Commenting on the results Nammo’s CEO, Morten Brandtzæg, said: “Nammo’s performance during the year underscores our key role in the defense sector and demonstrated our resilience in the face of geopolitical tensions and rapidly increasing demand. We invested heavily to expand capacity, strengthen our organization, and uphold our commitment to delivering reliable, high-quality products to our customers, and we will continue to do so ahead.”
Key highlights 2023:
Business and customers
Sales growth:Nammo’s sales rose by 23 percent to NOK 9.19 billion, with higher sales volume of commercial ammunition as well as small, medium and large caliber military ammunition including shoulder-fired systems, as the key drivers. Key markets remain Europe and North America.
Geopolitical tension continued to drive demand, but the overall effect on sales from the war in Ukraine remained limited due to the time it takes for orders to be fulfilled and delivered.
Profit increase: Profit for the year increased by 20 percent, to NOK 609 million, underscoring efficient operations as Nammo’s ongoing profitability program continued to yield results, and robust market demand.
Record order reserve:Nammo achieved a record high order reserve of NOK 25.4 billion, demonstrating confidence in Nammo’s products amid growing defense needs.
Operational excellence and strategic investments: Nammo has made significant investments in machinery and infrastructure in multiple countries to boost production capacity and support sustained growth. Major commercial milestones during the year included the largest ever artillery order from Norway and strategic expansions in the Nordic defense sector.
Organization, people and sustainability
- Marked 25th anniversary, with 800 employees from across the Group and Nammo Awards recognizing excellence in HESS, Teamwork, and Sustainability
- Established presence in Denmark to bolster Nordic defense industrial collaboration
- The percentage of female employees increased to 27.6 percent
- Sick leave declined to 4.3 percent
- 94 percent completed all e-learnings
Looking ahead: With a solid order book and strategic initiatives and funding support, Nammo is well-positioned for continued growth ahead. The company remains committed to delivering excellence and innovation in defense and aerospace solutions, contributing to global security and stability.
About Nammo
Nammo is an international aerospace and defense company headquartered in Raufoss, Norway. With 3100 employees across 27 production sites and a presence in 11 countries, Nammo stands as a leading provider of specialty ammunition, shoulder-fired weapons and rocket motors.
