CSG Completes Transfer of 155 mm Propellant Technology to Polish Mesko
CSG has completed the technology and know-how transfer for the production of propellants to Mesko S.A., a subsidiary of the Polish defense group PGZ. This move is part of the December 2023 agreement between the Armament Agency and the PGZ-Amunicja consortium for the supply of large quantities of 155 mm artillery ammunition.
The transfer includes the provision by CSG of technical documentation, support in setting up a new production line, and assistance in manufacturing the initial trial batches. The propellants produced by Mesko are intended for the production of modular propellant charges for 155 mm artillery ammunition. This project aims to develop a complete and independent production capacity within the local industry for artillery munitions.
Successful Tests and Commencement of Serial Production
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The propellants manufactured by Mesko initially underwent laboratory tests, followed by proof firing tests conducted by the Military Institute of Armament Technology. These were carried out on a firing range using a KRAB self-propelled howitzer, confirming that the propellant parameters meet the defined requirements. Following this success, serial production of the propellants can begin at Mesko's factory in Pionki.
Industrial Cooperation within a Regional Strategy
Wojciech Grzonka, General Manager of CSG Polska and Vice President of Commercial at CSG, stated: 'We view the technology transfer and industrial cooperation as the foundation of our partnership with the Polish defense industry, and we are ready to transfer other technologies to Polish companies.' CSG thus continues its strategy of vertical integration aimed at building a regional partner ecosystem and strengthening independent supply chains, particularly on the eastern flank of NATO and the European Union.
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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.
