INVISIO (one-pager): From headsets to integrated systems provider

We publish our first coverage of INVISIO, a Danish-Swedish defense technology company specializing in advanced tactical communication systems and hearing protection solutions. INVISIO is a market leader in personal soldier communication equipment, serving NATO forces and public safety organizations such as police and coast guard units worldwide. The company operates an asset-light model with outsourced manufacturing, supporting gross margins around 60% and flexibility to scale without significant capital investment. INVISIO delivered revenue of SEK 1,737 million in 2025, extending a five-year revenue CAGR of 27%.

INVISIO is evolving from a standalone headset supplier into an integrated systems provider, combining personal communication, vehicle intercom, wireless connectivity and data management into complete soldier solutions. This shift significantly raises revenue per customer and deepens switching costs once embedded, with the company targeting an addressable market it estimates at SEK 25 billion annually. The 2021 Racal Acoustics acquisition opened the vehicle intercom segment, and bolt-on deals like UltraLYNX have further broadened the offering.

Strong growth profile with record Q4: INVISIO has compounded revenue at 27% CAGR over five years, and a record Q4 2025 (SEK 684m, +15% y/y, 32.8% EBIT margin) alleviated concerns from Q3 delivery delays, confirming those were timing-related rather than structural. Order intake of SEK 660m in Q4 was the second-highest ever, and the order book remains strong at SEK 854m. Consensus analyst estimates expect continued strong growth in 2026, projecting revenue growth of around 40% with a 24% EBIT margin in 2026E.

European defense spending hit EUR 343bn in 2024 (+19% y/y), and NATO's framework is being accelerated from 2% to 5% of GDP by 2035. For INVISIO, this flows through three compounding layers: armies are getting larger, a growing share of soldiers are being equipped with advanced communication gear beyond just special forces, and each soldier is receiving more expensive kit as systems become more integrated.

Valuation demands execution: INVISIO trades at a premium to Nordic defense peers on trailing multiples with an EV/EBIT of 42x on 2025 numbers, (median ~23x). However, the strong growth and margin profile suggest the valuation focus should be further out and by 2027E, multiples compress to approximately 21x EV/EBIT with the premium narrowing to around 10% above peers. This represents both meaningful execution risk if growth disappoints, and meaningful opportunity if the current trajectory holds.

Read the full investment case for our peer group analysis, historical valuation context, and deep dive into INVISIO's growth journey and order book dynamics.

Also catch up on the latest introduction to the share and Q4 2025 results event, hosted with INVISIO CEO Lars Højgård Hansen, where he gave an introduction to the company and outlined how the profitable growth journey can continue. Link: https://www.inderes.dk/videos/invisio-introduktion-til-aktien-og-praesentation-af-q4-2025-resultater

Disclaimer: HC Andersen Capital receives payment from INVISIO for a digitalIR/Corporate visibility subscription agreement/ Philip Coombes 09:05