CSG (CSG) H2 2024 earnings summary

Executive summary

• Revenues more than doubled year-over-year to €4.0 billion, driven by strong Defence segment performance and strategic acquisitions.

• Acquisition of The Kinetic Group positioned the company as a leader in small-caliber ammunition and expanded its US presence.

• Pro-forma revenues with The Kinetic Group reached €5.2 billion, with a diversified and balanced global portfolio.

• Over 77% of revenues were generated by the Defence division, with significant contributions from Ammo+ and Aerospace.

• Sustainability initiatives advanced, including CSRD-compliant reporting and an independent ESG audit.

Financial highlights

• Consolidated revenues for 2024 were €4.0 billion, up 131% year-over-year.

• Operating EBITDA reached €1.1 billion, more than doubling year-over-year, with a margin of 26.9%.

• Pro-forma Operating EBITDA with The Kinetic Group was €1.4 billion, up 70.4% year-over-year, with a 26.8% margin.

• Net cash from operations rose to €856.1 million (+329.9% YoY), supporting strategic expansion.

• Net leverage remained stable at 1.3x, reflecting strong cash flow and disciplined financial management.

Outlook and guidance

• Anticipates continued and sustainable growth, driven by rising defense spending within NATO and other nations.

• Ongoing investments in production capacity, new technologies, and vertical integration in large-caliber ammunition.

• Strategic focus on expanding global reach and maintaining robust capital structure.