Unibap Space Solutions AB

Hej och välkomna till Unibub's Q4 presentation.

Som vanligt så kommer vi spela in presentationen och sedan lägga ut den på webben i efterhand. Om ni har några frågor så kan ni skriva dem i chatten och så plockar vi upp dem i slutet av presentationen. Då kör vi igång. Vi som presenterar, som vanligt, är jag, Johan, vd, och så har vi med mig Henrik Fredin, våran CFO. Agendan är genomgång av Q4 och helåret, sedan lite highlights, och sedan en genomgång av de viktigaste marknadsutvecklingen, och sedan i slutet hur vi ser på 2026. Då börjar vi. Varsågod, Henke.

Yes, thank you. Yes, we have our three graphs and we start with the left one, which is the net turnover. And there we reached 33.5 million during the fourth quarter and that is an increase of 27% compared to the same quarter in 2024. And the revenues in the fourth quarter includes the first call-out under the framework agreement, which was written as a loft orbital during the third quarter. And that year it went up to just under 16 million kronor, each 12 million kronor ended up as revenues under Q4. The remaining four are offshore licenses that run for five years. Then it also includes the quarter The first order from Leonardo, which was delivered during Q4, and it went up to 11 million. And even here, a part of the value of licenses is made up. For this year, however, we did not reach our goal of at least 30% revenue growth, which we also communicated in the Q3 report. The net turnover fell to 100 million kronor, which is an increase of 11% compared to last year. But as Johan says in the VD-word in the conclusion communique, we look at 2026 with caution, not least given the same trade agreements we entered in 2025. If we look at the picture in the middle, the EBIT movement result, we reached 1.4 million under Q4. This is an increase of about one million compared to the same quarter last year. For the whole year, there is also a loss of 23 million, minus 23 million kronor. This is a result that weighs on a higher cost base compared to previous years. It relates to our investment in the US, where we have established a subsidiary company with operations, as well as our increased investment in defense and security and costs for research and development. These are three areas, the US, defense and product development, where we see the costs as investments in future growth. If we look at the right picture, the cash flow, the current business to minus 7 million. And that was negatively affected by the timing of a customer payment that ended up on, from our point of view, the wrong side of the change of year. There was a payment of 11 million on January 2nd. And this also meant that last December, liquid funds were negatively affected. But on January 2nd, the cash was filled with 11 million kronor from this customer payment. Och avslutningsvis kan vi säga att vi har ju tidigare kommunicerat att vi har haft och kommer att ha relativt stora variationer mellan kvartalen, såväl vad gäller omsättning som resultat och även kassaflöden. Och det fjärde kvartalet är ytterligare ett exempel på just de variationerna vi ser och kommer att se framöver.

De två Höjdpunkten under fjärrkvartalet var ju, man ser på helåret så tecknade vi två ramavtal under sommarperioden och fick då ett första avrop. Det var från Loft Orbital. Det är till ett joint venture som Loft har i Frenad Arabiemiraten. Och sedan så tecknade vi då det här strategiska samarbetsavtalet med Leonardo. Det var givetvis en... This is a significant event for us. I will come back to talk about how we see this collaboration in the future. We received a first order for 1 million euros. It was on some computer units. But of course, we have expectations and hopes that it will be a much larger scope. I will come back to Leonardo's plans later in this presentation. The most important trend right now for us is what is happening on the European defense market. And it is, as I said earlier, driven by what is called low latency response time, that you get out the information on a tactical timeline, as they say, then you talk about minutes instead of hours, and that you can then work iteratively with förbättra detektionsmetoderna. ISR består ju för spaning, intelligence surveillance and reconnaissance och nu har man även börjat prata om IST intelligence surveillance and targeting det kallas ju eldledning på svenska och då vill man givetvis kunna uppdatera de här detektionsförmågorna over the air, as we say, that is, to continuously upgrade the satellite's ability to update software. What is important is how you get down to these minutes. Getting down to about an hour, you can do that by having many satellites, getting down to 30 minutes, Then you have to do some of the work on the satellites, for example, through what we call pre-processing, and that requires edge computing. If you want to get down to minutes, or even maybe seconds in the future, then you basically want to do everything on the satellites. And that's what we see as the big driving force right now. There are a number of examples of this. It can be the American missile defense, then you talk about seconds, and then maybe these IST satellites that we are now talking about for Europe, then you might talk about minutes. Of course, there is a big difference in whether you need to wait an hour or if you can wait a minute to get the information, because then you know that what you have detected, for example the aircraft you see here to the left on a an airport in Russia, where you can see and detect different types of airplanes. Then you know that you can fight targets, while the target is most likely still there. And then you can also do damage assessment afterwards. What happens in Europe is due to these increased defense assessments, and then you can say, how much of these defense assessments go to space? Det är lite olika för olika länder och alla länder har inte riktigt kommit igång ännu, men det som hände i höstas var ju att Tyskland gick in med en jättesatsning. Det var ju 35 miljarder euro, 350, drygt 350 miljarder kronor då. Det är ju enormt. Amerikanerna spenderar väl storleksordningen 25-30 miljarder dollar per år. Så det är klart det fortfarande inte är i paritet med amerikanerna, men det är ju ändå börjat närma sig samma storleksordning. So this is of course a big leap into the European space industry. And the first contract was shared here during this program around the change of year. It was Drainmetall, which later had a collaboration with ISAI. There has not been any information about any other contracts, but it seems to be in progress. What has been announced is a partnership between Helsing and Kongsberg and Hänselt. Helsing and Hänselt is a German company, Kongsberg is a Norwegian for a large defense concern. Then there was recently a rumor, it is not confirmed yet, but that O&B, which is a German company, would also work with communication applications for this. So it seems to be more investments in progress and more contracts in progress here. And it is clear that these 35 billion euros is a real leap into the European space industry. In addition to what the Germans are doing, the other big picture that has been announced is what Leonardo has done. They have to send up their own constellation. But they also went out in November here in Leonardo and talked about The European counterpart to the Golden Dome is still in the planning stage, or perhaps the concept stage. But what is interesting is that we are now talking about the fact that we have space capabilities in this missile defense. We didn't talk about that a few years ago in Europe, but it was more radar and air defense. But now it's more like the Americans. And it's clear that if you want to detect especially hypersonic missiles, you need to have So you should be able to detect them very early and not wait for them to approach. In addition to the missile defense, what is concrete and announced by Leonardo is also where our collaboration is about. Maybe first of all in this self-financed constellation with both optical and SAR satellites. High performance computing, as they say, is one of two key technologies, the other is not satellite communication. We also know that, and in this picture you can also see the launch plan, and it has accelerated to be in the space industry, but that is what is required now when you are going to ramp up defense operations in Europe very quickly. And in addition to this, Leonardo has also announced The intention to go together with Airbus and Thales would be a European space and defense giant, and that is perhaps what is required to be able to develop this missile defense in Europe, to have greater European cooperation. We are of course looking forward to what will happen within the framework of this cooperation with Leonardo. We haven't announced any other trends yet, but we have high hopes for this collaboration.

The collaboration with Leonardo is interesting from several perspectives.

The idea is to aim to be an InDesigner at Leonardo. But then there is also the possibility to carry out joint development for future generations. Then there is Leonardo, a defense company, and it is important for us as a jewelry company that comes from the commercial market to work with defense companies to get right on the market and understand requirements and the like.

Therefore, it is also important to do this type of joint development, which the collaboration agreement is about.

If we look forward, we may start by looking backwards. What we have achieved is that we have now been able to deliver 109 IX-5s and IX-10s. 18 are in the room. We thought it would be a little more, but a part of these loans will now come at the beginning of this year instead. In addition, there is a number of loans that are not public, but will be loaned in secret. Then we will have to return to them when we update the number of units and when we have been able to figure out when they have been loaned. But there is a large number on the way. We have delivered bra under både 24 och 25. Och när man ser på fördelningen så ser man ju att det är ju, det svänger snabbt mot försvar om man ser på end user. Det här är baserat på antalet enheter, inte på kronor. Man ser ju att USA är ju dominerande. Nu tror vi ju då att det ska kunna svänga tillbaka lite grann mot Europa. Och vi ser ju också att vi har fått en del större projekt This is one of the framework agreements that we have signed. If we look at the coming year, we have high ambitions when it comes to being technical management. We expect to have the first update on what we call our next generation of computers in 2026. Det är inte officiellt exakt vad det här innebär, men det kommer vi återkomma till under året. Vi har höga ambitioner när det gäller teknikutvecklingstakt och att fortsätta vara ledande. Produktionen är etablerad och stabil. Det ska vi fortsätta med. När vi ser på marknaden, så började vi i förra året etablera oss i USA, anställda första personerna. Det kommer vi behöva göra mer. Vi kommer behöva bli mer amerikanska. Speciellt för att kunna närma oss den amerikanska försvarsmarknaden. Den kommersiella marknaden kan vi ju bearbeta redan nu. Det har vi ju också fått affärer förra året. Men för att komma in på kanske mer försvarsorienterade projekt. Men om vi kanske inte kommer leverera direkt till amerikanska försvar utan via andra försvarsföretag så Det är ju ganska höga krav och vi kommer att bygga ut vår verksamhet i USA under året. Fortsätt att göra det. Och sen är det då givetvis att ta tillvara möjligheterna i Europa. Vi har ju en stark position i Europa som ju då kanske manifesteras av samarbetsavtal med Leonardo. Och vi ligger ju bra till när det gäller att kunna möta kraven, även om det krävs en del mer arbete mot den här uppkommande försvarsmarknaden. Så det kan vi fortsätta med under året. Tillväxten blev ju lägre under 2025, även om vi brukar säga att vi ska ligga på 30-50% på lite medellång sikt, och det svänger från år till år, så det är klart att vi vill komma tillbaka till att come over 30% again and are in the range of 30-50% again under 2026. Of course, the foundation for this is the efforts we made and the numbers we drew under 2025, even if we also expect that there will be more interesting business during 2026. Now we are at the end, so we will open up for questions. De kan skriva i chatten och så plockar vi upp dem här och försöker svara på dem efter bästa förmåga. Det är klart vi fick en fråga om hur vi ser på guidningen. Vi nådde inte målen under 2025 och nu säger vi att vi ska To reach our goals again, even though the goals are in the medium and long term, it is difficult to handle twists. It depends a lot on the timing. We work with the target community to reach our goals, but sometimes it is difficult for us to influence the timing. It's up to the customers when they start their projects. So, we guided down in the end of last year and now we still expect to be able to make a rebound here. But it depends on the customers. We are doing as much as we can. We have production, we are aggressive in our technology development and we are working intensively on the market, so we are going to do our best. There was a question about this. We signed the framework agreement with Loft Orbital during the summer and then we had to wait for the export license. Of course, we then delivered it during Q4, as Henrik, our CFO, told at the beginning of the presentation. It takes a few months to get an export license and it is required for the entire framework. Then there was nothing controversial in it, but it went through. export license, but it takes a couple of months, like three maybe, but it can vary a little bit on how much background control the export authorities need to do.

But it will be delivered at the end of the year. And the income coming Q4.

Ja, det är möjligt att vi borde ha gjort det. Vi pratade lite grann om det och såg inte riktigt att vi landade i slutsatsen, att vi inte behövde det. Men det är klart att en kassa på 10,5 miljoner är inte så stor, utan det är den vår. Vår nivå är snarare 20, och vi är komfortabla med den nivån.

Det var en fråga om kassan, om den här betalningen som kommer efter årsskiftet. Vi kanske skulle kunna ha tagit upp den, eller inte. Det var väl kanske en möjlighet. Men pengarna kom in i alla fall.

Så kommer en fråga om låg kassa. We still need a lot of capital, and how are we going to solve this? As Johan said, we look forward to the year 2026, given the cooperation agreements we have, and we are comfortable with the cash we have and the prospects we have for 2026.

Space and defence are the two hottest industries.

And then the question if we think we have managed to capitalize on that. Yes, you can think about that. We think we are well positioned, especially in Europe, even if we have succeeded well in our cooperation with Moog in the USA. And then we ourselves are now trying to establish ourselves to get a direct channel in the USA as well. Vi tycker att vi är väl positionerade och att vi kommer att kapitalisera på det här. Sen får man tänka också på tajmingen här lite grann. Tyskarna annonserade ju då till exempel, som ett exempel då kan man säga, Tyskarna annonserade det här 35 miljarder euro-programmet i november. De första kontrakten delas ut och all. Det var ju bara det första av många kontrakt. Så det är klart att det tar en viss tid innan de här The increased investments will be worked through and come all the way to us. I got a question here about growth versus profitability. We work with trying to keep our cost base stable. And then we will grow. That is the way we work with to try to get to profitability. So we have the intention of becoming profitable and cash flow positive. We do it by keeping the cost base relatively stable. Of course, last year we increased. We launched an investment in the USA and we also did some work with It is related to the defense industry. Our plan is to grow and keep the costs relatively stable. We have previously presented our margins last year. What we think are good margins, so that the scalability in the business is good.

The competitive image of AI computing and defense applications.

Actually, it is divided. We have Actually, there are two main markets, the US and Europe. If we start with the US, there are some established players in the US, including Moog, which we have licensed and delivered to. They are probably one of three. Moog, InnerFlight and BlueMarble. There are also some smaller actors and some startups in the US. In the US, we see ourselves as a challenger. We think we have achieved a competitive offer, both in terms of performance and price, or perhaps price-performance combined. We think we have good quality and good delivery times, so we expect to be able to make a breakthrough in the US. But of course, it takes a lot of work to do that. Then in Europe, the situation is different. In Europe, we have are not the American actors, the established, active in the same way. And that has to do with export regulations and defence technology from the USA, for example. So we have a different competitive landscape, and in many ways perhaps a more preferable one in Europe. In Europe we have some start-ups that have not come as far as we have. You can say that if you think about these defense companies, such as Lund & Anders, of course, they have scouted the market and made a thorough oversight and we are very pleased to be able to be selected. So we still see, especially in Europe, that we have a good position.

We also see a progress towards the American market.

Exakt hur mycket som kom framöver i pipeline som kommer vara försvar så kan man ju tänka sig att, jag har ju varit på UNOP i tre år och det har ju skett ett enormt skip redan. Som ni såg på bilden ovanför så är det kanske hälften nu då. Om vi hoppar tillbaka den här så ser man ju här kanske att hälften är ju försvar då förra året av antalet enheter då, inte i värde. Och det är klart att det har ju skiftat de senaste åren då från kanske väldigt litet. till att bli hälften nu. Det går ju att räkna med att det kommer bli 75% eller mer, de här försvar. Det här skiftet är ju, man kan ju inte bara tänka på de här tyska satsningarna om 35 miljarder euro. Det är bara, det är mer än hela den europeiska rymdstyrelsens budget. Så det är ju alltså, och det är ju bara Tysklands försvarssatsning då mot rymden. Och 2025 var också första året där globalt sett de försvarsrelaterade rymdsatsningarna gick om de civil and commercial. So it was more than 50% that went towards defense plans globally, but it will continue to turn. So it's hard to know exactly what it ends up with, but 75% or more. Vi kommenterar inte riktigt på våra framtida produktlanseringar, mer än att vi räknar med att komma upp, som vi sa här på våra mål, att komma upp i rymden med nästa generation under 2026. Sedan får vi återkomma med mer information om det vid ett lämpligt tillfälle under året.

Then we have a question about what our average time from invoicing to payment is and if we work with invoicing. We do not work with invoicing and I, who has been in some other branches before, I'm positively surprised at how good of customers we have. Generally speaking, we have 30 days on our invoices with a few hundred employees. And our customers are very good at paying in time. And also, when we have an order for several customers, they also pay in advance. So customer- and payment-wise, we have a good situation, I think.

Vi hade kostnadsökningar relaterat till USA under... Ja, förlåt, frågan igen. Ja, vi måste svara på frågan. Frågan är om våra kostnadsökningar kommer fortsätta eller inte. Det har vi kommenterat lite grann. Vi har ju ökat under USA förra året, men vi drog igång satsningen där, så det är klart att... Vi kommer inte se samma ökning.

Det kommer bli en viss ökning. Vi hade 12 månader i USA under 2021. Ja. Men inte alls i samma härat som 2020 fram.

Så en viss ökning kanske, men kanske inte i samma takt.

Precis.

Vi har fått ytterligare en fråga här om vi samarbetar inom utvecklingen med några kunder. Det kan man ju säga att vi gör. Vi har åtminstone tecknat ett samarbetsavtal med Leonardo där det bara ingår att vi ska kolla på framtida utveckling ihop med dem. Vi får ju återkomma kanske vid senare tillfälle om mer exakta detaljer till det här. Men det är klart att vi har en stark teknikposition. Vi har bra leveransförmåga och hög kvalitet nu. And of course, our products are interesting, especially for this with tactical information, intelligence surveillance and maybe targeting as well. So of course, we have an interesting technology for many of these companies we count on. Vi kan ju inte i dagsläget berätta mer om det vi har offentliggjort, men mer än att vi fick ju en första order i höstas som vi levererade och det är klart att It was not a delivery for the entire planned constellation of 20 satellites. So we have to get back to when we have that information, quite simply. Then we got a question about lead titers and such. We received orders and delivered very quickly. A year or two ago, we talked about the new trends that we saw in the US that drove the so-called Space Development Agency, where they changed the procedures. Man pushade leverantörer till dels att bedriva egen utveckling, inte förvänta sig att få utvecklingsprojekt från myndigheterna, utan man skulle bedriva egen roadmaputveckling och sen skulle man kunna vinna kontrakt och leverera med kort levtid. Så vi anpassade vår verksamhet. Vi tyckte då att det här borde komma till Europa inom kanske fem år. But we also want to be competitive in the US, so we have set up our business to run our own technology development with high speed and then have short delivery times and such. Now, what has happened is that Europe has managed this faster. So I think, or we think, that it will go faster in the future. Of course, projects are a bit like you see with, I'll use this to illustrate with Lunardo here, that De ska ju vara uppe i rymden med de här, från kick-off till de första, vad de kallar train, de två första batchen av satelliter där. Det är ju då två år ungefär. Om det skulle vara typiskt så skulle man behöva prylar från oss relativt sett tidigare än de här som ska upp i rymden. Men så det går ju Fast now, two years is a short cycle to send up a satellite constellation. It may have been earlier, maybe five years or something like that, so the pace increases. And then we think we have a advantage too, that we have short delivery times.

So we expect to continue to be able to exploit that we have short delivery times.

Det verkar inte vara någon fråga just nu ytterligare här, så om det inte dyker upp något nu så tackar vi för intresset. Tack för att ni tog er tid. Som sagt, det här har spelats in och det här kommer att läggas upp på webben i efterhand. Tack för att ni är intresserade av vad vi håller på med och så hörs vi igen.