CSG Published Results for the First Three Quarters of 2025
Czechoslovak Group (CSG), defence group owned by Czech entrepreneur Michal Strnad, continues its dynamic growth trajectory driven by organic momentum and strategic acquisitions. CSG has established itself as one of Europe’s leading defence companies.
- The Group’s revenues for the first three quarters of 2025 reached EUR 4.49 billion, representing a year-on-year increase of 82.4%.
- Adjusted operating EBIT rose by 77.1% to EUR 1.10 billion, while adjusted operating EBITDA amounted to EUR 1.22 billion.
- The adjusted operating EBITDA margin amounted 27.1%, confirming stable profitability and efficient management across the Group.
Zdeněk Jurák, CFO of CSG, stated: “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 recorded revenues of EUR 3.46 billion and adjusted operating EBITDA of EUR 1.03 billion. The Ammo+ division achieved revenues of EUR 1.02 billion and adjusted operating EBITDA of EUR 168 million. Other Group activities generated revenues of EUR 79 million and adjusted operating EBITDA of EUR 22 million.
Despite strong growth and active acquisition activity, the Group’s debt remained at a sustainable level. As of 30 September 2025, the net debt to LTM adjusted operating EBITDA ratio stood at 2.1×, confirming CSG’s solid capital position and prudent financial management.
Key Milestones from January to September 2025
CSG continues to advance its strategy of building a world-class, vertically integrated defence and industrial platform, expanding its capabilities, technologies, and global reach to meet the evolving needs of modern security.
In the first half of 2025, CSG strengthened its European footprint by acquiring a nitrocellulose production plant in Bomlitz, Germany, and finalized a joint venture agreement with the Greek state-owned company HDS, which will increase production capacities in medium- and large-caliber ammunition and ensure long-term TNT supply.
CSG also successfully completed the integration of The Kinetic Group, strengthening its position in the American small-caliber ammunition market. The Group also acquired the remaining minority stake in Fiocchi Group, becoming its sole owner. At the IDET trade fair in Brno, CSG unveiled the prototype of the new Pandur 8x8 Evo armored vehicle, demonstrating the Group’s ability to innovate and expand its product portfolio.
Momentum also continued in the third quarter. In July, it announced the acquisition of a majority stake in ZVI Vsetín, a traditional Czech manufacturer of medium-caliber ammunition. In November, CSG signed a purchase agreement for Hydraulics s.r.o., a major Czech producer in the hydraulics sector and key supplier to CSG companies involved in land defense systems production. These acquisitions expanded the Group’s product portfolio and strengthened vertical integration within the Defence segment.
A strategically significant development was CSG’s entry into the UAS (Unmanned Aerial Systems) segment through the establishment of AviaNera Technologies a.s.to lead CSG’s activities in the development, production, and trade of UAS technologies. In November, CSG announced its first acquisition in this segment: AviaNera acquired a majority stake in MUST Solutions, a Serbian developer and manufacturer of advanced propulsion systems for unmanned aerial vehicles.
Q3 2025 Earnings call
CSG will host its earnings call on Tuesday, 18th November 2025 at 14:00 CET. The call is open to public investors with Q&A at the end. We recommend registering in advance.
About Czechoslovak Group (CSG)
The Czechoslovak Group (CSG) is a global industrial and technology group owned by Czech entrepreneur Michal Strnad. It supplies technologies that contribute to a safer and more stable future. CSG focuses on the development and production of strategically important products, systems, and technologies in the fields of defense, aerospace, automotive, and other advanced industries. CSG operates key manufacturing facilities in the United States, the United Kingdom, Spain, Italy, Germany, the Czech Republic, Slovakia, Serbia, Greece, and India, exporting its products worldwide.
The group continuously invests in the growth of its companies and expansion of its core business activities. Among its key members are Excalibur Army (Czech Republic, land systems), Tatra Trucks (Czech Republic, vehicles), MSM Group (Slovakia, artillery ammunition), The Kinetic Group (USA, small-caliber ammunition), and Eldis (Czech Republic, radar systems). CSG specializes in the development and production of strategically vital products and systems essential for the defense of core civilizational values. The group employs over 14,000 people across its integrated and affiliated companies. In 2024, CSG achieved revenues of EUR 5.2 billion, including EUR 4 billion in consolidated sales.
