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MW Group is a group of Nordic companies that provides services to critical infrastructure and total defence applications

The group is made up of five business segments and operates in Denmark, Finland, Norway, and Sweden.

Neptunia’s view of MW Group

MW Group has been one of Neptunia’s core holdings since 2014. Since 2020, the company has changed its business model from a consulting and recruitment business focusing on military-trained personnel, to a well-diversified offering including managed services and specialist advice for private and public customers in the growing total defence sector with a mission to contribute to a robust and secure society.

MW Group has positioned itself strongly by combining its experience in military defence with its new focus on societally-critical infrastructure and total defence capabilities, along with strong annual growth . Given this, we believe that MW Group can continue to grow and play a key role in the rapid rebuilding of Nordic total defence, which has been accelerated in the wake of war in Ukraine and, as a consequence, the accession of Finland and Sweden to NATO. Neptunia supports the company’s business plan with a focus on continued growth in combination with increased profitability.

MW Group’s services are aimed at the part of total defence that is shared between civil and military structures and overlapping needs for critical infrastructure. As infrastructure becomes increasingly critical to society and connected, the company’s technical installation and maintenance services deliver services on site, cyber security solutions, geospectral information services and strategic advice to its customers, which primarily consist of telecom operators, energy companies and other critical infrastructure owners.


Share of portfolio: 14%
Ownership share: 93%
Holding since: 2014
CEO: Mikael Karlsson
Chairman of the Board: Peter Bartram

Share of portfolio

Ownership share

  • 387


    Sep 2023 (R12)
  • 58


    Sep 2023 (R12)
  • 313


    30 sep 2023

MW Group's business areas

Field Services

Installs, maintains and supports infrastructure.

Geospatial Services

Inspects and analyses geospectral information about customers’ assets acquired by its own long-range drones equipped with advanced sensors.

Cyber Solutions

Connects and protects communication between customer assets.


Plans and delivers supplies to customers’ logistics chains.

Strategic Advice

Advises clients strategically in geostrategy and total defence.