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CSG
CSG (CSG) investor relations material
CSG H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2025 earnings summary26 Mar, 2026
Executive summary
Revenue reached €6.7bn in 2025, up 30–71.7% year-on-year, exceeding IPO expectations, with a 24.1% adjusted operating EBIT margin and industry-leading profitability.
Record order backlog and pipeline of €42bn, supporting multi-year revenue visibility; €15bn backlog and €27bn pipeline also reported.
Strategic expansion included major contract wins in Slovakia and Southeast Asia, targeted M&A, and new partnerships, with key supplier status to NATO, Ukraine, and partners.
Net profit from continuing operations increased to €872m.
Completed IPO on Euronext Amsterdam in January 2026, raising €3.8bn gross proceeds.
Financial highlights
Adjusted operating EBITDA reached €1.6–1.78bn, with a margin of 24.1%, and adjusted operating EBIT at €1.6bn.
Net leverage at year-end was 1.7x (1.3x post-IPO); net debt at €3bn.
Strong cash conversion at 87–87.4%; CapEx intensity at 3.3% of revenue.
Free cash flow for FY 2025 was €606m.
€1bn bond issued in July 2025; investment grade rating post-IPO.
Outlook and guidance
FY 2026 revenue expected at €7.4–7.6bn, with adjusted EBIT margin of 24–25%.
CapEx intensity to rise to 8.5% in 2026, then normalize to 4–5% after 2027.
Net working capital targeted below 20% of revenue in 2026; net leverage targeted below 1.5x.
Mid-term guidance: mid-teens organic CAGR, 40–50% CAGR for Land Systems, 20% CAGR for medium/large caliber ammo.
Group margin expected to rise to 26–28% by 2027, driven by vertical integration.
Nitrocellulose integration impact on margins
Land Systems 40-50% revenue CAGR drivers
Ceasefire impact on Ukraine vs NATO order mix
Margin impact of 2027 vertical integration
Land Systems vs M&L ammunition growth dynamics
Strategy for Ammo+ defense revenue transition
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Latest events from CSG
- Revenue and profit surged, led by defense and Ammo+, with leverage and cash flow improving.CSG
H1 202428 Jan 2026 - Q3 revenues and EBITDA soared on defense demand, with leverage stable and growth outlook strong.CSGQ3 2024 presentation28 Jan 2026
- Revenues surged 131% to €4.0 billion, fueled by Defence and strategic acquisitions.CSGH2 202428 Jan 2026
- Rapidly growing defence leader with strong financials, global reach, and deep vertical integration.CSGInvestor presentation25 Jan 2026
- Record revenue and EBITDA growth in 1H 2025, fueled by acquisitions and defense demand.CSGH1 202525 Jan 2026
- Revenues and EBITDA doubled YoY, with strong defence growth and record backlog supporting outlook.CSGQ1 2025 Presentation25 Jan 2026
- Revenue up 82% to €4.5bn, net profit up 22%, driven by demand and acquisitions.CSGQ3 202525 Jan 2026
Next CSG earnings date
H1 202628 Sep, 2026
CSG
Next CSG earnings date
H1 202628 Sep, 2026
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