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Fjord Defence: strong growth, but higher costs squeeze margins and stock falls

Fjord Defence reported strong growth in its defence segment, with pro‑forma revenue for the last 12 months of NOK 942m and an order backlog of around NOK 1.8bn. Management confirmed the full‑year guidance of NOK 1bn revenue and EBITDA of NOK 190–230m, but stressed that higher personnel and operating costs as well as investments in capacity are weighing on near‑term margins. The stock fell about 4.8% after the announcement, as investors gave more weight to margin development than to long‑term growth potential. Fjord Defence expects accelerated growth from 2027, when the investments made should start to pay off. » More on de.investing.com