KNDS has started the process for a dual listing of its ordinary shares in Paris and Frankfurt, following a board decision in December 2025 to continue preparations for an initial public offering in 2026 subject to market conditions. The company said it is seeking admission on Euronext Paris and on the regulated market of the Frankfurt Stock Exchange, while reports said about 20% of the share capital is planned to be sold to the market.
Under the shareholder framework disclosed on June 22, France and Germany are intended to hold 40% each after Germany acquires a stake from the Wegmann family holding, with the German government’s entry still subject to approval by the Bundestag budget committee. Reuters and other media reports said 10% of the family-held shares and 10% of the French-held shares are expected to be sold in the offering, implying a valuation of about €15 billion to €18 billion. KNDS said the governance arrangement recognizes the security interests of the state shareholders while preserving management autonomy.
The company reported 2025 revenue of €4.4 billion, up 15.9% year on year, EBIT of €661 million versus €500 million in 2024, order intake of €13.5 billion, and a year-end backlog of €33.1 billion compared with €23.5 billion at the end of 2024. It said revenue growth reflected higher procurement volumes and increased production across its segments, including land systems in Germany and France and ammunition.
KNDS also said it had about 11,000 employees at the end of 2025 and plans further hiring and investment in manufacturing, assembly and research and development.