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

Annual and  
Sustainability  
Report
2025

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

Annual General Meeting
The Annual General Meeting will be held on Thursday, 
May 21, 2026 at 5 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 12, 2026 and 
must notify MilDef of their intention to attend no later than 
May 15, 2026. In order to be entitled to participate in the 
AGM, shareholders with nominee-registered shares must 
request temporary registration of their shares in their 
own name in the share register maintained by Euroclear 
Sweden AB (so-called voting rights registration). Share -
holders must inform their nominee of this well in advance 
of May 15, 2026. Voting rights registration requested by 
shareholders in time for registration to be carried out by 
the nominee no later than May 15, 2026 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 
dividend of SEK 0.75 per share be set for the 2025  
financial year.
Nomination Committee
The following board members are members of MilDef’s 
Nomination Committee:
• Celia Grip, appointed by Swedbank Robur, Nomination 
Committee chair
• Martin Jonasson, appointed by the Second Swedish 
National Pension Fund (AP2)
• Mattias Montgomery, appointed by Carnegie Fonder
Björn Karlsson, Chair of the Board, is also co-opted 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 2026 April 23, 2026 
Interim Report Q2 2026 July 16, 2026 
Interim Report Q3 2026 October 22, 2026 
Year-End Report 2026 February 4, 2027
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 2024, 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 
Annual Report regarding markets, competition and future 
growth constitutes MilDef’s assessment, which is based 
primarily on materials produced internally within the 
Group and on external sources.
The Company’s statutory Sustainability Report is presented 
on pages 30–51. The formal annual report (including other 
information) is presented on pages 54–142. Some figures 
have been rounded off and, accordingly, tables and  
calculations do not always add up exactly.
Production of 
Annual Report 2025
Project management and text 
Christer Rasmusson, Olof Engvall,  
Viveca Johnsson and Marie Jonsson
Design and graphics 
Kith Wig Timour
MilDef Group Annual and Sustainability Report 2025 
2

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

Information for shareholders  .......................................... 2
The year in brief ................................................................4
CEO’s comments .............................................................. 6
2025 – a news-rich year ..................................................  8
MilDef’s business and offering  ....................................10
Dynamics and rearmament in the defense industry  20
Five reasons to invest in MilDef ....................................26
MilDef’s history  ...............................................................28
Sustainability Report  .....................................................30
MilDef’s share  .................................................................52
Corporate Governance Report  ....................................56 
Board of Directors  ..........................................................64
Management Team ........................................................66
Guidelines for remuneration of senior
executives ........................................................................68
Remuneration Report  ....................................................70
Directors’ Report  ............................................................72
Risk and risk management  ............................................79
Financial statements and notes  ...................................83
Signatures ......................................................................130
Auditor’s Report  ...........................................................131
Multi-year summary  .....................................................135 
Alternative performance measures  ...........................137
Definition of key figures  ..............................................139
Articles of Association  .................................................140
Rugged, reliable and resilient 
At MilDef we build trust by protecting the most important things – people, 
information and missions. Our real strength is not only the rugged  
IT solutions we develop, but also the dedicated people doing the work.  
We stand firm when others hesitate. What we do is about more than  
providing equipment – it is about protecting those who are protecting us. 
WE ARMOR IT.
3
MilDef Group Annual and Sustainability Report 2025

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

In 2025 MilDef grew faster than at any time in the Company’s soon-to-be three-decade journey. 
With sustained strong growth in line with the steep rearmament trajectory and supported by 
the transformative acquisition of German company roda computer GmbH, MilDef’s sales have 
almost doubled compared to the previous year. This was the Group’s strongest year so far  
– in order intake, sales and operating profit.
The year in brief 
THE YEAR IN BRIEF
Financial development 2025 
Highlights in 2025
MilDef completed the  
acquisition of roda  
computer GmbH.
ADJUSTED EBITA 
NET SALES
ADJUSTED OPERATING PROFIT (EBIT)
GROSS MARGIN
FREE CASH FLOW
ADJUSTED EARNINGS PER SHARE
ORDER BACKLOG
ORDER INTAKE
DIVIDEND
Record deal with German  
defense customer, worth  
SEK 320 million.
Investments in increased  
production and delivery  
capacity. 
45% (49.0)SEK m 2,045 (1,201) SEK m 276.3 (149.7)
SEK m 209.0 (111.8) SEK m 3,193 (1,810) SEK m 3,595 (2,055)
SEK m -33.5  (127.7) SEK 3.04 SEK (2.45) SEK 0.75  per share (0.50)
MilDef Group Annual and Sustainability Report 2025 
4

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

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
0
200
400
600
800
1 000
1 200
1 400
1 600
1 800
2 000
2 200
20 21 20 22 20 23 20 24 20 25
20 21 20 22 20 23 20 24 20 25
CAGR +34.2%
1 327
2 055
3 595
0
5 00
1 00 0
1 50 0
2 00 0
2 50 0
3 00 0
3 50 0
4 00 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
20 23 20 24 20 25
140,2 149,7
276,3
- 20
20
60
1 00
1 40
1 80
2 20
2 60
3 00
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
20 23 20 24 20 25
12,2% 12,5%
13,5%
0%
2%
4%
6%
8%
1 0%
1 2%
1 4%
1 6%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
20 23 20 24 20 25
1 214
1 810
3 193
0
4 00
8 00
1 20 0
1 60 0
2 00 0
2 40 0
2 80 0
3 20 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
20 23 20 24 20 25
2,045
470
739
1,151 1,201
5
MilDef Group Annual and Sustainability Report 2025

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

While delivering growth and improved profitability in 
2025, we also continued to invest in the Company’s expan -
sion to meet demand and strengthen our market position. 
Investments to increase delivery capacity are higher than 
ever and are focused on areas such as recruiting more 
employees and expanding production capacity.
The process of rapidly scaling up operations to handle 
larger volumes is, of course, not without its challenges; 
it takes time to adapt resource levels to our order intake. 
With this in mind, it was particularly gratifying that MilDef’s 
new production facility in Stockholm County became 
operational in the fourth quarter of 2025. Also during this 
quarter a decision was made to increase capacity invest -
ments in Helsingborg.
These are example of initiatives that will strengthen our 
delivery capacity, enable us to seize future business  
opportunities and provide more robust, long-term  
earning capacity.
Digital rearmament – vital for Europe’s  
defense capability 
The defense capabilities of European nations are in a 
phase of increasing digital transformation. Better location 
and situation awareness, automated information manage -
ment and shorter decision cycles are a few examples of 
potential gains. The digitalization taking place is essen -
tially a transition from isolated conventional systems to 
data-driven, agile and connected networks. This trend is 
2025 was a transformative year for MilDef.  
During the year the Company passed several 
milestones in its growth journey, advanced 
up the value chain and completed its largest 
acquisition to date. Altogether this resulted 
in the strongest year for the Group so far – in 
order intake, sales and operating profit. 
A strong position 
in the market
CEO’S COMMENTS DANIEL LJUNGGREN
MilDef Group Annual and Sustainability Report 2025 
6

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

playing an increasingly clear role in the capacity buildup 
of European armed forces. We have the capacity to deliver 
customized and tailored tactical IT systems, and both our 
order intake and our close relationships with customers 
show that our market position is strengthening quarter on 
quarter. 
 
NATO’s new capability targets set the tone 
In 2025 NATO’s 32 member countries agreed on new 
capability targets and historic rearmament. Defense and 
security investments are to reach 5 % of GDP by 2035. This 
decision is a direct response to the war in Ukraine and an 
increasingly tense global security situation.
Now that the agreement is in place the work of turning 
ambitions into practice begins, which for most European 
countries means increasing their defense appropriations. 
This historic rearmament will impact the entire European 
defense industry – including MilDef – and set the tone for 
demand in the years ahead. The plan is for much of the 
additional funding to be used for orders in the period 
2026–2030. Compared with February 2022, the time factor 
is now more urgent and the focus is on speed, putting 
increased pressure on both procurement agencies and the 
defense industry’s delivery capacity. The increased require -
ments align well with MilDef’s expansion plans.  
The roda acquisition
During the year the acquisition of German company roda 
computer GmbH (“roda”) was concluded. This is an im -
portant step in our continued expansion and strengthens 
our market presence in Europe. The roda company is a 
well-established supplier of military IT solutions holding a 
strong position in Central Europe, particularly in Germany 
and the wider DACH region. Good development in 2025 
shows that acquiring roda was the right decision.  
In 2025 Germany announced extensive rearmament, 
involving investing EUR 500 billion over 12 years, including 
to boost the country’s defense capabilities.
“Our growth journey continues with a focus on defense 
and security, our customers and prioritized markets.”
Daniel Ljunggren,  
President and CEO of MilDef Group
CEO’S COMMENTS DANIEL LJUNGGREN
2,045
NET SALES, SEK M
3, 193
ORDER INTAKE, SEK M
276
ADJUSTED EBITA, SEK M
Outlook
In a market landscape characterized by good demand, 
multiple business opportunities are arising adjacent to our 
core business. MilDef’s path to success is, however, about 
maintaining a consistent focus on defense and security. 
We are therefore continuing our growth journey with an 
emphasis on our prioritized markets and customers. We 
believe that a clear focus creates the greatest value for 
both our customers and our shareholders. MilDef is  
continuing to execute its plans through investments in 
growth and increased delivery capacity to ensure long-
term, profitable growth.
In conclusion, I would like to express my heartfelt and 
sincere gratitude to all of our employees for your commit -
ment and hard work in 2025. Your efforts are crucial for 
MilDef’s continued development and success.
7
MilDef Group Annual and Sustainability Report 2025

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

2025 – A NEWS-RICH YEAR
2025 – a news-rich year
News on business and operations
MilDef wins cybersecurity contracts with Clavister, 
worth SEK 40 million
The hardware is a sub-component of two products in 
Clavister CyberArmour, a product family of AI-driven fire -
walls adapted for military applications.  The first delivery 
will take place at the beginning of 2027.
The MilDef subsidiary Westek signs a contract 
worth SEK 45 million with a global defense  
corporation
Westek Technology continues to grow after signing a 
contract to deliver rugged IT equipment for a global and 
mission-critical defense platform to a global security and 
defense corporation. This is the single largest order to 
date for Westek and deliveries will take place in 2026. 
The Swedish Defence Materiel Administration 
orders hardware from MilDef worth SEK 126 
million
As part of ongoing accelerated defense rearmament, the 
Swedish Defence Materiel Administration (FMV) decided 
to replace older IT equipment with new from MilDef for 
digitalization of the Swedish Army.  Deliveries took place 
in 2025.
Kongsberg Defence & Aerospace orders MilDef’s 
rugged IT equipment worth SEK 225 million
Beginning in 2026, MilDef will deliver IT equipment for 
increased digitalization capacity.
MilDef wins OneCIS software contract and hard -
ware orders from the Swedish Defence Materiel 
Administration worth SEK 139 million
MilDef will supply the Swedish Army with control systems 
for increased NATO interoperability and connectivity. The 
solution consists of MilDef’s OneCIS software, hardware 
and integration services. Deliveries began in 2025. Based 
on the outcome of the options, the total value could 
amount to SEK 203 million.
MilDef’s subsidiary roda signs contract with  
German cybersecurity company secunet
The contract is for delivery of rugged IT equipment to 
secunet, a leading cybersecurity company. The deliveries 
will take place in 2026.
MilDef wins first hardware order from the NATO 
Support and Procurement Agency (NSPA)
The contract involves delivery of rugged IT equipment, 
such as mobile computers, for further use in NATO  
operations. Deliveries took place in 2025.
MilDef’s subsidiary roda wins an order from the 
armed forces of the Federal Republic of Germany 
(Bundeswehr) worth SEK 212 million
The contract is for deliveries of rugged IT for vehicle  
integration projects for the army’s D-LBO (digitalized  
land-based operations) digitalization project.  
Deliveries started in 2025 and will be completed in the 
fourth quarter of 2026.
MilDef wins a contract worth SEK 52 million with 
L3Harris to deliver IT systems in armored vehicles 
to a NATO country
The contract represents MilDef’s single largest US delivery 
of rugged 19”/2 hardware. MilDef will provide adapted 
servers, Cisco-based routers and fiber switches to meet 
L3Harris’ requirements for the armored vehicle communi -
cations system.
MilDef receives a suborder worth SEK 320 mil -
lion from a European NATO country
In 2022 MilDef signed a 20-year framework agreement 
worth SEK 2.8 billion with the armed forces of an unnamed 
NATO country and now a large hardware order has been 
placed. The order is for delivery of MilDef’s proprietary IT 
equipment for digitalization of the country’s army.  
Deliveries will take place 2026–2028.
MilDef opens Bastionen – a strategic capacity 
increase for enhanced defense capabilities
This 6,500 square meter office and production space in 
Rosersberg outside Stockholm quadruples MilDef’s  
capacity in integration services, allowing for larger and more 
complex assignments for defense and security customers.
MilDef subsidiary roda receives order worth SEK 
320 million from a German defense and security 
company
The framework agreement order is for delivery of rugged 
IT equipment for a German defense and security company. 
Deliveries will take place in 2026.
MilDef Group Annual and Sustainability Report 2025 
8

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

2025 – A NEWS-RICH YEAR
9
MilDef Group Annual and Sustainability Report 2025

===== 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 ulti -
mately 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 
suppliers, we integrate durable, reliable and bespoke hard-
ware, services and software in customizable systems and 
solutions. Solutions that are rigorously tested – not only in 
our laboratories and test facilities, but also in real life.
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
This is MilDef
Focus on security and defense
With operations in 10 countries, MilDef had sales of SEK 
2,045 million in 2025 and around 500 full-time employees 
at the end of the year.
The Company’s customers are in the defense and security 
sectors. There is a shared need for tactical IT solutions, 
hardware, software and services to digitalize operations in 
environments where the strains on IT systems are consider-
able. MilDef holds a strong position in its domestic market, 
the Nordic region, and has strong relationships with inter-
national customers. These relationships have been built up 
over time and are based on trust and delivery reliability.
Tactical IT supplier
Founded in 1997
Listed on June 4, 2021
Around 500 employees
Key markets:  
– Nordics 
– Europe 
– Selected NATO nations
Customers:  
– Defense 
– Security
Offering:  
– Hardware 
– Software 
– Services
MilDef Group Annual and Sustainability Report 2025 
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 idea
MilDef’s business idea is to develop, offer and deliver 
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 require -
ments of tactical and demanding environments. Quality 
and robustness are crucial for the success of MilDef’s cus -
tomers. 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. 
MILDEF’S BUSINESS AND OFFERING
Vision, business idea and goals
Digitalization is increasing within defense and security as is the need for tactical IT solu -
tions 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
Outcome: 70%  
Growth 
At least 15% EBITA 
margin over time
Outcome: 13.5% 
Adjusted 
EBITA margin
Net debt not  
to exceed 2.5x 
EBITDA
Outcome: 2.0 
Net debt to  
EBITDA
Distribute 20–40% 
of net profit
Outcome: 24% 
Net profit distribution
The four financial targets
Financial targets 
• MilDef’s financial targets and performance are  
presented at the end of this page.
• Over the past five years sales have increased by an aver-
age of 34.2% per year (CAGR) and the operating margin 
(EBITA) has averaged 11.3%. 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 distribute 20–40% of net profits when this 
is possible.
To reach its 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 develop-  
ment as well as the service offering, for both new 
products and to further develop existing ones.
11
MilDef Group Annual and Sustainability Report 2025

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

Tactical IT is the backbone of modern military systems. It is a cornerstone for IT infrastructure 
and effective operator environments, enabling all subsystems to function seamlessly.  
Defense-adapted integration of hardware, software and services offers secure communica -
tion, data processing, storage, seamless integration of functions and interoperability with  
other systems, and many other capabilities. These are capabilities that give military and  
security personnel an advantage when the stakes are the highest. 
An expanded product offering
When MilDef creates a system of systems, it is imperative 
that the IT infrastructure works seamlessly and without  
errors. MilDef’s hardware offering has been developed 
and refined over the course of almost three decades. It 
started with rugged laptops and tablets and continued 
with the development of the Company’s proprietary 
19’’/2®product range. Then came the addition of hard -
ware from acquired companies such as Swedish Hand -
held, British AVT and German roda computer. To this 
broad and customer-centric product offering MilDef adds 
a unique knowledge base for the entire process – from 
concept to design, verification, manufacturing and  
delivery, as well as support and aftermarket.  
19’’/2®. A digital ecosystem
The 19’’/2® series is a product family that gets its name 
from its form factor. It consists of computers, switches, 
routers and other customized hardware. The products are 
mainly used in vehicles – both wheeled and tracked – as 
well as in naval vessels and aircraft. The series is part of 
MilDef’s own hardware portfolio and is the largest and 
most complete. It is built to meet the standards for rugged 
IT infrastructure, delivering high performance on a small 
surface. The products can easily be adapted and changed 
in areas such as signals, contacts and performance. Their 
modular format allows customers to build systems to suit 
| Modular design
| In-house capacity
| Concept development
| Design
| Testing & verification
| Manufacturing
| Service & support
Unique opportunities for customization
MILDEF’S BUSINESS AND OFFERING
A system design house  
providing tactical advantages
their needs, and to add or remove functions as needed.  
This makes the systems flexible, scalable and cost-effective. 
A common example is an IT system in a military vehicle, 
such as troop transport vehicles or combat boats, where 
MilDef’s computers, servers, switches and displays form 
the core of IT capabilities. The products have a long life, 
making them both sustainable and well-adapted for long 
lifecycles in military platforms.
Intellectual property bank  
Since technical development of MilDef’s 19”/2® products 
began, the Company has built an IP (intellectual property) 
bank filled with experience and reusable knowledge –  
encompassing technical expertise as well as trust capital 
from military applications. By retaining and reusing this IP 
bank, future product projects can leverage past develop -
ment work, which benefits the customers in the form of 
guaranteed quality, short lead times and cost-efficiency.  
A profound knowledge base is essential for MilDef’s 
ability to elevate its offering as a complete system design 
house to which defense purchasers can turn for complex 
and ready-to-use comprehensive solutions. Modularity 
also enables MilDef to quickly replace products, for exam -
ple when a vehicle needs a technical upgrade. The design 
– both inside and out – provides a unique advantage for 
customers and ensures secure, efficient and cost-effective 
adaptation of complex systems – all thanks to the  
Company’s IP bank.  
MilDef Group Annual and Sustainability Report 2025 
12

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

MILDEF’S BUSINESS AND OFFERING
Battle command system
Navigation
Military radio
Weapons systemVehicle information system
Intercom system Radar system
Optical and IR cameras
Examples of digitalized vehicle systems
Displays for enhanced visualization
Displays and screens are the visual surface where the eye 
meets tactical information – the operator’s work environ -
ment, where soldiers receive data with minimal delay and 
instant responses. Simply put – fast and reliable realtime 
information.
In line with the increasing demand for visualization and 
video streams, MilDef has advanced its position in  
visualization of information in data-driven defense environ-  
ments. Today MilDef offers displays, panel PCs and mul -
tifunctional products from 6”, 7” and 8” screens up to 65” 
video walls for presentations at command headquarters. 
MilDef’s displays have been developed to handle  
demanding environments in terms of both environmental 
impact and electromagnetic threats. The products are 
designed for a long life without the need for maintenance, 
which means they can be used for 10+ years without any 
planned service.
Mobile computers
MilDef has a broad offering of rugged computers for mo -
bile use, including laptops, tablets and handheld devices. 
All models can be further modified through configuration 
and customization. The range of tablets in various sizes 
and designs provides mobility and enables them to be  
installed in restricted spaces in vehicles or boats.  
The range of mobile products is primarily delivered by 
MilDef’s and roda’s partner MilDef Crete. The offering 
also includes some proprietary products as well as alter -
native laptops from companies such as Panasonic.
With its dismounted soldier concept, MilDef also offers  
soldier-borne digitalization to meet the need for in -
creased use of technology at the individual level. The 
launch of the in-house developed Android-based MilDef 
T.A.D. is one example. 
Special electronics and accessories
MilDef produces specialized solutions for specific tasks. 
For example the Company designs and builds rugged 
controllers for remote control of unmanned craft such as 
drones. MilDef can also create customized computers 
with an integrated battery, detachable hard disk and  
multiple interfaces to connect to communication  
equipment and sensors.
MilDef also offers accessories needed to integrate and 
use tactical IT equipment in variable environments. The 
portfolio includes keyboards of various designs, specially 
adapted cables, media converters and more.
13
MilDef Group Annual and Sustainability Report 2025

===== SIDA 14 =====

Service offering
MilDef Solutions is a service offering where technology 
is turned into defense capability. This offering essentially 
consists of MilDef’s services for customers, where tried 
and tested hardware is combined with software such as 
the Company’s unique OneCIS for cutting edge system 
integration. 
MilDef’s service offering consists of three main areas:  
program and project management, system design and  
integration services. This enables MilDef to help customers 
with everything from project 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 effectiveness 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 a whole range of platforms, objects and 
facilities, and has carried out projects involving combat 
vehicles, combat boats, command and control units, and 
facilities such as command centers, simulators etc. 
In 2025 MilDef’s integration capacity was significantly  
expanded for the Swedish market. The customized  
integration facility called Bastionen (the Bastion) – a 6,500 
square meter office and production space in Rosers -
berg – was opened in October 2025. This investment has 
quadrupled MilDef’s capacity in integration services and 
enables the Company to accept larger and more complex 
orders in Sweden.
Research and development
MilDef conducts extensive and proactive research and 
development. R&D is not just a function activated by 
the sales process, it also drives MilDef’s own technology 
development through continual investment in the product 
portfolio. Through its R&D the Company initiates its own 
development of new hardware platforms, software func -
tions and system components, based on market trends, 
customer insights and technical possibilities. When a 
customer inquiry is received the R&D department is linked 
in early on to create a concept that meets the require -
ments and describes how MilDef can realize a solution. 
Both the concept phase and the project department 
proceed to build on MilDef’s growing resource bank of re -
usable technology – electronics, mechanics and software 
– allowing the Company to quickly and cost-effectively 
design unique, bespoke products. The combined power 
of proactive in-house development and fast adaptation 
to customer needs is one of MilDef’s greatest competitive 
advantages.
OneCISTM. Fast and secure implementation 
of IT services
In a time when multiple military units need to cooperate 
on operations, seamless communication and effective  
and secure information sharing are essential. MilDef’s 
OneCIS software facilitates Multi-Domain Operations 
(MDO) and the fast rollout of tactical IT services, including 
for mobile control systems, tactical units and rapid de -
ployment forces. OneCIS is a NATO-compatible system 
for launching hardware, operating systems, applications 
and third-party products. It delivers tactical IT services for 
deployed personnel, tactical units and rapid deployment 
forces. Combined with MilDef’s hardware, this offers a 
secure, flexible, scalable and implementable tactical IT 
solution that reduces the risk of manual errors and enables 
increased operational capacity through automated and 
well-tested configurations. 
Facilitate for the customer
Regardless of the customer’s product field, MilDef aims to 
facilitate for the customer and reduce complexity. MilDef 
does this by taking full responsibility for system design 
and overall responsibility for the entire delivery, regard -
less of how many subcontractors are involved, the degree 
of complexity and any specific requirements.
Services and software
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MILDEF’S BUSINESS AND OFFERING
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
Competitive advantages  
of OneCISTM
| 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)
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MilDef’s sales operations are mainly organized regionally, 
within the Nordics and Baltics, Europe and North America.  
The level of direct sales to government procurement 
organizations and defense companies varies from market 
to market. In the Nordic countries, MilDef largely sells is 
product and service offering directly to end-customers 
based on established relationships with users and gov -
ernment agencies, and through other defense companies. 
Public sector customers use direct contracts and also 
acquire products through logistics organizations, such 
as the Swedish Defence Materiel Administration (FMV), 
the Norwegian Defence Materiel Agency (NDMA) and 
the Danish Ministry of Defence Acquisition and Logistics 
Organization (DALO). 
In the DACH region, MilDef’s subsidiary roda has had a 
strong foothold since 1987 and has a long history of colla- 
boration with the armed forces of the Federal Republic 
of Germany (Bundeswehr) via framework agreements, as 
well as defense companies such as Rheinmetall and secunet. 
Sales in the rest of continental Europe are primarily in the 
form of hardware orders through local partners. MilDef’s 
business in the UK is first and foremost focused on deliv -
eries for military platforms (vehicles). The integration of 
Westek (part of the roda acquisition) has increased the 
potential for additional growth. Sales activities in North 
America are aimed at the B2B segment, with the size of 
the market justifying a clear focus for the fastest effect.
Value chain dynamics
Over the past few years MilDef has advanced up the cus -
tomers’ value chains, offering complete capacity offerings 
How MilDef sells
MILDEF’S BUSINESS AND OFFERING
within system solutions based on MilDef’s hardware,  
OneCIS software and services. The value chain for com -
plex defense platforms and systems consists of a number  
of subcontractors delivering subsystems, products 
and components to a main supplier that manufactures, 
delivers and is responsible for the end-products and/or 
systems delivered to end-customers. Suppliers of inte -
grated systems and products are often well-established, 
large, multinational tier 1 corporations that are diversified 
in terms of products and geographical presence, and 
have close business relationships with national defense 
procurement agencies.
A competitive offering
MilDef is competitive as an actor offering a combination 
of hardware, software and services that can be delivered 
separately or as complete solutions. Local presence,  
industry knowledge and lasting relationships with govern -
ment agencies, users, global defense corporations and 
partners combine to give MilDef a strong position in IT 
solutions for the defense sector.  
MilDef’s main focus is markets where the Company has an 
established presence and partnerships allowing the  
Company to act with flexibility when and where new  
demand arises. 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 relation -
ships and deep trust in an industry where this is highly 
valued.
MilDef operates in three main geographic markets: the Nordics and Baltics, Continental Europe 
and the UK, and North America. Each region has a distinct market structure, competition 
climate and degree of maturity. These have an impact both on business opportunities and 
MilDef’s position as a supplier of tactical IT solutions. The company acquired in 2025, roda 
computer, substantially strengthens MilDef’s position in Central Europe and is an important 
platform for further sales expansion in the DACH* region and Eastern Europe.
“By selling and delivering high-quality products, 
on time and with a strong focus on raising  
capacity for customers, MilDef has built strong 
relationships and deep trust.”
*Germany, Austria, Switzerland
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MILDEF’S BUSINESS AND OFFERING
MilDef’s sales around 
the world in 2025
Nordics and Baltics
The regional market in the Nordic and Baltic countries typically consists of a 
limited number of larger, well-known customers and few established actors. 
The market conditions are stable and familiar. MilDef holds a strong position 
as one of the leading suppliers of tactical IT for the armed forces of Sweden, 
Norway and Denmark, and is also established in Finland. 
 
 
North America
North America has an exten -
sive and very dynamic market 
with multiple sales channels 
and there is significant compe -
tition from both national and 
global actors. MilDef is primarily 
active in the B2B segment and 
is still relatively unknown as 
a supplier of tactical IT in the 
North American markets.
North 
America
7%
Nordics
46%
Europe 
43%
Continental Europe and the UK
For MilDef, the DACH region and the UK are markets 
consisting mainly of a limited number of larger customers 
and known actors. MilDef is an established supplier of 
tactical IT in DACH and the UK, but the degree to which 
the Company is known in these markets varies. In the rest 
of Europe the structure of the actors of interest to MilDef 
is larger and more dynamic. 
 
Rest of  
the world
4%
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Over the past few years MilDef has been climbing steadily up the value chain, increasingly  
selling 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 companies. Backed by a highly reputable offering, MilDef has 
strengthened its market position and become increasingly in demand. 
MilDef climbing up 
the value chain
Defense logistics  
organization
Tier 1 supplier
Integrator
Supplier X Supplier Y Supplier Z
Direct procurement
Defense customer
Defense logistics
B2G
Tier 1, 2 
& integrators
Global B2B
Local partner
Swedish  
Armed Forces
Norwegian 
Armed Forces
US DoD
Where MilDef does not have its own company, sales take place  
through strategic partner companies.
Defense customer
MILDEF’S BUSINESS AND OFFERING
Examples of actors in the supply chain
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MILDEF’S BUSINESS AND OFFERING
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To understand the investment potential of defense companies in general – and for MilDef 
in particular – it is important to place the Company in a long-term context. Now as Europe’s 
armed forces are being rebuilt – after 30 years of disarmament – a lot is happening, but not all 
at the same time nor sequentially. We are instead seeing a complex capacity increase process 
with many different actors in the defense system working together for an increased overall 
effect. Below are examples illustrating the anticipated rearmament dynamic.  
Dynamics and 
rearmament in the 
defense industry
DYNAMICS AND TRENDS
It is clearly evident that MilDef is playing an increasingly 
important role as a subcontractor for large, data-driven 
defense systems. But exactly how, when and where  
rearmament takes place is determined by national defense 
organizations, which in turn control the pace of defense 
materiel purchasing.
MilDef is a late-cycle actor 
In times of geopolitical uncertainty with active hotbeds of 
conflict throughout the world and a 180 degree turn on 
defense requirements, the delivery system is put to the 
test. In the new rearmament dynamic, defense technology 
suppliers like MilDef find themselves in a late-cycle phase 
Differentiated defense procurements
2 | Platforms
§ Troop transportation
§ Battle tanks
§ Aircrafts
§ Ships
1 | Operational effect
§ Ammunition
§ Fuel
§ Training
§ Drones
3 | Tactical IT, C2 (command & control)
§ Computers 
§ Switches
§ Displays
§ System of systems
DYNAMICS in times of active conflicts
IT power for midlife upgrades + new platforms  
in which, instead of operational capacity, there is an im -
mediate demand for ammunition, protection, drones and 
proven defense technology. In the second phase, a few 
years after the invasion of Ukraine, orders start coming in 
for brand new, advanced vehicle fleets and systems.  
Thousands of these platforms are being ordered and will 
be delivered for integration into the defense system, some -
times over a 10-year period. The third phase is where MilDef 
comes in to equip these platforms with digitalization and 
intelligence for data-driven defense capabilities. This is  
the phase – which is in turn divided up into different stages 
– that MilDef has considered itself to be in since 2025.
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DYNAMICS AND TRENDS
A supercycle for defense technology
Since the capacity buildup facing Europe is unparalleled 
in the modern era, little is known about exactly what the 
different phases of rearmament entail. One assessment is 
that the next three to five years will mainly involve capacity 
increases and large defense orders. Deliveries over the 
European defense growth
MilDef’s long-term growth in Europe is driven by several 
clear trends. Europe’s rearmament, increased investment in 
data-driven defense technology and a stronger emphasis 
on European autonomy are creating growing demand for 
rugged tactical IT solutions. At the same time, digitalization 
3 phased development of the defense Supercycle
§ Delivery
§ Integration
§ Connectivity
§ Joint venture scaling
§ Capacity build out
§ Order backlog expansion
§ Geographical expansion
§ Supply chain security/ 
consolidation
§ ”Normalized growth”
§ Service & Aftermarket
§ Next generation technology 
deployment
§ Connectivity
Market consolidation
2028 - 20352022 - 2028 2035 -
R&D & Technology advancements
Long-term drivers of growth in Europe 
01
REARMING OF 
EUROPE
§ NATO 5% pledge 
by 2035
§ Defense tech super 
cycle
02
EUROPEAN 
AUTONOMY
§ EU target: 50% 
procurement in the 
Union 
§ “Buy European” –
independent 
European supply 
chain
03
TECHNOLOGY
§ Rising demand for 
digitalisation, 
unmanned & AI
§ Drive a need for 
reliable rugged 
tactical IT 
04
JOINT 
PROCUREMENT
§ Coordinated 
requirements enable 
larger serial 
contracts
§ Near-term; buy 
more of field proven 
equipment 
05
INTERCHANGEABILITY 
& INTEROPERABILITY
§ Ad-hoc 
standardization among 
allied countries
§ Interoperability in a 
NATO-context
next decade are expected to be for rebuilding robust 
defense capability. The level of aftermarket, replacement 
orders and increased consolidation is expected to increase 
from 2035. This assumption is based on assessments by 
defense analysts.
technology development, autonomous systems and AI 
are increasing the need for reliable IT infrastructure. Joint 
Nordic procurement and a greater demand for interoper -
ability within NATO are further drivers. There is, however, 
uncertainty about the schedules and scope of Europe’s 
future build-up. 
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DYNAMICS AND TRENDS
In 2025 the geopolitical security situation worsened further. Decisions were taken in both 
the Nordics and elsewhere in Europe to increase defense and security spending. 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. 
1
2
3
4
5
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 
electronics. For example, better sensor systems and various types of remote-  
controlled craft require more from the electronics that control them. 
The significance of total defense has grown and this has increa -
singly expanded 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. 
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DYNAMICS AND TRENDS
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As a leading supplier of tactical IT, MilDef has linked its strategies to expansion within three 
areas: hardware, software and services. The path to continued growth is through expansion 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 representation in 10 countries, 
MilDef has significant opportunities 
to grow in its existing markets. With 
a focus on the Nordics, Europe, the 
USA, the UK, selected NATO coun -
tries, and carefully selected other 
markets, MilDef is creating a market 
situation with factors for repeatable 
success.
By accelerating sales of MilDef’s “classic” 
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, 
such as Germany.
Through its long-term market pres -
ence, the Company also has potential 
for add-on sales (product upgrades 
and replacement products) based on 
previous contracts, thereby generat -
ing repeat revenue.
PILLARS OF GROWTH
PORTFOLIO STRATEGY
Alongside expanding its range of 
hardware, 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 increasingly 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 services, from strategic IT including 
change management, to implemen -
tation.
MilDef has identified good oppor -
tunities in so-called infrastructural 
software, i.e. in operating systems, 
communications, security, deploy -
ment, sensor systems, etc.
ACQUISITION COMPASS
With a structured process to identify, 
evaluate and implement acquisition 
candidates, 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 com -
pass is a telescopic sight aimed at the 
types of companies MilDef looks for 
and evaluates. The strategy includes 
eight selection criteria with a focus on 
choosing the right acquisition candi -
dates. 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 imple -
mented over the past decade. These 
acquisitions 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 
the years to come
New technology, system design/inte -
grator solutions and software lead to 
expanded relationships
Tactical 
hardware
More 
services
Partners and 
competitors
New 
markets
National 
capacity
More 
software
Security 
of supply
 Space 
technology
 M  & A
COMPASS
M&A compass to
find the right target companies
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Since 2011 MilDef has carried out eight acquisitions. The single largest is the roda acquisition.  
Below is a description of MilDef’s work on strategic acquisitions.
Tactical 
hardware
More 
services
Partners and 
competitors
New 
markets
National 
capacity
More 
software
Security 
of supply
 Space 
technology
 M  & A
COMPASS
An active acquisition strategy
MILDEF’S BUSINESS AND OFFERING
CRITERIA TO QUALIFY AS AN  
ACQUISITION CANDIDATE
1 | Untapped potential in the  
     existing offering
2 | Added value via MilDef’s  
     market channels and/or  
     organizational structure 
3 | Compatible corporate culture  
     and values 
4 | Continued engagement of  
     key individuals
MILDEF’S M&A STRATEGY  
INCLUDES
1 | A compass showing prioritized                    
     acquisition targets  
2 | A backlog where M&A  
     opportunities mature 
3 | A plan for valuation and due       
     diligence 
4 | A growth model for successful  
     integration
MilDef’s growth priorities
MilDef has four strategic steps for continued expansion. They involve scaling up the business, climbing up the 
value chain, expanding in a clear and controlled way, and building a robust and resilient organization. MilDef is also 
developing expertise and capacity, strengthening system and delivery capability, prioritizing key customers and 
ensuring that processes, supply chains and cybersecurity are effective. The Company has a responsible business 
model and is focusing on further selective acquisitions.
PRIORITIES GOING FORWARD
SCALING UP
§ Capacity ramp -up
§ Empowered workforce
§ Increased facility capacity
§ Cost-efficient way
§ Process excellent mindset
§ Data-driven capabilities
RESILIENCE
§ Multi-location manufacturing 
capacity
§ Redundancy in the 
organization
§ Supply chain resilience
§ Cybersecurity
CLIMB THE VALUE CHAIN
§ Prime contractor
§ Turn-key solutions
§ Increased barriers to enter
§ Improved margins
§ Deliver on customers 
commitments
SSuussttaaiinnaabbllee  bbuussiinneessss
MM&&AA
FOCUSED EXPANSION
§ Defense domain focus
§ Prioritized key customers in 
attractive geographic areas
§ Customer-focused solutions
§ A trusted long -term strategic 
supplier for selected MoD’s & 
primes
EIGHT ACQUISITIONS 1997–2025
2011 2016 2021 2022 2024 2025
 Terralogic
  Amrel’s Rugged  
Computer Division
 Bedriftssystemer
 Sysint
 Defcon Solutions
 Handheld Group
  Advanced Vision  
Technology
 roda computer
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FIVE REASONS TO INVEST IN MILDEF
Five reasons
to invest in MilDef
Well-reputed supplier in a market experiencing strong growth 
1
2
3
4
5
Experienced experts in digitalization within defense and security
High-level engineering knowledge and solid industry know-how
Technology and solutions positioned for defense build-up
Tried-and-tested strategies for accelerated growth and value-creation
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===== SIDA 27 =====

FIVE REASONS TO INVEST IN MILDEF
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 
innovations 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 house 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, Germany and the UK, and quadrupled capacity through the 2025 
launch of new integration operations in Rosersberg outside Stockholm, MilDef has expanded its manufacturing 
and integration capacity.  
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 2020–2025 MilDef increased its revenue by an average of 34.2% a year (CAGR) 
and the average adjusted EBITA margin for the same period was 11.3%, with an adjusted EBITA margin of 
13.5% for 2025.
• 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.  
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MilDef’s history 1997–2025
MILDEF’S HISTORY
The Company is 
founded by  
Tomas Odelid 
and Marianne 
Trolle under the 
name LogIn.
Wins a 
multi-year 
framework 
agreement in 
Denmark.
Launches its 
own product 
concept called 
19”/2®.
Launches its 
intelligent 
display  
concept.
Acquires 
Terralogic Ltd 
in the UK.
LogIn changes 
name to 
MilDef.
Restructures 
to implement 
internatio -
nalization 
strategy.
Acquires  
Amrel’s  
Computer 
Division in the 
USA. 
Acquires  
Bedrifts -
systemer in 
Norway.
1997 20192011 20162007 2015 2018
Internationalization and growthFrom distributor to manufacturing
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MilDef’s history 1997–2025
MILDEF’S HISTORY
Expands its 
strategy and 
upgrades its 
vision.
Signs five long-
term contracts.
Acquires Sysint 
and Defcon.
Listed on Nasdaq 
Stockholm.
The new  
headquarter 
“Fortress”  
is officially  
opened in  
Helsingborg.
Starts a company 
in Finland. 
Acquires  
Handheld Group.
Starts production 
in Wales.
Starts a company 
in Denmark. 
Launches an  
updated brand.  
We armor IT.
Consolidates 
Handheld Inc. with 
MilDef Inc.
Implements asset 
acquisition of AVT 
Ltd and acquires 
roda computer 
GmbH.
Decides to quad -
ruple integration 
activities in  
Rosersberg. 
Streamlines  
strategic focus 
to defense and 
security.
2021 20232020 2022 2024
Strategic expansion
Acquisition of 
roda computer 
GmbH is  
concluded.   
 
”Bastionen”  
in Rosersberg is  
officially opened. 
Decision to  
expand  
production  
capacity.
2025
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30
SUSTAINABILITY REPORT 2025

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

The purpose of this Sustainability Report is to describe 
how MilDef approaches sustainable development and  
social responsibility – both internally and externally. It is 
used in the following ways:
• To communicate in a transparent way with customers, 
suppliers and other stakeholders about the Company’s 
sustainability efforts.
• To reinforce internal processes and strategic gover -
nance linked to sustainability.
• To prepare the Group for new legal requirements, 
such as those in the Corporate Sustainability Report -
ing Directive (CSRD) and the European Sustainability 
Reporting Standards (ESRS), even though MilDef is not 
currently subject to these due to its size.
• To present voluntary undertakings over and above 
what the law requires, for example participation in the 
UN Global Compact and application of ISO 26000.
• The Sustainability Report is a tool for continual  
improvement and cooperation in the value chain.
Promote individual development at work
Invest in employee wellbeing and safety by implemen -
ting holistic health and wellness initiatives throughout 
the Company. Promoting an inclusive, diverse and  
innovative culture where our employees thrive and 
grow together with the Company is crucial for our 
working conditions.
SDG 4.3.1, Increase participation in internal training 
ESRS S1, Skills development
Promote equality and diversity
Promoting an inclusive, diverse and innovative culture 
where our employees thrive and grow together with 
the Company is crucial for our working conditions.
SDG 5.5, Increase proportion of women in  
management positions ESRS S1, Gender equality
Promote sustainable production and 
consumption
By strengthening our internal processes and updating 
product development requirements to include a 
sustainability assessment and life cycle analysis (LCA). 
Increased modularization will support scalability while 
simultaneously improving resource efficiency.
SDG 12.5, Reduce waste   
ESRS S2 Workers in the value chain
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 
ESRS E1 Climate change mitigation and adaptation
Ensure a healthy and resilient value chain
By introducing a systematic due diligence process with 
reference to sustainability in order to evaluate risks 
regarding the environment, social responsibility and 
corporate governance. Make conscious and responsible 
choices about whom we do business with, both up-  
stream and downstream. MilDef must not be involved 
in or contribute to any form of corruption.
SDG 16.5.1, Maintain zero cases of corruption or  
bribery, ESRS G1 Corporate Culture and ABAC
Sustainability Report
MilDef aims to maintain a good balance between business, environmental and social 
sustainability. This is considered crucial in order to meet current needs without jeopar -
dizing the ability of future generations to meet their needs. MilDef shall always operates 
in compliance with mandatory requirements, such as applicable laws and regulations,  
organizational and industry standards, contractual obligations, and any codes of conduct.
SUSTAINABILITY REPORT 2025
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SUSTAINABILITY REPORT 2025
Global goals and sustainable development
MilDef strives to contribute to sustainable development 
and acts in accordance with the 17 Sustainable Devel -
opment 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 continually to embed the UN Global 
Compact and its principles in its strategy, culture and daily 
operations, and to engage in collaborative 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.
The following have been identified as prioritized areas 
in the maximization assessment: Individual development 
and on-the-job training; discrimination and vulnerable 
groups; service and support for buyers of MilDef’s prod -
ucts, as well as complaints handling and dispute resolu -
tion; 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. 
MilDef strives to fulfil applicable requirements at a high 
level, including going beyond what is required by law.
MilDef’s analysis of what corporate social responsibility 
entails for the Company is based on a process  
incorporating the following: 
1 | Determining the value chain
2 | Implementation of stakeholder analysis
3 | Implementation of maximization analysis
4 | Selection of goals from the SDGs 
The selected SDGs have been linked to MilDef’s vision, 
mission, business targets, sustainability strategy and 
Code of Conduct.  This process ensures that risks and 
opportunities are managed holistically and that the  
strategy is based on a comprehensive analysis for long-
term sustainable growth. Priority subareas were linked to 
the SDGs and targets where the Company has a positive 
and/or negative impact.
Based on the work outlined above, the Company has 
drawn up an action plan for achieving the goals and 
established procedures for monitoring, evaluation and 
learning. The Company’s sustainability-related activities 
form part of overall business planning. As such they are 
monitored, evaluated and improved on a continual basis.  
KPIs are used for prioritized areas such as climate impact, 
energy, health & safety and supplier monitoring. Perfor -
mance is monitored on a regular basis and is reported on 
in the final section of this Sustainability Report.
MilDef Group Annual and Sustainability Report 2025 
32

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

Sustainability journey
SUSTAINABILITY REPORT 2025
* ISO 9001 – Quality management system, ISO 14001 – Environmental management system, ISO 45001 – Occupational 
health and safety management system, ISO 26000 – Guidance on social responsibility
ISO 26000 
implementation*
New  
sustainability  
strategy
ISO 45001 
certification*
Sustainability  
undertaking:  
UN Global  
Compact
Sustainalytic
EcoVadis
Sustainability Report 
published
Human rights due 
diligence framework 
CSRD 
preparation
Updated 
sustainability  
strategy
Internal sustainability  
campaign and  
leadership focus
Scope measurement
Group Sustainability 
Lead
Internal ABAC  
campaign and focus 
on employeeship
MSCI Rating
2021 2023 20252022 2024
MilDef founded Integrated  
management system 
implemented
ISO 14001 
certification*
ISO 9001 
certification*
MilDef Charity  
Foundation founded
1997 2009 20202002 2014
33
MilDef Group Annual and Sustainability Report 2025

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

MilDef’s contributions to sustainable  
development
MilDef has chosen to work systematically on sustainability 
in order to maximize its contribution and has integrated the 
ISO 26000 guidance standard on social responsibility in its 
existing integrated management system, which includes 
work on quality, the environment, and health and safety. 
Internal audits are carried out on an ongoing basis as part 
of MilDef’s integrated management system. Any deviations 
are managed through established corrective and preventa -
tive measures, with responsibilities shared according to the 
Company’s document management process.  
 
Sustainable development
Global  
sustainable 
development
Maximization/  
materiality  
assessment
Tools for 
systematic 
work
Activity-  
integrated  
sustainability  
strategy
Stakeholder 
analysis
Reporting  
sustainability  
efforts
Preparedness for emergency situations and crisis man -
agement within the area of sustainability are integrated 
into MilDef’s ordinary business planning and manage -
ment systems, and incorporated in the overarching Crisis 
Management Procedure and emergency response plans 
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. The 
Company has certification for all of these standards.
Process for sustainable development
SUSTAINABILITY REPORT 2025
MilDef Group Annual and Sustainability Report 2025 
34

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

Strategy, business model and value chain
(SBM-1)
MilDef is an international systems integrator and full- 
spectrum supplier of rugged IT for defense and security  
applications as well as for national and critical infrastruc-
ture sectors. MilDef provides hardware, software and 
services that protect critical information flows and systems 
in sensitive environments. This report covers the Parent 
Company and all main processes and subsidiaries. At year-
end 2025 MilDef had 479 employees across 10 sites.
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.
During 2025 MilDef worked to focus and prioritize its 
sustainability 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 enjoyable working culture.
• Meet the Company’s financial targets with  
reduced periodic volatility.
• Contribute to a democratic, equal and  
sustainable world.
General disclosures
In 2025 sustainability was included as one of three  
strategic focus areas. Most of the actions have been 
implemented in multiple parts of the organization to 
increase awareness, knowledge and engagement among 
employees. The main initiatives in 2025 have been 
focused on employeeship and anti-corruption training 
involving workshops for prioritized personnel groups and 
further training for all personnel.
MilDef’s value chain encompasses both suppliers and  
customers and is characterized by modularization, a 
life-cycle approach, and certified quality and sustainability  
processes. The Company has a global supplier base  
consisting of several levels of subcontractors, primarily in  
Europe, North America and Asia. Sustainability standards 
are maintained by managing the supplier base and 
through improvement programs.
MilDef’s customers are armed forces, government agencies 
and companies, primarily in selected EU and NATO coun -
tries. The products are sold to customers through MilDef’s 
companies in Sweden, Norway, Finland, Denmark, the UK, 
Germany, France Switzerland, the USA and Australia, and 
through a limited network of partners.
MilDef uses established processes to carry out checks 
and assessments of actors in the value chain: Know Your 
Business (KYB) for sales and Know Your Supplier (KYS) for 
purchasing. The aim is to ensure that business partners 
comply with both legal requirements and MilDef’s internal 
rules governing ethics and sustainability. Any deviations 
are dealt with in accordance with the Company’s case 
management procedures. This work is part of MilDef’s 
accountability and efforts to go beyond the actual legal 
requirements in order to ensure a sustainable value chain.
(ESRS 2)
The value chain
SUSTAINABILITY REPORT 2025
Upstream Own operations Downstream
ActivityProduct Process
Mining & 
extraction
Metals & raw 
materials
MilDef material topics:
E1 Climate change
E2 Pollution
S2 Workers in the value chain
G1 Business ethics
MilDef material topics:
E1 Climate change
E5 Resource use
S1 Own workforce
G1 Business ethics
MilDef material topics:
E1 Climate change
E2 Pollution
E5 Resource use
S2 Workers in the value chain
G1 Business ethics
Mechanical, electrical & 
third-party components  
Cables
Tactical IT products Defense systems Finished products Scrap or components  
of waste
Supplier  
Tier X
Supplier  
Tier 1
Own production Customers  
Tier X
Customers  
Tier 1
Use phase End of life
Refining &  
processing
Assembly Integration Procurement Operation Deactivation  
Scrap/Recovery
Sourcing Producing Integrating Selling Supporting
Phase
35
MilDef Group Annual and Sustainability Report 2025

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

Stakeholder dialogue
(SBM-2)
A stakeholder analysis that scores each stakeholder on the 
basis of impact and interest is carried out in connection 
with business planning. Those with the highest rating are 
considered to be priority stakeholders. For MilDef these 
are employees, managers, customers, suppliers, investors 
and end-users. During the year the Management Team 
decided to highlight and further increase focus on our 
priority stakeholders.
MilDef maintains ongoing dialogue with both external  
and internal stakeholders, for example via news feeds, 
meetings, training and feedback on the Company’s  
sustainability efforts. 
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 
continually evaluated 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 & 
Communications, and there are procedures in place to  
ensure compliance with any applicable requirements (in -
sider trading, confidentiality, security classification, etc.).
Consequences, risks and opportunities  
linked to strategy
(SBM-3)
MilDef carries out its materiality assessment using an  
integrated process that combines ISO 26000 and the 
CSRD double materiality requirement:
• Mapping of the value chain and stakeholders to  
identify impact and expectations.
• Assessment of risks, opportunities and impact linked 
to sustainable development, systematically evaluating 
and mitigating internal and external risks.
• Double materiality assessment that evaluates both 
financial materiality (how ESG topics impact the  
Company) and impact materiality (how operations 
impact the environment and society).
• Materiality matrix and strategic recommendations that 
take into account negative and positive impact, and 
are linked to vision, mission, sustainability strategy  
and the SDGs.
Stakeholder needs
Stakeholders Needs & expectations Positive impact Negative impact Management & dialogue
Employees Job security, fair pay, career 
development, work–life balance, re -
cognition, safe environment, clear 
communication, inclusive culture.
High productivity, 
innovation, strong 
corporate culture 
and low staff turnover.
Low morale, high staff 
turnover, reduced pro -
ductivity and potential 
strikes.
Performance management, career paths, 
health and wellness initiatives, open-door 
policy, intranet, management system, two-
way reporting.
Managers Leadership support, team perfor -
mance, resource management, 
strategic targets, professional  
development, clear communica -
tion, employee motivation,  
operational efficiency.
Enhanced team 
leadership, high 
productivity and 
effective resource 
management.
Ineffective management, 
low team morale and 
high staff turnover.
Leadership training, HR dashboard, re -
source allocation plans, strategic planning 
sessions, training program, regular updates, 
motivational initiatives, efficiency tools.
Customers Reliability, safety, high quality, 
compliance, innovation, cost-  
effectiveness, fast delivery, 
technical support, long-term 
partnerships.
Revenue growth, 
market reputation, 
positive cash flow 
and long-term  
contracts.
High requirements, strict 
compliance require -
ments and potential 
reputational risk.
Regular status updates, KYC, safety reviews, 
compliance reports, innovation demon -
strations, cost–benefit analyses, project 
timelines, dedicated support team,  
relationship-building activities.
Suppliers On-time 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, re -
gulatory non-compliance, 
negative cash flow and 
increased costs.
Reasonable and balanced contractual 
terms, payment in accordance with contract, 
regular collaboration, demand planning, fair 
practice, consistent updates, quality audits, 
logistical coordination.
Investors Financial return, business growth, 
risk management, transparency, 
strategic vision, market position, 
corporate governance, sustaina -
bility.
Capital contribu -
tions, market  
credibility and  
strategic support.
Pressure on short-term 
profits, potential loss 
of control and high 
expectations.
Progress reports, growth forecasts, risk 
assessments, transparent disclosures,  
strategic updates, market analysis, gover -
nance practice, sustainability reports.
End-users Reliability, security, high-quality and 
user-friendly interfaces, technical 
support, performance, compliance, 
innovation, training.
Good reputation and 
market insight.
Risk of deviation from 
regulatory or compliance 
requirements.
User manuals, security reviews, helpdesk 
support, performance monitoring, compli -
ance updates, innovation presentations, 
training sessions, feedback loops.
MilDef Group Annual and Sustainability Report 2025 
36
SUSTAINABILITY REPORT 2025

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

Double materiality assessment
ESRS No. Sub-topic
E1 1 Climate change mitigation
E1 2 Climate change adaptation
E1 3 Energy
E2 4 Pollution of air
E2 5 Pollution of water
E2 6 Pollution of soil
E2 7 Substances of concern
E2 8 Substances of very high concern
E3 9 Water
E4 10 Direct impact drivers of biodiversity loss
E4 11 Impact on the state of species
E4 12 Impact and the extent and conditions of ecosystems
E5 13 Resource inflows incl. resource use
E5 14 Resource outflows
E5 15 Waste
S1 16 Own workforce – working conditions
S1 17 Own workforce – equal opportunities
S1 18 Own workforce – other rights
S2 19 Workers in the value chain
S3 20 Affected communities
S4 21 Personal safety of consumers and/or end-users
G1 22 Corporate culture
G1 23 Protection of whistleblowers
G1 24 Political engagement and lobbying activities
G1 25 Management and relationships with suppliers
G1 26 Anti-bribery and anti-corruption
Financial  
materiality
Not  
material
Double  
materiality
Impact  
materiality
2 1
73
9
20
19
16
155
11
24
26
13
144
10
21
22
17
236
12
25
8
18
Sustainability governance
(GOV-1, GOV-2)
MilDef’s Board of Directors has overall responsibility for 
sustainability, with work flowing throughout the organi -
zation according to set procedures for roles and respon -
sibilities in the combined management system. The 
overarching sustainability approach is driven primarily by 
the organization, and a new role was created in 2025 to 
increase momentum. 
The Group Sustainability Lead is 
tasked with leading and coordinating 
the organization’s sustainability work, 
including by advising, developing 
targets and governance, ensuring 
regulatory compliance and report -
ing. Internal training is provided to 
disseminate knowledge and increase 
awareness within the organization.
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 respon -
sible for reporting to the Board of Directors annually on 
policy compliance.
MilDef ensures that resources are available for this work by 
integrating sustainability in the overall business planning 
and budget process. Financial provision is made each year 
in connection with strategic planning, and prioritizations 
are based on the materiality assessment and identified 
risks/opportunities (including results from the due dili -
gence process). Sufficient human resources are ensured 
by assigning responsibility for sustainability work across 
the organization, with dedicated roles and professional 
development. In addition, resource requirements are  
monitored on an ongoing basis via the management system 
to ensure the work can be carried out effectively.
Marie Jonsson
Governance structure
Board of Directors
Overall responsibility for strategic direction and supervi -
sion, including approval of policies and resources.
Management Team
Determines direction and double materiality assess -
ment; approves the sustainability strategy.
Group Sustainability Lead
Responsible for execution of sustainability strategy, 
driving measurable progress, as well as leading activities 
and working across functions to integrate sustainability 
in the core business
Operational sustainability approach
Functional responsibility
= Strategic topic
37
MilDef Group Annual and Sustainability Report 2025 
SUSTAINABILITY REPORT 2025

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

MilDef Group Annual and Sustainability Report 2025 
38
MilDef works actively on the principles of corporate social 
responsibility, both internally with employees and exter -
nally with stakeholders.  MilDef takes the seven principles 
in ISO 26000:2021 as a starting point for this work, which is 
consolidated via our combined management system:
• Clear responsibility, transparency and ethical behavior 
are primarily ensured through our governance, strategy 
and compliance management processes.
• Respect for the stakeholders’ interests is integrated 
in our business planning and managed through our 
stakeholder analysis.
• Respect for the principles of a state governed by law 
and international standards of conduct is ensured by 
means of legal compliance and control of the value 
chain in our compliance process.
• Respect for human rights is addressed in our due 
diligence process and through our systematic internal 
efforts to promote a positive working environment. 
MilDef uses Notisum’s online legal monitoring service, 
which notifies the Company if any new/updated laws and 
regulations have been introduced of which it should be 
aware. Here MilDef describes how such laws and require -
ments 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 specific lists of legislation on 
the working environment, environment and production, 
and covers Sweden, Norway, the UK and the USA. 
Integration of sustainability-related  
performance in incentive schemes 
(GOV-3)
The Company does not currently offer any incentive 
schemes or remuneration policies directly linked to sus -
tainability-related performance for members of our execu -
tive, management or supervisory bodies. This means that 
sustainability targets and performance are not integrated 
in remuneration structures or incentive schemes.
The Company’s Remuneration Committee monitors devel -
opments in this area and continuously evaluates the possi -
bility of including sustainability-related criteria in incentive 
schemes in the future, in line with best practice and future 
regulatory requirements.
Statement on due diligence
(GOV-4)
MilDef works to promote human rights and climate change 
mitigations. At the same time, we are aware that our op -
erations and value chains entail risks, for example linked 
to pollutants, the working environment and inadequate 
protection of human rights in certain regions. These in -
sights form the basis of our work on due diligence and our 
efforts in the area of responsible enterprise.
Core elements of sustainability due diligence:
• Integrating due diligence in governance, strategy and 
business model; see GOV-1, GOV-2
• Engaging with affected stakeholders; see GOV-2,  
SBM-2, SBM-3
• Identifying and assessing negative impacts on people 
and environment; see GOV-2, GOV-5
• Taking steps to manage negative impacts on people 
and environment; see SBM-3
• Monitoring the effectiveness of these steps. See E1-5,  
S1-14, S2, G1-4
In this process, MilDef pays special attention to any partic -
ular human rights impacts on individuals from groups or 
populations that may be at heightened risk of vulnerability 
or marginalization, and bear in mind the different risks that 
may be faced by women and men.
Risk management
(GOV-5)
Every opportunity within the business is associated with 
one or more risks, which are monitored via an enterprise 
risk management (ERM) program. ERM is a systematic pro -
cess for taking stock of, assessing, managing and prevent -
ing risks within the business. The aim of risk management 
is to safeguard resources and revenues from threats – both 
internal and external – as profitably as possible.
The risk strategy involves identifying and assigning respon -
sibility for risks at all organizational levels and is part of the 
business planning process. Proactive work on risk manage-
ment is integrated into strategic planning and operational 
processes. It aims to identify, prioritize and manage poten-
tial risks within the respective sustainability areas. 
Read more about risk and risk management on pages 79–81.
General basis for preparation of the  
sustainability report
(BP-1)
MilDef reports on its sustainability each year in the 
Group’s Annual and Sustainability Report. The statutory 
sustainability report is prepared in accordance with the 
Swedish Annual Accounts Act. The report can be found on 
pages 31–50 and finishes with an ESRS index on page 50.  
 
We follow the working method set out in SS-EN ISO 
26000:2021 in order to maximize our contribution to the 
UN Sustainable Development Goals (SDG). This Sustain -
ability Report is based on the organization’s self-decla -
ration – 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 2:2025.
The Management Team confirms that MilDef has made 
good progress on developing and monitoring perfor -
mance against sustainability targets and KPIs, which is 
part of the management review. The most recent process 
focused on strengthening the reporting structure and 
ensuring that efforts are in line with upcoming CSRD and 
ESRS requirements.
Consequently, the prioritization for 2025 narrowed in on 
data collection, quality assurance and harmonization of 
processes to meet these standards.  
SUSTAINABILITY REPORT 2025

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

39
MilDef Group Annual and Sustainability Report 2025 
This does not imply downgrading of existing areas of focus 
but rather a galvanizing of the work on transparency and 
regulatory compliance. The reporting structure has been 
adjusted and references to ESRS integrated in the relevant 
sections, underlining the Company’s commitment to  
continuous improvement and accountability.
Important steps taken during 2025:
• Implementation of reporting structure  
Developed and implemented an updated sustainability 
reporting structure in line with ESRS requirements. 
Integrated references to relevant standards in the 
report and ensured that the processes are harmonized 
with CSRD.
• Improved data collection and system solution  
Introduced a digital system for collection and quality 
assurance of sustainability data. Automated parts of 
the reporting flow to increase accuracy and efficiency.
• Deeper stakeholder engagement  
Carried out further dialogue with key stakeholders to 
validate the materiality assessment and ensure that 
reporting meets their expectations. The results have 
been integrated in the prioritizations for 2025.
• Internal capacity building  
Expanded the training program to cover more  
functions within the organization in order to ensure 
broad understanding of CSRD/ESRS and ensure that 
responsibilities are assigned appropriately.
• External review and assurance  
Collaboration with external party to carry out a pre-  
assurance review of the Sustainability Report, focusing 
on data quality and processes prior to future manda-  
tory assurance.
By taking these steps in 2025, MilDef has laid the founda -
tions for being able to report in accordance with CSRD 
and ESRS. MilDef’s commitment to sustainable devel -
opment and responsibility to both stakeholders and the 
environment are reflected in the day-to-day work and 
initiatives above.
Disclosures in relation to specific  
circumstances
(BP-2)
MilDef Group AB runs an international group of compa -
nies with the focus on delivering tactical IT solutions. The 
Company has strived to include reliable and qualitative 
data in order to meet the requirements and provide rea -
sonable target scenarios for its sustainability work.  As this 
is our first year using a digital system for data collection 
and quality assurance, the calculations have largely been 
based on templates and assumptions. Improving the data 
quality is essential for credibility and transparency, and to 
meet future requirements for external review. More exact 
data provides a better decision-making basis, facilitates 
comparability over time and strengthens our ability to set 
ambitious targets.
We have decided to exclude reporting of Scope 3 emis-
sions (CO2e) from this year’s report, as we want to ensure 
higher-quality reporting by increasing the collection of 
primary data from suppliers and other actors in the value 
chain. We will develop methods to reduce dependence on 
templates and create a more comprehensive picture of our 
total climate impact. This is a prerequisite for being able to 
set science-based targets and drive change in line with our 
long-term strategy.
SUSTAINABILITY REPORT 2025

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

ESG
SUSTAINABILITY REPORT 2025 – ESG
MilDef Group Annual and Sustainability Report 2025 
40

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

Environmental sustainability (ESG)
The overarching aim within environmental responsibility is to protect the environment by actively and mea -
surably 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.
SUSTAINABILITY REPORT 2025 – ESG
Carbon dioxide saving 
from photovoltaic  
cells (HQ)
15 tCO2
Climate impact
(ESRS E1)
MilDef strives to reduce its impact on climate and the 
environment. 
In 2025 we developed and implemented an updated 
sustainability reporting structure in line with ESRS require -
ments and harmonized our processes with CSRD. This has 
created a transparent and comparable basis for monitoring 
environment-related indicators. In parallel with this we 
introduced a digital system for collecting and quality-  
assuring sustainability data. This automates parts of the 
Suppliers who have 
signed our Code of 
Conduct
99%
reporting flow and improves both accuracy and efficiency. 
As a direct result of these initiatives, we can now measure 
our climate footprint. For the first time we are reporting 
Scope 1 and 2 – an important step toward the target set in 
our sustainability strategy at the start of 2025. This boosts 
our ability to analyze environmental impact, identify areas 
for improvement and drive the work on reduced emissions 
throughout the value chain.
Scope 3 by category
Purchased Goods and Services
Fuel- and Energy-Related Activities  
(not included in Scope 1 or Scope 2)
Capital Goods
Upstream Transportation  
and Distribution
Waste Generated  
in Operations
Business Travel
Upstream Leased Assets
Employee Commuting
Downstream Transportation  
and Distribution
Processing of  
Sold Products
Use of Sold Products
Downstream Leased Assets
End-of-Life Treatment  
of Sold Products
Franchises
Investments
Reported categories
Material categories
Not material categories
41
MilDef Group Annual and Sustainability Report 2025

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

SUSTAINABILITY REPORT 2025 – ESG
Greenhouse gas emissions (tCO 2e)* 2025
Scope 1
Gross greenhouse gas emissions in Scope 1 273
Scope 2
Location-based gross greenhouse gas emissions in Scope 2 50
Market-based gross greenhouse gas emissions in Scope 2 0
Scope 3
Business travel** 290
Scope 1 and 2 are calculated using the information available for respective 
sites with more than 3 permanent jobs 
Scope 3 is being computed, and other relevant categories will be reported 
at a later stage
* The acquired companies, roda and Westek, are not included.  
** Value estimated if no actual data exists. Sysint is not included.
During 2026 we will step up the work on Scope 3 by 
increasing the collection of data from suppliers and other 
actors in the value chain. We have identified 12 material 
categories of emissions in Scope 3, as shown in the graphic 
on the previous page. We had pre-existing emissions data 
for the Business Travel category so are already reporting 
this Scope 3 category. We will develop methods for  
improving the quality of data in the remaining categories 
in order to create a more comprehensive picture of our 
total climate impact.
Pollution
(ESRS E2)
Substances of concern
Chemicals are one of MilDef’s environmental aspects 
and can, if not handled correctly, present a serious risk 
to both the environment and our employees. Chemicals 
handled at MilDef are mainly adhesives, sealants and 
spray-paint. Materials used in MilDef’s products may 
contain “Substances of very high concern”, e.g. lithium or 
lead. On examination, none of the Company’s products 
exceed the concentration thresholds specified in the RoHS 
Directive. All products that contain “Substances of very 
high concern” are declared in accordance with the REACH 
Directive. 
Products that contain these types of substances can 
potentially have a negative impact in the value chain and 
the Company’s own operations if not handled correctly. 
This is why substances of concern have been identified as 
a material sustainability topic from an impact perspective. 
On the other hand, the area has limited impact on our 
business model, strategy and value chain. MilDef has a 
robust chemicals-handling procedure and continuously 
assesses risks in this area.  
 
 
Resource use and circular economy
(ESRS E5)
Responsible production 
MilDef produces and sells electronic products with a clear 
focus on quality, long life and regulatory compliance. Our 
approach is that products must be able to be used for a 
long time and, when they reach end of life, be handled in a 
responsible manner in line with applicable regulations. To 
a large extent, our products are designed to be able to be 
dismantled, and we offer the option of returning end-of-
life products to our headquarters in Sweden.  
 
Our producing companies are affiliated to collection 
systems for electrical equipment, batteries and packaging 
materials, and report to the Swedish Environmental  
Protection Agency or equivalent each year. This ensures 
that MilDef complies with relevant legal requirements 
within waste management and producer responsibility.
In 2025 MilDef started the process of gradually increasing 
the integration of sustainability topics into product devel -
opment. The process focused on establishing common 
principles and structures for how sustainability, including 
the life cycle perspective, is be taken into account in future 
development work. This includes a review of internal  
working methods and how sustainability assessments can 
be introduced more systematically over time.
Modularization has been identified as a prioritized area 
for development, as modular solutions can contribute to 
increased flexibility, scalability and resource efficiency.  
A number of product and design initiatives were carried 
out during the year with a view to increasing the scope for 
reusing major components. The long-term ambition is for 
this to contribute to reduced material waste and extended 
product life.
MilDef has also established a basic process for life cycle 
assessments (LCA) and started preparations to carry out 
an initial full LCA of products developed in house. This 
assessment is scheduled to be carried out in 2026 with 
the aim of increasing the understanding of the products’ 
environmental impact throughout their life cycle.
This work is linked to MilDef’s long-term climate ambitions. 
By gradually improving product life, reuse and knowledge 
of where emissions arise, we are creating a better basis for 
making more informed decisions in future product devel -
opment. The life cycle assessments will provide important 
support in this work and help to gradually reduce the 
products’ climate impact over time.  
 
 
 
 
MilDef Group Annual and Sustainability Report 2025 
42

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

SUSTAINABILITY REPORT 2025 – ESG
Reducing waste
MilDef’s goal is to maintain sustainable waste manage -
ment. MilDef has several measures in place related to 
waste reduction and recycling in the workplace, includ -
ing 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. 
Environment (E) ESRS 2022 2023 2024 2025
Electronic products placed on the Swedish market, HQ* (kg)
Quantity sold E5-5 6,196 11,678 9,471 14,146
Recycle ratio E5-5 62% 54% 33% 30%
Batteries placed on the Swedish market, HQ* (kg)
Quantity sold E5-5 300 487 217 631
Recycle ratio E5-5 22% 8% 8% 5%
Waste HQ*, by type (kg)
Waste (kg) E5-5 11,109 12,086 13,040 16,831
Hazardous waste (kg) E5-5 396 1,450 682 444
Per employee 96 102 90 96
Energy usage, HQ* (kWh)
Electricity, bought-in E1-5 258,612 299,966 266,301 289,297
Electricity, share from renewables E1-5 100% 100% 100% 100%
District heating E1-5 117,0 01 119,039 111,014 103,899
Electricity produced from own photovoltaic cells E1-5 63,359 61,146 45,700 60,787
Surplus production E1-5 5,015 3,476 4,540
Water usage HQ* (m3)
Water 471 624 678 750
Per employee 3.93 4.69 4.04 4.17
* HQ refers to MilDef’s headquarters in Helsingborg.
• General waste: Reuse is encouraged throughout the 
organization. All facilities have a waste hierarchy in 
place 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.
ESG statistics
43
MilDef Group Annual and Sustainability Report 2025

===== SIDA 44 =====

The overarching aim within social sustainability is to promote a better society by acting as a responsible 
and respectful employer 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 2025 – ESG
Share of internal  
recruitments
16%
Employee net  
promoter score
eNPS: 27
Social responsibility (ESG)
Own workforce
(ESRS S1) 
Positioning the Company for long-term development 
MilDef operates in a business environment characterized 
by stringent requirements in terms of accountability, reli -
ability and a long-term perspective. In this context, people 
and the organization’s way of working as a whole are key 
prerequisites for sustainable development. The employees’ 
expertise, experience and professional judgment are  
developed over time and influenced by how we shape 
roles, responsibilities and cooperation. 
As the organization grows and changes, the requirements 
for clarity, stability and common frameworks increase. An 
organization that offers structure, predictability and scope 
for learning is better positioned for engagement and  
continuity, including in periods of change. This is parti-  
cularly relevant in an international context where opera-  
tions take place in different organizational and cultural 
environments. 
The ambition is to be a long-term employer where people 
are given the opportunity to develop over time as the 
business grows. A sustainable approach to people and the 
organization is about balancing change with stability, and 
creating the right conditions for expertise to be built up, 
shared and retained in a responsible way.
The MilDef Way – our culture
A key aspect of MilDef’s culture is ownership and account-
ability, with everyone sharing a common ethical and 
commercial focus.  The MilDef Way describes the common 
principles that guide how the organization collaborates, 
makes decisions and takes responsibility on a daily basis. 
The principles serve as an overarching framework for 
behaviors and attitudes, and contribute to a shared under -
standing of how work is carried out within the Group.  
MilDef’s culture is not just an internal matter but also 
impacts how the Company is perceived by customers, 
partners and the market. Together the employees build 
a culture that strengthens the business today and creates 
sustainable conditions for the future. 
Shared values and ways of working serve an important 
uniting role in an organization that operates across multiple 
geographies and functions. They contribute to predictability, 
consistency and a shared direction, while also providing 
space for local conditions and professional judgment. 
Culture and values serve here as a stabilizing factor as the 
organization develops and becomes more complex. 
The MilDef Way represents both a legacy and a reference 
for future development. By functioning as a shared start -
ing point, over time it contributes to continuity and cohe -
sion, and supports an organization where accountability, 
cooperation and a long-term perspective are integrated 
elements of how the business is run.
Work together  
as one.
We say what we  
do and we do  
what we say.
Put 80% efforts  
into the 20% that 
matters most.
Plan for the future; 
act today.
MilDef Way – value words
UnityIntegrityPriorityProactivity
MilDef Group Annual and Sustainability Report 2025 
44

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

SUSTAINABILITY REPORT 2025 – ESG
Prioritized initiatives in 2025
(S1-14)
MilDef experienced continued strong growth in 2025 and 
expanded its workforce by around 20%, making increased 
demands on structure, leadership and cooperation. This 
development offers significant opportunities but also puts 
more pressure on the organization. A high growth rate 
can entail risks associated with professional development, 
capacity, leadership, and the ability to maintain the culture, 
quality and professionalism as the organization grows. 
There are also risks in the form of increased demands 
being made of structure, cooperation and clarity in roles 
and responsibilities, particularly in an international and 
fast-growing organization. 
At the same time, the Company’s growth opens up signifi -
cant opportunities. It creates scope to strengthen MilDef’s 
position as an attractive employer, develop new ways of 
working, invest in expertise and leadership, and build 
an organization equipped for future business needs. The 
growth also allows a clearer focus on long-term sustainability, 
from both a business and employee perspective. 
Taking this as a starting point, MilDef has focused in par -
ticular on prioritized initiatives within collective bargaining 
agreements, talent management, and leadership and 
employeeship. These areas are crucial in managing the 
risks associated with rapid growth, while at the same time 
positioning the Company to leverage the opportunities 
that growth brings – today and in the longer term. 
Talent management 
In 2025 MilDef continued to establish itself as a compa -
ny with a clear, long-term focus on meeting the market’s 
needs for the right expertise. This work has taken the form 
of more active and present employer branding, with a 
high level of participation in relevant networks, steering 
groups for education and training, and various initiatives 
aimed at students, such as competitions and collaborative 
projects. The Company has also strengthened its position 
within professional development by working closely with 
training providers to promote the development of skills 
within technology and IT. These efforts attracted atten -
tion during the year, with MilDef being awarded the title 
“Career Company 2025” for the first time. It was also listed 
in the top 10 IT companies by Karriärföretagen , an organi-
zation which recognizes the most attractive employers for 
students and young professionals. This accolade further 
increases the Company’s attractiveness as an employer. 
Collective bargaining agreements 
In 2025 there was a clear focus on ensuring compliance 
with relevant collective bargaining agreements and  
creating a stable and trustful foundation in relationships 
with the labor unions. This work was characterized by 
dialogue, transparency and shared responsibility, with the 
ambition of building cooperation that is sustainable in the 
long term. Using established contact channels and on-  
going dialogue, MilDef continued to develop the forms of 
cooperation, contributing to clarity, security and positive 
conditions for both the business and employees.  
Employeeship 
During the year MilDef continued to take a structured  
approach to developing employeeship by means of  
various activities that focus on self-leadership. This has 
built on learnings from MilDef’s leadership program 
launched in 2024, with the goal of putting long-term 
frameworks in place for employees to take active respon-  
sibility for their own development and their contribution  
to the business as a whole. 
The starting point has been that each individual must 
lead themselves, contribute to leading others, and take 
responsibility for both their assignments and their contin -
ued development. All of the Company’s employees came 
together on four occasions during the year in various team 
activities focusing on trust, cooperation and shared de -
velopment. A central element of the initiative was a major 
targeted training and workshop event for all employees. It 
was held in the fall and was aimed at promoting a deeper 
understanding of the importance of employeeship and the 
ability to put this into practice in day-to-day work.  
Integration of newly acquired companies 
Integration of newly acquired companies has been a prior -
itized area as MilDef continues to grow. During the period 
there was a particular focus on the integration of roda 
and Westek, centered on both operational and cultural 
aspects. The work has concentrated on creating a shared 
direction and strengthening cohesion within the Group. 
Through initiatives such as joint meetings, culture work -
shops, and integrating systems and working methods, the 
groundwork has been laid for effective cooperation and a 
shared MilDef culture. Structured and inclusive integration 
work helps to leverage expertise and facilitate continued 
growth in a cohesive organization . 
Health and wellbeing 
(S1-14)  
MilDef is committed to continually developing and improv -
ing occupational health, the working environment, safety 
and wellbeing within the organization. By promoting a 
“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
45
MilDef Group Annual and Sustainability Report 2025

===== SIDA 46 =====

positive health and safety culture, in combination with 
systematic efforts to improve the working environment, 
work-related risks are identified, monitored and prevent -
ed. The work covers physical as well as organizational and 
social working environment factors. The working environ -
ment must be distinguished by participation, opportuni -
ties for employees to make their own decisions, and scope 
for innovation. All employees are to feel a sense of job 
satisfaction, security and belonging, and perceive MilDef 
as a workplace where it is enjoyable and meaningful to 
work. There is a zero-tolerance approach to any form of 
discrimination or harassment.  
One of MilDef’s overarching goals is to offer a stimulating, 
challenging and safe working environment. Efforts on this 
continued during the year, with a focus on maintaining a 
high level of safety, clear structures and shared responsi -
bility for the working environment.   
Putting the employees at the center creates an open and 
inclusive working environment characterized by engage -
ment, cooperation and dialogue. Leveraging different 
perspectives and giving everyone the opportunity to 
contribute creates motivation and the right conditions for 
continuous development – both as an individual and an 
organization. 
Diversity, equality and inclusion
Diversity, equality and inclusion forms an integrated ele -
ment of MilDef’s culture and long-term business strategy. 
An inclusive approach contributes to better decisions, 
higher innovation capability and a more sustainable 
organization. MilDef works actively to create a workplace 
that offers all employees equal conditions, irrespective of 
gender, background or role, and where differences are 
seen as a strength. 
One important area of focus is gender equality, with 
MilDef striving to achieve a long-term sustainable gender 
balance of 30/70, among both employees and managers. 
These efforts are monitored on an ongoing basis and sup -
ported by structured processes within recruitment, profes -
sional development and leadership. As part of this, MilDef 
is working to implement and meet the requirements of 
the EU Pay Transparency Directive by means of structured 
analyses, and promoting fair and equal pay. 
MilDef’s work within this area has also attracted atten -
tion externally. The Company has been included on the 
“Green List” published by Swedish non-profit Allbright, 
acknowledging active and long-term efforts to promote 
gender-balanced management teams. In addition, MilDef 
has been named as a “Career Company” – recognition that 
reflects the Company’s attractiveness as an employer and 
its clear focus on inclusion, development and a sustainable 
work life. 
To support the inflow of expertise and contribute to 
increased gender equality within the technology and IT 
sectors, MilDef participates in external initiatives with 
actors such as digital marketing specialist Techella. Collab -
orations and targeted initiatives create opportunities for 
more women to move into technical roles, while MilDef 
is simultaneously contributing to the long-term supply of 
talent in the sector.
Adequate wages 
(S1-10)
Over and above the collective bargaining agreements 
setting minimum pay, MilDef applies internal salary bands 
based on external benchmarks and levels, so that all  
employees receive reasonable pay.
Social protection 
(S1-11)
All employees in MilDef’s own workforce are covered 
by social insurance, either through the state or via the 
Company. This protects against loss of income as a result 
of illness, unemployment, occupational injury, acquired 
disability, parental leave or retirement. 
Incidents, complaints and severe human 
rights impacts
(S1-17)
In 2025 we continued to work systematically on preventing 
incidents and minimizing the risk of severe human rights 
impacts. All reported incidents have been analyzed and 
addressed in line with our internal procedures to ensure 
learning and improvement. Our focus going forward is to 
strengthen risk assessments, increase awareness and im -
prove the reporting culture throughout the organization.
See also G1, G1-4
Social engagement
Responsibility in the supply chain
(ESRS S2)
MilDef has set a goal of ensuring sustainable procurements 
and purchasing by means of a strong framework that is con-
tinuously developed by adding new targets relating to our 
most material areas of impact. Concentrated efforts were 
made in 2025 to achieve full acceptance of MilDef’s Code of 
Conduct among suppliers. The result is that more than 99% 
of our suppliers have accepted the Code and implemented 
its principles, which is an important step toward a more 
responsible supply chain.
To further strengthen sustainability, the supplier pool has 
been evaluated on the basis of environmental risks, such 
as impact on the local environment and fauna, water use 
and climate change. This work supplements our program 
for improving the supply chain, which identifies priority 
suppliers and encourages them to develop their sustain -
ability efforts. All agreements entered into incorporate  
the Company’s Code of Conduct, and active steps are 
taken to ensure acceptance of this in all purchasing from 
transaction-based suppliers.
Understanding the effects of our activities through a long 
and complex value chain presents challenges. 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  
potentially present human rights risks. 
Our goal is to build a sustainable and resilient supplier 
SUSTAINABILITY REPORT 2025 – ESG
MilDef Group Annual and Sustainability Report 2025 
46

===== SIDA 47 =====

base. This is based on balanced relationships and taking 
account of risks relating to the environment, people and 
the climate, with the goal of making adjustments that 
protect the interests of MilDef and its suppliers, and also 
promote continued long-term, sustainable business  
relationships.
MilDef Charity Committee
(ESRS S3)
Eleven years after MilDef established the MilDef Charity 
Foundation, through which the Company has donated 
millions of kronor to people in need, 2025 saw the launch 
of the MilDef Charity Committee (MCC), facilitating inter -
national donations and promoting a broader perspective. 
In parallel with this the Foundation – whose mandate was 
limited to donations in Helsingborg and the surrounding 
area – was wound up. 
The establishment of MCC enables charitable donations 
across all MilDef’s markets, with the value of donations 
gradually increasing at the same time. In 2025 MilDef 
distributed a total of SEK 1.6 million both to vulnerable 
people in Helsingborg and to charitable organizations in 
MilDef’s other markets. 
Donations in 2025 include:
• Ronald McDonald House in Lund, SEK 15,000 
• Service Dogs UK,  GBP 5,000
• UNHCR, SEK 200,000 
• Support for Ukraine,  SEK 120,000 
• Helsingborgs IK, “Sport for all”,  SEK 1 10,000
• Helsingborgs Kvinnojour (women’s crisis center),  
SEK 157 ,000
• Hemlösas Hus (shelter for the unhoused),   
SEK 145,000
• Fotbollsstiftelsen (activities for marginalized groups), 
SEK 135,000
• The WOW Foundation,  SEK 50,000
• Fryshuset Helsingborg (youth organization),  
SEK 135,000
• Red Cross Helsingborg,  SEK 50,000
• Drivkraft Helsingborg (mentors for students  
and parents),  SEK 75,000 
MCC’s primary purpose is provide grants to charitable 
causes,  including those promoting care of children and 
young people, social relief work, humanitarian work and 
environmental protection, both in Sweden and abroad.
MCC strives to maintain maximum transparency and en -
sure that all grants are fully traceable, and in accordance 
with MilDef’s Code of Conduct and ethical guidelines. The 
individual grants are funded by an annual donation made 
by the MilDef Group in the form of a percentage of net 
profit. 
For more information on the work of MCC, go to MilDef 
Group – About the MilDef Charity Committee on our 
website.
Social responsibility (S) ESRS 2022 2023 2024 2025
Serious accidents S1-14
Headquarters 0 0 0 0
Other sites 0 0 0 0
Total 0 0 0 0
Work-related fatalities S1-14
Headquarters 0 0 0 0
Other sites 0 0 0 0
Total 0 0 0 0
Workforce (percentage)
Women on board of directors S1-9 33% 29% 29% 29%
Women in top management S1-9 20% 50% 43% 50%
Women in the workforce S1-6 25% 27% 25% 27%
Collective bargaining coverage S1-8 / / 16% 54%
Workforce
Number of employees S1-6 291 309 327 482
Organic net addition to headcount 78 56 54 96
Total number of recruitments 108 16 21 45
Donations to charitable organizations (SEK 000)
MilDef Charity Foundation 200 600 700 820
Other donations 100 300 270
MilDef Charity Committee 760
ESG statistics
SUSTAINABILITY REPORT 2025 – ESG
47
MilDef Group Annual and Sustainability Report 2025

===== SIDA 48 =====

Governance (ESG)
Cases of corruption  
or bribery
0
Employees who comple -
ted ABAC training
88%
The overarching aim is to achieve long-term business sustainability through good business practices and 
business ethics. Sustainable enterprise is considered to encompass not only 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 needed 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.
Responsible ethics policies and  
corporate culture
(ESRS G1-1)
MilDef has integrated the sustainability perspective in its 
strategy, governance and governing documents through 
its integrated management system. A new sustainability 
strategy was implemented in 2025, linked to the UN  
Sustainable Development Goals and preparations for 
CSRD and ESRS. Governance is exercised via the Mana -
gement Team and Board of Directors, and followed up in 
business planning, risk management and reporting. 
Via its integrated 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 pro -
vide a clear direction for the principles and flow through 
selected parts of the value chain. MilDef has defined a 
structure and process for managing governing documents 
(policies, procedures and instructions), including ow -
nership and responsibility for compliance with these.
MilDef started a review of its internal policies in 2024 and 
in 2025 made important changes to ensure compliance 
with stakeholders’ requirements and expectations. 
All Group policies are designed to ensure compliance with 
laws, internal guidelines and our ethical principles. Policy 
documents are approved by the Board of Directors, are 
reviewed annually to ensure they are relevant and up to 
date, and are available externally upon request. If neces -
sary, they are revised to reflect changes in the business, 
regulations or risk assessments. All employees are requi -
red to understand and follow these policies, and violations 
may lead to disciplinary measures. A training program has 
been produced to ensure that all employees review the 
policies each year.  (see table on page 49) 
Anti-corruption
(ESRS G1-1), (G1-3)
MilDef views tackling corruption as essential to sustaina -
ble development. It is important for MilDef to set a good 
SUSTAINABILITY REPORT 2025 – ESG
example and apply a zero-tolerance approach to bribes in 
all markets and for all of its business partners. This means 
the Company must never seek or accept business advan -
tages based on unlawful or unethical behavior such as un -
lawful payments, bribes, kickbacks or other questionable 
incentives in order to influence someone in their professio -
nal capacity or to achieve or retain a 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 corruption. The anti-corruption system 
includes internal governing documents and continual 
training for employees to increase knowledge and ensure 
that business activities are conducted responsibly and 
correctly.
Responsible sales
A business compliance framework is used to ensure 
compliance with both regulatory requirements and our 
own ethical approach to who may purchase and use our 
products and in what way. In 2025 we both clarified our 
internal regulations in this area and invested in an external 
service to provide a more structured and rigorous verifica -
tion process for customers and end-users. For ethical re -
asons, MilDef refrains completely from doing business in/
with nations that are subject to arms embargos – although 
MilDef’s products are not typically covered by such em -
bargos – and from doing business that promotes develop -
ment or use of controversial weapons. The Company also 
has a generally restrictive attitude to exporting to countri -
es outside MilDef’s prioritized markets (primarily selected 
EU and NATO countries), which limits both the risk of 
contributing to corruption and of the products falling into 
the wrong hands or contexts. All transactions of this kind 
must be approved by MilDef’s Ethics Council, which, in its 
consideration, takes into account ongoing armed conflicts, 
and the level of respect for democracy and human rights 
in the countries of customers and end-users.
MilDef Group Annual and Sustainability Report 2025 
48

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

Policy Purpose Owner Standard ESRS
Antitrust and Fair Competition Policy Ensure fair competition and compliance with  
competition laws
CLCO UN Global Compact, ISO 
26000
ESRS G1
Communication Policy Ensure transparency and consistency in internal  
and external communication
Head of IR  
and Com.
UN Global Compact, ISO 
26000
ESRS G1
Corporate Governance Policy Establish principles for corporate governance  
and division of responsibilities
CEO UN Global Compact, ISO 
26000
ESRS G1
Finance Policy Ensure correct financial reporting and internal 
control
CFO ESRS G1
HR Policy Promote fair working conditions, diversity, and  
compliance with labor law and human rights
CPO UN Global Compact, ISO 
26000, ISO 45001
ESRS G1
Information Security and Data  
Privacy Policy
Protect information and personal data in  
accordance with current laws
Group Risk 
Director
UNs Global Compact, ISO 
26000, ISO 27001, GDPR
ESRS G1, S4
Insider Policy Prevent unauthorized trading on basis of insider 
information
CEO UN Global Compact, ISO 
26000
ESRS G1
Intellectual Property Rights Policy Ensure protection and correct management of  
intellectual property rights
CLCO ESRS G1
IT Policy Regulate use and security of IT systems Director of IT UN Global Compact, ISO 
26000, ISO 27001
ESRS G1
Quality Policy Ensure the high quality of products and services Director of 
Quality
UN Global Compact, ISO 
26000, ISO 9001
ESRS G1
Sustainability Policy Integrate environment and sustainability  
principles in operations
Group  
Sustainability 
Lead
FN:s Global Compact, ISO 
26000, ISO 14001, ISO 
45001
ESRS E1–E5, 
S1–S4, G1
Code of Conduct Set ethical guidelines for all employees CLCO UN Global Compact, ISO 
26000
ESRS G1
Supplier Code of Conduct. Ensure that suppliers follow ethical and  
sustainability requirements
Director of 
Global Supply 
Chain
UN Global Compact, ISO 
26000
ESRS G1, S2
Policy portfolio table
Reporting misconduct and handling  
complaints
MilDef wants to be aware of any misconduct or complaints 
in the business and therefore facilitates 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 improve -
ments are drawn up where necessary and implemented. 
To safeguard the whistleblower’s anonymity, an  
independent external whistleblowing service is made 
available and can be used to draw attention to serious  
cases of misconduct anonymously. This is valued in partic -
ular 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.
Grievance Mechanisms
Upstream Own operations Downstream
In the value chain (for workers):
• Supplier agreement 
• Process audits 
• 2Secure whistleblower 
function 
• Contact details for complaints 
via the website (RMA) 
Internal (for employees): 
• Employee survey 
• Health and Safety Committees 
• MMS integrated management 
system matter 
• 2Secure whistleblower 
function 
• Union negotiations
External (for the community):
• 2Secure whistleblower 
function 
• Contact details for compla -
ints via the website (email) 
SUSTAINABILITY REPORT 2025 – ESG
49
MilDef Group Annual and Sustainability Report 2025

===== SIDA 50 =====

Governance (G) ESRS 2022 2023 2024 2025
Scope of ISO certification
Number of sites 12 9 10 10
Covered by certification 9 6 7 9
Share of sites covered 75% 67% 70% 90%
Whistleblowing cases G1-4
Corruption 0 0 0 0
Discrimination 0 0 0 0
Workplace bullying 0 0 0 0
Significant human rights failings 0 0 0 0
Customer control (Ethics Council)
Cases examined 8 7 6 13
Cases dismissed 4 1 3 5
Disclosure requi -
rements Description Page
Disclosure 
requirements Description Page
SBM-1 Strategy, business model and value chain 35 ESRS S1 Own workforce 44
SBM-2 Stakeholders’ interests and views 36 S1-1 Policies for own workforce 49
SBM-3 Consequences, risks and opportunities 
linked to strategy
37 S1-6 Data on the Company’s employees 47
GOV-1 Role of executive, management and super -
visory bodies
37 S1-8 Signing of collective agreements 47
GOV-2 Information submitted to and sustainability 
topics handled by the Company’s executive, 
management and supervisory bodies
37 S1-9 Diversity indicators 47
GOV-3 Integration of sustainability-related results 
in the incentive system
38 S1-10 Adequate wages 46
GOV-4 Statement on due diligence 38 S1-11 Social protection 46
GOV-5 Risk management and internal control of 
sustainability reporting
38 S1-14 Working environment 45
ESRS E1 Climate change 41 S1-17 Whistleblowing 50
E1-2 Policies for climate change mitigation and 
adaptation
49 S2-1 Policies for employees in the value chain 49
E1-5 Energy use and energy mix 43 ESRS G1 Responsible enterprise 48
E1-6 Gross greenhouse gas emissions and total 
greenhouse gas emissions
42 G1-1 Policies for responsible enterprise and 
corporate culture
49
ESRS E5 Resource use and circular economy 42 G1-3 Preventive work to promote anti-corruption 
and to detect corruption and bribery
48
E5-1 Policies for resource use and circular  
economy
49 G1-4 Confirmed cases of corruption or bribery 50
E5-5 Resource outflows 43
ESRS Index
ESG statistics
SUSTAINABILITY REPORT 2025 – ESG
MilDef Group Annual and Sustainability Report 2025 
50

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

SUSTAINABILITY REPORT 2025
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 2025 on pages 
31-50 and that it has been prepared in accordance with 
the Annual Accounts Act according to the prior wording 
that was in effect before 1 July 2024. 
The scope of the audit
Our examination has been conducted in accordance with 
FAR’s standard RevR 12 The auditor’s opinion regarding 
the statutory sustainability report. This means that our ex -
amination of the statutory sustainability report is substan -
tially 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 den 15 april 2026
Öhrlings PricewaterhouseCoopers AB
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
51
MilDef Group Annual and Sustainability Report 2025

===== SIDA 52 =====

Trading volume and activity 
In the period January 2 – December 30, 2025, a total of 
around 116.6 million MilDef shares were traded on Nasdaq 
Stockholm at a value of around SEK 22,216 million. The  
average daily trading volume was 468,096 shares,  
equivalent to just under SEK 89.2 million.
Share capital 
At year-end 2025 MilDef’s share capital amounted to  
SEK 11,778,723.75, divided into 47,114,895 shares with a 
quota value 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 Swedbank Robur 
Fonder with a total shareholding of around 9.5% of the 
capital and votes in the Company. The 10 largest share -
holders represented around 37% of the capital and votes. 
As of December 31, 2025, MilDef had 44,431 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 0.75 per share be set for the 2025 financial 
year, equivalent to 24% of the profit for the period.
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, 2025 
was SEK 119.80, giving a market capitalization of around 
SEK 5,644 million. The average share price during the  
period was SEK 178.86. The share price fell by 4.0% in 2025. 
Over the same period the OMXS30 index rose by 14.91%.
MilDef share price movement 2025
Analyst coverage 
Erik Golrang (to be replaced in 2026), SEB, Hugo Lisjö, 
DNB Carnegie, Tom Guinchard, Pareto Securities, Daniel 
Lindkvist, Danske Bank, Finn Kemper, Cantor Fitzgerald 
and Mads Brinkmann, Berenberg Bank.
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, 2025: 119.80
ISIN code: SE0016074249 2025 year high (May 28): 294.40
Symbol: MILDEF 2025 year low (Nov 24): 115.00
  0
 50 0 0 00
1  00 0 0 00
1  50 0 0 00
2  00 0 0 00
2  50 0 0 00
3  00 0 0 00
0 ,00
50 ,00
1 00 ,00
1 50 ,00
2 00 ,00
2 50 ,00
3 00 ,00
2 02 4-1 2-302 02 5-0 1-302 02 5-0 2-282 02 5-0 3-312 02 5-0 4-302 02 5-0 5-312 02 5-0 6-302 02 5-0 7-312 02 5-0 8-312 02 5-0 9-302 02 5-1 0-312 02 5-1 1-30
Diagramrubrik
MILDE F Volym MILDE F OMXS30 (norm vs MILDEF )
MilDef Group Annual and Sustainability Report 2025 
52

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MILDEF’S SHARE
Data per share 
SEK unless otherwise indicated 2025 2024 2023 2022 2021
Earnings per share, before dilution 3.16 -5.43 1.73 0.38 -0.03
Earnings per share, after dilution 3.16 -5.37 1.71 0.37 -0.03
Dividend per share 0.751 0.50 0.50 - 0.75
Share price as of December 31 119.8 124.80 65.60 80.80 52.40
Dividend yield, % 2 0.63 0.40 0.76 0.00 1.43
Equity per share, before dilution 32.22 24.17 21.19 19.77 15.61
Equity per share, after dilution 32.22 24.09 20.96 19.55 15.61
MilDef’s 10 largest shareholders  as of December 31, 2025
Name No. of shares Votes (%) Capital (%)
Swedbank Robur Fonder 4,464,642 9.48% 9.48%
Second Swedish National Pension Fund (AP2) 2,499,755 5.31% 5.31%
MilDef Crete Inc. 1,527,840 3.24% 3.24%
DNCA Finance S.A 1,457, 367 3.09% 3.09%
Marianne Trolle 1,412,752 3.00% 3.00%
Carnegie Fonder 1,350,000 2.87% 2.87%
Svolder 1,300,000 2.76% 2.76%
Third Swedish National Pension Fund (AP3) 1,230,000 2.61% 2.61%
Deka Investments 1,042,634 2.22% 2.22%
Daniel Ljunggren 1,000,000 2.12% 2.12%
Subtotal 17,284,990 36.69% 36.69%
Total other shareholders 29,829,905 63.31% 63.31%
Total 47,114,895 100.00% 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
2025 New share issue 1,469,377 47,042,4 45 367, 34 4. 25 11,760,611.25
2025 New share issue 72,450 47,114,895 18,113.50 11,778,723.75
1 Proposed dividend for 2025
2 Proposed dividend/share price at year-end
53
MilDef Group Annual and Sustainability Report 2025

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FINANCIAL STATEMENTS, GROUP ANNUAL REPORT 2025
MilDef Group Annual and Sustainability Report 2025 
54

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ANNUAL REPORT 2025FINANCIAL STATEMENTS, GROUP
ANNUAL REPORT 2025
Corporate Governance Report  ....................................56 
Board of Directors  ..........................................................64
Management Team ........................................................66
Guidelines for remuneration of senior 
executives ........................................................................68
Remuneration Report  ....................................................70
Directors’ Report  ............................................................72
Risk and risk management  ............................................79
Financial statements and notes  ...................................83
Signatures ......................................................................130
Auditor’s Report  ...........................................................131
Multi-year summary  .....................................................135 
Alternative performance measures  ...........................137
Definition of key figures  ..............................................139
Articles of Association  .................................................140
Contents
55
MilDef Group Annual and Sustainability Report 2025

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MilDef Group Annual and Sustainability Report 2025 
56
CORPORATE GOVERNANCE REPORT
the Annual General Meeting, but the shareholders can 
bring influence to bear and propose items for the meeting 
agenda.
Share capital and shareholders
The total number of shares as of December 31, 2025 was 
47,114,895 (45,573,068) and the share capital was SEK 
11,778,723.75 (11,393,267.00). All of the shares are ordinary 
shares carrying the same voting rights. The shares have 
a quota value of SEK 0.25. At the end of the period the 
closing price was SEK 119.80 and the market capitalization 
was SEK 5,644 million. The total number of shareholders at 
the end of the period was 44,431. 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 pass -
es resolutions on adoption of the income statement and 
balance sheet, allocation of the Company’s profit, and dis -
charge from liability for the members of the Board and the 
CEO. The Annual General Meeting also passes resolutions 
on principles for the Nomination Committee and princi -
ples for remuneration and other terms of employment for 
the CEO and other senior executives. The Annual Gener -
al Meeting or extraordinary shareholders’ meeting can 
also pass resolutions to amend the Articles of Association, 
increase or decrease the share capital, etc. The notice con-
vening the Annual General Meeting is published in Post- 
och Inrikes Tidningar  (the Official Swedish Gazette) and on 
the Company’s website. Notice of the 2026 meeting will be 
advertised in the Swedish newspaper Dagens Industri.
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 devel -
op, 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 2025 MilDef consisted 
of 17 legal entities with just over 500 employees in eight 
countries. The Group posted revenue for full-year 2025 of 
SEK 2,045 million with an adjusted operating EBITA margin 
of 13.5%.
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 inter -
nal governing documents. MilDef’s corporate governance 
is also underpinned by Nasdaq Stockholm’s Rulebook 
for Issuers of Shares and the Swedish Corporate Gover -
nance Code (“the Code”). MilDef has followed the Code 
in all respects during 2025. 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 statement from the auditors 
has been included. Corporate Governance 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, 
shareholders, employees, managers, suppliers and other 
stakeholders. The Company’s strategy and financial  
targets support this approach.
The Company’s strategy, financial targets and sustain -
ability 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 circumstances. The Company organizes 
CORPORATE GOVERNANCE REPORT ANNUAL REPORT 2025
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.

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The Board of Directors’ task, on behalf of the sharehold -
ers, 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 
appointed 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 administration. The auditors report to the share -
holders at the Annual General Meeting via the Auditor’s 
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 initiative of the Chair of the Board, and the rules for 
the composition 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 Com -
mittee 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 Commit -
tee in accordance with the procedure 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  
Nomination Committee otherwise become aware of a 
change in the Company’s ownership before it has com -
pleted 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 mem -
ber 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, 
composition, qualifications, experience and efficiency is 
conducted among the board members. This survey forms 
the basis for the Nomination Committee’s assessment of 
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
ANNUAL REPORT 2025CORPORATE GOVERNANCE REPORT
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MilDef Group Annual and Sustainability Report 2025

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MilDef Group Annual and Sustainability Report 2025 
58
CORPORATE GOVERNANCE REPORT ANNUAL REPORT 2025
whether the Board of Directors should be strengthened 
with additional expertise or whether there are other rea -
sons to change the composition of the Board. The Nom -
ination 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 repre -
sent are to be published no later than six months before 
the Annual General Meeting. Based on the ownership 
structure on August 31, 2025, a Nomination Committee 
was constituted for the 2026 Annual General Meeting 
consisting of Celia Grip, appointed by Swedbank Robur 
Fonder; Martin Jonasson, appointed by Andra AP-fonden; 
Mattias Montgomery, appointed by Carnegie Fonder; and 
Björn Karlsson (co-opted member), Chair of the Board of 
MilDef. Celia Grip 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 present -
ed in the notice convening the shareholders’ meeting and 
on MilDef’s website. In connection with this, the Nomina -
tion Committee is to provide a reasoned statement on the 
Company’s website regarding its proposal for the Board of 
Directors, taking into account the provisions of the Code 
governing the composition of the Board of Directors. In 
particular, the proposal is to be explained in terms of the 
requirement to strive to achieve an even gender distribu -
tion. 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 (divided 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 state -
ment on its proposals to the Annual General Meeting. 
Shareholders may request to have a matter discussed at 
the 2026 Annual General Meeting by sending an email to 
arsstamma@mildef.com by April 2, 2026. The Nomination 
Committee’s proposals are published in connection with 
or before the notice convening the Annual General Meet-
ing. Members of the Nomination Committee do not receive 
remuneration from the Company for their work.
Annual General Meeting for the 2024  
financial year
The Annual General Meeting for the 2024 financial year 
took place on May 22, 2025 in Helsingborg. 49% 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, Björn Karlsson, Bengt-
Arne Molin and Lennart Pihl were re-elected and Carl  
Mellander och Elisabeth Åbom were elected as new 
members for the period until the end of the 2026 AGM. 
Christian Hammenborn and Marianne Trolle declined 
re-election. Björn Karlsson was also re-elected as Chair of 
the Board and Öhrlings PricewaterhouseCoopers 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
Board fees are to be paid as follows: SEK 525,000 to the 
Chair of the Board and SEK 250,000 to other sharehold -
er-elected board members who are not employees of 
MilDef;  SEK 120,000 to the chair and SEK 60,000 to other 
members of the Audit Committee; SEK 40,000 to the chair 
and SEK 30,000 to other members of the Remuneration 
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 2024 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 authoriza -
tion 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.

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ANNUAL REPORT 2025CORPORATE GOVERNANCE REPORT
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 shareholders’ preferential rights are waived, 
new share issues pursuant 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 Nomination Committee considers that its recommen -
dations for the composition of the Board of Directors are 
expedient in light of the Company’s operations, stage of 
development and other circumstances, being character -
ized by diversity and breadth in terms of the members’ ex -
pertise, experience, gender and background (application 
of Diversity Policy in accordance with rule 4.1 of the Code). 
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-  
elected 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 share -
holders. The Board of Directors of MilDef is considered to 
fulfill the applicable requirements on independence. All 
members except Björn Karlsson are considered to be inde -
pendent 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 responsibilities
As well as the board meeting following the AGM, the 
Board of Directors is to hold at least six scheduled meet -
ings 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 be -
tween the Board and its committees, including the role of 
the Chair of the Board, the decision-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 
the CEO’s work on an ongoing basis and, once a year, 
discusses 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 pur -
pose. The Board’s responsibilities further include estab -
lishing strategies and goals; drawing up special policies; 
making decisions on major acquisitions and disposals of 
entities, on other major capital expenditure, and on invest -
ments and loans in accordance with the Financial Policy; 
issuing financial statements; evaluating operational man -
agement; 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 Committee 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 materials. 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 proce -
dures and efficiency. An evaluation of this kind was carried 
out in 2025, 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 2025
The Board held a total of 17 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 establish -
ing 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
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MilDef Group Annual and Sustainability Report 2025 
60
December
• Business plan and budget
• Evaluation of impairment test
• Evaluation of board work and CEO
• Risk assessment
October
• Interim report Q3 January – 
September
• Updates to the Company’s 
policies.
August
• Revision of strategic plan
• Risk assessment
February
• Year-end report
• Proposal for allocation of profit
• Report from the auditors
March
• Annual and Sustainability Report
• Proposals and reports for the AGM
April
• Interim report Q1 January – March
• Risk assessment
Main elements of the Board’s work in 2025
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
Name Year elected Independent* Board meetings
Audit
Committee
Remuneration
Committee
Board
fee in SEK 000**
Chair of the Board:
Björn Karlsson 2023 No/Yes 17/17 - 3/3 565
Board members:
Carl Mellander 2025 Yes/Yes 7/17 2/5 - 310
Lennart Pihl 2020 Yes/Yes 17/17 5/5 - 370
Elisabeth Åbom 2025 Yes/Yes 7/17 - - 250
Charlotte Darth 2020 Yes/Yes 17/17 4/5 - 310
Jan Andersson 2018 Yes/Yes 16/17 - 3/3 280
Bengt-Arne Molin 2023 Yes/Yes 17/17 - - 250
* 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 2025 Annual General Meeting to the 2026 Annual General Meeting.
CORPORATE GOVERNANCE REPORT ANNUAL REPORT 2025
• 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 recommendation from the Nomination Committee. 
For the period between the 2025 and 2026 Annual General 
Meetings, the remuneration consists of a fixed amount 
of SEK 525,000 for the Chair and SEK 250,000 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 60,000 is paid to each of the two ordinary members of 
the Audit Committee and SEK 120,000 to the Committee’s 
chair. A fee of SEK 30,000 is paid to members of the Remu -
neration Committee and SEK 40,000 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 2025 were Lennart 
Pihl (chair), Charlotte Darth and Carl Mellander. 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

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ANNUAL REPORT 2025CORPORATE GOVERNANCE REPORT
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 
facilitate a continuous exchange of views and information 
between the Board of Directors and the auditors on audit 
matters. Furthermore, 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 2025. 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 independent of the Company and the 
Management Team.
The Remuneration Committee has a dual advisory and 
preparatory 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 Committee 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 Management 
Team; and monitoring and evaluating the application of 
the Guidelines for remuneration of senior executives as 
adopted by the Annual General Meeting, and relevant  
remuneration 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 member has to be replaced. 
The committee members appointed in May 2025 were 
Björn Karlsson (chair) and Jan Andersson. The Remunera -
tion Committee held three meetings in 2025. 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 param -
eters established 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, presents the matters and justi -
fies proposals for resolutions. Further, the CEO is respon -
sible for MilDef’s commercial, strategic and financial de -
velopment, 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 2025 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 Manage -
ment 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 incorpo -
rates input from the Board of Directors communicated by 
the Audit Committee. The auditors report their observa -
tions to the Board of Directors. Reporting takes place both 
during the course of the audit and at the end in connec -
tion 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 auditing 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 re -
spective 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 
systems. 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 internal 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 organized. 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 compli -
ance 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 fi -
nancial 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 inter -
nal control of financial reporting. With a view to creating 
and maintaining an effective control environment, the 
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Helsingborg, April 15, 2026
Board of Directors of MilDef Group AB (publ)
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 financial reporting and internal control are 
complied with and that expedient relations are maintained 
with the Company’s auditors. Responsibility for maintain -
ing 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, overarching 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 repre -
sent the most material elements of the control environ -
ment 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 
material risks associated with financial reporting. Where 
financial reporting is concerned, the primary risk is consid -
ered to lie in material errors in the accounting in terms of 
accounting records and valuation of assets, liabilities, rev -
enues and costs or other discrepancies. Fraud and losses 
as a result of embezzlement are another risk. Risk manage-
ment 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, instructions 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 organi -
zation that enable an efficient division of responsibilities 
for specific control activities with a view to discovering or 
being in time to prevent the risk of errors in the reporting. 
The continual analysis undertaken of the financial report -
ing 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 
channels. Policies, guidelines and internal instructions for 
financial reporting ensure the quality of external commu -
nication. Regular updates and notifications of changes in 
accounting principles, reporting requirements or other 
information provision are made available and known to the 
employees concerned on the Group-wide intranet.
Monitoring process
The CEO is responsible for ensuring that the internal control 
is organized and monitored in accordance with the guide-
lines adopted by the Board of Directors. The CEO is also re-
sponsible 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 de-
partment. Financial data is reported 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 vari-
ance is investigated and assessed with a view to possible in-
ternal 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 the 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 state -
ments for January – September and a full audit is carried 
out in connection 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 convened, handling of items at the Annual  
General Meeting, and where the meeting is to be held. 
The shareholders’ meeting has full decision-making au -
thority regarding changes to the Articles of Association. 
The current Articles of Association were adopted at the 
Annual General Meeting on May 12, 2022, and are avail -
able in the “Articles of Association” section of this report 
and on the Company’s website www.mildef.com.
ANNUAL REPORT 2025CORPORATE GOVERNANCE REPORT
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64
CORPORATE GOVERNANCE REPORT ANNUAL REPORT 2025
BOARD OF DIRECTORS
Björn Karlsson
Chair of the Board
Chair of the Board since 2023. 
Jan Andersson
Board member
Board member since 2023.  
Chair of the Board 2015–2017,  
2018–2023.
Bengt-Arne Molin
Board member  
Board member since 2023.
Elisabeth Åbom
Board member
Board member since 2025.
Born 1973
Education Technical college graduate.
Other current 
positions  
CEO and Chair of the Board  
of Simplexor AB.
Previous positions 
(past five years)
President & CEO of MilDef Group AB.  
Board member of SOFF (Swedish Security & 
Defence Industry Association).
Holding in the 
Company
390,821 shares.
Independence Not independent of the Company and its 
management. Independent of major  
shareholders.
Board committees Chair of the Remuneration Committee.
Born 1958
Education Ph.D. Electrical Engineering, Lund University.
Other current 
positions  
Founder and CEO of B A Molin AB. Co-  
founder of Evosat AB. Board member of 
Generic Sweden AB.
Previous positions 
(past five years)
Chair of the Board of Katam Technologies AB 
and Lumeo Technology AB. Board member of 
Auricula AB, Meltspot AB and MultiQ AB.
Holding in the 
Company
2,600 shares.
Independence Independent of the Company and its  
management and of major shareholders.
Board committees -
Born 1959
Education Master of Science (M.Sc.) Computer Engine -
ering, Institute of Technology at Linköping 
University. 
Other current 
positions  
Chair of the Board of DH Anticounterfeit 
AB and Proplab AB, and board member of 
companies including Addnode Group AB, En -
treprenörinvest Sverige AB, Loop Venture AB, 
Localize Direct AB, Gridly AB, Myloc Holding 
AB and Lex Energy Nord AB.
Previous positions 
(past five years)
CEO and co-founder of ReadSoft AB and 
numerous previous board positions.
Holding in the 
Company
500,000 shares.
Independence Independent of the Company and its  
management and of major shareholders.
Board committees Member of the Remuneration Committee.
Born 1971
Education Master of Science (M.Sc.) Applied Physics, 
Linköping University,  Ph.D. Materials Physics, 
Linköping University, and Executive MBA, 
Stockholm School of Economics.
Other current 
positions  
CEO of VD NIRA Dynamics AB.
Previous positions 
(past five years)
Board member of Linköpings Science Park, 
LiU Holding and Svolder AB.
Holding in the 
Company
-
Independence Independent of the Company and its  
management and of major shareholders.
Board committees -

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ANNUAL REPORT 2025CORPORATE GOVERNANCE REPORT
Carl Mellander
Board member 
Board member since 2025.
Charlotte Darth
Board member
Board member since 2020.
Lennart Pihl
Board member
Board member since 2020.
Born 1964
Education Bachelor of Arts (B.A.) Finance and  
Economics, Stockholm University
Other current 
positions  
Board member of Svensk Exportkredit, Tobii, 
Dustin and Grönskär-Gruppen. Consultancy 
work, mainly within financing and investment 
for companies including EQT, Nordic Capital 
and Artur D. Little. Advisor at Novare Advisory. 
Advisory Council Member of Save the 
Children's Swedish Financing and Partnership 
Council and Advisory Board Member of the 
Accounting and Financial Management Center 
of Excellence, Stockholm School of Economics. 
Previous positions 
(past five years)
Group CFO at Ericsson. 
Holding in the 
Company
9,678 shares.
Independence Independent of the Company and its  
management and of major shareholders.
Board committees Member of the Audit Committee.
Born 1950
Education Master of Science (M.Sc.) Business Adminis -
tration & Economics, Lund University.
Other current 
positions  
Chair of the Board of Myloc Holding AB, 
Bertex Mail AB, Liljehomens Group AB and 
Joakim Lagergren Golf AB.
Previous positions 
(past five years)
Chair of the Board of Nordic Room Improve -
ment Holding AB, INGAPE AB, Nordic Vehicle 
AB and Haki Safety AB.
Holding in the 
Company
821 shares. 
Independence Independent of the Company and its  
management and of major shareholders.
Board committees Chair of the Audit Committee.
Born 1968
Education Master of Science (M.Sc.) Business Adminis -
tration & Economics, Stockholm University.
Other current 
positions  
Co-CEO of Future Ordering AB. Chair of  
the Board of Worldfavor AB and Engage 
Group AB.
Previous positions 
(past five years)
CEO of Binero Group AB. Board member of  
Intervalor AB and Fondia Oyj.
Holding in the 
Company
1,011 shares.
Independence Independent of the Company and its  
management and of major shareholders.
Board committees Member of the Audit Committee.
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66
MANAGEMENT TEAM
Daniel Ljunggren
CEO 
Chief Executive Officer (CEO) since 2023,  
Executive Vice President (EVP) from 2020,  
Chief Financial Officer (CFO) from 2011.
Viveca Johnsson
CFO
Chief Financial Officer (CFO)  
since 2023.
Karin Svalander
CLCO
Chief Legal & Compliance  
Officer since 2024.
Fredrik Persson
Deputy CEO/CTO 
Deputy Chief Executive Officer (Deputy 
CEO) since 2023, Chief Technology 
Officer (CTO) since 2020.
Employed 2011
Born 1980
Education Master of Business 
Administration 
(MBA), Kristianstad 
University.
Other current 
positions  
-
Previous posi -
tions (past five 
years)
Chief Financial Officer 
(CFO), Executive Vice 
President (EVP).
Holding in the 
Company
1,000,000 shares.
Employed 2020
Born 1978
Education Master of Laws 
(LL.M.), Uppsala 
University.
Other current 
positions  
-
Previous posi -
tions (past five 
years)
Deputy board member 
of Invono Fund AB, 
CLO for Invono AB.
Holding in the 
Company
23,210 shares.
Employed 2023
Born 1987
Education Master of Science 
(M.Sc.) Business & 
Economics, Lund 
University.
Other current 
positions  
-
Previous posi -
tions (past five 
years)
Divisional CFO for 
Nederman Group, 
Division Extraction & 
Filtration Technology.
Holding in the 
Company
2,030 shares.
Employed 2012
Born 1981
Education Master of Science 
(M.Sc.) Radioelectro-
nics and Electromag-
netic Field Theory, 
Faculty of Engineering 
at Lund University.
Other current 
positions  
CEO of MilDef  
Products AB.
Previous posi -
tions (past five 
years)
-
Holding in the 
Company
100,000 shares.
Martina Karlsson
CPO
Chief People Officer (CPO)  
since 2023.
Changes in  
Management Team
Magnus Hagman, VP Nordics,  
left MilDef in February 2026.
Employed 2023
Born 1987
Education Bachelor’s degree 
in Human Resource 
Management, Gothen-
burg University.
Other current 
positions  
-
Previous posi -
tions (past five 
years)
Divisional HR  
Manager for Axis  
Communications AB.
Holding in the 
Company
3,345 shares.
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ANNUAL REPORT 2025CORPORATE GOVERNANCE REPORT
AUDITOR’S REPORT ON THE CORPORATE  
GOVERNANCE STATEMENT
Engagement and responsibility
It is the board of directors who is responsible for the cor -
porate governance statement for the year 2025 on pages 
56-66 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 standard Rev 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. 
Disclosures 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.
Malmö den 15 april 2026
Johan Rönnbäck  
Authorized Public Accountant
Eric Salander 
Authorized Public Accountant  
Auditor in charge
Öhrlings PricewaterhouseCoopers AB
To the general meeting of the shareholders in MilDef Group AB,  
corporate identity number 556893-5414
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.
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