Nordic defence primes expand revenues by up to 113 percent since invasion

Four years after Russia’s full-scale invasion of Ukraine, the financial impact on the Nordic defence industry is reflected in company accounts.

Amid the tragic and sustained war in Ukraine and accelerated European rearmament, the four largest Nordic defence contractors have delivered record revenue growth.

Preliminary financial results indicate that, on average, the four companies have increased revenues by more than 88 percent since 2021, data shows.

113 percent growth 

Norway’s Kongsberg has recorded the strongest expansion, with revenues up 113 percent since 2022.

In 2025, the group reported consolidated net sales of 58.6 billion Norwegian kroner, equivalent to approximately 5.15 billion euro.

Kongsberg Group will separate into two listed entities following the spin-off of its maritime business. 

The maritime division is scheduled to list on the Oslo Stock Exchange on 23 April, while Kongsberg Defence and Aerospace and Kongsberg Discovery will form the remaining defence-focused group.

Saab, the region’s largest defence prime, reported 2025 net sales of 79.1 billion Swedish kronor, or around 7.4 billion euro. This represents 102 percent sales growth since 2022.

European demand shift

In Finland, Patria, the region’s third-largest defence company, reported revenue growth of 98 percent compared with 2021. The company has surpassed the 1 billion euro milestone, reporting total sales of 1.086 billion euro for 2025.

Denmark’s largest defence contractor, Terma Group, reported revenue growth of 31 percent compared with its 2021–2022 financial year.

While lower than its Nordic peers, the increase remains significant in historical terms, with revenue reaching 2.883 billion Danish kroner, or 385 million euro.

For Terma, the 2024–2025 fiscal year was the first in which Europe became its largest market, overtaking the United States, according to the company.

As of 30 June 2025, the four Nordic countries ranked among the largest national donors to Ukraine, with Denmark the leading contributor.

Separately, the Swedish government has announced its twenty-first military support package for Ukraine, valued at nearly 12.9 billion Swedish kronor, equivalent to around 1.2 billion euro.