Finance

In 2025, Nammo continued its program to expand production capacity in Europe and the United States. This included progress on new or upgraded facilities in Norway, Sweden, Finland, Denmark, and the U.S., supported by internal investment and public funding mechanisms. The Group also opened a new office in Brussels to support engagement with European stakeholders.

Nammo secured several major contracts across core markets, including orders for 25 mm APEX ammunition for the F‑35 fighter jet, framework agreements for artillery ammunition and propellants, and continued deliveries to NATO and partner nations. Cooperation with Ukrainian industry was further expanded within ammunition production.

Operational performance remained stable during a year of high activity. On‑time delivery to military customers was 86.6 percent, comparable to the previous year. The Group continued its work to strengthen supply chain resilience, improve material availability, and support production ramp‑up at several sites.

Sustainability remained an integrated part of the Group’s operations. Nammo achieved a further reduction in CO₂ intensity relative to revenue, improved supplier assessment coverage, and expanded training on human rights and compliance. Preparations continued for upcoming European sustainability reporting requirements.

The Group ended the year with 4200 employees across 27 sites in 12 countries, up from 3700 the previous year. Sick leave decreased from 4.4 to 4.3 percent.

Nammo’s primary markets remained NATO and allied countries, accounting for 98 percent of total revenues in 2025.