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KNDS INTENDS TO LIST IN 2026 TO SUPPORT ITS LONG-TERM GROWTH STRATEGY
- KNDS Board decides to continue preparations for initial public offering (“IPO”) in 2026, subject to market conditions
- Dual listing in Frankfurt and Paris
- IPO will strengthen KNDS’s ability to invest in growth, innovation and industrial capacity
- Christian Schulz, former CFO of RENK Group, has been appointed to KNDS’s Board of Directors, bringing deep IPO and defence-industry expertise to support its next growth phase
Amsterdam, 17 December 2025 - KNDS, the leading pan-European land defence company, today announces that its Board of Directors has decided to continue preparations for an initial public offering ("IPO") in both Paris and Frankfurt in 2026, subject to market conditions. The IPO will support KNDS’s long-term growth strategy, broadening its access to capital markets and enabling continued investment in industrial capacity, technology and innovation.
Jean-Paul Alary, Chief Executive Officer of KNDS, said: “This project opens a new chapter in KNDS’s development as a unique European champion and global leader in land defence. With this dual listing IPO project, KNDS is determined to create a more agile and responsive structure to continue investing in technology, capacity and talent. KNDS’s model, uniting key nations within a single group, embodies the path toward a collective and efficient future for Europe’s defence, driven by one shared goal: to contribute to greater stability and lasting security across Europe and beyond.”
Tom Enders, Chairman of the Board of Directors of KNDS, said: “I’m happy the Board has decided, after intensive work, to prepare for an IPO. The time is right and the company is ready. And I’m happy that we can onboard Christian Schulz, with all his valuable finance and IPO experience. In the months ahead, we will further strengthen Board and management, increase speed and efficiency, and support Jean-Paul Alary as best we can."
KNDS also announces that Christian Schulz has been appointed to its Board of Directors, as of 1st January 2026. As former CFO of RENK Group AG, he brings valuable experience from leading the RENK IPO and reshaping the company’s financial structure. His expertise in guiding industrial and defence companies through complex transformation, including the listings of RENK and TRATON, will support the company’s continued development in its next phase of growth. Christian Schulz will replace Werner Frank, who is stepping down from the KNDS Board of Directors. The Board extends its sincere gratitude to Werner Frank for his decisive contribution to the development of KNDS over the past years.
KNDS enters its next phase of growth with a solid financial foundation and clear long-term growth prospects. The company has delivered record growth in recent years, confirming the strength of its business model and demand for its platforms and advanced mission solutions. In 2024, KNDS had a record order intake of €11.2 billion, a dynamic that remained strong throughout 2025. With an increase of more than 40% compared with 2023, KNDS ended 2024 with an order backlog of approximately €23.5 billion, up 15% year on year. This multi-year backlog provides strong visibility on future revenues and supports continued investment in new capacities and technologies. Sales rose to €3.8 billion in 2024, compared with €3.3 billion in 2023, with all business units contributing to robust organic growth and profitability above industry standards. To execute this expanding order book, KNDS continues to invest in people and industrial capacity. The company has hired 5,000 new employees since 2023.
Press Contact
Véronique Creissels
Chief Communications Officer
Telefon: +31 6 2470 3239
E-Mail: veronique.creissels@knds.nl
www.knds.com
Brunswick Group: KNDS@brunswickgroup.com
Benoit Grange: +33 6 14 45 09 26
Dr. Philipp Schüler: +49 172 6741644
About KNDS
KNDS is the leading pan-European land defence company, uniting over 10,000 employees and generating €3.8 billion in revenue in 2024. With a strong order backlog of €23.5 billion, the group delivers innovative complete mission solutions built on state-of-the art technologies. Leveraging deep industrial expertise and strong partnerships, KNDS develops open, interoperable solutions combining manned and unmanned systems, designed to meet tomorrow’s operational challenges. As a prime contractor, it provides full system-of-systems capabilities, from platforms to ammunition and services, managing the entire value chain and encompassing complete product life cycles
Born from the alliance of Nexter and Krauss-Maffei Wegmann, uniting key nations within a single group, KNDS embodies the path toward a collective and efficient future for the sovereignty and security of Europe’s defence by supporting the standardization and interoperability between European and NATO forces.
Trusted by 24 European armies and 19 worldwide, KNDS benefits from decades of combat-proven experience. KNDS embodies a united, efficient model to enhance stability and long-term security in Europe and beyond.
Disclaimer
This announcement is not for release, distribution or publication, whether directly or indirectly and whether in whole or in part, in or into the United States, Canada, Australia, Japan or any other jurisdiction where to do so would constitute a violation of the relevant laws of such jurisdiction. This announcement is for information purposes only and is not intended to constitute, and should not be construed as, an offer to sell or a solicitation of any offer to buy securities in any jurisdiction, including France, Germany, the United States, Canada, Australia or Japan, or any form of commitment, advice, recommendation on the part of KNDS or its shareholders (or their respective directors, officers, employees, agents and advisors). No action has been taken by KNDS or its shareholders that would permit an offer of securities or the possession or distribution of this announcement or any other offering or publicity material relating to any securities of KNDS in any jurisdiction. This announcement does not constitute a prospectus in any jurisdiction, including for the purposes of Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing Directive 2003/71/EC, as amended from time to time and including as implemented and retained by the UK following its departure from the EU and amended from time to time. You should not base any financial decisions on this announcement. The release, publication or distribution of this announcement in certain jurisdictions may be restricted by law and therefore persons in such jurisdictions into which they are released, published or distributed, should inform themselves about, and observe, such restrictions. Any of the securities in the potential IPO have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States, absent registration or an applicable exemption from registration. KNDS does not intend to make a public offering of securities in the United States. This announcement may include statements, including KNDS’s financial and operational medium- to long-term objectives that are, or may be deemed to be, “forward-looking statements'”. These forward-looking statements may be identified by the use of forward-looking terminology, including the terms “believes”, “estimates”, “plans”, “targets”, “projects”, “anticipates”, “expects”, “intends”, “may”, “will” or “should” or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. Forward-looking statements may and often do differ materially from actual results. Any forward-looking statements reflect KNDS’s current view with respect to future events and are subject to risks relating to future events and other risks, uncertainties and assumptions relating to KNDS’s business, results of operations, financial position, liquidity, prospects, growth or strategies. Forward-looking statements speak only as of the date they are made. Each of KNDS, its shareholders and their respective affiliates expressly disclaims any obligation or undertaking to update, review or revise any forward- looking statement contained in this announcement whether as a result of new information, future developments or otherwise. This announcement contains certain supplemental financial or operative measures that are not calculated in accordance with IFRS and are therefore considered as non- IFRS measures. We believe that such non-IFRS measures used, when considered in conjunction with (but not in lieu of) other measures that are computed in accordance with IFRS, enhance the understanding of our business, results of operations, financial position or cash flows. There are, however, material limitations associated with the use of non-IFRS measures including (without limitation) the limitations inherent in the determination of relevant adjustments. The non-IFRS measures used by us may differ from, and not be comparable to, similarly titled measures used by other companies.