Poland-based defence company WB Electronics SA is exploring a listing on the Warsaw stock exchange as it ramps up investment to exploit expanding European defence funding under the bloc’s new joint armaments initiative. The firm, recognised as the European Union’s largest drone producer by sales, is seeking to convert significant state-backed financial support into production capacity and future growth.
Founded in 1997 and led by founder-chief executive Piotr Wojciechowski, WB Electronics has developed a diversified portfolio of unmanned aerial systems, loitering munitions and C4I technologies. The company says it is counting on the EU’s Strategic Air & Defence loan-fund programme to underpin its scale-up plans and has indicated that any decision to float shares will depend on how the funds are allocated.
The timing of the potential Initial Public Offering corresponds with a surge of interest in drone-platform procurement across Europe, driven by heightened strategic competition and operational demands stemming from the war in Ukraine. A recent contract signed by parent group WB Group S. A. worth undisclosed millions has been awarded by Poland’s Armament Agency for delivery of additional FlyEye mini-unmanned aerial systems, signalling enhanced domestic demand and export potential.
While the IPO remains conditional, WB Electronics views the Warsaw situation as favourable. Poland has raised defence spending to the highest share of GDP among NATO members, and is actively promoting domestic defence firms with export ambitions. WB Group, whose product line includes the Warmate loitering munition and the FlyEye reconnaissance UAS, states that its UAV solutions have seen operational use in Ukraine under Polish-led assistance programmes.
The broader European defence-industry backdrop supports the initiative. EU member-states have committed to strengthening sovereignty in key military sectors and are channeling more funding into collaborative procurement, localised supply chains and dual-use technologies. Analysts say that drone manufacturing is among the fastest-growing segments in the European defence ecosystem, with sub-systems such as autonomy, sensors and data link systems proving particularly critical.
However, the plan also carries risk. Market observers note that public defence-industry listings are relatively rare in Europe and face scrutiny over dependency on state orders, programme delivery risk, export-licensing constraints and technology transfer issues. WB’s ability to convert funding and order backlog into sustained profitability will be closely watched by institutional investors. The firm will need to maintain competitive differentiation against other EU drone producers and contend with supply-chain pressures for sensors, semiconductors and high-precision components.
WB’s strategic pivot mirrors a shift in defence industrial policy across Europe. States are seeking to reduce reliance on external suppliers, especially for unmanned systems, and are increasingly willing to provide financial incentives, loans and guarantees for domestic champions. Poland’s support for WB underscores the national priority of building indigenous defence-manufacturing capacity. At the same time, open-market dynamics impose expectations of corporate governance and transparency that listed firms must meet.