This results statement provides a review of key financial and operational developments for the six months ended 30 June 2026. Financial highlights:
Revenue of €3,251 million, up 17.2% year on year, driven by continued strong momentum across the Group's core Defence Systems businesses. Defence Systems revenue up 27.0%Total backlog and pipeline under negotiation up to €46bn (March 2026: €44bn), with Land Systems the largest contributor to backlog, underscoring the Group’s increasing diversification beyond ammunition.Operating EBIT up 12.7% year on year to €784 million with a margin of 24.1%, in line with guidance corridor. Defence Systems margin of 28.8%Pre-tax Operating Cashflow of €(411) million. As expected, higher working capital was driven by strategic pre-stocking of components primarily within the M/L ammunition segment; unwind expected in H2, primarily in Q4, with FY 2026 net working capital guidance of below 20% of revenue reaffirmed.Net Debt of €2,914 million; Net Debt to LTM Operating EBITDA of 1.6x reflecting the planned investment in net working capital; year-end guidance of less than 1.3x maintained.All FY 2026 and medium-term guidance reaffirmedFull H1 2026 Results Statement below:
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