CeoTronics AG Receives Third SmG Call‑Off Worth Approximately €47 Million

CeoTronics AG, the German communications‑equipment specialist listed on the Frankfurt Stock Exchange, announced that it has secured the third call‑off under the “SmG” framework agreement with the German Armed Forces. The order, announced on 17 December 2025, involves approximately €47 million in new deliveries scheduled for 2026.

Order Details

  • Scope: The call‑off covers 50 000 leadership and soldier push‑to‑talk (PTT) buttons, specifically the CT‑MultiPTT 3C and 1C models, intended for cross‑sectional deployment within the Bundeswehr.
  • Additional Deliverables: CeoTronics will also supply 50 000 wireless PTT buttons (CT‑WirelessPTT MIL) and 50 000 storage and transport bags as part of the same package.
  • Contractual Relationship: The items are supplied to Rheinmetall Electronics GmbH, which acts as the distributor for the German Armed Forces under the SmG framework.

Impact on Company Performance

The new call‑off is expected to strengthen CeoTronics’ revenue stream for 2026 and reinforces its position as a key supplier of communication systems for military applications. The company’s financial metrics reflect the significance of this contract:

  • Market Capitalisation: €107.73 million (as of 16 December 2025).
  • Price‑to‑Earnings Ratio: 22, indicating a moderate valuation relative to earnings.
  • Stock Performance: The share price closed at €13.50 on 16 December 2025, below the 52‑week low of €5.50 but approaching the 52‑week high of €17.20 reached earlier in 2025.

Analyst Reaction

BankM AG, through its research division, issued a “Buy” recommendation for CeoTronics on 18 December 2025, citing the recent order as a positive driver for future earnings. The analyst team, led by Daniel Grossjohann and Dr. Roger Becker, set a 12‑month target price of €17.92, implying a potential upside of approximately 33 % from the current closing level.

Strategic Context

CeoTronics specializes in communication and data transmission audio and video systems designed for operation in high‑noise environments. Its product portfolio includes wired and wireless headsets, microphones, multimedia headsets, helmet‑mounted communication gear, and man‑down alarm systems. The company also offers after‑sales services, enhancing customer retention and recurring revenue.

The third SmG call‑off underscores the firm’s continued penetration into defence markets and its capacity to deliver large‑volume, specialised communication solutions. This development aligns with the company’s broader strategy of expanding its defence and security offerings while maintaining a strong presence in the commercial communications sector.