**CSG** has now established itself as one of the leading European companies in the defense sector.
- The Group’s revenues in the first three quarters of 2025 reached 4.49 billion euros, with a year-on-year increase of 82.4%.
- The operating _adjusted_ EBIT increased by 77.1% to 1.10 billion euros, while the operating _adjusted_ EBITDA reached 1.22 billion euros.
- The operating _adjusted_ EBITDA margin amounts to 27.1%, confirming stable profitability and efficient management throughout the Group.
**Zdeněk Jurák**, **CSG’s CFO,** stated: _“CSG’s performance in 2025 confirms our significant growth trajectory, reflecting sustained market demand and strategic expansion. In the third quarter, we completed several acquisitions in Central Europe, accelerated our entry into the UAS sector, and expanded our presence in key global markets. Our careful financial management and targeted expansion strategy are positioning CSG among the leading European companies in the sector, playing a guiding role in the next era of defense and advanced technologies”._
The Defense Systems segment recorded revenues of 3.46 billion euros and an operating _adjusted_ EBITDA of 1.03 billion euros.
The Ammo+ division achieved revenues of 1.02 billion euros and an operating _adjusted_ EBITDA of 168 million euros.
The Group’s other activities generated revenues of 79 million euros and an operating _adjusted_ EBITDA of 22 million euros.
Despite strong growth and intense acquisition activity, the Group’s indebtedness remained at sustainable levels. As of September 30, 2025, the ratio of net debt to operating _adjusted_ EBITDA LTM was 2.1×, confirming CSG’s solid equity position and prudent financial management.
**CSG continues to develop its strategy of building a vertically integrated, world-class industrial and defense platform,** expanding capabilities, technologies, and global presence to meet the needs of modern security.
In the first half of 2025, **CSG** strengthened its presence in Europe by acquiring a nitrocellulose production plant in Bomlitz, Germany, and finalizing a **joint venture agreement with the Greek state company HDS,** which will increase the production capacity of medium and large caliber ammunition and ensure long-term TNT supplies.
**CSG has also successfully completed the integration of The Kinetic Group,** strengthening its position in the American market for small caliber ammunition.
**The Group also purchased the remaining minority stake in Fiocchi Group, becoming its sole owner**.
**At the IDET fair in Brno,** **CSG presented the prototype of the new armored vehicle Pandur 8×8 Evo,** demonstrating the Group’s ability to innovate and expand its product portfolio.
Growth also continued in the third quarter. In July, **the acquisition of a majority stake in ZVI Vsetín** was announced, a historic Czech manufacturer of medium caliber ammunition.
In November, CSG signed an **agreement to acquire Hydraulics s.r.o.,** a major Czech manufacturer in the hydraulics sector and key supplier to CSG companies active in land defense systems. These acquisitions diversified the Group’s product portfolio and strengthened vertical integration in the Defense segment.
A strategically significant milestone was **CSG’s entry into the UAS (Unmanned Aerial Systems) segment through the establishment of AviaNera Technologies a.s.,** which will lead the Group’s activities in the development, production, and trading of UAS technologies. In November, CSG announced its first acquisition in the sector: **AviaNera acquired a controlling stake in MUST Solution**s, a Serbian developer and manufacturer of advanced propulsion systems for unmanned aerial vehicles.
Source and photo credit @Czechoslovak Group (CSG)-Press Office in Italy Barabino & Partners.
