Calepin des entreprises international 2026 VA.pdf — page 109

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JOHN COCKERILL
Business trends
	
 John Cockerill revenues grew 18% in 2024 to €1,417 million, of which approximately 30% from defence 
activities. Over the year, the group booked €1,697 million in new orders (civil and military sectors combined), 
including approximately €500 million contributed by Arquus (acquired in July 2024).
	
 The share of defence revenues declined in the early 2020s following John Cockerill’s acquisitions of several 
civil companies, including the Hamon group in 2022 (industrial heat recovery systems, with operations in 
Belgium and France) and the French company STIN in 2023 (welding and pipework for the nuclear sector). 
However, this share rose again in 2024 thanks to the acquisition of the French manufacturer of high-mobility 
armoured vehicles Arquus (turnover of around €600 million) from Volvo for an estimated €300 million.
	
 In March 2025, John Cockerill and the Indian company Electro Pneumatics & Hydraulics Ltd (EPHL) agreed 
to set up a joint venture that will focus on the production, assembly and commissioning of turrets armed with a 
105mm calibre gun for the Indian Army’s Zorawar light tanks. John Cockerill Défense will hold a 60% stake in 
this future joint venture, which will be based near Mumbai.
	
 In May 2025, John Cockerill, Turkey’s FNSS and Spain’s TSD (military vehicle design and production) and 
Grupo Oesía (digital and industrial engineering) signed a letter of intent at the FEINDEF exhibition in Madrid to 
develop a future 6×6 armoured cavalry vehicle for the Spanish Army. This vehicle would be based on FNSS’ 
Pars 6x6 vehicle and equipped with a manned turret from John Cockerill.
Home market
	
 The group is a key partner of the Belgian Ministry of Defence for land programmes (design, production and 
integration of turrets, maintenance, simulation, training, etc.), just like FN Browning Group (production of assault 
rifles and machine guns).
	
 Through Arquus, John Cockerill is also participating, together with KNDS France, Thales and Mol, in the Belgian 
CaMo (Motorised Capability) programme to procure 406 Griffon VBMR/MEPAC vehicles, 60 Jaguar EBRC 
vehicles and 28 CAESAR self-propelled howitzers from 2025 onwards. The contract includes the supply of the 
chassis, engine, suspension and T-40 remote controlled weapon station for the Griffon and Jaguar vehicles, 
the chassis for the CAESAR artillery systems, as well as training, instruction and maintenance services.
Export markets
	
 The Arquus subsidiary, KNDS France 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 April 2025, Arquus delivered the first five Grizzly reconnaissance vehicles and the first Pégase vehicle for 
the Special Forces, produced in series at its Limoges plant (in southwestern France). Arquus plans to deliver 
50 Grizzly and 40 Pégase vehicles to the Special Operations Command (COS) and the French Army in 2025.
Technology and Innovation
	
 At the Indo Defence exhibition in Jakarta (Indonesia) in June 2025, the group presented a 6x6 VAB Mk3 
multi-purpose tactical armoured vehicle from Arquus equipped with the 1030 turret from John Cockerill 
Défense. This vehicle was produced locally by PT Pindad with technical assistance from Arquus as part of the 
Indonesian Army’s Anoa 3 programme.
STRATEGIC HIGHLIGHTS