Investment Case
Delivering sustainable growth through vertical integration, strategic acquisitions, and innovation.
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Global Industrial & Defence Leader
Delivering sustainable growth through vertical integration, strategic acquisitions, and innovation.
Key financial highlights
4.5
B EUR
Consolidated Revenues
1.1
B EUR
Adjusted Operating EBIT
24.5
%
EBIT Margin
investment case
A Market Leader
CSG is a leading European defence group, recognised as the second largest producer of medium- and large-calibre ammunition in Europe and the largest global producer of small-calibre ammunition by sales. The Group has rapidly expanded its scale and capabilities through significant organic growth and strategic acquisitions, establishing itself as a diversified manufacturer with a strong international presence.
Earnings Visibility
CSG benefits from strong revenue visibility, supported by a substantial order backlog and long-term contracts with government and institutional customers. The Group’s position as a critical supplier to NATO and allied governments is reinforced by multi-year agreements, providing robust forward earnings certainty.
Vertical Integration
The Group is highly vertically integrated, controlling key stages of its supply chain for both ammunition and defence systems. In-house production of critical components and strategic investments in raw materials and manufacturing ensure supply security, operational efficiency, and margin enhancement.
Diversified Portfolio
CSG operates a diversified business model across defence systems, ammunition, and related technologies, serving both government and civil markets. This balanced portfolio reduces risk and provides resilience, enabling the Group to capture opportunities across multiple sectors and geographies.
Robust Financial Performance
The Group demonstrates strong financial performance, with consistent growth in revenues, profitability, and cash generation. Operational excellence, disciplined capital allocation, and a prudent approach to leverage underpin CSG’s financial stability and support ongoing investment.
Global Presence
CSG has an extensive global footprint, supplying products to customers in over 70 countries and maintaining manufacturing sites across Europe and North America. Its broad customer base, including NATO and allied governments, underpins strong export potential and positions the Group to benefit from rising global defence spending.
Our Strategy for Growth
Sustainability (ESG)
Modernizing production to reduce carbon footprint and ensuring responsible corporate governance in the defence sector.
Expansion
Entering new geographic markets (US, Western Europe) and strengthening our position in the global supply chain.
Innovation
Investing in advanced technologies, digitalisation of production, and AI-driven defense systems.
History of the CSG Group
For 30 years, we have been developing our industrial legacy, innovating, and strengthening our defense capabilities.
Before CSG
1324 - 1850
CSG Era
1995200520082010201320142016201820202022202320242025
2005
The first production area in Přelouč
Excalibur Army has acquired its first production site, a former military repair facility in the Czech town of Přelouč.
2010
Business expansion into the railway industry
Jaroslav Strnad took over the Czech company DAKO-CZ and expanded his business into the railway industry.
2013
Purchase of Tatra together with Promet Group
Jaroslav Strnad together with entrepreneur René Matera acquired the well-known Tatra trucks company and it recovered from the previous crisis within a short time.
Purchase of military repairs in Šternberk
Excalibur Army won the competition for the sale of military repair facility in Šternberk, which quickly became the most important manufacturer of military and special land systems in the Czech Republic.
2016
Renamed Czechoslovak Group (CSG)
The holding company was renamed Czechoslovak Group, abbreviated CSG, and has used this name ever since.
New companies in the group
New companies were acquired to CSG: radar manufacturer RETIA, aircraft repair shop JOB AIR Technic and luxury watch manufacturer ELTON.
New company Tatra Defence Vehicle
In addition to acquisitions of existing companies, a greenfield company was established: the military land systems manufacturer TATRA DEFENCE VEHICLE (abbreviated TDV).
New division CSG Aerospace
Within CSG, the CSG Aerospace division was established, incorporating radar manufacturers ELDIS and RETIA and air traffic control system developers CS Soft and ATRAK.
2022
Acquisition of a majority stake in Fiocchi
CSG acquired a majority stake in Fiocchi, the world's leading ammunition manufacturer with operations in Italy, the UK and the US, becoming a global group.
2024
First Time at SHOT Show
The CSG Ammo+ division made its historic debut at the Shooting, Hunting, and Outdoor Trade Show (SHOT Show) in Las Vegas, USA, where products and solutions from the Fiocchi group, part of the division, were showcased.
New Headquarters
As of April 1, 2024, the Red Court building in Prague's Karlín district has become the new headquarters of CSG. The building hosted a meeting between the President of the European Commission, Ursula von der Leyen, and representatives of the Czech defense industry. During the meeting, Ms. von der Leyen was informed about the details of the Czech defense industry's assistance to Ukraine.
700 Years in Granada
The company Fábrica de Municiones de Granada (FMG), a bearer of the gunpowder production tradition in Granada, marked an incredible 700 years of continuous production of this product in the city.
The Kinetic Group
CSG has become the owner of the Kinetic group, which includes leading American manufacturers of small-caliber ammunition: Federal, Remington, CCI, Speer, and Hevi-Shot. With the successful completion of this acquisition, CSG has become the largest producer of small-caliber ammunition in the Western world.
2025
Establishment of the CSG Foundation
The CSG Foundation was established to thank and support those whose actions represent the values to which we as CSG stand for.
New generation of the Pandur 8×8 EVO
The IDET 2025 trade fair saw the world premiere of the new Pandur8×8 EVO, a wheeled armored infantry vehicle developed by Tatra Defence. The new Pandur has been significantly modernized compared to its predecessor.
General partner of the Czech Olympic Team
We signed a partnership agreement with the Czech Olympic Team. As of September, CSG becomes the general partner of the Czech Olympic Team for 2025–2029.
CSG celebrates 30 years since its founding
On October 10, we celebrated 30 years since CSG’s founding. Czech and Slovak pop music stars performed at the event, and six thousand Group employees enjoyed the celebrations right in the arena.
CSG enters the UAS segment
CSG expanded its activities into the field of advanced weapon systems and unmanned aerial systems (UAS). The development, production, and trade of UAS technologies is handled by the newly established company AviaNera Technologies.
ZVS Holding concluded a framework agreement with the Ministry of Defence of the Slovak Republic
ZVS Holding and the Ministry of Defence of the Slovak Republic signed a framework agreement for the supply of large-caliber and medium-caliber ammunition worth up to EUR 58 billion over a period of seven years. The agreement is part of a project under which Slovakia is to become a strategic supplier of ammunition to EU member states.
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We are building on the heritage of our ancestors who laid the foundations of modern industry.
Czechoslovak Group (CSG) and its subsidiaries do not design, develop, manufacture, distribute, or provide any financial or other support for controversial weapons, as defined under Annex I, Table I, Indicator #14 of Commission Delegated Regulation (EU) 2022/1288 supplementing Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial sector. This includes, but is not limited to:
Anti-personnel mines (Ottawa Treaty),
Cluster munitions (Oslo Convention),
Chemical weapons (Chemical Weapons Convention),
Biological weapons (Biological Weapons Convention),
Weapons containing depleted uranium,
Weapons containing white phosphorus.
In addition, CSG is not involved in any aspect of nuclear weapons manufacturing, whether directly or through its subsidiaries or joint ventures.
CSG does not engage in any activities related to these weapons, nor does it intend to do so in the future. As a result, CSG does not have any exposure to Principal Adverse Impact (PAI) Indicator #14 under the Sustainable Finance Disclosure Regulation (SFDR). This statement is provided to support the information needs of financial market participants subject to Regulation (EU) 2019/2088.
The information contained on this website does not constitute an offer of securities for sale to U.S. persons (as defined in Regulation S under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act") or in the United States, Australia, Canada, Japan or any other jurisdiction where to do so would be unlawful. No securities have been, or will be, registered under the U.S. Securities Act, or with any securities regulatory authority of any state or other jurisdiction in the United States. No securities may be offered or sold, directly or indirectly, into the United States or to, or for the account or benefit of, any U.S. person, absent registration, except in accordance with Rule 144A under the U.S. Securities Act to persons reasonably believed to be Qualified Institutional Buyers ("QIBs") within the meaning of Rule 144A who represent that they are QIBs under Rule 144A.
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