Patria Group’s Financial Review for 2025 – preliminary data

Patria continued its growth in 2025: revenue grew 32 percent and exceeded one billion euros, order stock over 3.5 billion euros

Financial review of 2025

Patria's net sales and operating profit increased strongly during the last quarter of 2025. Patria’s net sales in the last quarter were EUR 417.4 million, representing a 45.2% increase compared to the same period in 2024. Net sales grew across all of Patria’s business areas during the comparison period. The Group’s net sales for the financial year exceeded one-billion-euro strategic milestone, totaling to EUR 1,086.7 million, an increase of 31.6% compared to the previous year. The Group’s operating profit (EBIT) also developed positively, rising to EUR 115.9 million, and the EBIT margin rose to 10.7%.

At the end of 2025, Patria’s order stock stood at EUR 3.5 billion, which is all time high. Signed in December, two serial contracts with Germany on Patria 6x6 vehicles and Patria NEMO mortar systems are the largest single deal in Patria's history. These contracts are valued at over 2 billion euros, comprising a firm order value that exceeds 1 billion euros, plus options. Interest in Patria’s products and services has further increased during 2025 as defence budgets have grown.

Patria has continued to increase 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 the planned growth, profitability and delivery capability ambitions for the upcoming years.​​

A significant portion of operational efforts have been directed toward increasing production capability to meet the growing demand for armoured vehicles and further develop 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 also during the last quarter.

Millog had a positive impact on the Group’s net sales and operating profit, while Nammo had a significant positive impact on operating profit during the last quarter of 2025.

Highlights of 2025

• Patria has continued to develop its operations and invested in production during 2025. The company transitioned to a new operating model as of 1 June 2025. Patria has significantly increased its own production and invested in its manufacturing facilities in Hämeenlinna and Valmiera, Latvia. At the same time, Patria has advanced its business concept based on technology transfer and local manufacturing.
• Throughout 2025, several new agreements were made as part of the CAVS programme. In December, Patria and Germany agreed procurement contracts worth over two billion euros under the CAVS programme. The order includes Patria 6x6 vehicles and Patria NEMO mortar systems. Vehicle orders were also placed from Sweden and Denmark, which joined the CAVS programme alongside the United Kingdom and Norway during the year. By the end of the year, there were seven participating countries. Patria and Babcock agreed on manufacturing cooperation for the Patria 6x6 vehicle to meet the needs of the British Armed Forces. Through this programme, Patria has already received orders for nearly 2,000 Patria 6x6 vehicles, including options.
• The Patria TRACKX tracked vehicle was launched at DSEI UK in London in September. This new tracked vehicle is designed to operate efficiently in challenging conditions, combining excellent mobility over rough terrain, situational awareness, sufficient protection and exceptional operational range. The target is for the Patria TRACKX to be ready for serial production in 2027.
• Patria's new F-35 assembly and component manufacturing facilities in Linnavuori, Nokia and Halli, Jämsä in Finland were completed in 2025. The assembly and maintenance facility for F-35 fighter jet engines was finished in Linnavuori. In June, an opening ceremony of the production line for assembly of F-35 forward fuselages was held in Halli.
• Patria acquired ILIAS Solutions, a leading Belgium-based digital defence platform provider. The ILIAS software platform strengthens Patria’s already solid position and expertise in defence fleet management. The ILIAS software will be integrated into the Patria OPTIME service concept, ensuring optimal performance of various fleets in all operational environments.
• In addition to the active CAVS and FAMOUS programmes, it was announced in May that Patria will lead an industrial consortium in the new Artificial Intelligence Warfare Adaptive Swarm Platform (AI-WASP) programme, which broadly applies artificial intelligence in electronic warfare and data transfer technologies. The programme received support of EUR 45 million from the European Commission.

Outlook for 2026

Demand for Patria’s products and services continues to grow strongly. Growth is further boosted by several EU-originated initiatives that support defence materiel procurement and development, as well as 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 2026, supported by an increased order stock and a positive demand environment. Most of the growth is expected to be generated by the armoured vehicle and weapon system business. Overall, the outlook remains positive.

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