Czech defence company Tatra Defence Vehicle (TDV), part of the Czechoslovak Group (CSG), has reported strong financial growth in the first three quarters of 2025 while significantly expanding its defence portfolio. The group posted revenues of €4.49 billion, an 82.4% increase year-on-year, with adjusted operating EBIT of €1.10 billion and adjusted EBITDA of €1.22 billion.
CSG CFO Zdeněk Jurák stated, “Our 2025 performance reflects sustained market demand and strategic expansion. In Q3, we completed multiple acquisitions in Europe, rapidly entered the UAS sector, and strengthened our presence in key global markets.”
The Defence Systems segment generated €3.46 billion in revenues and €1.03 billion in adjusted EBITDA, while the Ammo+ division reported €1.02 billion in revenues and €168 million in adjusted EBITDA. Other activities contributed €79 million in revenues and €22 million in adjusted EBITDA.
Despite active acquisition activity, CSG’s financial position remained stable, with a net debt to LTM adjusted EBITDA ratio of 2.1× as of September 30, 2025.
Between January and June 2025, CSG expanded its European operations by acquiring a nitrocellulose plant in Bomlitz, Germany, and establishing a joint venture with Greek state-owned HDS to boost ammunition production capacity. The group also completed integration of The Kinetic Group in the U.S. small-calibre ammunition market and acquired the remaining minority stake in Fiocchi Group.
In Q3, CSG acquired a majority stake in Czech medium-calibre ammunition producer ZVI Vsetín. In November, it signed an agreement to purchase Hydraulics s.r.o., enhancing its vertical integration in land defence systems.
CSG also entered the unmanned aerial systems sector by establishing AviaNera Technologies a.s., which completed its first acquisition in November by taking a majority stake in Serbian UAV propulsion manufacturer MUST Solutions.
