CSG Makes Its Amsterdam Debut, Stepping Onto the European Stage
CSG (Czechoslovak Group), a fast-growing Czech industrial and defence-technology group, is set to list on Friday 23 January 2026 on Euronext Amsterdam. The company offers up 15.2% of the company for €25 a share, targeting a valuation of approximately €25 billion. This immediately places CSG firmly among Europe’s heavyweight listings. CSG’s business mix is strongly oriented toward ammunition and land systems, areas where European demand has expanded rapidly. Recent disclosures show sales of €2,8 billion in the first half of 2025 and a net profit of €305 million, underscoring both scale and profitability.
Why Euronext Amsterdam?
Amsterdam has become a preferred venue for large, internationally oriented groups seeking deep liquidity and a broad investor base. It already hosts companies like Prosus (a global technology investor), Universal Music Group (one of the world’s largest music companies), and Exor (the investment holding company behind brands such as Stellantis and Ferrari). For CSG, Amsterdam offers international visibility with the complexity of a US listing, while keeping the company firmly anchored within Europe’s capital markets.
CSG's estimated valuation of €25 billion will make the stock comparable in size with well-respected names like ABN AMRO Bank and Philips. That makes CSG a strong contender to be included in the flagship AEX Index, although entry is not automatic and depends on meeting size, liquidity, and free-float requirements at the time of an index evaluation.
Perfect timing
Timing is central to the deal. Defence spending across NATO countries is rising structurally. Military equipment is in high demand, in particular for those product categories where CSG is most active. At the same time, European defence stocks are trading at elevated valuations, reflecting investor appetite for companies with strong order books and clear growth visibility. CSG’s sales mix illustrates this positioning clearly: around 42% of revenues are linked to Ukraine and 43% to the rest of Europe, highlighting its exposure to the current European procurement cycle.
Competition and ambition
In several segments, CSG is emerging as a direct and credible competitor to Rheinmetall. While Rheinmetall remains broader in scope, CSG’s focused portfolio, rapid capacity expansion and acquisition-driven strategy make it increasingly relevant in competitive tenders. The group’s young and driven CEO, Michal Strnad, reinforces the image of an ambitious, execution-focused company. That attribute is often attractive to long-term investors.
CSG for investors
CSG’s Amsterdam IPO marks a milestone not only for the company, but also for the Czech industrial landscape. By combining scale, timing and a clear strategic focus, the group is positioning itself as a European defence player with growing influence. Investors and competitors alike will be watching developments closely on and after 23 January.
