Weak Q3, seasonal recovery in Q4e

Soft report - cost savings to come

Soft Q3e on the cards

Takeaways from DSEI UK 2025

Yet to benefit fully from rising military budgets

Q2 in line, encouraging H2 outlook

Few order announcements, but easy comps

Good growth and strengthened B/S

Increased confidence in the turnaround

Outlook continues to improve

Eyeing margin improvements in 2025

Strong Q3, taking action on costs

Strong Q3e, but more orders needed

Big win in the US

Weak, but moving closer to deal signings

Particularly weak Q2, mainly due to North America. We cut '24e-'26e sales by 2-3% on the Q2 miss. Large deal signings in H2e and easy Q3 comps, reiterate BUY.

Growth hampered by lack of orders

Q2e will be weak

No order news leads us to expect a weak Q2. We cut '24e-'26e sales by 6-4%. Negative R/R into Q2e, but better outlook in H2e, partly on easy comps.

We expect to see large orders ahead

Weak Q1 amid tough comps and no order announcements, but sales to improve with US defence budget now approved. We cut '24-'26e EBIT by 3-1 on slightly higher costs: keep BUY.

Soft Q1, but more positive wording

Military spending is rising, so should revenues