KNDS, the Franco-German manufacturer behind the Leopard 2 main battle tank and Caesar wheeled howitzer, is targeting a stock-market debut in 2026 to support its growth initiatives.
The company’s board has resolved to continue preparations for an initial public offering next year, contingent on market conditions, KNDS stated Wednesday. The listing is intended to strengthen long-term development by broadening access to capital and enabling investments in industrial capabilities, technology, and innovation, according to the Amsterdam-based firm.
European defense stocks have seen substantial gains since Russia’s invasion of Ukraine in 2022. The Stoxx Europe Targeted Defense index has quadrupled over the past three years, benefiting KNDS’s publicly traded peers such as Rheinmetall, where a higher market valuation has facilitated debt financing, acquisitions, and employee incentive programs.
“With this IPO, KNDS aims to establish a more agile and responsive structure to continue investing in technology, production capacity, and talent,” said Chief Executive Officer Jean-Paul Alary. “This initiative marks a new phase in KNDS’s evolution as a distinctive European champion and a global leader in land defense.”
KNDS also announced the appointment of Christian Schulz, former CFO of tank-transmission maker Renk, to its board starting in early 2026, succeeding Werner Frank. The company noted that Schulz’s experience in leading Renk’s stock-market listing in February 2024 and restructuring its finances will be highly valuable.
Formed in 2015 through the merger of France’s Nexter Systems and Germany’s Krauss-Maffei Wegmann, KNDS remains equally owned by its French and German partners. Both national divisions continue to operate separately, producing and marketing their own product lines.
The company reported that revenue in 2024 rose 17% to €3.8 billion, compared with a 50% increase in defense sales reported by Rheinmetall over the same period.
In terms of orders, the former Nexter unit—which produces the Caesar howitzer and Griffon six-wheeled armored personnel carrier—lags behind the former Krauss-Maffei Wegmann segment, which manufactures the Leopard 2 tank, PzH 2000 howitzer, and Boxer eight-wheeled APC. KNDS France’s order book grew to €8.6 billion at the end of 2024 from €5 billion in 2022, while KNDS Deutschland’s backlog expanded to €14.9 billion from €6 billion, according to annual filings with Germany’s lobby register.
KNDS intends to list its shares on both Frankfurt and Paris exchanges, Europe’s two largest stock markets by market capitalization.
“I’m pleased the board has agreed, following extensive work, to prepare for an IPO,” said Chairman Tom Enders. “The timing is right, and the company is ready.”
