Financial highlights:
Revenue increased to €6.7bn, up 71.7% year on year (30.1% pro forma), driven by strong demand across Defence Systems and the integration of The Kinetic GroupTotal backlog reached €15bn with a pipeline of €27bn, providing strong multi-year visibilityAdjusted Operating EBIT increased to €1.6bn, up 60.7% year on year (31.2% pro forma), with margin at 24.1%Net Profit from Continuing Operations increased to €872m, up 35.5% year on yearPre-tax Operating Cash Flow of €61m, reflecting the Q4 seasonal unwind of working capital as deliveries under contracted orders were executedCapex Intensity of 3.3%, supporting growth while maintaining capital disciplineNet Debt of €3.0bn, with Net Debt to LTM Adjusted Operating EBITDA of 1.7x (1.3x including €742m IPO primary proceeds)FY 2026 and medium-term guidance reaffirmedFull Year 2025 Results Statement below:
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