W5 Solutions
W5 Solutions is a Nordic defence and security technology group based in Stockholm with operations in Sweden, Norway and Finland. The company develops and delivers solutions across Integration, Training and Power for defence and security customers, with roots in businesses dating back to the 1940s.
Fiscal year 2025 · change from previous year
Development 2022–2025
Business
Share of revenueSystems integration, specialised harnesses, communication solutions and shelter units.
Training ecosystems, simulators and related support for defence readiness.
Power-related solutions and equipment for defence and security use cases.
Customers
W5 Solutions sells primarily to defence and security agencies, including domestic and allied forces that need mission-critical, long-life equipment. Its offerings are also relevant to organisations operating in harsh or high-reliability environments where integration, training and power systems must work together.
Buy integrated defence technology, shelters, communications and power solutions for operational use.
Buy interoperable systems and training solutions that support joint readiness and deployment.
Buy rugged communication and support systems for demanding environments.
Buy locally supported solutions where supply-chain resilience and proximity matter.
Strategy
W5 Solutions is focused on building a sustainable defence-technology platform across Integration, Training and Power. Its strategy combines long-life, upgradeable products with Nordic manufacturing, quality systems and sustainability governance to support trusted delivery in defence markets.
A broader offering across Integration, Training and Power increases relevance to defence customers and supports cross-selling.
Long-life, upgradeable products can improve customer value and align with defence procurement preferences for durability.
Defence customers require high reliability, traceability and compliance across the supply chain.
Geography
W5 Solutions operates in the Nordics, with Sweden as its core market and local presence in Norway and Finland. The company also serves customers in wider European and international defence markets, but its design, development and production base remains Nordic.
Risks
W5 Solutions is exposed to defence procurement cycles, customer concentration in Sweden and the Nordics, and the long sales and delivery timelines typical of mission-critical systems. As a defence supplier, it also faces execution risk in complex integration projects, supply-chain dependence, and compliance requirements across security, sustainability and export-related frameworks.
Most revenue is generated in Sweden and the Nordic region, so demand changes there can affect results.
Exposure: Sweden and Nordics
Orders depend on public-sector and military procurement decisions that can be delayed or lumpy.
Exposure: Defence and security customers
Integration, shelters and training systems require coordination, testing and reliable delivery in harsh environments.
Exposure: Integration and Training
The business relies on qualified suppliers and a robust defence-grade supply chain.
Exposure: Nordic manufacturing and sourcing
Accounting
Judgemental itemsThe group carries fair value liabilities for earnout arrangements, and remeasurement can affect profit or loss.
Impact: Reported earnings and balance-sheet liabilities
Lease liabilities and right-of-use assets affect leverage, EBITDA-style metrics and cash flow classification.
Impact: Balance sheet and cash flow presentation
Integration and training solutions may involve staged delivery or over-time recognition judgments.
Impact: Quarterly revenue and margin timing
Acquired assets and goodwill in a small-cap industrial group can be sensitive to forecast assumptions.
Impact: Potential non-cash write-downs
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Last updated: 24/09/2026