CSG: Canada Orders Up to 4.2 Million Speer Rounds Over Three Years
CSG announced on November 12, 2026 that the Department of National Defence of Canada (DND) has awarded a contract to Speer Ammunition. This ammunition brand is part of The Kinetic Group, an entity of the defence group listed on Euronext Amsterdam.
A 135-Grain Gold Dot G2 Cartridge Selected by the DND
The contract covers the supply of 9 mm Luger JHP (jacketed hollow point) ammunition to the Canadian Department of National Defence. The selected cartridge is the Speer Gold Dot G2, in 9 mm Luger caliber with a 135-grain load, which the manufacturer intends for personal defence and duty use.
According to the press release, the bullet combines a core-bonded jacket and, instead of a large hollow-point cavity, a shallow cavity filled with an elastomer. On impact, this material is forced into internal fissures to initiate expansion of the projectile.
Up to Three Years and 4.2 Million Cartridges
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The agreement provides for the supply of the DND for a period of up to three years and a volume of 4.2 million cartridges.
Speer Highlights a Long-Standing Relationship with Canada's Defence Forces
David Kline, Speer's Director of Government Contract Engineering, emphasized the length of the relationship: “We have a long history with the Canadian DND, and we are extremely pleased with this new contract award.”
He added that this contract “reinforces the trust” that international law enforcement agencies place in the company's products.
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Context
Period
Period: 9M 2026
Key reported figures
Revenue: 4 761 millions d'euros
Quarterly revenue: 4 761 millions d'euros
Revenue growth: 6,1 %
EBITDA: 1 221 millions d'euros
EBITDA margin: 25,6 %
Net income: 721 millions d'euros
Free cash flow: -777 millions d'euros
4 320 millions d'euros
Guidance from the release
revised guidance to 21% margin from 24-25% and net working capital below 35% from below 20%
Risks mentioned
Accelerated sale of standard-range ammunition at lower market prices impacting margins
Longer lead times on extended-range ammunition and Land Systems causing revenue timing shifts into 2027
Working capital pressure from pre-stocking of critical components, with 42% of LTM revenue vs previously guided below 20%
Opportunities identified
Vertical integration in extended-range ammunition production targeting 100% in-house production by end of 2027
Land Systems business growth with 57% of backlog and production capacity on track for 1.1 million rounds by end of 2027
Geographic diversification with emerging presence in US (19% of revenue) and Southeast Asia through major contracts
Outlook / guidance
Expected revenue: 7 500 millions d'euros
Management commentary: CSG reaffirms its full year Revenue guidance of between €7.4 to €7.6bn
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