Calepin des entreprises international 2026 VA.pdf — page 73

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Business trends
	
 FNSS revenues reached TRY 3,343 million (€94 million) in 2024, down 43.7% year-on-year in local currency. 
As one of Turkey’s leading producers of armoured vehicles, along with Otokar and BMC, FNSS has delivered 
more than 4,000 vehicles since its creation. The group has established itself as one of the preferred suppliers 
to the Turkish Armed Forces, notably with the ACV-15 (about 2,300 units in service in Turkey), the Kaplan 10 and 
the Pars vehicles (208 and 261 units ordered respectively since 2016).
	
 FNSS also sets up cooperation or technology transfer agreements to win contracts abroad, such as the 
partnerships with PT Pindad in Indonesia and Deftech in Malaysia.
	
 In December 2024, BAE Systems sold its 49% stake in FNSS, which the British group had held since 2005, to 
Nurol Holding for £20 million (€24 million). Nurol Holding now owns the entire share capital of FNSS.
	
 FNSS and Anadolu Defence signed a letter of intent in October 2024 to cooperate in tactical wheeled logistics 
vehicles and civilian vehicles (particularly firefighting and ambulance versions) for export customers.
Home market
	
 FNSS is a major supplier to the Ministry of National Defense of Turkey and is expected to benefit from the 
country’s increased military spending in the coming years. Turkey is particularly interested in developing its 
capabilities in land systems, in order to reduce its dependency on arms imports and strengthen the country’s 
strategic autonomy.
	
 In February 2025, the Turkish Armed Forces awarded FNSS its first contract to mass-produce 25 Pars Alpha 
6x6 and 8x8 armoured vehicles in three variants: command post for the 6x6, tank destroyer and recovery 
vehicle for the 8x8. Up to 2,000 vehicles could be ordered.
Export markets
	
 Traditionally, FNSS generated most of its revenues from exports, but the situation reversed in recent years as 
a result of the global health crisis and the completion, in 2021, of two major contracts in Malaysia and Oman. 
The group aims to achieve a more balanced distribution in the near future, notably by targeting new markets 
such as South America and Central Asia.
	
 In October 2024, the group agreed with PT Pindad to develop and produce the new 30-tonne Kaplan APC 
armoured infantry fighting vehicle for the Indonesian Army. The vehicle will be able to carry 10 troops and 
will be available in several versions. A prototype was presented at the Indo Defence exhibition in Jakarta in 
June 2025, and the first two vehicles will be delivered to the Indonesian Army for testing at the end of 2026.
	
 FNSS and UAE-based company Al Taif (a subsidiary of EDGE Group) signed a letter of intent in February 2025 
to upgrade the mechanical, electrical and electronic systems of approximately 615 BMP-3 tracked armoured 
infantry fighting vehicles from Kurganmashzavod (part of the Rostec group) belonging to the United Arab 
Emirates Army.
	
 The group and Saudi Arabia’s SAMI reached an agreement in July 2025 for the production of 8x8 wheeled 
armoured vehicles and turrets in Saudi Arabia, with technology transfer.
Technology and Innovation
	
 FNSS, Belgium’s John Cockerill and Spain’s TSD (military vehicle design and production) and Grupo Oesía 
(digital and industrial engineering) signed a letter of intent in May 2025 to develop a future 6×6 armoured 
cavalry vehicle for the Spanish Army. This vehicle would be based on FNSS’s Pars 6x6 and equipped with a 
manned turret from John Cockerill. 
 
 
STRATEGIC HIGHLIGHTS
FNSS