Patria Group achieves EUR 538.1 million in net sales and marks key strategic milestones in Q3 2024

The third year of Patria’s Horizon 2025 strategy has progressed as expected, with net sales and order development performing well and profitability remaining at forecast levels. The company continues to focus on customer-centricity, operational efficiency, and productivity improvements, particularly within its Operations and Portfolio units.

Patria’s success in its 6×6 and 8×8 vehicle programmes has significantly contributed to international growth. Notable achievements include the delivery of the first locally produced 6×6 armoured personnel carrier to Latvia in August, alongside the signing of a Life Cycle Management contract for the Common Armored Vehicle System (CAVS) programme with Finland and Latvia.

In September, Patria made further strides by securing contracts to modify the Norwegian Armed Forces’ Bell 412 helicopters and acquiring an open-source data collection product from WithSecure. The acquisition has led to the opening of a new office in Oulu, Finland, with 10 experts joining the company’s cyber business.

The U.S. Army and Patria achieved a milestone during the Maneuver Warfighter Conference in Georgia, where successful fire missions were conducted using Patria’s NEMO mortar system integrated onto U.S.-made vehicles. Additionally, the first UK prototype of the Boxer Armoured Mortar Variant was unveiled at the Defence Vehicle Dynamics exhibition in September.

Looking ahead, Patria remains committed to strengthening operational efficiency and achieving profitable growth in line with its Horizon 2025 strategy. The company continues to play a key role in providing lifecycle support services, particularly following Finland’s acquisition of F-35 fighter jets. The multinational CAVS programme is progressing smoothly, with Germany officially joining the initiative, and vehicle deliveries to Sweden and other nations continuing as planned.

Despite some challenges in the production of Slovakia’s 8×8 vehicles, Patria maintains a positive outlook for the remainder of 2024, with expectations of strong sales and profitability. The long-term impact of geopolitical tensions, inflation, and rising costs remains uncertain, but the defence sector is poised for growth as European defence spending increases.