In the first quarter of this year, Colt CZ reported the best results in the company’s history. The acquisition of Synthesia Nitrocellulose and Synthesia Power (NCL) in January contributed significantly to this performance. This was further complemented by organic growth in traditional operations. EBITDA increased by +72.1% yoy, reaching CZK2.1bn, which was +9.8% above market consensus. The margin increased by +6.5pps to 28.5%, primarily due to the integration of the highly profitable new business. Colt’s management reiterated its guidance. The integration of NCL appears to be key to the company’s overall performance and future growth. Colt reported very strong results, well above estimates.

In the first quarter of this year, Colt CZ reported the best results in the company’s history. The acquisition of Synthesia Nitrocellulose and Synthesia Power (NCL) in January contributed significantly to this performance. This was further complemented by organic growth in traditional operations. EBITDA increased by +72.1% yoy, reaching CZK2.1bn, which was +9.8% above market consensus. The margin increased by +6.5pps to 28.5%, primarily due to the integration of the highly profitable new business. Colt’s management reiterated its guidance. The integration of NCL appears to be key to the company’s overall performance and future growth. Colt reported very strong results, well above estimates.

Colt's total revenue reached CZK7.3bn in 1Q26. This represents a +32.7% yoy increase. The firearms segment grew by +23.3% and accounted for +47.6% of the total. However, due to lower margins (14.6%), its share of total EBITDA was only 24.4%. Although firearms sales declined, revenue increased yoy due to the product mix. There are signs of recovery in the U.S. commercial market, which is crucial for the firearms industry. Deliveries to ML&E also helped. The split between the commercial sector (49%) and the armed forces (51%) is nearly equal. The ammunition segment declined by 14.2% yoy due to a drop in sales from the Czech ammunition initiative. Ammunition accounted for 31.5% of total revenue. However, with a margin of 33.6%, the ammunition segment accounted for 37.1% of total EBITDA. Unsurprisingly, the European market dominates this segment at 83%. Deliveries to ML&E (55%) were slightly higher than those to the commercial market (45%). The new energetics segment (NCL) accounts for 20.9% of Colt’s revenue (+25.3% yoy). This sector's high margin of 52.5%, however, had a significantly positive impact on Colt’s overall margin. NCL generated 38.5% of total EBITDA. Total EBITDA reached CZK2.1bn in 1Q26, which is +9.8% above the market consensus. Yoy growth reached a high of +72.1% due to the NCL acquisition and organic growth. Excluding NCL, organic growth was +5.9% yoy. The European market is crucial for Colt; it now generates 58% of total revenue there. Together with revenue from North America (22.6% from the U.S. and 12.4% from Canada), this accounts for approximately 93% of total revenue. Net profit reached CZK951m in the first quarter of 2026, a +73.9% yoy increase. 

Leverage, as measured by net debt to EBITDA, was 2.2x in 1Q26. This is an increase from 1.8x at the end of 2025. The increase in leverage is due to the acquisition of NCL earlier this year.

2026 Outlook: Colt reiterated its full-year targets. The company expects EBITDA to be CZK7.4-8.2bn, with revenue CZK30-33bn. The reported figures for 1Q26 represent 26.7% of the full-year EBITDA target and 23.2% of the revenue target.