EarningsQ2 2026 Earnings Report
CSGNF Q2 2026 EPS Results
Actual EPS$0.48
Consensus EPS―
Beat/Miss―
One Year Ago EPS―
CSGNF Q2 2026 Revenue Results
Actual Revenue$3.64B
Expected Revenue$1.86B
Beat/MissBeat by +$1.78B
YoY Revenue Growth―
Earnings Announcement Details
QuarterQ2 2026
Date08/07/2026
TimeBefore Open
Conference CallFriday, August 7, 2026
CSGNF Upcoming Earnings
CSG B.V.'s next earnings date is estimated for November 11, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q2 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call emphasized strong growth, record backlog, improved margins, geographic diversification and material progress on vertical integration and capacity expansion. Short-term cash flow and a deliberate net working capital build create temporary headwinds and timing risks (backloaded revenue recognition and reliance on recommissioning). Overall, strategic initiatives (U.S. expansion, Land Systems scale, ammo vertical integration) and robust H1 operating performance outweigh the near-term liquidity and timing challenges.Company Guidance
Revenue Growth
Group revenue increased 17% year-on-year to EUR 3.3 billion in H1 2026.
Strong Defence Systems Performance
Defence Systems revenue grew 27% YoY to ~EUR 2.6 billion with operating EBIT up 22% to EUR 754 million and an EBIT margin of 29% (segment).
Solid Profitability and Margin Leadership
Group operating EBIT rose 13% to EUR 784 million, delivering a 24.1% operating margin, maintaining position at the top of European defense peers.
Record Backlog and Pipeline
Total backlog reached EUR 17 billion (up from EUR 15 billion at Dec-2025, +15% YTD) and combined backlog + pipeline reached a record EUR 46 billion, implying ~2.4x coverage of LTM half-year revenue and an order intake ratio of 1.5x.
Land Systems Momentum
Land Systems revenue roughly doubled YoY to ~EUR 445 million; Land Systems now represents ~46% of order backlog and contributes ~half of group backlog and pipeline, supporting diversification away from single-geography exposure.
Ammo Capacity and Vertical Integration Progress
Annual production capacity increased to ~850,000 rounds at end-June 2026 with a target of ~1.1 million by end-2027; vertical integration projects (German propellant, Greek explosive, Slovak bimodular charge, Gnaschwitz nitroglycerin site) are reportedly on schedule and on budget.
Geographic Diversification and U.S. Market Entry
Revenue share from Ukraine fell from 27% to 17%, NATO/allied ex-Ukraine increased to ~83%. The U.S. is the second-largest market with new U.S. investments: artillery complex in Iowa (36,000 shells/month), Wisconsin propulsion plant (first engines this year, serial production 2027), Washington office and CSG Land Systems North America.
Ammo+ Recovery and Law Enforcement Wins
Ammo+ recovered to an EBIT margin of ~8% for H1 (Q2 EBIT cited at 11% by management) and secured ~USD 100 million of contracts with FBI and other U.S. law enforcement and agreements with the U.S. Army on alloy case tech; management expects double-digit Ammo+ EBIT margin for the year.
Capital and Balance Sheet Actions
Net leverage was 1.6x at period end, within the financial framework; refinancing reduced cost of debt by ~125–150 bps and extended maturities; H1 cash conversion was strong (management cited 86% and also referenced 80% in another section) and CapEx intensity H1 was 3.8% while full-year guidance is 8.5%.
CSGNF Earnings History
Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
Nov 11, 2026 | 2026 (Q3) | 0.182 | ― | ||
| 2026 (Q2) | ― | ― | |||
| 2026 (Q1) | ― | ― | |||
| 2025 (Q4) | 0.207 | 57.30% (+0.12) | |||
| 2025 (Q3) | 0.111 | 63.64% (+0.07) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed