NPGM has completed technical acceptance of the filling lines, successfully carried out proving-ground trials, and is preparing to install the equipment at its Niewiadów facility. At the same time, the Group is expanding its capabilities in 40 mm ammunition, mines, and unmanned systems, including under Tech Robotics’ 2026–2031 strategy. It has also broadened its industrial and technological base through an investment in Polska Grupa Hutnicza, the acquisition of Romer Media, and cooperation with the Air Force Institute of Technology (ITWL), the Military Institute of Engineering Technology (WITI), the Military Institute of Armament Technology (WITU), and Cracow University of Technology, with the aim of increasing the share of domestic technologies and components in the solutions under development.
Photos: NPGM
In the first half of 2026, NPGM’s consolidated revenue increased by 59.5% year on year, reaching 44.6 million PLN compared with 28 million PLN a year earlier. The EBITDA loss amounted to 61.5 million PLN, versus a 3.6 million PLN loss in the same period of 2025, while the net loss stood at 60.5 million PLN compared with a 4.2 million PLN loss a year earlier. The reported results for the period were primarily affected by the recognition of a 56.8 million PLN cost related to the valuation of the subscription warrant issuance program. The program was addressed to individuals playing an important role in the Group’s development, and the reported amount was non-cash and did not involve an outflow of funds. At the same time, net cash flow from investing activities amounted to -48 million PLN, reflecting the scale of the Group’s ongoing investments in expanding production capabilities and implementing strategic projects.
Success of Range Day and MSPO
In recent months, NPGM has continued to strengthen its position as an integrated supplier of solutions for the defense sector. An important part of these efforts was the Group-organized Range Day, which brought together around 350 representatives of government administration, the armed forces, industry, academia, business, and the media. During the event, NPGM presented its defense-industrial complex, research and development facilities, and proving ground, while also conducting dynamic demonstrations of weapons, munitions, and defense technologies. The event also included the signing of an agreement with Cracow University of Technology covering the development of defense technologies, joint R&D projects, and personnel training. The company plans to develop Range Day into a recurring event.
Another opportunity to showcase the Group’s capabilities was the 34th International Defence Industry Exhibition MSPO in Kielce, where NPGM was present at four locations and presented its full portfolio, ranging from ammunition and munitions to weapons, modernization projects, warheads, and unmanned systems. The exhibition also provided an opportunity to demonstrate offensive solutions and systems supporting the capabilities of the Polish Armed Forces, as well as to hold dozens of meetings with partners and prospective customers.
Acquisitions and strengthening of the Group’s structures
Among the key developments of recent months was the conclusion of an agreement between NPGM shareholders aimed at preparing the Group for its next stage of development, including the creation of an appropriate management model and the strengthening of its operations, finance, export, and compliance functions.
The Group also signed a strategic cooperation agreement with the Air Force Institute of Technology, covering the development of technologies for the production and assembly of 250 kg NATO-standard MK-82 aerial bomb bodies, together with the associated testing, certification, and documentation process.
NPGM also invested 7 million PLN in shares of Polska Grupa Hutnicza, gaining access to capabilities and infrastructure in the field of castings, components, and subassemblies. The investment is intended to improve security of supply and increase the share of Polish-made components in the production of ammunition and military equipment. For 5.3 million PLN, the Group also acquired Romer Media, together with 1.84 hectares of real estate, its own wastewater treatment plant, and independent water intakes, thereby increasing the potential for further expansion of its production base.
Implementation of strategic projects
One of NPGM’s most advanced projects remains the launch of 155 mm artillery ammunition production. In June 2026, the Group signed a strategic agreement with KNDS France covering the introduction into production of LU211P 155 mm ammunition and MCS modular propelling charges. In August, final technical acceptance was completed in Slovakia for KONŠTRUKTA-Industry production lines intended for ammunition filling. At the same time, a Polish 155 mm ammunition technology is being developed in cooperation with the Military Institute of Armament Technology (WITU) and Polska Grupa Odlewnicza (PGO). On September 2, a successful proving-ground test was conducted in Ustka, during which a Hollow Base projectile achieved a range of more than 30 km, confirming correct in-flight performance and enabling the collection of ballistic data. Delivery of the production lines to Niewiadów was scheduled for the turn of September and October, followed by installation and personnel training in early October. By the end of 2026, the Group plans to achieve readiness for test production, after which serial ammunition filling is expected to begin. Ultimately, the project is to include three production lines with a combined capacity of up to 180,000 rounds per year, with two of them to be launched first.
At the same time, NPGM is continuing construction of its 40 mm ammunition factory. Mines also remain an important area of development for the Group. Following the expansion of cooperation with the Armament Agency, a further 9,000 Płomień signaling mines will be delivered to the customer, bringing the total volume of orders being fulfilled by ZSP Niewiadów to at least 33,500 units. At the same time, the Group has established strategic cooperation with the Military Institute of Engineering Technology on the joint development, production, and distribution of modern MOD-26 tripwire-activated anti-personnel mines and MND-26 pressure-activated anti-personnel mines under the East Shield program.
Another pillar of the Group’s development is the expansion of its capabilities in unmanned systems. The published Tech Robotics strategy for 2026–2031 provides for the development of activities in system integration and armament, the production of proprietary warheads and special-purpose charges, the expansion of industrial capabilities, and research and development work. Implementation of the strategy is to be financed in part with funds raised through a planned share issue, which shareholders are expected to decide on at an Extraordinary General Meeting scheduled for October 21.
“The past few months have been a period of very intensive expansion of both our production capabilities and technological expertise. In the 155 mm project, we have moved from agreements and infrastructure preparations to acceptance of the production lines and successful proving-ground trials, and by the end of the year we want to achieve readiness for test production. At the same time, we are developing our capabilities in 40 mm ammunition, increasing the scale of our mine-related activities, and building a Drone Armament Center that is intended to become one of the key pillars of the Group’s further development. Investments in Polska Grupa Hutnicza, new production facilities, and cooperation with partners such as ITWL, WITU, WITI, and PGO are strengthening our capabilities and increasing the share of Polish industry in the defense-sector supply chain. Range Day and MSPO also demonstrated that we are already able to present NPGM as an integrated group offering a broad spectrum of products and technologies. Our financial results and level of capital expenditure reflect the stage we are currently at – recognition of the warrant program cost was accounting-based and non-cash, while we are steadily building the scale and industrial base needed to implement long-term programs for Polish and foreign customers,” said Adam Januszko, President of the Management Board of Niewiadów Polska Grupa Militarna.
Press release
