3 European Cybersecurity Stocks Tied To Critical Infrastructure Spending

Russian hybrid attacks, fresh EU security talk and a rare easing in US China trade friction are pulling operational-technology cybersecurity into the spotlight. Critical infrastructure is suddenly front-page finance, not just a technical concern. For investors, that creates both threat and potential reward. This article walks through three European stocks exposed to these cross-currents and explains how the same headlines could help or hurt your portfolio.

The three stocks covered are only a sample of the opportunity set. The full screen surfaced 63 more European operational-technology cybersecurity companies with equally compelling stories that are not covered in this article. To identify your own highest conviction ideas, head straight to the European Operational-Technology and Industrial Cybersecurity Stocks screener .

Asseco South Eastern Europe (WSE:ASE)

Asseco South Eastern Europe plugs into the OT cybersecurity theme as a software integrator for banks, telecoms and public utilities, where stronger digital security is becoming a basic requirement rather than an optional extra.

Asseco South Eastern Europe runs three main engines. Payment Solutions generates PLN 890 million, Dedicated Solutions around PLN 609 million and Banking Solutions roughly PLN 382 million in revenue, all underpinned by a market value of roughly PLN 4.0 billion.

"Growth in banking software demand in Serbia, Croatia, Romania and other markets, together with a higher of own activities and services in banking, is supporting a higher contribution from core solutions, multichannel and security, which directly benefits revenue and operating profit."

What matters most now is how one quiet shift inside those security heavy projects feeds through to future pricing power and earnings resilience.

That quiet shift is exactly what the full narrative for Asseco South Eastern Europe unpacks, revealing where pricing power may be accelerating and where resilience could be masking fresh risk.

Knowit plugs into the European OT and industrial cybersecurity theme indirectly. It acts as a broad digital adviser that can support clients on cloud, data and security upgrades when critical infrastructure projects need external help.

Knowit is a Nordic consultancy focused on digital transformation, with Solutions bringing in SEK 2.8 billion, Experience roughly SEK 1.0 billion, Connectivity around SEK 812 million and Insight SEK 851 million. Together, these segments support a market value near SEK 2.6 billion.

"Although Knowit is positioned to benefit from lasting demand in areas such as cybersecurity and digital transformation, the need for ongoing investment to meet stringent data privacy regulations and rising compliance costs may dilute any margin gains from these opportunities, placing pressure on sector profitability and ultimately limiting improvement in net margins over the coming years."

What happens if one quiet constraint on Knowit’s pricing power shifts just as security heavy consulting demand broadens across Nordic clients?

If that constraint starts to loosen, the full narrative for Knowit shows how accelerating cybersecurity demand could reshape Knowit’s mix, margins, and perceived risk profile.

Trifork Group (CPSE:TRIFOR)

Trifork Group gives you exposure to European software projects that increasingly touch data sovereignty, cloud security and critical systems, even if the link to pure OT cybersecurity is indirect. It builds and runs custom software, then backs it with its own products and startup investments.

Trifork Group generates €146 million from Build services and €77 million from Run products, with small Other and elimination items, and carries a market value near DKK 1.9 billion.

For investors watching how OT, critical infrastructure and cyber policy spill into day to day IT work, Trifork Group sits in the middle of that shift and is gradually rebalancing its business toward higher value software.

"Although product revenue reached €77 million in 2025 and represents 35% of total revenue, the balance between services and products depends on continued execution in complex, multi year rollouts."

What happens to margins and growth if one assumption how quickly customers commit to this higher value mix proves too optimistic?

If that timing risk matters to you, read the full narrative for Trifork Group to see how Trifork Group’s product tilt could accelerate or stall from here.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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The old reason to buy emerging markets was their young, growing populations. Most of them aren't young anymore.

I was never a fan of emerging markets investing tbh. Good companies are everywhere.

The best EM bet might be the AI companies. Most emerging markets will consume this rather than build the frontier layer, and consuming it is where the real economic gain is. Leapfrogging to AI-delivered services without the legacy infrastructure is a bigger jump than upgrading existing systems. The benefit accrues locally, the earnings accrue to the supplier.

Where to invest when populations stop growing

Operates as a consultancy company in Sweden and internationally.

Undervalued with excellent balance sheet.

OM:B3 B3 Consulting Group

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