Csg N.v. · EURONEXT:CSG
Csg — Csg N V Shs — H1 2026 Earnings Presentation
28 slides from Csg's earnings presentation, Aug 7, 2026
Slide 1: H1 2026 Results Presentation
CSG N.V. H1 2026 Results Presentation
Slide 2: Disclaimer
Disclaimer This presentation is for information purposes only and is not a recommendation to engage in investment activities and the inf ormation, statements and opinions contained in this presentation do not constitute a public offer under any applicable legislation, an offer to sell or solicitatio
Slide 3: Presenting Today
Presenting Today Michal Strnad Zdeněk Jurák Chairman of the Member of the Board of Directors Board of Directors CEO & Majority shareholder Chief Financial Officer 3
Slide 4: Agenda
Agenda Strategic Progress 5-6 Key & Financial highlights 7-10 Business segment review 11-15 Focus on working capital 16-17 Cash flow and capital structure 18-19 Summary & Guidance 20-21
Slide 5: Delivering on our Commitments
Delivering on our Commitments Strategic progress behind a strong first half ✓ Land Systems revenue rose twofold, now 46% of Group backlog ✓ More diversified: Ukraine 17% of revenue, Europe ex-Ukraine is over half, US is second largest, Middle East and Asia growing We're broader, more diversified and
Slide 6: Strengthening the Leadership Team
Strengthening the Leadership Team CSG recruited senior executives from the world's leading defence companies in the first half of 2026, building a leadership team to match the Group's scale and strategic priorities. Benjamin David Jacobs Jason Alejandro Matthew Harvey Tom Winney Alexander Rüstig Tho
Slide 7: H1 2026 Financial Highlights
H1 2026 Financial Highlights KEY FACTS AS OF H1 2026 H1 2026 REVENUE SPLITS (%) By business By customer Defence Electronics vs 27% revenue from Advance Systems 2% Ukraine for FY 2025 €3.3bn €784m n/m Land Systems Ukraine 17% Revenue Operating EBIT 14% Other Ammo+ 14% 19% 24.1% 1.6x NATO M/L ammo Ope
Slide 8: Financial momentum continued through Q2
Financial momentum continued through Q2 Q2 caps a strong first half; Revenue and Operating EBIT grew quarter-on-quarter; Ammo+ turns the corner REVENUE (€m) ✓ Q2 revenue of ~€1,707m (up from €1,544m in Q1) brings H1 to €3.3bn, up 17.2% YoY — a second 30% straight quarter of double-digit growth, with
Slide 9: Order backlog up 15% year-to-date to €17bn, led by Land Systems
Order backlog up 15% year-to-date to €17bn, led by Land Systems Backlog continues to expand quarter on quarter, with diversification across sub-segments Total backlog1) – as of Jun 26 Coverage ratio2) – as of Jun-26 Order intake ratio3) Total opportunities 4) €17bn 2.4x 1.1x €46bn +15% vs December 2
Slide 10: Group Performance Bridge
Group Performance Bridge REVENUE (€m) OPERATING EBIT (€m) / OPERATING EBIT MARGIN (%) 25% 24% +17% +13% 3,251 784 696 51 2,775 631 70 713 754 2,620 618 2,063 H1 2025 H1 2026 H1 20252) H1 2026 Defence systems Ammo+ Other1) COMMENTARY Group revenue up 17.2% to €3,251m, driven primarily by the Defence
Slide 11: Deep Dive | Defence Systems division
Deep Dive | Defence Systems division KEY FINANCIALS H1 2026 REVENUE SPLIT BY GEOGRAPHY AND SUB-SEGMENT Aerospace & Defence Electronics RoW 16% 2% €776m / €754m 30% / 29% Land Systems Ukraine 17% Operating EBITDA / EBIT Operating EBITDA / EBIT margin USA 3% 21% €2,621m €2,621m Europe excl. Ukraine M/
Slide 12: M/L Ammo
M/L Ammo KEY FACTS H1 2026 REVENUE Y-o-Y COMPARISON (€m) +20% €2,121m ~ 31% 2,121 Revenue Operating EBIT margin 1,773 13 65% Total sites % of H1 2026 Revenue H1 2025 H1 2026 INCREASING OWN LARGE AMMUNITION PRODUCTION ON TRACK €19bn 41% Total backlog and projects under % of Group backlog and projects
Slide 13: Land Systems
Land Systems KEY FACTS H1 2026 REVENUE Y-o-Y COMPARISON (€m) +98% €445m ~ 17% 445 Revenue Operating EBIT margin 225 11 17% Total sites % of H1 2026 Revenue H1 2025 H1 2026 BACKLOG & PIPELINE CONFIRM GROWING IMPORTANCE OF LAND SYSTEMS €23bn 50% Total backlog and projects under % of Group backlog and
Slide 14: Aerospace & Defence Electronics / Advanced Systems
Aerospace & Defence Electronics / Advanced Systems KEY FACTS H1 2026 H1 2026 HIGHLIGHTS ADVANCED SYSTEMS €58m ~ 13% Building a leadership position in propulsion Revenue Operating EBIT margin - Strategic partnership with Ukrainian Armor for the development and supply of advanced propulsion systems fo
Slide 15: Deep Dive | Ammo+ division
Deep Dive | Ammo+ division KEY FINANCIALS H1 2026 REVENUE SPLIT BY GEOGRAPHY AND SUB-SEGMENT RoW 7% Europe excl. Ukraine 13% €104m / €51m 17% / 8% Defence Operating EBITDA / EBIT Operating EBITDA / EBIT margin 21% €631m €631m USA Civil 80% 79% H1 2026 HIGHLIGHTS Ammo+, evidenced a steady recovery in
Slide 16: Net Working Capital
Net Working Capital The increase in NWC over H1 2026 is temporary and directly linked to the NWC SEASONALITY (€m) production ramp-up, as the Group builds Net working capital NWC as % of LTM Revenue +79% inventory of key components to secure +216% 40% supply ahead of accelerating H2 deliveries 33% 32
Slide 17: Net working capital driven by scale, mix and delivery ramp-up
Net working capital driven by scale, mix and delivery ramp-up Bigger volumes, a longer-cycle platform mix, and more complex components each add to inventory needs 1 Backlog & Demand 2 Land System share in backlog 3 Land System delivery 4 Long-range mix 5 M/L own production share & pipeline € 17bn 50
Slide 18: Cash flow and Capex funding strategy
Cash flow and Capex funding strategy FREE CASH FLOW Operating EBITDA less capex of €740m for H1 2026, up €54m (+7.9%) year-on-year. €m H1 2025 H1 2026 Free cash flow reflected €1,150m of cash deployed into working capital to fund the Operating EBITDA 774 863 production ramp-up, together with higher
Slide 19: Debt and Capital allocation
Debt and Capital allocation NET LEVERAGE 2.1x 1.9x Net leverage remains firmly within the 1.6x 1.7x 1.6x Group's long-term financial 1.3x framework, with the increase between Mar-26 and Jun-26 driven by cash deployed into working capital to fund the production ramp-up rather than Mar-25 Jun-25 Sep-2
Slide 20: H1 2026 Summary
H1 2026 Summary Strong revenue momentum; record Winning in core markets; diversifying end Successfully scaling M/L ammunition Defence Systems backlog markets production capacity through vertical integration and expansion Exceptional growth in Land Systems driven Ammo+ US commercial recovery underway
Slide 21: Re-affirming Guidance
Re-affirming Guidance The Group reaffirms FY 26 and medium-term outlook issued at IPO FY 2026E Mid Term Revenue ~€7.4-7.6bn Mid teens2) organic CAGR Adj. Operating EBIT margin ~24-25% ~26-28% Capex intensity1) ~8.5% ~4-5% NWC as % of Revenue (YE) <20% Net Leverage <1.3x 1. CapEx intensity = Capex /
Slide 22: Q&A
Q&A YOUR QUESTIONS, OUR ANSWERS
Slide 23: Appendix
Appendix
Slide 24: Consolidated Statement of Profit & Loss
Consolidated Statement of Profit & Loss for the period 1 January 2026 – 30 June 2026 €m 30 June 2026 30 June 2025 Revenues 3,251 2,775 Operating EBITDA 863 774 Depreciation and amortisation expenses (78) (47) Operating EBIT 784 727 Net financing activities (61) (266) Share of profit/(loss) from asso
Slide 25: Consolidated Statement of Financial Position
Consolidated Statement of Financial Position €m 30 June 2026 31 Decemeber 2025 Goodwill 1,263 1,205 Intangible assets 847 807 Property, plant, equipment, and Investment property 996 1,028 Investments in associates and joint ventures 97 83 Loans and other financial assets 443 424 Net working capital
Slide 26: Consolidated Statement of Cash Flow
Consolidated Statement of Cash Flow €m 30 June 2026 30 June 2025 As defined by Group Operating EBITDA - CAPEX 740 686 Free Cash Flow (742) (686) space As derived from IFRS Net cash from operating activities (536) (572) Net cash (used in)/from investing activities 95 (240) Net cash (used in)/from fin
Slide 27: Alternative performance measures
Alternative performance measures This presentation contains certain financial information and measures that are not defined or recognised under IFRS and which are considered to be "alternative performance measures" as defined by the "ESMA Guidelines on Alternative Performance Measures" issued by the
Slide 28: Alternative performance measures
Alternative performance measures The Company has included the APMs in this presentation because they represent key measures used by management to evaluate the Group's operating performance. Further, the Group believes that the presentation of the APMs is helpful to investors because these and other