CSG (+) : Corporate Contact: Key Takeaways | 2Q26e (due: 7 Aug.)

研报英文原文证据摘录

CSG (+) : Corporate Contact: Key Takeaways | 2Q26e (due: 7 Aug.)

EQUITIES

AEROSPACE & DEFENSE

CSG OUTPERFORMPRICE* EUR14.0  TARGET PRICE EUR30 (UPSIDE 114%)

FLASH NOTE

Corporate Contact: Key Takeaways | 2Q26e (due: 7 Aug.)

23 JUNE 2026 Securities Research Report Production time: 20:23* (London time)

Research Analyst & Publishing Entities

Sebastian Growe BNP Paribas SA (+49) 69 4272 97323 sebastian.growe@bnpparibas.com

What happened?

CSG is scheduled to report Q2 earnings on 7 August 2026. After our field trip to Eurosatory last week and our earlier

CEO conference, the call with HIR served to recap on the messages during recent investor meetings. There was no

change to guidance. We understand that demand for its products and solutions remains decent and that the company

is confident to deliver on its targets, thus echoing the constructive message that was conveyed at recent events.

BNPP View:

Demand: CSG has not provided order guidance for either the full-year or Q2. Yet, we understand from our call and prior

press releases that demand continues to exceed execution. We model orders of EUR1.84bn in Q2 (cons.: not available).

Execution: While we only managed to shortly catch up with mgmt. at our CEO conference, our CFO meeting during

Eurosatory last week was characterised by a very constructive message reiterating that eg Ammo+ hired 600 staff in

the U.S, while we understand that business at DS and at all sub-segments alike is going according to plan. We model

a group contribution margin in the mid-teens giving adj. EBIT of EUR393m (cons.: EUR384m).

FCF: After the deliberate inventory build-up in Q1, we expect NWC to remain elevated in Q2, and with expected capex

of EUR(0.1)bn, we derive company-defined FCF of EUR41m in Q226e (no consensus available).