Czechoslovak Group Company Profile, Products, Employees and Revenue
Czechoslovak Group, known as CSG, is the Prague-based defense holding that was assembled in 2014 and listed on Euronext Amsterdam in January 2026 at a market value of roughly 25 billion euros, reported as the largest defense IPO on record. Built around ammunition, howitzers and Tatra-based vehicles, it grew from a regional Czech supplier into one of Europe’s fastest-growing arms groups in under a decade.
Czechoslovak Group at a glance
| Item | Detail |
|---|---|
| Full name | Czechoslovak Group a.s. (CSG) |
| Headquarters | Prague, Czech Republic |
| Formed | 2014, first as Excalibur Group, renamed CSG in 2016 |
| Owner and chairman | Michal Strnad, who took over from his father Jaroslav Strnad in 2018 |
| Listing | Euronext Amsterdam, since 23 January 2026 |
| IPO | About €3.8 billion raised at €25 per share, reported |
| Employees | More than 14,000, reported |
| Main fields | Ammunition, artillery, military vehicles, small arms and munitions components |
Who owns Czechoslovak Group
CSG is controlled by Czech entrepreneur Michal Strnad, who also serves as chairman and chief executive. His father, Jaroslav Strnad, began assembling the business from the early 2010s, including the takeover of truck maker Tatra in 2013, and folded the companies he controlled into a single holding in 2014. Michal took over ownership in 2018, and the group then expanded rapidly through acquisitions in the Czech Republic, Slovakia and further afield.
The IPO sold a mix of new and existing shares, yet the Strnad family is reported to have kept a large majority stake, so control has not changed. That matters for how CSG behaves, it can move faster on acquisitions and capacity than a widely held competitor such as Rheinmetall, but it also carries the concentration risk of a founder-led structure.
What does Czechoslovak Group make
| Line | Examples | Notes |
|---|---|---|
| Ammunition | Artillery shells, medium- and small-caliber rounds | Through MSM Group and related plants, a main growth driver |
| Artillery | DITA and Morana 155 mm wheeled howitzers | Mounted on Tatra 8×8 chassis |
| Vehicles | Tatra military trucks and Tatra Defence Vehicle products | Czech trucks known for off-road performance |
| Armor support | Refurbished tanks and infantry vehicles | Overhauled for export and donation programs |
| Small arms and munitions parts | Weapons, fuzes, propellants and components | Supply chain support for the ammunition business |
The pattern is vertical integration. CSG wants to own the chain from explosive filling to the truck that carries the gun, which gives it control over delivery times when the whole industry is short of capacity. As we reported, the group is also supplying Morana howitzers to Latvia in a deal worth hundreds of millions of euros, a win that shows how its artillery and Tatra vehicle businesses reinforce each other.
CSG ammunition and the Ukraine war
Russia’s invasion of Ukraine turned artillery shells into a strategic commodity, and CSG was positioned to benefit. Its Slovak and Czech plants produce 155 mm and other calibers, and Czech-led efforts to buy ammunition for Ukraine from suppliers around the world have leaned on Central European producers. Western production remains below wartime demand, a gap we examined in our look at the 155 mm shell production race.
The group has also refurbished Soviet-era tanks and fighting vehicles for Ukraine and other customers, and its Tatra trucks have been used for logistics and as chassis for howitzers. Some figures about the scale of CSG’s shell output come from the company and government statements rather than independent audit, and readers should treat volume claims as company-reported.
CSG IPO, revenue and outlook
The Amsterdam listing raised about 3.8 billion euros at 25 euros per share, giving the group a market value near 25 billion euros. The offering combined new shares for growth capital with existing shares sold by the owner. CSG reported revenue of about 4.5 billion euros for the first nine months of 2025, up more than 80 percent from a year earlier, although a chunk of that growth came from acquisitions.
The expansion has continued since. In March 2026 CSG reportedly took a 49 percent stake in Hungarian defense company 4iG Space and Defence Technologies, tied to the production of Tatra vehicles for the Hungarian army at the Raba plant. Elsewhere it has been building ammunition capacity and looking at the US market, in line with peers such as Colt CZ Group, the Czech small-arms company that is a separate business.
Risks are straightforward. Ammunition demand can fall if the war ends or budgets pivot, growth by acquisition strains integration, and governance scrutiny rises for a fast-growing founder-controlled group. Yet the order backlog and European rearmament programs give it a long runway.
Czechoslovak Group frequently asked questions
What is Czechoslovak Group?
A Prague-based defense and industrial holding that makes ammunition, artillery, military vehicles and related components, listed on Euronext Amsterdam since January 2026.
Who owns CSG?
Czech businessman Michal Strnad, who is chairman and chief executive, is reported to retain a large majority stake after the IPO.
How big is CSG?
It reported about 4.5 billion euros of revenue in the first nine months of 2025 and employs more than 14,000 people, according to reports.
Is CSG the same as Colt CZ Group?
No. Colt CZ Group is a separate Czech small-arms company with its own shareholders.
What does CSG sell to Ukraine?
Ammunition, refurbished armored vehicles and logistics equipment have been reported, though exact volumes are company-stated.
- Czechoslovak Group investor and company materials
- Euronext listing announcements and press coverage of the CSG IPO
- Wikipedia – Czechoslovak Group (accessed October 2026)
- Defence & Tech reporting
