This is an opinion piece written by an external contributor. All views expressed are the writer’s own.
Although Norway is not a member of the European Union, the latest report by the European Banking Federation (EBF) positions the country at the centre of Europe’s evolving defence landscape.
The report highlights Norway as the most important non EU partner for the European defence industry alongside the United Kingdom and stresses its critical role in the Arctic and the northern flank of NATO.
Norway hosts the largest defence industrial base outside the EU in Europe, with companies such as Kongsberg Gruppen, Kongsberg Defence & Aerospace, Nammo, and Vard producing systems that are indispensable for Europe’s strategic autonomy, NSM missiles, NASAMS air defence systems, artillery ammunition and advanced naval solutions.
According to public 2024 financial data, Kongsberg Gruppen reported revenues of 48.9 billion NOK and an EBIT of 6.5 billion NOK, marking solid double-digit growth across divisions. Nammo AS recorded 10.9 billion NOK in revenues and 1.31 billion NOK in EBIT.
The Norwegian defence industry as a whole saw a 34% increase in defence related activity and an 87% surge in R&D investment, according to the Norwegian Defence Research Establishment (FFI).