Patria Group has reported a net sales increase to €538.1m ($583.2m) for the first three quarters of 2024, up from €487.9m in the same period the previous year.  

The company's operating profit saw a decline, standing at €30m compared with €36.9m in 2023. 

Its new orders have shown an increase, valued at €879.1m, a rise from €602.1m in the prior year.  

The equity ratio stood at 33.4%, while net gearing was recorded at 110.8%. The previous year figures were 41.5% and 80.5%, respectively. 

Patria's Horizon 2025 strategy’s third year began as anticipated. The company's net sales and order backlog were solid, with profitability aligning with projections. 

The company feels that assessing the long-term effects of the current geopolitical situation, economic uncertainty, inflation, and rising costs for the remainder of the year to be challenging. 

Patria's delivery capacity is anticipated to remain stable. The projections for net sales and profitability in the coming months continue to be positive.  

In the medium to long term, both Patria and the defence sector are expected to experience growing demand due to increased defence spending across many European nations. 

In May 2024, Patria opened its Valmiera production facility. 

The first locally produced Patria 6x6 armoured personnel carrier was delivered to the Latvian National Armed Forces in August.  

Additionally, in August, Patria, Finland, and Latvia signed a Life Cycle Management contract related to the Common Armored Vehicle System programme. 

In September, Finnish Defence Forces concluded the procurement of the last 29 Patria 6x6 vehicles in, as part of the CAVS programme. 

Patria's expansion into the aviation sector was marked by the announcement in September that it will provide modification design for Norwegian Armed Forces Bell 412 helicopters.  

Furthermore, the acquisition of an open-source data collection product and business from WithSecure, will see Patria opening a new office in Oulu and integrating ten WithSecure experts.