Patria Group’s Interim Report for 1 January – 30 September 2025
Patria’s net sales and operating profit grew strongly in the third quarter, order stock continued to grow
| Key figures | 1-9/2025 | 1-9/2024 | Change | 2024 |
| New orders, EUR million | 882.1 | 879.1 | 0.4% | 1,258.2 |
| Order stock, EUR million | 2,614.1 | 2,281.3 | 14.6% | 2,375.5 |
| Net sales, EUR million | 669.2 | 538.1 | 24.4% | 825.7 |
| Operating profit, EUR million | 48.2 | 30.0 | 60.6% | 81.8 |
| Operating profit, % | 7.2% | 5.6% | 9.9% | |
| Income before taxes, EUR million | 37.1 | 21.7 | 71.2% | 70.8 |
| Equity ratio, % | 30.5 | 33.4 | 33.9 | |
| Gearing, % | 138.2 | 110.8 | 104.3 | |
| Return on equity, % | 23.4 | 15.6 | 19.7 | |
| Return on capital employed, % | 13.8 | 10.7 | 13.0 | |
| Personnel, end of period (FTE) | 4,058 | 3,616 | 3,662 |
The third quarter of 2025
Patria's net sales and operating profit increased strongly in the third quarter of 2025. Patria’s net sales in the third quarter were EUR 248.3 million, representing a 53.1% increase compared to the same period in 2024. Net sales grew across all of Patria’s business areas during the third quarter. The Group’s cumulative net sales for 2025 were EUR 669.2 million, an increase of 24.4% compared to the previous year. The Group’s operating profit (EBIT) also developed positively, rising to EUR 48.2 million.
At the end of the third quarter of 2025, Patria’s order stock stood at EUR 2.6 billion, which is all time high. In the third quarter, Denmark ordered 129 Patria 6x6 vehicles as part of the CAVS programme. Two more countries also joined the CAVS programme during the third quarter: the United Kingdom and Norway, bringing the total number of member countries to seven. The comparation period from the beginning of last year included a significant order from Sweden for 321 CAVS vehicles.
Interest in Patria’s products and services has further increased as defence budgets have grown. In September, Patria unveiled the Patria TRACKX tracked vehicle at the DSEI UK event in London. It is designed to operate effortlessly even in more demanding environments. The new tracked vehicle has attracted interest, and it will be ready for serial production in 2027.
Patria has increased investments to respond to growing demand and to develop its offerings for enhanced customer value and competitiveness. The company has kicked off a comprehensive internal development programme, playing a pivotal role in achieving our growth and profitability ambitions for the upcoming years.
A significant portion of operational efforts have been directed toward increasing production capacity to meet the growing demand for armoured vehicles and improve the productivity of operations. Patria’s new operating model, based on three key business areas – Protected Mobility, Defence and Weapon Systems and Sustainment Solutions - came into effect on 1 June, 2025. The implementation of the new operating model continued smoothly during the third quarter.
Millog had a positive impact on the Group’s net sales and operating profit, while Nammo had a positive impact on operating profit during the first half of 2025.
Key events during the third quarter
- In September, the first Patria AMV XP 8x8 armoured vehicle was delivered to the Japan Ground Self-Defense Force as part of Japan’s WAPC programme for 8x8 wheeled personnel carriers, with Japan Steel Works acting as the supplier.
- The United Kingdom and Norway joined the CAVS vehicle programme and signed the Technical Arrangement agreement in September. These newly joined countries are now the sixth and seventh members of the programme, following Finland, Latvia, Sweden, Germany, and Denmark.
- In September, Patria and Babcock International Group signed a cooperation agreement for the manufacturing of Patria 6x6 vehicles under the CAVS programme in the United Kingdom.
- Patria delivered the first CAVS vehicles to Denmark in September, following the July order of 129 Patria 6x6 vehicles.
- Patria completed the acquisition of ILIAS Solutions on September 1, 2025.
- In August, Patria signed an agreement to supply composite component assemblies for the new Airbus A350F aircraft.
Outlook
Demand for Patria’s products and services continues to grow. Growth is further boosted by the increase in defence budgets in European NATO countries in accordance with the decisions at the NATO Summit 2025 in the Hague.
Net sales growth is expected to be strong in 2025, supported by an increased order stock. Most of the growth is expected to be generated by the armoured vehicle business. The outlook for the other business areas is also positive.
The ramp-up of the armoured vehicle production is progressing, although it has been more time-consuming than anticipated. The operations will have full focus on securing customer deliveries and speeding-up capacity increase to meet the accelerating growth in demand.
The impact of the geopolitical situation and general economic uncertainty on long-term development in the operating environment is difficult to evaluate. These factors could potentially have significant direct and indirect impacts on the demand and Patria’s operations.
Further information:
Päivi Lindqvist, Chief Financial Officer, Patria, [email protected]
Patria is a modern and international defence and technology company with over 100 years of experience. Through our top-notch experts and Protected Mobility, Defence and Weapon Systems and Sustainment Solutions business areas, we ensure reliable operations for our customers and serve as a partner in critical functions on land, sea and air - when if is not an option. Patria has offices in Finland, Sweden, Norway, Belgium, the Netherlands, Germany, Latvia, and Japan.
Patria is owned by the State of Finland (50.1%) and Norwegian Kongsberg Defence & Aerospace AS (49.9%). Patria owns 50% of Nammo, and together these three companies form a leading Nordic defence partnership.
www.patriagroup.com
