KNDS, the Franco-German defence manufacturer known for products including the Leopard 2 tank and the Caesar howitzer, said Tuesday that it generated 4.4 billion euros in revenue for 2025. The company also reported a significant expansion of its order backlog to 33.1 billion euros, compared with 23.5 billion euros at the end of 2024.
The firm reiterated that it is continuing preparations for an initial public offering that would feature a dual listing in Frankfurt and Paris later this year. Management described the IPO as part of the companys ongoing corporate activity to position KNDS in public markets.
KNDS chief Jean-Paul Alary framed the companys role in terms of systems integration, saying the group occupies a central position in designing and orchestrating system-of-systems land defence capabilities. The company said its commercial approach - pairing weapons platforms with ammunition - has been a factor in winning contracts. This bundling strategy, management said, aligns with customer preferences for integrated offerings from a single supplier instead of separate purchases of vehicles and munitions.
The reported numbers and the companys comments reflect broader demand dynamics KNDS identified in its markets: an increase in European demand for heavier weapons as governments raise defence budgets and NATO members seek to rebuild stocks. KNDS attributed the increase in its order book in part to those shifting procurement priorities.
Key developments and metrics
- 2025 revenue: 4.4 billion euros.
- Order backlog: 33.1 billion euros, up from 23.5 billion euros at end-2024.
- Planned initial public offering with a proposed dual listing in Frankfurt and Paris later this year.
Context provided by company
KNDS emphasized its role as an integrator of land defence systems and pointed to its commercial practice of combining platforms with associated ammunition as a contributor to recent contract wins. The company linked its order growth to rising defence spending in Europe and to efforts by NATO member states to replenish military stocks.
Summary
KNDS reported higher revenue and a much-expanded order backlog for 2025 while moving forward with plans for a dual-listed IPO in Frankfurt and Paris later this year. Management highlighted integrated platform-and-ammunition offerings as a competitive advantage and tied order growth to increased European defence spending and NATO rearmament efforts.