CSG: AviaNera and Ukrainian Armor Sign Strategic Partnership on Missile and Drone Engines
AviaNera Technologies, a company within the CSG industrial and technological group, and Ukrainian Armor LLC signed a strategic partnership agreement on June 15 in Paris to enhance their collaboration in the development and supply of engines for Ukrainian missile systems and unmanned platforms. The agreement was signed during the first day of Eurosatory 2026, one of the leading international defense and security exhibitions.
The partnership focuses on the supply of engines in various power classes for Ukrainian missile platforms and unmanned systems. The agreement also includes the future creation of joint ventures, the expansion of production capabilities, and the localization of relevant technologies in Ukraine. This cooperation continues an existing industrial relationship between CSG and Ukrainian Armor, following a project last year that involved licensed production of Western caliber ammunition with Ukrainian Armor.
Production to be Localized in Ukraine
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AviaNera Technologies explains that propulsion units often represent a bottleneck in the production of unmanned systems and guided missiles. According to Pavel Čechal, CEO of AviaNera Technologies, the company's strategy is to develop its production and localize it in key markets, including Ukraine. Vladyslav Belbas, CEO of Ukrainian Armor LLC, describes this partnership as an important step to strengthen Ukrainian capabilities in missiles and unmanned systems. He states that the joint development of industrial capabilities and the future creation of joint ventures should allow the integration of modern European technologies into Ukrainian platforms and the development of new generations of precision weapon systems.
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SectorAéronautique et Défense›Défense
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Context
Period
Period: S1 2026
Key reported figures
Revenue: 3 251 millions d'euros
Quarterly revenue: 3 251 millions d'euros
Revenue growth: 17,2 %
EBITDA: 863 millions d'euros
EBITDA margin: 26,5 %
Net income: 571 millions d'euros
Free cash flow: -742 millions d'euros
2 914 millions d'euros
Guidance from the release
CSG continues to expect revenue in the range of €7.4 to €7.6bn, Operating EBIT margin of approximately 24–25%
Risks mentioned
Flux de trésorerie opérationnel avant impôt négatif de 411 M€ lié au pré-stockage de composants
Ratio dette nette/EBITDA à 1,6x, en hausse par rapport à l'objectif de fin d'année de 1,3x
Besoin en fonds de roulement net représentant 40,1 % du chiffre d'affaires LTM, en forte hausse
Opportunities identified
Carnet de commandes et pipeline total en hausse à 46 milliards d'euros contre 44 milliards en mars 2026
Lancement de CSG Land Systems North America pour développer la présence sur le plus grand marché de défense mondial
Création de la coentreprise Firecrest Aerospace pour la propulsion de drones et systèmes sans pilote
Outlook / guidance
Expected revenue: 7 500 millions d'euros
Management commentary: CSG continues to expect revenue in the range of €7.4 to €7.6bn, Operating EBIT margin of approximately 24–25%, capex intensity of approximately 8.5% of revenue, and net working capital below 20% of revenue.
The information presented in this article is provided for informational purposes only and does not constitute an investment recommendation, an incentive to buy or sell a financial asset, or investment advice. Readers are invited to conduct their own research before making any decision.
Investments in the stock market involve risks, including the risk of capital loss. Past performance of an asset or market is no guarantee of future results. Any investment decision should be made taking into account your personal financial situation, objectives and risk tolerance.
