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Ammunition Producer CSG Listed Shares in Amsterdam

The world's largest small-calibre ammunition manufacturer went public in early 2026 amid a period of global growth.

Updated on Sept. 29, 2026 in Business Strategy

Isometric editorial illustration of a single brass ammunition casing, symbolizing the industrial growth of a major defense manufacturer.
Ammunition manufacturer CSG completed its initial public offering on the Amsterdam Stock Exchange early in 2026, following a year of 35 percent profit growth. AI Illustration. Upload story photo >

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CSG, the world's largest producer of small-calibre ammunition, listed 15 per cent of its shares on the Amsterdam Stock Exchange in early 2026. This public offering followed a year where the company saw its net profit increase by over 35 per cent.

Why it matters

The company has leveraged European rearmament and shifting geopolitical conditions to become a critical ammunition supplier for Ukraine and NATO allies. This strategic positioning has fueled its aggressive expansion across the defense sector.

CSG operates 40 production plants across nine countries and employs 14,000 people. Its 2026 stock offering represented 15 per cent of the company equity.

The players

CSG

This is the world's largest manufacturer of small-calibre ammunition and a major defense supplier.

Jaroslav Strnad

He is the founder of the original Excalibur Army, the corporate predecessor to the modern ammunition conglomerate.

Kash Patel

He is an American attorney and former government official who reportedly served as a consultant for the company.

Patria Finance

This institution is an investment firm that has issued growth projections for the defense sector.

Kinetic Group

This was a major corporate acquisition completed by CSG in 2024 to bolster its manufacturing footprint.

The details

The firm, which acquired the Kinetic Group in 2024, is currently building a new manufacturing plant in Iowa to support its operations. It also established a dedicated United States subsidiary in Michigan in July 2026.

Timeline

  1. 1990s: Excalibur Army was founded by Jaroslav Strnad.

  2. 2024: CSG completed the acquisition of Kinetic Group.

  3. 2025: CSG net profit increased by over 35 per cent.

  4. Early 2026: CSG listed on the Amsterdam Stock Exchange.

  5. July 2026: CSG established a US subsidiary in Michigan.

Market Landscape

The company's expansion mirrors the broader industry shift toward increased ammunition production in response to the NATO industrial defense capacity replenishment requirements. This growth positions CSG as a central pillar in the Western defense supply chain.

The company's expansion into Iowa and Michigan may lead to increased local job opportunities in the manufacturing sector. These operational shifts highlight the company's commitment to strengthening its supply chain presence in the United States.

The takeaway

The firm's successful public listing and rapid expansion demonstrate the high market demand for munitions in the current geopolitical climate. Investors and industry analysts continue to watch the defense sector for sustained growth through 2030.

Further reading

Learn more about the latest trends in Business Strategy.

Source note: This article includes information reported by Balkan Insight.

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