Colt CZ Group SE (Group) reported that revenues for full-year 2025 reached Kč23.4 billion (~$1.07 bn), representing an increase of 4.6 percent year-over-year (y/y), which was said to be in line with the full-year revenue guidance of Kč23.0 billion to Kč24.5 billion.

Although based in the Czech Republic, an EU country, Colt CZ reports in the Czech koruna (Kč, CZK). Conversions to the U.S. dollar ($USD) currency were calculated at an average of 1 CZK to 0.0458 USD for the year.

The Prague-based company said growth in 2025 was driven by ammunition sales across the military (Mil) and law enforcement (LE) markets, as well as the commercial market, in all key regions except the U.S. commercial market. CZ and Colt Canada reportedly recorded their strongest performance in history.

Sales by Region

  • Czech Republic revenues increased 8.8 percent y/y to Kč4.80 billion (~$220 mm) in 2025, reportedly driven by Mil/LE deliveries to the Czech Ministry of Defense, including hand grenades to the Czech Army and support-related deliveries to Ukraine.
  • United States revenues decreased 23.8 percent y/y to Kč6.70 billion (~$309 mm) for the year, reportedly due to softness in the U.S. commercial market, the six-week shutdown of the U.S. federal government in the last quarter of 2025, and lower sales of Colt-branded products.
  • Canada revenues reached Kč1.40 billion (~$65 mm) in 2025, up 22.6 percent y/y, said to be driven by large deliveries to military and law enforcement customers.
  • Europe revenues (excluding the Czech Republic) increased 30.8 percent y/y to Kč8.10 billion (~$371 mm) in 2025, driven by the Ammunition segment’s strong performance.
  • Africa revenues increased 29.1 percent y/y to Kč228.4 million (~$11 mm) in 2025 as a result of new M/LE contracts.
  • Asia revenues increased 40.3 percent y/y to Kč1.32 billion (~$60 mm) in 2025, reported to be driven by ammunition sales.
  • Latin America region sales amounted to Kč663.4 million (~$30 mm) in 2025, up 15.6 percent y/y.
  • Other parts of the world, revenues from sales to reached Kč128.8 million (~$6 mm) in 2025, up 66.2 percent year-over-year.

Sales by Segment


Firearms Segment
Colt CZ reported an 8.7 percent decrease y/y in the number of sold firearms to 578,491 units, which was said to affect both short guns and long guns sales.

Revenues from the Firearms segment reached Kč12.1 billion (~$555 mm) in 2025, down 21.5 percent y/y. Sales of CZ-branded products increased on an annual basis, partially offsetting the decline in Colt-branded products. The company said sales of Colt-branded products declined on an annual basis due to the U.S. commercial market weakness and the impact of the six-week shutdown of the U.S. federal government in the last quarter of 2025.

“In 2025, Colt CZ Group further strengthened its financial performance and confirmed its ability to deliver stable growth,” stated Radek Musil, CEO, Colt CZ Group. “Results were primarily driven by the dynamic expansion of the ammunition segment and the full consolidation of Sellier & Bellot, while the firearms segment continued to be impacted by weaker demand in the U.S. commercial market. At the same time, we executed key strategic investments and acquisitions that enhance our vertical integration, strengthen supply chain resilience, and support long-term growth. We are entering 2026 with a strong order backlog and a clear focus on integrating newly acquired assets, expanding our capacity, and delivering value to our shareholders.”

Ammunition Segment
The Ammunition segment includes revenues from the Group’s subsidiaries, Sellier & Bellot and swissAA, together with the relevant portion of Colt CZ Defence Solutions’ revenues.

In the Ammunition segment, the Group achieved revenues of Kč11.3 billion (~$518 mm) in 2025, up 62.7 percent y/y, reportedly driven by “strong performance” of the segment and also by the effect of the full consolidation of Sellier & Bellot (the consolidation of Sellier & Bellot took place from May 16, 2024).

Profitability Summary
In 2025, EBITDA (including extraordinary items) increased 38.2 percent y/y to Kč4.8 billion. The increase was said to be primarily driven by the organic growth of the Ammunition segment, which generated higher margins, the consolidation of Sellier & Bellot for the full year 2025, and significantly lower staff costs related to the Employees Share Option Plan (ESOP).

Adjusted EBITDA amounted to Kč4.7 billion in 2025, up 1.4 percent y/y. The adjustments were said to be related to ESOP costs and commodity hedging impacts.

Profit (loss) before tax of the Group increased 86.4 percent y/y to Kč2.6 billion in 2025, reportedly due to higher operating profitability driven by strong margins in the Ammunition segment and the full consolidation of Sellier & Bellot.

Net profit for the year increased 95.7 percent y/y to Kč2.04 billion, reportedly due to the higher operating profitability driven by strong margins of the Ammunition segment, the full consolidation of Sellier & Bellot, and lower costs related to the Employees Share Option Plan.

In 2025, net profit adjusted for extraordinary items increased 5.0 percent y/y to Kč2.0 billion.

The Group’s capital expenditures (CapEx) were Kč1.04 billion in 2025, up 12.3 percent y/y, and representing a 4.4 percent share of total revenues.

“We continue to actively evaluate opportunities in the capital markets with the objective of enhancing the company’s market value and improving share liquidity, thereby creating the conditions to broaden our shareholder base. We believe that the envisaged dual listing on Euronext Amsterdam, together with a capital increase, represents a natural next step in the continued development of Colt CZ as a global leader in the defense industry,” added Musil.

2026 Outlook
Regarding the 2026 outlook, Colt CZ Group said it continues to identify significant global opportunities in the military and law enforcement segments. Cooperation with NATO and EU member states, as well as with the NATO Support and Procurement Agency (NSPA), reportedly remains a key priority, while the Group also sees growing importance of other markets, particularly in Asia.

Securing new tenders and the timely execution of signed contracts throughout the year will be critical for achieving the 2026 outlook. The Group is also expected to realize revenues originally anticipated in Q4 2025 that were postponed due to the six-week shutdown of the U.S. federal government. One of the company’s key objectives for 2026 in the U.S. market is to mitigate the market slowdown and import tariffs while retaining revenues and maintaining profitability in the Firearms segment through enhanced cost control and new product launches.

The Group is also expected to benefit from the inclusion of the newly acquired Energetics business represented by Synthesia Nitrocellulose and Synthesia Power, which will form a new reporting segment – Energetics. Given the anticipated high profitability of this segment, Energetics is expected to account for approximately 16 percent of total revenues and 32 percent of adjusted EBITDA in 2026.

In view of the above, the Group presented an indicative outlook for 2026 for both the original Group and including the contribution of the new Energetics segment:

The Group’s capital expenditures in 2026 could range from Kč1.8 billion to Kč2.0 billion, corresponding to approximately 6 percent of the expected 2026 revenues, in line with the company’s medium-term target. Of this amount, €40 million is expected to be allocated to CAPEX in the Energetics segment, to increase production capacity from 6,000 to 7,000 tons.

Proposed Dividend Payment
The company will propose to the General Meeting a cash dividend of Kč30 per share from the 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.

Share Buyback Program Update
In 2025, the Board of Directors approved allocating Kč847 million to the share buyback program (equivalent to 1.15 million shares at the current market price). The share buyback program commenced on July 7, 2025. In 2025, the company acquired approximately 265 thousand treasury shares on the market. The company said it plans to continue the share buyback program in 2026, but no specific date has been set yet.

Dual listing in Amsterdam
The company announced its intention to proceed with a dual listing on Euronext Amsterdam, in addition to its current listing on the Prime Market of the Prague Stock Exchange, and a capital increase.

The completion of the dual listing on Euronext Amsterdam is currently planned to occur after shareholders’ approval on April 10, 2026, subject to satisfaction of certain customary requirements. The existing listing in Prague will remain strategically important and an integral part of the company’s capital markets presence. The shares are intended to be fully fungible between both exchanges.

Image courtesy CZ Brand/Colt CZ Group SE