CSG More Than Doubled Revenues and EBITDA in 2024, Solidifying Its Position as Europe’s Fastest-Growing Major Defence Company

Pro-forma revenues of the Group, including The Kinetic Group for the full year 2024, reached €5.2 billion. The Kinetic Group transaction was finalized at the end of November 2024 and contributed only one month to the consolidated revenues of the CSG Group for 2024. As a result, the Group’s consolidated revenues reached €4 billion, representing a 131% increase compared to €1.7 billion in 2023, driven primarily by strong organic growth.

Pro-forma operating EBITDA, including The Kinetic Group for the full year 2024, amounted to €1.4 billion. Consolidated operating EBITDA, which includes one month of The Kinetic Group’s results, reached €1.1 billion, more than doubling from €0.4 billion in 2023 (an increase of 146%), while simultaneously improving the EBITDA margin to 26.9%. With these results, the CSG Group has confirmed its status as the fastest-growing major defense company in Europe.

The defence sector accounted for 83.6% of revenues, with the CSG Defence division alone generating 77.6% of total revenues (€3.3 billion), reinforcing its role as the Group’s growth engine. NATO markets contributed 49.6% of sales, while non-NATO markets (primarily Ukraine) accounted for 50.4%. When Ukraine is included among NATO-aligned markets, exposure to NATO rises to 92.4%. The workforce grew to over 14,000 employees, working primarily across 37 production facilities, mostly in the EU and the U.S., with products delivered to more than 110 countries worldwide.

This increase in employees was largely driven by the acquisition of The Kinetic Group, positioning CSG as the leading manufacturer of small-caliber ammunition in the U.S. and one of the largest globally. Despite this record acquisition, the Group’s debt remains low, with a stable net debt-to-EBITDA ratio of 1.3x. A positive outlook is further supported by a backlog of unfilled orders exceeding €11 billion. The ambition of Michal Strnad, the Group’s owner, is to establish CSG as one of Europe’s two most significant defence companies.

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Europe is in a pivotal period where the defence industry is no longer just an economic sector but a cornerstone of our sovereignty and security. The dramatic rise in defence spending across the continent reflects a clear understanding of this reality, and CSG’s record results in 2024 prove we are ready to meet this historic challenge. Our growth is more than numbers—it’s about ensuring European democracies have the tools to protect freedom in an increasingly unstable world.

Michal Strnad

Owner of CSG

Annual Report 2024

CSG more than doubles revenue and EBITDA in 2024, solidifying position as Europe’s fastest-growing major defence company

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In 2024, CSG strengthened its position as Europe’s fastest-growing major defence company, more than doubling both revenue and EBITDA through organic growth and strategic investments. Our low debt levels, even after the landmark acquisition of The Kinetic Group, demonstrate strong cash flow and disciplined financial management. The Group’s backlog, exceeding €11 billion, underscores our ability to secure long-term contracts and our position as a trusted partner in global defence markets.

Zdeněk Jurák

Member of the Board of Directors and Chief Financial Office

Summary of Developments in the Group’s Key Markets

In 2024, CSG strengthened its leadership in the global defence industry by capitalizing on rising demand for its core products amid a tense geopolitical situation, particularly tied to the war in Ukraine. Revenues in Ukraine quadrupled to €1.7 billion from €0.4 billion. In European Union markets, CSG recorded a 90% revenue increase to €1 billion, while in its home market of the Czech Republic, revenues nearly doubled to €0.5 billion. The acquisition of The Kinetic Group boosted U.S. revenues by 16% to €0.3 billion, with pro-forma data indicating a potential annual contribution of €1.3 billion.

The dominance of the defence sector (83.6% of revenues) reflects CSG’s critical role in supplying NATO countries and their allies, with the CSG Defence division generating revenues of €3.3 billion. Investments in production capacities—particularly in Slovakia, Spain, and the U.S.—along with technological innovations, supported this growth.

The CSG Defence division, contributing 77.6% to revenues, is the backbone of the Group’s success. The CSG Ammo+ division, bolstered by the acquisition of The Kinetic Group at the end of 2024, contributed €0.5 billion to revenues (11.3%), with Kinetic’s results included only for December. Pro-forma data project the Ammo+ division’s annual revenue contribution at €1.7 billion, highlighting its growing significance in small-caliber ammunition markets, especially in the U.S.

The CSG Aerospace division generated €0.3 billion (6.8% of revenues), driven by demand for radar systems and aviation services due to heightened airspace security needs worldwide. The CSG Mobility division, encompassing rail and automotive activities, contributed €0.1 billion (1.8%) to revenues.

CSG reinforced its status as the fastest-growing major defence company in Europe

In 2024, CSG strengthened its leadership in the global defence industry by expanding production capacity and enhancing operational efficiency

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CSG Advances Dual-Use Innovation with Presto Tech Horizons

In 2024, CSG took a significant step toward developing dual-use innovations by partnering with Presto Ventures to establish Presto Tech Horizons (PTH), an investment fund with a planned volume of up to €0.2 billion focused on cutting-edge security and defence technologies. This strategic move enhances CSG’s ability to integrate innovative solutions into its portfolio, leveraging dual-use technologies for both civilian and military purposes. PTH’s focus on fast-growing startups developing breakthrough solutions in areas like artificial intelligence, cybersecurity, and aviation aligns with CSG’s long-term vision of leading global technological innovation. The fund’s first investments, announced in October 2024, include companies like Vidar Systems and Bavovna, whose technologies could potentially strengthen CSG’s offerings in defence and security systems.