Calepin des entreprises international 2026 VA.pdf — page 70

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Business trends
	
 FN Browning Group posted revenues of €934 million in 2024, up 2.9% year-on-year. Growth was driven by 
the Defence & Security division, in particular the FN Herstal subsidiary, which benefited from strong demand 
(machine guns, spare parts, equipment and maintenance/modernisation services). On the other hand, the 
Hunting & Sport Shooting division suffered from sluggish conditions in Europe and North America, its main 
markets.
	
 FN Herstal plans to invest around €100 million between 2024 and 2027 to expand its production capacity. 
By the end of 2025, its machine gun production is expected to have doubled since 2022, and its ammunition 
production to have quadrupled compared to 2020. To support the group, in June 2025 the Walloon Region 
approved the financing of a €100 million capital increase, without bringing in new shareholders.
	
 In September 2025, FN Browning Group completed the acquisition of French group Sofisport, which 
specialises in the production of ammunition for hunting and sport shooting (Nobel Sport, Cheddite, Eley Hawk 
brands) and cartridge components (powder, cases, primers, etc.). Sofisport employs around 1,000 people 
and has some 15 production sites in France, Spain, Italy, the United Kingdom and Canada. The combined 
turnover of the two groups is estimated at nearly €1.4 billion.
	
 However, FN Browning Group’s offer to take over Verney-Carron was turned down. Based in Saint-Étienne, the 
French firearm manufacturing company was acquired in June 2025 by the French company Rivolier.
Home market
	
 Through its Defence & Security division, the group produces small arms and their components, small-calibre 
ammunition and integrated weapon systems for land, naval and air platforms. It has a presence in Belgium 
(FN Herstal), the United States (FN America), the United Kingdom (FN UK) and Finland (Noptel, which 
produces ballistic and sighting devices).
	
 In June 2024, the Belgian government signed a strategic partnership with FN Herstal. Worth €1.7 billion, the 
agreement provides for the supply of small-calibre ammunition (5.56mm, 5.7mm, 7.62mm and 12.7mm) to the 
Belgian Armed Forces and law enforcement agencies over a 20-year period. It also includes MRO services for 
small arms in service (pistols, rifles and machine guns) and joint R&D projects with the Belgian Armed Forces.
Export markets
	
 The group generates a large share of its sales from exports, mainly to Europe and the United States, and 
has customers in 130 countries. FN Herstal supplies almost all NATO countries, which account for 80% of its 
production.
	
 In March 2025, France announced a call for tenders to relaunch its small-calibre ammunition production and 
recreate a national industry. FN Browning Group is expected to be one of the bidders.
	
 In March and September 2025, the FN America subsidiary was awarded two contracts by the Defense 
Logistics Agency in the United States to supply M240 and M249 machine gun barrels for a ceiling value of 
$46.5 million (€42.5 million). In July 2025, it also signed a $4.9 million (€4.2 million) contract to supply 7.62mm 
FN M240L machine guns to the U.S. Army.
	
  In September 2025, the FN UK subsidiary signed a 10-year contract worth more than £20 million (€23 million) 
with the UK Ministry of Defence for the mid-life upgrade of FN M2HB QCB heavy machine guns, known as 
L111A1 in the United Kingdom, and associated support services.
Technology and Innovation
	
 In February 2024, FN Herstal, John Cockerill and the Walloon Region of Belgium joined forces to support a four-
year research programme at the University of Liège on the uses of artificial intelligence in defence, particularly 
in the use of drones.
STRATEGIC HIGHLIGHTS
FN BROWNING GROUP