Terma Delivers Continued Growth and Scales Execution in a High-demand Market

The 2025/26 financial year was marked by sustained global demand for advanced defense and critical infrastructure solutions. Order intake reached 5.6 BDKK, up 43% year on year, while revenue increased to 3.4 BDKK, corresponding to an organic growth of 16%. Operating profit before special items and tax was 396 MDKK, up 22% versus last year and above our initial outlook.  

The year closed with an order backlog of 6.9 BDKK, providing strong visibility for the coming years and underscoring the trust placed in Terma by its customers. Operating cash flow improved to 730 MDKK, with a solvency ratio of 41.2%, supporting continued investment in growth and technology.  

“Our performance demonstrates that our strategic focus aligns with the structural shifts we are seeing in the security landscape. Demand is increasing across defense and critical infrastructure, and we are well positioned to meet that demand,” says CEO Henriette Hallberg Thygesen.  

Growth Driven by Structural Demand

Across Europe and allied markets, rising security needs are driving long-term structural demand, particularly within critical infrastructure protection and counter-UAS capabilities. Terma continues to expand its European presence through partnerships and collaboration, and during the year acquired OSL Technology to strengthen its capabilities in this area. Ukraine remains a strategic priority, with Terma establishing a subsidiary in Kyiv and building local partnerships to support the country’s defense and reconstruction. 

Investing in Capacity and People 

To support continued growth, Terma is investing in production capacity, supply chains, and organizational capabilities. During the year, close to 600 new colleagues joined the company.  

“Our ability to scale and deliver is driven by the people behind the technology. I want to thank all colleagues across Terma for their dedication and strong efforts during a year of high activity and growth,” says Henriette Hallberg Thygesen.  

Strong Results in a High-demand Market 

With a solid financial foundation, a diversified portfolio, and more than 75 years of technological expertise – and backed by long-term ownership through Thomas B. Thriges Fond and ATP – Terma is well positioned to meet increasing demand in defense and critical infrastructure. 

“The results reflect a well-run company operating in a market with sustained demand. Backed by a strong financial foundation and long-term ownership, Terma is well positioned for the future,” says Chairman Carsten Dilling. 

Read our Annual Report 2025-2026.