Polish Drone Maker WB Group Explores IPO at Up to €7 Billion Valuation

Polish defense technology company WB Group is preparing for a potential initial public offering on the Warsaw Stock Exchange in 2027, in a transaction that could value one of Europe's largest privately owned drone manufacturers at between €5 billion and €7 billion.

The company and its shareholders have begun exploring the appointment of investment banks to manage a possible listing, according to reports by Polish financial newspaper Parkiet and the Financial Times.

A final decision to proceed with the IPO has not been announced.

The potential transaction would mark a significant development for Central Europe's defense technology sector, where growing military expenditure and demand for unmanned systems are creating increasingly valuable private companies.

WB Group's Revenue Has Increased Tenfold

According to the Financial Times, WB Group's annual revenue increased approximately tenfold between 2021 and 2025, surpassing $1 billion.

The company has also accumulated an order backlog valued at approximately $9 billion over the next four years, reflecting sustained demand for its military technologies.

Financial results reported by Polish business media show that growth has continued in 2026.

During the first half of the year, WB Group generated nearly PLN 1.6 billion in revenue, up from approximately PLN 1.1 billion during the corresponding period in 2025.

Net profit increased to PLN 519.6 million from PLN 253.9 million, according to figures published by Parkiet.

The group employs approximately 3,000 people and exports roughly half of its production.

These figures place WB among the most commercially significant privately controlled defense technology businesses in Central and Eastern Europe.

FlyEye, Warmate and Gladius Drive Demand

WB Group's expansion has been supported by demand for reconnaissance drones, loitering munitions and integrated battlefield systems.

Its FlyEye tactical unmanned aircraft is used for intelligence, surveillance and reconnaissance missions, while the Warmate family provides precision-strike capabilities through loitering munitions.

The company's Gladius system combines reconnaissance, command-and-control and strike capabilities within a coordinated battlefield architecture.

Poland has become a particularly important customer.

In May 2026, the Polish Armament Agency signed three major contracts with WB Group covering 190 FlyEye unmanned systems, more than 400 Warmate systems and 12 battery-level Gladius reconnaissance-strike units.

The contracts are supported through the European Union's Security Action for Europe (SAFE) financing instrument.

The company's production expansion is also supported by deliveries under existing agreements.

On November 2, AdriaDefense reported that Poland had delivered additional WB Group FlyEye reconnaissance drones to military units and the Air Force University in Dęblin.

Beyond drones, WB Group produces tactical communications systems, battlefield management software, electronic equipment and other military technologies.

The company has also expanded its portfolio with new systems unveiled at MSPO 2026, including the Gladius 2 strike system and StormRider 550 unmanned surface vessel.

Polish State Fund Holds a Significant Stake

WB Group remains under the control of its founders, alongside an investment by Poland's state development fund.

According to Polish financial reporting, co-founder and CEO Piotr Wojciechowski indirectly controls approximately 45.5% of the company's shares through a family foundation.

Co-founder and vice president Adam Bartosiewicz controls more than 28%, while the Polish Development Fund, PFR, holds slightly more than 26%.

The presence of PFR adds a public investment dimension to a business that has largely developed as a privately owned defense technology group.

A public listing could provide additional capital for manufacturing expansion, research and development, and international growth. It could also create an opportunity for existing shareholders to sell part of their holdings.

The structure of any potential offering has not been disclosed.

Remigiusz Wilk, WB Group's communications director, told Polish media that a stock market listing was among the options being considered by shareholders.

The reported timetable points to a possible debut during the first half of 2027, although the company has not confirmed the date.

A Potential Milestone for European Defense Technology

A valuation approaching €7 billion would underline the increasingly important position of specialist defense technology manufacturers in Europe's industrial landscape.

Unlike traditional defense contractors focused on large platforms such as aircraft, ships and armored vehicles, WB Group has built much of its recent growth around unmanned systems, communications and networked battlefield technologies.

The war in Ukraine has accelerated demand for many of these capabilities, particularly reconnaissance drones and loitering munitions.

For investors, the proposed IPO could offer exposure to a European company with established military customers, combat-proven products and a substantial order backlog.

However, the reported valuation remains indicative rather than a confirmed market price. The final value, size and structure of any listing would depend on shareholder decisions and market conditions.

Whether WB Group ultimately proceeds with the IPO, its reported financial performance demonstrates how rapidly Poland's defense technology industry has expanded beyond traditional state-owned manufacturers.