Clarification regarding media coverage concerning Tatra Defense Systems

12 Feb 2026 07:50 CET

CSG (or the “Group”) notes recent media coverage alleging that the involvement of Tatra Defence Systems ("TDS") in defence contracts represents an artificial intermediary structure intended to divert profits from Tatra Trucks. The Group rejects these allegations. Although the Group has no new material information to disclose, it considers it appropriate to set out the factual position.

TDS is an active industrial participant, not a passive intermediary or reseller.

TDS, together with its sister company Tatra Defence Vehicle ("TDV"), are both subsidiaries of CSG. They operate a dedicated industrial facility adjacent to the Tatra Trucks production site. These entities employ specialist engineering, integration and production teams. Substantial value-adding activities performed by TDS/TDV include armoured cabin production, system integration, communications equipment installation, testing, certification and lifecycle support.

The structure comprises distinct roles.

Tatra Trucks (65%-owned by CSG) manufactures chassis and mobility platforms. TDS/TDV integrate complex defence systems onto these platforms and assume contractual responsibility for the final military configuration. This division of industrial specialization is a well-established model within the defence sector.

There is no profit diversion or artificial margin extraction.

Transactions between Tatra Trucks and TDS are conducted on standard commercial terms, consistent with market conditions and applicable corporate governance requirements. Pricing reflects the scope of work, risk allocation, integration responsibility and lifecycle obligations undertaken by TDS. There is no evidence of non-arm's-length activity.

All arrangements comply with applicable law.

All contractual arrangements have been approved in accordance with applicable corporate law and internal governance processes. Financial statements are audited and related-party transactions are subject to statutory oversight.

Context of shareholder dispute

The allegations have emerged in the context of an ongoing shareholder disagreement regarding capital investment and the strategic direction of Tatra Trucks. The media narrative reflects this dispute. However, it does not represent any regulatory finding, investigation or breach of law.

Business rationale

The TDS structure enables participation in complex military tenders requiring security clearances, integration capability and system-level responsibility that extend beyond chassis manufacturing. This enhances the competitiveness and revenue potential of Tatra Trucks.

CSG is not aware of any regulatory investigation, compliance breach or adverse finding relating to these arrangements.

Enquiries:

Investors and analysts:
Peter Russell, Head of Investor Relations
peter.russell@czechoslovakgroup.com

Media:
Tomáš Kotera, Director of Communications
tomas.kotera@czechoslovakgroup.com

Andrej Čírtek, Spokesperson
+420 602 494 208
andrej.cirtek@czechoslovakgroup.com

Attachments

• CSG_Clarification regarding media coverage concerning Tatra Defense Systems
• CSG_Clarification regarding media coverage concerning Tatra Defense Systems

CSG_Clarification regarding media coverage concerning Tatra Defense Systems.docx
CSG_Clarification regarding media coverage concerning Tatra Defense Systems.pdf