<div id="readability-page-1"><div>NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, IN WHOLE OR IN PART, DIRECTLY ORINDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA, AUSTRALIA, NEW ZEALAND,CANADA, THE HONG KONG ADMINISTRATIVE REGION OF THE PEOPLE'S REPUBLIC OF CHINA,JAPAN, OR SOUTH AFRICA, OR ANY OTHER JURISDICTION IN WHICH THE PUBLICATION,DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL OR REQUIRE REGISTRATION OR ANY OTHERMEASURES.Oslo, 23 January 2026Reference is made to the stock exchange announcement made by Fjord DefenceGroupASA (the &#34;Company&#34;) earlier today, 23 January 2026, regarding the last day ofthe subscription period in the subsequent offering of up to 2,083,333 newsharesin the Company, each with a par value of NOK 8.40 (&#34;Offer Shares&#34;), at asubscription price of NOK 12.00 per Offer Share (the &#34;Subsequent Offering&#34;),aswell as the Company's prospectus dated 14 January 2026 (the &#34;Prospectus&#34;).The subscription period in the Subsequent Offering expired today, 23 January2026, at 16:30 CET. The Subsequent Offering attracted strong interest and wassubstantially oversubscribed. The final results show that the Company hasreceived valid subscriptions for a total of 4,666,172 Offer Shares from 296subscribers.Pursuant to the authorisation granted by the Company's extraordinary generalmeeting on 18 December 2025, the board of directors of the Company has todayresolved to allocate and issue a total of 2,083,333 Offer Shares, therebyincreasing the Company's share capital by NOK 17,499,997.20, in accordancewiththe allocation principles set out in the Prospectus. The Company willconsequently raise approximately NOK 25 million in gross proceeds through theSubsequent Offering.Notifications of allocated Offer Shares and the corresponding subscriptionamount to be paid by each subscriber are expected to be distributed and madeavailable on 26 January 2026. Subscribers having access to investor servicesthrough their account manager with Euronext Securities Oslo (&#34;VPS&#34;) will beableto check the number of Offer Shares allocated to them from 12:00 CET on 26January 2026. Subscribers who do not have access to investor services throughtheir VPS account manager may contact the Managers (as defined below) from12:00CET on 26 January 2026 for information about the number of Offer Sharesallocated to them.The subscription amount for payment by the subscribers for allocated OfferShares falls due on 28 January 2026 in accordance with the payment proceduresset out in the Prospectus.The Offer Shares may not be transferred or traded until they are fully paidandthe share capital increase pertaining to the Subsequent Offering has beenregistered with the Norwegian Register of Business Enterprises (the &#34;NRBE&#34;).TheCompany will publish a stock exchange announcement once such share capitalincrease has been registered. Subject to timely payment for the Offer Sharesallocated in the Subsequent Offering and registration of the share capitalincrease, the Offer Shares are expected to be delivered on or about 4 February2026 and commence trading on Euronext Oslo Børs on or about the same day.Following registration of the share capital increase with the NRBE, theCompany's share capital will be NOK 477,665,252.40, divided into 56,864,911shares, each with a par value of NOK 8.40.AdvisorsPareto Securities AS and Nordea Bank Abp, filial i Norge, are acting asmanagers(the &#34;Managers&#34;) and Wikborg Rein Advokatfirma AS is acting as legal advisortothe Company in connection with the Subsequent Offering.For further information, please contact:Jon Asbjørn Bø, CEOjon.asbjorn.bo@fjorddefence.com +47 930 86 932ABOUT FJORD DEFENCE GROUP ASAFjord Defence Group ASA (&#34;DFENS&#34;) is a Norwegian &#34;compounder&#34; listed onEuronextOslo Børs seeking to acquire and develop fast-growing, profitable, andwell-runcompanies in the defence industry. The company has a buy &amp; build strategy,withfocus on acquiring established, profitable businesses within the defence,security and related segments. More information on www.fjorddefencegroup.com.This information is subject to the disclosure requirements pursuant to section5-12 of the Norwegian Securities Trading Act.IMPORTANT NOTICEThe information contained in this announcement is for background purposes onlyand does not purport to be full or complete. No reliance may be placed for anypurpose on the information contained in this announcement or its accuracy,fairness or completeness. None of the Managers, nor or any of their affiliatesor any of their respective directors, officers, employees, advisors or agents,accept any responsibility or liability whatsoever for, or makes anyrepresentation or warranty, express or implied, as to the truth, accuracy orcompleteness of the information in this announcement (or whether anyinformationhas been omitted from the announcement) or any other information relating totheCompany, its subsidiaries or associated companies, whether written, oral or inavisual or electronic form, and howsoever transmitted or made available, or forany loss howsoever arising from any use of this announcement or its contentsorotherwise arising in connection therewith. This announcement has been preparedby and is the sole responsibility of the Company.Neither this announcement nor the information contained herein is forpublication, distribution or release, in whole or in part, directly orindirectly, in or into or from the United States (including its territoriesandpossessions, any State of the United States and the District of Columbia),Australia, New Zealand, Canada, the Hong Kong administrative region of thepeople's republic of China, Japan, or South Africa, or any other jurisdictionwhere to do so would constitute a violation of the relevant laws of suchjurisdiction. The publication, distribution or release of this announcementmaybe restricted by law in certain jurisdictions. Persons into whose possessionanydocument or other information referred to herein should inform themselvesaboutand observe any such restriction. Any failure to comply with theserestrictionsmay constitute a violation of the securities laws of any such jurisdiction.This announcement is not an offer for sale of securities in the United States.The securities referred to in this announcement have not been and will not beregistered under the U.S. Securities Act, and may not be offered or sold intheUnited States absent registration with the U.S. Securities and ExchangeCommission or an exemption from, or in a transaction not subject to, theregistration requirements of the U.S. Securities Act and in accordance withapplicable U.S. state securities laws. The Company does not intend to registerany securities referred to herein in the United States or to conduct a publicoffering of securities in the United States.This announcement is an advertisement and is not a prospectus for the purposesof Regulation (EU) 2017/1129 of the European Parliament and of the Council of14June 2017 (the &#34;EU Prospectus Regulation&#34;) (together with any applicableimplementing measures in any Member State).Any offering of the securities referred to herein will be made by means of theProspectus which has been prepared and is subject to the approval by theNorwegian Financial Supervisory Authority. Investors in the SubsequentOfferingshould not subscribe for any securities referred to in this announcementexcepton the basis of information contained in the Prospectus. Copies of theProspectus are available in the Company's registered office and, subject tocertain exceptions, on the Managers' respective websites.In any EEA Member State other than Norway, this communication is onlyaddressedto and is only directed at qualified investors in that Member State within themeaning of the EU Prospectus Regulation, i.e. only to investors who canreceivethe offer without an approved prospectus in such EEA Member State.This communication is only being distributed to and is only directed atpersonsin the United Kingdom that are &#34;qualified investors&#34; within the meaning of theEU Prospectus Regulation as it forms part of English law by virtue of theEuropean Union (Withdrawal) Act 2018 and that are (i) investment professionalsfalling within Article 19(5) of the Financial Services and Markets Act 2000(Financial Promotion) Order 2005, as amended (the &#34;Order&#34;) or (ii) high networth entities, and other persons to whom this announcement may lawfully becommunicated, falling within Article 49(2)(a) to (d) of the Order (all suchpersons together being referred to as &#34;relevant persons&#34;). This communicationmust not be acted on or relied on by persons who are not relevant persons. Anyinvestment or investment activity to which this communication relates isavailable only to relevant persons and will be engaged in only with relevantpersons. Persons distributing this communication must satisfy themselves thatitis lawful to do so.This announcement is made by, and is the responsibility of, the Company. TheManagers and their respective affiliates are acting exclusively for theCompanyand no-one else in connection with the transactions described in thisannouncement. They will not regard any other person as their respectiveclientsin relation to the transactions described in this announcement and will not beresponsible to anyone other than the Company, for providing the protectionsafforded to their respective clients, nor for providing advice in relation tothe transactions described herein, the contents of this announcement or anytransaction, arrangement or other matter referred to herein.In connection with the transactions described in this announcement, theManagersand any of their respective affiliates, acting as investors for their ownaccounts, may subscribe for or purchase securities and in that capacity mayretain, purchase, sell, offer to sell or otherwise deal for their own accountsin such securities of the Company or related investments in connection withthetransactions described herein or otherwise. Accordingly, references in theProspectus to the securities being issued, offered, subscribed, acquired,placedor otherwise dealt in should be read as including any issue or offer to, orsubscription, acquisition, placing or dealing by, the Managers and any oftheirrespective affiliates acting as investors for their own accounts. The Managersdo not intend to disclose the extent of any such investments or transactionsotherwise than in accordance with any legal or regulatory obligations to doso.Certain figures contained in this announcement, including financialinformation,have been subject to rounding adjustments. Accordingly, in certain instances,the sum or percentage change of the numbers contained in this announcement maynot conform exactly with the figure given.Matters discussed in this announcement may constitute forward-lookingstatements. Forward-looking statements are statements that are not historicalfacts and may be identified by words such as &#34;believe&#34;, &#34;aim&#34;, &#34;expect&#34;,&#34;anticipate&#34;, &#34;intend&#34;, &#34;estimate&#34;, &#34;will&#34;, &#34;may&#34;, &#34;continue&#34;, &#34;should&#34; andsimilar expressions. The forward-looking statements in this release are basedupon various assumptions, many of which are based, in turn, upon furtherassumptions. Although the Company believes that these assumptions werereasonable when made, these assumptions are inherently subject to significantknown and unknown risks, uncertainties, contingencies, and other importantfactors which are difficult or impossible to predict and are beyond itscontrol.Such risks, uncertainties, contingencies, and other important factors includethe possibility that the Company will determine not to, or be unable to, issueany securities, and could cause actual events to differ materially from theexpectations expressed or implied in this release by such forward-lookingstatements. Forward-looking statements speak only as of the date they are madeand cannot be relied upon as a guide to future performance. The Company, eachofthe Managers and their respective affiliates expressly disclaim any obligationor undertaking to update, review or revise any forward-looking statementcontained in this announcement whether as a result of new information, futuredevelopments or otherwise. The information, opinions and forward-lookingstatements contained in this announcement speak only as at its date and aresubject to change without notice.https://newsweb.oslobors.no/message/664150</div></div>

Fjord Defence Group ASA announced the final results of its subsequent offering, which closed on January 23, 2026. The offering attracted significant interest, with valid subscriptions for 4,666,172 shares, leading to an allocation of 2,083,333 new shares at NOK 12.00 each. The company will raise approximately NOK 25 million in gross proceeds. Share capital will increase to NOK 477,665,252.40, divided into 56,864,911 shares. Notifications of allocated shares will be sent on January 26, 2026, with payment due by January 28, 2026, and expected trading on Euronext Oslo Børs around February 4, 2026.

Fjord Defence Group ASA - Final results of subsequent offering