CSG to Supply Morana Artillery Systems to the Latvian Army
The industrial and technology group CSG will participate in a modernization project for the Latvian army focusing on artillery systems. Contractual documentation was signed on September 30, 2026, for a total value estimated at several hundred million euros.
Morana Artillery Systems at the Heart of the Project
The project provides for the supply of Morana artillery systems and multiple rocket launchers to the Latvian army. The project manager is Tatra Defence Systems (TDS), a member of the CSG group.
The Morana is a self-propelled howitzer, a joint product of the Czech and Slovak defense industries, developed by Excalibur Army, a company within CSG, in cooperation with Slovak partners. It is a 155 mm NATO-standard artillery system mounted on a Tatra Force 8×8 chassis. The 155 mm weapon system is manufactured by ZŤS Spéciál.
The Latvian government has already decided to acquire Morana systems for its armed forces. According to the Latvian Ministry of Defense, the selection process took into account, in particular, operational capabilities, costs, delivery schedules, and opportunities for participation by the local defense industry.
Industrial Cooperation Between Three European Countries
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The project is based on cooperation between the defense industries of the Czech Republic, Slovakia, and Latvia. Part of the equipment will be manufactured in the Czech Republic and Slovakia, while other elements will involve manufacturing and final assembly directly in Latvia, with the support of Czech and Slovak companies.
The project is designed as a long-term industrial partnership, including progressive production localization in Latvia as well as maintenance and support of equipment throughout their life cycle. The Slovak industry will participate notably in the supply of the 155 mm weapon system, the production of superstructures, and the fire control system.
Financing Envisaged Through the European SAFE Instrument
Tatra Defence Systems, the project manager, has a framework agreement with the Slovak Ministry of Defense for the supply of Tatra Force military vehicles. The Czech Republic is furthermore in discussions with the Slovak Ministry of Defense with a view to joining this framework agreement.
Project financing through the European Security Action for Europe (SAFE) instrument is being considered. This instrument supports the investments of European Union member states in defense capabilities and joint European purchases of military equipment.
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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.
