Saab Leads Nordic Defense Industry with $5.98 Billion Revenue; Finnish Firms Absent from Global Top 100

Stockholm, Sweden – Swedish defense and security company Saab AB has solidified its position as the preeminent defense industry player in the Nordic region, significantly outperforming its regional counterparts. This dominance is highlighted by recent data from the Stockholm International Peace Research Institute (SIPRI), which also underscores the absence of any Finnish companies from the global top 100 arms producers. The findings were brought to public attention by Risto Murto, who cited SIPRI's figures.

"Euroopan isoimmat puolustusteollisuuden yritykset. Saab on edelleen ylivoimaisesti suurin pohjoismainen yhtiö. Kakkosena norjalainen Kongsberg Gruppen, mutta selvästi pienempänä. Suomalaisia ei top100:ssa globaalisti. Luvut: SIPRI," Murto stated on social media. This translates to "Europe's biggest defense industry companies. Saab is still by far the largest Nordic company. Second is Norwegian Kongsberg Gruppen, but clearly smaller. No Finnish companies in the global top 100. Figures: SIPRI."

Saab AB, a major player in aeronautics, naval systems, and land-based defense solutions, reported revenues of approximately $5.98 billion USD in 2024, marking a substantial increase from its $4.91 billion USD revenue in 2023. This robust financial performance consistently places Saab among the world's largest arms companies, reflecting its extensive international operations and diverse portfolio. The company's continued growth underscores its critical role in both the European and global defense markets.

Following Saab, Norway's Kongsberg Gruppen holds the position as the second-largest Nordic defense firm, though operating on a considerably smaller scale. Kongsberg specializes in advanced technology, including missile systems, maritime defense, and aerospace components. Its focus on highly specialized, high-tech products allows it to maintain a competitive edge and contribute significantly to Norway's defense capabilities and international exports.

A notable aspect of the SIPRI data, as highlighted by Murto, is the complete exclusion of any Finnish defense companies from the global top 100 list. While Finland maintains a capable defense industry, it primarily focuses on niche areas and domestic needs, indicating that its companies have not yet achieved the scale required for global top-tier recognition. This situation reflects a strategic difference in industrial development and market reach within the Nordic defense sector.

The latest SIPRI report, released in December 2025, revealed that the combined arms revenues of the 100 largest arms-producing companies globally reached a record $679 billion in 2024, a 5.9 percent increase from 2023. This surge is driven by heightened global security concerns and increased demand for military equipment. The Nordic region's contribution to this global figure is primarily concentrated within a few key players, with Sweden and Norway being noted among countries whose companies' arms revenues comprise less than 1.0% of the total, further emphasizing the scale of the larger global defense contractors.