VINCORION plans Initial Public Offering on Frankfurt Stock Exchange

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VINCORION plans Initial Public Offering on Frankfurt Stock Exchange

• VINCORION, a leading developer and manufacturer of power and mechatronic solutions for defense platforms and advanced aviation systems, plans an initial public offering and listing on the Regulated Market of the Frankfurt Stock Exchange (Prime Standard) in the first half of 2026, subject to market conditions.
• The offering is expected to consist exclusively of existing shares from the holdings of the company’s major shareholder.
• Fidelity International, Invesco Asset Management Limited, for and on behalf of certain collective investment funds and/or accounts, and accounts advised by T. Rowe Price Associates, Inc. have pre-committed, based on guaranteed allocations, an aggregate amount of c. €105 million as cornerstone investors in the offering.
• VINCORION is strategically well-positioned to leverage the momentum of the defense industry super-cycle, megatrends in electrification and autonomous systems, as well as rising European defense spending.
• Strong track record of profitable growth, with revenue reaching around €240 million in 2025 (CAGR. +22% from 2023 to 2025).
• Strong fixed order backlog¹ of around €435 million, which, together with additional expected orders, results in an aggregate total order backlog of around €1.1 billion as of December 31, 2025. Supported by around 55% aftermarket revenue² in 2025, this creates a solid foundation for continued financial upside, as the company targets a total addressable market³ of approx. €12 billion, expected to grow at a CAGR of around 8% through 2030.

VINCORION SE (“VINCORION” or “Company”), a leading developer and manufacturer of power and mechatronic solutions for defense platforms and advanced aviation systems, together with its major shareholder STAR Holdings S.à r.l. (“STAR Capital” or “Selling Shareholder”), plans an initial public offering (“IPO”) and listing of VINCORION shares on the Regulated Market of the Frankfurt Stock Exchange (Prime Standard). The IPO is expected to be completed in the first half of 2026, subject to market conditions.

The offering is expected to consist exclusively of existing shares from the holdings of the Selling Shareholder, which would remain a significant shareholder following the IPO. The targeted free float is expected to create a liquid market for VINCORION shares. The IPO would provide VINCORION with direct access to the capital markets, further enhancing its entrepreneurial flexibility and independence, elevating its public profile and tapping into greater opportunities for future growth.

Kajetan von Mentzingen, CEO of VINCORION, said: “Our drive for innovation has shaped the product landscape of VINCORION. With over 70 years of engineering excellence ‘Made in Germany’, we have consistently delivered precision, reliability and tactical advantage to armed forces and rescue operators worldwide. As we take the next step on our successful journey, we are excited about the opportunities ahead. Positioned at the heart of the fast-growing defense and security sector, VINCORION provides the energy backbone that enables modern warfare and civil protection operations, ensuring our customers can rely on proven, resilient technology in the most demanding environments.”

Philipp Gensch, Partner at STAR Capital, said: “Today's announcement marks a key milestone for VINCORION. We are proud to have supported the company's positive development and growth as it has further strengthened its position as a reliable partner on key military platforms. We look forward to accompanying VINCORION into this next chapter as it continues to capitalize on the exceptional opportunities in defense and critical infrastructure markets.”

Winning Products That Form the Energy Backbone of Leading Defense Platforms

VINCORION develops and delivers integrated solutions that generate, manage and store power for defense and civil protection operations, from initial design to long-term aftermarket support. The company operates across three segments: Vehicle Systems, Power Systems, and Aviation. In Vehicle Systems, the company provides energy supply and management systems, as well as weapon stabilization systems for armored vehicles. In Power Systems, the company provides power supply and solutions for mobile ground-based air defense and field operations. In Aviation, VINCORION designs, develops and supplies rescue hoists, heating systems as well as other special products for both military and civil applications. Principal sales markets include NATO member countries, with Germany being of particular importance.

As a long‑term partner, VINCORION supports leading defense platforms and advanced aviation systems through continuous service, obsolescence management and system modernization. The company’s market position drives a recurring aftermarket business² that accounted for around 55% of total revenue in 2025.

VINCORION operates three development, manufacturing and maintenance sites in Germany, supported by a distribution center in the United States, with around 900 highly skilled employees. The company serves customers globally, including governmental customers, leading defense contractors and original equipment manufacturers (OEMs).

Capturing the Momentum of the Defense Industry Supercycle

VINCORION operates in structural growth markets characterized by a step-change in security policy. NATO allies have reaffirmed their commitment to higher defense budgets, with core defense spending targeted to reach 3.5% of gross domestic product by 2035 and defense spending expected to grow at a compound annual growth rate (“CAGR”) of around 5% between 2025 and 2030 (Source: Roland Berger). In Germany, VINCORION’s core market, the defense budget is forecast to grow at a CAGR of around 13% from 2025 to 2030, reflecting ongoing rearmament and modernization efforts (Source: Roland Berger).

VINCORION’s total addressable market³ amounts to around €12.0 billion in 2025, expected to grow at a CAGR of around 8% through 2030, with a total serviceable market⁴ of around €5.6 billion in 2025, expected to grow at a CAGR of around 10% through 2030 (Source: Roland Berger). VINCORION is positioned in the sweet spot of modern warfare megatrends: Energy demand is surging, driven by electrification, digitalization, secured communications and unmanned aerial and ground vehicles (UAVs & UGVs). Through its product strengths – high energy density, strong energy efficiency, mobile high-capacity energy and modular architectures – the company is well-prepared to contribute to the development of European Union and NATO standards.

With a revenue CAGR of +22% between 2023 and 2025, VINCORION is well positioned and intends to further capitalize on the momentum of the defense industry supercycle.

Strong track record of profitable growth and high revenue visibility

The strong growth momentum of VINCORION has continued into 2025, driven by favorable market conditions and sustained demand across the company's core defense and civil protection solutions. The company achieved revenue of around €240 million in 2025.

A strong fixed order backlog¹ of around €435 million, which, together with additional expected orders, results in an aggregate total order backlog of around €1.1 billion as of December 31, 2025, providing additional support for future growth.

Dieter Holst, CFO of VINCORION, said: “Our financial results reflect the quality of our business model: deeply embedded in platforms with multi-decade lifecycles, generating high recurring revenues and backed by a strong order backlog. This combination creates strong revenue visibility and positions us to deliver sustained value creation as we capture the momentum of the defense industry supercycle.”

Details of the Intended Offering

In the context of the planned IPO, Fidelity International, Invesco Asset Management Limited, for and on behalf of certain collective investment funds and/or accounts, and accounts advised by T. Rowe Price Associates, Inc., have each pre-committed, severally and not jointly, to purchase shares in the IPO at the final offer price. In total, the cornerstone investors have pre-committed for an aggregate amount of c. €105 million, in exchange for guaranteed allocations. These commitments underscore the confidence in the business model of VINCORION and its long-term growth prospects.

The current share capital of VINCORION is held by STAR Capital as well as the management board, individual members of the extended management team, individual members of the supervisory board and other individuals. The IPO is expected to consist of an initial public offering in Germany as well as private placements to institutional investors in certain jurisdictions outside of Germany.

The listing of VINCORION is planned on the Regulated Market (Prime Standard) of the Frankfurt Stock Exchange. The Selling Shareholder seeks to ensure sufficient free float and trading liquidity for VINCORION shares in the market and is expected to enter into customary lock-up agreements. The company, members of the management, and certain other non-selling shareholders will also agree to customary lock-up arrangements, underlining their long-term commitment to the company’s success and ensuring interests are closely aligned with those of future institutional investors.

BNP PARIBAS, J.P. Morgan, and Berenberg are acting as Joint Global Coordinators and Joint Bookrunners. COMMERZBANK in cooperation with ODDO BHF, and UniCredit are acting as additional Joint Bookrunners. Rothschild & Co is acting as financial adviser to STAR Capital and VINCORION.

Further information will be available on: www.ir.vincorion.com.


About VINCORION SE

VINCORION SE is a leading developer and manufacturer of power and mechatronic solutions for defense platforms and advanced aviation systems. The company is specialized on innovative power systems, including generators, electric motors and drives, gensets, power electronics, and hybrid power systems. As a partner to the defense and civil protection industries, VINCORION develops and manufactures solutions tailored to its customers’ specific requirements on the basis of an in-depth dialog. A high-performance customer support team provides assistance and service to users of the company’s own products and those from third parties throughout the entire product life cycle.

With approximately 900 employees at sites in Germany, and the United States, VINCORION generated revenues of approximately €240 million in financial year 2025.

For more information and the latest news, please visit www.vincorion.com and follow us on LinkedIn.


Contact:

Frederike Gasa
Head of Communications & Marketing
VINCORION Advanced Systems GmbH
Feldstrasse 155
22880 Wedel, Germany
Mail: media@vincorion.com


Explanatory notes

1. Fixed order backlog: Represents, with respect to binding customer contracts and purchase orders concluded and/or received, the portion of the total transaction price (as defined under IFRS 15 “Revenue from Contracts with Customers”) that has not yet been recognized as revenue in accordance with IFRS.
2. Aftermarket revenue: Is comprised of the sale of MRO (maintenance, repair and overhaul) services and the supply of spare parts.
3. Total addressable market (TAM): Defined as full potential opportunity comprising markets where VINCORION products or adjacent solutions are relevant, excluding traffic (rail) program. TAM spans all three VINCORION reportable segments Vehicle Systems, Power Systems and Aviation.
4. Total serviceable market (TSM): Defined as the portion of TAM that VINCORION can serve based on its current portfolio and capabilities, excluding traffic (rail) program.

Disclaimer

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