Customer and geographic concentration
Most revenue is generated in Sweden and the Nordic region, so demand changes there can affect results.
- Scope
- Sweden and Nordics
- Materiality
- high
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.
| % | |
|---|---|
| Integration | 45% Systems integration, specialised harnesses, communication solutions and shelter units. |
| Training | 30% Training ecosystems, simulators and related support for defence readiness. |
| Power | 25% Power-related solutions and equipment for defence and security use cases. |
W5 Solutions sells primarily to defence and security agencies, including domestic and allied forces that need...
- Defence agenciesprimary
Buy integrated defence technology, shelters, communications and power solutions for operational use.
- Allied military forcesprimary
Buy interoperable systems and training solutions that support joint readiness and deployment.
- Security and public-safety organisationssecondary
Buy rugged communication and support systems for demanding environments.
- Nordic public-sector customerssecondary
Buy locally supported solutions where supply-chain resilience and proximity matter.
W5 Solutions operates in the Nordics, with Sweden as its core market and local presence in Norway and Finland...
- •Sweden is the largest market and main revenue base
- •Norway and Finland provide local Nordic market presence
- •About 78% of revenue was generated in the Nordics in 2025
- •Europe is an important growth market beyond the Nordics
- •Nordic production supports supply-chain resilience and delivery
W5 Solutions is focused on building a sustainable defence-technology platform across Integration, Training and Power...
01
Expand the defence technology platformmedium-term
A broader offering across Integration, Training and Power increases relevance to defence customers and supports cross-selling.
02
Sustainability-led product designmedium-term
Long-life, upgradeable products can improve customer value and align with defence procurement preferences for durability.
03
Strengthen governance and quality systemsshort-term
Defence customers require high reliability, traceability and compliance across the supply chain.
W5 Solutions is exposed to defence procurement cycles, customer concentration in Sweden and the Nordics, and the long...
Defence procurement and budget cycles
Orders depend on public-sector and military procurement decisions that can be delayed or lumpy.
- Scope
- Defence and security customers
- Materiality
- high
Project execution and delivery complexity
Integration, shelters and training systems require coordination, testing and reliable delivery in harsh environments.
- Scope
- Integration and Training
- Materiality
- high
Supply-chain and supplier compliance
The business relies on qualified suppliers and a robust defence-grade supply chain.
- Scope
- Nordic manufacturing and sourcing
- Materiality
- medium
Contingent consideration / earnouts
Reported earnings and balance-sheet liabilities
IFRS 16
IFRS 16 leases
Balance sheet and cash flow presentation
Revenue recognition on defence projects
Quarterly revenue and margin timing
Impairment testing
Potential non-cash write-downs
: 11/08/2026