What You Need to Know in A&D — CSG/KNDS, UK Howitzers, Switzerland Patriot

Research evidence excerpt

What You Need to Know in A&D — CSG/KNDS, UK Howitzers, Switzerland Patriot

EUROPE | Aerospace & Defense Electronics EquityMayResearch14, 2026

What You Need to Know in A&D — CSG/KNDS, Airbus model Leonardo • •

Avio model modelUK Howitzers, Switzerland Patriot •

BAE Systems MTU model • •

RENK modelIn this document, we present the key news impacting the European A&D model •

CSG model Rheinmetallsector. Today, we explore: FT reports CSG approaches KNDS shareholders • •

Dassault model •over a potential stake, UK announces £1bn contract for 72 remote-controlled Aviation model Rolls-Royce •

Hensoldt model modelhowitzers, and Switzerland explores alternatives to US Patriot systems. •

Safran model •

CSG (Buy): FT reports CSG approaches KNDS shareholders over potential stake Thales model •

The FT reported yesterday that Czechoslovak Group has approached the German families who own

half of KNDS about acquiring a significant stake in a largely cash proposal, as it seeks to play a role

in consolidating Europe’s defense industry.

We would see a transaction as unlikely given the strategic aspect of KNDS for the French and German

Government, with approval required from both of them for any change in KNDS’s ownership structure.

That being said however, CSG already partners with KNDS, supplying the chassis for KNDS France's

Caesar howitzer, as well as being an integrator for the Caesar program, notably for those ordered by the

Czech military. It has also won a contract with KNDS for the production of 150 Leopard 2A8 hulls. We

see a deepening of these partnerships as a more plausible path forward to help with the industrial ramp

up needed in land systems.

Rheinmetall (Buy): UK announces £1bn contract for 72 remote controlled howitzers