KNDS Prepares for Major Dual Listing Backed by Record Orders

Franco-German defense giant KNDS plans a dual Paris-Frankfurt listing in summer 2026, backed by a €23.5B order book and strategic investment from the German government.

The Franco-German defense group KNDS is advancing rapidly toward a landmark public offering. A dual listing on the Paris and Frankfurt stock exchanges is scheduled for the summer of 2026, with the German government positioning itself as a strategic anchor investor. The company's ambitious valuation target of up to €25 billion will be tested against the backdrop of its substantial order backlog.

Strategic Government Move Pre-IPO

In a move to secure long-term state influence, the German government, via its development bank KfW, is currently examining an investment in KNDS in collaboration with JPMorgan. This initiative is designed to solidify public sector involvement before the German family shareholders reduce their stakes during the IPO process. Currently, ownership is split evenly, with 50% held by the German owners and 50% by the French state.

As part of the listing, the existing owners are expected to transfer significant share packages to anchor investors. Market assessments value the entire enterprise at approximately €25 billion. Prior to the planned market debut in June or July 2026, there is also speculation about a special dividend payout of between one and two billion euros to current shareholders.

Operational Momentum and Valuation Support

The company's operational performance provides a solid foundation for its market ambitions. Recent contracts underscore sustained high demand for KNDS platforms; supplier Steyr Motors secured a major order for auxiliary power units for the Leopard 2 tank and the Leguan bridge-laying system. This single contract is estimated to add around €40 million to the order book.

KNDS concluded the 2024 financial year with a record order intake of €11.2 billion, a dynamic that continued into 2025. By the end of 2024, the total order backlog had expanded to roughly €23.5 billion. The German division (formerly Krauss-Maffei Wegmann) proved to be the group's strongest growth engine, accounting for €14.9 billion of this backlog.

Leadership and Focused Strategy for 2026

To manage the complexities of the dual listing, KNDS has appointed Christian Schulz to its executive board. As the former CFO of the Renk Group, he brings relevant experience with defense sector IPOs and financial restructuring. The company is pursuing a focused strategic path: while competitors like Rheinmetall diversify broadly, KNDS maintains its primary concentration on land systems and ammunition.

Preparations for the June/July 2026 listing are underway. Backed by a massive order book and supportive tailwinds from rising European defense budgets, the firm is now entering the final selection phase for the consortium of banks that will underwrite the offering. The prevailing geopolitical climate and the goal of European nations to replenish their military inventories form the fundamental backdrop for this planned multi-billion euro market entry.