Eurenco

What Eurenco does

Eurenco is a French privately held defense company, founded in 2004 and headquartered in Sorgues, France, that designs, develops and manufactures energetic materials for military and civil applications. The company's core technology is the formulation and production of explosives (conventional and insensitive munitions), gun and cannon propellants (single-base, multi-base and LOVA), pyrotechnic compositions, and Modular Artillery Charge Systems (MACS / Bi Modular Charge System, BMCS) for large-caliber 155mm artillery, alongside small caliber propellants for defense, hunting and sport shooting and fuel additives for civil markets. It is described in company materials as the European leader in energetic materials and is formally designated the "chemist" for the EU's Defense Technological and Industrial Base (EDTIB), operating manufacturing sites in France (Sorgues, Bergerac/MANUCO), Belgium (Clermont/Engis) and Sweden (Karlskoga), with additional production capacity being added through a joint venture in Slovakia, a new plant in Poland with PGZ, an MESKO-operated BMCS assembly line, and a planned Canadian explosives factory with Nalagx.

Eurenco operates a B2B defense procurement go-to-market, selling primarily to NATO member state armed forces and large European defense contractors through long-term supply agreements, multi-year contracts and direct negotiated sales. Revenue derives from hardware sales of energetic materials (MACS charges, propellants, explosives, nitrocellulose) under single-buyer defense procurement frameworks; the company also serves a secondary civil/commercial segment for mining explosives and civil pyrotechnics. Distribution is exclusively direct, with no public pricing and no intermediary channel. Named customers and partners include NATO armed forces broadly, the Polish Armed Forces, Beretta Holding (under a seven-year small caliber propellant supply agreement), MESKO/PGZ in Poland, and ZVS Holding (CSG Group) in Slovakia. The company is led by CEO Thierry Francou and operates with a 1,001-5,000 employee headcount.

The business model is capital-intensive and project-driven: in February 2026, Eurenco raised a €300 million inaugural syndicated loan from a pan-European pool of 14 financial institutions (including Bpifrance, Société Générale, BNP Paribas, UniCredit, Swedbank and Nordea) — the largest financing transaction of its kind for a French defense company — to fund a multi-site European capacity expansion program. Concurrent strategic moves include the €250M Poland gunpowder plant, the €300M Slovakia MACS JV targeting 2028 production, a doubling of Belgium capacity, and an MoU with Helsing to develop sovereign European warheads for the HX-2 AI-defined strike drone, positioning Eurenco as a structural supplier into the European rearmament cycle.

Name

Eurenco

Legal name

Eurenco

Website

https://eurenco.com

Company type

Private

Founded year

2004

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Eurenco is the European leader in energetic materials, designing and manufacturing explosives, propellants and Modular Artillery Charge Systems for 155mm ammunition. It serves NATO armed forces and defense prime contractors from facilities in France, Belgium and Sweden, with expanding capacity in Poland, Slovakia and Canada.

Ownership category

akta.pro rank

Product category

Energetic Materials Manufacturing

NAICS

Explosives Manufacturing (32592), Ammunition (except Small Arms) Manufacturing (332993), Small Arms Ammunition Manufacturing (332992), Small Arms, Ordnance, and Ordnance Accessories Manufacturing (332994), Other Guided Missile and Space Vehicle Parts and Auxiliary Equipment Manufacturing (336419)

SIC

Ordnance & Accessories, (No Vehicles/Guided Missiles) (3480), Guided Missiles & Space Vehicles & Parts (3760)

akta.pro primary industry

Military-Grade Explosives & Energetic Materials (IMAEALAE)

akta.pro secondary industries

Explosives, Energetics & Pyrotechnics (Military-Grade) (IMABAHAK), Artillery, Mortar & Tank Munitions (IMABAHAH), Ammunition Manufacturing (Small-, Medium- & Large-Caliber) (IMABAHAG), Bombs, Depth Charges & Aerial Delivered Ordnance (IMABAHAI), Ordnance Components & Subassemblies (Casings, Liners, Guidance Sections) (IMABAHAL), Energetic Materials Precursors & Intermediates (IMAEALAJ)

Keywords

• Energetic materials manufacturing
• Military propellants explosives
• Modular artillery charges
• Insensitive munitions production
• Commercial mining explosives

Headquarters

HQ city

Sorgues

HQ country

France

HQ region

Europe

Offices4 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Supply Chain, Personnel, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Energetic Materials Manufacturing: Design, development, and manufacturing of explosives, propellants, and pyrotechnic compositions for military ammunition including artillery charges, missile warheads, and small arms ammunition. Revenue derived from long-term supply contracts with defense contractors and government entities.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Eurenco designs, develops, and manufactures energetic materials — including conventional and insensitive explosives, propellants (single-base, multi-base, LOVA), and Modular Artillery Charge Systems (MACS/BMCS) — for defense and civil applications. The company supplies gunpowder, propellant charges, warhead/bomb/torpedo explosive fills, and small caliber propellants to NATO armed forces, defense prime contractors, and commercial mining and construction customers from production facilities in France, Belgium, and Sweden.

Product overview

Eurenco is the European leader in energetic materials with the largest production capabilities in Europe. The company offers a comprehensive portfolio of products including Modular Artillery Charge Systems (MACS/BMCS) for large-caliber ammunition, conventional and insensitive explosives for missile warheads/bombs/torpedoes, and various propellant types (single base, multi-base, LOVA) for artillery, tank, mortar, and small caliber ammunition. The company operates manufacturing facilities across France (Bergerac, Sorgues), Belgium (Clermont/Engis), Sweden (Karlskoga), and USA, with strategic partnerships for local assembly operations in Poland (via MESKO/PGZ).

Differentiator

Problem solved

Functional benefit

Products and services

• Modular Artillery Charge Systems (MACS) Modular propellant charge systems for large-caliber artillery ammunition that allow adjustable charge levels for different ranges; used by NATO member states' armed forces as a key component of modern artillery ammunition.
• Bi Modular Charge System (BMCS) 155mm Modular charge system for 155mm artillery ammunition, assembled at MESKO facility in Pionki, Poland through Eurenco's partnership with PGZ, with annual capacity of up to 100,000 units.
• Conventional and Insensitive Explosives Conventional and insensitive (IM) explosives designed and manufactured for defense applications including missile warheads, bombs, penetration devices, torpedoes, underwater ammunition, boosters, and demolition charges.
• Propellants (Single-Base, Multi-Base, LOVA) Gunpowder and propellant products including single-base, multi-base, and LOVA (low vulnerability ammunition) variants for artillery, tank, mortar, medium-caliber, and naval ammunition applications.
• Missile Warhead, Bomb, and Torpedo Explosive Charges Explosive charges for missile warheads, bombs, penetration devices, torpedoes, underwater ammunition, boosters, and demolition charges used by defense customers.
• Small Caliber Propellants Single-base and multi-base propellants (spherical and extruded) for small caliber ammunition used in defense, hunting, and sport shooting applications; produced at Eurenco Clermont (Belgium) and Karlskoga (Sweden) facilities.
• Fuel Additives Fuel additives produced by Eurenco for military and civil sector applications, marketed through the company's dedicated Fuel Additives business line.
• Mining and Civil Pyrotechnics Explosives Commercial explosives and energetic materials supplied to civil-sector customers for mining, construction, quarrying, and civil pyrotechnics applications.

Quantifiable outcome

• Projected market growth from USD 2.08 billion (2025) to USD 3.63 billion (2034) for RDX/HMX materials at 7.1% CAGR
• +1 more outcomes

Named customers5 records

Segments2 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Six partnerships are on record, tiered core and major.

• HelsingcoreStrategic or Co-development Partner · 30 June 2026German AI-defense specialist Helsing and Eurenco signed MoU at Eurosatory 2026 to develop sovereign European warheads for HX-2 AI-defined strike drones. Partnership aims to create modular, high-performance warhead entirely in Europe to fill the final gap in the HX-2 kill chain, addressing Europe's strategic autonomy goals.
• ZVS Holding (CSG Group)coreStrategic or Co-development Partner · 4 March 2026Joint venture established between Eurenco and ZVS Holding (jointly owned by Slovak state and CSG Group) to build artillery propellant plant in Strážske, Slovakia. Investment of approximately €300 million, production targeted for 2028 with capacity of several hundred thousand modular propellant charge systems annually.
• PGZ (Polska Grupa Zbrojeniowa)coreStrategic or Co-development Partner · 10 January 2026French Eurenco investing approximately €250 million in new gunpowder plant in Poland in cooperation with Polish defense group PGZ, located in Pińki. Plant will have capacity of 1,200 tons of artillery powder and 600,000 modular metal charges annually for 155mm ammunition, serving Polish Armed Forces and European allies.
• NalagxmajorStrategic or Co-development Partner · 18 November 2025New Canadian company Nalagx and Eurenco plan to build Canada's largest explosives factory since WWII. Project valued at US$1 billion, aims to create 500 jobs and produce energetic materials for artillery and ammunition primarily for European NATO countries.
• Beretta HoldingmajorStrategic or Co-development Partner · 2 September 2025Seven-year partnership agreement for supply of small caliber propellants. Eurenco to deliver small caliber propellants from its factories in Clermont (Belgium) and Karlskoga (Sweden) to support Beretta's ammunition manufacturing for military, law enforcement, and civilian markets.
• MESKO (PGZ subsidiary)coreStrategic or Co-development Partner · 29 August 2025New Polish assembly line opened for EURENCO's modular 155mm charges (BMCS) at MESKO facility in Pionki. Assembly line capacity of up to 100,000 BMCS per year. MESKO provides local assembly while Eurenco supplies technology and modular charge kits from France.

Scale indicators7 records

Recent moves11 records

Expansion highlights6 records

Direct peers

• Nammo: Nammo is a Nordic (Norway/Finland) defense company that manufactures ammunition, rocket motors, and energetic materials. It is a direct peer to Eurenco in propellant and explosives production for military and civil markets, and competes head-to-head in small-caliber propellants and NATO ammunition supply.
• Chemring Group: Chemring is a UK-based specialist in energetic materials, countermeasures, and chemical detection. It directly competes with Eurenco in explosives and propellants for defense applications, and is one of the few Western European players with comparable specialty energetics capabilities.
• Maxam: Maxam is a Spanish privately-held manufacturer of explosives, propellants, and ammunition for defense, mining, and civil markets. It is a direct peer to Eurenco in energetic materials manufacturing and competes in both the military and commercial explosives segments in Europe.
• Poongsan Corporation: Poongsan is a South Korean manufacturer of ammunition, propellants, and non-ferrous metal products, with significant exports to NATO and allied forces. It is a direct peer to Eurenco in large-caliber artillery propellants and modular charge systems for global defense customers.
• Expal (Maxam Group): Expal is a Spanish manufacturer of ammunition, explosives, and pyrotechnics serving NATO and allied militaries. It directly competes with Eurenco in artillery propellant charges, mortar munitions, and naval ammunition energetics.

Broad incumbents

• General Dynamics Ordnance and Tactical Systems: General Dynamics' OTS division manufactures artillery, tank, and mortar ammunition plus missile propulsion and energetics. It is a US-based broad incumbent peer competing with Eurenco in the global ammunition supply chain, particularly for 155mm artillery.
• BAE Systems: BAE Systems is one of the world's largest defense primes with significant munitions and energetics manufacturing through BAE Systems Inc. It is a broad incumbent competitor to Eurenco in NATO ammunition supply and a key customer for energetic components.
• Rheinmetall: Rheinmetall is a major German defense incumbent with significant ammunition and propellant capabilities through its weapons and ammunition division. It competes with Eurenco as a European supplier of artillery charges and tank ammunition, though it operates across a much broader defense portfolio including vehicles and electronics.
• KNDS (Nexter/KMW): KNDS is a Franco-German armored vehicle and artillery systems prime that produces ammunition including artillery shells. It is both a potential customer for Eurenco's propellants and a competitor in integrated munitions offerings to NATO forces.

Regional players

• Mesko (PGZ): Mesko is a Polish ammunition manufacturer and PGZ subsidiary that is both a customer (assembles Eurenco's BMCS modules) and a regional peer in Central European ammunition production. Comparable as a regional energetic materials producer for 155mm and small-caliber markets.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/@eurenco7634
• LinkedInlinkedin.com/company/eurenco

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Eurenco