Colt CZ Group SE increased adjusted EBITDA by 72.1% to CZK 2.1 billion in the first quarter of 2026

Prague (May 21, 2026) ― Colt CZ Group SE (“Colt CZ”, the “Group” or the “Company”) today announced its consolidated unaudited financial results for the first three months of 2026 ending March 31.

Q1 2026 Financial Highlights:

▶     The Group’s revenues for the first three months of 2026 reached CZK 7.3 billion, representing a year-on-year increase of 32.7%. This result is a combination of organic growth and the consolidation of the new energetics segment following the acquisition of Synthesia Nitrocellulose and Synthesia Power.

▶     Adjusted EBITDA[1] net of extraordinary items reached CZK 2.1 billion, which is 72.1% higher than in the same period in 2025. The increase is related to strong profitability primarily in the ammunition and energetics segments.

▶      Adjusted net profit¹ after tax for Q1 2026 reached CZK 950.6 million, which is 73.9% higher than in the same period in 2025.

“The first quarter of 2026 confirmed the strength of our diversified business model and the relevance of the Group’s strategic direction. We achieved the best first-quarter results in our history, both in terms of revenues and profitability. In addition to the strong performance of the traditional firearms and ammunition segments, the new energetics segment also made a significant contribution to the results, becoming one of the key pillars of our future growth. For the remainder of the year, the successful completion of strategic tenders, continued emphasis on operational efficiency, and further strengthening of our position in both European and non-European markets will be key,” said Radek Musil, CEO of Colt CZ Group.

“The record results also come shortly after the successful completion of the dual listing on the Euronext Amsterdam, which strengthened our position among internationally publicly traded companies,” added Radek Musil.

Revenues and Geographic Breakdown

Compared with the results as of March 31, 2025, the Group’s revenues for the first three months of 2026 increased by 32.7% to CZK 7.3 billion. This result is a combination of organic growth in the original segments and consolidation of revenues from the energetics segment following the acquisition of Synthesia Nitrocellulose and Synthesia Power. The increase in sales was recorded especially with the military and law enforcement customers. The continued strengthening of the Czech koruna against the USD and EUR also affected the revenues negatively.

Revenues generated in the Czech Republic in the first three months of 2026 increased by 96.7% to CZK 1.0 billion, mainly due to the consolidation of the new energetics segment from January 1, 2026. Revenues generated in the United States declined year-on-year by 31.2% to CZK 1.7 billion. The development in the USA was affected by several factors, primarily seasonality of orders in the military and law enforcement segment, a slight recovery of the commercial market, as well as a decline in revenues in the ammunition segment due to introduction of US import tariffs and the subsequent shift of some deliveries to European markets. Revenues generated in Canada for the first three months of 2026 amounted to CZK 906.7 million, representing a year-on-year increase of 349.2% thanks to a newly realized rifle supply contract for Canadian Army. Revenues generated in Europe (excluding the Czech Republic) increased year-on-year by 76.6% to CZK 3.2 billion in the first quarter of 2026 thanks to the Company’s strong performance on the European market and the consolidation of the new energetics segment from January 1, 2026.

Revenues generated in Africa increased in the first quarter of 2026 by 11.3% to CZK 71.7 million due to new orders from both the firearms and ammunition segments. Revenues in Asia for the first three months of 2026 slightly declined by 11.7% to CZK 270.9 million due to seasonality of orders. Revenues for the Latin America region in the first three months of 2026 amounted to CZK 122.8 million, which is 18.0% lower year-on-year. Revenues from sales to other parts of the world reached CZK 19.6 million in the first quarter of 2026, down by 15.7% year-on-year.

Breakdown of Group’s revenues for the reported periods by regions:

(in CZK thousand)	Q1 2026	Q1 2025	Change in %	Share on total revenues in %
Czech Republic	1,046,611	532,146	96.7%	14.3%
USA	1,656,124	2,408,856	(31.2%)	22.6%
Canada	906,722	201,870	349.2%	12.4%
Europe (excl. the Czech Republic)	3,222,960	1,825,055	76.6%	44.0%
Africa	71,733	64,440	11.3%	1.0%
Asia	270,911	306,908	(11.7%)	3.7%
LATAM	122,811	149,751	(18.0%)	1.7%
Other	19,557	23,195	(15.7%)	0.3%
Total	7,317,429	5,512,221	32.7%	100.0%

 

Financial Results by Segment

(in CZK thousand)	Firearms	Ammunition	Energetics	Total
Revenues	3,480.8	2,307.2	1,529.4	7,317.4
Adjusted EBITDA	509.2	774.1	802.5	2,085.8
Adjusted EBITDA margin in %	14.6%	33.6%	52.5%	28.5%

 

a.         Firearms segment

The firearms segment includes the design, production, assembly and sale of firearms, tactical accessories and optical mounting solutions for the military and law enforcement, personal defense, hunting, sport shooting, and other commercial use.

In the first three months of 2026, the number of sold firearms declined by 22.0% to 122,787 units, mainly due to seasonal effects in the military and law enforcement segment and changes in the sales mix structure. Despite the overall decline, the number of sold Colt Canada long firearms and CZ handguns in the USA increased. Sales on the US commercial market recorded a slight increase for both key brands – Colt and CZ.

Overview of the firearm units sold by type:

In units	Q1 2026	Q1 2025	Change in %
Handguns	73,825	97,786	(24.5%)
Long firearms	48,962	59,577	(17.8%)
Total firearms	122,787	157,363	(22.0%)

Despite the decline in sold firearm units, revenues from the firearms segment in the first quarter of 2026 amounted to CZK 3.5 billion, representing a year-on-year increase of 23.3%, primarily thanks to a favorable sales mix and new contracts in the military and law enforcement segment. In terms of profitability, the adjusted EBITDA margin in the firearms segment reached 14.6% in the first quarter of 2026.

b.         Ammunition segment

The ammunition segment includes the design, production and sale of small-caliber ammunition, including pistol and rifle ammunition for military and law enforcement, sport shooting and hunting. The production of shotgun shells complements the small-caliber ammunition product portfolio. The ammunition segment also includes the production and sale of grenades, other military material and ammunition manufacturing machinery, including its development.

The ammunition segment includes revenues from the subsidiaries Sellier & Bellot, swissAA, and the relevant part of revenues of Colt CZ Defence Solutions. In the ammunition segment, the Company achieved revenues of CZK 2.3 billion in the first quarter of 2026, representing a year-on-year decrease of 14.2%, primarily due to lower sales within the Czech ammunition initiative and negative foreign exchange developments. Despite the decline in revenues, the ammunition segment maintains strong profitability. The adjusted EBITDA margin amounted to 33.6%, exceeding the Group’s overall adjusted EBITDA margin by almost 5 percentage points.

c.         Energetics Segment

The energetics segment includes the development, production and sale of energetic nitrocellulose used primarily for the production of propellants and propellant charges for ammunition, as well as industrial nitrocellulose, oxycellulose for medical use, and selected chemical products. The segment also includes the production and supply of energy for the industrial area in Semtín and Rybitví.

The energetics segment generated revenues of CZK 1.5 billion in Q1 2026, representing an increase of 25.3% compared to the same period in 2025. As expected, the energetics segment reported strong profitability. Adjusted EBITDA reached CZK 803 million and the adjusted EBITDA margin amounted to 52.5% in the first quarter of 2026.

EBITDA and Adjusted EBITDA[2]

The Group’s EBITDA (including extraordinary items) increased in the first three months of 2026 by 43.8% compared with the same period of 2025 to CZK 1.7 billion, thanks to the profitable ammunition segment and the consolidation of the energetics segment from January 1, 2026. The Group’s growing profitability was reflected in the EBITDA margin, which reached 23.7% in the first quarter of 2026 compared to 21.9% in the same period last year.

Adjusted EBITDA for the first three months of 2026 reached CZK 2.1 billion, representing a year-on-year increase of 72.1%. The most significant extraordinary items were one-off expenses related to commodity hedging of Sellier & Bellot and expenses related to inventory revaluation of Synthesia Nitrocellulose. The adjusted EBITDA margin amounted to 28.5% in the first quarter of 2026 compared to 22.0% in the same period last year.

Depreciation and Impact of Purchase Price Allocation of Recent Acquisitions

Total depreciation and amortization in the first quarter of 2026 reached CZK 849.9 million, representing a year-on-year increase of 120.6%. Of this amount, the impact of purchase price allocation related to the acquisition of a 51% stake in Synthesia Nitrocellulose amounted to CZK 422 million and Sellier & Bellot amounted to CZK 150 million.

Profit (loss) before tax

The Group’s profit before tax increased year-on-year by 32.7% in the first three months of 2026 and reached CZK 917.1 million. Profit before tax in the first quarter of the year was influenced by several factors. Higher operating profitability and a positive result from financial operations had a positive effect. On the other hand, profit before tax was reduced by increased depreciation and amortization influenced by the purchase price allocation of the new acquisition.

Net profit / Adjusted Net profit[3]

Net profit for the first three months of 2026 increased by 37.0% compared with the same period last year and reached CZK 717.9 million, driven by strong profitability and positive financial results.

Adjusted net profit for the first three months of 2026 increased by 73.9% compared with the same period in 2025 and reached CZK 950.6 million.

Adjusted net profit attributable to owners of the parent company excluding non-controlling interests amounted to CZK 669.9 million for the first three months of 2026, representing a year-on-year increase of 22.6%. Net profit attributable to non-controlling interests amounted to CZK 280.7 million for the first three months of 2026.

Investments

The Group’s capital expenditures reached CZK 597.8 million in the first three months of 2026, representing a year-on-year increase of 121.5%. Capital expenditures represented an 8.2% share of total revenues for the reported period, which is slightly above the Group’s full-year guidance and is influenced by the distribution of capital expenditures across individual quarters. Almost 80% of the total CAPEX was directed to investments in the Czech Republic. More than 50% of capital expenditures were invested into the firearms segment, approximately one-third into the energetics segment, and approximately 15% into the ammunition segment.

2026 Guidance confirmed

In the outlook for 2026, Colt CZ Group will continue to pursue significant contracts in the military and law enforcement segment, particularly within NATO and EU member states and in cooperation with the NATO Support and Procurement Agency (NSPA). At the same time, it is strengthening its position in other markets, especially in Asia. Successful tenders, timely execution of contracts, and the pace of recovery of the US commercial market will be key to achieving the outlook, while the Company focuses on mitigating the impact of weaker demand and import tariffs through cost control and the launch of new products to the market. FX rates developments of the USD and EUR may have a mildly negative impact on the Group’s performance.

A significant growth factor in 2026 will also be the new energetics segment. Thanks to its high profitability, the Company expects this segment to account for approximately 16% of the Group’s total revenues and around one-third of adjusted EBITDA.

In view of the above-mentioned facts, the Group confirms its 2026 outlook within the originally communicated range.

In million CZK	FY 2025	FY 2025 proforma including Energetics	FY 2026 Guidance
Colt CZ Group
Revenues	23,399	28,300	30,000 - 33,000
Adjusted EBITDA	4,661	7,100	7,400 – 8,200

The capital expenditures of the Group in 2026 could reach CZK 1.8 – 2 billion, which corresponds to approximately 6% of the expected 2026 revenues, in line with the Company’s medium-term target. Of this amount, EUR 40 million is expected to be allocated to CAPEX in the Energetics segment, aimed at increasing production capacity from 6 thousand to 7 thousand tons.

Proposed Dividend Payment

The Company will propose to the General Meeting a dividend payment of CZK 30 per share from 2025 profit. The proposed profit distribution is subject to approval by the General Meeting, which will be held at the end of the first half of 2026.

Update on Share Buyback Program

In 2025, the Board of Directors approved the allocation of CZK 847 million to a share buyback program (equivalent to 1.15 million shares at the current market price). By the end of 2025, the Company had acquired approximately 265 thousand treasury shares on the market. In the first quarter of 2026, the Company acquired 57 thousand treasury shares on the market; since the launch of the buyback, a total of approximately 517 thousand shares have been repurchased on the market for a total value of CZK 441 million.

Dual Listing in Amsterdam

On April 13, 2026, the Company announced the admission of its ordinary shares to trading on the regulated market of Euronext Amsterdam, operated by Euronext Amsterdam N.V. The dual listing on Euronext Amsterdam complements the existing trading of Colt CZ shares on the Prime Market of the Prague Stock Exchange, where the Company has been listed since June 1, 2020. Trading in Colt CZ shares on Euronext Amsterdam commenced on April 15 at 9:00 a.m. CEST under the ticker symbol “COLT”. The shares are fully fungible between Euronext Amsterdam and the Prague Stock Exchange.

Depending on market conditions, the Company may pursue a capital increase while retaining full flexibility regarding timing, including the possibility to postpone the transaction to a later date. The net proceeds from the planned capital increase may be used for further strategic investments, acquisitions, and development including: i) strategic investments in continued technological modernization and production capacity increases, ii) strengthening innovation capacity and research and development, iii) personnel and organizational strengthening, iv) targeted and disciplined acquisition of manufacturers of products complementary to Colt CZ Group's product portfolio, as well as v) partial reduction of the Company's existing debt.

About Colt CZ Group SE 

Colt CZ Group (Colt CZ) is one of the world's leading vertically integrated manufacturers of firearms, ammunition, and energetic materials, serving military and law enforcement as well as commercial markets. It markets and sells its products mainly under the Colt, CZ (Česká zbrojovka), Colt Canada, Colt Optics, Dan Wesson, Sellier & Bellot, Spuhr, swissAA, and 4M Tactical brands. The Group is also active in the production of energetic nitrocellulose through Synthesia Nitrocellulose.

Colt CZ Group is headquartered in the Czech Republic and employs more than 4,500 people across 13 production facilities in the Czech Republic, the United States, Canada, Sweden, Switzerland, and Hungary. The Group has been listed on the Prague Stock Exchange since 2020 and completed its dual listing on Euronext Amsterdam in April 2026. Its largest shareholder is Česká zbrojovka Partners SE Holding.

 

Contact for media                                                                 Contact for investors

Eva Svobodová                                                                      Klára Šípová

External Relations Director                                                     Investor Relations

Colt CZ Group SE                                                                  Colt CZ Group SE

Phone: +420 735 793 656                                                      Phone: +420 724 255 715           

email: media@coltczgroup.com                                            email: sipova@coltczgroup.com

 

Appendix:

 

Adjusted EBITDA

(in CZK thousand)	Q1 2026	Q1 2025
EBITDA	1,732,657	1,204,830
ESOP	0	16,123
M&A	2,716	3,339
S&B commodity hedging	67,585	(12,627)
Inventory step-up SNC and VSS	282,879	0
Adjusted EBITDA	2,085,837	1,211,665
Adj. EBITDA margin	28.5%	22.0%

 

Adjusted net profit

(in CZK thousand)	Q1 2026	Q1 2025
Profit before tax	917,148	691,402
ESOP	0	16,123
M&A	2,716	3,339
Inventory step-up SNC and VSS	282,879	0
Bank fee - acquisition loan S&B	5,638	6,482
Bond issue related costs	5,921	3,877
Subtotal of adjusted items	297,154	29,821
Taxation effect (Effective tax rate applied)	(263,747)	(174,717)
Adjusted net profit	950,555	546,506