Defence Study: Market Study on Finnish Defence and Dual Use Companies (Tesi Finnish Industry Investment)

Summary

• Over 500 active firms were identified in the Finnish defence industry, of which roughly 40% fall into the core categories.p.4
• Employment in the core categories grew from around 7,000 employees in 2021 to more than 9,000 in 2024.p.4
• Dual use tech and defence tech sales grew from less than €200m in 2020 to ~€450m in 2024, with 2025 estimated at €600–650m.p.4
• More than 100 industry leaders responded to the survey of Finnish defence firms.p.2
• Three quarters of surveyed defence industry firms are strongly growth-oriented.p.4
• 574 defence firms were identified, of which 235 are in the primary focus categories.p.12

Key insights

1. 10–20 new dual use tech firms are founded each year, and a record 6 defence tech companies were founded in 2025.p.18
2. Core category consolidated headcount grew from 7,010 to 9,111 in 2021-24.p.19
3. Patria remains the anchor employer with 3,570 employees in 2024.p.19
4. ICEYE is the standout growth story with +29% p.a. headcount growth since 2021.p.19
5. ICEYE became Finland's first defence decacorn in June 2026, valued at >€10bn in the largest Finnish defence funding round to date.p.5
6. Strictly defence-oriented firms make up only ~10% of the identified population.p.17
7. The biggest bottleneck for the scaling Finnish defence industry is customer access.p.4