Nammo Releases Annual and Sustainability Report for 2022

Nammo’s revenues increased by 7 % to record-high level of NOK 7.45 billion in 2022

Raufoss, April 28, 2023

Group revenues rose to a record-high of NOK 7.45 billion, marking a 7 percent increase from the previous year. This was mainly due to strong sales of commercial ammunition in the United States and higher revenue from aerospace propulsion operations. Also, Nammo’s ongoing program to improve profitability yielded significant results ahead of schedule. Net income after tax reached NOK 508 million in 2022, its highest level ever, and at the Annual General Meeting, the Board of Directors proposed a dividend of NOK 253.9 million (NOK 229.6 million in 2021).

Nammo’s sales volumes and profits during the year were not significantly affected by the war in Ukraine, and are not likely to be so in 2023 either. This is due to the time it takes for orders to be fulfilled and delivered. However, Nammo’s order reserve increased to NOK 14.8 billion during 2022, reflecting the company’s established market position and the sharp increase in demand for ammunition, as allied governments sought to increase their stocks whilst donating supplies to Ukraine.

Commenting on the results for the year, CEO and President, Morten Brandtzæg said: “Nammo has shown resilience through an extraordinary year and our robust performance is a clear testament to the strength of our products and all our talented and hard-working colleagues. Ahead we will continue to build upon our profitability and efficiency improvements and maintain significant R&D spending to secure our position as a high-end provider to government customers.”

Key highlights in 2022:

Business and customers

  • Record sales, profit, and order reserve achieved during the year
  • War in Ukraine drives demand for certain products: 18 times higher order reserve for the M-72 shoulder-fired weapon system.
  • Successful qualification of APEX ammunition for the F-35 fighter jet
  • Development of Ramjet Artillery round achieved new milestones
  • New long range artillery round in production and in high demand
  • Nammo’s space business qualified with igniters for Ariane 6 launch vehicle
  • Increased ammunition deliveries under Security of Supply contracts to Norway and Finland
  • Maintained industry-leading levels of R&D to ensure technological relevance for customers

Organization, people and sustainability

  • Demonstrated resilience by delivering on-time to customers in a challenging business environment
  • No serious injuries and Lost Time Injuries at record low level
  • Group-wide implementation of Nammo Management System to ensure uniform process to support future growth
  • Achieved target of 27 percent female employees
  • Implemented climate accounting software
  • Performed Life Cycle Assessment to define emissions of two product categories
  • Assessed the physical climate risk at 13 of 27 operational sites.
  • Nammo Awards recognizing excellence in HESS, Teamwork, and Sustainability


Business Environment and Outlook

The outlook for Nammo remains solid, supported by a robust pipeline for product and technology development, as well as the highest-ever order reserve. However, Nammo acknowledges the current geopolitical environment and the possible challenges it poses to supply chains and operations.

Nammo, along with other companies in the defense industry, now faces the challenging task of meeting unprecedented war-time demand for ammunition. To address this, Nammo has invested heavily in new buildings, machinery, raw materials, and storage facilities.  Still, the magnitude of the challenge requires strengthened collaboration between industry and governments to establish an effective and sustainable framework for escalating output ahead.


About Nammo

Nammo is an international aerospace and defense company headquartered in Raufoss, Norway. With more than 2 800 employees, 27 production sites and a presence in 11 countries, Nammo is one of the world’s leading providers of specialty ammunition, shoulder-fired weapons and rocket motors.


For further information please contact

Fredrik Tangeraas, Senior Vice President, Communications

+47 92464699;