Michal Strnad, owner of Czechoslovak Group (CSG).
Czechoslovak Group (CSG), the defence and advanced-technology group owned by Czech entrepreneur Michal Strnad, reported strong results for the first three quarters of 2025, underscoring its rapid expansion, solid profitability and growing influence across European and global defence markets.
CSG generated EUR 4.49 billion in revenues, an 82.4% year-on-year increase, driven by organic growth and a series of strategic acquisitions. Adjusted operating EBIT rose 77.1% to EUR 1.10 billion, while adjusted operating EBITDA reached EUR 1.22 billion, corresponding to a 27.1% EBITDA margin, reflecting stable profitability across the Group.
“We are seeing sustained demand and successful execution of our long-term strategy,” said Zdeněk Jurák, CFO of CSG. “In Q3 we completed several key acquisitions in Central Europe, advanced rapidly into the UAS domain, and further expanded our presence in global markets. Our disciplined financial management and targeted expansion are positioning CSG to lead the next era of defence and advanced technology.”
Segment Performance
- Defence Systems delivered revenues of EUR 3.46 billion and adjusted operating EBITDA of EUR 1.03 billion.
- Ammo+ division reported EUR 1.02 billion in revenues and EUR 168 million in adjusted operating EBITDA.
- Other activities contributed EUR 79 million in revenues and EUR 22 million in adjusted operating EBITDA.
Despite an active acquisition programme, CSG maintained a strong capital position. As of 30 September 2025, the Group’s net debt to LTM adjusted operating EBITDA ratio was 2.1×, confirming a sustainable level of leverage.
Strategic Milestones in 2025
CSG continued to build a vertically integrated European defence and industrial platform. Key steps included:
- Acquisition of a nitrocellulose plant in Bomlitz, Germany, strengthening critical materials capacity.
- Joint venture with Greek state-owned HDS, expanding medium- and large-calibre ammunition production and securing long-term TNT supply.
- Full ownership of Fiocchi Group after acquiring the remaining minority stake.
- Completion of The Kinetic Group integration, reinforcing CSG’s U.S. small-calibre ammunition position.
- Unveiling of the new Pandur 8×8 Evo prototype at IDET 2025.
- Acquisition of a majority stake in ZVI Vsetín (medium-calibre ammunition).
- Signing of a purchase agreement for Hydraulics s.r.o., a key supplier to land defence programmes.
A notable step was CSG’s entry into the Unmanned Aerial Systems (UAS) sector through AviaNera Technologies. In November, AviaNera acquired a majority stake in MUST Solutions, a Serbian developer of advanced propulsion systems for UAVs.
