Combitech delivers record year with significant increase in earnings

The Nordic solution and consulting partner Combitech will today publish its full-year financial statement for 2020. Combitech reports a year of record performance with good growth and a material increase in earnings. During the year, Combitech brought one of Sweden’s first installations of private 5G mobile networks into operation and delivered a secure digital infrastructure to the maritime sector through the new industrial consortium Navelink.

– “We are pleased to report that although COVID-19 has had a marked impact on parts of our business, its impact on earnings has been modest. We implemented measures at an early stage and put in a strong team effort to keep adapting our business in response to the changing situation,” says Hans Torin, CEO of Combitech.

The national defence area, which encompasses both civilian and military defence, is highly topical. At the same time, interest from industry and the public sector has remained strong with regard to the benefits of digitalisation and collaborations geared towards increased sustainability and competitiveness. There is also continued high demand for cybersecurity services from the financial sector, where the European framework TIBER is placing requirements on standardised tests in order to strengthen resilience against cyber threats in the financial sector.

– “One of our strengths during the crisis has been our broad customer base and breadth of services. Much of our work in medical technology, telecom, defence, large parts of the public sector and other markets has been affected to a very limited extent by COVID-19,” says Hans Torin.

For Combitech, it is primarily services it provides to the automotive industry that have been affected by COVID-19, with work being put on hold or shelved. Combitech has successfully transferred the consultants, whose work has been curtailed due to the impact of COVID-19 on customers, to new assignments with other customers.

– “The COVID-19 crisis and the subsequent restrictions imposed have forced us to postpone many of the internal skills training programmes that we normally provide. There have also been far fewer internal meetings and a sharp decline in business trips due to the restrictions. All of this has brought about a reduction in costs for us in 2020.”

Key events during 2020:

  • In partnership with Nokia, Combitech has brought one of Sweden’s first installations of private 5G mobile networks into full-scale operation for Saab.
  • Combitech has been commissioned to supply a secure infrastructure to the maritime sector, through the new industrial consortium Navelink. The Navelink consortium was established in December 2019 by the industrial companies Kongsberg, Saab and Wärtsilä, and is already being supported by three EU-funded projects, coordinated by the Swedish Maritime Administration. The aim of the consortium is to improve efficiency, safety and reduce the carbon footprint across the shipping sector.
  • Sustainable Underground Mining (SUM)a collaborative initiative in which Combitech is a partner along with LKAB, ABB, Epiroc and Sandvik, has been awarded funding from the Swedish Energy Agency. The total funding is SEK 207 million. The vision of SUM is to develop the digitalised, autonomous and carbon-dioxide-free mine of the future.
  • Combitech, Växjö Local Authority, Skanska and Södra have launched a collaboration to develop a new district in the city of Växjö. The aim of the project, which is called Crossways Växjö, is to create a climate-neutral and innovation-promoting meeting place through sustainability, cooperation and digitalisation.
  • In June, Combitech signed a collaborative agreement with Siemens Energy regarding 3D printing for the manufacturing industries. Working together, the companies can offer the entire chain from design and development skills to serial production.
  • Combitech has won important assignments in the financial industry linked to the European framework TIBER. These entail using threat intelligence-based work to simulate threats and develop realistic scenarios, which are then used as a basis for advanced security tests.
  • Combitech has signed several new agreements in public sector operations, primarily in IT services and information security.
  • During the year, Combitech’s commitments in national defence, both civilian and military, have increased. Combitech already supports a large number of government agencies in the work to rebuild the Swedish total defence system.

Key performance indicators

Order intake
Order intake reached SEK 2,624 million, which is 4 per cent higher than the previous year (SEK 2,526 million). Order intake is a combination of small and medium-sized assignments, often connected to framework agreements, and larger orders spanning several years. 

Sales revenue
Revenue from sales reached SEK 2,557 million, up 2 per cent on the figure for 2019 (SEK 2,506 million).

Earnings and margin
The operating profit (EBIT) rose 24 per cent to SEK 208 million (SEK 168 million). The operating margin was 8,3
 per cent, an increase compared with 2019 (6.7 per cent).

Operating cash flow
The operating cash flow increased to SEK 435 million (SEK 136 million). This was due to customer payments and improved cash flow at 31 December 2020 compared with the previous year-end.

Number of employees
The number of employees at year-end was 1940 (1903).


Additional information
Åsa Scherling, Head of Communication, Combitech 
Tel.: +46 (0)73 418 7798, E-mail: 

Merton Kaplan, IR Manager, Saab AB 
Tel.: +46 (0)73 418 2071, E-mail: 

About Combitech 
Combitech is a Nordic solution and consulting partner with services in areas such as digital transformation, cybersecurity and national defence. We have 1900 employees helping companies, industries and the public sector to benefit from technology, digitalisation and innovation for a sustainable and secure society. To put it simply, technology with a purpose!

Learn more at 
Combitech is an independent company in the defence and security group Saab AB.