Calepin des entreprises international 2026 VA.pdf — page 43

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STRATEGIC HIGHLIGHTS
CZECHOSLOVAK GROUP (CSG)
Business trends
	
 CSG revenues reached €4,009 million in 2024, up 131.2% year-on-year. Growth was driven by the Defence 
(medium and large calibre ammunition, armoured vehicles and artillery systems) and Mobility (heavy off-road 
vehicles, chassis for weapon systems, etc.) divisions. Both divisions benefited from sustained demand due 
to significant ammunition requirements in Europe and the supply of armoured vehicles to Ukraine. Revenue 
in Ukraine increased 4.3-fold between 2023 and 2024, while revenue generated in the European Union 
(excluding the Czech Republic and Slovakia) nearly doubled year-on-year.
	
 In November 2024, CSG completed the acquisition of The Kinetic Group from Vista Outdoor for $2.2 billion 
(€2 billion). These activities include, in particular, the manufacture of small-calibre ammunition for military 
and civilian markets. The Kinetic Group employs 3,800 people, mainly in the United States, and generated 
$1.5 billion (€1.4 billion) in revenues in 2024.
	
 In June 2025, the MSM Group subsidiary partnered with Hellenic Defence Systems (HDS) to create a 51%-
49% owned joint venture in Greece, called Hellenic Ammunition, which will be dedicated primarily to the 
production of TNT and 155mm artillery ammunition from 2027 onwards. The joint venture will use the HDS 
facilities in Laurion, Greece. CSG will invest €50 million in this project and will also receive a €33 million grant 
from the European Union under the ASAP programme.
	
 In July 2025, MSM Group acquired the ammunition manufacturer ZVI, based in Vsetín (Czech Republic). 
The company produces medium-calibre ammunition (20mm and 30mm).
Home markets (Czech Republic, Slovakia)
	
 CSG is historically a major player in its domestic markets. However, the share of revenue generated in the 
Czech Republic and Slovakia has been declining since 2021 due to external growth operations carried out 
internationally in recent years.
	
 In July 2025, the Ministry of Defence of the Czech Republic ordered 24 Titus 6x6 multirole armoured vehicles 
from the Eldis Pardubice subsidiary for CZK 4.07 billion (€162 million), including 22 in command post version 
and two in training vehicle version. These vehicles are assembled locally by various CSG subsidiaries under 
licence from KNDS France.
	
 Eldis Pardubice signed a CZK 258 million (€10 million) contract with the Czech Air Navigation Service in 
September 2025 for the supply of two RL-2000 surveillance radars (with two MSSR-1 secondary radars). 
These radars are due to be delivered by 2029 and will allow coverage of the entire Czech airspace.
Export markets
	
 The group generated 83% of its revenues from exports in 2024, a share up by 16 percentage points since 2021.
	
 MSM Group was awarded two contracts in June and December 2024 by Junghans Defence (a joint venture 
between Diehl Defence and Thales) to supply hundreds of thousands of artillery rockets in 2025-2026.
	
 In February 2025, the Excalibur Army subsidiary completed the upgrade of 90 T-72M/M1 main battle tanks 
from the Czech Army’s stocks to the T-72EA standard (which includes new optronic systems, a more powerful 
engine, better ballistic protection, etc.). These tanks are intended for the Ukrainian Army.
	
 In June 2025, CSG was selected by the Indonesian Air Force to participate in its Trisula air defence system 
acquisition programme. These systems are mounted on Tatra Force 8x8 truck chassis, are equipped with 
radars supplied by Retia (two of the group’s subsidiaries) and launch Roketsan’s HISAR-O+ and SIPER 
interceptor missiles.
	
 In August 2025, the MSM North America subsidiary received a $636 million (€588 million) order to build a 
155mm artillery shell loading plant in Middletown, Iowa, near the Iowa Army Ammunition Plant. Due to be 
operational by September 2029, this facility will employ 70 people and will be able to fill 36,000 shells per 
month.