KNDS Races Toward Dual Listing on Back of Leopard Gearbox Milestone and Swiss Howitzer Win

The start of production of the 4,000th HSWL-354 transmission unit for the Leopard 2, announced by component supplier RENK on 8 June 2026, underscores the operational health of the supply chain KNDS relies on as it prepares to list its shares in Frankfurt and Paris before the year is out. RENK, in which KNDS now holds roughly 10% after a partial stake sale, plans to mark the transmission’s completion with an internal celebration at its Augsburg plant on 7 July.

Separately, the defence group has locked in a major export contract with Switzerland for 32 DONAR self-propelled howitzers, further swelling an order book that already stood at €33.1 billion at the end of 2025. The deal, placed by procurement agency armasuisse, sees KNDS supply the fully automatic artillery module while partner GDELS-Mowag builds the Piranha-series carrier vehicle. First deliveries are scheduled for 2031. The DONAR is the only system in the world capable of firing on the move, and the contract demonstrates the modular platform’s flexibility beyond the Boxer wheeled vehicle previously sold to four other nations.

KNDS reported revenue of €4.4 billion for 2025, up nearly 16% from the prior year, with operating profit reaching €661 million. Order intake for the year totalled €13.5 billion. Strong demand for the Leopard 2 A8, with firm orders exceeding 300 units from the Czech Republic, the Netherlands and Croatia, provided an additional pillar to the backlog.

Should investors sell immediately? Or is it worth buying KNDS?

The company is pursuing a dual initial public offering in Frankfurt and Paris, subject to market conditions, with a target valuation of up to €20 billion. Germany and France plan to retain a majority stake, leaving only around 20% of shares available to free-float investors. Internal preparations are reported to be on track.

In a move to optimise its capital structure, KNDS placed 5.8 million shares of transmission specialist RENK on 19 May 2026, raising approximately €262 million. The sale reduced its holding to about 10% of the business, but the two companies continue to collaborate closely on Leopard 2 drivetrains. The transmission milestone at RENK’s Augsburg plant reinforces the message that the industrial base for the Leopard platform remains fully active at a time when European land systems are drawing intense interest from defence investors.

For prospective investors, the combination of a record order backlog, a proven supply chain and fresh export wins provides a solid foundation ahead of the listing — even if the tightly controlled ownership structure will limit the free float and keep state influence firmly in place.

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