<a id="bm-comp-6f39fa0c-be01-4cae-8c94-ad94aecf0693" name="bm-comp-6f39fa0c-be01-4cae-8c94-ad94aecf0693" class="BMCustomAnchor"></a><table><tr><td bm-component-id="6f39fa0c-be01-4cae-8c94-ad94aecf0693" style="vertical-align: top; width:100.000000%;"><ul><li>SEK 58m follow-up order (Terminals) from Swedish FMV</li><li>Deliveries start in H1'26</li><li>Supports Terminals sales in '26e (~20% of sales)</li></ul></td></tr></table><a id="bm-comp-c33497a9-c801-4caf-9ee3-f4b66fb2b57c" name="bm-comp-c33497a9-c801-4caf-9ee3-f4b66fb2b57c" class="BMCustomAnchor"></a><table><tr><td bm-component-id="c33497a9-c801-4caf-9ee3-f4b66fb2b57c" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">SEK 58m follow-up order from FMV</h3><p>Following a period of quiet order announcements, Ovzon has today announced a SEK 58m supplementary order from the Swedish Defence Materiel Administration (FMV) for additional satellite terminals. This order complements the SEK 1bn breakthrough order placed with the same customer in May 2025. The latter was primarily related to SATCOM revenues (~80% of the contract), while the remaining 20% was related to terminals. The terminals are also compatible with Ovzon-3, suggesting that more SATCOM contract capacity could shift to Ovzon-3 over time (note that the May contract was primarily for leased capacity).</p><h3 class="bm-h3">Estimate revisions</h3><p>According to the press release, deliveries under the SEK 58m contract will begin in H1 2026, which we believe will lead to positive sales estimate revisions for Terminals sales in 2026e. However, Terminals only comprise ~20% of sales (2025e), whereas activity in terms of SATCOM announcements remains quiet. Given the complexity of such contracts - they are typically large and involve significant commitment from both the customer and Ovzon - it is not surprising that sales cycles are long. We note that consensus expects increased SATCOM revenues in 2026, so these assumptions could be at risk if no announcement is made. Nevertheless, today's order announcement is positive and supports the 2026 estimates. SATCOM demand remains high, and the stock is trading at 14x '26e EV/EBIT (9% FCF yield).</p></td></tr></table><a id="bm-comp-05abe4cb-a106-4c2a-9f31-40b8a412997a" name="bm-comp-05abe4cb-a106-4c2a-9f31-40b8a412997a" class="BMCustomAnchor"></a><table><tr><td bm-component-id="05abe4cb-a106-4c2a-9f31-40b8a412997a" style="vertical-align: top; width:100.000000%;"><table id="bm-img-841a2083-2943-4800-bdba-64bb91d8c9ee" class="bm-img-table xslt-img-empty xslt-img-include"><tr><td class="xslt-img-caption">Sales, quarterly (SEKm)</td></tr><tr><td><img bm-img-encrypt="841a2083-2943-4800-bdba-64bb91d8c9ee" bm-img-original-height="293" bm-img-original-width="694" bm-img-svg="image:image_upload/92656_f3f5c299-1274-4521-95a9-cb6fc5a5b12a.svg" bm-img-width-hint="95.46%" id="bm-id-147fd219-e303-436c-b072-a789ff39d471" src="https://abgsc.bluematrix.com/images/image_upload/92656_f3f5c299-1274-4521-95a9-cb6fc5a5b12a_694.png" svg="/nas/web/clients/abgsc/images/image_upload/92656_f3f5c299-1274-4521-95a9-cb6fc5a5b12a.svg" width="694" alt="" title="" /></td></tr><tr><td class="xslt-img-source">Source: ABG Sundal Collier, company data</td></tr></table></td></tr></table><a id="bm-comp-51925705-7b18-4731-9135-be861a1d2a81" name="bm-comp-51925705-7b18-4731-9135-be861a1d2a81" class="BMCustomAnchor"></a><table><tr><td bm-component-id="51925705-7b18-4731-9135-be861a1d2a81" style="vertical-align: top; width:100.000000%;"><table id="bm-img-70afaabe-f182-4f90-9f70-222fa95fd711" class="bm-img-table xslt-img-empty xslt-img-include"><tr><td class="xslt-img-caption">Sales breakdown (SEKm)</td></tr><tr><td><img bm-img-encrypt="70afaabe-f182-4f90-9f70-222fa95fd711" bm-img-original-height="264" bm-img-original-width="694" bm-img-svg="image:image_upload/92656_30f6bbcb-f4f2-40f1-a886-4bf76867e0bd.svg" bm-img-width-hint="100%" draggable="false" id="bm-id-ca641272-c5e8-48b7-9076-2a36c0892715" src="https://abgsc.bluematrix.com/images/image_upload/92656_30f6bbcb-f4f2-40f1-a886-4bf76867e0bd_694.png" svg="/nas/web/clients/abgsc/images/image_upload/92656_30f6bbcb-f4f2-40f1-a886-4bf76867e0bd.svg" width="727" alt="" title="" /></td></tr><tr><td class="xslt-img-source">Source: ABG Sundal Collier, company data</td></tr></table></td></tr></table><a id="bm-comp-847cefc4-1a70-482d-be2b-77999650d3da" name="bm-comp-847cefc4-1a70-482d-be2b-77999650d3da" class="BMCustomAnchor"></a><table><tr><td bm-component-id="847cefc4-1a70-482d-be2b-77999650d3da" style="vertical-align: top; width:100.000000%;"><table id="bm-img-4e3ec479-fb39-4882-9f75-6cdb67347940" class="bm-img-table xslt-img-empty xslt-img-include"><tr><td class="xslt-img-caption">Net sales (SEKm) and EBIT margins</td></tr><tr><td><img bm-img-encrypt="4e3ec479-fb39-4882-9f75-6cdb67347940" bm-img-original-height="349" bm-img-original-width="793" bm-img-svg="image:image_upload/92656_0a2169fb-16d0-4ff7-9ceb-095d332d0961.svg" bm-img-width-hint="100%" id="bm-id-4e3ec479-fb39-4882-9f75-6cdb67347940" src="https://abgsc.bluematrix.com/images/image_upload/92656_0a2169fb-16d0-4ff7-9ceb-095d332d0961_733.png" svg="/nas/web/clients/abgsc/images/image_upload/92656_0a2169fb-16d0-4ff7-9ceb-095d332d0961.svg" width="727" alt="" title="" /></td></tr><tr><td class="xslt-img-source">Source: ABG Sundal Collier, company data</td></tr></table></td></tr></table><a id="bm-comp-dbf5bdec-9e83-47ac-8abe-c0709ec25371" name="bm-comp-dbf5bdec-9e83-47ac-8abe-c0709ec25371" class="BMCustomAnchor"></a><table><tr><td bm-component-id="dbf5bdec-9e83-47ac-8abe-c0709ec25371" style="vertical-align: top; width:100.000000%;"><table id="bm-img-b2915b09-e11a-4f14-a924-1c9fce5d5148" class="bm-img-table xslt-img-empty xslt-img-include"><tr><td class="xslt-img-caption">SSC/FMV orders (USDm)</td></tr><tr><td><img bm-img-encrypt="b2915b09-e11a-4f14-a924-1c9fce5d5148" bm-img-original-height="327" bm-img-original-width="727" bm-img-svg="image:image_upload/92656_1d74f208-84f7-49a3-913b-39b95273aee1.svg" id="bm-id-b2915b09-e11a-4f14-a924-1c9fce5d5148" src="https://abgsc.bluematrix.com/images/image_upload/92656_1d74f208-84f7-49a3-913b-39b95273aee1_727.png" svg="/nas/web/clients/abgsc/images/image_upload/92656_1d74f208-84f7-49a3-913b-39b95273aee1.svg" width="727" alt="" title="" /></td></tr><tr><td class="xslt-img-source">Source: ABG Sundal Collier, company data</td></tr></table></td></tr></table>