European Growth Leaders 2026

Annual ranking data providerLSEG WorkspaceUsed with permission · acknowledgements

An independent academic observatory making Europe’s listed growth companies visible.

Francesco Castellaneta, Full Professor of Strategy, SKEMA Business School · Scientific Committee Diego Zunino and Jackie Krafft

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Annual rank54

Sweden · Industrials

Invisio

Develops integrated communication systems for professional users in the defence and public-safety sectors.

+131%revenue growth
FY2022–FY2025
+405%net-income growth
FY2022–FY2025
+62%stock return
FY2022–FY2025
−21%2026 stock return
current context only

Company profile

Hearing protection, connected teams and vehicle communications

INVISIO builds integrated communications for defence and public-safety teams working around gunfire, aircraft, armoured vehicles and other severe noise. The offer combines hearing-protection headsets, body-worn control units, vehicle intercoms, wireless links and software. Products are marketed under the INVISIO and Racal Acoustics brands, then configured around particular users, radios and platforms. The company concentrates on development, marketing and sales while selected European partners manufacture most equipment.

Two headset families

Protect against impulse noise and constant engine noise

INVISIO-branded headsets cover mobile in-ear and over-ear protection: X7 reaches 39 dB SNR with foam tips, while T30 combines passive protection with active noise reduction. Racal Acoustics, a separate brand within the group, specialises in constant-high-noise roles in vehicles, aviation and dismounted operations. Its RA5100 moves between vehicle and on-foot missions, using 30 dB SNR active noise reduction and software-upgradable electronics.

Body-worn to vehicle

Build one scalable communications system

V60 II places three communications ports and four push-to-talk buttons on the user's body. The ADP version also routes USB data and power and can send device notifications or live audio to the headset. Inside a platform, the Intercom connects four radios and five wired users; Link adds up to eight AES-256-encrypted wireless users per station. Control manages radio access and audio through Windows, Android or an API.

Named deployments

Different forces, different communications problems

Issuer case studies show how the same architecture is adapted rather than sold as one fixed kit. Britain deployed systems to about 30,000 personnel across the British Army, Army Reserve, Royal Navy and RAF; Australia rolled X5 and V60 equipment through three brigades; and France coupled a customised V60 to the Auxylium smartphone. A US case names the 10th Special Forces Group and Polaris vehicles, while the Swedish Police case records two 2019 framework agreements without implying guaranteed volumes.

Operating model and strategy

Own the system design, outsource most manufacturing

Headquartered in Copenhagen, INVISIO reports sales organisations in seven countries and a wider partner network. It focuses on development, marketing and sales, with most manufacturing handled by selected European contractors. Services run from needs assessment and testing through training and lifecycle support. Growth priorities include deeper use of existing contracts, portfolio innovation and acquisitions, new user groups and expansion in Asia, the Middle East and South America. The 2021 Racal acquisition added the second brand and its constant-noise expertise.

Current 2026 update

What has changed in 2026?

Six months ended 30 June 2026 · 17 July 2026

Six months ended 30 June 2026latest official update
4company-specific highlights
−21%2026 stock return · context only

Revenue

First-half revenue rose 23.8% to SEK 943.3 million.

Six months ended 30 June 2026 · SEK 943.3m · +23.8%

Operating profit

Operating profit increased 34.4% to SEK 118.0 million.

Six months ended 30 June 2026 · SEK 118.0m · +34.4%

Operating cash flow

First-half operating cash flow fell to SEK 69.1 million from SEK 176.5 million.

Six months ended 30 June 2026 · SEK 69.1m · -60.8%

Order book and intake

The order book was SEK 497.5 million versus SEK 705.3 million; Q2 order intake was SEK 278.5 million versus SEK 401.3 million, and first-half order intake was SEK 613.5 million versus SEK 665.4 million.

Six months ended 30 June 2026 · SEK 497.5m · -29.5%

Annual record

Ranking history

Future editions add rows; they do not rewrite the 2026 record.

EditionMeasurement periodRankRevenue growthNet-income growthStock return
2026FY2022–FY202554+131%+405%+62%