The value of the seven weaponry and defence companies on the Česká elita (Czech elite) list of most valuable Czech-owned companies increased to CZK469bn (€19.3bn) this year, which is 2.5 times more than in 2024.

It is the first time weaponry and defence companies on the list, which ranks the 100 most valuable Czech companies, surpassed a combined value of CZK400bn, marking a dynamic development in the storied history of Czech arms production which stretches all the way back to the Habsburg empire era. 

“The abrupt year-on-year growth is not different from the market capitalisation we see in Western Europe,” Pavel Ryska, analyst at J&T Bank was quoted as saying by Seznam Zprávy (SZ) online news outlet which compiles the Česká elita list annually in collaboration with Deloitte consultancy.

Ryska pointed to the major “turn towards weaponry investments in Europe” which began following the Russian full-scale invasion of Ukraine in 2022.

“The growth of the majority of companies is sustainable in my view,” Ryska added, noting, that “defence is making its way into the center of politicians interest” and “a complete re-evaluation of defense politics and defence costs” is taking place “in the greatest European states headed by Germany.”

The seven listed Czech weaponry companies account for 11.7% of the overall value of the companies on the list.

The highest-ranked weaponry company is Czechoslovak Group (CSG), which sits fifth and is valued at CZK256bn, or by CZK156bn more than last year.

As bne IntelliNews reported earlier, the company is pursuing a listing on the Amsterdam or the Prague Stock Exchange, and it also made a significant footing in the US where it purchased The Kinetic Group from the US Vista Outdoor last year following a lengthy acquisition saga. CSG has also been selected for the construction of an ammunition loading site in the US.

CSG is followed by STV Group, whose value rose from CZK24bn to CZK83bn and is seen as CSG’s potential rival. The two companies are main suppliers of the 155mm artillery grenades to Ukraine.

Omnipol, which holds a share in the Aero Vodochody military jets producer, is the next weaponry company on the list valued at CZK55bn, and is followed by Colt CZ (CZK44bn) gun producer, and Synthesia (CZK22bn), the Pardubice-based producer of nitrocellulose.

Like CSG, the Prague-listed Colt CZ made several significant purchases, including the US supplier of firearm components, Valley Steel Stamp earlier this year. The company announced its revenues have jumped by 50.6% y/y to CZK22.4bn (€0.9bn) last year, and also credited the acquisition of traditional Czech ammunition producer Sellier & Bellot.  

Omnipol, controlled by controversial lobbyist Richard Háva, increased profits by 284% y/y to CZK10.7bn (€0.44bn) in 2024, the company announced in September. Omnipol benefits from contracts with countries, including Chile, Senegal, Vietnam and Uzbekistan for the delivery of aeroplane jets L-410 NG produced by Aircraft Industries and the practice jets L-39NG produced by Aero Vodochody.

Synthesia’s neighbour in the Pardubice industrial park, the state-controlled Semtex-producing Explosia (CZK4.8bn), and the Prague-listed drone producer Primoco (CZK4.2bn) are the remaining two weaponry companies on the list.