Hellenic Defence Systems (HDS) expects a significant improvement in its financial performance from 2026, supported by expanded production capacity that is expected to drive higher sales of defence products and services.
The company, Greece’s main domestic manufacturer of weapons systems and ammunition for the armed forces, is targeting revenue of 40 million euros in 2026, up from 14.08 million euros in 2025. It also expects to return to marginal profitability after posting a net loss of 2.2 million euros in 2025, compared with a loss of 25.01 million euros in 2024.
HDS reported a positive gross profit of 11.8 million euros in 2025, reflecting improved production performance. Shareholders’ equity and working capital also turned positive for the first time since the company’s establishment. Outstanding loans stood at 73.1 million euros as of Dec. 31, 2025.
New strategy aims for financial self-sufficiency
According to sources, HDS’s management has prepared a new strategic and business plan, which is expected to be presented at an extraordinary general meeting scheduled for late July 2026.
The plan aims to make the company financially self-sufficient within the next three years, eliminating the need for recurring state financial support. The previous business plan was drafted about 15 years ago.
HDS remains wholly owned by the Greek state. In its 2025 financial report, management said the company’s financial position remains challenging despite improved operating performance and continued government backing. The company received a 32 million euro capital injection in 2025 and a further 49.8 million euros in equity funding so far in 2026.
Expansion backed by EU funding and international partnerships
Under the European Union’s ASAP (Act in Support of Ammunition Production) programme, HDS has secured funding to build two explosives production facilities.
Earlier this year, the company signed an agreement with Czech defence group CSG, through its subsidiary MSM Greece, to establish the Hellenic Ammunition joint venture in Lavrio. The venture will manufacture large-calibre ammunition in Greece.
For 2026, HDS is focusing on further expanding production capacity, securing long-term defence manufacturing contracts through international industrial partnerships, and continuing its financial restructuring to strengthen the company’s long-term sustainability and growth prospects.
The company also plans to complete the legal liquidation of inactive subsidiaries during 2026, while management is evaluating opportunities to further develop and monetize HDS’s real estate assets.
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