KNDS Charges Into Eurosatory with Two New Weapons Systems as €5bn IPO Looms

Franco-German defense group KNDS debuts CAPINT tank to plug gap before MGCS and LORAS artillery with 100km range, using Ukraine war insights.

The Eurosatory defence show in Paris has become an unlikely launchpad for what may be the most consequential product rollout in KNDS’s short corporate history. With a dual listing in Frankfurt and Paris still in preparation, the Franco-German defence group unveiled a bridging battle tank and a long-range artillery system on Monday, signalling that it will no longer wait for political gridlock to clear before pushing hardware into the market.

The CAPINT: A Franco-German Hybrid for an Awkward Gap

The main attraction is the CAPINT — short for “Intermediate Capability” — a tank that marries the hull of the German Leopard 2A8 with an unmanned turret and a 120 mm smoothbore gun of French design. An upgrade to 140 mm is already planned. The vehicle is powered by a 1,500 hp engine, matching the mobility of current Leopard variants, and KNDS conducted live-firing tests in Portugal as early as January.

The product is a direct response to a looming political vacuum. France’s Leclerc tanks are due to retire around 2038, but the joint Franco-German Main Ground Combat System (MGCS) successor project is not expected to enter service until the mid-2040s at the earliest. Only €25 million has so far been poured into MGCS, and Rheinmetall chief Armin Papperger has publicly warned that France may walk away from the programme altogether. CAPINT is designed to plug that interval, with first deliveries targeted for the 2030s.

KNDS CEO Jean-Paul Alary described the tank as “a national French project to strengthen the army,” while simultaneously framing it as a pathfinder for MGCS. He cautioned that abandoning MGCS would be “very bad news for Europe.” The three-person crew sits fully protected in the hull, and the unmanned Ascalon turret — borrowed from French development — allows the vehicle to act as a digital node in a networked battlefield.

LORAS: Artillery That Reaches 100 km

Alongside the tank, KNDS displayed the Long Range Artillery System (LORAS), a 45-tonne system built on the German Boxer tracked chassis. Its road speed reaches 70 km/h. The headline feature is range: LORAS can shoot beyond 60 km and potentially up to 100 km with specialised ammunition, putting deep-strike targets within reach of NATO forces.

The system uses the same combat module as the RCH 155 howitzer and requires a crew of just two. It is compatible with multiple munition types, including a new 58-calibre high-explosive projectile currently being developed by KNDS France, as well as existing 52-calibre rounds in the JBMOU standard — the same ammunition used by the CAESAR howitzer and most NATO allies. Testing is scheduled to begin before the end of the year.

Real-World Combat Experience Drives Design

Both systems carry the imprint of the war in Ukraine. KNDS has deliberately integrated drone defence, networked operations, and cooperation with unmanned systems into the design philosophy. Alary summed up the strategy: “We are bringing French and German capabilities together in fully integrated solutions — developed, built and supported by one company.”

That integrated approach recently landed a concrete commercial win. Last month, a joint venture between KNDS and Rheinmetall secured a British Army order for 72 RCH 155 wheeled howitzers. The contract is worth nearly £1 billion, with first deliveries due in 2028. The timing of the Eurosatory debut, coming just weeks before a planned dual IPO in Frankfurt and Paris, is widely seen as no coincidence.

Pile of Orders and a Dual Listing on the Horizon

KNDS employs nearly 11,000 people and generated revenue of €4.4 billion in 2025. Its order backlog stood at €33.1 billion at the end of last year. The company is positioning itself as Europe’s only pure-play specialist in land systems, a narrative that its bankers will hope resonates with investors when the IPO roadshow gets underway.

The political backdrop remains complicated. Berlin is demanding veto powers over the combined entity, and the valuation has already been trimmed. But the product offensive in Paris sends a clear message: KNDS is no longer willing to sit idle while governments bicker over programme timelines. It is building its own bridge to the future — one tank and howitzer at a time.