MilDef Group

MilDef Group

Develops rugged IT products and special electronics for the defense sector.

HQ location
Helsingborgs kommun, Sweden
Website
Launch date
Employees
Market cap
$852m
Enterprise value
$915m
Share price
SEK152.30 MILDEF.ST
Company register number
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DateInvestorsAmountRound
-investor

€0.0

round
N/A

€0.0

round
investor investor investor investor investor

€0.0

round
*

€45.0m

Post IPO Debt
Total Funding000k

Financials

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Revenues, earnings & profits over time
SEK202120222023202420252026
Revenues000000000000000000000000
% growth-57 %56 %4 %95 %26 %
EBITDA000000000000000000000000
% EBITDA margin4 %8 %15 %61 %--
Profit000000000000000000000000
% profit margin-2 %6 %(18 %)--
EV000000000000000000000000
EV / revenue00.0x00.0x00.0x00.0x00.0x00.0x
EV / EBITDA00.0x00.0x00.0x00.0x00.0x00.0x
R&D budget000000000000000000000000
R&D % of revenue9 %7 %7 %7 %--

Source: Company filings or news article, Equity research estimates

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More about MilDef Group
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MilDef Group AB is a global systems integrator specializing in ruggedized IT solutions for the defense and security sectors. Founded in 1997 in Helsingborg, Sweden, by Tomas Odelid and Marianne Trolle, the company develops, manufactures, and sells a portfolio of hardware, software, and services designed to function in harsh environments where reliable information streams are critical.

The company's core business involves providing customized tactical IT for military vehicles, aircraft, and naval vessels, including submarines. Its product line features rugged laptops, tablets, servers, network switches, routers, and intelligent displays. A key offering is the proprietary 19"/2 product concept, a small form-factor system that allows for the construction of modern IT systems in significantly less volume. Additionally, MilDef provides the OneCIS software platform, which delivers capabilities like IP routing, firewalls, and other infrastructure services to ensure interoperability and connectivity, particularly within NATO frameworks.

MilDef serves over 200 customers, primarily government defense agencies, military end-users, and major defense industry integrators, across more than 40 countries. The company employs a hybrid sales model, utilizing its own subsidiaries in Sweden, Norway, the UK, the US, Germany, and Australia, supplemented by a network of international partners. Revenue is generated through the sale of its hardware and software products, as well as through integration, development, and consultation services. The business model has historically been hardware-centric, but the company is strategically moving towards a more balanced revenue stream from hardware, software, and services.

The company's growth strategy is underpinned by a combination of organic expansion and strategic acquisitions. Significant milestones include its initial public offering on the Nasdaq Stockholm in June 2021, which provided capital for further expansion. MilDef has completed several acquisitions to broaden its geographic footprint and technological capabilities, including the purchase of American Reliance's (AMREL) product line (2016), Handheld Group (2022), and German-based roda computer GmbH (2024), which strengthened its presence in Central Europe. In late 2022, MilDef established its first production facility outside of Sweden in Wales, UK, to support a major contract and expand its global sales reach.

Keywords: rugged electronics, tactical IT, defense sector, military hardware, systems integrator, rugged computers, defense technology, military communication, command and control, naval systems, vehicle-mounted IT, aerospace electronics, rugged displays, network switches, military software, systems integration, defense procurement, NATO interoperability, rugged servers, government contracts, defense electronics, secure communications, special electronics, critical infrastructure IT, military-grade IT, digitalization for defense

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Investments by MilDef Group

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Handheld
ACQUISITION by MilDef Group Sep 2022
Defcon Solutions
ACQUISITION by MilDef Group Jul 2021
Roda Computer
ACQUISITION by MilDef Group Nov 2024
Westek Technology
ACQUISITION by MilDef Group Mar 2025