CSG Doubles Revenue and EBITDA in 2024

CSG in 2024: Revenue and EBITDA More Than Doubled, Cementing Its Position as Europe’s Fastest-Growing Large Defence Company

Today, Czechoslovak Group (“CSG” or “the Group”), a leading industrial and technology holding, announced its audited consolidated financial results for 2024, reaffirming its status as the fastest-growing large defence company in Europe. The Group also published pro-forma results, including full-year figures from The Kinetic Group.

Key Highlights:
Note: CSG is structured into five divisions based on its core business areas – CSG Defence, CSG Ammo+, CSG Aerospace, CSG Mobility, and CSG Business Projects.

• Pro-forma revenue including full-year performance of The Kinetic Group reached €5.2 billion.

• The Kinetic Group acquisition was finalized in late November 2024 and contributed only one month to the consolidated revenue of €4.0 billion, up 131% from €1.7 billion in 2023 – driven primarily by strong organic growth.

• Pro-forma operational EBITDA for the full year reached €1.4 billion.

• Consolidated operational EBITDA reached €1.1 billion, more than double the €0.4 billion from 2023 (+146%), with the EBITDA margin rising to 26.9%.

• Net profit amounted to €526.1 million, a 202% increase from €174.1 million in 2023, reflecting exceptional profitability.

• Order backlog exceeded €11 billion at the end of 2024.

• Net debt to EBITDA remained low at 1.3x, even after the acquisition.

• Revenue split:

  • Europe (excluding Ukraine): 43.5%

  • Ukraine: 42.8%

  • USA: 6.7% (only one month of The Kinetic Group included)

  • Rest of the world: 7.0%

• NATO markets: 49.6% | Non-NATO (mainly Ukraine): 50.4%. Including Ukraine as NATO-aligned: NATO exposure = 92.4%.

• The defence sector accounted for 83.6% of revenue, with the CSG Defence division contributing 77.6% (€3.3 billion).

• Employees: Over 14,000, working across 37 production sites (mainly in the EU and US), delivering to over 110 countries.

• With the acquisition of The Kinetic Group, CSG became the largest small-calibre ammunition producer in the US and one of the largest globally.

Michal Strnad, Owner and Chairman of the Board of CSG, commented:

“Europe is at a historic juncture, where defence is no longer just an industry – it is the cornerstone of our sovereignty and security. The dramatic increase in defence spending across the continent reflects a shared understanding of this reality. CSG’s record-breaking performance in 2024 demonstrates our readiness to meet this historic challenge. Our growth is not just about numbers – it’s about ensuring that European democracies have the tools to protect freedom in an increasingly unstable world.”

He added:

“With the acquisition of The Kinetic Group, we are now the leading producer of small-calibre ammunition in the United States and among the top globally. My ambition is to position CSG as one of the top two defence companies in Europe – and every strategic step we take moves us closer to that goal.”

Zdeněk Jurák, Member of the Board and CFO of CSG, stated:

“In 2024, CSG consolidated its position as Europe’s fastest-growing large defence company by more than doubling both revenue and EBITDA – primarily through organic growth and targeted strategic investments. Our low debt level, even after the landmark Kinetic acquisition, demonstrates our strong cash flow and disciplined financial management. The backlog exceeding €11 billion further underscores our capacity to secure long-term contracts and our credibility in global defence markets.”

Selected Financial Indicators

Performance Across Key Markets

• Revenue in Ukraine quadrupled to €1.7 billion (from €0.4bn).

• Revenue in EU markets increased by 90% to €1.0 billion.

• In the Czech Republic, revenue nearly doubled to €0.5 billion.

• The acquisition of The Kinetic Group boosted US revenue; pro-forma figures indicate a potential €1.3 billion annual contribution.

• One-month consolidated contribution (December): €0.3 billion, a 16% increase.

Divisional Overview

CSG Defence – Driving Unprecedented Growth

• Accounted for 77.6% of Group revenue (€3.3bn).

• Strong demand for land systems and large-calibre ammunition.

• Expansion of production in Slovakia and Spain in response to NATO demand.

CSG Ammo+ and The Kinetic Group – Transformational Additions

• Combined contribution: €0.5bn (11.3% of revenue, Dec only).

• Pro-forma annual projection: €1.7bn, highlighting growing significance in small-calibre markets, especially the US.

CSG Aerospace and Mobility – Steady Contributors

• Aerospace: €0.3bn (6.8%), driven by radar systems and airspace security.

• Mobility (rail and automotive): €0.1bn (1.8%).

Financial Stability Amid Expansion
Despite the acquisition, net debt remains at 1.3x EBITDA. Gross debt increased to €3bn, but strong cash flow management ensures financial stability.

Order Backlog: A Foundation for Future Growth
The €11+ billion backlog confirms strong forward visibility and growth potential.

Pro-Forma View with The Kinetic Group: A Strategic Leap Forward

• Pro-forma revenue: €5.2bn | EBITDA: €1.4bn

• US share of revenue climbs to 25.9% (€1.3bn).

• Ammo+ now accounts for 30.4% of revenue.

• EBITDA margin sustained at 26.9%, reinforcing CSG’s leadership in high-growth defence markets.

Dual-Use Innovation with Presto Tech Horizons
In 2024, CSG partnered with Presto Ventures to launch Presto Tech Horizons (PTH), an innovation fund targeting up to €0.2bn for cutting-edge dual-use technologies. The fund supports AI, cybersecurity, and aerospace startups. Initial investments include Vidar Systems and Bavovna, with strong potential in defence applications.

Commitment to ESG and Community Impact

• 2024 marked CSG’s first ESG report aligned with CSRD and ESRS, independently audited.

• Rapid response to flooding in Moravia:

  • Tatra Trucks donated 11 vehicles to fire services.

  • Excalibur Army delivered 2 bridge structures.

• Support for Ukraine: drones and generators to Starý Martinov and Zborov.

• Global employee sponsorship programme extended.

• Veterans’ Day contribution to the Czech Military Solidarity Fund.

• Support for leukemia research at the Institute of Hematology and Blood Transfusion.

• Ongoing individual aid, including rare disease support.

• In March 2025, CSG established the CSG Foundation, reinforcing its long-term commitment to social responsibility.

About CSG
Czechoslovak Group (CSG) is a global industrial and technology group owned by Czech entrepreneur Michal Strnad. CSG delivers strategic products and technologies that enhance global security and stability. Its key business areas include defence, aerospace, automotive, and mobility. With manufacturing sites in the Czech Republic, Slovakia, Spain, Italy, India, the UK, and the USA, CSG exports to over 110 countries worldwide. Its portfolio includes Tatra Trucks, MSM Group, The Kinetic Group, and Eldis. CSG employs over 14,000 people and achieved consolidated revenues of €4.0 billion in 2024.

Source: CSG

Edited: Katerina Urbanova
Photo credit: CSG

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