What Is KNDS? The Franco-German Maker of the Leopard 2 and CAESAR Explained

KNDS is the Franco-German land-defence group behind the Leopard 2 tank, the Leclerc, the CAESAR howitzer and the Boxer and Puma armoured vehicles. Its name comes from KMW + Nexter Defense Systems. The company was created in 2015 by combining Germany’s Krauss-Maffei Wegmann (KMW) and France’s state-owned Nexter. It is registered in Amsterdam and reported €4.4 billion in revenue for 2025. In November 2026 it is also in the news because the German government has agreed to buy half of it. This guide explains what KNDS is, who owns it, what it builds and how big it has become.

What does KNDS stand for?

KNDS was originally the name of the holding company formed when the two firms joined forces: KMW + Nexter Defense Systems. For years the two halves kept their own brands. KMW in Munich and Kassel built the Leopard 2 and PzH 2000, while Nexter in Versailles and Roanne built the Leclerc, VBCI and CAESAR. They have since been rebranded as KNDS Deutschland and KNDS France. In its own words, KNDS is “born from the alliance of Nexter and Krauss-Maffei Wegmann”.

Who owns KNDS?

Until late 2026, ownership was split 50/50:

• The French state held 50% through its holding company GIAT Industries, the former owner of Nexter.
• The German founding families held 50% through Wegmann Unternehmens-Holding. These are the Wegmann heirs, including the Bode and von Braunbehrens families.

KNDS had prepared an initial public offering (IPO) for 2026, with a proposed dual listing in Frankfurt and Paris. Reuters reported on 5 November 2026 that the IPO had been shelved as defence valuations weakened. Instead, the German government reached a deal with the families to buy their 50% stake, putting Berlin on an equal footing with Paris. The government document cited by Reuters says Germany and France would later each reduce their holdings to 40%, possibly through a listing if market conditions allow. The purchase price was not disclosed. Read our full report: Germany agrees to buy 50% of KNDS.

What does KNDS make?

Main battle tanks

• Leopard 2 (KNDS Deutschland). This is Europe’s most widely used main battle tank family. KNDS says the latest version, the Leopard 2A8, had firm orders for more than 300 units across Europe in 2025, from the Czech Republic, the Netherlands and Croatia, in addition to earlier customers. See our main battle tank ranking.
• Leclerc (KNDS France), France’s main battle tank.
• Future tanks: KNDS, Rheinmetall Landsysteme and Thales have set up the MGCS Project Company to act as industrial prime contractor for the next phase of the Franco-German Main Ground Combat System (MGCS).

Artillery

• CAESAR, a 155 mm truck-mounted howitzer built at Roanne, France. KNDS says production has expanded, with new orders from Lithuania and Croatia in 2025.
• PzH 2000, a tracked 155 mm self-propelled howitzer.
• RCH 155, a wheeled 155 mm remote-controlled howitzer. Its 2025 orders included 84 units.

Armoured vehicles

• Boxer, an 8×8 modular vehicle built with Rheinmetall through the ARTEC joint venture. Orders in 2025 included 222 Boxer RCT30s. See our report on OCCAR’s 69 Schakal order.
• Puma, a tracked infantry fighting vehicle built with Rheinmetall. A further 200 were ordered in 2025.
• VBCI, an 8×8 infantry fighting vehicle. Qatar signed a letter of intent for the VBCI Mk2 in 2026.
• SCORPION family for the French Army: the Griffon, Jaguar and Serval. KNDS delivered 304 of these vehicles in 2025.
• Dingo protected vehicles and Fennek reconnaissance vehicles.

Ammunition and new technologies

The ammunition segment earned €612 million in 2025, up 24.7%. KNDS opened an additional automated 155 mm production line in Belgium. Newer products include:

• The Damocles loitering munition range, developed with Delair and EOS Technologie. It entered French Army service at the end of 2025.
• A counter-drone version of the Serval.
• A land version of RAPIDFire, developed with Thales.

How big is KNDS? 2025 results

Broken down by segment, 2025 revenue was:

• Land Systems Germany: €2.5 billion (+17.4%).
• Land Systems France: €1.3 billion (+9.6%).
• Ammunition: €612 million.

KNDS says its systems are deployed in high-intensity combat, including in Ukraine, and that this battlefield feedback drives upgrades.

KNDS vs Rheinmetall: what’s the difference?

The two are often confused because they work together on the Boxer and Puma. They are separate companies:

• Rheinmetall is a listed German group that also makes the Lynx and Panther vehicles, guns, ammunition and air defence.
• KNDS is a Franco-German land-systems house owned by states and families. It is the design authority for the Leopard 2 and the Leclerc.

On the MGCS future tank programme, they now sit together in a joint project company with Thales.

Frequently asked questions

Is KNDS German or French?

Both. It is a Dutch-registered holding company that combines Germany’s KMW and France’s Nexter. France has held 50%, and Germany has agreed to buy the other 50% from the Wegmann families.

Does KNDS make the Leopard 2?

Yes. The Leopard 2 is designed and built by KNDS Deutschland, the former Krauss-Maffei Wegmann.

Is KNDS listed on the stock market?

No. An IPO in Frankfurt and Paris was prepared for 2026 but put on hold. A later listing remains possible when Germany and France reduce their stakes.

Who is the CEO of KNDS?

Jean-Paul Alary is Group CEO. Tom Enders, the former Airbus chief executive, chairs the board.

Sources

• KNDS: “KNDS achieves strong revenue growth and record order intake in 2025”, Amsterdam, 26 May 2026.
• Reuters (via Euronext): “Germany strikes deal for 50% stake in Leopard tank maker KNDS”, 5 November 2026.
• Reuters: “Tank maker KNDS landmark European IPO set for mid-July”, 24 June 2026.