Defensor invests in Zulu Marine AB to accelerate the development of advanced boats for government users

Defensor Group AB ("Defensor") has today entered into an agreement to invest in Zulu Marine AB ("Zulu Marine") through a directed share issue. Through the transaction, Defensor will become the owner of a majority of the shares in the company, with an option to increase its shareholding over time.

Zulu Marine was founded in 2020 by Rickard Källqwist and has since evolved with a clear operational focus and a deep understanding of boat design and use in demanding environments. The company develops boats based on its own design philosophy, with a focus on high usable speed, stability and range, designed for government users. Zulu Marine manufactures its boats in Sweden and is a supplier to the Swedish Police Authority's maritime police operations.

Defensor's investment enables Zulu Marine to scale its production capacity and to develop new boat models and concepts. The work is guided by government users' requirements for performance, endurance and reliable operation in demanding environments.

"Zulu Marine is a clear example of what can be achieved when real operational needs meet deep technical understanding and entrepreneurial innovation. Over a relatively short period, the company has built a product portfolio with operational characteristics that in several respects have few direct equivalents. The investment also strengthens Defensor's presence and competence within the maritime domain. Together with Zulu Marine, we see opportunities to develop solutions tailored to operational needs, including through the integration of sensors and other systems," says Max Jägerbring, CEO of Defensor.

"We have always developed our boats based on mission requirements, not on traditional ways of thinking or constraints. With Defensor, we gain a long-term partner that shares this perspective and enables us to scale both production and continued development. This marks the beginning of the next phase for Zulu Marine," says Rickard Källqwist, founder of Zulu Marine.

The transaction, which Defensor is financing through a rights issue to existing shareholders, is expected to be completed during the first quarter of 2026. Following completion of the transaction, Zulu Marine's founder Rickard Källqwist and current Chairman of the Board, Svante Liljevall, will remain significant minority shareholders in Zulu Marine.

Advisers

In the transaction, Defensor has been advised by Magnusson Advokatbyrå on legal and regulatory matters and by KPMG on financial due diligence and tax matters.

About Zulu Marine

Zulu Marine is a Swedish company that develops and manufactures high-performance boats for demanding operational environments. The company focuses on government users with high requirements for performance, seaworthiness and reliability. Read more at www.zulumarine.se.

About Defensor

Defensor is a Swedish defence industry group with an entrepreneurial drive and a high rate of development, focused on investing in and developing innovative solutions that help to solve real problems and strengthen Sweden's long term resilience.