Making Tech for the Battlefield Fuels 80% Rally in Swedish Stock

Markets Contact us:Provide news feedback or report an error Confidential tip?Send a tip to our reporters Site feedback:Take our Survey By Jonas Ekblom and Isolde MacDonogh August 21, 2026 at 5:15 AM UTC A small Swedish firm is Europe’s best-performing defense stock in 2026, an ascent its chief executive puts down to a “third wave” of military spending that’s focused more on computer systems and drones than tanks and ammunition. Mildef Group AB , whose products include rugged laptops, servers and computer screens for armored vehicles, has risen more than 80% so far this year as it starts to feel the benefits of Europe’s increased military spending. While the upward trajectory for the shares of defense companies like Rheinmetall AG and Saab AB has faltered this year, Mildef’s gains have accelerated.