CSG shares hit a record low of €10.35 and fall 19%

2026 margin cut to around 21% after a sharp decline in the third quarter

CSG is lowering its 2026 adjusted operating EBIT margin target to around 21%, down from the 24–25% previously targeted. The stock fell 19.05% to €10.88 intraday and touched €10.35, a historic low that erases the previous record of €12.20 set on June 26.

The third quarter shows the turning point: sales fell 11.7% to €1,510 million, and adjusted operating EBIT dropped 20.9% to €317 million.

Over nine months, the adjusted operating EBIT margin declined 1.4 points to 23.1%, while revenue rose 6.1% to €4,761 million.

The group is maintaining its annual revenue target of between €7.4 billion and €7.6 billion, which includes approximately €300 million of revenue shifted from the third to the fourth quarter. In the same publication, the working capital requirement target has moved from under 20% to under 35%.

Shares below all moving averages, RSI at 26

The session extends a steep decline: the stock has lost nearly 23% over the week and 38% over three months.

The price is 22.5% below its 20-day moving average (MM20) and 42.7% below its 200-day moving average (MM200), after breaking through the €12.35 support, which has now become resistance. The RSI at 26 signals an oversold configuration, with no predictive value.

Among the risks cited when the nine-month 2026 results were published on November 11, the group points to the accelerated sale of standard ammunition at lower prices and longer lead times for long-range ammunition, which shift revenue into 2027. It also highlights the vertical integration of its long-range ammunition production, targeted at 100% in-house by the end of 2027.

According to the consensus of recorded analysts, the stock trades at approximately 9.9 times current-year earnings, before the third-quarter revenue publication, which was already released this morning.