Calepin des entreprises international 2026 VA.pdf — page 115

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KNDS
Business trends
	
 KNDS posted revenues of approximately €3.8 billion in 2024, up 16.9% year-on-year. Growth was driven by 
deliveries of Jaguar, Griffon and Serval armoured vehicles to France; RCH 155 self-propelled howitzers to 
Ukraine; Boxer armoured vehicles to Lithuania; and CAESAR artillery systems for export. Following the increase 
in new order intake (€11.2 billion, compared to €7.8 billion in 2023), the group’s order book reached a solid 
€23.5 billion at the end of 2024.
	
 KNDS France signed a definitive agreement with Texelis in July 2025 to acquire its defence activities 
(e.g. the chassis for the Serval 4x4 armoured vehicle) in spring 2026. Texelis is based in Limoges, in 
southwestern France.
	
 In September 2025, KNDS CEO Jean-Paul Alary announced that the group could be listed on the Frankfurt 
Stock Exchange (Germany) around June 2026.
Home markets (France, Germany)
	
 KNDS France, Arquus (part of John Cockerill) and Thales are jointly in charge of the Scorpion programme for 
the supply of wheeled armoured vehicles to the French Army. An order for 1,872 Griffon VBMR/MEPAC and 
300 Jaguar EBRC vehicles is expected, and around half of the vehicles should be delivered by 2025. 
151 Griffon and 35 Jaguar vehicles were delivered in 2024, bringing the total number of vehicles delivered 
since 2019 to 726 and 95 respectively.
	
 In December 2024, Germany’s Federal Office of Bundeswehr Equipment (BAAINBw) awarded KNDS 
Deutschland and Rheinmetall a six-year, €1.98 billion contract (split roughly in half) to integrate new digital radio 
transmitters and new C2 systems into more than 10,000 Bundeswehr armoured vehicles (D-LBO programme).
	
 In April 2025, KNDS Deutschland, KNDS France, Rheinmetall and Thales established a temporary consortium, 
each with a 25% stake, to develop the future MGCS main battle tank, which is expected to be operational in 
2045. Known as MGCS Project Company, this consortium is based in Cologne, Germany.
Export markets
	
 Together with Thales and Arquus, KNDS France is participating in the CaMo (Motorised Capability) programme 
to supply the Belgian Army with 382 Griffon VBMR and 60 Jaguar EBRC vehicles from 2025 onwards. 
The €1.6 billion contract includes training and maintenance services. Flemish company Mol is responsible for 
the final assembly of the Griffon vehicles and the Jaguar’s T-40 turrets in Belgium.
	
 In November 2024, the Swiss Army selected KNDS Deutschland’s 155mm Artillery Gun Mobile module, which 
will be integrated onto 10x10 chassis of Piranha IV armoured vehicles from MOWAG (a subsidiary of General 
Dynamics).
	
 KNDS Deutschland received two orders for its Leopard 2A8 main battle tank in December 2024: 44 units for 
Lithuania worth €950 million (including the supply of spare parts) and 44 units for Sweden. In addition, Sweden 
notified KNDS Deutschland of a contract to upgrade 66 Leopard 2A5 tanks (new weapon system, higher level 
of protection, etc.), starting in 2028.
	
 The Czech Republic acquired 44 Leopard 2A8 main battle tanks from KNDS Deutschland in September 2025 
for €1.34 billion (including logistics services). The contract includes an option for 14 additional units.
	
 KNDS France signed two contracts for its 155mm CAESAR NG 6x6 artillery system in December 2025: 
18 units each for Croatia and Lithuania. Croatia also ordered 15 Serval 4x4 light multirole armoured vehicles.
Technology and Innovation
	
 In September 2025, the EuroTrophy consortium, comprising KNDS Deutschland and Rafael, announced the 
successful integration of the Trophy Active Protection System (APS) into an 8x8 Boxer wheeled armoured 
vehicle.
STRATEGIC HIGHLIGHTS