Nammo delivers record as backlog surges

Nammo delivered record financial results in 2025, with strong growth across revenue, profit and order backlog driven by sustained demand in its core defence segments.

The Norwegian-Finnish defence group, jointly owned by the Norwegian state and Finland’s Patria, reported revenue of NOK 14.41 billion, up 32 percent year-on-year, while pre-tax profit reached a record NOK 1.74 billion.

The numbers were published as a side note in Patria's recent annual report, meaning some figures are still lacking.

The results highlight continued structural demand for ammunition and related systems, as European and NATO countries expand stockpiles and ramp up defence spending.

Order backlog increased by 38 percent to NOK 55 billion by the end of 2025, reflecting continued large-scale procurement activity and long-term contracts.

Strenghtened supply chains

Growth was driven by demand for ammunition, rocket motors and shoulder-fired systems, particularly in Europe and North America, where defence budgets and operational requirements have increased significantly.

The war in Ukraine and broader rearmament efforts among allied nations contributed directly to the surge in orders and backlog during the year.

At the same time, Nammo continued to scale its industrial footprint, investing in production capacity, research and development, and technologies aimed at improving range, accuracy and overall performance of its systems.

The company also strengthened its role in defence supply chains through long-standing partnerships with the Norwegian and Finnish armed forces. In addition, a new Nordic agreement was established covering the delivery, production and servicing of ammunition across peacetime, crisis and wartime scenarios.

Defence Nordic reached out to Nammo for a comment but the company did not return on the request before the article's deadline.