The Finnish defense and technology company Patria, has published its 2024 Annual Report, outlining its financial performance, key strategic initiatives, and progress in defense technologies. The report highlights the company’s ongoing involvement in multinational defense programs, its acquisition strategy, and the development of new defense products.
Financial Performance and Strategic Growth
In 2024, Patria reported net sales of EUR 825.7 million, a result largely driven by continued demand for its 6×6 and 8×8 vehicles. The company’s order backlog reached EUR 2.375 billion, reflecting a solid base for future production. Patria also indicated that its Horizon growth strategy is progressing, with expectations to surpass initial sales and profitability targets by the end of 2025.
Key Defense Programs: CAVS and FAMOUS
Patria’s leadership in the Common Armoured Vehicle System (CAVS) programme continues, with orders exceeding 800 vehicles by the end of 2024. Deliveries are underway to Latvia, Finland, and Sweden, with some vehicles already operational. The program expanded further with Germany’s formal participation.
Additionally, Patria is advancing the European Future Highly Mobile Augmented Armoured Systems (FAMOUS) programme, aimed at developing next-generation armoured vehicle technologies. A concept vehicle from the FAMOUS programme was unveiled at Eurosatory 2024, with further developments expected in the coming years.
New Products and Innovations: Patria TREMOS Mortar System
Patria introduced the Patria TREMOS mortar system at the Future Mortar Systems conference in October 2024. The system integrates modern recoil dampening technology, offering enhanced mobility, firepower, and accuracy. The Finnish Defence Forces have placed an order for a prototype series, with deliveries scheduled for 2025.
Strategic Acquisitions
In 2024, Patria made strategic acquisitions to strengthen its technological capabilities. The company acquired Nordic Drones, a Finnish manufacturer of professional drones, which will enhance its unmanned systems portfolio. Additionally, Patria acquired a business from WithSecure to expand its cybersecurity offerings, responding to the growing need for advanced cyber technologies in defense.
Participation in the F-35 Program
Patria’s involvement in Finland’s F-35 program progressed in 2024 with two key agreements. The company signed Memorandums of Agreement with Lockheed Martin for the production of landing gear doors and with Pratt & Whitney for the assembly and maintenance of F135 engines. Production is expected to begin in 2026 at Patria’s facilities in Finland.
Lifecycle Services and Increased Demand
Patria has observed a rise in demand for its lifecycle services, particularly through the CAVS programme. The company signed a Life Cycle Management (LCM) agreement with Finland and Latvia for the maintenance of CAVS vehicles. Patria’s OPTIME service concept, which combines technical expertise with data analysis, continues to be a key part of its service offerings.
NATO’s Focus on Northern Europe
With NATO increasingly focused on Northern Europe, Patria’s role in providing defense equipment and services has grown. The company continues to deliver vehicles and lifecycle services to NATO member states, including Finland and Sweden, as part of its ongoing defense cooperation efforts.
Sustainability and Environmental Initiatives
Patria’s sustainability strategy includes a commitment to reducing greenhouse gas emissions in line with the Paris Agreement. The company is also focused on promoting a circular economy by extending the lifecycle of its products through maintenance and repair services, as well as reducing waste in its operations.
Workforce Expansion and Employee Development
Patria’s workforce expanded significantly in 2024, with the company hiring more than 300 professionals to support its growing operations. Investments in employee development, safety, and leadership training have been a focus for the company, as it prepares to meet the evolving needs of the defense sector.
Patria’s 2024 report reflects the company’s continued involvement in key defense programs, its efforts to innovate and expand through strategic acquisitions, and its focus on maintaining financial growth. The company is positioned to continue contributing to European defense while focusing on sustainability and workforce development.