFENSE  
CUSTOMER
DEFENSE  
LOGISTICS
B2G
TIER 1, 2 
& INTEGRATORS
Global B2B
LOCAL PARTNER
Swedish  
Armed Forces
Norwegian 
Armed Forces
US DoD
MILDEF’S BUSINESS AND OFFERING
Where MilDef does not have its own company, sales take place through  
strategic partner companies.
Direct procurement
17
MILDEF GROUP ANNUAL AND SUSTAINABILITY REPORT 2024

===== SIDA 18 =====

18
MILDEF GROUP ANNUAL AND SUSTAINABILITY REPORT 2024

===== SIDA 19 =====

RUGGED, RELIABLE & RESILIENT
We are built tough. We are built to be the one you can depend upon. We are built to never back down or 
bail out. Rugged, reliable, resilient. It is not just words. It is how our products are made. It is what our 
products deliver. It is how we make a difference, when and where the stakes are the highest.
SECURITY & PROTECTION
We are the enemy of “ooops”. The opposite of wishful thinking. The antidote to short-sightedness.  
Our reason for being is to give the good cause the upper hand. To stand up for freedom and democracy. 
To make the world a safer place and to protect the fabric of our society.
FIELD PROVEN
We stand behind our products because we know what they are capable of. We spend huge amounts of 
money on R&D to test and find out how they perform in the harshest conditions. But the real test is 
out there in the real world. In the mud. In the cold. In the heat. In the never-ending rain. We have been 
there. Done that. And so have our products. 
FLEXIBLE & CUSTOMIZABLE
Working with systems integration means being part of a greater context. Which means that we constantly 
need to adapt and adjust our way of working as well as align and comply with a wide number of products, 
systems and solutions. We know the importance of fitting in. Therefore, we do not have a set menu. The 
products and systems we build are the ones our customers need. More than anything, it is a matter of 
attitude and mindset. To us, impossible is only temporary. If there is a will, we will surely find a way.
INTEGRITY & TRUST
Our business is built on integrity and trust. Neither of them come in a gift box. They have to be earned. 
And at MilDef we are hardworking earners. People turn to us because our word and pledge means some-
thing. They turn to us because we have always stood up for our beliefs, ideas and actions – and always 
will. Something that can be costly in the short perspective. But something that always pays off in the 
long run. For everyone. 
UNSTOPPABLE
Unstoppable would be the perfect description of the spirit of MilDef. Of our approach to challenges, dif-
ficulties and our customers’ needs. Of our responsiveness, alertness and swiftness. And of the success 
story we have been writing together for the past few decades. But it goes beyond that. Unstoppable is 
at the very essence of our brand promise and offer. We make sure that the information flows we protect 
never get interrupted, intercepted or corrupted. We stop at nothing. Literally.
CUSTOMER PROMISE
MILDEF’S BUSINESS AND OFFERING
This is MilDef’s new brand platform which was developed in 2023.
19
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===== SIDA 20 =====

Digitalization and rebuilding of defense and security capabilities have just started, after decades of  
saving and disarmament. Where demands are at the absolute highest level, MilDef’s products, services 
and software play a crucial role. The product portfolio encompasses all of the components in an IT system 
– from servers and computers to network equipment and displays, as well as software and services.
THE JOURNEY TOWARDS  
A SYSTEM HOUSE ACTOR
The core of MilDef’s offering is rugged hardware which accounts for about 70% of the Company’s sales. In addition to this, 
services account for around 25% of revenue and software for the remaining 5%. After having delivered individual computers, lap-
tops, displays and necessary IT components for almost 30 years, MilDef is now increasingly offering complete system solutions. 
Comprehensive solutions that are the backbone of a system of systems within IT infrastructure – all to facilitate secure communi-
cation, data processing and interoperability between defense systems. Below is an illustration of what system of systems means in 
the context of the Swedish CV90 armored vehicle
-    Modular design
-    In-house capacity
-    Concept development
-    Design
Battle command and 
control system
Navigation
Military radio
Weapons system
Vehicle information 
system
Intercom system
 Radar system
Optical and IR cameras
-    Testing & verification
-    Manufacturing
-    Service & support
Unique opportunities 
for customization
Examples of digitalized vehicle system
MILDEF’S BUSINESS AND OFFERING
MILDEF GROUP ANNUAL AND SUSTAINABILITY REPORT 2024 
20

===== SIDA 21 =====

Tactical IT. For tactical advantages
In all military systems tactical IT provides a strong backbone. 
A cornerstone for IT infrastructure and effective operator 
environments that enables all subsystems to function in an 
integrated way. As one. Integration of hardware and soft-
ware ensures that communication, data processing, storage, 
seamless integration of functions and interoperability with 
other systems are all secure. Capabilities that give military and 
security personnel an advantage.
MilDef’s 19''/2®. A unique solution
The 19"/2® product range got its name from its form factor 
and includes computers, switches, routers and other bespoke 
units. These products are mainly installed in various types of 
vehicles, such as wheeled and tracked land vehicles, naval 
vessels and aircraft. MilDef’s 19”/2® series is part of the 
Group’s hardware portfolio developed in-house and is the most 
comprehensive part of the Company’s unique products. They 
meet current criteria for IT infrastructure by delivering high 
performance on a small surface. The products are designed 
for customization and their signals, connectors, performance, 
etc. can be quickly modified.
By using modular products, customers can easily adapt the 
system for specific requirements and needs, and add or re-
move functionality as needed. This makes it possible to build 
IT systems that are optimal, scalable and cost-effective. A 
common example of a 19”/2® installation is as an IT system in 
vehicles, such as troop transport vehicles or artillery systems, 
where key components of the vehicles’ IT is based on MilDef’s 
computers, servers, switches and displays.
The long lifecycles of the 19”/2® products make them not only 
sustainable but also able to meet customer expectations of a 
strategic supplier, while also matching the long lifecycles of 
military vehicles and vessels.
Displays
Displays have become increasingly important as defense 
systems are modernized and digitalized. MilDef therefore 
offers a range of high-quality, modern displays to meet future 
needs. MilDef’s displays have been developed to handle the 
most demanding environments, in terms of both environmen-
tal impact and electromagnetic threats. They are available as 
Panel PCs with the latest processor technology or as a display 
with various interface options. In 2024 MilDef acquired parts 
of the UK company Advanced Vision Technologies Ltd (AVT) 
including three fully rugged intelligent displays that have fea-
tures such as advanced video capabilities adapted for military 
vehicle programs. MilDef’s displays have been developed to 
last for a long time without the need for maintenance, which 
means that they can be used for 10+ years without a sched-
uled service.
Mobile computers
MilDef has a broad offering of robust computers for mobile 
use, including laptops, tablets and handheld devices. All 
models can be further modified through configuration and cus-
tomization. The range of tablets in various sizes and designs 
provides mobility and enables them to be installed in restrict-
ed spaces in vehicles or boats. MilDef is also growing rapidly 
in the soldier-borne digitalization segment, with increased use 
of technology at the individual level. In 2024 the Company 
launched its first concept for dismounted soldiers. 
Special electronics and accessories
MilDef produces specialized solutions for specific tasks. The 
Company designs and builds, for example, rugged controllers 
for remote control of unmanned vehicles. MilDef can also 
create customized computers with an integrated battery, 
detachable hard disk and multiple interfaces to connect to 
communication equipment and sensors.
MilDef offers accessories needed to connect, integrate and 
use tactical IT equipment in variable environments. The port-
folio includes keyboards of various designs, specially adapted 
cables, media converters and more.
MILDEF’S BUSINESS AND OFFERING
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===== SIDA 22 =====

SERVICES AND SOFTWARE
Service offering
MilDef’s service offering consists of three main areas: program 
and product management, system technology and integration 
services. With its comprehensive offering, MilDef can help 
customers with everything from product planning to design 
and integration of systems. 
MilDef offers experience and expertise throughout the system 
integration process – from preliminary study and system 
design to physical integration, installation and maintenance of 
products and systems.
Customized integrated logistics solutions (ILS) solutions and 
technical support ensure high accessibility and effective-
ness throughout the system’s life cycle. MilDef designs and 
integrates hardware such as command and communication 
systems, navigation systems, sensors, and radar, electronic 
warfare and optronics systems. MilDef works with all types of 
platforms, objects and facilities, and has carried out projects 
involving combat vehicles, combat boats, command and con-
trol units, and facilities such as command centers, simulators 
etc.
In 2024 MilDef decided to start building a new bespoke prop-
erty of around 6,000 square meters of office and production 
space in Rosersberg. This investment will quadruple MilDef’s 
capacity in integration services and enable the Company to 
accept larger orders in Sweden. 
Research and development
MilDef conducts extensive research and development. The 
research and development (R&D) department is activated early 
on in the sales process. As soon as an inquiry is received from 
a customer, a concept is created that identifies the require-
ments and specifications, and describes how MilDef intends 
to realize the product. Both the concept department and later 
on the project department are helped by having access to Mil-
Def’s resource bank of reusable technology, such as electron-
ics, mechanics and software. This phase lays the foundations 
for one of MilDef’s main competitive advantages – the ability 
to rapidly and cost-effectively develop unique customized 
solutions.
Intellectual property creates advantages
By retaining the intellectual property, future product projects 
can leverage past development work, which also benefits the 
customers in the form of guaranteed quality, short delivery 
times and cost-efficiency. When a project is ordered, a struc-
tured project model is initiated where the concept is refined 
into development specifications. Based on these specifica-
tions, development is carried out by one of MilDef’s in-house 
project teams.
Prototypes are built by the R&D department in a lab where the 
employees are experts in verifying both functionality and en-
vironmental requirements. MilDef has extensive testing equip-
ment to ensure that the products meet the specifications.
OneCIS. Fast and secure implementation of  
IT services
MilDef’s OneCIS software enables the fast rollout of tactical IT 
services including for mobile command systems, tactical units 
and rapid deployment forces. OneCIS is a NATO-compatible 
system for launching hardware, operating systems, applica-
tions and third-party products. The software enables the fast 
launch of tactical IT services for deployed personnel, tactical 
units and rapid deployment forces. Combined with MilDef’s 
hardware, this offers a secure, flexible, scalable and imple-
mentable tactical IT solution that reduces the risk of manual 
errors and enables increased operational capacity through its 
automated and well-tested configurations. OneCIS enables full 
interoperability and connectivity.
Competitive advantages of OneCIS
• Fully automated launch
• Faster and more reliable
• Improved security
• Flexible and open architecture
• Makes it possible to build systems that match NATO’s 
highest security standards
• NATO Federated Mission Networking (FMN)
Service offering
• Project, program and portfolio management
• System technology and design 
• ILS management and technical support 
• System security 
• Technical documentation 
• Integration, installation and maintenance 
• Helpdesk and service desk, contact center management 
• Training
MILDEF GROUP ANNUAL AND SUSTAINABILITY REPORT 2024 
22

===== SIDA 23 =====

23
MILDEF GROUP ANNUAL AND SUSTAINABILITY REPORT 2024

===== SIDA 24 =====

UNITY
Work together as one.
INTEGRITY
We say what we do and  
we do what we say.
STRENGTH COMES 
FROM WITHIN
HR & EMPLOYEES
The power to make a difference
MilDef operates in an industry that is more relevant than ever. 
The employees are proud of delivering advanced and reliable 
products that meet real needs in a time when they are needed. 
MilDef is a place where employees thrive, develop and want to 
stay. The aim is to be a long-term employer that creates career 
opportunities through growth and that supports its people to 
both broaden and deepen their knowledge and skills.
The MilDef Way – our culture
The MilDef Way is our legacy and our future. Culture and clear 
values function as an invisible driving force – a force that 
steers both behavior and decisions in the right direction. They 
form a common framework that provides security and unity, 
regardless of the department or geographical location where 
the employee works.  
“The key to a thriving workplace is to take good care of our internal capital – 
our employees, our culture, our know-how and our way of working.  
It is this internal capital that is one of our most valuable assets.”
Martina Karlsson – CPO
With this as a foundation, all employees at MilDef work 
towards the same goals and take decisions that support the 
Company’s long-term vision. MilDef’s culture is not just an 
internal priority, it also impacts how the Company is perceived 
by customers, partners and the market. MilDef is proud of its 
culture, and the employees are together building a culture that 
is not only strengthening the business today but also ensuring 
success in the future.
An important aspect of MilDef’s culture is ownership and ac-
countability – an approach where everyone shares a common 
ethical and commercial focus. Putting the employees at the 
center creates an open and inclusive work environment char-
acterized by drive, cooperation and dialogue. Here, everyone’s 
voice is heard, which creates engagement and motivation for 
our people to do their best every day.
PRIORITY
Put 80% effort on the 20%  
that matters most.
PROACTIVITY
Plan for the future; act today.
MILDEF GROUP ANNUAL AND SUSTAINABILITY REPORT 2024 
24

===== SIDA 25 =====

HR & EMPLOYEES
Professional development
In 2024 MilDef expanded its presence in forums and contexts 
that help meet future professional and skills development 
needs. This included becoming involved in Techella, a network 
in Sweden focused on diversity and increasing female repre-
sentation in the tech and engineering industries. MilDef is also 
represented on a program board at Halmstad University to pro-
vide input on how future engineering programs are designed. 
Collective agreement
In 2024 MilDef decided to enter into a collective agreement 
for its Swedish operations as of January 1, 2025, to benefit 
both employer and employees. The agreement creates more 
opportunities for cooperation within the Company, which 
MilDef sees as another step in securing its position as an 
attractive employer.
Leadership program
MilDef implemented a leadership program in 2024 throughout 
the Company’s international operations in which all managers 
participated. The purpose of the program is to lay the foun-
dations for sustainable leadership based on trust, profes-
sionalism and commitment. The objectives of the leadership 
program are to:
• Create sustainable business performance... by having 
confident, highly professional leaders.
• Create a leadership culture... with a common language 
and where leaders embrace responsibility.
• Create a toolbox for leaders... to build their capabilities 
and skills.
• Create leaders who can lead in transition... with confi-
dence, inclusivity and engagement.
”Inner strength  
is about  
leadership,  
employeeship  
and culture”
Leadership and employeeship in symbiosis
MilDef believes in leadership that inspires and involves 
every individual. For MilDef, the leadership culture is just as 
important as the corporate culture. Strong leadership ensures 
that the Company is moving in the right direction and that the 
employees are inspired to be on the journey. 
Employeeship is the commitment, sense of responsibility and 
proactive attitude that employees embrace in their various 
roles. It is about more than performing work tasks; it involves 
taking responsibility, contributing to the mission and driving 
growth from within. It is about employees being on the journey 
together and being convinced that their work matters; that 
they are a vital part of the organization as a whole.
PRIORITIZED INITIATIVES IN 2024
Fast facts
As of December 31, 2024, MilDef had 327 employees, 153 of whom were employed at the Company’s headquarters in 
Helsingborg. MilDef is committed to diversity and aims for a workforce with a wide variety of talents. At the end of 2024 
around 25% of the employees were women. Women make up 29% of the Board of MilDef Group AB and 43% of MilDef’s 
Management Team.
25
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===== SIDA 26 =====

INTERNATIONALIZATION AND 
GROWTH
FROM DISTRIBUTOR TO 
MANUFACTURING
MILDEF’S HISTORY 1997–2024
MILDEF’S HISTORY
The Company is  
founded by  
Tomas Odelid and  
Marianne Trolle under 
the name LogIn.
1997
Wins a multi-year 
framework agreement 
in Denmark.
2018
Launches its own 
product concept called 
19”/2®.
2007
Acquires Terralogic Ltd 
in the UK.
Changes name to 
MilDef.
2011
Restructures to  
implement its  
internationalization 
strategy.
2015
Acquires Amrel’s  
Computer Division in 
the USA. 
Acquires Bedrifts- 
systemer in Norway.
2016
26
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===== SIDA 27 =====

STRATEGIC EXPANSION
MILDEF’S HISTORY 1997–2024
MILDEF’S HISTORY
Launches its  
intelligent display 
concept.
2019
Expands its  
strategy and  
upgrades its vision.
Signs five long-
term contracts.
2020
Acquires Sysint and 
Defcon.
Listed on Nasdaq 
Stockholm.
The new headquar-
ters “The Fortress”  
is officially opened.
2021
Starts a company 
in Finland. 
Acquires Handheld 
Group.
Starts production  
in Wales.
2022
Starts a company  
in Denmark. 
Launches an  
updated brand. 
Consolidates 
Handheld Inc. with 
MilDef Inc.
2023
Implements asset 
acquisition of AVT 
Ltd and acquires roda 
computer GmbH.
Decides to quadruple 
integration activities 
in Rosersberg.  
 
Streamlines strategic 
focus to defense and 
security.
2024
27
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===== SIDA 28 =====

28
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===== SIDA 29 =====

TRENDS AND DEFENSE BUDGETS
The worsened global security situation in 2024 and decisions to significantly increase 
defense spending are expected to accelerate the trends presented below. Here we  
identify five of the key factors driving the growth in MilDef’s offering.
TRENDS
DRIVING THE MARKET
Strong increase in defense appropriations and the fact that for 
many years there has been structural underinvestment in total defense. In many 
countries actors are demanding an increase in expenditure to raise the level of 
security nationally, regionally and globally. 
Modernization programs are essential in order to meet the goals set out 
above. To implement this it is necessary to replace old materiel with more modern 
systems that can handle the increasing demands of modern and digitalized armed 
forces. 
Digitalization, IoT and AI are powerful trends with crucial significance 
within defense and security. Total defense strategies must keep up with technical 
developments and this means that more is expected of IT systems. The systems 
require higher performance levels to handle the massive amount of data being 
used, while also retaining the same level of security – both physically and technically. 
New technologies are having a significant impact on rugged defense elec-
tronics. For example, better sensor systems and various types of remote-controlled 
vehicles require more from the electronics that control them. 
The significance of total defense has grown, increasingly expanding 
the term “defense” to include security in critical functions in society in addition 
to military defense. This concept involves armed forces playing an ever-increasing 
role in emergency management situations. This could include construction and 
staffing of field hospitals and providing support in connection with natural disas-
ters and other similar extraordinary situations.
1
2
5
4
3
29
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===== SIDA 30 =====

EUROPE UPGRADES  
ITS DEFENSE
TRENDS AND DEFENSE BUDGETS
Russia’s full-scale invasion of Ukraine in 2022 fundamentally changed perspectives on lasting peace in 
Europe. At the same time the USA has indicated that it will not be as involved in Europe’s defense as it 
has been historically, forcing European countries to take greater responsibility for their own security.  
This shift puts European countries under increased pressure to invest more in defense than previously.  
Individual countries’ defense spending is governed by one 
main factor – the threat profile. This can be divided into two 
components: the “actual” threat, which only military intelli-
gence services can fully understand, and the “experienced” 
threat level, as perceived by the general public.
The threat level is therefore the most crucial factor in future 
defense budgets. According to defense experts, defense 
budgets will remain high for at least 10 years. These budgets 
are not expected to be materially affected by a possible peace 
in Ukraine.
The war on European soil has therefore accelerated the  
rebuilding of defense capabilities, leading to significant in-
creases in military spending in recent years. These  
increases are expected to continue.
In future European countries 
will have to take greater  
responsibility for defense  
and security
Common European defense strategy
The EU has realized that its inadequate production capac-
ity for defense materiel constitutes a significant risk to the 
Union. Several factors play into the current low production 
capacity, including previous lower defense spending and a 
high level of cooperation with the USA in terms of defense 
requirements. To manage this risk, the EU has implemented 
its first defense strategy for European defense companies. The 
EU has introduced several strategies, of which the European 
Defence Industry Strategy (EDIS) is of most interest to MilDef. 
This strategy sets out a clear, long-term vision for achieving 
defense industrial readiness within the EU. The goal is to 
increase the EU’s defensive power and reduce its reliance on 
external sources in times of conflict. 
Analysis of the aggregated figures for the key markets relevant 
to MilDef clearly shows that the three largest countries – 
France, Germany and the UK – dominate defense spending in 
Europe.  The Nordic countries, with their smaller economies, 
together account for around 15% of Europe’s total defense 
spending.
Europe has got back to 2% of GDP
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
0
50 000
100 000
150 000
200 000
250 000
300 000
350 000
400 000
450 000
500 000
1950
1952
1954
1956
1958
1960
1962
1964
1966
1968
1970
1972
1974
1976
1978
1980
1982
1984
1986
1988
1990
1992
1994
1996
1998
2000
2002
2004
2006
2008
2010
2012
2014
2016
2018
2020
2022
European defense investments
2022 USD bn
Share of GDP
Source: SIPRI
MILDEF GROUP ANNUAL AND SUSTAINABILITY REPORT 2024 
30

===== SIDA 31 =====

TRENDS AND DEFENSE BUDGETS
Overview of European defense spending
SWEDEN
DENMARK
Sweden has an ambitious growth plan for its defense
2022 USD bn
Sweden’s defense budget
Defense investments have plateaued because of paused  
platform decisions
Defense investments
Source: Carnegie Research, SIPRI, the Swedish government
SEK billion
Share of GDP as calculated by NATO
Source: Carnegie Research, SIPRI, Danish Ministry of Defence
2022 USD bn
Share of GDP NATO target
0,0%
0,5%
1,0%
1,5%
2,0%
2,5%
3,0%
0
5
10
15
20
25
2021 2022 2023 2024e 2025e 2026e 2027e 2028e 2029e 2030e
2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
66,1 74,8 91,6 125,5 138 143 156 173 176 186
2,4 %
2,2 %
2,5 %
2,6 % 2,6 % 2,6 %
2,4 %
0,0%
0,5%
1,0%
1,5%
2,0%
2,5%
0
1
2
3
4
5
6
7
8
9
2018 2019 2020 2021 2022 2023 2024e 2025e 2026e 2027e
Authority decision Authority proposal
Defense investments Share of GDP NATO target
Source: The Swedish government
31
MILDEF GROUP ANNUAL AND SUSTAINABILITY REPORT 2024

===== SIDA 32 =====

TRENDS AND DEFENSE BUDGETS
GERMANY
NORWAY
FINLAND Finland has long invested less than 2% of GDP
Source: Carnegie Research, SIPRI, Finnish Ministry of Defence
2022 USD bn
Norway increasing investments in defense
Source: Carnegie Research, SIPRI, the Norwegian government
2022 USD bn
Europe’s largest defense budget – unclear whether Germany will  
reach 2% of GDP in 2028
Source: Carnegie Research, SIPRI, the Federal Government
2022 USD bn
0,0%
0,5%
1,0%
1,5%
2,0%
2,5%
3,0%
0
1
2
3
4
5
6
7
8
2018 2019 2020 2021 2022 2023 2024e 2025e 2026e 2027e
0,0%
0,5%
1,0%
1,5%
2,0%
2,5%
3,0%
0
2
4
6
8
10
12
14
2021 2022 2023 2024e 2025e 2026e 2027e 2028e 2029e 2030e
0,0%
0,5%
1,0%
1,5%
2,0%
2,5%
0
20
40
60
80
100
2019 2020 2021 2022 2023 2024e 2025e 2026e 2027e 2028e
Defense investments Share of GDP NATO target
Defense investments Share of GDP NATO target
Defense investments Share of GDP NATO target
MILDEF GROUP ANNUAL AND SUSTAINABILITY REPORT 2024 
32

===== SIDA 33 =====

TRENDS AND DEFENSE BUDGETS
BALTIC STATES  
(Estonia, Latvia,  
Lithuania)
UK
FRANCE
The Baltic countries plan to spend 2.5–3.0% of GDP on defense
Source: Carnegie Research, SIPRI
2022 USD bn
Large French budget accelerating towards 2% of GDP for defense
Source: Carnegie Research, SIPRI, euro-sd
2022 USD bn
UK committed to fast-growing defense budget
Source: Carnegie Research, SIPRI, GOV.UK
2022 USD bn
0,0%
0,5%
1,0%
1,5%
2,0%
2,5%
3,0%
0,0
1,0
2,0
3,0
4,0
5,0
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
0,0%
0,5%
1,0%
1,5%
2,0%
2,5%
3,0%
0
20
40
60
80
100
120
2021 2022 2023 2024e 2025e 2026e 2027e 2028e 2029e 2030e
0,0%
0,5%
1,0%
1,5%
2,0%
2,5%
0
20
40
60
80
2021 2022 2023 2024e 2025e 2026e 2027e 2028e 2029e 2030e
Defense investments Share of GDP NATO target
Defense investments Share of GDP NATO target
Defense investments Share of GDP NATO target
33
MILDEF GROUP ANNUAL AND SUSTAINABILITY REPORT 2024

===== SIDA 34 =====

SUSTAINABILITY REPORT 2024
MILDEF GROUP ANNUAL AND SUSTAINABILITY REPORT 2024 
34

===== SIDA 35 =====

MilDef’s impact within sustainability
The Company is an international systems integrator and 
full-spectrum supplier of rugged IT for defense and security 
applications. MilDef provides hardware, software and services 
that protect critical information flows and systems, when and 
where the stakes are highest. The Company’s customers are in 
the defense and security sectors. 
MilDef’s products are sold to customers through its companies 
in Sweden, Norway, Finland, Denmark, the UK, Germany, 
Switzerland, the USA and Australia. The Company was found-
ed in 1997 in Helsingborg, Sweden. MilDef Group has been 
listed on Nasdaq Stockholm since 2021.
SUSTAINABILITY REPORT
SUSTAINABILITY REPORT 2024
Marie Jonsson, Director of Quality
Promote individual development at work
Invest in employee wellbeing and safety by implementing 
holistic health and wellness initiatives throughout the 
Company. 
SDG 4.3.1, Increase participation in internal training
Promote equality and diversity
Promoting an inclusive, diverse and innovative culture 
where our employees thrive and grow together with the 
Company is essential for our working conditions.
SDG 5.5, Increase proportion of women in management 
positions 
Promote sustainable production and consumption
By strengthening our internal processes and updating 
product development requirements to include a sustain-
ability assessment and life cycle analysis (LCA). Increased 
modularization will support scalability while simultaneous-
ly improving resource efficiency.
SDG 12.5, Reduce waste 
Promote a sustainable climate
By increasing our knowledge, awareness and insight, and 
striving to reduce our climate footprint throughout the 
value chain. 
SDG 13.2.2 Reduce greenhouse gas emissions per year
Ensure a healthy and resilient value chain
By introducing a systematic due diligence process with 
reference to sustainability in order to evaluate risks regard -
ing the environment, social responsibility and corporate 
governance. Make conscious and responsible choices 
about whom we do business with, both upstream and 
downstream. MilDef must not be involved in or contribute 
to any form of corruption.
SDG 16.5.1, Maintain cases of corruption or bribery at 0
MilDef aims to maintain a good balance between business, environmental and social sustainability. This 
is considered essential in order to meet current needs without jeopardizing the ability of future genera-
tions to meet theirs. MilDef always operates in compliance with mandatory requirements, such as appli-
cable laws and regulations, organizational and industry standards, contractual obligations, and any  
codes of conduct.
Sustainable Development Goals
MilDef works to promote the UN’s 17 Sustainable Develop-
ment Goals (SDGs). The Company has chosen to focus on the 
following five goals linked to its strategic development.
35
MILDEF GROUP ANNUAL AND SUSTAINABILITY REPORT 2024

===== SIDA 36 =====

SUSTAINABILITY  
JOURNEY
SUSTAINABILITY REPORT 2024
• Promote individual development at work – 
strengthen our staff processes, focusing on 
leadership and employeeship.
• Promote equality and diversity – increase 
the proportion of women in management 
positions through internal progression and 
external recruitment.
• Promote sustainable production and con-
sumption – continuous improvement work 
to rationalize and simplify. 
 
• Promote a sustainable climate – increase 
our knowledge, awareness and insight.
• Promote a sound value chain free from 
corruption – tighten up requirements and 
monitoring of compliance, both internally 
and externally.
1 ISO 9001 – Quality management system
2 ISO 14001 – Environmental management system
1997 2002 2009 2014 2020
MilDef founded Integrated 
management 
system  
implemented
ISO 14001 
certification2
ISO 9001 
certification1
MilDef Charity 
Foundation 
founded
FOCUS AND ACTIVITIES IN 2024
MILDEF GROUP ANNUAL AND SUSTAINABILITY REPORT 2024 
36

===== SIDA 37 =====

SUSTAINABILITY  
JOURNEY
SUSTAINABILITY REPORT 2024
• Promote individual development at work, 
invest in employee wellbeing and safety. 
• Promote an inclusive, diverse and innova-
tive culture where our employees thrive and 
grow together with the Company.
• Promote sustainable production and con-
sumption by strengthening our internal pro-
cesses and updating product development 
requirements.
• Promote a sustainable climate, increase 
our knowledge, awareness and insight, and 
strive to reduce our climate footprint.
• Ensure a healthy and resilient value chain 
by introducing a systematic due diligence 
process with reference to sustainability.
3 ISO 45001 – Occupational health and safety management system
4 ISO 26000 – Guidance on social responsibility
2021 2021 2022
UN Global  
Compact
Sustainalytics
EcoVadis
KYC process  
formalized
ISO 45001 
certification3
Expanded policy 
portfolio
Sustainability  
Policy
ISO 26000 
implementation4
New  
sustainability  
strategy
Sustainability 
Report 
published
Human rights  
due diligence   
framework
2023
CSRD 
preparation
Updated 
sustainability  
strategy 
Internal  
sustainability  
campaign
2024
FOCUS AND ACTIVITIES FOR 2025
37
MILDEF GROUP ANNUAL AND SUSTAINABILITY REPORT 2024

===== SIDA 38 =====

MilDef’s contributions to sustainable development
MilDef strives to contribute to sustainable development and 
acts in accordance with the Sustainable Development Goals 
(SDG) defined by the UN. The Company supports the Ten 
Principles of the UN Global Compact on human rights, labor, 
environment and anti-corruption. The Company works contin-
ually to embed the UN Global Compact and its principles in 
its strategy, culture and daily operations, and to engage in col-
laborative projects that promote the UN’s wider SDG targets, 
especially those relating to sustainable development. Since 
2021 MilDef has been a member of the UN Global Compact 
and endorsed its Ten Principles.
MilDef has chosen to work systematically on sustainability in 
order to maximize its contribution and has integrated the ISO 
SUSTAINABILITY REPORT 2024
SUSTAINABLE DEVELOPMENT
Reporting 
sustainability 
efforts
Stakeholder 
analysis
Business- 
integrated  
sustainability 
strategy
Tools for  
systematic  
work
Maximization/ 
materiality 
analysis
Global  
sustainable  
development
26000 guidance standard on social responsibility in its exist-
ing combined management system, which includes work on 
quality, the environment, and health and safety. Sustainability 
efforts are integrated into MilDef’s ordinary business planning 
and management systems, and incorporated in the overarching 
Crisis Management Procedure and Emergency response plans 
are in place at each site.
In addition to the organizations’ social responsibility in line 
with ISO 26000:2021, MilDef works with an environmental 
management system according to ISO 14001:2015, a quality 
management system according to ISO 9001:2015, and an 
occupational health and safety management system according 
to ISO 45001:2018 for which the company are also certified.
MILDEF GROUP ANNUAL AND SUSTAINABILITY REPORT 2024 
38

===== SIDA 39 =====

MilDef Group AB runs a multinational group of companies 
with the focus on delivering tactical IT solutions. This report 
covers the Parent Company and all main processes and sub-
sidiaries. At year-end 2024 MilDef had 327 employees across 
10 sites.
MilDef’s analysis of what corporate social responsibility entails 
for the Company is based on a process incorporating the 
following:
• Determination of value chain. 
• Implementation of stakeholder analysis. 
• Implementation of maximization/materiality assessment. 
• Selection of goals from the SDGs.
The evaluation took its starting point in the interests of priority 
stakeholders, benefits for society and importance to the Group 
as a whole. Priority issues were linked to the SDGs and targets 
where the Company has a positive and/or negative impact.
In general MilDef was successful in its development during the 
year. The monitoring of targets and metrics is assessed as part 
of management’s review of each company.
The following issues have been prioritized in the maximization 
assessment: Individual development and on-the-job training; 
discrimination and vulnerable groups; service and support for 
buyers of MilDef’s products, as well as complaints handling 
and dispute resolution; mitigation of and adaptation to climate 
change; and promotion of social responsibility in the value 
chain. The evaluation took its starting point in the interests of 
priority stakeholders, benefits for society and importance to 
the Group as a whole. The selected SDGs have been linked to 
MilDef’s vision, mission, business targets, sustainability strat-
egy and Code of Conduct. Based on the work outlined above, 
the Company has drawn up action plans for achieving the 
goals and established procedures for monitoring, evaluation 
and learning. The Company’s sustainability-related activities 
are described in the present Sustainability Report and form 
part of the overall business planning. As such they are moni-
tored, evaluated and improved on a continual basis. 
During 2024 MilDef worked to focus and prioritize its sustain-
ability efforts in the areas where the greatest effect can be 
achieved (reduced negative impact/increased positive impact). 
Contributions to sustainable development are reflected in  
MilDef’s long-term objectives
• Be a leading supplier of tactical IT in our priority markets.
• Maintain an excellent standard of service for customers and 
partners. 
• Provide and promote a stimulating, challenging and pleasant 
work culture. 
• Meet the Company’s financial targets with reduced periodic 
volatility.
• Contribute to a democratic, equal rights, and sustainable 
world.
SUSTAINABILITY REPORT 2024
GENERAL DISCLOSURES
General basis for preparation of sustainability 
statements 
(BP-1)  
We follow the working method set out in SS-EN ISO 
26000:2021 in order to maximize our contribution to the 
Sustainable Development Goals (UN SDG). This Sustainability 
Report is based on the organization’s self-declaration – which 
follows the requirements for sustainability reporting – where 
we report on how we have applied the guidelines in SS-EN 
ISO 26000:2021 and the requirements in SIS/TS 2:2024. 
During 2024 the organization embarked on a journey to adapt 
its sustainability reporting to the Corporate Sustainability 
Reporting Directive (CSRD) and the European Sustainability 
Reporting Standards (ESRS). This proactive approach under-
lines MilDef’s commitment to transparency, accountability 
and continuous improvement of the Company’s sustainability 
methods. The structure of this report has been adapted, with 
references to the respective ESRS made in each section where 
applicable.
Important steps taken during 2024: 
• Initial assessment and gap analysis 
Implemented a comprehensive gap analysis to compare the 
existing ISO 26000-based sustainability report with the 
requirements of CSRD and ESRS. 
Identified key areas that need to be improved to meet the 
new standards. 
• Stakeholder engagement  
Engaged internal and external stakeholders to gather in-
sights and expectations concerning sustainability reporting. 
Held workshops and made enquiries to ensure that the 
reporting framework addresses the stakeholders’ needs and 
expectations.  
• Data collection and management 
Conducted preliminary study of need for potential data 
collection systems to ensure accurate and reliable sustain-
ability data. 
Evaluated existing data management processes to ensure 
they meet the needs of expanded reporting requirements. 
• Training and capacity building 
Carried out training sessions for the Company’s sustainabil-
ity team to familiarize them with CSRD and ESRS require-
ments. 
Built internal capacity to ensure continuous compliance and 
high-quality reporting. 
• Review and assurance 
Initiated regular reviews of sustainability reporting processes 
to identify areas for improvement. 
Considered external assurance alternatives to increase the 
credibility and reliability of sustainability reports.
By taking these initial steps in 2024, MilDef has laid the 
foundations for reporting in accordance with CSRD and ESRS 
as of the beginning of the 2025 financial year. MilDef’s com-
mitment to sustainable development and responsibility to both 
stakeholders and the environment are reflected in the day-to-
day work and initiatives above.
(ESRS 2)
39
MILDEF GROUP ANNUAL AND SUSTAINABILITY REPORT 2024

===== SIDA 40 =====

SUSTAINABILITY REPORT 2024
Disclosures in relation to specific circumstances
(BP-2)  
The Company has strived to include reliable and qualitative 
data in order to meet the requirements and provide reason-
able target scenarios for its sustainability work. However, the 
Company has encountered challenges in terms of collecting 
complete sustainability data from certain subsidiaries and has 
been forced to make delimitations. These challenges relate 
to technical limitations, geographical obstacles and lack of 
common reporting systems.
For the purpose of this Sustainability Report the Company 
has chosen to delimit its environmental statistics to cover only 
MilDef’s headquarters in Helsingborg. This is because the 
headquarters has a significantly higher number of employees 
compared with other sites, currently accounting for 47% of the 
total workforce.  This central location is home to key functions 
such as research and development, manufacturing and admin-
istration, making it the largest and most critical hub within the 
organization.  Focusing on the headquarters enables MilDef to 
provide more detailed and accurate reporting of environmental 
performance and sustainability initiatives.
MilDef strives to continuously improve its sustainability efforts 
and meet the requirements in full. The Company is grateful 
to stakeholders for their understanding and looks forward to 
being able to present an even more comprehensive report in 
the future.
Sustainability governance
(GOV-1 & GOV-2)  
MilDef’s Board of Directors has overall responsibility for 
sustainability, with work flowing throughout the organization 
according to set procedures for roles and responsibilities in 
the combined management system. The overarching sustain-
ability approach is driven primarily by the quality assurance 
unit, which has a dedicated budget and mandate to pursue 
it. Internal training is provided to disseminate knowledge and 
increase awareness within the organization.
MilDef works actively on the principles of corporate social 
responsibility, both internally with employees and externally 
with stakeholders. MilDef takes the seven principles in ISO 
26000:2021 as a starting point for this work, which is consol-
idated via the combined management system:
• Clear responsibility, transparency and ethical behavior are 
primarily ensured through the governance, strategy and 
compliance management processes.
• Respect for the stakeholders’ interests is integrated in busi-
ness planning and managed through stakeholder analyses. 
• Respect for the principles of a state governed by laws and 
international standards of conduct is ensured by means 
of legal compliance and control of the value chain in the 
compliance process.
• Respect for human rights is ensured partly through the due 
diligence process and systematic efforts to promote a good 
working environment.
Via its combined management system, MilDef applies a variety 
of policies that are important to its operations within the areas 
of quality, environment, occupational health and safety and 
sustainability. These policies provide a clear direction for the 
principles and flow through selected parts of the value chain.
Regulatory compliance, ethics and cultural attitudes are 
extremely important, and an annual program of refresher 
training has been set up for all employees. MilDef has defined 
a structure and process for managing governing documents 
(policies, procedures and instructions), including ownership 
and responsibility for compliance with these.
All policies are available externally if required.
MilDef has started a review of internal policies and made 
certain initial changes to ensure compliance with the Corpo-
rate Sustainability Reporting Directive (CSRD). Extensive work 
to adapt sustainability targets, reporting processes and data 
collection methods remains to be done in the near future. 
Through these initial steps MilDef is striving to provide a sta-
ble basis for its continued sustainability journey and increase 
the Company’s transparency with respect to stakeholders.
Responsibility for sustainability efforts is assigned in each 
policy, and the designated policy owner is responsible for 
monitoring the policy at Group level. The CEO is responsible 
for reporting to the Board of Directors annually on policy 
compliance. 
MilDef uses Notisum’s online legal monitoring service, which 
notifies the Company if any new/updated laws and regula-
tions have been introduced of which it should be aware. Here 
MilDef describes how such laws and requirements apply to its 
business and how it meets the relevant requirements. Notisum 
carries out regulatory compliance checks in the relevant areas 
and countries on an annual basis.  The service includes specif-
ic lists of legislation on health and safety, environment and 
production, and covers Sweden, Norway, the UK and the USA. 
The Board of Directors
CEO
Management Team
Director of Quality
Ethics Council
QHSE Group
Health & Safety  committees
MILDEF GROUP ANNUAL AND SUSTAINABILITY REPORT 2024 
40

===== SIDA 41 =====

Stakeholder Type Needs and expectations Positive impact Negative impact Management and dialogue
Employees Internal Job security, fair compensation, ca-
reer development, work–life balance, 
recognition, safe environment, clear 
communication, inclusive culture.
High productivity, inno-
vation, strong corporate 
culture and low staff 
turnover.
Low morale, high staff 
turnover, reduced 
productivity and potential 
strikes.
Performance management, career 
paths, health and wellness initiatives, 
open-door policy, intranet, manage-
ment system, two-way reporting.
Managers Internal Leadership support, team perfor-
mance, resource management, stra-
tegic goals, professional development, 
clear communication, employee 
motivation, operational efficiency.
Strong team leadership, 
high productivity and 
effective resource man-
agement.
Ineffective management, 
low team morale and high 
staff turnover.
Leadership training, HR dashboard, 
resource allocation plans, strategic 
planning sessions, training program, 
regular updates, motivational initia-
tives, efficiency tools.
Customers Primary Reliability, safety, high quality, compli-
ance, innovation, cost-effectiveness, 
timely delivery, technical support, 
long-term partnerships.
Revenue growth, market 
reputation, positive 
cash flow and long-term 
contracts.
High requirements, 
stringent compliance re-
quirements and potential 
reputational risk.
Regular status updates, KYC, security 
briefings, compliance reports, inno-
vation demonstrations, cost–benefit 
analyses, project timelines, dedicated 
support team, relationship-building 
activities.
Suppliers Primary Timely payments, clear contracts, 
long-term partnerships, forecasts, fair 
treatment, communication, quality 
standards, logistical support.
Reliable supply chain, 
high-quality materials  
and cost-effectiveness.
Disruptions in the supply 
chain, quality issues, 
compliance deviations, 
negative cash flow and 
increased costs.
Fair and balanced agreement terms, 
payment in line with the agreement, 
regular collaboration, demand plan-
ning, fair practice, consistent updates, 
quality audits, logistical coordination.
Investors Primary Financial return, business growth, risk 
management, transparency, strategic 
vision, market position, corporate 
governance, sustainability.
Capital infusion, market 
credibility and strategic 
support.
Pressure on short-term 
profits, potential loss of 
control and high expec-
tations.
Earnings reports, growth forecasts, 
risk assessments, transparent 
disclosures, strategic updates, market 
analysis, governance practice,  
sustainability reports.
SUSTAINABILITY REPORT 2024
Risk management
(GOV-5)  
Every opportunity within the business is associated with one 
or more risks, and an enterprise risk management (ERM) 
program is used to determine which opportunities should be 
monitored.
ERM is a systematic process for taking stock of, assessing and 
preventing risks within the business. The aim of risk manage-
ment is to safeguard resources and revenues from threats – 
both internal and external – as profitably as possible.
The risk strategy involves identifying and assigning responsibil-
ity for risks at all organizational levels and is part of the busi-
ness planning process. Proactive work on risk management is 
integrated into strategic planning and operational processes. 
It aims to identify, prioritize and manage potential risks within 
the respective sustainability areas. Read more about risk and 
risk management on pages 76–79. 
Stakeholder dialogue
(SBM-2)  
A stakeholder analysis that assesses each stakeholder on the 
basis of impact and influence is carried out in connection with 
business planning. Those with the highest scoring are consid-
ered to be key stakeholders. For MilDef these are employees, 
managers, customers, suppliers and investors. During the year 
the Management Team has chosen to highlight and further 
increase focus on our key stakeholders.
MilDef keeps track of stakeholders’ views and opinions, 
including by means of employee surveys, customer surveys, 
management reviews, and continual gathering of stakehold-
ers’ expectations and views from industry and professional 
associations with which the Company is affiliated. Commu-
nication with stakeholders takes several different forms, and 
MilDef uses methods including surveys, individual and group 
discussions, digital information, and contact with various 
industry and professional associations to reach more of its 
stakeholders.
Sustainability-related information is communicated on an 
ongoing basis via the Group’s website, press releases and 
social media, as well as through the intranet and other internal 
channels. Internal and external communication is evaluated on 
an ongoing basis to maximize its reach and to ensure that the 
Company is reaching out to the right stakeholders. External 
communication is managed by the Head of IR & Communica-
tions, and there are procedures in place to ensure compliance 
with any applicable requirements (insider trading, confidential-
ity, security classification, etc.).
MilDef maintains ongoing dialogue with both external and 
internal stakeholders, for example via news posts, meetings, 
training and feedback on the Company’s sustainability efforts.
41
MILDEF GROUP ANNUAL AND SUSTAINABILITY REPORT 2024

===== SIDA 42 =====

ESG
SUSTAINABILITY REPORT 2024 – ESG
MILDEF GROUP ANNUAL AND SUSTAINABILITY REPORT 2024 
42

===== SIDA 43 =====

ENVIRONMENTAL SUSTAINABILITY (ESG)
The overall ambition of environmental responsibility is to protect the environment by actively and measurably striving to 
reduce the Company’s and its customers’ environmental impact and to reduce resource use, both in MilDef’s own operations 
and those of its suppliers. The Company is committed to protecting the environment, preventing pollution, and complying with 
current and expected future legal requirements. 
Resource use and circular economy
(ESRS E5) 
Reducing waste 
MilDef’s goal is to maintain sustainable waste management. 
MilDef has several measures in place related to waste reduc-
tion and recycling in the workplace, including guidance on 
the recycling program and initiatives to reduce everyday trash 
volumes. Waste generation should be prevented whenever 
possible. If waste is unavoidable, efforts should be made to 
keep it to a minimum. 
• General waste: Reuse is encouraged throughout the 
organization. All sites have a waste hierarchy to optimize 
waste management. 
• Hazardous waste: Procedure for chemicals handling (to 
minimize hazardous chemicals). All waste is separated 
and handled in accordance with the waste hierarchy, 
using the correct disposal streams and documentation.
Responsible production 
MilDef produces and sells electronic products, and environ-
mental sustainability is taken into account at all stages of the 
product lifecycle. The Company seeks to ensure a long life for 
its products, and end-of-life products can easily be dismantled 
for reuse or recycling. All end-of-life products can be returned 
to the headquarters in Sweden.  Producing companies are 
affiliated to collection systems for electrical equipment, batter-
ies and packaging materials, and waste quantities are reported 
to the Swedish Environmental Protection Agency or equivalent 
each year. 
Packaging materials 
The Group’s goal is to have a sustainable logistics chain. 
This means reusing incoming packaging materials whenever 
possible and being environmentally aware when purchasing 
new material.  
Purchasing 
The Group’s goal is to make its purchasing sustainable. MilDef 
works with large and well-established manufacturers of good 
repute and encourages its suppliers to also use materials more 
efficiently and reduce waste. MilDef is extending its environ-
mental principles to its supply chain, particularly for strategic 
and key suppliers.
SUSTAINABILITY REPORT 2024 – ESG
Reduced waste 
per employee 
(HQ)
-20%
Climate impact
(ESRS E1)  
MilDef strives to reduce its impact on climate and the envi-
ronment. The Company is aware that its operations have an 
impact on the environment and, from a sustainability perspec-
tive, strives to use and apply resource-efficient materials and 
functions in buildings and premises connected to the MilDef 
Group. 
Sustainability has been included as one of four strategic focus 
areas. Most of the initiatives have been implemented in multi-
ple parts of the organization to increase awareness, knowledge 
and engagement among employees. For example, the first 
sustainability event was held at headquarters with a lecture, 
inspiration and competitions on sustainability issues. 
Determining and analyzing significant environmental aspects 
makes it possible to identify measures to reduce or mitigate 
greenhouse gas emissions. Ongoing measures of this nature 
are summarized below.
Energy efficiency 
The Group’s goal is to make its energy consumption sustain-
able. Measures are in progress to lower energy consumption 
in MilDef’s premises: The headquarters in Helsingborg is a 
gold-certified green building. 100% green electricity is used, 
around 20% of which is produced locally by photovoltaic 
panels installed on roofs. Energy consumption is monitored in 
premises where this is possible, and measures are identified to 
lower energy consumption. 
Business travel 
The Group’s goal is to promote sustainable travel. MilDef is 
working to lower emissions from business travel. Public transit 
is used where practical, and vehicles are shared for trips to 
visit customers and suppliers and attend events. Digital meet-
ings are encouraged where this is appropriate and can work as 
an alternative to travel.
MilDef continues to work to safeguard, automate and refine 
data collection in order to reduce annual carbon emissions per 
employee from business-related travel. 
Transport of products 
The Group’s goal is to makes its logistics sustainable. For 
deliveries to customers and transportation of display materials, 
samples, etc., MilDef strives to maximize capacity utilization 
and ensure route optimization while using sustainable trans-
port solutions wherever possible, for example by coordinating 
delivery days. Optimizing packaging makes transport more 
efficient, saving weight and space. 
Actions taken to 
increase know-
ledge internally
+56
43
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SOCIAL RESPONSIBILITY (ESG)
The overall ambition of social sustainability is to promote a better society by acting as a responsible and respectful employ -
er and helping to further social progress at the locations where the Company is active, based on the Code of Conduct. The 
Company is committed to continual improvement of the working environment and sustainability by promoting a positive health 
and safety culture.
SUSTAINABILITY REPORT 2024 – ESG
Understanding the effects of our activities through a long and 
complex value chain presents challenges. Our goal is to build 
a sustainable and resilient supplier base. This is based on 
balanced relationships and taking account of risks relating to 
the environment, people and the climate, with the goal of mak-
ing adjustments that protect the interests of MilDef and its 
suppliers, and also promote continued long-term, sustainable 
business relationships.
MilDef Charity Foundation 
In 2014 MilDef formed its charitable foundation MilDef Char-
ity Foundation. Since then the Foundation has been fully fi-
nanced by the MilDef Group in the form of a percentage of the 
Company’s profit for the year. In 2024 the Foundation donated 
a total of SEK 700,000 to 12 different carefully selected or-
ganizations in the Helsingborg area. These organizations span 
everything from supporting people fleeing war to protecting 
women from violence, giving hope to people with substance 
abuse problems, offering a safe and dry place for unhoused 
individuals to sleep and get a meal, helping young students 
to finish school, and giving underserved people the chance to 
take part in sport. Quite simply, actions that make things a 
little easier and restore hope to those at risk of losing hope. 
The goal is to donate at least 50% of the annual contribution 
received from MilDef Group AB, and there is full transparency 
regarding the donation recipients, which are presented on 
MilDef’s website.
The Foundation is headed by a board of trustees, which meets 
regularly to drive the work forward and make decisions on 
applications received and on its own proposals. The board 
comprises Olof Engvall (Chair), Marie Haveneth, Marie Jonsson 
and Jörgen Kjellgren. Daniel Dujmovic was elected as a new 
member in 2024. The 12 beneficiary organizations in 2024 
included the homeless shelter Hemlösas Hus, the women’s 
crisis center Kvinnojouren Helsingborg and the football foun-
dation Fotbollsstiftelsen Gatulaget (“the Street team”). Here’s 
what representatives of these organizations have to say about 
the support received from MilDef Charity Foundation.
“Hemlösas Hus is very grateful for MilDef’s donation, which 
helps us to provide support services to our guests. It enables 
us to continue offering help to those who really need it,” says 
Björn O. Anderberg, Chair of Hemlösas Hus.
“We’re very grateful for several years of generous donations 
to Kvinnojouren, which make a big difference to women and 
children affected by sexual violence and abuse,” says Jenny Ek 
Wrobel, head of Kvinnojouren.
Health, safety and wellbeing
(ESRS S1)  
MilDef is committed to continually improving occupational 
health, the working environment, safety and wellbeing. By 
promoting a positive health and safety culture, work-related 
risks are identified and eliminated. This is accompanied by 
methodical efforts to control and prevent elements of risk. The 
working environment must reflect a high level of participation 
and give employees the freedom to make their own decisions 
and work innovatively. Everyone is to have a sense of job satis-
faction, security and belonging, and feel that going to work is 
fun. The Company has a zero-tolerance approach to any form 
of discrimination or harassment.
One of the main goals is to provide and promote a stimulating, 
challenging and pleasant work culture, and efforts are made 
to ensure the working environment is as safe as possible. We 
believe that we achieved this in 2024. 
During the year MilDef prepared to introduce collective bar-
gaining agreements in Sweden effective January 1, 2025, to 
align with market standards and industry practice. By updating 
employment terms and strengthening dialogue with both 
employees and labor unions, the organization is creating a 
sustainable and attractive workplace for the future.
Read more in Strength comes from within and Priority mea-
sures 2024 by Martina Karlsson (CPO) on pages 24–25.
Social engagement 
Responsibility in the supply chain 
(ESRS S2)  
MilDef seeks to maintain sustainable procurement and pur-
chasing processes. The Company strengthens the framework 
on an ongoing basis by adding targets relating to its main 
areas of impact. All agreements entered into incorporate the 
Company’s Code of Conduct, and proactive steps are taken 
to gain acceptance of this in all purchasing from transac-
tion-based suppliers. MilDef’s program for improving the 
supply chain identifies which suppliers should be prioritized 
and encourages them to improve their sustainability efforts.
MilDef seeks to promote human rights and eliminate bribery 
and corruption in all parts of the supply chain. The Company’s 
program for human rights due diligence in the value chain 
helps to identify areas, regions or suppliers that may poten-
tially present human rights risks. During the year the Company 
began implementing CSRD, which as well as covering human 
rights provides mapping of impacts and risks for climate and 
the environment.
Increase participa-
tion in leadership 
programs
100%
Employee net  
promoter score
eNPS: 27
MILDEF GROUP ANNUAL AND SUSTAINABILITY REPORT 2024 
44

===== SIDA 45 =====

SUSTAINABILITY REPORT 2024 – ESG
The football foundation thanks MilDef for the 
enormous support we’ve received over the last 
few years. Your donations have not only  
contributed to people getting sober and moving 
into vocational training and work, but also to 
significant personal successes. 
Kenneth Storvik, founder of Gatulaget 
45
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SUSTAINABILITY REPORT 2024 – ESG
MILDEF GROUP ANNUAL AND SUSTAINABILITY REPORT 2024 
46

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GOVERNANCE (ESG)
The overall ambition is to achieve long-term business sustainability through good business practices and business ethics. 
Sustainable business is considered to apply not only to how MilDef behaves with respect to the world around it but also how 
people within the Company behave and treat one another. The aim is to treat one another in a friendly and respectful way, 
which in turn gives MilDef and its people the confidence and self-assurance it needs to be able to treat customers and other 
stakeholders in the same way, while also providing world-class service. Both working at and doing business with MilDef 
should be a safe and pleasant experience.
Reporting censurable conditions and handling 
complaints
MilDef wants to be aware of any censurable conditions or 
complaints in the business and to facilitate reporting of these. 
To make it possible to address these matters at an early stage 
and take corrective action immediately, the Company has 
established the processes outlined below.
Complaints from stakeholders are handled via MilDef’s 
integrated management system. Proposals for improvements 
are drawn up where necessary and implemented. To safe-
guard the whistleblower’s anonymity, an independent external 
whistleblowing service is made available and can be used 
to draw attention to serious cases of censurable conditions 
anonymously. This is valued in particular as it provides an 
opportunity to find out about matters that for various reasons 
would otherwise have risked remaining undiscovered. Only if 
the Company is aware of any irregularities can it change and 
improve.
SUSTAINABILITY REPORT 2024 – ESG
Anti-corruption 
The Company operates on the basis that tackling corruption 
is a prerequisite for sustainability. It is therefore important for 
MilDef to set a good example and apply the same zero-toler-
ance approach to bribes in all markets and in relation to all its 
business partners. This means the Company must never seek 
or accept business advantages based on unlawful or unethical 
behavior such as unlawful payments, bribes, kickbacks or 
other questionable incentives in order to influence someone’s 
professional duties or to achieve or retain an unfair business 
advantage.
MilDef assesses the corruption risk in all transactions based 
on e.g. the corruption index, business chain and customer 
intelligence. If there is a heightened risk of corruption, MilDef 
cancels the transaction or carries out a special, in-depth 
review to ensure that the Company is not contributing to cor-
ruption. The anti-corruption system includes internal governing 
documents and continual training for all employees to increase 
knowledge of corruption and ensure that business activities 
are conducted responsibly and correctly. 
Responsible sales 
A KYC (know your customer) framework is used to ensure that 
the market actors MilDef chooses to do business with live 
up to both regulatory and ethical requirements. For ethical 
reasons, MilDef refrains from doing business in/with nations 
that are subject to arms embargos, although MilDef’s products 
are not typically covered by such embargos. The Company also 
has a generally restrictive attitude to exporting technological 
products to defense customers in countries outside MilDef’s 
priority markets (selected EU and NATO countries), which 
limits both the risk of contributing to corruption and of the 
products falling into the wrong hands.
Cases of corruption 
or bribery
0
Internal (for employees):  In the value chain  
(for workers): External (for communities): 
Employee survey Supplier agreement 2Secure whistleblower 
function 
OHS Committees Process audits Contact details for complaints 
via the website (email)
MMS Case system 2Secure whistleblower 
function
2Secure whistleblower 
function
Contact details for 
complaints via the website 
(RMA)
Union negotiations
47
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===== SIDA 48 =====

ENVIRONMENT (E) 2021 2022 2023 2024
1. Electronic products placed on the Swedish market, HQ* (kg)
Quantity sold 10,560 6,196 11,678 9,471
Recycle Ratio 80% 62% 54% 33%
2. Batteries placed on the Swedish market, HQ* (kg)
Quantity sold 134 300 487 217
Recycle Ratio 8% 22% 8% 8%
3. Waste HQ*, by type (kg)
Waste (kg) 14,984 11,109 12,086 13,040
Hazardous waste (kg) 962 396 1,450 682
Per employee 156 96 102 90
4. Emissions from business travel, HQ* (MT co2e)
Total 19.44 94.15 131.77 122.20
Per employee 0.21 0.86 1.00 0.81
5. Energy usage, HQ* (kWh)
Electricity 175,794 258,612 299,966 266,301
Heating 132,882 117,001 119,039 111,014
Share of green energy 100% 100% 100% 100%
6. Water usage HQ* (m3)
Water 388 471 624 678
Per employee 3.80 3.93 4.69 4.04
SUSTAINABILITY REPORT 2024
* HQ refers to MilDef’s headquarters in Helsingborg.
ESG STATISTICS FOR MILDEF
MILDEF GROUP ANNUAL AND SUSTAINABILITY REPORT 2024 
48

===== SIDA 49 =====

49
SUSTAINABILITY REPORT 2024
GOVERNANCE (G) 2021 2022 2023 2024
1. Scope of ISO certification
Number of sites 8 12 9 10
Covered by certification 5 9 6 7
Certification rate 63% 75% 67% 70%
2. Whistleblowing cases
Corruption 0 0 0 0
Discrimination 0 0 0 0
Workplace bullying 0 0 0 0
Significant human rights issues 0 0 0 0
3. Customer control (Ethics Council)
Cases tried 2 8 7 6
Cases rejected 2 4 1 3
SOCIAL RESPONSIBILITY (S) 2021 2022 2023 2024
1. Serious accidents
Headquarters 0 0 0 0
Other sites 0 0 0 0
Total 0 0 0 0
2. Work-related fatalities
Headquarters 0 0 0 0
Other sites 0 0 0 0
Total 0 0 0 0
3. Percentage of women
The Board of Directors 33% 33% 29% 29%
Management Team 10% 20% 50% 43%
Employees 15% 25% 27% 25%
4. Workforce
Organic net new hires 33 78 56 54
Total net new hires 68 108 16 21
5. Donations to charity (SEK 000)
MilDef Charity Foundation 650 200 600 700
Veterans with Dogs (UK) 100
Association of the United States Army – AUSA National Scholarship (US) 100 100
The US Navy Memorial (US) 100
Support for UK Ministry of Defence Project Manager to participate in  
Invictus Games (UK) 100
Swedish charity Support for Ukraine 100
Service Dogs UK 70
49
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Trading volume and activity 
In the period January 2 – December 30, 2024, a total of 
around 31.4 million MilDef shares were traded on Nasdaq 
Stockholm at a value of around SEK 2,664 million. The aver-
age daily trading volume was 124,925 shares, equivalent to 
just under SEK 10.6 million. 
Share capital 
At year-end 2024 MilDef’s share capital amounted to SEK 
11,393,267, divided into 45,573,068 shares with a quota val-
ue of SEK 0.25 per share. All of the shares are ordinary shares 
carrying the same voting rights. 
Ownership structure 
The largest individual shareholder was Svolder, whose total 
shareholding amounted to around 10.8% of the capital and 
votes in the Company. The 10 largest shareholders represent-
ed around 45% of the capital and votes. As of December 31, 
2024, MilDef had 18,161 shareholders. 
Dividend 
MilDef’s target is to distribute 20–40% of profit after tax. 
MilDef will, however, take long-term development, capital 
structure and prevailing market conditions into account. The 
Board of Directors is proposing to the AGM that a dividend of 
SEK 0.50 per share be set for the 2024 financial year.
MILDEF’S SHARE
THE MILDEF SHARE
MilDef has been listed on Nasdaq OMX Stockholm (now Mid Cap) in the Industrial Goods and Services 
sector since June 4, 2021. The share’s ISIN code is SE0016074249. The share is traded under the ticker 
MILDEF. A trading unit is one (1) share.
Share price movement 
The closing price for MilDef’s share on December 30, 2024 
was SEK 124.80, giving a market capitalization of around SEK 
5,688 million. The average share price during the period was 
SEK 84.95. The share price rose by 90.2% in 2024. Over the 
same period the OMXS30 index rose by 3.63%.
MilDef share price movement 2024
Ongoing analysis 
Analysts following MilDef on an ongoing basis are Erik Golrang, 
SEB, Fredrik Agardh, SEB, Hugo Lisjö, Carnegie, and Tom 
Guinchard, Pareto Securities.
About the MilDef share
Name: MilDef Group AB LEI code: 9845009F7Q0D56B38270
Stock exchange: Nasdaq Stockholm Currency: SEK
MIC: XSTO Listing date: June 4, 2021
Segment: Mid Cap Price on Dec. 30, 2024: 124.80 
ISIN code: SE0016074249 2024 year high (Dec. 30): 126.20 
Symbol: MILDEF 2024 year low (Apr. 26): 55.30
0
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400000
500000
600000
700000
800000
900000
1000000
0,00
20,00
40,00
60,00
80,00
100,00
120,00
140,00
Volym MILDEF OMXS30
MILDEF GROUP ANNUAL AND SUSTAINABILITY REPORT 2024 
50

===== SIDA 51 =====

MILDEF’S SHARE
Data per share 
SEK unless otherwise indicated 2024 2023 2022 2021 2020
Earnings per share, before dilution -5.43 1.73 0.38 -0.03 1.83
Earnings per share, after dilution -5.37 1.71 0.37 -0.03 1.83
Dividend per share 0.501) 0.50 - 0.75 0.75
Share price as of December 31 124.80 65.60 80.80 52.40 -
Dividend yield, %2) 0.40 0.76 0.00 1.43 -
Equity per share, before dilution 24.17 21.19 19.77 15.61 5.71
Equity per share, after dilution 24.09 20.96 19.55 15.61 5.71
MilDef’s 10 largest shareholders as of December 31, 2024
Name No. of shares Votes (%) Capital (%)
Svolder 4,928,434 10.81 10.81
MilDef Crete Inc. 2,914,600 6.40 6.40
Second Swedish National Pension Fund (AP2) 2,655,785 5.83 5.83
Marianne Trolle 2,412,752 5.29 5.29
Carnegie Fonder 1,664,115 3.65 3.65
Daniel Ljunggren 1,593,115 3.50 3.50
Third Swedish National Pension Fund (AP3) 1,322,626 2.90 2.90
Deka Investments 1,064,700 2.67 2.67
Swedbank Robur Fonder 1,000,000 2.19 2.19
Adam Mentel 982,421 2.16 2.16
Subtotal 20,538,548 45.40 45.40
Total other shareholders 25,034,520 54.60 54.60
Total 45,573,068 100.00% 100.00%
Share capital development 
Year Transaction Change in number of 
shares Total number of shares Change in share capital, 
SEK Total share capital, SEK
2012 Parent Company formed 10,700,000 10,700,000 5,350,000 5,350,000
2013 New share issue 280,000 10,980,000 140,000 5,490,000
2016 New share issue 40,000 11,020,000 20,000 5,510,000
2018 New share issue 598,422 11,618,422 299,211 5,809,211
2021 New share issue 711,087 12,329,509 355,543.50 6,164,754.50
2021 2:1 split 12,329,509 24,659,018 - 6,164,754.50
2021 New share issue 10,958,904 35,617,922 2,739,726.00 8,904,480.50
2021 New share issue 449,939 36,067,861 112,484.75 9,016,965.25
2021 New share issue 321,512 36,389,373 80,378.00 9,097,343.25
2022 New share issue 3,470,193 39,859,566 867,548.25 9,964,891.50
2024 New share issue 72,500 39,932,066 18,125.00 9,983,016.50
2024 New share issue 5,434,782 45,366,848 1,358,695.50 11,341,712.00
2024 New share issue 84,220 45,451,068 21,055.00 11,362,767.00
2024 New share issue 122,000 45,573,068 30,500.00 11,393,267.00
1) Proposed dividend for 2024
2) Proposed dividend/share price at year-end
51
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===== SIDA 52 =====



===== SIDA 53 =====

ANNUAL REPORT 2024
CORPORATE GOVERNANCE REPORT .......................54
GUIDELINES FOR REMUNERATION OF  
SENIOR EXECUTIVES .............................................62
REMUNERATION REPORT ......................................64
BOARD OF DIRECTORS ..........................................66
MANAGEMENT TEAM .............................................68
DIRECTORS’ REPORT .............................................70
RISK AND RISK MANAGEMENT ..............................76
FINANCIAL STATEMENTS AND NOTES ....................81
SIGNATURES .......................................................128
AUDITOR’S REPORT............................................. 129
MULTI-YEAR SUMMARY .......................................133
DEFINITION OF KEY FIGURES ..............................135
ARTICLES OF ASSOCIATION .................................136
FORMAL ANNUAL 
REPORT
53
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ANNUAL REPORT 2024CORPORATE GOVERNANCE REPORT
CORPORATE GOVERNANCE REPORT
MilDef Group AB (publ) is a Swedish limited company with its registered office in Helsingborg. The  
Company has been listed on Nasdaq Stockholm since June 4, 2021.
Good corporate governance is fundamental to being able to manage MilDef on behalf of the shareholders 
in a manner that is as sustainable, responsible and efficient as possible. This in turn improves confidence 
in the Company in the capital market and among the general public – confidence that is crucial for the 
freedom to realize the Company’s strategies so that MilDef can create value in the long term.
voting rights. The shares have a quota value of SEK 0.25. 
The closing price at year-end was SEK 124.80 and the 
total market capitalization amounted to SEK 5,688 million. 
The number of shareholders as of December 31, 2024 was 
18,161. For more information on ownership and share capital, 
see “The MilDef share”.
Insider trading and insider list 
MilDef has ambitious goals when it comes to ethically correct 
behavior. MilDef’s Board of Directors has adopted an Insider 
Policy as part of its efforts to uphold high ethical standards 
and to ensure that MilDef maintains a good reputation in the 
eyes of the general public and the capital market. The policy 
aims to reduce the risks of insider trading and other unlawful 
actions by providing clear guidance for employees and other 
stakeholders.
MilDef’s corporate governance structure 
Shareholders can exercise influence in the Company at 
the shareholders’ meeting, which is the Company’s highest 
decision-making body. Every shareholder has the right to 
participate in and exercise the voting rights for their shares at 
the shareholders’ meeting, either in person or through a proxy. 
At the Annual General Meeting, the shareholders elect the 
members and Chair of the Board and auditor(s), and approve 
their fees. The Annual General Meeting passes resolutions on 
adoption of the income statement and balance sheet, alloca-
tion of the Company’s profit, and discharge from liability for 
the members of the Board and the CEO. The Annual General 
Meeting also passes resolutions on principles for the Nomi-
nation Committee and principles for remuneration and other 
terms of employment for the CEO and other senior executives. 
The Annual General Meeting or extraordinary shareholders’ 
meeting can also pass resolutions to amend the Articles of 
Association, increase or decrease the share capital, etc. The 
notice convening the Annual General Meeting is published in 
Post- och Inrikes Tidningar (the Official Swedish Gazette) and 
on the Company’s website. Notice of the meeting has been 
advertised in the Swedish newspaper Dagens Industri.
The Board of Directors’ task, on behalf of the shareholders, 
is to manage MilDef’s affairs in the interests of the Company 
and all the shareholders. The Chair of the Board has a special 
responsibility to ensure that the Board’s work is well organized 
and conducted efficiently.  
The Audit Committee and Remuneration Committee are ap-
pointed by the Board of Directors.
The Company’s auditors are appointed by the shareholders’ 
meeting to audit the Company’s Annual Report and accounting 
records, and also the Board of Directors’ and CEO’s adminis-
tration. The auditors report to the shareholders at the Annual 
General Meeting via the Auditor’s Report.
Operations 
Digitalization of operations and functions that are critical for 
society is increasing and with it the need for tactical IT in 
demanding environments. MilDef is taking an active role in 
this development. The goal is to be the most reliable partner 
in the industry. MilDef adds value through industry-leading 
quality and high delivery precision. As one of Europe’s leading 
groups within tactical IT, MilDef’s business concept is to 
develop, deliver and offer tactical IT products and services for 
processes and functions that are critical for society. MilDef 
customizes solutions to be able to meet its customers’ specific 
requirements in the demanding environments in which the 
solutions are used. MilDef’s hardware and software products 
are combined with services to deliver effective digitalization. 
At year-end 2024 MilDef consisted of 18 legal entities with 
just over 300 employees in seven countries. The Group posted 
revenue for full-year 2024 of SEK 1,201 million with an ad-
justed operating EBITA margin of 12.5%. 
Basis of governance 
MilDef’s governance is based on the Company’s Articles of 
Association, the Swedish Companies Act, other applicable 
Swedish and foreign laws and regulations, as well as internal 
governing documents. MilDef’s corporate governance is also 
underpinned by Nasdaq Stockholm’s Rulebook for Issuers of 
Shares and the Swedish Corporate Governance Code (“the 
Code”). MilDef has followed the Code in all respects during 
2024. This Corporate Governance Report has been prepared 
in accordance with the Swedish Annual Accounts Act and the 
Code. MilDef’s auditors have reviewed the report, and a state-
ment from the auditors has been included. Corporate Govern-
ance Reports and other information on corporate governance 
can be found on MilDef’s website: www.mildef.com.
MilDef strives to operate in a sustainable, responsible and 
efficient manner that creates value for our customers, share-
holders, employees, managers, suppliers and other stakehold-
ers. The Company’s strategy and financial targets support this 
approach.
The Company’s strategy, financial targets and sustainability 
ambitions are described in the present report. The highest 
decision-making body in the Company is the shareholders’ 
meeting. This is normally held once a year in the form of the 
Annual General Meeting but can also be convened in the form 
of an extraordinary shareholders’ meeting in certain circum-
stances. The Company organizes the Annual General Meeting, 
but the shareholders can bring influence to bear and propose 
items for the meeting agenda.
Share capital and shareholders 
At year-end 2024 MilDef’s share capital amounted to SEK 
11,393,267, divided into 45,573,068 shares in one share 
class. All of the shares are ordinary shares carrying the same 
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ANNUAL REPORT 2024CORPORATE GOVERNANCE REPORT
The Board of Directors adopts a formal work plan for itself and 
instructions for the CEO. The Board of Directors appoints the 
CEO, who is responsible for the ongoing administration of the 
Company. The CEO in turn appoints the Management Team. 
Nomination Committee 
A Nomination Committee is to be formed each year at the ini-
tiative of the Chair of the Board, and the rules for the composi-
tion of the Nomination Committee are to be adopted by the 
Annual General Meeting. The Nomination Committee is made 
up of three members plus the Chair of the Board as a co-opted 
member.  The members of the Nomination Committee are to 
include a representative of each of the three shareholders with 
the largest number of votes in the share register maintained 
by Euroclear Sweden on August 31 in the year prior to the 
Annual General Meeting. As a co-opted member the Chair 
of the Board convenes the first meeting of the Nomination 
Committee.
If any shareholder waives the right to participate in the 
Nomination Committee, the next largest shareholder is to be 
given the opportunity to appoint a member to the Nomination 
Committee. The chair of the Nomination Committee is to be 
the member appointed by the shareholder with the largest 
number of votes, unless the Nomination Committee decides 
otherwise. Neither the Chair of the Board nor another board 
member may be the chair of the Nomination Committee. 
The Nomination Committee is to check in the share register 
maintained by Euroclear Sweden AB on December 31 to see 
whether another shareholder has a larger number of votes 
than any of the shareholders who have appointed members 
to the Nomination Committee in accordance with the proce-
dure described above. If there has been such a change in the 
number of votes – and the change is more than marginal – the 
Nomination Committee is entitled to change its composition 
as it sees fit or, if the Nomination Committee decides not to 
change its composition, the shareholder concerned is in any 
case to be entitled to appoint a representative, who is to be 
co-opted to the Nomination Committee. Should the Nomina-
tion Committee otherwise become aware of a change in the 
Company’s ownership before it has completed its work, the 
Nomination Committee is entitled to change the composition 
of the Nomination Committee and/or co-opt a representative/
representatives to the Nomination Committee as it sees fit. 
Should a member leave the Nomination Committee before its 
work is complete and the Nomination Committee considers it 
advisable to appoint a replacement, such replacement is to be 
from the same shareholder or, if said shareholder is no longer 
among those with the largest number of votes, from the next 
largest shareholder by number of votes. Any change to the 
composition of the Nomination Committee is to be announced 
immediately.
Each year, a survey of the Board of Directors’ work, compo-
sition, qualifications, experience and efficiency is conducted 
among the board members. This survey forms the basis for the 
Nomination Committee’s assessment of whether the Board of 
Directors should be strengthened with additional expertise or 
whether there are other reasons to change the composition of 
the Board. The Nomination Committee usually also meets with 
the CEO and sometimes also with individual board members. 
Persons proposed as new board members are interviewed by 
the Nomination Committee. The Nomination Committee is to 
consider In particular the requirement to achieve diversity and 
breadth in the Board of Directors, and to strive for an equal 
gender distribution. The Nomination Committee assesses 
the composition of the Board of Directors with respect to 
its independence and considers all proposals regarding its 
composition that have been submitted to the Nomination 
Committee, which may come from other shareholders. The 
names of the representatives on the Nomination Committee 
and the shareholders they represent are to be published no 
later than six months before the Annual General Meeting. 
Based on the ownership structure on August 31, 2024, a 
Nomination Committee was constituted for the 2025 Annual 
General Meeting consisting of Marianne Trolle, representing 
her own holding; Johan Ståhl, appointed by Svolder AB; Martin 
Jonasson, appointed by Andra AP-fonden; and Björn Karlsson 
(co-opted member), Chair of the Board of MilDef. Johan Ståhl 
was appointed chair of the Nomination Committee. Verification 
of the ownership structure at year-end 2024 did not occasion 
any change to the Nomination Committee.
The Nomination Committee’s proposals are to be presented 
in the notice convening the shareholders’ meeting and on 
MilDef’s website. In connection with this, the Nomination 
Committee is to provide a reasoned statement on the Compa-
ny’s website regarding its proposal for the Board of Directors, 
Nomination  
Committee
Remuneration  
Committee
Shareholders’ 
meeting
Board of Directors
President & CEO
External auditors
Audit Committee
Decision-making  
function
Preparatory function Control function
MilDef’s overarching corporate governance structure
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ANNUAL REPORT 2024CORPORATE GOVERNANCE REPORT
taking into account the provisions of the Code governing the 
composition of the Board of Directors. In particular, the pro-
posal is to be explained in terms of the requirement to strive 
to achieve an even gender distribution. The statement is also 
to include a brief account of how the Nomination Committee 
has performed its work and of the Equality Policy that the 
Nomination Committee has applied in drawing up its proposal. 
The Nomination Committee is to submit to the Annual General 
Meeting its proposals for meeting chair, number of board 
members, Board of Directors, Chair of the Board, auditor, 
board fees (distributed between Chair and other members 
plus remuneration for committee work), audit fees and, to 
the extent considered necessary, proposals for changes to 
the present instructions for the Nomination Committee. The 
Nomination Committee is to submit a reasoned statement on 
its proposals to the Annual General Meeting. Shareholders 
may request to have a matter discussed at the 2025 Annual 
General Meeting by sending an email to arsstamma@mildef.
com by April 3, 2025. The Nomination Committee’s proposals 
are published in connection with or before the notice conven-
ing the Annual General Meeting. Members of the Nomination 
Committee do not receive remuneration from the Company for 
their work.
Annual General Meeting for the 2023 financial 
year 
The Annual General Meeting for the 2023 financial year took 
place on May 23, 2024 in Helsingborg. 41% of the total 
number of shares and votes were represented at the Annual 
General Meeting, either in person or by proxy. Björn Karlsson, 
Chair of the Board, was elected as meeting chair. The Annual 
General Meeting adopted the submitted income statement and 
balance sheet. The consolidated statement of comprehensive 
income and statement of financial position were also adopted. 
The meeting granted discharge from liability for the Board of 
Directors and the CEO.
In addition, the main resolutions passed were as follows:
Election of Board of Directors and auditor 
Jan Andersson, Charlotte Darth, Christian Hammenborn, 
Lennart Pihl, Marianne Trolle, Björn Karlsson and Bengt-Arne 
Molin were re-elected as board members. Björn Karlsson was 
also re-elected as Chair of the Board and Öhrlings Pricewater-
houseCoopers AB was re-elected as the Company’s auditor for 
a term of one year, with Eric Salander as Auditor-in-Charge. 
Audit fees are payable as invoiced.
Fees 
The Annual General Meeting approved payment of fees of SEK 
475,000 to the Chair of the Board and SEK 225,000 to other 
shareholder-elected board members who are not employees of 
MilDef; SEK 100,000 to the chair and SEK 50,000 to other 
members of the Audit Committee; and SEK 30,000 to the 
chair and SEK 20,000 to other members of the Remunera-
tion Committee. According to the Company’s Guidelines for 
remuneration of senior executives, consulting fees or other 
remuneration may be paid to board members who carry out 
work on the Company’s behalf in addition to their board work.
Dividend 
The Annual General Meeting voted to approve the Board’s 
proposed dividend to shareholders of SEK 0.50 per share for 
the 2023 financial year.
Guidelines for remuneration of senior executives 
See “Guidelines for remuneration of senior executives”.
Guidelines for authorization of the Board of Directors to issue 
new shares 
The meeting authorized the Board of Directors, on one or 
more occasions in the period up to the next Annual General 
Meeting, to decide to issue new shares, with or without waiver 
of shareholders’ preferential rights. The authorization includes 
the right to decide to issue new shares for payment in kind 
or by offset or otherwise subject to terms in accordance with 
the Swedish Companies Act. Further to a decision pursuant to 
the authorization, the number of shares may be increased by 
a number equivalent to a maximum of ten (10) per cent of the 
total number of shares outstanding in the Company at the time 
the Board first exercises the authorization. The total number of 
shares comprised by such new issues is to be within the limits 
on the share capital set out in the Articles of Association. The 
aim of the authorization, and the reasons for any waiver of 
shareholders’ preferential rights, is to enable the Company to 
finance the acquisition of entities or activities, or to strengthen 
the Company’s capital base and equity/assets ratio. If share-
holders’ preferential rights are waived, new share issues pur-
suant to the authorization must be effected on market terms. 
The Board of Directors is further authorized, in observance of 
the above terms, to decide on such other terms as the Board 
may consider necessary to carry out the share issues. 
Composition of the Board of Directors 
Pursuant to the Articles of Association, the Board of Directors 
of MilDef is to consist of three to eight members, elected by 
the Annual General Meeting for the period until the end of the 
next Annual General Meeting. The Articles of Association do 
not permit election of substitutes. The Articles of Association 
do not contain any other provisions regarding appointment or 
dismissal of board members. The CEO is not a member of the 
Board of Directors but is co-opted to all board meetings. Other 
employees in the Group attend board meetings to present 
reports or take minutes. For further information on the board 
members, see “Board of Directors”.
Independence of the Board of Directors 
According to the Code, a majority of the shareholder-elect-
ed board members are to be independent of the Company 
and its management, and at least two of these must also be 
independent of the Company’s major shareholders. The Board 
of Directors of MilDef is considered to fulfill the applicable 
requirements on independence. All members except Björn 
Karlsson are considered to be independent of the Company 
and its management. The Chair of the Board, Björn Karlsson, 
was the Company’s President & CEO until May 2023 and is 
therefore not considered independent of the Company and its 
management. All the members are considered independent of 
the Company’s largest shareholders.
The Board of Directors’ procedures and responsi-
bilities 
As well as the board meeting following the AGM, the Board 
of Directors is to hold at least six scheduled meetings per 
financial year. Additional board meetings are to be held if 
required. Each year the Board of Directors draws up a written 
formal work plan that clarifies the Board’s responsibilities and 
regulates the division of work between the Board and its com-
mittees, including the role of the Chair of the Board, the de-
cision-making process within the Board, the Board’s meeting 
plan, notice of board meetings, agenda and minutes, and the 
Board’s work on accounting and audit issues and on financial 
reporting. The Board has also established instructions for the 
CEO and adopted other special policies. The Board evaluates 
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ANNUAL REPORT 2024CORPORATE GOVERNANCE REPORT
the CEO’s work on an ongoing basis and, once a year, discuss-
es this particular matter without the Management Team being 
present. The Board’s responsibilities include overseeing the 
work of the CEO by means of ongoing monitoring during the 
year and ensuring that the system of organization for managing 
MilDef’s affairs is fit for purpose. The Board’s responsibilities 
further include establishing strategies and goals; drawing up 
special policies; making decisions on major acquisitions and 
disposals of entities, on other major capital expenditure, and 
on investments and loans in accordance with the Financial 
Policy; issuing financial statements; evaluating operational 
management; and succession planning. The Board of Directors 
ensures the quality of financial reporting, partly by means of 
adopted governing instruments such as the instructions for the 
CEO, and partly by discussing reports from the Audit Commit-
tee in the form of minutes and observations, recommendations 
and proposals for resolutions and measures. The Board of 
Directors further ensures the quality of financial reporting 
by discussing such material in depth at board meetings. As 
part of its quality assurance work, the Board of Directors also 
meets the Company’s auditor once a year without the CEO or 
any other member of the Management Team being present.
The role of the Chair 
The Chair of the Board organizes and leads the work of the 
Board, ensuring that it is carried out in accordance with the 
Swedish Companies Act, other laws and regulations, and the 
Board of Directors’ internal governing instruments. The Chair 
monitors the Company’s activities through ongoing contact 
with the CEO and is responsible for other board members 
receiving satisfactory information and decision-making materi-
als. The Chair is responsible for ensuring that board members 
continuously refresh and deepen their knowledge of MilDef 
and in other respects receive the requisite training for their 
board duties to be carried out efficiently. The Chair of the 
Board is to ensure that the Board’s tasks and working methods 
are evaluated and discussed with the board members on an 
annual basis, and that the Nomination Committee is informed 
of the results, with a view to improving the Board’s procedures 
and efficiency. An evaluation of this kind was carried out in 
2024, mainly by means of a detailed questionnaire sent to the 
Board. The results of this evaluation have been presented to 
the Nomination Committee and to the Board of Directors as a 
whole.
The Board of Directors’ work in 2024 
The Board held a total of 23 board meetings during the year. 
At the scheduled board meetings the CEO and CFO reported 
on the Group’s results and financial position, including the 
outlook for the coming quarters. Apart from approval of the 
annual and interim reports and establishing the business plan 
and associated financial plan, key matters discussed by the 
Board during the year were as follows:  
• Revision and adoption of the Company’s policies
• Acquisitions
• Investments
• Risk assessment
• Product development
• Organization
Remuneration of the Board of Directors 
The fee paid to shareholder-elected members of the Board is 
approved by the Annual General Meeting further to a recom-
mendation from the Nomination Committee. For the period 
between the 2024 and 2025 Annual General Meetings, the 
remuneration consists of a fixed amount of SEK 475,000 for 
the Chair and SEK 225,000 for each of the other members. 
Remuneration is also payable on an invoice basis for special 
work (consulting services etc.) carried out by members within 
their respective areas of expertise, provided such work is 
approved in advance by the Chair of the Board or by two board 
members. A fee of SEK 50,000 is paid to each of the two 
ordinary members of the Audit Committee and SEK 100,000 
to the Committee’s chair. A fee of SEK 20,000 is paid to 
members of the Remuneration Committee and SEK 30,000 to 
the Committee’s chair. There are no agreements on pensions, 
severance pay or other benefits for board members.
Audit Committee 
MilDef’s Board of Directors includes an Audit Committee. 
This is to consist of at least thee board members appointed 
by the Board of Directors. The Committee does not have 
decision-making powers. Its members are appointed each 
year by the Board at the board meeting following the AGM or 
when a committee member has to be replaced. The committee 
members appointed in May 2024 were Lennart Pihl (chair), 
Charlotte Darth and Christian Hammenborn. The work of the 
Audit Committee is regulated by special instructions adopted 
by the Board of Directors as part of its formal work plan. The 
work focuses on the quality and accuracy of the financial 
accounting and reporting, work on internal financial control, 
the Group’s compliance with current regulations and, where 
relevant, transactions between the Group and related parties.
In addition, the Audit Committee has recurrent contact with 
the auditors for the Parent Company and the Group to facili-
tate a continuous exchange of views and information between 
the Board of Directors and the auditors on audit matters. Fur-
thermore, the Committee is to evaluate the audit procedures 
and establish guidelines for which non-audit services may be 
procured from MilDef’s auditor. The Audit Committee held 
five meetings in 2024. Minutes are taken of Audit Committee 
meetings and a verbal report is provided at board meetings. 
Remuneration Committee
MilDef’s Board of Directors also includes a Remuneration 
Committee. This is to comprise two board members appointed 
by the Board of Directors. The Chair of the Board may be chair 
of the Remuneration Committee. Other shareholder-elected 
members of the Remuneration Committee must be indepen-
dent of the Company and the Management Team.
The Remuneration Committee has a dual advisory and pre-
paratory role, preparing matters for discussion and decision 
by MilDef’s Board of Directors. The Remuneration Committee 
works in accordance with a formal work plan adopted by the 
Board of Directors. The main duties of the Remuneration Com-
mittee are making preparations for Board decisions on matters 
concerning remuneration principles, remuneration and other 
terms of employment for the Management Team; monitoring 
and evaluating the variable remuneration program for the Man-
agement Team; and monitoring and evaluating the application 
of the Guidelines for remuneration of senior executives as ad-
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ANNUAL REPORT 2024CORPORATE GOVERNANCE REPORT
December
• Business plan and budget
• Impairment test
• Evaluation of board work and CEO
October
• Interim report Q3 January – 
September
August
• Revision of strategic plan
February
• Year-end report
• Proposal for allocation of profit
• Report from the auditors
March
• Annual Report
• Proposals and reports for the AGM
April
• Interim report Q1 January – March
• Risk assessment
Main elements of the Board’s work in 2024
May
• First board meeting following the AGM: 
decision on authority to sign for the 
Company, election of Remuneration 
Committee and Audit Committee, deci -
sion on time and venue for forthcoming 
scheduled board meetings
July
• Interim report Q2 January – June
JAN
FEB
MAR
APR
MAJ
JUNJUL
AUG
SEP
OKT
NOV
DEC
Q4 Q1
Q3 Q2
opted by the Annual General Meeting, and relevant remuner-
ation structures and remuneration levels in MilDef. The Board 
of Directors appoints the committee members each year at the 
board meeting following the AGM or when a committee mem-
ber has to be replaced. The committee members appointed in 
May 2024 were Björn Karlsson (chair) and Jan Andersson. The 
Remuneration Committee held two meetings in 2024. Minutes 
are taken of Remuneration Committee meetings and a verbal 
report is provided at board meetings.
Management Team
The CEO leads the Company’s operations in accordance with 
the Swedish Companies Act and within the parameters estab-
lished by the Board of Directors. The CEO, in consultation with 
the Chair of the Board, produces the necessary information 
and decision-making materials ahead of board meetings, pres-
ents the matters and justifies proposals for resolutions. Fur-
Name Year elected Independent* Board meetings
Audit
Committee
Remuneration
Committee
Board fee  
in SEK 000**
Chair of the Board:
Björn Karlsson 2023 No/Yes 23/23 - 2/2 505
Board members:
Marianne Trolle 1998 Yes/Yes 23/23 - - 225
Lennart Pihl 2020 Yes/Yes 23/23 5/5 - 325
Christian Hammenborn 2017 Yes/Yes 21/23 5/5 - 275
Charlotte Darth 2020 Yes/Yes 22/23 5/5 - 275
Jan Andersson 2018 Yes/Yes 23/23 - 2/2 245
Bengt-Arne Molin 2023 Yes/Yes 22/23 - - 225
* Independent of the Company and its management and independent of the Company’s major shareholders.
** Including committee fee. The board fees relate to the period from the 2024 Annual General Meeting to the 2025 Annual General Meeting.
ther, the CEO is responsible for MilDef’s commercial, strategic 
and financial development, and leads and coordinates daily 
operations in line with the Board’s guidelines and resolutions. 
The CEO also appoints the members of the Management Team 
after consulting with the Chair. The Management Team meets 
regularly under the leadership of the CEO. 
External auditors
At the 2024 Annual General Meeting Öhrlings Pricewater-
houseCoopers AB was elected as the Company’s auditor for a 
term of one year, with Eric Salander as Auditor-in-Charge. The 
auditors have ongoing contact with the Chair of the Board, the 
Audit Committee and the Management Team. The auditors are 
engaged to audit the Annual Report and accounting records, 
as well as the Board of Directors’ and the CEO’s administration 
of the Company.  The auditors work according to an audit plan 
that incorporates input from the Board of Directors communi-
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ANNUAL REPORT 2024CORPORATE GOVERNANCE REPORT
cated by the Audit Committee. The auditors report their obser-
vations to the Board of Directors. Reporting takes place both 
during the course of the audit and at the end in connection 
with the annual report being issued and adopted. The auditors 
also participate in at least one board meeting per year, at 
which they describe the audit work and their observations in 
an auditor’s report. As well as the audit, the auditors carried 
out certain consulting assignments during the year, primarily 
advising on accounting and tax matters. The external audit has 
been conducted in accordance with generally accepted audit-
ing principles in Sweden. The audit of financial statements for 
legal entities outside Sweden is conducted in accordance with 
statutory requirements and other applicable regulations in the 
respective country, and in accordance with generally accepted 
auditing principles. An auditor’s report is issued for the legal 
entities where this is required by local legislation.
Internal audit
MilDef has sophisticated governance and internal control sys-
tems. The Board of Directors and the Audit Committee follow 
up MilDef’s assessment of the internal control, including by 
means of contact with MilDef’s auditors, who carry out an in-
ternal control audit every year. Based on the above, the Board 
of Directors has decided not to establish a separate internal 
audit unit.
Internal control of financial reporting
The responsibilities of the Board of Directors and the CEO 
with respect to internal control are regulated in the Swedish 
Companies Act. The Board’s responsibilities are also regulated 
in the Code. Pursuant to the Code, the Board of Directors is to 
describe how internal control of financial reporting is orga-
nized. This forms part of the Corporate Governance Report.
The aim of internal control is, first and foremost, to ensure 
that the Company achieves its goals in terms of expedient and 
efficient operations, reliable reporting, and compliance with 
applicable laws and regulations. Internal control of financial 
reporting is intended to provide reasonable assurance in 
terms of the reliability of the external financial reporting, and 
that the external financing reporting has been prepared in 
accordance with laws and applicable accounting standards. 
This report on internal control of financial reporting has not 
been reviewed by the Company’s auditors. The starting point 
for the internal control process is the regulatory framework 
for internal control issued by the Committee of Sponsoring 
Organizations of the Treadway Commission (COSO).
Control environment
The Board of Directors has overall responsibility for internal 
control of financial reporting. With a view to creating and 
maintaining an effective control environment, the Board of 
Directors has adopted a number of fundamental documents of 
importance to the financial reporting, including in particular 
a formal work plan for the Board of Directors and instructions 
for the CEO. The Board of Directors has further appointed an 
Audit Committee, the main task of which is to ensure that the 
established principles for the financial reporting and internal 
control are complied with and that expedient relations are 
maintained with the Company’s auditors. Responsibility for 
maintaining an effective control environment and the ongoing 
work on internal control of financial reporting is delegated to 
the CEO, who reports regularly to the Board of Directors on 
the basis of established procedures. In addition, reports are 
received from the Company’s auditors. The internal con-
trol structure also builds on a management system based 
on MilDef’s organization with clear financial roles, areas of 
responsibility and delegation of powers. Operational decisions 
are taken at company level, while decisions on strategy, over-
arching financial matters, acquisitions and major investments 
are taken by MilDef’s Board of Directors and Management 
Team. The governing documents on accounting and financial 
reporting represent the most material elements of the control 
environment in terms of financial reporting. These documents 
are updated on an ongoing basis to reflect e.g. changes in 
accounting standards and legislation.
Risk assessment
The Group conducts ongoing risk assessment to identify ma-
terial risks associated with financial reporting. Where financial 
reporting is concerned, the primary risk is considered to lie 
in material errors in the accounting in terms of accounting 
records and valuation of assets, liabilities, revenues and costs 
or other discrepancies. Fraud and losses as a result of embez-
zlement are another risk. Risk management is built into every 
process. Different methods are used to evaluate and mitigate 
risks and to ensure that the risks to which MilDef is exposed 
are managed in accordance with established policies, instruc-
tions and monitoring procedures. These policies, instructions 
and procedures aim to reduce possible risks, and promote 
correct accounting, reporting and provision of information.
Control activities
The risks identified regarding financial reporting are managed 
via the Company’s control activities such as authentication in 
IT systems and authorization verification. The control structure 
consists of clear roles in the organization that enable an effi-
cient division of responsibilities for specific control activities 
with a view to discovering or being in time to prevent the risk 
of errors in reporting. The continual analysis undertaken of the 
financial reporting and the analysis carried out at Group level 
are very important in ensuring that the financial reporting is 
free from material errors. The corporate finance department 
plays an important role in the internal control process and is 
responsible for the financial reporting from each entity being 
correct, complete and on time.
Information and communication
MilDef provides the market with ongoing information on the 
Group’s development and financial position in relevant chan-
nels. Policies, guidelines and internal instructions for financial 
reporting ensure the quality of external communication. Regu-
lar updates and notifications of changes in accounting princi-
ples, reporting requirements or other information provision are 
made available and known to the employees concerned on the 
Group-wide intranet.
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Helsingborg, March 27, 2025
Board of Directors of MilDef Group AB (publ)
ANNUAL REPORT 2024CORPORATE GOVERNANCE REPORT
Monitoring process
The CEO is responsible for ensuring that the internal control 
is organized and monitored in accordance with the guidelines 
adopted by the Board of Directors. The CEO is also responsible 
for independent objective reviews being carried out with a view 
to systematically evaluating and proposing improvements to 
the Group’s processes for governance, internal control and risk 
management. Financial governance and control are carried out 
by the corporate finance department. Financial data is report-
ed each month, together with a forecast for the current year. 
MilDef’s management conducts a monthly budget follow-up 
including variance analysis against the financial plan and prior 
years. Any variance is investigated and assessed with a view 
to possible internal control activities. In addition, the monthly 
figures are discussed with the management of the respective 
company. The Board of Directors is sent monthly financial 
reports, and financial reporting is followed up at each board 
meeting. The Board of Directors and management review the 
financial reporting ahead of publication of annual and interim 
reports. A review is conducted of the financial statements for 
January – September and a full audit is carried out in con-
nection with the annual financial statements. The Company’s 
auditors report their observations to the Board of Directors. 
The duties of the external auditors also include reviewing the 
internal control in the Group’s subsidiaries on an annual basis.
Articles of Association 
Among other things, the Articles of Association set out the 
Company’s business activities, the number of board members 
and auditors, how the Annual General Meeting is to be con-
vened, handling of items at the Annual General Meeting, and 
where the meeting is to be held. The shareholders’ meeting 
has full decision-making authority regarding changes to the Ar-
ticles of Association. The current Articles of Association were 
adopted at the Annual General Meeting on May 23, 2024, and 
are available in the “Articles of Association” section of this 
report and on the Company’s website www.mildef.com.
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AUDITOR’S REPORT ON THE CORPORATE  
GOVERNANCE STATEMENT
Engagement and responsibility
It is the board of directors who is responsible for the corporate 
governance statement for the year 2024 on pages 54–60 
and that it has been prepared in accordance with the Annual 
Accounts Act. 
The scope of the audit
Our examination has been conducted in accordance with 
FAR’s auditing standard RevR 16 The auditor’s examination 
of the corporate governance statement. This means that our 
examination of the corporate governance statement is different 
and substantially less in scope than an audit conducted in 
accordance with International Standards on Auditing and 
generally accepted auditing standards in Sweden. We believe 
that the examination has provided us with sufficient basis for 
our opinions. 
Opinions
A corporate governance statement has been prepared. Dis-
closures in accordance with chapter 6 section 6 the second 
paragraph points 2-6 the Annual Accounts Act and chapter 7 
section 31 the second paragraph the same law are consistent 
with the annual accounts and the consolidated accounts and 
are in accordance with the Annual Accounts Act.
ANNUAL REPORT 2024CORPORATE GOVERNANCE REPORT
Malmö, April 9, 2025
Öhrlings PricewaterhouseCoopers AB
Johan Rönnbäck 
 Authorized Public Accountant  
Eric Salander 
Authorized Public Accountant 
Auditor in charge
To the general meeting of the shareholders in MilDef Group 
AB, corporate identity number 556893-5414
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GUIDELINES FOR REMUNERATION OF SENIOR  
EXECUTIVES
In accordance with the Swedish Companies Act and the Code, the shareholders’ meeting of a public 
limited company whose shares are admitted for trading on a regulated market is to adopt guidelines for 
remuneration of senior executives. The following guidelines for remuneration of the Company’s senior 
executives were adopted at the 2024 Annual General Meeting.
The guidelines cover senior executives, including the President & CEO and other members of the Manage-
ment Team. If members of the Company’s Board of Directors perform work for the Company alongside their 
board assignments, these guidelines are also to be applied to any remuneration paid to the board mem-
bers for such work. The principles are prospective, i.e., they apply to remuneration agreed and changes 
made to previously agreed remuneration after the guidelines were adopted at the 2024 Annual General 
Meeting. The principles do not apply to any remuneration agreed or approved at the Annual General Meeting.
Additional variable remuneration can be paid in extraordinary 
circumstances, provided that such extraordinary arrangements 
are time-limited and made only at individual level, either to 
recruit or retain senior executives, or as compensation for ex-
traordinary work efforts over and above the senior executive’s 
ordinary duties. Remuneration of this kind may not exceed 
an amount equivalent to 50% of the annual fixed cash salary 
and may not be paid more than once a year per individual. 
Decisions on such remuneration for the President & CEO 
are to be taken by the Board based on a proposal from the 
Remuneration Committee. Decisions on such remuneration for 
other senior executives are to be taken by the Remuneration 
Committee based on a proposal from the President & CEO.
Pension
Senior executives are entitled to pension solutions as agreed 
with the Company. As a rule, pension obligations are to be 
in the form of a defined-contribution plan and in line with 
the Company’s pension plan, according to which pension 
provisions of 4.5% are made on salary components up to 7.5 
base amounts and 30% on salary components over 7.5 base 
amounts. This rule may be waived in the case of appointment 
of new senior executives whose employment contracts already 
include defined-benefit pension plans or if the senior executive 
is covered by a defined-benefit pension plan under mandatory 
collective bargaining agreements. The pension premiums for 
defined-contribution pension plans must not exceed 35% of 
the fixed annual cash salary. Pension provisions are only to be 
made on variable cash remuneration and other salary benefits 
if required by mandatory collective bargaining agreements 
applicable to the executive or local legislation.
Other benefits
Other benefits may include life assurance, health and medical 
expenses insurance, and a company car. The combined value 
of such benefits may not exceed 15% of the fixed annual 
salary. The CEO has a gross salary deduction for a company 
car. This involves salary sacrifice, where the CEO waives part 
of his salary to pay for the car. The basic salary disclosed is 
after gross salary deduction of SEK 300,000 for the car. The 
CEO’s non-monetary benefits are therefore less than 15% of 
the fixed annual cash salary.
Employment terms in other countries 
In the case of employment terms subject to rules other than 
Swedish ones, appropriate adjustments may be made to com-
ply with mandatory rules or established local practices, while 
as far as possible observing the overall objectives of these 
guidelines.
MilDef is a systems integrator and comprehensive supplier 
specialized in robust IT for defense and security applications. 
As a leading supplier of tactical IT, MilDef has linked its 
strategies to expansion within three areas: hardware, software 
and services. MilDef’s offering in these areas is known for 
being robust, secure and customizable. Three pillars of growth 
underlie MilDef’s future expansion and form the basis for the 
Company’s strategy: internationalization, portfolio development 
and acquisitions. For further information on MilDef’s strategy, 
see www.mildef.com.
MilDef’s ability to recruit, develop and retain high-caliber 
senior executives is a prerequisite for successful implementa-
tion of the business strategy and to safeguard the Company’s 
long-term interests, including its sustainability work. This is 
why it is essential for MilDef to offer competitive market-based 
remuneration. These guidelines enable MilDef to offer senior 
executives competitive remuneration packages. All variable 
cash remuneration covered by these principles is intended 
to promote the Company’s business strategy and long-term 
interests, including its sustainability profile.
Remuneration components
The remuneration is to be market-based and consist of fixed 
cash salary, variable remuneration, pension and other benefits. 
In addition, the shareholders’ meeting may – independently of 
these guidelines – approve share-based and share price-based 
incentive programs. Remuneration may also take the form of 
consulting fees to board members who perform work for the 
Company alongside their board assignment.
Fixed cash salary
Fixed cash salary is to be set so that it is competitive in com-
bination with other remuneration components. The definitive 
level is to be set based on the role in question and the individ-
ual’s expertise, experience and performance. The fixed cash 
salary is to be reviewed annually.
Variable remuneration
Performance in relation to criteria for payment of variable cash 
remuneration must be able to be measured over a period of 
one year. Variable cash remuneration is to have a predeter-
mined ceiling and may not exceed 35% of the fixed annual 
cash salary. Variable remuneration is only pensionable where 
this is required in line with binding collective bargaining agree-
ments or local legislation.
ANNUAL REPORT 2024GUIDELINES FOR REMUNERATION OF SENIOR EXECUTIVES
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GUIDELINES FOR REMUNERATION OF SENIOR  
EXECUTIVES
Consulting fee for board members
If a board member (including via a wholly owned company) 
performs work for the Company in addition to board work, a 
separate fee can be paid for this (consulting fee). The fee is to 
be based on the current market rate and determined in rela-
tion to the value of the benefit provided to the Company.
Criteria for award of variable cash remuneration 
etc.
The Remuneration Committee is to monitor and evaluate 
variable remuneration programs for senior executives. At the 
end of the performance period the Committee must determine 
to what extent the criteria for award of variable remuneration 
have been met. The Remuneration Committee is responsible 
for making the assessment on variable remuneration for the 
President & CEO. Assessments on variable remuneration for 
other executives are the responsibility of the President & CEO. 
Where financial criteria are concerned, the assessment is to 
be based on the Company’s most recently published financial 
information. Variable cash remuneration can be paid at the 
end of the performance period or be deferred. The Board of 
Directors is entitled, by law or contract, to wholly or partly 
reclaim variable remuneration that has been paid on false 
grounds (claw back).
Termination of employment
If a senior executive’s contract of employment is terminated by 
the Company, the notice period must not exceed 12 months. 
All terms of employment continue to apply during the notice 
period, unless explicitly agreed between the Company and the 
executive. The executive will not receive any further severance 
pay. If a senior executive terminates their employment, the 
contractual notice period must not exceed 6 months, or 12 
months for the President & CEO, and there is no entitlement 
to severance pay.
Salary and terms of employment for employees
In drafting these guidelines, the Board of Directors has taken 
into account the current salary and terms of employment of 
MilDef’s employees. Information on employees’ total incomes, 
and the components, increase and rate of growth of the remu-
neration over time, have been evaluated. The Remuneration 
Committee and Board of Directors have subsequently decided 
whether the principles and restrictions therein are reasonable.
Decision-making process for determining, review-
ing and implementing the guidelines 
The Board of Directors has previously established a Remu-
neration Committee. The Committee’s duties include making 
preparations for Board decisions on proposed guidelines for 
remuneration of senior executives. The Board is to prepare 
proposals for new guidelines at least once every four years 
and present the proposals for approval by the Annual General 
Meeting. The guidelines are to apply until new guidelines have 
been adopted by the shareholders' meeting. The Remuneration 
Committee must also monitor and evaluate variable remuner-
ation programs for the Management Team, the application 
of remuneration guidelines for senior executives as well as 
remuneration structures and levels within the Company. The 
Chair of the Board may be chair of the Remuneration Commit-
tee. Other shareholder-elected members of the Remuneration 
Committee must be independent of the Company and the 
Management Team. The President & CEO or other members 
of the Management Team are not present when the Board 
discusses and makes decisions on remuneration matters that 
affect them. If a board member provides consulting services 
to the Company, the member in question is not entitled to par-
ticipate in the preparatory work of the Board or the Remuner-
ation Committee on matters concerning variable remuneration 
for the relevant consulting services.
Deviations from the guidelines
The Board may temporarily deviate from the guidelines in full 
or in part if there are particular reasons for doing so in an 
individual case and the deviation is necessary to serve the 
Company’s long-term interests, including its sustainability, or 
to safeguard the Company’s financial strength. Deviations are 
to be reported and justified in the subsequent Remuneration 
Report. The Remuneration Committee’s duties include prepa-
ratory work for the Board’s decisions on matters concerning 
remuneration of the Management Team, including decisions on 
deviations from the guidelines.
Description of material changes in the Guidelines 
for remuneration of senior executives, and repre-
sentation of any views from shareholders
The entire Guidelines for remuneration of senior executives 
were reviewed ahead of the 2024 Annual General Meeting. 
Material changes were as follows. Adjustment of the pro-
portion that “Other benefits” may constitute of fixed annual 
salary, which now reflects the possibility of offering senior 
executives a company car. The maximum notice period from 
the Company’s side has now been set at 12 months for the 
President & CEO and other members of the Management 
Team.  The following new paragraph has been proposed in 
order to incentivize and reward performance in extraordi-
nary circumstances: Additional variable remuneration can 
be paid in extraordinary circumstances, provided that such 
extraordinary arrangements are time-limited and made only 
at individual level, either to recruit or retain senior executives, 
or as compensation for extraordinary work efforts over and 
above the senior executive’s ordinary duties. Remuneration 
of this kind may not exceed an amount equivalent to 50% of 
the annual fixed cash salary and may not be paid more than 
once a year per individual. Decisions on such remuneration for 
the President & CEO are to be taken by the Board based on 
a proposal from the Remuneration Committee. Decisions on 
such remuneration for other senior executives are to be taken 
by the Remuneration Committee based on a proposal from the 
President & CEO. The Board has not been made aware of any 
feedback from shareholders on the Guidelines for remunera-
tion of senior executives.
ANNUAL REPORT 2024GUIDELINES FOR REMUNERATION OF SENIOR EXECUTIVES
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ANNUAL REPORT 2024REMUNERATION REPORT
REMUNERATION REPORT 2024
This Remuneration Report explains how the Guidelines for remuneration of senior executives adopted by 
the 2024 Annual General Meeting have been applied during the 2024 financial year. The report also con-
tains details concerning remuneration of the Company’s CEO and Deputy CEO, and fees to board members 
over and above the board fees adopted by the shareholders’ meeting. The report has been prepared in 
accordance with the Swedish Companies Act (2005:551) and the Swedish Corporate Governance Code.
Additional information on remuneration of senior executives required pursuant to Chapter 5, Sections 
40–44 of the Swedish Annual Accounts Act (1995:1554) can be found in Note 11 to the consolidated 
financial statements. For more information on the work of the Remuneration Committee in 2024, see the 
Corporate Governance Report.  
MilDef’s development
The Company’s development and significant events during the 
year are reported inter alia in the CEO’s presentation,  
see “CEO’s comments”.
Board fees and consulting fees
This report does not cover board fees. A resolution on these 
fees is passed by the Annual General Meeting each year. The 
current fees are reported in Note 11. 
MilDef’s remuneration guidelines: scope, purpose 
and deviations 
Successful implementation of the Company’s business 
strategy and protection of the Company’s long-term interests, 
including its sustainability, require the Company to be able 
to recruit and retain qualified employees. The objective of 
MilDef’s guidelines for remuneration of senior executives is 
therefore to offer a competitive, market-based remuneration 
package, so as to be able to attract, motivate and retain skilled 
and qualified employees. These guidelines make it possible 
to offer competitive market-based remuneration packages to 
senior executives.
The remuneration package consists of the following compo-
nents:
a) Fixed cash salary
b) Short-term variable cash remuneration
c) Pensions and other benefits
Total remuneration of CEO and Deputy CEO in 2024 (SEK 000) 
Refers to remuneration expensed during the year
Basic salary Variable re-
muneration
Other taxable 
benefits Pension cost Total  
remuneration
Share of fixed 
remuneration
President & CEO
Daniel Ljunggren 2,119* - 337 831** 3,288 100%
Deputy CEO  
Fredrik Persson 1,512 - - 330 1,842 100%
Short-term variable cash remuneration is to be linked to prede-
termined, well-defined and measurable financial criteria. The 
targets aim to promote MilDef’s development in both the short 
and long term. The measurement period for variable remu-
neration is generally based on performance over a 12-month 
period. The variable remuneration must not exceed 35% of the 
fixed salary and, where applicable legislation permits, is not to 
be qualifying income for pension or holiday pay purposes.
The criteria for short-term variable remuneration are divided 
into two different programs based on MilDef’s net sales and 
operating profit (EBITDA). Variable remuneration may also be 
linked to individual criteria. The criteria are to be designed so 
as to promote the Company’s business strategy and long-term 
interests, including its sustainability. The guidelines can be 
found in “Guidelines for remuneration of senior executives”.
Other non-monetary benefits may include life assurance and 
health insurance. In total, premiums and other costs associat-
ed with such benefits may not exceed 15% of the fixed annual 
cash salary.
In 2024 the Company has followed the applicable remunera-
tion guidelines adopted by the 2024 Annual General Meeting. 
There were no departures from the guidelines or deviations 
from the decision-making process prescribed by the guide-
lines for setting the remuneration. No remuneration has been 
reclaimed. The auditor’s statement on the Company’s compli-
ance with the guidelines is available at  
https://investors.mildef.com/corporate-governance/?lang=en.
* The basic salary disclosed is after gross salary deduction of SEK 300,000 for a company car.
** The pension expense disclosed includes SEK 226,000 relating to 2023. The pension expense is therefore less than 35% of the fixed annual cash salary. 
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ANNUAL REPORT 2024REMUNERATION REPORT
Helsingborg, March 27, 2025
Board of Directors of MilDef Group AB (publ)
Share-based incentive program
At an extraordinary shareholders’ meeting on April 29, 2021, a 
resolution was passed to adopt an incentive program (“In-
centive program 2021/2025) for the Group’s employees by 
issuing warrants with the subsequent right to subscribe for 
new shares in MilDef. The fact that the resolution was passed 
at a shareholders’ meeting means it is not covered by these 
guidelines but should still be seen as being in the same spirit. 
The warrants have been transferred on market terms at a price 
(premium) that was established based on an estimated market 
value using the recognized Black & Scholes model. The calcu-
lation was carried out by an independent appraisal institution. 
For more information, visit www.mildef.com.
Application of performance criteria
The CEO’s performance criteria for 2024 are divided into two 
different parameters based on MilDef’s net sales and operat-
ing profit (EBITDA). Although they are expressed in financial 
terms, the performance criteria further contribute to alignment 
with sustainability and the Company’s values. The targets for 
results on each parameter are linked to ambitious internal 
targets and the award is paid out the following year.
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BOARD OF DIRECTORS
Born  1973
Education   Technical college graduate.
Other current  CEO and Chair of the Board of Simplexor AB. 
positions  
Previous positions  President & CEO of MilDef Group AB.  
(past five years) Board member of SOFF (Swedish Security &   
  Defence Industry Association).
Shareholding  890,821 shares and 
in the Company 30,000 warrants. 
Independence   Not independent of the Company and  
  its management. Independent   
  of major shareholders.
Board committees   Chair of the Remuneration Committee.
Born 1959
Education  Master of Science (M.Sc.) Computer  
 Engineering, Institute of Technology at   
 Linköping University. 
Other current  Chair of the Board of DH Anticounterfeit AB  
positions  and Proplab AB and board member of compa 
 nies including Addnode Group AB, MilDef  
 Group AB, Entreprenörinvest Sverige AB, Loop  
 Venture AB, Localize Direct AB, Gridly AB, Myloc  
 Holding AB, Lex Energy Nord AB and   
 TimeZynk AB.
Previous positions  CEO and co-founder of ReadSoft AB and  
(past five years) numerous previous board positions.
Shareholding  650,000 shares. 
in the Company 
Independence   Independent of the Company and its  
 management and major shareholders.
Board committees   Member of the Remuneration Committee.
Björn Karlsson
Chair of the Board  
Chair since 2023. 
Jan Andersson
Board member 
Member since 2015.
Born  1958
Education   Ph.D. in Electrical Engineering, Lund University.
Other current  Founder and CEO of B A Molin AB. 
positions   Chair of the Board of Katam Technologies AB  
  and board member of Generic Sweden AB.
Previous positions  Chair of the Board of Lumeo Technology AB, 
(past five years)  board member of Auricula AB, Meltspot AB  
  and MultiQ AB.
Shareholding  2,600 shares. 
in the Company 
Independence   Independent of the Company and its   
  management and major shareholders. 
Board committees   –
Bengt-Arne Molin
Board member  
Member since 2023.
Born  1965
Education   Master of Laws (LL.M.), Lund University. 
Other current  Board member of Hammenborn  
positions   Advokatbyrå AB. 
Previous positions  Partner, Advokatfirman Lindahl 
(past five years)  Kommanditbolag
Shareholding  821 shares. 
in the Company 
Independence   Independent of the Company and its  
  management and major shareholders.
Board committees   Member of the Audit Committee.
Christian Hammenborn
Board member  
Member since 2017.
ANNUAL REPORT 2024MANAGEMENT
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Born  1956
Education   Studies in economics, law and leadership  
   in Helsingborg.  
Other current  Board member of Trolle Management AB.  
positions  
Previous positions  – 
(past five years)  
Shareholding  2,412,752 shares.  
in the Company 
Independence   Independent of the Company and its  
  management and major shareholders.
Board committees   –
Marianne Trolle
Board member 
Member since 1998. 
Born  1968
Education   Master of Science (M.Sc.) Business Adminis- 
  tration & Economics, Stockholm University.
Other current  Co-CEO of Future Ordering AB. 
positions   Chair of the Board of Worldfavor AB and   
  Engage Group AB, board member of Fondia  
  Oyj.
Previous positions  CEO of Binero Group AB. Board member of  
(past five years)  Binero Group AB and Intervalor AB. 
Shareholding  821 shares. 
in the Company 
Independence   Independent of the Company and its 
  management and major shareholders.
Board committees   Member of the Audit Committee.
Charlotte Darth
Board member 
Member since 2020.
Born  1950
Education   Master of Science (M.Sc.) Business Adminis- 
  tration & Economics, Lund University.
Other current  Chair of the Board of Haki Safety AB,  
positions   Myloc Holding AB, Bertex Mail AB,  
  Liljehomens Group AB and Joakim  
  Lagergren Golf AB.
Previous positions  Chair of the Board of Nordic Vehicle AB, 
(past five years) Nordic Room Improvement  
  Holding AB and INGAPE AB. 
Shareholding  821 shares.  
in the Company 
Independence   Independent of the Company and its  
  management and major shareholders.
Board committees   Chair of the Audit Committee.
Lennart Pihl
Board member 
Member since 2020. 
ANNUAL REPORT 2024MANAGEMENT
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MANAGEMENT TEAM
Born 1980
Education  Master of Business Administration (MBA),  
 Kristianstad University.
Other current –    
positions  
Previous positions  Chief Financial Officer (CFO),  
(past five years)  Executive Vice President (EVP).
Shareholding  1,593,115 shares.  
in the Company 
Daniel Ljunggren
Chief Executive Officer (CEO)  
since 2023.
Born  1987
Education   Master of Science (M.Sc.) Business and  
  Economics, Lund University.
Other current  –    
positions  
Previous positions  Divisional CFO at Nederman Group, Division 
(past five years)  Extraction & Filtration Technology.
Shareholding  2,030 shares.  
in the Company 
Viveca Johnsson
Chief Financial Officer (CFO)  
since 2023.
Born  1978
Education  Master of Laws (LL.M.), Uppsala University
Other current   –    
positions  
Previous positions  CLO at Invono AB, deputy board member  
(past five years)  of Invono Fund AB.
Shareholding  2,447 shares and 
in the Company 30,000 warrants.
Karin Svalander
Chief Legal and Compliance  
Officer since 2020. 
Born  1981
Education  Master of Science (M.Sc.), radio electronics  
  and electromagnetic field theory, 
  Faculty of Engineering at Lund University. 
Other current CEO of MilDef Products AB.  
positions  
Previous positions  Chief Technology Officer (CTO). 
(past five years)  
Shareholding  249,600 shares. 
in the Company 
Fredrik Persson
Deputy CEO since 2023.
ANNUAL REPORT 2024MANAGEMENT
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Martina Karlsson
Chief People Officer (CPO)  
since 2023.
Born  1980
Education  Master of Science (M.Sc.) Business and   
  Economics, Lund University. 
Other current   –    
positions  
Previous positions  Chief Sales Officer (CSO) at MilDef, 
(past five years)  Interim CEO of Handheld Group AB.
Shareholding  400,000 shares.  
in the Company
Fredrik Jacobsson
VP Europe & North America  
since 2024.
ANNUAL REPORT 2024MANAGEMENT
Born  1987
Education   Bachelor of Science (B.Sc.) in  
  Human Resources, Gothenburg University.
Other current   –    
positions  
Previous positions  Regional HR Manager,  
(past five years)  Axis Communications AB.
Shareholding  2,265 shares.  
in the Company 
Born  1975
Education  Aviator and flight instructor,  
  Swedish Armed Forces, MSc Industrial  
  Organization & Economics, Halmstad   
  University, BSc Mechanical Engineering,  
  Chalmers University of Technology.
Other current   –    
positions  
Previous positions  Head of Sales and Marketing, Carmenta AB, 
(past five years)   Senior Director Business Development,  
  Saab AB.
Shareholding  400 shares.  
in the Company
Magnus Hagman
VP Nordics since 2024.
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ANNUAL REPORT 2024DIRECTORS’ REPORT
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