This trading statement provides a review of key financial and operational developments for the three months ended 31 March 2026.
Financial highlights:
Revenue of €1,544 million, up 13.8% year on year, driven by strong momentum across the Group’s core Defence Systems businesses. Defence Systems up 26.5%.Order backlog up 15.1% to €17bn (31 Dec 2025: €15bn), led by gains in Land Systems; pipeline under negotiation of €27bn.Operating EBIT up 8.7% to €372 million with margin of 24.1%, in line with guidance corridor. Defence Systems margin of 28.5%.Pre-tax Operating Cashflow increased by €476m year-on-year despite significant planned investment in working capital in the period to secure production ramp up.Expected to normalise to guidance over the course of the year.Net Debt of €2,228 million; Net Debt to LTM Operating EBITDA of 1.3x.FY 2026 and medium-term guidance reaffirmedFull Q1 2026 Trading Statement below:
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