Nordic defence growth accelerates, but unevenly

A number of Nordic defence companies have reported substantial growth.

Over recent weeks, Defence Nordic has covered the first-quarter reports of nine listed and non-listed companies across the Nordics. 

On average, the companies reported year-on-year growth of 28.6 percent, underlining the surge in defence spending that we and others have reported.

The figures show wide variation, from 10.9 percent at the lower end to 43 percent at the top.

In April, the largest defence contractor in the Nordics published its first-quarter report and initiated the Q1-season. 

Saab continued its strong growth, driven by medium-sized orders, while fewer large orders were received during the quarter.

Sales amounted to SEK 19,164 million, compared with SEK 15,792 million a year earlier, corresponding to organic sales growth of 23.6 percent, up from 10.9 percent.

At the other end of the scale, GomSpace continues its growth trajectory into 2026. The satellite company reported a 43 percent increase in revenue for the first quarter, reaching SEK 126.7 million.

Several other Nordic companies with defence activities, including Hanza, Patria, MilDef, Clavister and Kongsberg, reported sharp growth, reaching as high as 41 percent in MilDef’s case.

This is, as Hanza-CEO Erik Stenfors, reported driven by developmensts in the United States reinforcing the need for independent European defence and industrial capability.

- When we realised that we cannot rely on the United States for the defence of Europe, it became serious. Europe needs to build both defence and industrial capacity, he said.

Companies listed in Helsinki are not required to report quarterly.