W5 Solutions AB (publ)

W5 Solutions is a Swedish defence supplier that grew out of three older engineering firms and now sells live fire training ranges, power electronics, shelters and integration work across the Nordic region and beyond. The oldest strand of the business, Teleanalys, dates to 1940. JL Weibull followed in 1952 and merged into MSE Engineering, which built its first turret loading trainer for the Swedish Army's Centurion tanks in 1960. W5 Systems was set up in 2014, and in 2018 the three were folded together under the W5 Solutions name. The company listed on Nasdaq First North Growth Market in Stockholm in 2021 under the ticker W5, keeps its head office at Nacka Strand outside Stockholm, and runs development and production sites at Solna, Almhult, Ojebyn and Junsele in Sweden, Skollenborg in Norway and Nurmijarvi in Finland. Around 241 people work for the group. Evelina Hedskog has been chief executive since February 2024.

Live fire training is the largest of the product areas, and most of it arrived by acquisition. MR Targets, a Swedish maker of rail based targets founded in 1985, was bought in 2022. Kongsberg Target Systems, a Norwegian electronic target specialist trading since 1995, followed in 2023. That business supplies the eScore family of acoustic scoring targets in models such as the H1E, U7E, H4H, U5A and H2B, alongside an OpticScore variant that swaps the acoustic sensors for optical detection and asks for almost no maintenance. Around the targets sit turning and popup mechanisms, robot targets, miss distance sensing and battle effect simulators, sold to armies, police forces and, through the W5 Training brand, to sport shooters and hunters. Simulation is the adjacent line. It covers instructor operating stations, control loading and motion rigs, simulator sights, periscopes and panels, dummy ammunition and crew trainer hand controls.

Power is the second pillar, built on ArcQor, the battery charging house W5 acquired for 65 million kronor in January 2023. Its chargers are built to military environmental standards, from Arctic cold to desert heat. The four channel ML334-4A-24 mounts in a vehicle, a rack or a transit case, the eight channel LV338-4A-24 keeps up to sixteen batteries charged at 400 watts, and a 48 channel universal battery management system handles depot scale fleets. Batteries, battery analysers and gensets from portable units to high capacity sets for forward operating bases round the area out. Shelters came from Box Modul in 2023 and from KT-Shelter Oy, a Finnish maker of rapidly deployable protective structures for helicopters, fast jets and drones, bought in May 2026 for 22 million euros with up to 4 million more in earn outs. Systems integration adds wire harnesses, tactical communication systems and platform integration packages, and a service and support organisation sits behind all of it doing training, repair and maintenance.

Customers include the Swedish Armed Forces and the procurement agency FMV, Kongsberg Defence and Aerospace, Saab, Lockheed Martin and L3Harris. Net sales reached 491.6 million kronor in 2025 against 387.7 million the year before, with operating profit of 37.8 million after a loss in 2024. The first half of 2026 brought 357.0 million kronor in sales and an order book of 865 million. Management has set a target of one billion kronor in sales at a ten per cent operating margin by 2027.