European Growth Leaders 2026

Annual ranking data providerLSEG WorkspaceUsed with permission · acknowledgements

An independent research observatory tracking Europe’s listed growth companies.

Francesco Castellaneta, Full Professor of Strategy and Entrepreneurship, SKEMA Business School – Université Côte d’Azur (GREDEG) · 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
+97%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. A Swedish Navy case records the earlier ship and command-post scope. A separate seven-year FMV framework signed in June 2026 now lets Army, Navy and Air Force units order OneCIS, related hardware, integration and lifecycle services; it is an ordering route, not a completed tri-service rollout.

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 is changing at MilDef Group in 2026?

The 2026 evidence shows MilDef moving from rugged devices towards complete tactical systems, using OneCIS and acquired local channels while expanding production for larger delivery programmes.

Latest official evidence Bundeswehr framework and initial call-off Published 21 July 2026

The change in one sentence

OneCIS, roda and a larger Fortress are turning products into repeatable delivery systems.

Sweden gains an integrated software-hardware ordering route, Germany orders through roda, and a record NATO hardware order tests the planned production build-out.

Four lenses on 2026

The same four-quadrant format used in the Company profile.

01 · From products to systems

Sweden can order OneCIS, hardware and lifecycle support through one framework

MilDef says customers increasingly want proven system solutions rather than individual products. A seven-year agreement signed with Sweden's Defence Materiel Administration, FMV, on 26 June packages OneCIS, related hardware, integration and lifecycle services for command-and-control support. Swedish Army, Navy and Air Force units may order under the route; an initial OneCIS licence order was placed, but its value was not disclosed. The SEK 1.5 billion headline is a potential ceiling, not committed revenue. Q2 sales mix moved in the same direction: faster growth in systems, integration and software helped lift gross margin to 51.9% from 46.0%.

  • Current signalSeven-year FMV route · initial OneCIS licence order, value undisclosed · SEK 1.5bn potential ceiling
  • Why it mattersOneCIS is becoming the software core of a full hardware, integration and service offer rather than a standalone product sale.
  • Swedish FMV system framework MilDef Group · 26 June 2026
  • Q2 system mix and capacity MilDef Group · 16 July 2026

02 · Germany through roda

An acquired German channel produces a firm Bundeswehr call-off

roda computer GmbH, the German supplier acquired by MilDef in 2025, signed a seven-year extension with procurement authority BAAINBw for Bundeswehr material during 2026–2032. The scope covers computers, displays and network infrastructure for command and control in German military vehicles and defence programmes. The release reports a firm initial call-off of EUR 95.4 million, about SEK 1.1 billion, with deliveries from late 2026 through 2027. The EUR 527 million headline, about SEK 5.8 billion, is only the framework maximum; it does not commit the customer to place the balance.

  • Current signalroda firm call-off EUR 95.4m · deliveries late 2026–2027 · EUR 527m non-committed ceiling
  • Why it mattersThe 2025 acquisition gave MilDef an established local supplier relationship in Germany, but only firm call-offs should be treated as secured business.
  • roda acquisition and German channel MilDef Group · 28 February 2025
  • Bundeswehr framework and call-off MilDef Group · 21 July 2026

03 · Vehicles and production

A record NATO hardware order arrives before the larger Fortress is ready

Under a 20-year framework signed in 2022, an unnamed NATO country's government agency placed MilDef's largest hardware order to date: about SEK 553 million to digitise its army. Expected deliveries in 2027 will upgrade tactical IT across several vehicle platforms, including communications, information management and integration support. In Helsingborg, MilDef has begun adding 6,000 square metres to its Fortress headquarters for production, warehousing, offices and a showroom; the combined site should exceed 10,000 square metres by autumn 2027. The company still flags electronic-component lead-time and price pressure and is selectively building inventory to protect deliveries.

  • Current signalSEK 553m firm hardware order for 2027 · 6,000 m² Fortress expansion due by autumn 2027
  • Why it mattersThe growth story now depends on converting long framework relationships into fleet-scale deliveries while capacity and component supply catch up.
  • Record NATO vehicle order MilDef Group · 13 July 2026
  • Q2 system mix and capacity MilDef Group · 16 July 2026

04 · What to watch

Three questions for the next disclosures

The next disclosures should separate framework potential from firm orders and show whether software, local channels and production capacity convert into on-time delivery.

  • Swedish system rolloutWhich Army, Navy and Air Force units place firm orders under the FMV framework, and how much remains software-led rather than hardware-led?
  • German conversionHow much of the EUR 527 million Bundeswehr ceiling becomes firm beyond roda's initial EUR 95.4 million call-off?
  • 2027 delivery capacityCan MilDef execute the NATO-country and Bundeswehr programmes while completing the Fortress expansion and managing electronic-component constraints?

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%