Årsredovisning 2024

ANNUAL REPORT 2024AUDITOR’S REPORT
AUDITOR’S REPORT ON THE STATUTORY  
SUSTAINABILITY REPORT
Engagement and responsibility
It is the board of directors who is responsible for the statutory 
sustainability report for the year 2024 on pages 34–49 and 
that it has been prepared in accordance with the Annual  
Accounts Act in accordance with the older wording that  
applied before 1 July 2024. 
The scope of the audit
Our examination has been conducted in accordance with 
FAR’s auditing standard RevR 12 The auditor’s opinion 
regarding the statutory sustainability report. This means that 
our examination of the statutory sustainability report is sub-
stantially different and 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 opinion. 
Opinion
A statutory sustainability report has been prepared
Johan Rönnbäck 
 Authorized Public Accountant  
Eric Salander 
Authorized Public Accountant 
Auditor in charge
Malmö, April 9, 2025
Öhrlings PricewaterhouseCoopers AB
The firm applies International Standard on Quality Manage-
ment 1, which requires the firm to design, implement and 
operate a system of quality management including policies or 
procedures regarding compliance with ethical requirements, 
professional standards and applicable legal and regulatory 
requirements.
The examination involves obtaining evidence, through various 
procedures, that the Esef report has been prepared in a 
format that enables uniform electronic reporting of the annual 
accounts. The procedures selected depend on the auditor’s 
judgment, including the assessment of the risks of material 
misstatement in the report, whether due to fraud or error. In 
carrying out this risk assessment, and in order to design audit 
procedures that are appropriate in the circumstances, the 
auditor considers those elements of internal control that are 
relevant to the preparation of the Esef report by the Board of 
Directors and the Managing Director, but not for the purpose 
of expressing an opinion on the effectiveness of those internal 
controls. The examination also includes an evaluation of the 
appropriateness and reasonableness of assumptions made by 
the Board of Directors and the Managing Director.
The procedures mainly include a validation that the Esef re-
port has been prepared in a valid XHTML format and a recon-
ciliation of the Esef report with the audited annual accounts 
and consolidated accounts.
Furthermore, the procedures also include an assessment of 
whether the consolidated statement of financial performance, 
financial position, changes in equity, cash flow and disclosures 
in the Esef report have been marked with iXBRL in accordance 
with what follows from the Esef regulation.
Öhrlings PricewaterhouseCoopers AB, P.O. Box 4009, SE-203 
11 Malmö, was appointed as MilDef Group AB's auditor by 
the general meeting of shareholders on 25 May 2023 and has 
been the company's auditor since 25 May 2023.
Malmö, 9 April, 2025
Öhrlings PricewaterhouseCoopers AB  
Eric Salander        Johan Rönnbäck  
Authorized Public Accountant      Authorized Public Accountant   
Auditor in charge
This is a translation of the Swedish language original. In the 
event of any differences between this translation and the Swedish 
language original, the latter shall prevail.
To the general meeting of the shareholders in MilDef Group 
AB, corporate identity number 556893-5414
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ANNUAL REPORT 2024MULTI-YEAR SUMMARY
Key figures 2024 2023 2022 2021 2020
Sales and profit
Net sales, SEK m SEK m  1,201  1,151 739 470 398
Operating profit (EBITDA) SEK m -141.9 168.0 60 20.7 68.5
Adjusted operating profit (EBITDA) SEK m 178.9 168.0 60 32.2 72.8
Operating profit (EBITA) SEK m -171.1 140.2 44.8 8.2 62.8
Adjusted operating profit (EBITA) SEK m 149.7 140.2 44.8 19.7 67.1
Operating profit (EBIT) SEK m -209.0 108.1 29.2 -2.9 56.9
Adjusted operating profit (EBIT) SEK m 111.8 108.1 29.2 8.6 61.2
Profit after financial items (EBT) SEK m -222.6 88.6 19.2 -5.3 55.4
Net profit for the year SEK m -220.3 69.0 14.2 -0.7 42.5
Cash flow
Cash flow from operating activities SEK m 144.4 54.5 -76.8 -55.5 61.7
Cash flow from investing activities SEK m -33.3 -68.9 -321.3 -187.2 -8.6
Cash flow from financing activities SEK m 335.1 38.5 285.7 362.9 -14.4
Operating cash flow SEK m 127.7 8.8 -95.0 -71.4 53.1
Cash flow for the year SEK m 446.2 24.2 -112.4 120.3 38.7
Capital employed and financing
Total assets, SEK m SEK m 1,684 1,526 1,394 808 368
Average capital employed SEK m 1,267 1,157 887 428 200
Net debt/net cash excl. lease liabilities SEK m 396 -182 -168 128 47
Equity attributable to owners of the parent SEK m 1,102 845 788 568 133
Multi-year summary
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MULTI-YEAR SUMMARY ANNUAL REPORT 2024
Key figures 2024 2023 2022 2021 2020
Data per share, SEK*
Number of outstanding shares, December 31 NUMBER 45,573,068 39,859,566 39,859,566 36,389,373 23,236,844
Average number of shares, before dilution NUMBER 40,598,903 39,859,566 37,400,988 26,243,169 23,236,844
Average number of shares, after dilution NUMBER 41,013,824 40,301,066 37,844,488 26,243,169 23,236,844
Earnings per share, before dilution SEK -5.43 1.73  0.38 -0.03  1.83 
Earnings per share, after dilution SEK -5.37 1.71  0.37 -0.03  1.83 
Equity per share, before dilution SEK 24.17 21.19 19.77 15.61 5.71
Equity per share, after dilution SEK 26.86 20.96 19.55 15.61 5.71
Operating cash flow per share, before dilution SEK 3.15 0.22 -2.54 -2.72 2.29
Operating cash flow per share, after dilution SEK 3.11 0.22 -2.51 -2.72 2.29
Dividend per share SEK 0.50 0.50 - 0.75 0.75
Share price as of December 31 SEK 124.8 65.60 80.80 52.40 -
Dividend yield % 0.40 0.76 0.00 1.43 -
Performance measures
Gross margin %  49.0  48.3  47.7  44.7  45.7 
Operating margin (EBITDA) % -11.8  14.6  8.1  4.4  17.2 
Adjusted operating margin (EBITDA) %  14.9  14.6  8.1  6.9  18.3 
Operating margin (EBITA) % -14.2  12.2  6.1  1.7  15.8 
Adjusted operating margin (EBITA) %  12.5  12.2  6.1  4.2  16.8 
Operating margin (EBIT) % -17.4  9.4  4.0 -0.6  14.3 
Adjusted operating margin (EBIT) %  9.3  9.4  4.0  1.8  15.4 
Profit margin (EBT) % -18.5  7.7  2.6 -1.1  13.9 
Return on capital employed % -15.7  10.1  3.4 0.0  30.6 
Return on equity % -22.6  8.5  2.1 -0.2  36.4 
Equity/assets ratio %  65.4  55.4  56.5  70.3  36.0 
Other
Number of employees at year-end NUMBER 327 309 291 188 119
Average number of employees NUMBER 319 302 233 154 97
Multi-year summary
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ANNUAL REPORT 2024DEFINITION OF KEY FIGURES
Definitions 
Number of shares outstanding 
Number of registered shares less repurchased shares, held by 
the Company.
Return on equity
Profit after tax attributable to owners of the parent as a per-
centage of average equity.
Return on capital employed
Profit after financial income as a percentage of average capital 
employed.
EBIT
Earnings before interest and taxes according to the income 
statement. 
EBITDA
Earnings before interest, taxes, depreciation and amortization 
of property, plant and equipment and intangible non-current 
assets.
Non-recurring items
Non-recurring items are specific material items that are report-
ed separately because of their size or frequency, e.g. restruc-
turing costs, impairment, divestments and acquisition-related 
expenses.
NET DEBT
Long-term and short-term interest-bearing liabilities less 
income-bearing financial assets. 
Operating cash flow
Cash flow from operating activities and cash flow from invest-
ing activities excluding acquisitions and divestments of intan-
gible non-current assets and of property, plant and equipment. 
Organic growth
Annual growth in net sales excluding acquisition-related net 
sales, calculated as increase in net sales excluding acqui-
sition-related net sales compared with the previous year, 
expressed as a percentage.
Working capital
Current assets, excluding cash and cash equivalents and cur-
rent tax assets, minus interest-free current liabilities, exclud-
ing current tax liabilities.
Operating margin 
Operating profit as a percentage of net sales.
Equity/assets ratio
Equity as a percentage of total assets.
Capital employed
Equity plus interest-bearing net debt.
Earnings per share, before dilution 
Profit after tax attributable to owners of the parent as a per-
centage of the average number of outstanding shares. 
Earnings per share after dilution 
Profit after tax attributable to owners of the parent as a per-
centage of average number of outstanding shares plus average 
number of shares added upon conversion of outstanding 
convertibles and warrants.
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ARTICLES OF ASSOCIATION ANNUAL REPORT 2024
Article 1 Business name
The Company’s business name is MilDef Group AB. The Company is to be a public limited company (Sv. publ).
Article 2 Registered office
The registered office is to be in Helsingborg, Sweden.
Article 3 Operations
The Company’s activities are to be owning and managing shares in subsidiaries, preferably with operations within 
technology and the total defense and security sectors and activities compatible with these. In addition, the Company 
is to provide Group-wide services such as services within management, legal, HR and finance with a view to facilitating 
operations for the subsidiaries.
Article 4 Share capital
The minimum share capital is to be SEK 6,162,500 and the maximum SEK 24,650,000. 
Article 5 Number of shares in the Company
The minimum number of shares is to be 24,650,000 and the maximum 98,600,000.
Article 6 Composition of the Board of Directors
The Board of Directors is to consist of no fewer than three (3) and no more than eight (8) members, without deputy 
members. The Board of Directors is elected each year at the Annual General Meeting for the period until the end of the 
next Annual General Meeting. 
Article 7 Auditors
At least one and no more than two registered pubic accounting firms or at least one and no more than two auditors are 
to be appointed by the shareholders’ meeting to audit the Company. The audit engagement is to continue until the end 
of the Annual General Meeting in the subsequent financial year.
Article 8 Notice convening shareholders’ meetings
The notice convening the Annual General Meeting or extraordinary shareholders’ meeting is to be published in Post- och 
Inrikes Tidningar (the Official Swedish Gazette) and on the Company’s website. The notice of the meeting is also to be 
advertised in the Swedish newspaper Dagens Industri.
Article 9 Agenda of Annual General Meeting
The following matters are to be dealt with at the Annual General Meeting.
1. Election of person to chair the meeting.
2. Preparation and approval of the voting list.
3. Election of one or two persons to check the minutes.
4. Verification of whether the meeting has been duly convened.
5. Approval of agenda.
6. Presentation of the annual accounts and Auditor’s Report and of the consolidated financial statements and Audi-
tor’s Report for the Group.
7. Resolutions concerning 
a. adoption of the income statement and balance sheet and of the consolidated income statement and consoli-
dated balance sheet; 
b. distribution of the Company’s profit or loss according to the adopted balance sheet; 
c. discharge from liability of the members of the Board and the CEO.
Articles of Association
of
MilDef Group AB 
corp. reg. no. 556893-5414
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ANNUAL REPORT 2024ARTICLES OF ASSOCIATION
8. Determination of number of board members and auditors.
9. Establishment of board fees.
10. Establishment of fees for auditor(s).
11. Election of Board of Directors.
12. Election of auditor(s).
13. Any other business duly referred to the meeting in accordance with the Swedish Companies Act or the Articles of 
Association. 
Article 10 Attendance at shareholders’ meetings
To be able to attend the shareholders’ meeting, the shareholder must notify the Company by the date specified in the 
meeting notice, stating the number of companions. This date must not be a Saturday, a Sunday, Midsummer Eve, 
Christmas Eve, New Year’s Eve or any other public holiday, and must not fall earlier than on the fifth weekday before the 
meeting.
Article 11  Proxies
The Board of Directors may collect proxies in accordance with the procedure set out in Chapter 7, Section 4, 2nd para-
graph of the Swedish Companies Act. 
Article 12 Postal voting
In advance of a shareholders’ meeting the Board of Directors may decide to allow the shareholders to vote by mail (or 
via a comparable digital system) before the meeting. Information to this effect is to be provided in connection with the 
meeting notice. The meeting notice must clearly describe the procedure and how it is to be carried out. 
Article 13 Financial year
The Company’s financial year is to follow the calendar year.
Article 14 Record day provision
The Company’s shares are to be registered in a Central Securities Depository (CSD) in accordance with the Swedish 
Central Securities Depositories and Financial Instruments Accounts Act (1998:1479).
___________________
These Articles of Association were adopted at the Annual General Meeting on May 25, 2023
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MilDef Group AB
Muskötgatan 6 
SE-254 66 Helsingborg
Sweden
Tel: +46 42 25 00 00
email: infomildef@mildef.com
www.mildef.com
Corp. reg. no. 556893-5414
Financial calendar:
Interim Report Q1 2025 April 29, 2025
Annual General Meeting 2025 May 22, 2025
Interim Report Q2 2025 July 18, 2025
Interim Report Q3 2025 October 23, 2025
Year-End Report 2025 February 6, 2026
For further information contact:
MilDef Group AB
Daniel Ljunggren, President & CEO
+46 70 668 00 15 
daniel.ljunggren@mildef.com
Viveca Johnsson, CFO
+46 70 462 75 05 
viveca.johnsson@mildef.com
Olof Engvall, Head of IR & Communications
+46 735 41 45 73 
olof.engvall@mildef.com