The shareholding of WB Electronics may increase, the company is considering the stock exchange. What about WB Electronics' military secrets?

The largest private arms company in Poland, the WB Electronics Group, specializing in drone systems, is considering a debut on the stock exchange, according to information from the Bloomberg Agency. A potential public offering may be unique because it must take into account the secrets of the company's military contacts.

The company was established in 1997 on the initiative of Polish engineers and from the beginning of its existence it has been developing solutions in the field of electronics, military IT and automated command systems. It specializes in drones mainly through its company FLYTRONIC. According to information provided by Bloomberg, the Group may take advantage of the boom in the arms sector and is considering a stock exchange debut.

“Although banks are ready to grant us loans, the stock exchange debut seems to be an interesting scenario that could significantly strengthen the potential of WB Electronics,” said Piotr Wojciechowski, founder and president of the company, quoted by the Agency.

Shareholder structure of WB Electronics

According to the recently published annual report (as of June 2, 2025), President Wojciechowski was the main shareholder of the company with nearly 45.5 percent. share in the shareholding. Just over 28 percent owned by Adam Bartosiewicz, vice-president of the management board. The third shareholder is the Investment Fund of the Polish Development Fund, with a share of 26.44%.

In 2024, the Group's sales revenues amounted to PLN 2.96 billion, which was an increase of 107%. rdr. The net result amounted to PLN 622.8 million compared to PLN 234.1 million generated in 2023, which means an increase of over 166%. The capital group's balance sheet total at the end of 2024 amounted to PLN 2.48 billion and increased by 47.6%. rdr.

Public contracts of a strategic company

If an offer is made, it may be necessary to talk to the Polish Financial Supervision Authority regarding keeping information regarding military contracts secret. WB carries out contracts for the supply of FlyEye drones and other reconnaissance unmanned aerial vehicles, which are used for reconnaissance missions and battlefield monitoring. Their drones have been used in military operations in Ukraine, where there is an ongoing war.

WB Electronics also concludes contracts with foreign armies, including: from NATO countries and the EU security sector for the supply of their solutions, also in the field of command and fire control systems, communication systems, and cybersecurity and integration of electronic systems. It should also be taken into account that last year the government included WB Electronics on the list of strategic companies, which gives the state the opportunity to block a possible sale.

A boom in arms companies

The moment for a stock exchange debut of companies from the defense and armaments industry seems perfect. Foreign entities take advantage of this. In February, we reported that the French-German arms company KNDS, which produces Leopard tanks, is planning to debut on the Frankfurt Stock Exchange. In turn, the Czech concern CSG (Czechoslovak Group) was supposed to select the banks that are to conduct a potential initial public offering (IPO) next year. In turn, the German concern Thyssenkrupp (listed on the stock exchange) spun off its warship construction division, Thyssenkrupp Marine Systems (TKMS), and made its debut on the Frankfurt Stock Exchange in October. TKMS shares increased by over 60% on the first day.

At the end of May, Bloomberg reported that the Swedish company Snigel, which produces soldiers' personal equipment (uniforms, backpacks and bulletproof vests), plans to debut on the stock exchange within two years. This year, shares of the Finnish Summa Defense from the defense sector debuted on the stock exchanges in Stockholm and Helsinki (dual listing) (through a reverse takeover).

WB Electronics seems to be the most serious industry candidate in Poland for a stock exchange debut, next to the most important domestic defense industry company, which is the state-owned Polska Grupa Zbrojeniowa (PGZ), about which more in the article “The Polish arms colossus is waiting for a decision. Europe is not waiting.”

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