European defence group KNDS plans dual listing in 2026

BERLIN, ‌Dec 17 (Reuters) - Franco-German defence group KNDS plans to ‍launch an ‌initial public offering (IPO) in Paris and Frankfurt next year, ⁠subject to market conditions, ‌it said on Wednesday.

The long-expected IPO will support KNDS’s long-term growth strategy, broadening its access to capital markets and enabling ⁠continued investment in industrial capacity, technology and innovation, it said in ​a statement.

Last year, KNDS had sales of ‌3.8 billion euros ($4.45 billion), ⁠up from 3.3 billion euros in 2023. Its order intake, which was 11.2 billion euros in 2024, ​remained strong during 2025, it said.

European defence firms have been boosted by a surge in military spending since Russia's full-scale invasion of Ukraine in 2022, as ​governments ‍have moved to bolster ​their own security while supplying Kyiv with weapons and ammunition.

Formed in 2015 with the merger of Germany's Krauss-Maffei Wegmann (KMW) - the maker of Leopard tanks - and French state-owned weapons maker Nexter, KMW's previous private owners and the ⁠French government are joint shareholders in the company.

KNDS CEO Jean-Paul Alary suggested in ​September that the German government might take a stake in the company.

KNDS said Christian Schulz, former CFO of RENK Group, will join the ‌board of directors from January, bringing with him experience in IPOs.

($1 = 0.8533 euros)

(Writing by Madeline ChambersEditing by Ludwig Burger)