Franco-German tank manufacturer KNDS has officially launched its stock market listing plans, following extensive discussions regarding the balance of power within one of Europe’s largest defence firms. The publication of its intention to float marks the formal beginning of KNDS’s initial public offering, with its shares anticipated to commence trading in the first half of July. KNDS, formed from the 2015 merger of France’s Nexter and Germany’s Krauss-Maffei Wegmann, produces “Leopard 2” and “Leclerc” battle tanks, self-propelled artillery, and operates an ammunition division, employing approximately 11,000 staff.
The Amsterdam-headquartered group reported a 16% rise in sales to €4.4 billion ($5.0 billion) in 2025, with expectations for around 30% growth in 2026. Mid-term, sales are projected to reach €11 billion to €12 billion. Operating profit hit €661 million in 2025, yielding a 15% margin. While the margin is expected to moderate to around 12% in 2026, excluding IPO costs, KNDS targets 14% to 15% mid-term. The company also holds a record order backlog of €33.1 billion as of December 31, 2025.
KNDS is targeting a dual listing on the Paris and Frankfurt stock exchanges, involving the sale of existing share capital from current shareholders. France and the KMW family owners, each currently holding 50%, are jointly selling about 20% of the company. This will reduce France’s stake to 40%. Germany has agreed to acquire the remaining 40% from the KMW families through state-lender KfW, aiming to establish a balanced ownership structure with Paris. Sources indicate the IPO is expected to value KNDS at approximately €15 billion. Post-IPO, the board will expand, and key strategic decisions will require affirmative votes from designated French and German directors.
