Calepin des entreprises international 2026 VA.pdf — page 151

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NAMMO
Business trends
	
 Nammo revenues grew 18.3% in Norwegian kroner in 2024 to NOK 10.9 billion (€935 million). All divisions 
reported higher revenues, particularly in artillery ammunition, portable rocket launchers and missile propulsion 
systems.
	
 The group’s order book stood at NOK 39.8 billion (€3.4 billion) at the end of 2024, up 56.7% year-on-year in 
Norwegian kroner, and reached its highest level ever (3.7 years of revenue). Growth was mainly driven by the 
signing of several ammunition contracts, as many countries mean to replenish their stocks following Russia’s 
invasion of Ukraine.
	
 In December 2024, Nammo began construction of a new production facility for artillery ammunition and missile 
propulsion systems in Raufoss, Norway. This project is part of a 15-year, NOK 1,083 million (€93 million) grant 
awarded by the Norwegian government to support the group in increasing its production capacity.
	
 In February 2025, the Ministry of Defence of Denmark selected Nammo to restart production at its former 
ammunition factory in Elling from the second half of 2027. The factory will produce and/or fill small and large 
calibre ammunition. The group will own 85% of this factory, alongside the Danish government.
Home markets (Norway, Sweden, Finland)
	
 The merger of three Nordic defence companies, Nammo continues to have a strong presence in its domestic 
markets (Norway, Sweden, Finland), where it generated 26% of its sales in 2024.
	
 In May 2025, the Swedish Defence Materiel Administration (FMV) placed an order with Nammo for small-
calibre ammunition worth SEK 1.8 billion (€157 million), to be delivered between 2026 and 2028. This contract 
is the largest ever won by the group in this field from the Swedish Armed Forces.
	
 In July 2025, the Swedish FMV signed a framework agreement with Nammo for the supply of 155mm long-
range artillery projectiles for Archer self-propelled howitzers and placed an initial order worth approximately 
SEK 1 billion (€87 million).
Export markets
	
 Nammo generated almost three quarters of its sales from exports in 2024. Europe (excluding Norway, Sweden 
and Finland) is the group’s largest international market with 41% of total sales during that year.
	
 In July 2024, Germany’s Federal Office of Bundeswehr Equipment (BAAINBw) ordered 155mm calibre 
artillery ammunition from the ARGE DiNa 155mm consortium (made up of Nammo and Diehl Defence). 
The contract, which value was undisclosed, is the largest ever won by Nammo. The ammunition is destined for 
Germany and allied countries.
	
 In December 2024, the group signed a contract worth A$ 23 million (€14 million) with the Royal Australian Air 
Force for the production of its new 25mm x 137 APEX PGU-47/U ammunition for the F-35A Lightning II fighter 
aircraft (Lockheed Martin). In September 2025, Germany, Belgium, Denmark, Poland and Switzerland jointly 
ordered this ammunition for approximately €60 million.
Technology and Innovation
	
 Nammo aims to spend 10% of its annual revenues on R&D activities, which include long-range ammunition, 
medium-calibre ammunition (30mm and 40mm) and ammunition for the F-35 Lightning II fighter aircraft.
	
 Raytheon (part of RTX) awarded Nammo a contract in April 2025 to study the possibility of establishing 
production lines for the Mk 72 solid propellant system for the RIM-161 SM-3 interceptor missile. The Mk 72 
is currently produced by L3Harris Technologies, but tensions in the missile propulsion systems market led 
Raytheon to seek alternative suppliers.	
	
 
STRATEGIC HIGHLIGHTS