Calepin des entreprises international 2026 VA.pdf — page 166

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Business trends
	
 Patria revenues increased 12.5% in 2024 to reach €826 million. Growth was mainly driven by two armoured 
vehicles programmes: the 6x6 CAVS (Common Armoured Vehicle System) vehicles, ordered by Finland, 
Latvia and Sweden, and the AMVXP 8x8 vehicles, ordered by Slovakia and Japan. The group also delivered 
night vision goggles and optronic systems (through its subsidiary Senop) to the Finnish Defence Forces and 
Sonac ACS and DTS sonars to the Royal Norwegian Navy. However, revenues from services (55.7% of sales) 
declined by 5.5% over the year.
	
 In March 2025, the group invested €40 million in its armoured vehicle production site in Hämeenlinna (Finland) 
in order to double its capacity. These new workshops are expected to be operational in 2027.
	
 Rheinmetall and Patria entered into a strategic partnership in April 2025 to integrate at least 24 NEMO 120mm 
mortars into a specific version of the Lynx KF41 tracked armoured infantry fighting vehicle being procured by 
Hungary.	
	
	
Home market
	
 With almost two-thirds of its sales generated in Finland in 2024, Patria remains highly dependent on its 
domestic market. 	 	
	
	
	
 The Finnish Defence Forces ordered compact EVA M (or VVM 25) night vision goggles from the Senop 
subsidiary in January 2025 for €20 million. These goggles are an improved version of the EVA goggles 
delivered to the Finnish Defence Forces between 2019 and 2024.
	
 In January 2025, Patria and its partner Solita, grouped together in the SPOT consortium, won a contract to 
develop applications for the new Finnish Border Guard information system, which is to be implemented by 
2027 (RAVALU programme).
Export markets
	
 The group’s export markets mainly include European countries (Norway, Sweden, Estonia, Latvia, Poland, 
Belgium and the Netherlands), the United Arab Emirates and Japan. 
	
 Germany selected Patria’s new 6x6 armoured vehicle in the fourth quarter of 2024 for its Fuchs armoured 
personnel carrier (Rheinmetall) replacement programme and placed an initial order for 300 vehicles. These 
vehicles will be produced in Germany by Defence Service Logistics (DSL, a subsidiary of KNDS Deutschland) 
and Flensburger Fahrzeugbau (FFG). Some of these vehicles will be armed with the NEMO 120mm mortar.
	
 In July 2025, Denmark ordered 129 6x6 armoured vehicles from the group for approximately DKK 1.9 billion 
(€255 million). The first unit was delivered in September 2025.
	
 Patria and its partner Japan Steel Works (JSW) delivered the first AMVXP 8x8 armoured vehicle to the Japan 
Self-Defense Forces in September 2025. Another 81 vehicles are on order (out of a target acquisition of 
810 units) and will be assembled locally by JSW with technical assistance from Patria.
	
 In September 2025, Norway and the United Kingdom joined the Patria-led 6x6 Common Armoured Vehicle 
System programme, becoming the sixth and seventh participating nations, alongside Finland, Germany, 
Denmark, Latvia and Sweden. Vehicles for the United Kingdom will be assembled locally by Babcock.
Technology and Innovation
	
 The group’s self-financed R&D expenditure amounted to €15 million in 2024, representing 1.9% of revenues.
	
 At the DSEI exhibition in London in September 2025, Patria presented the Trackx all-terrain tracked armoured 
personnel carrier, developed as part of the European FAMOUS (Future Highly Mobile Augmented Armoured 
Systems) programme led by the group. The vehicle could go into series production from 2027.
STRATEGIC HIGHLIGHTS
PATRIA