Regional weaponry and machinery conglomerate Czechoslovak Group (CSG - CSG.NV) reported a rise in revenue by 71.7% year-on-year to €6.7bn in 2025. Net profit increased to €872mn, which is up by 35.5%.

The figures are in line with the company’s Amsterdam IPO outlook from January. The company's shares remained on downward trajectory from recent weeks, however, dropping by 5-6% to €27.3 per share following the CSG results announcement on March 26.

“2025 was a defining year for the Group. We delivered strong financial results in line or ahead of expectations set out at our IPO, while also executing at pace across the business,” CSG’s CEO Michal Strnad commented in a press release shared with bne IntelliNews.

The company credited the continued strong demand in defence for the results as well as its integration of The Kinetic Group, which it acquired from the US Vista Outdoor in 2024, and which propelled CSG into one of the largest small calibre ammunition producers worldwide.  

CSG projects the strong demand across its core defence markets to continue and expects its Land Systems and M&L Ammo branches to be key drivers of earnings this year, stating that “2026 revenue is expected to be in the range of €7.4bn-7.6bn, with Adjusted Operating EBIT margin maintained at approximately 24-25%”.  

The company also noted that it does not expect the demand in the defence sector to ease even if there are any significant breakthroughs to halt Russia's war in Ukraine.

“Any potential cease-fire in the Russia Ukraine conflict is expected to result in the reallocation of orders between Ukraine and Nato countries, and the modernisation and replenishment of stockpiles to Nato standards,” CSG stated, adding that “Europe’s rearmament continues to be driven by an increasing geopolitical threat environment that will persist regardless of any ceasefire”.

In his summary of the 2025 developments, Strnad added that “we secured major long-term contracts, expanded our production footprint and advanced our vertical integration strategy,” and also highlighted that “we undertook extensive preparation for becoming a public company, strengthening governance, reporting and capital structure”.

As bne IntelliNews reported earlier, CSG's January 23 IPO on the Euronext bourse in Amsterdam became the “world’s largest defence IPO ever recorded both in terms of amount raised and market capitalisation,” according to Euronext.

With a market valuation of approximately €32bn, CSG took over regional headlines and became the most valuable Czech company ahead of the majority-state-owned energy utility ČEZ. The CSG shares gained rapidly on January 23 before steading to around €33 per stock the following week, or a 32% growth on the €25 per share IPO value. 

The drop in recent weeks came amid an overall volatile situation on the capital markets following the US and Israeli attacks on Iran, while CSG also faced a series of reports in Czech and Slovak media questioning the transparency of its IPO.

As bne IntelliNews covered last month, the Bratislava-based Ján Kuciak Investigative Center (ICJK) wrote in an investigation published on February 19 that Slovak Ministry of Defence contracts signed with CSG could have been intended to send a positive signal to investors ahead of the company’s January 2026 IPO. However, this was denied by CSG.

CSG also rejected claims about the existence of a backdoor “money-channel” between financial start-up Fingood and the Kallan Legal law firm, majority owned by Slovak Minister of Defence Robert Kaliňák. 

In the most recent development, Czech online news outlet Seznam Zprávy (SZ) reported that the company IPO prospectus did not include information about the ejection of CSG’s Spanish ammunition branch from Nato tenders, nor about CSG’s minority shareholder Terzo Company’s CZK34bn (€1.4bn) claim through a shareholder opt out scheme.

“Considering that I have property participation in the [CSG] divisions, which make up more than 70% of the IPO value, I would expect that the prospect would transparently take into account aspects of the rights of minority shareholders, particularly if these could impact cash flow,” Petr Kratochvíl, who controls Terzo Company, was quoted as saying by SZ earlier this week.

CSG’s spokesperson Andrej Čírtek told bne IntelliNews that “CSG fully complies with all applicable disclosure and regulatory requirements in connection with its IPO,” and that “the group structure, including the existence of minority shareholders and related risk factors, was transparently described in the prospectus”.

In response to reports of Kratochvíl’s claim, Čírtek added that “the current situation concerns a standard commercial matter regarding a minority shareholder and the valuation of a stake,” and that “there is no final or binding valuation, and any figures mentioned publicly are speculative at this stage”.

“CSG does not see this as a matter of transparency or compliance, but rather as a routine process governed by contractual arrangements and independent valuations,” Čírtek concluded.