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 rank52

Sweden · Industrials

MilDef Group

Provides rugged information-technology solutions and systems integration for customers in the defence industry.

+185%revenue growth
FY2022–FY2025
+975%net-income growth
FY2022–FY2025
+50%stock return
FY2022–FY2025
+84%2026 stock return
current context only

Company profile

Rugged computing, tactical cloud and systems integration

MilDef supplies computing and networking equipment for demanding military environments. Its offer runs from modular servers, switches, tablets and vehicle displays to OneCIS tactical-cloud software and full systems integration. The company works across vehicles, ships, command posts and dismounted users, then supports those systems through long military lifecycles. Its strategy is to combine hardware, software and services while expanding through local operations, partners and selected acquisitions.

Rugged compute and networking

Build a tactical rack from half-width modules

MilDef's 19-inch/2 format turns servers, switches, routers, storage and power into modular half-width building blocks that can sit in a standard rack, a half rack or directly on a platform. The CS1200 brings Xeon-based server computing to the tactical edge, while the ESW6100 provides ten rugged 10-gigabit ports for secure data, voice and video. The format is designed around long vehicle and aircraft lifecycles.

From vehicle to soldier

Move information from armoured vehicles to dismounted users

The DS16P is a 10.1-inch tablet with removable storage and configurable controls. The SH600 Soldier Hub links radios, batteries, sensors and end-user devices while managing data and power. VDS displays add programmable controls and video-over-Ethernet inside armoured vehicles. A Norwegian Army and Home Guard case shows why form-fit continuity matters: existing docking stations could be reused when older tablets were replaced, cutting the physical upgrade to about a minute per vehicle.

Tactical software

Deploy a private cloud without a static data centre

OneCIS automates routing, switching, firewalls, core services and infrastructure-as-a-service for mobile commands and tactical units. Local services can keep running when communications fail; command-and-control, battlefield-management and geographic applications can be hosted only through a dedicated integration project. FMV selected the platform for future deployment across Swedish Navy ships and command posts, so the case describes a planned rollout rather than a completed fleet-wide installation.

Integration and European scale

Turn components into platform-specific systems

MilDef's integration work spans pre-study, design, installation, testing, documentation, training and lifecycle support. The range is visible in a bespoke two-operator console developed with UMS Skeldar for the V-200 unmanned helicopter. The group operates through subsidiaries in eight countries and uses local sales companies plus partners in priority markets. Its completed 2025 acquisition of roda computer GmbH strengthened MilDef's European presence and added important market channels as the portfolio moves beyond hardware toward software and services.

Current 2026 update

What has changed in 2026?

Framework agreement announced on 21 July 2026 · 21 July 2026

Framework agreement announced on 21 July 2026latest official update
4company-specific highlights
+84%2026 stock return · context only

Net sales

First-half net sales rose 85.1% to SEK 1,338 million.

Six months ended 30 June 2026 · SEK 1,338m · +85.1%

Adjusted EBITA

Adjusted EBITA increased to SEK 221.2 million from SEK 41.0 million.

Six months ended 30 June 2026 · SEK 221.2m · +439.5%

Q2 orders and free cash flow

Q2 order intake fell 17% to SEK 731 million from SEK 878 million, and free cash flow fell to SEK 7 million from SEK 33 million.

Three months ended 30 June 2026

Bundeswehr framework agreement

MilDef extended a seven-year Bundeswehr framework agreement with potential value up to EUR 527 million and received an initial EUR 95.4 million call-off.

Framework agreement announced on 21 July 2026

Annual record

Ranking history

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

EditionMeasurement periodRankRevenue growthNet-income growthStock return
2026FY2022–FY202552+185%+975%+50%