Clavister: Largest contract ever for Clavister - ABG
This is a third party research report and does not necessarily reflect our views or values
* Wins a SEK 280m contract, starting in Q1'26
* Pure software delivery, supporting a stronger margin profile
* Significant, positive mechanical impact to consensus sales estimates
A strategically important win
Clavister has been awarded a ~SEK 280m contract by the Norwegian Defence Materiel Agency, with options of ~SEK 15m. The project starts already in Q1'26, and it runs for ~3 years, adding an average of ~SEK 80-85m in sales per year during the delivery period. This is followed by a support and maintenance contribution thereafter of ~SEK 8m per year for four years. Importantly, the contract is based on Clavister's networking and security software, which does not include any partners or third-party vendors. We believe this should translate into mechanically higher gross margins compared to hardware sales.
Nearly 30% uplift to consensus sales
We estimate that the contract mechanically adds nearly 30% to '26-'27 FactSet consensus sales, with a likely positive effect on EBIT margins given the favourable mix. We view this as a reference project that reinforces Clavister's credibility as a European supplier of critical network security.
* Pure software delivery, supporting a stronger margin profile
* Significant, positive mechanical impact to consensus sales estimates
A strategically important win
Clavister has been awarded a ~SEK 280m contract by the Norwegian Defence Materiel Agency, with options of ~SEK 15m. The project starts already in Q1'26, and it runs for ~3 years, adding an average of ~SEK 80-85m in sales per year during the delivery period. This is followed by a support and maintenance contribution thereafter of ~SEK 8m per year for four years. Importantly, the contract is based on Clavister's networking and security software, which does not include any partners or third-party vendors. We believe this should translate into mechanically higher gross margins compared to hardware sales.
Nearly 30% uplift to consensus sales
We estimate that the contract mechanically adds nearly 30% to '26-'27 FactSet consensus sales, with a likely positive effect on EBIT margins given the favourable mix. We view this as a reference project that reinforces Clavister's credibility as a European supplier of critical network security.