KNDS ACHIEVES STRONG REVENUE GROWTH AND RECORD ORDER INTAKE IN 2025

• Delivers record performance in 2025 with revenue up +15.9% to €4.4 billion, driven by increased European defense spending
• €13.5 billion of new orders in 2025, leading to a record backlog of €33.1 billion at the end of 2025
• Stands at the forefront of innovation in land systems: accelerating next generation capabilities, materially expanding industrial capacity, and bringing together European defense frameworks
• Focused on executing its production ramp-up and delivering on its strategy, including the proposed IPO, with the full support of its Board of Directors

Amsterdam, 26 May 2026 – KNDS N.V. (KNDS or the Company), a leading pan-European land defense company, has achieved strong annual revenue growth and record order intake in 2025.

In 2025, KNDS’ revenues grew by 15.9% year-on-year (YoY), reaching €4.4 billion, with production ramping up across all segments.

Land Systems Germany generated revenues of €2.5 billion, up 17.4% YoY. Land Systems France’s revenues reached €1.3 billion, up 9.6% YoY. Revenues of the Company’s Ammunition business segment amounted to €612 million, representing a strong increase of 24.7% compared to 2024. In each business segment, growth was driven by increased defense spending and significant increase in production capacity.

Order backlog increased significantly to €33.1 billion, up from €23.5 billion at the end of 2024, with a record €13.5 billion in order intake, providing strong long-term revenue visibility and demonstrating the continued strong market demand for the Company’s key systems across all product segments. This record level of order intake, including from many European countries, demonstrates the attractiveness of KNDS products beyond its two home markets, France and Germany.

With the structural shift in the geopolitical environment and sustained increases in European and NATO defense budgets following recent conflicts, KNDS now serves more than 40 armed forces worldwide, with its systems actively deployed in high-intensity environments, including Ukraine, where real-time operational feedback continues to drive product upgrades.

KNDS continued to improve its profitability in 2025, with its EBIT reaching €661 million (15.0% of sales) compared to €500 million (13.2% of sales) in 2024. This growth reflects the Group’s continued focus on operational excellence, as well as the execution of some high margin export contracts which have now been delivered.

As of December 31, 2025, KNDS’ workforce amounted to around 11,000 employees (+ 7.3% vs. 2024). The Company plans to continue hiring in 2026 to support the ongoing production ramp-up. It also plans significant investments in its manufacturing and assembly capabilities and in R&D.

Jean-Paul Alary, Chief Executive Officer of KNDS, said: “2025 was a landmark year for KNDS as a European champion and a global leader in land defense. We once again delivered strong revenue growth and record order intake for our business while strengthening our profitability. At the same time, we accelerated the industrial ramp-up of our flagship programs, expanded production capacity across Europe, and advanced the next generation of land defense capabilities, contributing to an interoperable and technologically advanced European defense posture. As an architect of integrated land defense solutions, KNDS plays a central role in designing and orchestrating system-of-systems capabilities, connecting platforms, sensors, effectors and digital solutions to enhance battlefield effectiveness. With robust revenue growth, strong operational performance, and a clear strategy focused on innovation, European sovereignty, and partnerships, KNDS entered 2026 with confidence and ambition. Through the deployment of our ONE KNDS values and operational excellence model, disciplined investments and increased production capacity, we are fully committed to supporting our customers’ operational needs and efficiently strengthening Europe’s long-term defense capabilities as an innovative mission solutions provider.”

A landmark year for KNDS, structured by major industrial and innovation milestones
In 2025, KNDS further strengthened its innovation and operational excellence, combining modernization, industrial scale-up, and reinforced European and transatlantic cooperation. The Group reinforced its role as a structural pillar of Europe’s land defense capabilities and continued to position itself at the forefront of next-generation European platforms and autonomous mission solutions.

Advancing next-generation combat capabilities
The year was also marked by the ramp-up of flagship platforms. The LEOPARD 2 A8, the new European benchmark for main battle tanks, gained strong momentum with firm orders exceeding 300 units across Europe (Czech Republic, Netherlands and Croatia). In addition, CAESAR production expanded at the Company’s facilities in Roanne in France, supported by additional orders from Lithuania and Croatia.

Across Europe, modernization programmes translated into significant volumes, with more than 500 additional combat and support vehicles ordered during the year, including 222 BOXER RCT 30s, 84 RCH 155 wheeled howitzers, and 200 additional PUMA vehicles. The expansion of the SCORPION user community, including the delivery of 304 vehicles, including Servals, Griffons and Jaguars, further strengthened interoperability and operational convergence among European armed forces.

In parallel, KNDS accelerated innovation in response to evolving battlefield dynamics. In addition to the existing BOXER RCT 30, the development of the RAPIDFire Land version, with Thales, and the development of the SERVAL Counter-UAV illustrate the integration of air defense and counter-drone capabilities into land systems. The Damocles loitering munition range, developed with DELAIR and EOS Technologie, entered service end of 2025 with the French army.

Strategic partnerships (incl. TYTAN) and targeted investments (incl. a 10% stake in KYMATI) reinforced the Group’s capabilities on various radar -applications for drone- and robotics-guidance.

Scaling production and reinforcing industrial resilience
To meet sustained demand and deliver on its current order backlog, KNDS significantly increased production capacity and industrial output across Europe in 2025. In addition, KNDS signed a framework agreement with Alstom to secure the long-term future of the Görlitz site, which is already being integrated into KNDS’ production network, with the first parts having been delivered at the end of 2025.

With respect to ammunition, KNDS launched an additional automated 155 mm production line in Belgium to further strengthen European production capacity and meet increasing demand from NATO countries for various end users in Europe.

Looking forward, KNDS intends to continue driving acceleration through automation and efficiency, capacity expansion, and the conversion of existing industrial facilities for defense production, while reinforcing its supply chain resilience.

Deepening European and international cooperation
The combination of expanding order books, cross-border industrial anchoring, and joint development agreements, including cooperation with Leonardo in Italy and Leonardo DRS in the United States, illustrates the broader trend toward multinational land capability development built on open architectures.

Across the Group, KNDS advanced collaboration and innovation programs aligned with evolving operational requirements. KNDS, together with Rheinmetall Landsysteme and Thales, established the MGCS Project Company, to act as industrial prime contractor for the next phase of the Franco-German MGCS program.

Reinforced governance to deliver KNDS’ strategic roadmap
In 2025, KNDS reinforced its governance to prepare for its next phase of growth. Tom Enders was appointed Chairman of the Board of Directors, and Jean-Paul Alary as Group CEO. Florian Hohenwarter was appointed as CEO of KNDS Deutschland, and Nicolas Groult as CEO of KNDS France. Christian Schulz, former CFO of RENK Group, also joined the Board of Directors as Chair of the Audit Committee.

With the full support of the Board, KNDS is continuing preparations for an IPO in 2026, subject to market conditions, with a proposed dual listing in Frankfurt and Paris. Work within the Company is progressing with a very satisfactory level of readiness, and remains fully in line with the initial schedule.

Update on compliance
As part of its ongoing commitment to the highest standards of governance, compliance and transparency, the Board of Directors of KNDS has commissioned an independent investigation into a legacy transaction with the Qatar Armed Forces, dating back to 2013. The investigation is sufficiently complete to finalize the audit of the 2025 financial statements. KNDS remains committed to continuously strengthening its compliance standards to stay aligned with evolving regulations and to uphold best-in-class practices across the defense industry.