KNDS Announces Initial Pubic Offering to Sell 20% of Existing Share Capital

KNDS N.V., a pan-European land defense company, today announced its intention to proceed with an initial public offering ( “IPO”) and to apply for listing and trading of its shares on Euronext Paris and the Frankfurt Stock Exchanges.

The company had  €4.4 billion of revenue in FY 2025 with an order backlog of €33.1 billion.

The IPO is expected to consist of the sale of up to approximately 20% of KNDS’ existing share capital by its current shareholders, GIAT Industries S.A.S. (“GIAT”), a holding company owned by the French State, and Wegmann & Co GmbH (“Wegmann”), a private German holding company.

The IPO is expected to consist of private placements to institutional investors in various jurisdictions. No public offering is expected to take place in any jurisdiction.

In addition, the Federal Republic of Germany has reached an in principle agreement with Wegmann to acquire 40% of the ordinary share capital in KNDS from Wegmann (the “KfW Investment”), subject to the IPO.

KNDS welcomes the prospect of the KfW Investment which it views as a strong expression of support and an endorsement of its strategy and ambition to be a key architect of future European land systems.

Jean-Paul Alary, Chief Executive Officer: “As Europe’s leading pure-play land defense champion, rooted in France and Germany, KNDS combines European scale with strong national industrial

foundations. We are entering our next chapter from a position of strength, with high demand visibility, a record backlog and an industrial platform that we continue to expand across Europe. The planned IPO is a natural next step for KNDS.”

It will increase our strategic agility and support continued investment in capacity, innovation and next-generation technologies. We also welcome the German government’s intention to become an anchor shareholder alongside the French State. Germany has been a trusted customer and partner for decades.”