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📘 Marktkapitalisierung
📈 Was ist das?
Die Marktkapitalisierung zeigt, wie viel ein Unternehmen laut Börse aktuell wert ist.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Sie hilft Unternehmen in Größenklassen (Large, Mid, Small Cap) einzuordnen und gibt Hinweise auf Marktmacht und Stabilität.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Große Unternehmen gelten als stabiler, zahlen oft Dividenden, wachsen aber langsamer.
- Kleine Firmen können stärker wachsen, sind aber schwankungsanfälliger.
- Die Marktkapitalisierung ist ein guter Indikator für Unternehmensgröße, aber kein Maß für Unter- oder Überbewertung.
📘 Enterprise Value (Unternehmenswert)
📈 Was ist das?
Der Enterprise Value (EV) zeigt, was ein Unternehmen tatsächlich kostet, wenn man es komplett übernehmen würde – inklusive Schulden und abzüglich Cash.
🧮 Wie wird es berechnet?
(= Marktkapitalisierung + Nettoverschuldung)
🏛️ Wofür ist es wichtig?
Der EV ist eine realistischere Bewertungsbasis als die Marktkapitalisierung, da er die Kapitalstruktur berücksichtigt. Er ist Grundlage für Kennzahlen wie EV/FCF oder EV/Sales.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Der Enterprise Value zeigt, was ein Unternehmen tatsächlich wert ist – unabhängig davon, wie es finanziert ist.
- Er ist besonders wichtig für professionelle Investoren, da er eine objektivere Grundlage für Bewertungsvergleiche bietet als die Marktkapitalisierung allein.
- Ein Unternehmen mit hoher Verschuldung erscheint im EV teurer, eines mit viel Cash günstiger – auch wenn sie an der Börse gleich viel wert sind.
📘 Nettoverschuldung
📈 Was ist das?
Die Nettoverschuldung zeigt, wie viele Schulden nach Abzug des verfügbaren Cashs tatsächlich verbleiben.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Sie zeigt, wie stark ein Unternehmen von Fremdkapital abhängig ist – und wie gut es in der Lage ist, seine Schulden kurzfristig zu bedienen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine niedrige oder negative Nettoverschuldung bedeutet hohe finanzielle Stabilität.
- Unternehmen mit viel Cash und geringer Verschuldung sind besser gerüstet für Krisen.
- Eine hohe Nettoverschuldung erhöht das Risiko – besonders bei steigenden Zinsen oder konjunkturellen Schwächen.
📘 Cash
📈 Was ist das?
Der Cashbestand zeigt, wie viele liquide Mittel einem Unternehmen sofort zur Verfügung stehen.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Er gibt Auskunft über die finanzielle Flexibilität: Ein hoher Cashbestand ermöglicht Investitionen, Rückkäufe oder Krisenresistenz.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hoher Cashbestand zeigt finanzielle Stärke und Handlungsspielraum.
- Cash kann für Investitionen, Schuldentilgung oder Aktienrückkäufe genutzt werden.
- Allerdings: Zu viel ungenutztes Kapital kann auch auf mangelnde Investitionsideen hinweisen.
📘 Anzahl ausstehender Aktien
📈 Was ist das?
Die Anzahl ausstehender Aktien gibt an, wie viele Aktien eines Unternehmens aktuell im Umlauf sind und von Investoren gehalten werden.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Sie ist die Grundlage für viele Kennzahlen wie Gewinn je Aktie (EPS), Marktkapitalisierung oder KGV.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Je weniger Aktien im Umlauf sind, desto höher fällt z. B. der Gewinn je Aktie aus – wichtig für Bewertung und Dividendenrendite.
- Aktienrückkäufe verringern die Anzahl ausstehender Aktien – und steigern den Wert je Aktie.
- Kapitalerhöhungen haben den gegenteiligen Effekt: mehr Aktien → Verwässerung der bestehenden Anteile.
📘 Kurs-Gewinn-Verhältnis (KGV)
📈 Was ist das?
Das KGV zeigt, wie oft der Gewinn pro Aktie im aktuellen Aktienkurs enthalten ist – also wie „teuer“ eine Aktie im Verhältnis zum Gewinn ist.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Das KGV gehört zu den bekanntesten Bewertungskennzahlen. Es hilft Anlegern einzuschätzen, ob eine Aktie im Vergleich zu ihrem Gewinn eher günstig oder teuer erscheint.
🧮 Berechnung
📊 KGV (TTM) = bezogen auf den Gewinn der letzten 12 Monate (Trailing Twelve Months):🎯 Was bedeutet das für Anleger?
- Ein niedriges KGV kann auf eine günstige Bewertung hindeuten – oder auf Probleme im Geschäftsmodell.
- Ein hohes KGV kann Wachstumserwartungen widerspiegeln – oder eine überbewertete Aktie.
📘 Kurs-Umsatz-Verhältnis (KUV)
📈 Was ist das?
Das KUV zeigt, wie viel Anleger für 1 € Umsatz eines Unternehmens zahlen – unabhängig vom Gewinn.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Das KUV ist besonders bei wachstumsstarken oder noch nicht profitablen Unternehmen hilfreich. Es zeigt, wie hoch der Umsatz an der Börse bewertet wird.
🧮 Berechnung
Marktkapitalisierung = 1,55 Mrd. £ | Umsatz (TTM) = 500,50 Mio. £
Marktkapitalisierung = 1,55 Mrd. £ | Umsatz erwartet = 566,60 Mio. £
🎯 Was bedeutet das für Anleger?
- Ein niedriges KUV kann auf Unterbewertung hindeuten – oder auf schwache Margen.
- Ein hohes KUV kann hohe Erwartungen widerspiegeln – oder übermäßigen Optimismus.
- Besonders sinnvoll bei Wachstumsunternehmen, bei denen der Gewinn oder Free Cashflow (noch) keine Aussagekraft hat.
📘 Unternehmenswert zu Umsatz (EV/Sales)
📈 Was ist das?
EV/Sales zeigt, wie viel Anleger für 1 € Umsatz eines Unternehmens zahlen, wenn man auch Schulden und Cash berücksichtigt – es ist eine kapitalstrukturbereinigte Version des KUV.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Diese Kennzahl eignet sich besonders für den Vergleich von Unternehmen mit unterschiedlicher Verschuldung – sie zeigt, wie teuer ein Unternehmen tatsächlich im Verhältnis zum Umsatz ist.
🧮 Berechnung
Enterprise Value = 1,69 Mrd. £ | Umsatz (TTM) = 500,50 Mio. £
Enterprise Value = 1,69 Mrd. £ | Umsatz erwartet = 566,60 Mio. £
🎯 Was bedeutet das für Anleger?
- EV/Sales ist neutral gegenüber der Kapitalstruktur und eignet sich gut für Unternehmensvergleiche.
- Ein niedriges Verhältnis kann auf eine günstig bewertete Aktie hindeuten – ein hohes Verhältnis auf hohe Erwartungen oder Überbewertung.
- Besonders nützlich bei wachstumsstarken, noch nicht profitablen Firmen.
📘 Unternehmenswert zu Free Cashflow (EV/FCF)
📈 Was ist das?
EV/FCF zeigt, wie viele Jahre es dauern würde, bis ein Unternehmen seinen Unternehmenswert durch freien Cashflow „zurückverdient”.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Diese Kennzahl hilft, Unternehmen auf Basis ihrer tatsächlichen Cash-Erträge zu bewerten – unabhängig von Bilanzierungsregeln oder buchhalterischem Gewinn.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein niedriges EV/FCF deutet auf eine günstige Bewertung bei starker Cashgenerierung hin.
- Ein hohes EV/FCF kann entweder auf Optimismus oder auf temporär schwachen Cashflow hindeuten.
- Besonders hilfreich bei reifen, profitablen Unternehmen mit stabilen Cashflows.
📘 Kurs-Buchwert-Verhältnis (KBV)
📈 Was ist das?
Das KBV zeigt, wie hoch der Marktwert eines Unternehmens im Verhältnis zu seinem bilanziellen Eigenkapital ist.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Das KBV ist besonders bei Substanzwerten (z. B. Banken, Industrie) relevant. Es hilft Anlegern zu erkennen, ob ein Unternehmen unter oder über seinem buchhalterischen Vermögen bewertet ist.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein KBV unter 1 kann auf Unterbewertung oder schwache Rentabilität hindeuten.
- Ein KBV über 1 zeigt, dass der Markt dem Unternehmen Mehrwert über den Buchwert hinaus zuschreibt (z. B. Marken, Patente, Wachstum).
- Das KBV eignet sich besonders gut für Unternehmen mit stabilen, materiellen Vermögenswerten.
📘 Dividende je Aktie
📈 Was ist das?
Die Dividende je Aktie zeigt, wie viel Geld ein Unternehmen pro Aktie an seine Aktionäre ausschüttet – typischerweise jährlich oder quartalsweise.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Sie ist die absolute Größe der Auszahlung je Aktie – wichtig für alle, die regelmäßige Erträge suchen oder Dividendenstrategien verfolgen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine stabile oder wachsende Dividende je Aktie ist oft ein Zeichen für ein solides Geschäftsmodell.
- Die Dividende je Aktie allein sagt aber nichts über die Rendite – dafür ist auch der Aktienkurs relevant (→ Dividendenrendite).
- Langfristig steigende Dividenden sind oft ein sehr gutes Merkmal (z. B. Dividenden-Aristokraten).
📘 Dividendenrendite
📈 Was ist das?
Die Dividendenrendite zeigt, wie hoch die Dividende eines Unternehmens im Verhältnis zum Aktienkurs ist.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Sie hilft dabei, Dividendenaktien vergleichbar zu machen – unabhängig vom absoluten Auszahlungsbetrag.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine stabile Dividendenrendite kann auf verlässliche Ausschüttungen hinweisen.
- Ein Vergleich der 1J- und 5J-Rendite hilft zu erkennen, ob das Dividendenwachstum mit dem Kurswachstum Schritt hält.
- Eine niedrige Rendite ist nicht zwingend negativ – sie kann auf starkes Kurswachstum hindeuten.
📘 Dividendenwachstum
📈 Was ist das?
Das Dividendenwachstum zeigt, wie stark ein Unternehmen seine Dividende je Aktie über die Zeit gesteigert hat.
🧮 Wie wird es berechnet?
5J: durchschnittliche jährliche Wachstumsrate (CAGR)
🏛️ Wofür ist es wichtig?
Stetig steigende Dividenden gelten als Zeichen für finanzielle Stärke und Aktionärsorientierung – besonders interessant für langfristige Investoren.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein stabiles Dividendenwachstum ist ein Zeichen nachhaltiger Ertragskraft.
- Ein hohes Dividendenwachstum kann ein erheblicher Hebel deiner Rendite sein:
- Wenn ein Unternehmen z. B. 1 € Dividende zahlt und diese über 5 Jahre jährlich um 15 % erhöht, bekommst du im 5. Jahr bereits 2 € je Aktie – doppelt so viel wie zu Beginn!
📘 Ausschüttungsquote (Payout)
📈 Was ist das?
Die Ausschüttungsquote zeigt, wie viel Prozent des Unternehmensgewinns (pro Aktie) als Dividende an die Aktionäre ausgeschüttet wird.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Die Quote hilft einzuschätzen, ob eine Dividende auf Dauer tragfähig ist – besonders im Verhältnis zum erzielten Gewinn.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine niedrige Ausschüttungsquote bedeutet: Das Unternehmen behält einen größeren Teil des Gewinns für Investitionen – typisch für Wachstumsunternehmen.
- Eine moderate Quote (z. B. 25–50 %) steht oft für ein gesundes Gleichgewicht zwischen Ausschüttung und Zukunftsinvestitionen.
- Hohe Ausschüttungsquoten können attraktiv wirken, sind aber riskanter, wenn die Gewinne schwanken oder sinken.
📘 Dividendensteigerungen in Folge (Erhöhungen)
📈 Was ist das?
Diese Kennzahl zeigt, wie viele Jahre in Folge ein Unternehmen seine Dividende pro Aktie erhöht hat – ohne Kürzung oder Aussetzung.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Ein langer Track Record kontinuierlicher Erhöhungen spricht für Verlässlichkeit, solide Finanzen und aktionärsfreundliche Unternehmenspolitik.
🎯 Was bedeutet das für Anleger?
- Ein langer Zeitraum mit Dividendensteigerungen stärkt das Vertrauen – besonders in Krisenzeiten.
- Solche Unternehmen gelten als verlässlich und planbar für Einkommensinvestoren.
- Je länger die Serie, desto stärker das Commitment gegenüber den Aktionären.
📘 Umsatz
📈 Was ist das?
Der Umsatz zeigt, wie viel ein Unternehmen insgesamt mit seinen Produkten und Dienstleistungen verdient – also den Bruttoerlös vor Abzug von Kosten.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Der Umsatz ist eine der zentralen Kennzahlen zur Einschätzung der Unternehmensgröße, Marktstellung und Wachstumskraft.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein wachsender Umsatz zeigt eine steigende Nachfrage und kann ein guter Frühindikator für Gewinnsteigerungen sein.
- Vergleiche von aktuellem und erwartetem Umsatz geben Hinweise auf das Marktumfeld und Analystenerwartungen.
- Wichtig: Starker Umsatz allein genügt nicht – auch Margen und Profitabilität zählen.
📘 EBITDA
📈 Was ist das?
EBITDA steht für „Earnings Before Interest, Taxes, Depreciation and Amortization“ – also Gewinn vor Zinsen, Steuern und Abschreibungen. Es zeigt das operative Ergebnis eines Unternehmens, bereinigt um bilanztechnische und finanzierungsbedingte Effekte.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
EBITDA ist eine verbreitete Kennzahl zur Beurteilung der operativen Leistungsfähigkeit – insbesondere bei kapitalintensiven Unternehmen oder im internationalen Vergleich.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hohes oder wachsendes EBITDA spricht für starke operative Erträge – unabhängig von Bilanzierung oder Steuerlast.
- EBITDA ist besonders nützlich, um Unternehmen branchenübergreifend zu vergleichen.
- Wichtig: EBITDA ist keine offizielle Gewinnkennzahl – Abschreibungen und Finanzierungskosten werden ausgeklammert.
📘 EBIT
📈 Was ist das?
EBIT steht für „Earnings Before Interest and Taxes“ – also Gewinn vor Zinsen und Steuern. Es zeigt das operative Ergebnis eines Unternehmens nach Abschreibungen, aber vor Finanzierungs- und Steueraufwand.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
EBIT ist eine zentrale Kennzahl zur Beurteilung der Profitabilität aus dem Kerngeschäft – unabhängig von Kapitalstruktur oder Steuersystem.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hohes EBIT deutet auf ein profitables Kerngeschäft hin – vor Zinslasten oder steuerlichen Effekten.
- Es erlaubt objektivere Vergleiche zwischen Unternehmen mit unterschiedlicher Finanzierung.
- Im Vergleich mit EBITDA zeigt EBIT bereits den Einfluss von Abschreibungen auf das operative Ergebnis.
📘 Nettogewinn
📈 Was ist das?
Der Nettogewinn ist der verbleibende Jahresüberschuss (oder -fehlbetrag) eines Unternehmens – nach Abzug aller Kosten, Steuern, Zinsen und Abschreibungen
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Der Nettogewinn ist die zentrale Erfolgskennzahl – er zeigt, wie profitabel ein Unternehmen nach allen Kosten tatsächlich arbeitet.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein steigender Nettogewinn zeigt, dass das Unternehmen effizient wirtschaftet – trotz aller Kosten.
- Die Entwicklung des Gewinns beeinflusst z. B. direkt das KGV und weitere Kennzahlen.
- Im Zeitverlauf lässt sich ablesen, wie stabil und profitabel ein Geschäftsmodell wirklich ist.
📘 Free Cashflow (FCF)
📈 Was ist das?
Der Free Cashflow gibt Aufschluss über die echte finanzielle Stärke eines Unternehmens – unabhängig von Bilanzierungsregeln. Er zeigt, wie viel Spielraum für Dividenden, Aktienrückkäufe oder Schuldenabbau besteht.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
FCF reflects a company’s real financial strength – regardless of accounting profits. It shows how much flexibility a company has for dividends, share buybacks, or debt reduction.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hoher Free Cashflow bedeutet, dass ein Unternehmen echte Finanzkraft besitzt – unabhängig vom bilanzierten Gewinn.
- Er ist oft die solideste Grundlage für nachhaltige Dividenden und Aktienrückkäufe.
- Sinkender FCF kann ein Warnsignal sein – auch wenn der Gewinn stabil aussieht.
📘 Umsatzwachstum
📈 Was ist das?
Das Umsatzwachstum zeigt, wie stark sich die Erlöse eines Unternehmens im Vergleich zum Vorjahr verändert haben – tatsächlich (TTM) und auf Prognosebasis (erwartet).
🧮 Wie wird es berechnet?
Erwartet = (Umsatz erwartet ÷ Umsatz Vorjahr − 1) × 100
Erwartetes Wachstum basiert auf Analystenschätzungen für das laufende Geschäftsjahr.
🏛️ Wofür ist es wichtig?
Ein wachsender Umsatz ist ein zentrales Signal für steigende Nachfrage, Geschäftsausweitung und Marktanteilsgewinne – besonders bei Wachstumsunternehmen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Wachstum ist der Motor langfristiger Wertsteigerung – besonders bei Technologie- und Wachstumsaktien.
- Wichtig ist nicht nur das aktuelle Wachstum, sondern auch dessen Nachhaltigkeit.
- Prognosen zeigen, ob Analysten weiteres Potenzial erwarten – oder eine Verlangsamung.
📘 EBITDA-Wachstum
📈 Was ist das?
Das EBITDA-Wachstum zeigt, wie stark das operative Ergebnis eines Unternehmens vor Zinsen, Steuern und Abschreibungen im Vergleich zum Vorjahr gestiegen oder gesunken ist.
🧮 Wie wird es berechnet?
Erwartet = (erwartetes EBITDA ÷ EBITDA Vorjahr − 1) × 100
Erwartetes Wachstum basiert auf Analystenschätzungen für das laufende Geschäftsjahr.
🏛️ Wofür ist es wichtig?
Ein steigendes EBITDA ist ein Zeichen für verbesserte operative Ertragskraft – unabhängig von Finanzierungsstruktur oder Abschreibungen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Starkes EBITDA-Wachstum signalisiert operative Effizienz und Skalierung – besonders relevant in Wachstumsphasen.
- EBITDA-Wachstum ist ein Frühindikator für Margen- und Gewinnentwicklung – sollte aber stets im Zusammenhang mit Umsatz und EBIT betrachtet werden.
📘 EBIT Wachstum
📈 Was ist das?
Das EBIT-Wachstum zeigt, wie stark das operative Ergebnis eines Unternehmens (nach Abschreibungen, aber vor Zinsen und Steuern) im Vergleich zum Vorjahr gewachsen ist.
🧮 Wie wird es berechnet?
Erwartet = (erwartetes EBIT ÷ EBIT Vorjahr − 1) × 100
Erwartetes Wachstum basiert auf Analystenschätzungen für das laufende Geschäftsjahr.
🏛️ Wofür ist es wichtig?
Das EBIT-Wachstum ist ein direkter Indikator für die wirtschaftliche Entwicklung des operativen Geschäfts – unter Berücksichtigung der Kapitalintensität (Abschreibungen).
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Steigendes EBIT signalisiert wachsende operative Rentabilität – auch unter Berücksichtigung von Abschreibungen.
- Das EBIT-Wachstum ist ein wichtiges Maß zur Beurteilung von Geschäftsmodellen mit hohen Investitionskosten.
- Im Zusammenspiel mit Umsatz- und EBITDA-Wachstum ergibt sich ein umfassendes Bild zur operativen Entwicklung.
📘 Nettogewinn-Wachstum
📈 Was ist das?
Das Nettogewinn-Wachstum zeigt, wie stark der Jahresüberschuss eines Unternehmens gegenüber dem Vorjahr gestiegen oder gesunken ist – sowohl tatsächlich (TTM) als auch auf Basis von Prognosen (erwartet).
🧮 Wie wird es berechnet?
Erwartet = (erwarteter Nettogewinn ÷ Nettogewinn Vorjahr − 1) × 100
Der erwartete Wert basiert auf Analystenschätzungen für das laufende Geschäftsjahr.
🏛️ Wofür ist es wichtig?
Der Gewinn ist die entscheidende Ergebnisgröße für ein Unternehmen. Ein wachsender Nettogewinn deutet auf steigende Effizienz, stabile Kostenkontrolle und nachhaltige Ertragskraft hin.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Wachsender Nettogewinn stärkt die Bewertung, Dividendenfähigkeit und Kursfantasie.
- Stagnierender oder rückläufiger Gewinn trotz Umsatzwachstum kann auf Margendruck hinweisen.
📘 Free Cashflow-Wachstum
📈 Was ist das?
Das Free-Cashflow-Wachstum zeigt, wie sich der freie Mittelzufluss eines Unternehmens im Vergleich zum Vorjahr verändert hat – also der Betrag, der nach allen operativen Ausgaben und Investitionen übrig bleibt.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Free Cashflow ist der echte, verfügbare Geldzufluss. Wachstum in diesem Bereich ist ein Zeichen für finanzielle Stärke und steigende Flexibilität bei Dividenden, Rückkäufen oder Investitionen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Sinkender Free Cashflow kann auf steigende Investitionen, höhere Kosten oder stagnierende operative Erträge hindeuten.
- Besonders bei Dividendenwerten ist das FCF-Wachstum wichtig – denn Dividenden werden letztlich aus dem verfügbaren Cash gezahlt.
- Ein negativer Trend sollte genauer analysiert werden – er ist nicht zwangsläufig schlecht, aber potenziell ein Warnsignal.
📘 Bruttomarge
📈 Was ist das?
Die Bruttomarge zeigt, wie viel vom Umsatz nach Abzug der direkten Herstellungskosten (Material, Produktion) als Bruttogewinn übrig bleibt – also der „Rohgewinn“ eines Unternehmens.
🧮 Wie wird es berechnet?
Auch: Bruttomarge = Bruttogewinn ÷ Umsatz × 100
🏛️ Wofür ist es wichtig?
Die Bruttomarge gibt Aufschluss über die Profitabilität eines Produkts oder Geschäftsmodells vor Fixkosten, Steuern und Zinsen. Sie zeigt, wie effizient ein Unternehmen produzieren oder einkaufen kann.
🎯 Was bedeutet das für Anleger?
- Eine hohe Bruttomarge deutet auf starke Preissetzungsmacht und effiziente Herstellung hin.
- Sinkende Bruttomargen können auf Kostensteigerungen oder Preisdruck hindeuten.
- Besonders im Vergleich zu Wettbewerbern liefert die Bruttomarge wertvolle Einblicke in die Geschäftsqualität.
📘 EBITDA-Marge
📈 Was ist das?
Die EBITDA-Marge zeigt, wie viel vom Umsatz als operativer Gewinn vor Zinsen, Steuern und Abschreibungen (EBITDA) übrig bleibt. Sie misst die operative Effizienz – ohne Verzerrungen durch Finanzierung oder Buchwerte.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Die EBITDA-Marge hilft zu verstehen, wie viel operativer Gewinn ein Unternehmen aus jedem Euro Umsatz erzielt – unabhängig von Kapitalstruktur oder steuerlichem Umfeld.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine hohe EBITDA-Marge zeigt starke operative Ertragskraft – unabhängig von Bilanzierungseffekten.
- Die Marge ermöglicht gute Vergleiche zwischen Unternehmen und Branchen.
- Ein stabiler oder wachsender Wert kann auf effiziente Kostenkontrolle und Skalierbarkeit hindeuten.
📘 EBIT-Marge
📈 Was ist das?
Die EBIT-Marge zeigt, wie viel Prozent des Umsatzes als operativer Gewinn nach Abschreibungen, aber vor Zinsen und Steuern übrig bleiben.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Die EBIT-Marge misst die operative Ertragskraft eines Unternehmens unter Berücksichtigung der Kapitalintensität (z. B. Maschinen, Anlagen). Sie eignet sich gut zum Vergleich von Geschäftsmodellen mit unterschiedlich hohen Abschreibungen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine hohe EBIT-Marge zeigt, dass ein Unternehmen auch nach Abschreibungen effizient arbeitet.
- Sie ist besonders relevant in kapitalintensiven Branchen.
- Langfristig stabile oder steigende Margen sind ein Zeichen wirtschaftlicher Stärke und Preissetzungsmacht.
📘 Nettomarge
📈 Was ist das?
Die Nettomarge zeigt, wie viel vom Umsatz am Ende als „Reingewinn“ übrig bleibt – also nach Abzug aller Kosten, Zinsen, Steuern und Abschreibungen.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Die Nettomarge gibt an, wie effizient ein Unternehmen über alle Stufen hinweg wirtschaftet. Sie zeigt, wie viel Gewinn tatsächlich je Euro Umsatz übrig bleibt.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine hohe Nettomarge zeigt, dass ein Unternehmen nicht nur operativ stark ist, sondern auch seine Finanzierung und Steuerbelastung im Griff hat.
- Vergleiche mit Wettbewerbern geben Einblicke in die wirtschaftliche Qualität.
- Sinkende Nettomargen trotz Umsatzwachstum können ein Warnsignal sein – etwa für steigende Kosten oder sinkende Effizienz.
📘 Free Cashflow Marge
📈 Was ist das?
Die Free-Cashflow-Marge zeigt, wie viel vom Umsatz nach Abzug aller operativen Ausgaben und Investitionen tatsächlich als freier Mittelzufluss übrig bleibt.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Diese Marge misst die echte Liquidität, die ein Unternehmen erwirtschaftet – unabhängig von Bilanzierungsregeln oder Abschreibungen. Sie ist besonders relevant für Dividenden, Rückkäufe und Investitionen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine hohe Free-Cashflow-Marge zeigt, dass ein Unternehmen nachhaltig liquide Mittel erwirtschaftet.
- Sie ist ein starkes Signal für finanzielle Stabilität und Ausschüttungspotenzial.
- Wichtig ist der langfristige Trend – sinkende Werte können auf steigende Investitionen oder rückläufige operative Effizienz hindeuten.
📘 Eigenkapitalquote
📈 Was ist das?
Die Eigenkapitalquote zeigt, wie hoch der Anteil des Eigenkapitals an der Bilanzsumme eines Unternehmens ist – also wie stark es sich aus eigenen Mitteln finanziert.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Eine hohe Eigenkapitalquote steht für finanzielle Stabilität, Krisenfestigkeit und gute Bonität. Sie ist besonders relevant bei der Beurteilung der Verschuldung.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine hohe Eigenkapitalquote signalisiert finanzielle Stabilität – besonders in Krisenzeiten.
- Ein niedriger Wert kann auf ein höheres Risiko oder eine aggressive Verschuldung hinweisen.
- Wichtig: Die Eigenkapitalquote sollte immer gemeinsam mit der Eigenkapitalrendite betrachtet werden. Nur so lässt sich beurteilen, ob ein Unternehmen nicht nur solide, sondern auch effizient wirtschaftet.
📘 Eigenkapitalrendite (ROE)
📈 Was ist das?
Die Eigenkapitalrendite zeigt, wie effizient ein Unternehmen mit dem Kapital seiner Aktionäre arbeitet – also wie viel Gewinn es pro Euro Eigenkapital erwirtschaftet.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Die Eigenkapitalrendite ist eine zentrale Rentabilitätskennzahl. Sie hilft Anlegern zu erkennen, ob das Unternehmen eine attraktive Verzinsung auf das eingesetzte Eigenkapital erwirtschaftet.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine hohe Eigenkapitalrendite spricht für ein starkes, effizientes Geschäftsmodell.
- Besonders interessant ist sie bei kapitalintensiven Firmen oder solchen mit hoher Eigenkapitalquote.
- Wichtig: Ein sehr hoher ROE kann auch auf hohe Schulden hinweisen – daher sollte sie immer im Kontext mit der Eigenkapitalquote betrachtet werden.
📘 Return on Capital Employed (ROCE)
📈 Was ist das?
ROCE misst die Gesamtrentabilität eines Unternehmens – also wie effizient es das eingesetzte Kapital (Eigen- und Fremdkapital) zur Gewinnerzielung nutzt.
🧮 Wie wird es berechnet?
Das eingesetzte Kapital ist das gesamte betriebsnotwendige Kapital, unabhängig von der Finanzierungsquelle.
🏛️ Wofür ist es wichtig?
ROCE eignet sich besonders gut für den Vergleich unterschiedlich finanzierter Unternehmen. Es zeigt, wie effektiv ein Unternehmen Kapital investiert – unabhängig von der Kapitalstruktur.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hoher ROCE zeigt, dass ein Unternehmen sein Kapital effizient einsetzt – unabhängig davon, ob es durch Eigen- oder Fremdkapital finanziert ist.
- Je höher der ROCE im Vergleich zu ähnlichen Unternehmen, desto mehr Wert schafft das Unternehmen mit seinem investierten Kapital.
- Besonders wichtig ist der ROCE bei Firmen mit hohen Investitionen – z. B. in Industrie, Energie oder Infrastruktur.
📘 Return on Invested Capital (ROIC)
📈 Was ist das?
ROIC zeigt, wie effizient ein Unternehmen das Kapital investiert, das langfristig im operativen Geschäft gebunden ist – unabhängig davon, ob es aus Eigen- oder Fremdkapital stammt.
🧮 Wie wird es berechnet?
- NOPAT = „Net Operating Profit After Taxes“
- Investiertes Kapital = operatives Vermögen abzüglich nicht-verzinster Schulden
🏛️ Wofür ist es wichtig?
ROIC ist eine der präzisesten Kennzahlen zur Bewertung der Kapitalrendite – besonders im Vergleich zur Eigenkapitalrendite, weil es Verzerrungen durch Schulden vermeidet. Er zeigt, ob ein Unternehmen Mehrwert für alle Kapitalgeber schafft.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hoher ROIC zeigt, wie gut ein Unternehmen mit dem tatsächlich investierten (betriebsnotwendigen) Kapital wirtschaftet.
- Im Unterschied zu ROCE wird nur Kapital betrachtet, das wirklich zur Finanzierung operativer Aktivitäten dient – und verzinst werden muss.
- Besonders hilfreich, um die Kapitalrendite von Unternehmen mit viel „überschüssigem“ Kapital oder zinsfreien Verbindlichkeiten realistisch zu vergleichen.
📘 Verschuldungsgrad (Leverage Ratio)
📈 Was ist das?
Der Verschuldungsgrad zeigt, wie stark ein Unternehmen durch verzinsliche Schulden (z. B. Kredite und Anleihen) im Verhältnis zum Eigenkapital finanziert ist.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Die Kennzahl hilft, das finanzielle Risiko und die Abhängigkeit von Fremdkapital zu beurteilen. Ein hoher Verschuldungsgrad kann die Eigenkapitalrendite steigern – birgt aber auch erhöhte Risiken bei Zinsanstiegen oder Liquiditätsengpässen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein niedriger Verschuldungsgrad steht für finanzielle Stabilität und Unabhängigkeit.
- Ein hoher Wert kann auf erhöhte Risiken hinweisen – insbesondere bei schwankenden Zinsen oder konjunkturellen Schwächen.
- Wichtig: Immer im Kontext zur Branche und Kapitalintensität bewerten.
📘 Ergebnis je Aktie (EPS)
📈 Was ist das?
Das Ergebnis je Aktie (EPS) zeigt, wie viel Gewinn auf eine einzelne Aktie entfällt – und ist eine der wichtigsten Kennzahlen zur Bewertung von Unternehmen.
🧮 Wie wird es berechnet?
Die verwässerte Aktienanzahl berücksichtigt auch potenzielle neue Aktien, etwa durch Optionen, Wandelanleihen oder andere Umtauschrechte.
🏛️ Wofür ist es wichtig?
EPS bildet die Basis für viele Bewertungskennzahlen wie KGV, PEG oder Payout Ratio. Es macht den Gewinn für Aktionäre vergleichbar – unabhängig von der Unternehmensgröße.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- EPS hilft, die Profitabilität pro Aktie zu erfassen – und ist besonders wichtig im Zeitvergleich oder im Vergleich mit Analystenschätzungen.
- Steigendes EPS kann ein Zeichen für stabiles Wachstum oder Aktienrückkäufe sein.
- Wichtig: Verwende verwässertes EPS für realistische Bewertungen – besonders bei stark aktienbasierten Vergütungssystemen.
📘 Free Cashflow je Aktie (FCF je Aktie)
📈 Was ist das?
Der Free Cashflow je Aktie zeigt, wie viel freier Mittelzufluss einem Unternehmen pro Aktie zur Verfügung steht – nach Investitionen, aber vor Dividenden oder Schuldentilgung.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Der FCF je Aktie zeigt, wie viel liquide Mittel pro Aktie tatsächlich im Unternehmen verbleiben – wichtig für Dividenden, Aktienrückkäufe oder Schuldentilgung. Im Gegensatz zum Gewinn ist er schwerer manipulierbar und daher besonders aussagekräftig.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hoher Free Cashflow je Aktie ist ein Zeichen für hohe finanzielle Flexibilität.
- Er zeigt, wie viel Kapital ein Unternehmen effektiv einsetzen oder ausschütten kann.
- Besonders relevant für dividendenstarke Unternehmen oder solche mit starker Kapitalrendite.
📘 Short Interest
📈 Was ist das?
Short Interest zeigt, wie viele Aktien eines Unternehmens aktuell leerverkauft wurden – also von Investoren geliehen und verkauft, in der Erwartung fallender Kurse.
🧮 Wie wird es berechnet?
Der Wert zeigt den Anteil der Aktien, der aktuell auf fallende Kurse spekuliert wird.
🏛️ Wofür ist es wichtig?
Short Interest dient als Stimmungsindikator: Ein hoher Wert deutet auf Skepsis oder negative Erwartungen gegenüber dem Unternehmen hin – kann aber auch zu einem „Short Squeeze“ führen, wenn der Kurs plötzlich steigt.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein niedriger Short Interest deutet auf Vertrauen in das Unternehmen hin.
- Ein hoher Wert kann ein Warnsignal sein – oder eine Chance, wenn sich die Stimmung dreht.
- Besonders spannend in volatilen Märkten oder vor wichtigen Quartalszahlen.
📘 Employees
📈 Was ist das?
Die Mitarbeiteranzahl zeigt, wie viele Personen ein Unternehmen weltweit beschäftigt – ein Indikator für Größe, Struktur und Geschäftsmodell.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Sie hilft bei der Einschätzung von Skaleneffekten, Effizienz und Personalkosten. Zusammen mit Umsatz und Gewinn lassen sich Kennzahlen wie Produktivität je Mitarbeiter ableiten.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Viele Mitarbeiter bedeuten große operative Komplexität – aber auch hohes Umsatzpotenzial.
- Produktivität je Mitarbeiter ist ein wichtiger Indikator für Effizienz.
- Besonders spannend bei stark wachsenden Tech- oder Industrieunternehmen.
📘 Umsatz je Mitarbeiter
📈 Was ist das?
Der Umsatz je Mitarbeiter zeigt, wie viel Erlös ein Unternehmen durchschnittlich pro Beschäftigtem erwirtschaftet – eine Kennzahl für Effizienz und Produktivität.
🧮 Wie wird es berechnet?
Die Mitarbeiterzahl stammt in der Regel aus dem letzten verfügbaren Jahresbericht.
🏛️ Wofür ist es wichtig?
Diese Kennzahl hilft, Geschäftsmodelle zu vergleichen – insbesondere zwischen arbeitsintensiven und technologiegetriebenen Unternehmen. Ein hoher Wert deutet auf Automatisierung, Effizienz oder hohen Wertschöpfungsanteil hin.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hoher Umsatz je Mitarbeiter spricht für ein skalierbares und margenstarkes Geschäftsmodell.
- Ein niedriger Wert kann auf arbeitsintensive Prozesse oder geringere Wertschöpfung hinweisen.
- Besonders hilfreich beim Vergleich von Tech- vs. Industrieunternehmen.
Chemring Group Aktie Analyse
Analystenmeinungen
15 Analysten haben eine Chemring Group Prognose abgegeben:
Analystenmeinungen
15 Analysten haben eine Chemring Group Prognose abgegeben:
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JUN
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Q2 2026 Earnings Call
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Chemring Group — Q2 2026 Earnings Call
1. Management Discussion
Good morning, and welcome to the Chemring's Interim Results Presentation for the 6 months to April 30, 2026. I'm Mick Ord, the group's Chief Executive, and I'm joined this morning by our CFO, James Mortensen.
I'll begin with the first half headlines, then James will take you through the financial and operational performance in more detail. I'll then comment on the group's environment, the market environment and spend some time on our key growth drivers and why this gives us confidence in Chemring's future growth. We'll then take your questions at the end.
Operational and trading performance in the first half was in line with our expectations. Despite the headwinds in the U.K. market, order inflow in recent months has been encouraging, improving our near-term visibility and reinforcing our confidence in the full year. Approximately 91% of forecast 2026 revenue had either already been delivered or was in the order book at April 30, and our full year expectations, therefore, remain unchanged. Market demand is strong, as growing geopolitical instability drives a shift to high-intensity deterrence and structurally higher defense and national security budgets. Against this backdrop, we continue to invest in areas which are aligned with our customers' priorities, particularly in Countermeasures & Energetics where we delivered first half growth and where our capacity expansion projects continue at pace.
We continue to execute against our strategy and positioning the group for strong future growth. James will take you through the financial performance in a moment, so I won't go into detail here. For me, I'd call out the increase in revenue, reflecting a strong performance in Countermeasures & Energetics, the return to growth in Sensors & Information and the order book of GBP 1.4 billion, which is another record for the group.
I'd also highlight our safety performance. We have reduced our total recordable injury frequency rate from 0.63 to 0.31, which reflects the progress we are making in our proactive safety culture and our 0-harm ambition, and I want to acknowledge the focus and commitment of all of my colleagues across Chemring in keeping safety at the forefront of everything that we do.
With that, I'll now hand over to James.
Thanks, Mick. Before I start, you'll notice a few images of the Artemis mission throughout the deck. We're proud of our growing role in the space industry and Artemis is a great example of the critical programs we're contributing to. There's more detail in the appendix.
Turning to the results. Performance in the first half was in line with expectations and our focus is now firmly on delivering the second half. The order book reached a record of GBP 1.4 billion, up 8%. Revenue, up 7%, showing continued momentum. Operating profit and operating margin were lower year-on-year, and that flowed through to EPS. Cash conversion was lower, mainly due to working capital investment to support H2 deliveries. An interim dividend of 2.8p declared, up 4%.
Next, let me take you through the segmental performance. Starting with Countermeasures & Energetics, another strong performance with both revenue growth and margin expansion. Revenue grew 9% as the businesses ramp in line with our plan, meeting our customers' unprecedented demand. This led to operating profit up 32% and margin increased to 18.4%. This improvement was driven by better commercial terms and our rigorous focus on operational excellence.
Turning to Sensors & Information, which performed as expected, revenue growth and strong order intake, but margins impacted by product mix and maintaining operational capability. There were clear positives. Order inflow was up nearly 60%, as we saw the Roke business stabilize with strength in national security. We therefore returned to growth with revenue up 3%. As expected, operating profit and margin were lower, and there were 3 main drivers. First, we deliberately maintained operational capability and so had lower utilization in Roke. This was to support improving national security demand and to support ourselves -- and to position ourselves to take advantage of the significant U.K. MoD opportunity pipeline as it arrives.
Second, revenue mix. Early CORTEXA preproduction units carried lower margins. We expect to improve commercial terms going forward as we enter full-scale production.
Third, pass-through. The first work package on the GBP 251 million missile defense center project increased the proportion of low-margin pass-through revenue.
Turning to the cash flow. Cash conversion was 42% in H1, mainly reflecting our decision to increase safety stocks and secure inventory for H2 expected revenue. We expect an improvement in H2 conversion with full year guidance in the range of 80% to 85%. CapEx was GBP 44 million with good progress across our expansion projects. Net debt increased as expected through the peak investment phase. We returned GBP 19 million to shareholders, GBP 14 million through the dividend and GBP 5 million through the buyback. We also purchased some shares to satisfy acquisition consideration and employee share options. We signed an additional GBP 80 million UKEF facility, which will replace the current UKEF facility as it expires. Together with the RCF and U.S. overdraft, we now have GBP 342 million of available facilities. We closed the period with net debt of GBP 145 million or 1.5x leverage. We do expect net debt to rise further, but in line with market expectations.
Next, let me update you on the Energetics expansion projects, which continue at pace. Chicago, complete, on budget and on schedule. Fit-out is done, production ramping. We are now focused on lean practices to maximize output. The additional capacity positions us well for future demand and gives us optionality should needs increase following the conflict in the Middle East.
Scotland remains on track, also on budget and on schedule. Construction is complete, machinery installed and commissioning underway. We remain on track to deliver revenue in '27.
Norway, Phase 1 complete and on budget. Phase 2 is progressing well, groundworks are nearly complete, concrete foundations for nearly all the buildings laid. And as you can see, the first building is nearing completion with the second approaching halfway. Across all the sites, we remain on track to deliver GBP 100 million in revenue and GBP 30 million in operating profit by '28.
We're also making good progress on a potential second site in Norway, the greenfield. As a reminder, this is for a facility at least as big as our enlarged facility and a location has been identified about 25 kilometers southwest of the current site. We are now in the concept selection phase, fully funded by the Norwegian government with around GBP 16 million and expected to report out in early '27.
Next, let's look at order cover and the book and bill for the rest of the year. What gives us confidence in our full year guidance? Our record order book provides 91% cover for the rest of the year, that's up 600 basis points on the prior year. In Countermeasures & Energetics, that order cover is strong, nearly fully covered this year and 81% and 68% in the following 2 years. In Sensors & Information, order cover is now 84%, up from 64% last year, a significant improvement.
If we break down the book and bill, the majority relates to expected orders in Countermeasures & Energetics and high confidence renewals in national security. Those EW product sales are to a number of international customers where tenders are in process. And lastly, there are a couple of orders to the U.K. MoD. These are largely for programs we have been delivering on, but procurement delays have pushed timing.
And so to guidance. FY '26 guidance remains unchanged from the year-end, so I won't go through it in detail. It's supported by 91% order cover and an improving performance in the second quarter with 70% operating profit expected in H2. Cash conversion is expected to be 80% to 85% for the full year, reflecting a much stronger H2. As always, there are external factors to monitor. I just flag, while we have seen no supply chain issues and energy is well hedged this year, we continue to monitor the impact of the Middle East situation. And so we will continue to balance near-term performance with longer-term growth and value creation.
And with that, I'll hand back to Mick for the strategy section.
Thanks, James. I'll now turn to the market environment where geopolitical tensions are at an increasingly elevated levels. This is driving a realarmment cycle, which we expect to last at least a decade and probably longer. And it is these fundamental market changes which underpin our confidence in the long-term outlook.
This slide summarizes why we believe defense spending is on a structurally higher trajectory irrespective of whether we see peace deals in Ukraine or the Middle East. There are several factors behind this, but I want to focus on 2. Firstly, defense planning assumptions have changed. NATO has shifted from expeditionary operations to persistent territorial defense and peer conflict readiness. To deliver these changes, we will require more durable and growing defense budgets. 2% of GDP is now a floor not a ceiling. Defense spending is becoming more politically embedded across Europe with multiple NATO members moving towards the alliances ambition of 5% by 2035. That shift also supports multiyear procurement visibility rather than sporadic demand.
Secondly, the significant material demand arising from the conflicts in Ukraine and the Middle East, have drawn down inventories and exposed vulnerabilities in the defense industrial base after years of underinvestment. Rebuilding these inventories require sustained production at scale, not one-off orders. Defense industrial capacity is now being treated as a strategic infrastructure with governments prioritizing sovereign and allied supply chains and supporting long-term framework contracts and capacity expansion, particularly in Energetics.
Against this backdrop, demand and investment is concentrated in areas where Chemring's capabilities are highly relevant. These include, but are not limited to, long-range strike missiles, integrated air and missile defense systems, space capabilities, cyber and electronic warfare and counter drone technologies. Our differentiated capabilities are therefore well matched to where our customers are prioritizing spend, supporting sustained growth across both our home markets.
I now want to spend a few minutes on some of the group's key growth areas. Starting with missiles and munitions, where Chemring is a major merchant supplier of high-grade military explosives and energetically actuated devices that are essential to missiles and advanced munition systems. We've called out on this slide some of the key missile and munition programs on which we are a key supplier and at the bottom, given examples of the types of materials and devices into which we supply.
We supply highly engineered, designed in products and materials that are not easily substituted. They require significant regulatory clearance and involve very long qualification cycles. As our prime contractor customers seek to increase missile and munition output, demand for these materials and devices rises yet the pool of capable suppliers remains limited. Across the NATO defense industrial base, the supply of high-grade military explosives, such as HMX and RDX and insensitive-munition compositions is recognized as an area of significant undercapacity. Chemring already has licensed infrastructure and capacity, deep expertise in formulation, production and handling of these materials, which positions us strongly as governments and prime contractors prioritize supply chain resilience and domestic sourcing.
While some European companies have announced their intention to expand supply of lower-grade explosives such as TNT, there are no mature plans for large-scale HMX production, which provides us with a first-mover opportunity in the market. It is these market dynamics, which continue to reinforce our decision to invest in additional capacity through a combination of customer-funded and self-funded projects.
I'm often asked whether demand across Countermeasures & Energetics would ease if there were peace in Ukraine and the Middle East, so I thought I'd talk to that for a moment. Operation Epic Fury and ongoing operations in the Middle East have to date cost approximately $25 billion and have materially depleted U.S. inventories of multiple missile systems. In addition, even before operation Epic Fury, many analysts and commentators judge stockpiles to be insufficient for peer conflict scenarios. So there is now a very significant imperative for the U.S. Department of War to ramp up production to replenish stocks of existing systems and to move new programs into production phases.
As a result, the Trump Administration has announced several multiyear agreements with industry prime contractors to increase output and place missile production on a wartime footing. And as a merchant supplier into many of these programs, Chemring is well placed to benefit from this increased demand. In Europe, demand is being shaped by a combination of current battlefield consumption, structural stockpile gaps and long-term rearmament decisions. And on both sides of the Atlantic, governments are increasingly seeing defense industrial capacity itself as a core element of deterrence not just as a supporting function.
The bottom line is that missile and munition demand is being shaped less by short-term crisis and more by a structural shift towards sustained rearmament with higher stockpiles and usage assumptions.
The next area I want to touch on is air and naval platform protection. Given missile threats relentlessly increase in both number and sophistication, platform survivability remains paramount and mission-critical across air and maritime domains, and we see a growth trajectory for countermeasures extending well into the 2030s. As the leading global supplier of countermeasures, Chemring is uniquely positioned to benefit. With more than 65% of the addressable market share, our products protect approximately 85% of NATO's air fleets and 60% of NATO's naval fleets. Our leading incumbency gives us a real advantage as customers expand stockpiles and plan for higher usage rates.
In the first half, we secured GBP 123 million of Countermeasures orders, which is up 486% year-on-year, with demand primarily coming from European customers. Innovation also matters in this market, and we have several development programs underway on both sides of the Atlantic, including protection for uncrude platforms and threat agnostic countermeasures designed to address both current and emerging threats. We do have market leadership, deep customer relationships and growing demand, and therefore, the group's position in air and naval platform protection continues to strengthen as the market expands.
Finally, let me turn to Roke and the critical role its technologies play in the defense of the United Kingdom and increasingly international customers. On this slide, I called out the areas of cyber, electronic warfare, resilient navigation and counter drone. And indeed, there are many more technologies I could have mentioned. And whilst there is a great deal of focus on defense-related opportunities, we must always remember that national security and law enforcement remain at the very core of Roke, continuing to provide a stable underpin to the business, as evidenced by approximately GBP 40 million worth of program renewals secured to date. And in addition, National Security provides a technology and innovation catalyst, which benefits the entire business.
To help mitigate the near-term headwinds resulting from the delayed publication of the U.K.'s defense investment plan, the Roke team continued to take action to protect and reposition the business and are seeking to broaden their international customer base. Roke's defense products business has a 5-year international sales pipeline of more than GBP 300 million and continues to invest in expanding its product portfolio. Of note, their counter drone system, CORTEXA GUARDIAN, which is a combined radar and electrooptics system, which was officially launched to the market in April 2026, already has multiple opportunities now in sales conversion. Sales have already been made in Sweden and the U.K. as counter UAS becomes increasingly mission-critical.
In summary, with strong positions across multiple critical technologies, deep customer relationships and a growing international footprint, Roke is well positioned to benefit from the expected U.K. defense upturn and opportunities overseas.
So to summarize, operational and trading performance in the first half was in line with our expectations. And despite the headwinds in the U.K. market, we have seen encouraging order inflow in recent months, improving our near-term visibility and reinforcing confidence in the full year. And with 91% of expected 2026 revenue either delivered or in the order book at April 30, our full year expectations remain unchanged. So with growing geopolitical instability, shifting -- driving a shift to high-intensity deterrence and higher baseline defense and national security budgets and with a record order book of GBP 1.4 billion, the outlook is increasingly compelling.
Our differentiated capabilities, together with the investments that we are making to expand capacity across our 3 Energetics businesses mean we are well positioned with where our customers are prioritizing their spend. That supports sustained growth across our major markets, and I remain confident that Chemring is well positioned for strong future growth.
That concludes this morning's presentation. We'd now be happy to take your questions. Can I ask that you state your name and organization before asking your question.
All right. Who's first?
2. Question Answer
Okay. Ben Bourne, Investec. Mick, can you just talk a little bit more about your confidence in Alloy Surfaces, please, and the potential for a positive outcome?
That's an interesting question. So we've been on quite a journey with Alloy Surfaces, so I'm sure as people in the room will know, so Alloy Surfaces is based in Philadelphia, is NATO's -- well, was NATO's only production capability for pyrophoric decoys. So these are airborne countermeasure decoys. So as you know, we manufacture pyrotechnic decoys, which are the ones that you see coming out which generate a lot of heat and light. Pyrophoric decoys are a different type of technology, but utilized as air protection. And Alloy Surfaces up in Philadelphia was, up until last year, the only producer of those types of pyrotechnics for the whole of NATO.
Unfortunately, there was an interruption in the ordering pattern from the U.S. DoD last year, and we had to close the business -- we had to shutter the business because we had insufficient demand. In recent weeks and months, we've been in increasingly conversations with the U.S. Department of War about reactivating and reopening that business to supply pyrophoric decoys, primarily into the U.S. Department of War, but more broadly across NATO into a number of Air Forces that utilize those technologies. We're in discussion with the Department of War at the moment to do that, and we're highly confident that we should have a positive results to these negotiations.
Good question. Who's next?
Sash Tusa from Agency Partners. Perhaps I could just follow on, first of all, your answer on Alloy Surfaces. So when you're talking about highly confident of a good resolution, would that potentially include reversing the costs and charges that you incurred in previous years to shut the business? And/or is there any way that rather than this sort of on-off of ordering, that has clearly occurred recently, you could actually get the Department of War/Defense to commit to a take-or-pay situation for Alloy Surfaces? Because otherwise, it's not clear that it's an unmitigated success just to open it for another batch of decoys followed by the same closure process a couple of years down the line?
Yes, it's a good question. Clearly, I can't go into specific details around what we're negotiating at the moment. But the key thrust of your -- of the question of where if we do reactivate and reopen the facility, it will be for a long run as opposed to just another batch. So I think what -- without going to specifics, operation Epic Fury has identified the essential role in platform and protection of pyrophoric decoys plays. And therefore, the Department of War, and this goes to the broader question around defense industrial base, recognizing that the defense industrial base is an integral part of the war fighting capability, not just in the U.S. but across all NATO allies. And therefore, the discussion that we're having with the Department of War is for a long-run period of 3 to 5 years as opposed to just a single batch.
Great. And then just questions on just 2 of your other big contract relationships. The STORM BMD Program, it's quite hard to reconcile the rate of order inflow at the moment with the total scale of the program because otherwise, it's going to be a 6-, 7-, 8-year program at current rates. I fully accept that you can't see into what passes for the mind of MoD. But do you get any indications of whether they are changing the time scale for the program or indeed changing the overall scale of the program? Because otherwise at some stage, just mathematically, you're going to get this enormous slug of business coming in and it's quite hard to work out how you will scale your own business to cope with that.
Yes, that's a good -- that's another good question. So STORM was about GBP 250 million is the overall framework contract and to date...
About GBP 22 million is that first initial call.
So I think it's really difficult, Sash, to, like you say, to look into the MOD's mind and understand how they're going to profile that program. And no doubt as with everything associated with defense procurement here in the U.K., it's caught up in the inevitable discussions around the defense investment plan and whatever. I think the one thing I would say about Storm is, is that integrated air and missile defense of the U.K. Homeland remains right at the top of the priority list from a U.K. defense planning assumptions perspective. And indeed, integrated air and missile defense is one area that we're seeing significant growth across the whole of the group on both sides of the Atlantic.
Jamie Murray from Bank of America. Can you just provide a little bit more color on potential new Energetics CapEx programs? I know previously you've mentioned Germany and the U.K. government. Obviously, the balance sheet is a little bit constrained, so also how you're kind of balancing that?
Yes. I think essentially, it's too early to say at the moment exactly what they could be, given we don't know exactly what the scale of them could be. If you think about what's going on at the moment, the facility in Germany that we're building the blending facility, that's fully funded by the German government. We've just signed an agreement with the U.K. MoD here to start the next phase of the feasibility study for a potential new site, both up in Scotland and capacity addition to our site in Saulsbury as well. But I think at the moment, because we're not sure exactly at the scale of them, I can't give a guidance on CapEx. I think what I would say is in all of these conversations, the conversations that we're having is around supported by grant funding from the governments that we're in discussions with. So it wouldn't be us fully funding these facilities. That's not the intention.
It's Richard Paige from Deutsche Numis. Just a couple for me, please. First one, thank you for the bridge on the second half. Just the bigger chunk is obviously national security, which you said you've seen a recovery. So do you have decent visibility on that order?
Yes. I think we're finding it's very much a customer that seems to have a kind of healthy budget. We're seeing growth in that area, certainly a stabilization and growth in the second half. And so yes, we talk about that GBP 40 million of renewals already this year. We're pretty confident that the rest of them will come through. Remember, these are always work packages that we're currently working on and so it's extending work that we're currently doing rather than kind of new bodies of work.
And again, obviously, the second largest chunk is the product sales. Can you just remind us the sort of typical size of those orders?
Yes. So this is a number of different international countries. Interestingly, the majority will begin with the letter S. And the size is GBP 3 million to kind of GBP 5 million, it's not more than that. So it's certainly not 1 big one, it's a number of smaller ones. And this is for -- there's a small amount of CORTEXA in there, but it's mainly resolved and perceived to these international customers.
And the final one, just you're obviously making fantastic progress on the new capacity that you've already talked -- spoken about. Chicago in place, you're getting Scotland up and running and signing off. Price environment, demand environment has changed quite positively, I would imagine over that period. How are we feeling about the GBP 100 million and GBP 30 million figures that...
Yes, still pretty good. I mean, I think we're certainly on track for them. Like we say, Chicago made really good progress there, delivering against that. The same in Scotland, we're just in the commissioning phase, expect to complete that in '27. And then we're looking to bring the new capacity online in Norway in '28. And yes, you're right, the commercial terms that we're getting are certainly improving as we look forward. And the demand is certainly there. So yes, we're pretty confident.
The market demand for Energetics, whether that's materials or whether it's devices is incredibly strong. So a couple of stats. I think they're in the presentation. But if you look at the business in Chicago, for instance, I think year-to-date, we've submitted 160 proposals to customers on back of customer requests, and we've got another 69 in work. So that gives you a feel. I mean these are hugely elevated levels to what we've seen previously. And I think the team up in Scotland year-to-date, they've submitted 60 proposals to customers. Again, these are funded programs where customers are seeking the key materials and devices that we produce.
And I think in Norway, we've often said, haven't we, we could sell out that capacity that we're building in FY '30 many times over. So we're very confident that there's the demand there for that material.
Ben Varrow, RBC. Just building on that, obviously, there are clear demand -- demand picture is clearly improved for Energetics, but order intake was GBP 52 million in the first half. So how should we think about the timing for those, also -- or the proposals that you've submitted and how that feeds through?
Yes. I mean you just look at the order book in that side of the business, right? I mean it's 95% nearly fully covered this year, over 81% next year and nearly 70% the year after that. I think what we saw last year, we saw some very large order intake in that business. I think it's just timing of further orders. And you can see from our order book, and we're pretty well covered out into the future anyway. And lots of that cover is in the Energetics business. So I wouldn't read anything into the lower order intake in the first half this year on that side.
And then Sensors & Information. The margin, obviously, a big, big step down in the first half, and you mentioned it's tracking better in Q2. So can you give us -- shed some light on the exit rates and the expected margin in the second half?
Yes. So in the second half, so overall in that business, we expect it to get back to a kind of similar margin to last year in the second half. And yes, I think what we've seen in the second quarter is running towards that kind of run rate.
Last one on that bridge as well for H2. There's still some MoD orders within that. I mean, is there still an aspect in terms of the DIP needing to come out for you to hit the numbers or are you relatively comfortable?
I think the -- well, certainly in the second half, there are orders from the U.K. MoD since they are a major important customer for us. And we fully expect to see that those orders will flow whether they flow as part of the DIP itself or whether -- as you see, the MoD are placing orders irrespective of whether DIP is coming out or not, but clearly, it's taking a lot longer and it's far more difficult to get those orders through their approvals process. But we still see that those orders will come through. And the vast majority of those orders are for extensions of programs and frameworks that were already contracted on as opposed to have to go out and win new programs.
David Farrell from Jefferies. A couple of questions for me. Just firstly, on space, obviously, a kind of clear growth area for you. A couple of questions there. Chicago, I think when you announced the expansion, it was probably doing kind of GBP 30-odd million of revenue. You're adding GBP 10 million, but you doubled manufacturing footprint. Could that not scale up to kind of GBP 30 million of incremental revenue over time, therefore?
I mean what we said in that business is we've added that new capacity, and that gives us the space to expand further, should that more demand come through. And we talk about the Middle East and the number of systems that have been utilized there and the increase in the kind of space market. So yes, it certainly gives us the capacity to do that.
And when we expanded -- when we purchased the new facility in Chicago, I think it was about 41,000 square foot of productive capacity. I would say that we're probably using about 2/3 of that at the moment. We purposely purchased the facility of that size because we saw that the demand would continue to increase. So in fact, I was in Chicago not last week the week before. And the team of fully in that new facility is all laid out lean production, manufacturing flow techniques as well. And there is great expansion capability further.
As a percentage of revenue, how much is space?
We don't break down and give the individual components like that. But it's a small but growing percentage of the overall group.
Okay. Mick, you sounded a bit more positive around the kind of profile for countermeasures. And obviously, the order intake was very strong. I think if I look at your kind of medium-term guidance, you expected growth rate is maybe kind of 2% to 3%. Do you think that gets revised higher?
Is what, sorry?
Does that get revised high? Do you think that market can actually grow at kind of mid-single digits?
It might do. Absolutely. Let's see. So we've had an incredibly strong first half with regards to order intake, and there's some interesting trends in air countermeasures and naval countermeasures. So firstly, naval countermeasures so soft kill protection capability on warships is an area that the team here in the U.K. are seeing significant growth. So let's see how that develops. And from an airborne protection perspective, clearly, what you're seeing in operation Epic Fury and the discussion that we had earlier around Alloy Surfaces, I think is bringing back to the fore actually the essentiality of airborne countermeasures capabilities.
And the thing that you have to always bear in mind is how sophisticated the missile systems are. You've seen platforms of incredible complexity that have been defeated and brought down in operation Epic Fury, and that just reinforces in defense plan as minds the essentiality of protecting what our increasingly expensive platforms. And even when you see that shift into unmanned platforms and some very expensive high capability and high technology capabilities, those themselves require protection as well.
And sorry, Dave, you rushed through relatively quickly kind of what's going on in Norway. Can you maybe kind of give us a bit more detail in terms of kind of the progress made on the various facilities, revised cost estimates, et cetera?
Yes. Okay. So I don't think you rushed through it. So we've got...
Yes, there's so much going on with it.
I think there is a lot going on. And it's really exciting time. I mean we have so many growth opportunities ahead of us that we have to kind of try and work our way around them. So in Norway, the team are making great progress out there. So the first phase, which was debottlenecking the existing HMX plant, so that's gone incredibly well. I think it's extensively finished, and we're already seeing those benefits flow through there.
The second phase is around the NTO facility, and that is the one that we talked to you last time around, we had seen some cost increases on that baseline. And that was driven not by the facility itself, but by all of the enabling infrastructure and utilities that go around that. But that's executing well. In fact, there's a couple of photographs in the deck around that and the buildings are now starting to be completed and then we'll soon move into installing the plant and equipment, and then we'll get into commissioning. So that's going well.
And then the third phase which is a further expansion of HMX production. We're in finalizing the detailed design of those facilities and the plant and equipment so that before we start the -- that final construction phase we have a very derisked baseline that we'll be able to execute against. And then obviously, from a Norway perspective, that's the existing site. And as James mentioned, we've been funded a further GBP 16 million by the Norwegian government to go into this concept selection and do far more detailed engineering associated with a second facility, which the Norwegian government are incredibly positive about.
So Norway sees high-grade military explosives as one of the key contributions that it is a nation wants to make into the European and NATO alliances with regards to their defense industrial base and therefore, identifying the second site was a major step forward into realizing that ambition. And if you look at those -- that market for high-grade military explosives, so I'm talking about HMX and RDX, not TNT, there's a lot of TNT sites being built. But for high-grade HMX and RDX on this side of the Atlantic, you're looking at one plant, which is [indiscernible] I think the Southeast France owned by Urenco.
And then you have to go across to Holston Army Ammunition Plant in Tennessee, which, again, is a U.S. government-owned GoCo operated by BAE systems. So there is a very, very constrained industrial base for high-grade military explosives. And indeed, if you look at what's happening from a warfare and deterrence perspective, utilizing high-grade materials is becoming ever more important, especially when you're looking at what we talked about earlier from a missile perspective of strike missiles. So you've seen everything that's happened in operation Epic Fury. The vast majority of those ordinance utilized materials that we -- or the types of materials that we manufacture in Norway.
And also in air defense, so integrated air and missile defense, things like [indiscernible] and whatever, we supply the energetic material from Norway into the 100% of those systems. So I actually think that the whole area -- that there has been a realization in defense planning on both sides of the Atlantic, that real constraints in the supply chain, especially around these types of materials is the structural weak link in so much of the defense planning. And therefore, that's why you're seeing very, very significant governmental support for us to expand capacity.
Any more for anyone? No? Okay. Well, thanks very much for joining us today, and we look forward to presenting our FY '26 results in December. Thank you.
Thanks, everyone.
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Chemring Group — Q2 2026 Earnings Call
Interim Results H1 2026: Rekord-Auftragsbestand von GBP 1,4 Mrd, Umsatz +7%, Guidance unverändert, aber H1-Cash-Conversion schwach.
📊 Quartal auf einen Blick
- Umsatz: +7% (H1 vs Vorjahr)
- Auftragseingang: GBP 1,4 Mrd (Rekord, +8%)
- Countermeasures & Energetics: Umsatz +9%, operatives Ergebnis +32%, Marge 18,4%
- Sensors & Information: Umsatz +3%, Auftragseingang +≈60%, Margen rückläufig
- Cash & Bilanz: Cash conversion H1 42% (Guidance FY 80–85%), CapEx GBP 44m, Nettoverschuldung GBP 145m (1,5x)
🎯 Was das Management sagt
- Kapazitätserweiterung: Projekte in Chicago, Schottland und Norwegen laufen planmäßig; Ziel: GBP 100m Umsatz und GBP 30m operativer Gewinn bis FY '28 aus Energetics
- Marktposition: Fokus auf Countermeasures, Energetics und Roke-Technologien; Chemring sieht strukturell erhöhte Verteidigungsausgaben und begrenzte Lieferbasis für HMX/RDX
- Roke-Strategie: Internationalisierung und Produktlaunch CORTEXA GUARDIAN; bewusst niedrigere Auslastung kurzfristig, um Kapazität für erwartete MoD-Aufträge zu halten
🔭 Ausblick & Guidance
- Guidance: Unverändert; 91% des erwarteten 2026-Umsatzes sind geliefert oder im Auftrag
- H2-Profil: Erwartet 70% des Jahresoperating-profits in H2; Cash conversion FY 80–85%
- Risiken: MoD-Beschaffungsverzögerungen, geopolitische Entwicklungen (Naher Osten) können Timing und Margen beeinflussen; Net Debt dürfte weiter steigen, aber im Rahmen der Erwartung
❓ Fragen der Analysten
- Alloy Surfaces: Management verhandelt mit US-Behörden über Reaktivierung; Ziel offenbar ein 3–5-Jahres-Engagement, Details zu Rückabwicklungen/Entschädigungen offen
- STORM BMD & Timing: Analysten fragten nach Profilierung großer Programme; Management betont Unsicherheit beim MoD-Timing, Programmpriorität bleibt hoch
- Energetics-CapEx & Finanzierung: Weitere Projekte sollen größtenteils staatlich (Zuschüsse/Government-funded) unterstützt werden; keine signifikante zusätzliche Eigenfinanzierung angekündigt
- Sensors-Margen: Fragen zu Exit-Margen; Management erwartet Erholung in H2 auf Jahres-Niveau
⚡ Bottom Line
Chemring liefert solides H1-Operatives mit Rekord-Auftragsbestand und klarer Investitionsagenda in Energetics; das stärkt das mittelfristige Wachstumsprofil. Kurzfristig drücken geringere H1-Cash-Conversion, Margen in Sensors und gesteigerte CapEx die Bilanz und machen die H2-Ausführung sowie MoD-Timing zu den kritischen Überwachungsgrößen für Aktionäre.
Chemring Group — Q4 2025 Earnings Call
1. Management Discussion
Good morning, and thank you for joining us for Chemring's full year results for the period ending 31st of October 2025. I'm joined today by James Mortensen, our Chief Financial Officer; and we have Tony Wood, our Chairman, with us also. This morning, I'll start with the group highlights for the year, then hand over to James for a detailed review of our financial and operational performance. I'll then return to discuss the market environment and update you on the progress we've made in delivering our growth-oriented strategy.
FY '25 was another year of solid performance for Chemring. What was particularly pleasing is that we achieved this despite some short-term headwinds, most notably softness in U.K. government order placement across national security and defense, which impacted Roke. This resilience reflects the work we've done to build a high-quality business capable of navigating challenges and delivering sustainable growth. Global defense spending continues to increase, driven by U.S. demands for greater burden sharing across NATO, the conflict in Ukraine and rising tensions in the Asia Pacific region.
These dynamics underpin a sustained upcycle in defense and security investment, which is expected to persist into the next decade. Our record order book is clear evidence of this trend. During the year, we secured several strategically important contracts, including STORM, Roke's GBP 251 million U.K. MOD multiyear missile defense program. And these wins strengthen our future prospects and support our ambition to double annual revenue to GBP 1 billion by 2030 while maintaining strong margins.
Turning to the headline numbers. Our three Energetics businesses delivered exceptional results with all three achieving record order books and two delivering record revenues and operating profits. The group revenue increased by 2% to GBP 498 million, and operating margin improved from 14.3% to 14.8%, reflecting strong operational effectiveness and agility. Earnings per share were 19.4p and cash conversion rose to 114%, reinforcing the cash-generative nature of the group. Order intake reached GBP 781 million, up 20% year-on-year, delivering another record order book of GBP 1.3 billion, up 32% since last year.
We also continue to advance our safety and ESG agenda and our total recordable injury frequency rate fell to 0.48 from 0.69, demonstrating progress towards zero harm ambition. Looking ahead, I'm more confident than ever in Chemring's position to capitalize on long-term demand. We are a specialist manufacturing and technology business with the unique positions at the heart of national security, defense and space markets, all markets in which growth has been driven by rising global instability and the need to rebuild defense industrial capacity after decades of underinvestment.
With market-leading positions, which are often sole source, our diversified and synergistic portfolio is by design and hard work, positively exposed to structural tailwinds expected to persist for many years, and our track record of execution is evident in expanding margins and excellent cash conversion. Our resilient balance sheet enables investment in organic and bolt-on acquisitions and enhance our offering and strengthen market leadership. In summary, Chemring is very well positioned to deliver superior and sustainable shareholder value over the longer term.
I'll now hand over to James, who will take you through the financial results, operational performance and our innovation review in more detail.
Thanks, Mick. In what has been a challenging U.K. contracting environment, we have still managed to deliver an improvement across all of our key metrics, demonstrating the resilient high-quality nature of the business. So first to the highlights. Another record order book, up GBP 1.3 billion, up 32%. Continued momentum in revenue, up 2%. Operating profit was up 6%, resulting from a focus on operational excellence. This resulted in margin up 50 basis points to 14.8%. EPS up 3% despite higher tax and finance costs, strong cash conversion at 114%. And so the Board has declared a final dividend of 5.3p, giving a total dividend of 8p, up 3%.
So turning next to our segmental performance. Countermeasures & Energetics revenue grew 17%. Energetics delivered ahead of schedule and improving operational performance at our Tennessee Countermeasures business resulted in a strong result. Operating profit was up 37% and margin increased to 19.1%. It was a weaker period in Sensors & Information, as expected and previously highlighted. This was because there were delays to U.K. government spending and the prior year benefited from JBTDS LRIP.
This meant revenue was down 18% and operating profit down 25%. As a result of early action to control cost, we maintained operating margins of nearly 18%, demonstrating how even in the current market, this is a high-quality business. Group revenue was up 2% despite an FX headwind of GBP 5 million. Group operating profit was up 6% and operating margin was up 50 basis points to 14.8%. On a constant currency basis, group revenue would have increased by 3% and operating profit by 7%.
So let's look in a bit more detail at each of the segments. It was another strong year for order intake in Countermeasures & Energetics, demonstrating the critical often sole source, highly engineered nature of the products in this segment. Order intake was up 21% as our customer programs are ramping, we are seeing that demand often in the form of multiyear orders. There was a strong performance in Energetics with completed projects delivering ahead of schedule in Chicago and Norway. We also saw some benefit from increased pricing and the results of our continued focus on operational excellence, improving volumes. This resulted in a particularly strong H2 margin performance.
The expansion projects in Chicago and Scotland are substantially complete with just the commissioning phase to be completed in Scotland. In Norway, the first phase is complete and delivering ahead of schedule. However, as a result of higher infrastructure and groundwork costs, we now expect total costs of GBP 180 million, up from the GBP 145 million initial estimate. This will be offset by GBP 90 million of grants, given the net spend of GBP 90 million. We still expect to generate very attractive returns on the investment and for group revenue to increase by GBP 100 million per annum and operating profit by GBP 30 million per annum from 2028 once the three capacity expansion programs are complete.
In countermeasures, teams executed well across all of our facilities. In particular, we saw improving operational performance at our Tennessee countermeasures business with improving volumes coming out of that facility, the operational challenges and low-margin contract that held us back last year are now completely behind us. Operating profit grew 37% and margin was up 280 basis points to 19.1%, reflecting that strong operational execution. We have great visibility into next year and beyond. Order cover remains really strong with 95% coverage for '26, 93% for '27 and 59% for '28.
So moving now to Sensors & Information, where order intake grew 19% to GBP 179 million. In particular, it was pleasing to see that Roke order intake was up 24% on the prior year. Revenue was down 18% to GBP 175 million as a result of a softer U.K. government contracting environment affecting Roke. We have tightly managed the business in this challenging environment, reducing headcount by about 80 in the year, whilst protecting key capabilities. We now have a bigger bench of employees with the highest clearance than when we started the year. This demonstrates we are well positioned for the current environment and for when order flow improves.
We continue to execute well in our U.S. Sensors business, receiving a $15 million order for the naval version of our biologic detector. We remain on track to receive the FRP award for the Army version, JBTDS, in 2026. In August, we completed the Landguard acquisition. Integration has progressed well, and the business performed in line with plan. We think this is a great business with a strong management team, and we are confident this is a combination that will deliver. Early action to manage our cost base meant we held operating margin at 17.8%. Operating profit fell 25% following the drop in revenue. The order book grew 5% on prior year at 45% order cover for FY '26. It's in a similar place to last year, and we expect to return to growth in the second half of FY '26.
Given the critical areas where we support our customers and the strong pipeline and opportunity for product sales, we remain on track to grow Roke to GBP 250 million by FY '28. So moving on to net debt. With a strong focus on cash generation, cash conversion was 114% in the year with operating cash of GBP 112 million. We have continued to invest in additional capacity with GBP 76 million spent in the Energetics and a further GBP 29 million spent on automation and maintenance. This has been offset by GBP 24 million of grant funding.
We've also returned GBP 26 million to shareholders through our growing dividend and the share buyback, and we've also purchased shares to satisfy acquisition consideration and employee share options. After great progress made by the business in managing working capital, closing net debt of GBP 89 million was lower than expected, representing 0.95x (sic) [ 0.90x ] leverage. On capital allocation, we remain consistent. Overall, we want to maintain a resilient balance sheet, and we will target leverage of less than 1.5x. First, we'll continue to invest in the business.
Norway is now the primary focus, given spending is largely complete in Chicago and Scotland, but we were also looking at opportunities for further automation like at our U.K. Countermeasures business. Second, we'll continue to execute focused M&A. Landguard was a good example of a bolt-on within Roke, which remains the main focus. We'll also continue to screen for targets in space and missiles in the U.S. and Europe. We'll remain disciplined, and we have a healthy pipeline of opportunity. The target annual dividend cover of 2.5x has now been met, and so we expect to maintain that level of cover going forward. And finally, we'll return surplus capital to shareholders. We've returned GBP 4 million in the year with GBP 36 million remaining on the buyback.
So now let's turn to FY '26 and how we see that progressing. Overall, trading guidance unchanged with 76% revenue cover next year with a similar H2 weighting to prior year. In Countermeasures & Energetics, we are targeting low double-digit growth. That's made up of mid-teens growth in Energetics and low single-digit growth in Countermeasures. Like last year, we expect an H2 weighting.
Sensors & Information, we are targeting mid-double-digit growth. U.S. Sensors will be flat as we wait for JBTDS to full rate production expected to start in FY '27. We expect Roke to return to near '24 revenue levels next year, but a return to growth in H2, so an H2 weighting for revenue and profit. Interest costs will be about GBP 10 million. Rates haven't come down as much as we thought and net debt is higher. We now expect CapEx in '26 to be in the range of GBP 100 million to GBP 110 million, mainly resulting from higher costs in Norway. And finally, as we enter a growth phase, we expect cash conversion in the range of 80% to 85%, but returning to normal levels in the medium term. We're also mindful of some external factors, which we also flagged last year, continued short-term budget timing disruption in the U.S. and U.K. and obviously, any significant movements in FX. So that was the numbers.
Now for innovation, one of our core values, and it still amazes me just how much capability we have. Drones pose an increasing threat, not just to our armed forces, but also to our civilian infrastructure. This is CORTEXA, a small, rapidly deployable system that is a result of over 5 years work with the U.K. MOD. It's a great example of how Roke can fuse its software with the best off-the-shelf technology. Depending on the mission, you can swap out the sensors and it's compatible with a range of factors. As the threat changes, it can evolve by training the AI classifier. It combines miniature active radar and point tilt zoom sensors to provide a high-resolution capability in day or night. The AI in Roke software allows you to identify multiple threats automatically.
First on radar, so the system can determine its location and its track. Next, an image generated by the sensor -- using an image generated by the sensor, AI classifies the object. Is it a threat and how serious? So not just if it's a drone, but what kind of payload does it have? Then this is fed back to operators in a simple user interface, so they can take appropriate action fast. The system can track more than 20 threats at a time, so it can counter the increasing threat of drone swarms. This product has both military and civil applications. Having already sold our first preproduction units to a key reference nation, we can see a clear market opportunity. So thank you. That brings me to the end of my section.
I'll hand back to Mick for the strategy update and outlook.
Thanks, James. Before turning to our operational performance and growth opportunities, let me start with what we're seeing in our core markets and why this underpins our confidence in the longer-term outlook. Geopolitical tensions remain at the highest levels in recent memory, whether it's the conflict in Ukraine and an increasingly assertive Russia or rising tensions across the Asia Pacific, this environment is driving a fundamental rearmament cycle expected to last at least a decade, possibly two.
Technology and innovation continue to reshape defense and security activities and demand for traditional capabilities such as munitions and missiles is growing alongside disruptive technologies. This very significant increase in demand has exposed vulnerabilities in NATO's defense industrial base after years of underinvestment. Rebuilding resilience will take time and governments are placing greater emphasis on national security and closer collaboration with industry. In the U.S., the world's largest defense market, the Trump administration is focused on maintaining overwhelming military superiority. The FY '26 DoD funding request is $961 billion. And in parallel, the U.S. has signaled it will no longer shoulder NATO's financial burden, prompting members to target defense spending of 3.5% of GDP by 2035. How nations respond to this rising global instability will likely create significant opportunities for Chemring.
Next, I'll focus on the U.K. and Europe. Starting with the U.K. While short-term softness persists, we expect sustained investment in capability, resilience and technology over the medium to longer term. The U.K. government has committed to increase defense spending to 2.5% of GDP by April 2027 and an ambition to reach 3% in the next parliament. Recent publications, notably the Strategic Defense Review, National Security Strategy and Defense Industrial strategy, all signal a focus on sovereign-based manufacturing and advanced technologies. Priorities in munitions, energetics, active cyber defense and operational mission support are all aligned with Chemring's strengths. The defense investment plan expected before year-end should outline funding priorities and its release should trigger new contracts in munitions, energetics and digital defense capabilities.
Turning to Europe. Defense budgets are rising sharply, reaching EUR 326 billion in 2024 with a further EUR 100 billion increase projected by 2027, alongside major EU initiatives, including the EUR 800 billion Readiness 2030 program and the EUR 150 billion Security Act for Europe instrument. European priorities are to increase industrial capability and military readiness and the Nordic nations, in particular, are investing heavily in energetics. Our sales into Europe have grown over 120% in the past 3 years, and we expect this upward trend to continue.
Against this positive backdrop, let's review our progress in 2025. We set out 3 strategic imperatives last year: grow, accelerate and protect, and I'm pleased to report good progress against all 3 areas. Organic growth initiatives are on track with some ahead of schedule. Our U.S. countermeasures business rebounded after FY '24 challenges with operational improvements in Tennessee delivering higher production volumes and reduced downtime. And in August, we acquired Landguard Group, enhancing Roke's defense technology portfolio and creating operational synergies.
Integration is progressing well, and we see a healthy pipeline of similar bolt-on opportunities across Roke and the U.S. space and missiles market. And as always, safety remains nonnegotiable with our recordable injury frequency rate reduced, reinforcing our zero harm ambition. Our Energetic expansion program is advancing well. In Chicago, the expansion program is ostensibly complete and was delivered on budget. The facility fit-out has been successful with the team establishing continuous flow production operations ahead of schedule. With strong order visibility, the business is firmly on the front foot. In Scotland, construction of the new propellants facility is complete, along with the installation of production machinery. Facility commissioning is underway and revenue generation is on track for FY '27.
Market demand for double-based propellants remains strong, and the facility's order book is underpinned by a 12-year agreement with Martin-Baker and GBP 47 million worth of NLAW missile orders from Saab. In Norway, Phase 1 of the expansion program is ahead of schedule and Phase 2 is progressing well despite some cost increases. However, investment returns remain strong. In addition to our existing production site, the Norwegian government has allocated funding for the next phase of work to establish the new greenfield production facility.
In Germany, work is on track to deliver a new Energetic blending facility in 2027, supporting Diehl Defense's 155-millimeter munitions line under our EUR 231 million framework contract. And in the U.K., we are completing customer-funded studies assessing the feasibility of establishing new energetic material production capabilities at our Ardeer site in Scotland. These projects strengthen our critical position in munitions and missile supply chains. And whilst they are long term in nature, we remain focused on delivering near- and medium-term growth. Roke faced a challenging U.K. market in FY '25 with slower-than-expected recovery in U.K. government order placement.
But importantly, we've seen no cancellations and no competitive losses, only contract delays and extensions. And notwithstanding these challenges, Roke was successful in securing GBP 65 million worth of contract renewals from national security customers, continuing to provide a very solid underpin for the business. Looking forward, Roke will increase revenues from its growing portfolio of market-leading defense products, and we will continue to access more international markets.
Highlights for the year have been the launch of the DECEIVE EW detection and attack system and CORTEXA, the counter-drone system, which James took you through, both of which have been well received by U.K. and international customers. And the team won more than GBP 20 million in defense product orders outside of the U.K., including Resolve, Perceive and Locate systems to Latvia, Sweden and Egypt and with the expectation of further orders to come in '26. With recovery in national security expected in H2 of '26 and with opportunities pipeline that exceeds GBP 900 million, Roke remains well positioned for future growth and all of which supports confidence in Roke achieving GBP 250 million worth of revenue by 2028 with continued strong margins.
So to conclude, we've made solid progress in '25, continuing to build a high-quality and resilient business whilst investing for future growth. Trading since the start of the current financial year is in line with our plans and with 76% of expected '26 revenues already in the order book, the Board's expectations for '26 performance remain unchanged. With market-leading products, technologies and services critical to our customers and with a resilient balance sheet, we are confident in achieving our ambition of EUR 1 billion annual revenue by 2030 and balancing near-term performance with longer-term growth and value creation.
So that concludes the presentation, and we're now happy to take your questions. Could I ask that you state your name and the organization that you represent before asking your question? Thank you.
2. Question Answer
Sash Tusa from Agency Partners. You talked about the U.K. government's request for proposals for new energetics production. Clearly, one of the sites that's been highlighted by the government is Ardeer. If it's not, it's something very near it. And one of the products that they -- particular products they're looking for is HMX, which is something you already produce. Are there any other sites or any other products that you would be interested in bidding for, firstly? And then secondly, what do you see as being the risks if other companies decide to come into the U.K. market and try and bid for other capabilities or indeed sort of bundle up some of the capabilities the U.K. government is looking for?
It's a good question. So as you know, Sash, earlier this month, the government put out a public notice asking for expressions of interest from companies interested in establishing the production of energetic materials here in the U.K. I mean in advance of that PPN, earlier in the year, we had already completed the first feasibility study for our site up in Ardeer in Scotland. And indeed, as we sit here at the moment, we're currently complete or working through a second feasibility study associated with the infrastructure that will be required to increase capacity expansion at the Ardeer site. So maybe step back and look at that.
So firstly, we really welcome the U.K. government's focus on establishing production of energetic materials here in the U.K. We've had a long tradition in producing energetic materials at our Ardeer site and others. And we believe that we're very well placed to help the government in that national mission. There's a raft of materials that you'll have seen in the public procurement notice, and you're absolutely right. So we are looking at -- is it possible to establish HMX/RDX NTO production in Ardeer, all of which are materials that we produce in Norway. And clearly, there's a huge synergistic opportunity there for the Norwegian and the U.K. businesses to work together, and we've been in conversation with the U.K. government associated with that.
And if you look down that list of materials, then our primary focus is probably in the high explosives area. So you'll see the likes of HNS and PETN on that list. So those are materials that are not produced in the U.K., so the high explosive materials that ourselves, but also other U.K. defense companies in the U.K. We import from overseas. We know how to produce those materials. We do so in small quantities in our laboratories. So we will be in discussion with the U.K. government associated with primarily the high explosive elements of those materials.
There are other areas such as nitrocellulose and nitroglycerin, et cetera, that clearly, we know how to manufacture those, and we make nitroglycerin in our lab for test purposes and whatever. But we don't really see that as an area that we want to pursue. With regards to do we see it as a competitive threat if other companies want to establish operations here in the U.K.? No, I don't. I think that establishing a greater defense industrial base here in the U.K. is good for everyone. I think a rising tide lifts all boats, and that will be good for Chemring.
And specifically in a number of the materials that they're looking for, we don't manufacture them and we don't see strategically that we would want to invest in those manufacturing and they don't compete directly with us. So it's not as if someone will be establishing capacity that would eat our lunch. And indeed, we have a very dominant and very strong and well-established position for military high-grade explosives in Norway.
As you know, we're one of the largest and soon to be the largest producer of HMX and the whole of NATO with our expansion programs, et cetera. And as we mentioned, the opportunity to establish a second production facility in Norway in partnership with the Norwegian government. We will put our Norwegian business well ahead of all of the European competitors in that area. So long-winded answer to say, I see this as a very good thing. We're actively engaged. And I do think it's a good opportunity for us.
And just a follow-up. Norway Phase 3, I think you indicated earlier on this year that you would hope that the Norwegian government would commit to that probably by the end of the year. Is that still a possibility? Or are there any particular issues that have caused the Norwegian government to delay that? Or is it just government stuff getting in the way?
So I think you're getting ahead of Phase 2. So the second phase of the feasibility study for the greenfield is well advanced. So it's a matter of public record. The Norwegian government has allocated funding for that second phase of the feasibility study. And the team in Norway are in final stages of agreeing what the contract looks like for that second phase. We're hopeful that we'll get that contract signed this side of Christmas. And then we will crack on with that feasibility study. We think the second phase is going to take between 6 and 8 months.
And just as a reminder, so Phase 1, which we've done was a feasibility study, which we proved it was feasible and Norwegian government have supported that. The second phase, which is what we're just about to execute is concept selection, which will agree the physical configuration of the second facility that we'll build, what materials we'll produce and then what capacity and then Phase 3 is the detailed design and then construction. So no, a lot of momentum, funding being allocated. I expect to see a contract hopefully, this side of Christmas. Really excellent opportunity, really exciting.
David Farrell from Jefferies. A couple of questions for both of you, really. I'll start with James. Can you just help us on Roke and the order cover? I think you've got GBP 95 million for execution in the year ahead. This time last year, that number was GBP 101 million, which ended up being 58% cover what you ultimately delivered. So how can you have confidence that Roke will come back to the extent you expect in the second half? Is there an assumption here that part of STORM gets booked in the first half and then gets delivered over the second half, which in turn has an implication for the margins?
Yes, a couple of questions in there. So we are flagging that we do think Roke is going to recover next year. And we do think it's going to get to near '24 levels next year. But obviously, that recovery is in the second half, and we're flagging particularly that the operating profit is weighted in the second half. STORM, we are progressing that, and we probably will see some orders that we execute through the next couple of years on that. But it's not because of STORM that we're saying that we're going to get back to that revenue.
No, we think actually, it's the product side of the business that is going to come back strongly in the second half as well. And then also that national security business as well. We talked about the GBP 65 million of renewals that we got. We expect that renewal season, April, May to be really strong this year as well.
Okay. Going back to Energetics. In this kind of new world, clearly, some of your customers probably are reevaluating whether or not they are vertically integrating. Is there any evidence that your customers are maybe going to be producing some of the HMX and RDX for their own usage and then kind of using you for kind of excess amounts over the next maybe decade?
No. I know you're -- so there -- absolutely. So the likes of Rheinmetall or whatever are vertically integrating their supply chain, especially for munitions, and we know the likes of BAE Systems and whatever are exploring the possibility of doing the same. None of these are our customers. So our primary customers are in the missile domain or rocket artillery or whatever. And where we supply into munitions programs, we have long-term supply agreements to supply those munition programs.
So I think we've spoken before in the past that we've got a long-term supply agreement with Diehl Defense to support their munitions program that goes out to 2031. We expect that, that will get extended into the mid-30s, potentially longer as well. So I think that trend of -- you're seeing that some munitions manufacturers are vertically integrating and producing extensively the likes of RDX. I think we will see that, but it doesn't eat into our market share because we don't supply those anyway. And we haven't factored supply in them into what we see as our forward demand model.
Yes. And final question, just coming back to the GBP 1 billion revenue ambition. Clearly, a large proportion of that GBP 150 million presumably is another Energetics facility. You've talked about 6 to 8 months kind of for the next stage in Norway, which can take us to the end of the year, which maybe give us kind of 3, 4 years kind of build on a greenfield. That seems quite ambitious potentially. So is the chance of really that GBP 1 billion is more 2031 than 2030, depending upon when you sanction the new project?
So we've always said about the GBP 1 billion. So yes, GBP 850 million, our current organic plan and then GBP 150 million on top. That GBP 150 million is made up of either -- we'd love to do it organically, right? And so we've always talked about the Energetics expansion projects, but there are other things that will come along as well. And then also, there's the bolt-on M&A that we're going to do. And like Landguard, it just takes a few to kind of get there as well. And so there are both routes that we can get there. It's not just holding on the Energetics expansion.
Ben Varrow from RBC. First one, we've spoken about the 2 possibilities of plants in Norway and the U.K. Can you expand on -- or give an update on Germany?
All right. Yes. So in Germany, in Germany, so we're building a blending facility at the site in Lubin where we're going to supply MCX for the 155 munition line, the Diehl contract that Mick was just talking about. And so plans are progressing really well in relation to that. We're going to start breaking ground, and we expect to be in operation from '27, supplying into that filling line. It could be that there are other opportunities that arise in Germany or in other European countries. But that's the one that we're focused on, and that's the one that we're executing against.
Okay. In terms of Norway, the current expansion. So is that all on track despite the CapEx overrun? And sort of what gives you comfort that, that CapEx number doesn't swell further from here?
Should I do that?
Well, in Norway, the first phase we've delivered -- well, kind of a little bit of ahead of schedule actually. So we've seen revenue already coming on ahead of when we expected to do that. It is right to say that the second phase that we have seen some cost increases associated with that, and James spoke to those. I mean there's a few factors that we kind of saw, like, that caused that. So we've had -- I think we've talked about a little bit in the past, the geological issues that we've had there. And we've also identified areas of infrastructure that require greater scope than we originally forecast. And that would take us back to -- if you go back to October '23, where the ASAP program was opened by the European Union, there was only -- in the window was only open for, I think, it was 57 days.
The team did a fantastic job to be able to submit all of the proposals in such a short period of time to secure what ended up being GBP 90 million worth of grant, which delivers a fantastic IRR return on these projects for all of our shareholders. But because everybody was moving so quickly, it's understandable that maybe some of the estimates and the uncertainty that was associated with those was a little bit broader than maybe we would have preferred. But we're -- I think we've got all of that under control now. That's our -- we understand what's caused that cost increase. We've baselined the schedule. And so therefore, we've got confidence now that we'll execute against that.
Last one just on working capital. Advanced payments continue to feature quite a bit. How should we think about that going forward? Is that an unwind at some point? Or is that really just a feature of the tightness of the Energetics business.
So I think we think it will continue to be a feature of the tightness of the energetics market. I think we did quite well last year. And so that's why you saw that in the kind of strong cash conversion we saw. What we are seeing is that often quite a lot of those advanced payments, we then put that into the supply chain to get the kind of long lead time items so that we can ramp at the rate that we want to. And so you've also seen a slight increase in inventory as well. And so that's the unwind that you would expect is the inventory will come down, but also those advanced payments as well.
George McWhirter from Berenberg. Two questions, please. Firstly, on Roke, can you just comment on the split between products and services that you expect in FY '26. And also in FY '28 as well in the midterm.
So I think we've always guided about the split in the Roke business is about kind of 70-30 between product and services. It's probably slightly less than that last year. We expect it to be probably slightly more than that by the time you get to FY '28 as that kind of product business grows faster than the services business.
The second one is on Roke as well. In terms of the U.K. defense investment plan expected to be published in December, what's the risk that if it's published in 2026 that the growth recovery is pushed to the right?
So I'm confident that the defense investment plan will be published before the end of the year. And I think, look, you've got to look at '25, I think, has been a year of significant activity and change from a U.K. government and U.K. MoD perspective. There was a general election in '24. We got the new administration. I think we were one of the first companies that were advising shareholders that to expect some fiscal trickle, I think, as we explained it, around as the new administration came in and that they instigated as we expected, the strategic defense review. And when you've seen the cycle many, many times, as some of us have been in this industry for decades, that always slows down the process of contracting and budget allocation and whatever.
And then as we went through '25, then that did play out. We saw the strategic defense review, then we saw the defense industrial strategy. They all came out. They were a little bit delayed, took a little bit longer, but it's a complex landscape that the MoD are navigating through. And that's probably the reason -- the major reason why we saw the slowing down of contract placements and whatever. I think the key backdrop to that, though, is that there has been no change to the threat environment or the capabilities that the U.K. MoD and the national security -- sorry, our national security clients are identifying as crucial going forward.
And that is what we've aligned the Roke business 100% towards. So I'm confident that the investment plan, it will come out. It may take a while for us to really be able to percolate and then into what does it mean for specific projects and contracts. But I do think that it will underpin the recovery that we're expecting in Roke in '26.
I'm Richard Paige from Deutsche Numis. I'm afraid another one on Energetics, please. I think on the original schedule, the GBP 100 million of revenue, GBP 30 million of operating profit, you talked about GBP 15 million delivery in '25. It feels as though you're ahead of that schedule. Is that squeezing more from what you're adding or existing facilities? Or is it ultimately trying to understand if a GBP 85 million remainder is still well on track as well?
Yes. So I think we said, yes, we were going to probably deliver about GBP 15 million in '25, about GBP 30 million in '26. I think what we're saying is that actually, we've gone really well in Chicago and Norway. And those -- that first phase in Norway and moving into the new facility in Chicago has meant that actually, we brought some of that GBP 30 million this year into '25. And so it's not a kind of one-off. It's -- the business has just grown a bit quicker than what we thought. And so that should continue going forward.
And trying to shift the focus from Roke and Energetics, I will ask one on U.S. sensors. Is there a prospect of contracts outside of EMBD and JBTDS at the moment?
Yes. So in terms of that business, so the JBTDS, so -- and in both of those products, we're sole source into the U.S. government. The JBTDS product, we can sell that internationally now. And so it was great. We were displaying it at DSEI, and we were -- we saw some good interest from countries around the world, obviously, friendly U.S. nations, but we can't sell that around the world. I think in the short term, though, we do think the focus is going to be U.S. And JBTDS, we're going to have another fallow year this year while we wait for that full rate production order, which we expect in the -- at some point in '26, and then we'll ramp up FRP through '27 and beyond.
And then one last one, again, trying to avoid the other 2 countermeasures. You talked about improved operational performance from Tennessee. Are you now there at full run rate for that business? Or are there other opportunity?
Look, we've seen some really good volumes coming out of that facility now. It's the only fully automated countermeasures facility anywhere in the world. And so the team there have done a fantastic job. Like I say, we're seeing much better volumes out of there. No, I don't think we're at full rate yet. But yes, we're going really nicely now.
Not far to go, though. We've really come up the yield curve in Tennessee across all the facilities, especially the new facility. I think we'll see a really strong year in '26 from Tennessee coming through. And then more broadly from a countermeasures perspective, the U.K. countermeasures business is going like a train. So the demand that's going into that business is fantastic. And that business, so as a reminder, only about 25% -- 20%, 25% of the volume goes into U.K. MOD, 75%, we export and Andy and the team do a fantastic job of exporting across the whole of Scandinavia, European NATO all the way through the Middle East and into Asia Pacific. And we're seeing enhanced demand for especially airborne, but increasingly naval countermeasures. And we're looking at that business with regards to is there an opportunity for us to invest for greater capacity in that business over the next couple of years. So we're really quite excited actually about the -- especially the European NATO countermeasures business market. There's a lot of opportunity there.
David Farrell from Jefferies. Quick follow-up. James, you said in your prepared remarks, you're always amazed how much capability you have. I imagine others in your space are also amazed by your capability and would like to partner with the -- to what extent kind of JVs going forward help you drive revenue growth? Because I guess so far, we've not really seen much evidence of that, but maybe some of your peers are putting in place JVs, framework agreements, MOUs, et cetera.
It's an interesting question. So Roke works with probably all of the defense companies that you could name in some way, shape or form, whether they work in partnership with them or they sub to them or with the likes of -- you see the STORM contract where Roke is the prime and you've got the major traditional primes as their subcontract. So I think there's all forms of relationship are open. From a Roke perspective, joint venture could potentially be one of those that we would explore.
I think Sash had a question.
Actually, I've forgotten it.
Let me ask Sash a question. Asking one on [indiscernible] or something...
I'll fill the void. Thank you for the extra color on CORTEXA Guardian and revealing that. Could you just put a number on the potential pipeline within the sort of GBP 300 million product pipeline for Roke?
For CORTEXA specifically, so we wouldn't want to kind of call that out. But I mean you can tell, it's got both military and civil applications. You only need to go online actually. There's a good kind of LinkedIn post from the Roke team where they were demonstrating it in Canada. They were on the top of a hotel in a kind of competition against those of other systems. And I think they all think that their system worked pretty well. You kind of saw it at DSEI, it's kind of got a much smaller form factor and it's a really nice product. So whilst I won't want to put a number on it, I mean, we think it's a really nice product.
I would say, do go and have a look at that LinkedIn post. It's a really unique and innovative thing that the Canadians did. In the middle of Ottawa, on the top of a hotel, on the roof of a big hotel where Roke alongside lots of other companies set up their counter drone detection capabilities and then operators did fly drones against these systems. And I think that was a demonstration of not only -- I mean, we just normally kind of primarily think about it this is from a military context perspective, clearly, what's going on from a Ukraine point of view.
But the -- I think the Canadians were really smart in doing it on a hotel in the middle of Ottawa. And I think that demonstrates the significant proliferation that we're going to see in these counter drone and drone detection capabilities associated with critical national infrastructure and civilian infrastructure as well, which is why we think a system such as CORTEXA, which is very scalable, very high-end capable that's interoperable with effectors and whatever has got a fantastic market opportunity. And as James said, we've sold 2 systems to a very high-end specialist military user in the European sphere. Unfortunately, we're not allowed to disclose who that customer is. But it is a military customer that is at the forefront of new technology adoption in these areas such as counter drone technologies and electronic warfare.
And it's interesting, actually, isn't it? I think Sash was out in Estonia, wasn't it, for the kind of field trials for the EW kit. And I think that's where we're seeing Roke performing really well is kind of in the field up against our competitors, actually demonstrating that these products work really, really well. And so we've got really good feedback on Perceive, and now CORTEXA as well.
Sash you remembered your question. Sash should build up.
On opportunities for M&A and bolt-ons in particular, I wonder if you could just explain for Landguard, Landguard was both an add-on, but also an effectively a supplier to you. So what's the net increase in your external revenues from Landguard as opposed to the internal efficiencies you get from owning your own supplier of software-defined radios and VPX cards and so.
Yes. So we said Landguard was going to generate about GBP 10 million in revenue.
That's external revenue.
Yes, that's external.
Yes. Okay. And then I just wondered, Alloy Surfaces, sorry, I know this is now history or at least like but what happened so quickly there? And are there any other businesses you've got that might experience the same sort of sudden deterioration in trading or other businesses that you're worried might experience that?
Yes. Good question. So I'll answer the second bit first. So no, there are no other businesses that we are worried that potentially the demand signal would diminish. So what happened with Alloy Surfaces is -- actually, let's take it back. So you saw last year in '24 that we reacted very quickly to the U.S. DoD signaling potentially different machine configurations associated with explosive hazard detection. And the transition of the HMDS product, moving from an OEM new build program into just purely a sustainment phase, which clearly is not our business model.
And you saw us act very quickly to sell that business to someone who is a better owner of that business in that sustainment phase. So I think we -- that was a demonstration of that we're very active in making sure that our whole portfolio, not just the businesses, but the capabilities are incredibly relevant to our customers today and going forward because that drives growth. So HMDS was the first one that we did when we saw that technology sunsetting.
With Alloy Services, I think we have been saying over the last couple of years that we've seen the demand for these pyrophoric decoys starting to wane. And the reason for that is that, as I'm sure you know that the pyrophoric decoys are primarily most effectively used for things such as insertion and extraction of troops, normally at nighttime, and that was incredibly important when you were in the counterinsurgency operations in Afghanistan and et cetera. Clearly, in the new configuration from a mission perspective in the U.S. DoD, where it's more associated with area denial in the Asia Pacific, the DoD signaled to us that they saw the demand for pyrophoric decoys diminishing significantly.
So we acted very quickly to ensure that, firstly, we took cost out of the business to maintain performance. And then we got to a point where we identified that actually we were not the best owners for that business. So -- and if you go all the way back, Sash, I'm sure you do. If you think back to the heights of Afghanistan and whatever, Alloy Surfaces actually expanded from one facility up to three facilities because the demand for those decoys for those counterinsurgency operations was so large.
And then as we came off the counterinsurgency missions and then into the new force configuration over a number of years, we went from three facilities down to one. And then unfortunately, we got to a position where we couldn't sustain a single facility.
But just to be clear, there's still some really nice IP within that business. We're the only people we're sole source to the U.K., U.S. government on that -- on those pyrophoric decoys. And so we will still -- we're in a process to sell that business. And so we hope to realize some value for it.
It's a very viable product line. It's just not a stand-alone business in its current configuration.
Any more questions? Just looking around, Sash. We'll come back again in a few minutes. Okay. All right. All right. Well, if there's no more questions, then thank you very much for joining us today, and we look forward to presenting our FY '26 half year results to you in June. Thank you very much.
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Chemring Group — Q4 2025 Earnings Call
📊 Quartal auf einen Blick
- Umsatz: GBP 498 Mio. (+2% YoY (Year‑on‑Year))
- Auftragseingang: GBP 781 Mio. (+20% YoY); Auftragsbestand: GBP 1,3 Mrd. (+32%)
- Operative Marge: 14,8% (↑50 Basispunkte gegenüber Vorjahr)
- EPS (Gj./Aktie): 19,4p; Cash Conversion: 114%
- Kapitalstruktur: Schluss-Nettoverbindlichkeiten GBP 89 Mio. (Leverage ~0,9x); Dividende gesamt 8p (+3%)
🎯 Was das Management sagt
- Wachstumsziel: Ambition, den Umsatz bis 2030 auf ~GBP 1 Mrd. zu verdoppeln; strategische Ausrichtung auf Energetics, Sensorik/Information und Space/Missiles
- Energetics‑Investitionen: Erweiterungsprogramme in Chicago, Schottland und Norwegen; Gesamt‑CapEx‑Erwartung für Projekte jetzt GBP 180 Mio. (vorher GBP 145 Mio.) mit GBP 90 Mio. Förderzuschüssen (Nettoaufwand GBP 90 Mio.)
- Kapitalallokation: Fortgesetzte bolt‑on M&A (z. B. Landguard), Ziel‑Leverage <1,5x, Dividenden‑Cover ~2,5x und Rückkäufe zur Kapitalrückgabe
🔭 Ausblick & Guidance
- Guidance: FY‑26 unverändert, 76% des erwarteten Umsatzes bereits im Auftragsbestand; H2‑Gewichtung erwartet
- Sektorziele: Countermeasures & Energetics: niedrig zweistellig; Energetics: mittlere Teenager‑Wachstumsrate; Sensors & Information: mittlere zweistellige Wachstumsrate; Roke Ziel GBP 250 Mio. bis FY‑28
- Finanzen FY‑26: CapEx (Investitionsausgaben) erwartet GBP 100–110 Mio.; Zinskosten ~GBP 10 Mio.; Cash Conversion 80–85% in FY‑26; Risiken: Budgettiming UK/US und FX‑Schwankungen
❓ Fragen der Analysten
- Ardeer & HMX: Management bestätigt aktive Gespräche mit UK‑Regierung; Fokus auf hochenergetische Sprengstoffe (HMX/RDX/HNS/PETN) und Synergien mit Norwegen
- Norwegen‑CapEx: Kostenanstieg erklärt (geologische/infrastrukturelle Zusatzausgaben); Phase‑2‑Vertrag erwartet vor Weihnachten; Management sieht Baseline und kontrollierte Ausführung
- Roke‑Erholung: Management optimistisch für H2‑Erholung (near‑term Unsicherheit bleibt); STORM wird sukzessive gebucht; konkrete Pipeline‑Beträge zu CORTEXA wurden nicht genannt
⚡ Bottom Line
- Fazit: Chemring zeigt ein solides, cash‑generierendes Ergebnis mit starkem Orderbuch; Energetics‑Expansion liefert erhebliche mittelfristige Umsatz‑/Ertragshebelfunktionen, bringt aber höhere kurzfristige CapEx‑Risiken. Für Aktionäre zählen Ausführung in Norwegen/Schottland, Timing der Roke‑Aufträge und die erwartete Rückkehr zu höherer Cash‑Conversion.
Finanzdaten von Chemring Group
Umsatz
Der Umsatz stellt die Summe aller Einnahmen eines Unternehmens z. B. für dessen Produkte oder Dienstleistungen dar.
Umsatz (TTM) einfach erklärtDirekte Kosten
Direkte Kosten sind die Kosten, die direkt im Zusammenhang mit der Herstellung des Produkts oder der Dienstleistung entstehen.
Bruttoertrag
Der Bruttoertrag gibt an, wie viel vom Umsatz nach Abzug der direkten Herstellkosten im Unternehmen verbleibt. Berechnet man den prozentualen Anteil vom Umsatz, spricht man von der Bruttomarge (engl. Gross Margin).
Brutto Marge einfach erklärtVertriebs- und Verwaltungskosten
Die Vertriebs- & Verwaltungskosten (engl. Selling, General & Administrative expenses, kurz SG&A) beinhalten alle Aufwände für Marketing und den Verkauf sowie die allgemeine Verwaltung des Unternehmens.
Forschungs- und Entwicklungskosten
Die Forschungs- und Entwicklungskosten (engl. research & development costs, kurz R&D) geben Auskunft darüber, wie viel das Unternehmen in die Forschung und die Entwicklung seiner Produkte investiert. Vor allem prozentual vom Umsatz und im Vergleich zu direkten Wettbewerbern sind die Kosten interessant.
EBITDA
Das EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) ist der Gewinn des Unternehmens vor Zinsen, Steuern und Abschreibungen. Berechnet man den prozentualen Anteil vom Umsatz, spricht man von der EBITDA-Marge.
Abschreibungen
Abschreibungen stellen Wertminderungen von Vermögensgegenständen des Unternehmens dar (z.B. durch Abnutzung von Maschinen).
EBIT (Operatives Ergebnis)
Das EBIT (engl. Earnings Before Interest and Taxes) ist der Gewinn des Unternehmens vor Zinsen und Steuern, das auch als operatives Ergebnis bezeichnet wird. Berechnet man den prozentualen Anteil vom Umsatz, spricht man von
der EBIT-Marge.
Nettogewinn
Der Nettogewinn stellt den Gewinn oder Verlust nach Abzug aller Kosten dar.
Nettogewinn einfach erklärtaktien.guide Premium
| Apr '26 |
+/-
%
|
||
| Umsatz | 501 501 |
0 %
0 %
100 %
|
|
| - Direkte Kosten | - - |
-
-
|
|
| Bruttoertrag | - - |
-
-
|
|
| - Vertriebs- und Verwaltungskosten | - | - | |
| - Forschungs- und Entwicklungskosten | - - |
-
-
|
|
| EBITDA | 70 70 |
2 %
2 %
14 %
|
|
| - Abschreibungen | 2,80 2,80 |
15 %
15 %
1 %
|
|
| EBIT (Operatives Ergebnis) EBIT | 67 67 |
3 %
3 %
13 %
|
|
| Nettogewinn | 34 34 |
22 %
22 %
7 %
|
|
Angaben in Millionen GBP.
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| Hauptsitz | Vereinigtes Königreich |
| CEO | Mr. Ord |
| Mitarbeiter | 2.700 |
| Gegründet | 1905 |
| Webseite | www.chemring.com |


