Why invest in Savox?
According to the Company’s management, Savox’s addressable markets are characterised by long procurement cycles, stringent technical requirements, and extensive certification and approval processes. Supplier selection further emphasises reliability, references, and proven performance in demanding operational environments. As a result of these factors, barriers to entry are high.
Savox has a broad and high-quality product and system portfolio covering a wide range of critical communication devices and solutions designed for demanding operational environments. The Company’s products are built on a modular and scalable technology platform, which enables the same core technology to be leveraged across multiple end-user environments and customer segments.
Savox’s business model is based on a vertically integrated manufacturing model that covers the entire value chain, from product design and development through the sourcing and manufacturing of components and sub-assemblies, to system assembly and integration, distribution, as well as lifecycle services. The vertically integrated manufacturing model enables improvements in production cost efficiency whilst maintaining the high quality and reliability of delivery required by demanding customer segments.
Savox’s business model is based on a diversified and balanced revenue structure that combines, according to the management of the Company, long-cycle, often multi-year defence sector programmes with the more predictable and recurring revenue streams of the safety and security and industrial businesses.
Defence programmes are characterised by lengthy preparation and procurement processes, broad delivery scopes, and deliveries spread across multiple years, which support order backlog growth and long-term visibility. Security and industrial businesses are built on long-standing original design manufacturer and OEM customer relationships as well as an extensive distributor network, resulting in more predictable and partly recurring revenue.
Savox has historically demonstrated its ability to grow profitably. Growth in the defence business has been a key driver of the company’s improvement in profitability, as the business typically targets higher-margin solutions. Defence business revenue has grown from approximately EUR 11,688 thousand in the financial year 2023 to approximately EUR 28,416 thousand in the financial year 2025.
According to the Company’s management, Savox’s cost structure is scalable in nature and the growth of fixed costs has been more moderate than the growth of revenue. This is reflected in particular in the gross margin, which increased from 40 per cent in the financial year 2024 to 45 per cent in the financial year 2025.
According to the company’s management, the company’s visibility into growth is underpinned by both a strong order backlog and structural upselling opportunities within its existing customer base. The visibility is supported in particular by the record order backlog in the end of the three-month period ended 31 March 2026, which was approximately EUR 61 million including approximately EUR 35 million of confirmed orders and EUR 25 million in probable option.
The Company’s position as a system-level supplier enables the utilisation of a so-called “land and expand” model, whereby Savox gains a foothold with a customer through a single system or solution and subsequently expands its offering to, for example, additional vehicles, applications, and end-user groups. This applies in particular to defence and government customers.
Over its long operating history, Savox has built a strong reputation as a supplier of critical communications solutions. The company’s products and solutions are used in some of the most demanding operating environments, where reliability, quality, and a supplier’s ability to respond comprehensively to customer needs are key purchasing criteria.
Savox’s management comprises individuals with extensive experience in the defence, security, and technology business, as well as deep knowledge of the Company’s products, customers, and procurement models. This expertise supports close and trusted collaboration with customers, particularly in lengthy and complex procurement and modernisation programmes where the supplier is required to understand the end-user’s operational needs and to adapt solutions across different phases of the programme.