CFO Zdeněk Jurák said the results demonstrate the Group’s continued expansion and market strength. “CSG’s performance in 2025 underscores our strong growth trajectory, reflecting sustained market demand and strategic expansion. In the third quarter, we completed several acquisitions in Central Europe, rapidly advanced into the UAS sector, and expanded our footprint in key global markets. Our disciplined financial management and targeted expansion are positioning CSG to lead the next era of defense and advanced technology as one of Europe’s leading defence companies.”
The Defence Systems segment generated revenues of EUR 3.46 billion and adjusted operating EBITDA of EUR 1.03 billion. The Ammo+ division achieved EUR 1.02 billion in revenues and EUR 168 million in adjusted operating EBITDA, while other activities delivered EUR 79 million in revenues and EUR 22 million in adjusted operating EBITDA.
CSG said its financial position remained stable despite active acquisition activity throughout the year. As of 30 September 2025, the Group’s net debt to LTM adjusted operating EBITDA ratio stood at 2.1×, reflecting prudent capital management.
Between January and June 2025, CSG expanded its European operations with the acquisition of a nitrocellulose production plant in Bomlitz, Germany. It also finalised a joint venture with Greek state-owned HDS to increase ammunition production capacity and secure long-term TNT supply.
The Group completed integration of The Kinetic Group, strengthening its presence in the United States small-calibre ammunition market. CSG also acquired the remaining minority stake in Fiocchi Group and unveiled the prototype Pandur 8×8 Evo armoured vehicle at the IDET trade fair in Brno.
Growth continued in the third quarter with the acquisition of a majority stake in ZVI Vsetín, a Czech medium-calibre ammunition producer. In November, CSG signed an agreement to purchase Hydraulics s.r.o., expanding its capabilities in land defence systems through increased vertical integration.
CSG also entered the unmanned aerial systems sector by establishing AviaNera Technologies a.s. to lead development and production activities in this field. AviaNera made its first acquisition in November, taking a majority stake in MUST Solutions, a Serbian manufacturer of propulsion systems for unmanned aerial vehicles.
