Overview

• CEO Jean‑Paul Alary says the board has instructed management to prepare for a listing, with a go/no‑go decision expected in the coming months.
• Alary confirmed discussions with Berlin on a potential state blocking minority intended to preserve German ownership representation within KNDS.
• Management outlined roughly €1 billion in industrial investments to expand German sites in Kassel, Munich‑Allach and Görlitz, targeting a fourfold increase in vehicle output by 2028 versus 2023.
• KNDS plans to remain a pure land‑systems company, ruling out strategic stakes by Rheinmetall, Airbus and Thales while signaling openness to private‑equity investors.
• A new supervisory board chair is set to be appointed in the coming weeks, and leadership says an IPO could open the door to European reference shareholders and support acquisitions, with Italy cited as a potential arena.