* New 12m SEK 90m order from a new US gov customer
* SEK 84m SATCOM service, SEK 6m terminals
* Key positives: supports estimates, first new US customer on Ovzon-3
A new customer, not a renewal
Ovzon has received a SEK 90m (USD 9.1m) order for its integrated SATCOM platform from a new US government customer. The order is for 12m and includes service on Ovzon-3, third-party capacity and mobile terminals. The split between Ovzon-3 and third-party capacity is not disclosed. Service will start immediately. Only SEK 34m (USD 3.4m) will be booked as order intake in Q3'26, with the remaining recognised once the full funding has been formally processed. This structure is common for US federal contracts, and we do not view it as an indication of risk to the order. However, it does mean that Q3 order intake will appear smaller than the headline value.
Supportive to estimates
Following a quiet period, this announcement is highly welcome, both because it supports our estimates and because it signals a new US customer. Since 2022, Ovzon has seen annual US-related sales drop from ~200m to ~30m, but we now see reasons for this market to recover. The stock is currently trading at 15x '26e EV/EBIT on our latest estimates.