STOCKHOLM — In its year-end report released Thursday, February 19, 2026, Ovzon AB announced a landmark fiscal year 2025, characterized by record revenue growth, the transition to full-scale commercial operations of its Ovzon 3 satellite, and major multi-year defense contracts.
The company reported that for the full year 2025, EBITDA increased from near break-even in 2024 to over 290 MSEK, demonstrating the scalability of its integrated SATCOM-as-a-Service model. In the fourth quarter specifically, Ovzon achieved an EBITDA margin of 42% and a net profit of 90 MSEK.
Operational Execution and Strategic Customer Wins
The fiscal year was defined by a commercial breakthrough in the European defense sector. Key contract milestones included:
- FMV Supplementary Orders: Following a record 1.04 billion SEK order from the Swedish Defence Materiel Administration (FMV) in May 2025, Ovzon received a second supplementary order for mobile satellite terminals worth 58 MSEK in Q4.
- NATO Expansion: The company secured a 240 MSEK agreement with a European NATO customer during the final quarter, further diversifying its revenue base beyond its historical concentration in the U.S. market.
- Order Book Strength: The total order book remains above 1 billion SEK, providing multi-year revenue visibility and financial predictability.
Financial Position and Refinancing
Ovzon’s financial strengthening was supported by a strategic refinancing that reached full impact in Q4. The company reported improved cash flow driven by higher service volumes and efficient working capital management. These measures have reduced net debt and provided the flexibility required for future growth initiatives, including the evaluation of additional proprietary satellites.
Executive Commentary
“Ovzon’s fourth quarter, and the full year as a whole, were characterized by strong operational execution, important customer wins, and a continued strengthening of our financial position,” said Per Norén, CEO of Ovzon. “Profitability continues to improve, driven by higher volumes, increased utilization of Ovzon 3, and a growing share of service-based revenues. Governments and defense organizations continue to strengthen their long-term capabilities… secure and resilient SATCOM is a critical component of modern defense.“
Forward Outlook: Scalability and Capacity
As the company moves into 2026, its primary operational goal is to maximize the capacity utilization of Ovzon 3, which entered commercial service in mid-2024. In parallel, Ovzon is establishing a “Mobile Satellite Terminal Center of Excellence” to strengthen its supply chain and support the growing demand for its ultra-small, high-performance terminals used in total defense and public safety applications.