Niewiadów Polska Grupa Militarna closed the first half of 2026 with revenue of PLN 44.6m, up from PLN 28m a year earlier, yet its net loss widened to PLN 60.5m from PLN 4.2m. A PLN 56.8m charge booked on the valuation of a subscription warrant programme was decisive for the reported numbers.
The company’s six-month EBITDA came in at minus PLN 61m, against minus PLN 3.6m in the same period of 2025, while the net result slipped to minus PLN 60.5m from minus PLN 4.2m a year earlier. Within that result, the single largest item was the PLN 56.8m cost connected with the warrant programme, as Niewiadów Polska Grupa Militarna explained in its statement.
– The warrant programme was addressed to people who play a key role in the development of the entire capital group. Its aim is to bind key individuals to the group over the long term and to create a motivational mechanism supporting the execution of its development plans – the company said in the statement.
– At the same time, net cash flows from investing activities came to minus PLN 48m, reflecting the scale of the investments carried out by the group – the statement reads.
The first half of 2026 and the months that followed were described by the company as a period of intensive expansion of the group’s industrial capacity.
Artillery ammunition as the flagship project
The most advanced effort remains the production of 155 mm artillery ammunition. In June, Niewiadów signed a strategic agreement with KNDS France covering the launch of production of 155 mm LU211P ammunition and MCS modular propelling charges. In August, final technical acceptance of the technological lines for artillery ammunition loading took place at the manufacturer, Slovakia’s KONŠTRUKTA-Industry.
Work has continued in parallel on a Polish technology for producing 155 mm ammunition, developed together with the Military Institute of Armament Technology (WITU) and Polska Grupa Odlewnicza (PGO).
Money put to work across the group
– Building our own production capacity also requires strengthening the entire back-up of the group. That is why we invested PLN 7m in Polska Grupa Hutnicza, gaining access to competences and infrastructure related to the production of castings, components and subassemblies. The takeover of Romer Media for PLN 5.3m increased our ability to further expand production infrastructure – the company explained.
The reported figures cover a stretch in which the group combined work on ammunition lines and propelling charges with acquisitions meant to secure castings, components and industrial infrastructure for future output.
Źródło: WNP.PL, Fot. Mike Mareen / Shutterstock
