Colt CZ reported stable revenue of CZK7.33bn for the fourth quarter of 2025. EBITDA reached CZK1.38bn, an increase of 12% yoy, and exceeded market consensus by +7.5%. Adjusted EBITDA was CZK1.23bn (-22% yoy). Net profit was CZK585m (-8.7% yoy), which was +23% above market estimates. Revenue growth was driven by the ammunition segment, particularly in Europe. However, the commercial market in the U.S. remains weak, though the ammunition sector has managed to offset this. Full-year results met Colt’s targets. The proposed dividend of CZK30 exceeded both our expectations and market estimates. Another surprisingly positive development is Colt’s outlook for this year, which projects EBITDA growth of +13%, surpassing the market's expectations. We anticipate an upward revision of the market consensus.