Current Report No. 27/2025
The Management Board of Boryszew S.A. (“Company”, “Issuer”), with reference to the information presented in the revision of Boryszew Capital Group Strategy for the years 2025-2029, in which listed as one of the strategic opportunities and risks was the development of special production offer based on existing resources and collaboration with partners, advises that on 17 October 2025, the Issuer and the Air Force Institute of Technology (ITWL) concluded a conditional agreement, based on which ITWL acquired from Boryszew S.A. 52% of shares in the special-purpose vehicle Hornet – Polskie Drones Spółka z o.o. (the Special-purpose Vehicle was registered in the Register of Entrepreneurs of the National Court Register in August this year, and as of the publication date of this current report no business activity was launched, “Special-purpose Vehicle”). The remaining 48% of shares in the SPV is held by the Issuer.
ITWL received approval from the Minister of Defense for the aforementioned transaction. The agreement was concluded subject to the approval of the President of the Office of Competition and Consumer Protection for the planned concentration. According to the intention of the parties, the activities of SPV will primarily include the production of unmanned aerial weapon systems (“BPSU”).
In addition, on 17 October 2025, the Issuer and ITWL signed a cooperation agreement, based on which the Issuer will provide financing to the extent necessary to commission and cover the costs of research and development work and the implementation of the BPSU trial batch, as well as lease to the Special-purpose Vehicle an industrial site for production in Boryszew ERG Branch in Sochaczew.
The detailed rules of cooperation, including the mutual obligations of the parties regarding the target production of BPSU will be included in a separate investment agreement, with ITWL planning to make a contribution to the SPV in the form of know-how involving the production of BPSU, and the Issuer planning to provide financing for the company’s operations and support based on the existing infrastructure of Boryszew ERG Branch.
After obtaining the relevant permits and licenses, Hornet – Polskie Drony Spółka z o.o. is scheduled to launch operations in the second quarter of 2026.
The Issuer will announce further stages of its cooperation with ITWL through relevant reports.
Legal grounds:
Article 17 section 1 MAR – Confidential information.
Signatures:
Wojciech Kowalczyk – President of the Management Board
Translation from the original Polish version.
In the event of differences resulting from the translation, reference should be made to the official Polish version.