PGZ & WB Group: Poland's Defense Industry and the Ukraine War
No European country has rearmed faster than Poland since Russia's 2022 invasion of Ukraine, and two companies sit at the centre of that effort: the state-owned holding PGZ (Polska Grupa Zbrojeniowa) and the private WB Group. PGZ builds the Krab self-propelled howitzer that Ukraine prizes on the battlefield; WB Group makes the FlyEye reconnaissance drone and the Warmate loitering munitions now used against Russian armor. Neither is exchange-listed, so this page frames their scale qualitatively — through revenue, contracts and Ukraine supply — rather than a share price.
PGZ: Poland's State Defense Champion
Polska Grupa Zbrojeniowa was created in 2014 to consolidate dozens of fragmented Polish armaments plants into a single state-owned holding controlled by the State Treasury. It is not a listed company and has no market capitalization; its scale is best read through group revenue and headcount. PGZ employs roughly 18,000 people across subsidiaries spanning land systems, radar and air defense, ammunition, naval and electronics.
The Ukraine war transformed PGZ from a modernization-program contractor into a strategic supplier. Group revenue climbed to a record of roughly PLN 13-14 billion in 2024, with arms exports growing sharply and roughly half of those exports linked to Ukraine according to trade-press reporting.
⚠ PGZ is state-owned and not exchange-listed; figures are approximate company/trade-press revenue estimates, not a market cap (source). Not investment advice.
The Krab Howitzer and Ukraine
PGZ's most famous Ukraine-relevant product is the AHS Krab, a 155mm tracked self-propelled howitzer built by the PGZ subsidiary Huta Stalowa Wola (HSW). The Krab is a textbook case of integrated Western technology: it pairs a turret derived from the British BAE Systems AS90/Braveheart design with a South Korean K9 chassis and Polish fire-control electronics, all assembled in Poland.
Early in the war Poland donated about 54 Krabs from its own inventory, and Ukraine then signed a commercial contract worth roughly PLN 2.7 billion (about EUR 600 million) with HSW for 56 additional units, delivered by mid-2024. The Krab quickly became one of Ukraine's most valued NATO-standard artillery systems, prized for range and mobility.
⚠ Krab unit counts and the ~PLN 2.7bn contract value are from defense trade press (source); figures are approximate.
WB Group: Private Drone Maker
WB Group is Poland's largest private defense company, deliberately independent of the state-owned PGZ. Its portfolio spans tactical communications (FONET vehicle networks), command-and-control software (the TOPAZ battlefield-management system), unmanned aerial systems led by the FlyEye, and the Warmate family of loitering munitions.
Because WB Group is privately held and not listed, it has no public market capitalization. Trade reporting put its revenue at around USD 151 million in 2022 (up from about USD 86 million in 2021), implying a very high multi-year growth rate as wartime demand surged. Its value is better understood through this growth and an order backlog swollen by both Polish and export contracts.
⚠ WB Group is private and not exchange-listed; revenue figures are approximate trade estimates (source) and may use different reporting bases.
Warmate & FlyEye in Ukraine
The FlyEye is a roughly 12-kilogram hand-launched reconnaissance drone that streams HD and thermal video back to the TOPAZ system for targeting. The Warmate loitering munition — a so-called kamikaze drone — ranges from a small ~3kg squad-level model up to larger variants with bigger warheads and longer reach. Both have been supplied to and used by Ukrainian forces, where cheap, attritable systems have reshaped the battlefield.
In 2025 Poland signed contracts with WB Group worth roughly EUR 2.75 billion — its largest-ever order for unmanned systems — covering hundreds of Warmate, Gladius search-and-strike and FlyEye systems for delivery by 2030, part-financed through the EU's SAFE instrument. The deal underlines how Ukraine's combat experience has pushed drones to the centre of Polish procurement.
⚠ The ~EUR 2.75bn WB Group drone contract is reported by trade and news outlets (source); figures rounded.
Poland's Rearmament Boom
Poland borders Russia's Kaliningrad exclave, Belarus and Ukraine, and treats Russia as a direct and present threat. That geography has made it NATO's biggest defense spender as a share of GDP — around 4.7% in 2025, the highest in the alliance, with stated ambitions toward 4.8% in 2026 and 5% later in the decade.
The spending funds the largest land army in Europe and a sweeping modernization program, including the "Eastern Shield" border-fortification project. Warsaw has placed huge orders with domestic firms PGZ and WB Group alongside foreign suppliers from the United States and South Korea, making Poland one of the single most important markets in the post-2022 European defense surge.
For Ukraine, this matters twice over: Poland is both a frontline supplier of howitzers and drones, and a logistics and training hub through which much Western aid flows.
Key Data
| Metric | Value |
|---|---|
| PGZ structure | State-owned holding (Polish State Treasury) — not listed |
| PGZ revenue 2024 (approx.) | ~PLN 13-14B |
| PGZ flagship for Ukraine | AHS Krab 155mm howitzer (HSW; BAE AS90 + K9 lineage) |
| Krabs to Ukraine | ~54 donated + 56 commercial (~PLN 2.7B), delivered by mid-2024 |
| WB Group structure | Private company — not listed |
| WB Group revenue 2022 (approx.) | ~USD 151M |
| WB Group flagship products | FlyEye recon drone, Warmate loitering munitions, TOPAZ, FONET |
| Record Polish drone deal | ~EUR 2.75B (2025), delivery by 2030 |
| Poland defense spending 2025 | ~4.7% of GDP (highest in NATO) |
⚠ All figures approximate and rounded, from trade press and company statements; currencies and as-of dates vary by source. Not investment advice.
Frequently Asked Questions
What is PGZ (Polska Grupa Zbrojeniowa)?
PGZ, Polska Grupa Zbrojeniowa, is Poland's state-owned defense holding group, formed in 2014 to consolidate dozens of Polish armaments plants. It is not listed on a stock exchange, so it has no public market capitalization. It is owned by the Polish State Treasury and reported group revenue of roughly PLN 13-14 billion in 2024, a record, with about 18,000 employees across its subsidiaries.
Does PGZ have a market cap or stock price?
No. PGZ is a state-owned holding controlled by the Polish State Treasury and is not exchange-listed, so it has no share price or market capitalization. Its scale is best judged by group revenue, which reached roughly PLN 13-14 billion in 2024 according to company and trade-press reporting. This page is analysis, not investment advice.
What is the Krab howitzer and who makes it?
The AHS Krab is a 155mm tracked self-propelled howitzer built by Huta Stalowa Wola (HSW), a PGZ subsidiary. It combines a turret derived from the British BAE Systems AS90/Braveheart with a South Korean K9 chassis and Polish electronics — a notable example of licensed and adapted Western technology produced in Poland.
How many Krab howitzers did Poland send to Ukraine?
Poland donated roughly 54 Krab howitzers from its own stocks early in the war, and Ukraine separately signed a commercial contract worth about PLN 2.7 billion (around EUR 600 million) with Huta Stalowa Wola for 56 more Krabs, delivered by mid-2024. The Krab became one of Ukraine's most prized Western artillery systems.
What is WB Group?
WB Group is Poland's largest private defense company, independent of the state-owned PGZ. It is best known for the FlyEye reconnaissance drone, the Warmate family of loitering munitions, the TOPAZ battlefield-management system and FONET vehicle communications. As a private firm it does not publish a market cap; reported revenue was around 151 million US dollars in 2022 and has grown rapidly since.
What is the Warmate loitering munition?
Warmate is a family of loitering munitions — sometimes called kamikaze drones — made by WB Group. Variants range from a roughly 3kg tactical model for squad use up to larger versions with bigger warheads and longer range. Warmate systems have been supplied to and used by Ukrainian forces against Russian armor and positions.
How big is Poland's record drone deal with WB Group?
In 2025 the Polish government signed contracts with WB Group worth roughly EUR 2.75 billion — Poland's largest-ever order for unmanned systems. The package, part-financed through the EU's SAFE instrument, covers hundreds of Warmate, Gladius and FlyEye systems for delivery by 2030, reflecting how central drones have become to Polish defense planning.
Why is Poland rearming so heavily?
Poland borders Russia's Kaliningrad exclave, Belarus and Ukraine, and views Russia as a direct threat. It has become NATO's biggest defense spender as a share of GDP — around 4.7% in 2025, aiming higher in 2026 — funding the largest land army in Europe and a sweeping modernization program known as the Eastern Shield.
How much does Poland spend on defense?
Poland spent roughly 4.7% of GDP on defense in 2025, the highest share in NATO, and has signalled intentions to push toward 4.8% in 2026 and 5% later. This procurement boom directly benefits PGZ, WB Group and foreign suppliers from the United States and South Korea.
Where can I verify these Polish defense figures?
Revenue and contract figures are reported by trade outlets such as Defence Industry Europe, Defense News, Defense Express and TVP World, and by company statements. Currency conversions and as-of dates vary by source, so figures here are rounded and approximate. This page is journalistic analysis, not investment advice.