Key figures and annual reports for the Nammo Group
The results presented here are for Nammo AS, corporate HQ and holding company for the Nammo Group. Nammo AS is a public limited company (Aksjeselskap) incorporated in Norway. The financial statements for Nammo AS have been prepared in accordance with the Norwegian Accounting Act and the Norwegian General Accepted Accounting Principles.
The results presented here are for Nammo AS, corporate HQ and holding company for the Nammo Group. Nammo AS is a public limited company (Aksjeselskap) incorporated in Norway. The financial statements for Nammo AS have been prepared in accordance with the Norwegian Accounting Act and the Norwegian General Accepted Accounting Principles.
In 2024, Nammo achieved a substantial increase in sales, profits, and order reserves, reflecting its strong market position and strategic initiatives amidst a challenging geopolitical environment.
The 2024 results mark another year of robust growth and operational expansion. Sales increased by 18.3 percent to NOK 10.9 billion, while profit for the year rose 47 percent to NOK 897 million. The Group’s order reserve reached a record high of NOK 39.8 billion, up 57 percent from 2023, reflecting strong demand across core markets and continued trust from customers.
The year was characterized by significant investments in production capacity and technology, supported by co-funding from the EU and national governments. Nammo advanced key programs, including M72 FFE and Ramjet development, and initiated production lines in Perry, Florida, to secure a reliable U.S. supply of solid rocket motors and artillery charges. Major contracts were secured in Norway, Germany, and Australia, and a technology license transfer to Ukraine was implemented with support from the Norwegian government.
Operational improvements and targeted supply chain initiatives increased on-time deliveries to military customers to 89 percent. The Group also implemented a program to strengthen resilience and support continued expansion.
Nammo maintained its focus on sustainability, achieving a 12.3 percent reduction in CO₂ intensity relative to revenue, expanding supplier assessments, and enhancing employee safety reporting. The Group continued to align with the UN Global Compact and prepared for new European sustainability reporting requirements.
At year-end, Nammo employed nearly 3 700 people across 27 sites in 11 countries. The Group remains committed to supporting allied nations and Ukraine, and securing the future for its stakeholders through sustainable growth and innovation.
• Record high order reserve of NOK 39.8 billion in 2024, demonstrating the trust our customers place in us
• Implementing production capacity expansion at multiple sites to deliver on growth, supported by EU and national government funding
• Advancements in key technologies such as the M72 FFE, Ramjet development for rocket motors and artillery
• Initiated production of red bag charges for artillery ammunition in Perry, Florida
• Initiated the establishment of a solid rocket motor production facility in Perry, Florida to ensure a reliable and independent domestic U.S. source
• Significant artillery production award for DiNa collaboration in Germany
• Landmark contract for APEX ammunition with Australia
• Technology license transfers to Ukraine for artillery production, supported by Norway’s government
Norway
Nammo AS
| P.O. Box 142, NO-2831 Raufoss, Norway | |
| VISIT | Enggata 40, NO-2830 Raufoss, Norway |
| info@nammo.com | |
| TEL | +47 61 15 36 00 (0800 - 1500) |
