* Renewed SEK 74m order with EU NATO customer (Ovzon-3 related)
* 100% SATCOM (5-months); deliveries start 1 Aug'26
* Supports our estimates; potential for more orders
A welcomed order announcement
Ovzon has signed a SEK 74m renewal order from the defence organisation of a European NATO country relating to the company's full SATCOM solution on Ovzon-3. Order intake has been quiet for a while, so today's news is welcome. The order will run for five months from 1 Aug'26. This order is a renewal of one received on 19 Dec'25, but, unlike that one, it only includes SATCOM. There is also potential for further expansion and extension, and the company views this as the beginning of a broader initiative to establish a shared satellite communication coalition with additional European NATO countries.
Supports 2026e estimates
The order is roughly the same size as the previous contract (SEK 96m SATCOM order for ~6 months) and continues to utilise the spare capacity we have identified on Ovzon-3 (~50% utilisation, according to our estimates). The fact that this renewal is SATCOM-only, rather than including terminals, suggests that the customer is renewing because of the capacity itself - i.e. "high-quality" revenue. As the contract begins on 1 August, the majority of the value will be realised in H2 2026. The 'coalition' language is worth keeping an eye on; if it leads to more European NATO countries signing up, it would be a good way to expand the customer base further. Overall, a positive order that breaks a quiet period and supports our 2026 estimates. Stock is trading at 14x '26e EV/EBIT on our current estimates.