The company said the report selectively quoted third-party sources and misrepresented information already available to investors. CSG added that it stood by the integrity of its IPO documentation and all disclosures issued since listing.
CSG stated that it remains committed to maintaining high standards of corporate governance, internal controls and regulatory compliance. The company urged investors to rely on its official disclosures, including its annual report for the year ended December 31, 2025.
Among the allegations addressed were claims regarding ammunition production capacity. Hunterbrook Media questioned whether most of CSG’s medium- and large-calibre ammunition revenues were derived from refurbishment and resale rather than in-house production.
CSG rejected that assessment and said the criticism misunderstood its industrial structure. The company stated that it operates a distributed and vertically integrated manufacturing network across multiple facilities and countries.
According to CSG, its own production capacity reached approximately 630,000 rounds in 2025, excluding recommissioning activities and third-party partnerships. The company also reaffirmed guidance that own production would increase by around 20 per cent in 2026.
CSG stated that this expansion includes an additional 70,000 rounds of capacity through a new production line in Slovakia. It also reiterated plans to increase own production capacity to 1.1 million rounds in the medium term, primarily across Slovakia, Greece, Serbia, Spain and India.
The company also responded to allegations regarding hidden liabilities linked to minority shareholdings. CSG stated that, according to external legal counsel, minority shareholder Petr Kratochvíl had not effectively exercised a put option prior to the IPO.
CSG added that the matter created neither an actual nor contingent liability requiring disclosure in audited financial statements. The company said it did not expect such liabilities to appear in future financial reporting.
Hunterbrook Media also questioned the disclosure of a related-party receivable valued at €275 million. CSG stated that the receivable had been fully settled in cash during the first quarter of 2026.
The company explained that the receivable originated from the pre-IPO disposal of non-core businesses, including the Mobility, Perazzi and Healthcare divisions. CSG said the transaction had been disclosed in the IPO prospectus and was conducted on an arm’s-length basis using independent third-party valuations.
CSG also addressed questions surrounding a €58 billion Slovak ammunition framework agreement announced in December 2025. The company clarified that the figure represented the potential value of a seven-year framework agreement rather than confirmed orders.
According to CSG, such framework agreements are intentionally open-ended and allow participating states to place orders when required. The company said it had recognised approximately €1 billion from the Slovak framework in its pipeline as of its 2025 earnings announcement.
CSG stated that it had previously responded to several of the issues raised and corrected earlier inaccuracies. The company added that its order book remained strong and supported by sustained underlying demand.
The group said it expects to provide shareholders with a further update during the publication of its first-quarter 2026 results on May 20.
