Polska Grupa Zbrojeniowa considers retail bond issue and foreign acquisitions

Poland’s state-owned defense holding Polska Grupa Zbrojeniowa (PGZ) is preparing a potential bond issuance in 2026 worth several billion euros, targeting both institutional and retail investors, according to vice-president Marcin Idzik.

The bonds, planned to be listed on the Catalyst market, would finance long-term capacity expansion and allow Polish citizens to directly participate in funding national rearmament. PGZ already benefits from strong banking support, including a credit line of roughly €2.8 billion from PKO BP, with additional agreements expected with Bank Pekao and guarantee support from Bank Gospodarstwa Krajowego (BGK).

For 2025, PGZ expects revenues to exceed €4.6 billion, with net profit projected at around €580 million, a strong year-on-year increase. Ongoing investment programmes across the group already exceed €1.8 billion, covering ammunition production, air-defence systems and industrial capacity expansion.

Beyond domestic growth, PGZ is also analysing acquisitions outside Poland to gain access to advanced technologies, particularly in unmanned systems, space, cyber security and ISR. This approach supports Warsaw’s “Poland First” policy, under which at least 50% of defence procurement spending is intended to remain within the national industrial base.

Founded in 2013, PGZ is one of Europe’s largest defense holdings, employing more than 22,000 people and acting as a central pillar of Poland’s long-term deterrence and defense-industrial strategy.