The Netherlands placed third, followed by Finland in fourth.

Sweden, Denmark and the Netherlands were classified as “Innovation Leaders,” with innovation performance above 125 percent of the EU average. Sweden recorded its highest score to date, at 155.1 points, while Denmark scored 150.2 points.

The annual scoreboard compares research and innovation performance across EU member states. Overall, EU innovation performance increased by 11.6 percentage points compared with 2019, with every member state improving its score during the period.

Venture capital remains a strength

Sweden and Denmark both recorded significant improvements in venture capital expenditure compared with 2019. However, venture capital expenditure has declined in both countries since 2024.

The results underline the strength of the Nordic innovation ecosystem, while also highlighting the need for continued access to venture capital, support for commercialization and international collaboration. These factors will be important if Sweden, Denmark and Finland are to maintain their leading positions.

Source: MVA, European Innovation Scoreboard 2026