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05 Jun 25. Oshkosh Corporation (NYSE: OSK), a leading innovator of purpose-built vehicles and equipment, shared its strategy for growth and 2028 financial targets at its Investor Day held June 5, 2025. The Company announced the following 2028 consolidated financial targets:
- $13bn-$14bn revenue
- 12%-14% adjusted1 operating income margin
- $18.00-$22.00 adjusted1 earnings per share
- 90%+ free cash flow conversion2 across the cycle
“At Oshkosh, we are harnessing the strength of our industry-leading brands and advanced technologies to support everyday heroes across the globe,” said John Pfeifer, president and chief executive officer of Oshkosh Corporation. “With a strong foundation and a clear vision, we are targeting strong revenue and adjusted EPS growth over the next three years. This reflects our confidence in the business, underpinned by a robust backlog and sustained demand across our end markets. We are executing our Innovate. Serve. Advance. strategy to drive revenue growth and transform our margins. Driven by our purpose of making a difference in people’s lives, we are focused on delivering innovation that moves the world forward.”
Revenue growth target supported by executing existing contracts and backlog: multi-year backlogs and existing contracts in the Company’s Vocational and Transport segments support approximately 50% of targeted revenue growth in 2028. Oshkosh is poised to capitalize on key industry trends and expects solid, long-term demand for its industry-leading products to drive success. A path to transformative margin expansion: actions taken during the past few years are transforming Oshkosh’s margin profile. The Company expects updated, sole-source contracts and new product launches in the Transport segment to support improved profitability. Additionally, Oshkosh is implementing cost reduction initiatives and enhancing operational efficiency through autonomous technologies that leverage artificial intelligence to improve throughput companywide. The Company continues to invest in customer-centric product innovations as it plans to reinforce and grow its leading positions on the journey toward achieving its 2028 targets. Increased portfolio resilience: Oshkosh is growing strong resilient segments to support balanced returns. In 2028, Oshkosh expects the Vocational segment’s contribution to adjusted operating income to be on par with its Access segment. The delivery vehicle business is also growing, and defense margins are expected to improve with new economic price adjustment provisions. The Company recently renamed its Defense segment to the Transport segment to better reflect its broader scope of business. Cash generation and capital management: after a period of elevated new product and capital spending, the Company expects to generate significant free cash flow and attractive free cash flow conversion. Oshkosh employs disciplined capital allocation while reinvesting organically in its businesses. The Company is committed to returning cash to shareholders through dividends and share repurchases. As of March 31, 2025, the Company had 9.9 million shares available for repurchase under the current authorization. (Source: BUSINESS WIRE)
05 Jun 25. Aero Vodochody’s 2024 turnover fuelled by L-39 Skyfox sales. The company said that the L-39 Skyfox programme constituted 63% of the total sales volume. Czech aircraft manufacturer Aero Vodochody Aerospace achieved record-breaking financial performance in 2024, bolstered by its ownership and a revamped management approach emphasising the sales of its L-39 Skyfox aircraft. The company’s revenue for 2024 stood at Kč6.01bn ($275.74m) for the fiscal year 2024, marking an increase of Kč1.75bn from the previous year. The surge was primarily fuelled by the delivery of L-39 Skyfox jets to clients in Vietnam, the Czech Republic, and Hungary, which constituted 63% of the total sales volume. Vietnam received a total of 12 aircraft by the end of 2024 and in February 2025, Aero handed over the first two units to Lom Praha, a Czech state enterprise that uses these jets for training F-35 pilots. Additionally, production for Hungary was completed in 2024, with the Hungarian Air Force receiving its first three L-39 Skyfox jets in May 2025. Aero Vodochody also secured contracts with two new customers for the L-39 Skyfox and engaged in ongoing discussions with potential buyers from Europe, Asia, and Africa. Contributions from the Aerostructures division, especially projects involving the Airbus A220 and Embraer C-390 Millennium aircraft, accounted for 23% of sales and also saw a substantial rise in production output. Maintenance and repair services for L-39 and L-159 models made up the remaining 14% of sales. Adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) reached Kč821m m, with a net income of Kč102m. This represents an increase in EBITDA of over Kč1bn compared to 2021, and the company anticipates further expansion.
Aero Vodochody Board of Directors chairman Viktor Sotona said: “The results for 2024 clearly confirm that the decision to focus on our own product, the L-39 Skyfox aircraft, and at the same time on strong and stable cooperation programs, was the right one. The strategy we set three years ago is working and bearing fruit. Skyfox is proof that Aero can develop and deliver a top-of-the-line military aircraft and is on track for a successful future.”
In terms of investments during 2024, Aero Vodochody allocated Kč164m towards machinery acquisition, IT infrastructure enhancements, and facility modernisation. An additional Kč70m was directed towards developing the L-39 Skyfox and improving avionics on the L-159 aircraft. (Source: airforce-technology.com)
05 Jun 25. Helsing Acquires Grob Aircraft to Accelerate Innovation in Aerospace and Defence.
- Helsing acquires Grob Aircraft SE to develop the next generation of capabilities for aerial warfare
- Partnership and planned investments will strengthen Europe’s defence capabilities
Binding agreement to acquire Grob Aircraft SE to develop the next generation of capabilities for aerial warfare. By combining Grob Aircraft’s expertise in composite aircraft manufacturing with Helsing’s artificial intelligence (AI) and software solutions, the partnership unlocks significant potential for innovation and growth. Grob Aircraft has a long track record in military and general aviation and is a trusted partner for flight training programs worldwide. Headquartered in Tussenhausen, Bavaria/Germany, Grob Aircraft has around 275 employees. The company’s composite aircraft technology ensures lightweight, durable, and aerodynamic designs, providing an ideal platform for Helsing’s AI capabilities. Grob Aircraft has its own airfield and a well-established pipeline of planned aircraft deliveries and training services. Helsing and Grob Aircraft have already successfully partnered using Grob Aircraft to support the development of Helsing’s Cirra product, an algorithm that runs onboard combat aircraft for real-time electronic warfare threat evaluation. Both partners now aim to test and mature relevant hardware, software and AI capabilities for the future of air combat. The acquisition will strengthen both companies alike. Helsing’s focus on land, sea, space, and air is significantly enhanced by Grob Aircraft’s specialised knowledge in the air domain, particularly in the design and production of composite aircraft.
Dr Gundbert Scherf, Co-founder and Co-CEO, Helsing, said: “The acquisition deepens our partnership with Grob Aircraft. Our companies have already successfully worked together, and we have a deep appreciation for each other’s strengths. Our competencies complement each other perfectly, our growth ambitions are congruent. And we are both absolutely determined to bolster Europe’s defence sovereignty. André Hiebeler, CEO and shareholder of Grob Aircraft, said:
“Helsing’s vision and technological expertise perfectly align with our own. Their leadership in artificial intelligence and software solutions, combined with our decades of experience in composite aircraft manufacturing, creates a partnership that is uniquely positioned to redefine the future of aerospace innovation.”
Helsing acquires Grob Aircraft SE from H3 Aerospace GmbH & Co KG. The acquisition is subject to regulatory approvals. All parties have agreed to maintain confidentiality regarding the commercial terms of the acquisition. (Source: ASD Network)
05 June 25. Deal-hungry equity investors eye Europe’s potential defence industry boom.
- Summary
- Companies
- Private equity investors gather this week at annual conference
- Shift in sentiment towards European defence investments, even among ESG-focused investors
- Private equity dealmaking hindered by recession threats
Global investors and advisers gathered at their annual conference in Berlin are looking at channelling funds into Europe’s defence industry, seeking to profit from governments’ ramped-up military spending and revive a sluggish private equity market. Private equity and venture capital-backed investment in Europe’s aerospace and defence sector is dwarfed by that funnelled into the U.S. and Canada, which have absorbed 83% of all such investment since 2020, according to S&P. (Source: Reuters)
02 Jun 25. DTX Group proudly announces its official launch, marking a strategic evolution in the global aerospace sector. This milestone coincides with Hussein Lookmanjee’s full divestment from Drayton Aerospace, with his remaining equity acquired by Lion Capital. This move enables Lookmanjee to fully commit his efforts and resources to the international growth and leadership of DTX Group. In 2019, Drayton Aerospace defined two parallel strategic paths: a regional focused business led by local management, and an international division under the leadership of Hussein Lookmanjee. Recognizing Lookmanjee’s strengths in launching greenfield operations, the board tasked him with leading international operations, while localizing leadership of its China operations by appointing Mr. Hong Qi Ye as the China President, in 2020 and later in 2021, Mr. Steven Young as CEO of Drayton Aerospace. Importantly, while Lion Capital has assumed the controlling interest of Drayton Aerospace’s China-based operations; along with eight other Chinese partners, all non-China Drayton entities—including the Brazil-based MRO companies and global support units—are now part of the DTX Group and remain under the sole ownership of Hussein Lookmanjee. This structural realignment reflects the differing strategic priorities between the China-focused shareholders and the internationally driven DTX team. Over the last six years, Lookmanjee and his senior team have built a strong global platform—opening new maintenance facilities, launching a parts distribution business, and expanding into key markets such as South America and the Middle East. Under his leadership Drayton Aerospace has become a leading independent player in the civil, freight aviation MRO markets.
“Now is the right time for this transition,” said Hussein Lookmanjee. “DTX Group has evolved into a globally competitive business that merits dedicated focus. This move enables us to pursue our original international vision with greater clarity and autonomy. We plan to fully invest the proceeds from the Drayton divestment into strategic growth opportunities, including three exciting acquisitions slated for completion before year’s end.”
Although DTX Group’s international strategy experienced temporary delays during the COVID-19 pandemic, momentum has since resumed. Formally established in September 2024, DTX Group is headquartered in the Middle East, with its parts trading business operating in the United States and two MRO facilities located in Brazil. The Group is on track to launch a new MRO facility in the Middle East by Q3 2025. with additional expansion targeted across Africa and Europe. DTX Group will now operate independently to pursue global growth opportunities. Its international team—assembled and refined over several years—has been fully integrated into the organization and is well-positioned to lead the next phase of development with a clear and focused strategic vision. (Source: PR Newswire)
04 Jun 25. British Army supplier founded by Tony Blair’s son raises $20m.
Skyral secures funding to develop simulation technology for military
A start-up co-founded by Sir Tony Blair’s son Nick has raised $20m (£15m) to develop simulation technology for the British Army and Nato. Skyral, which is working on next-generation training programmes for the military, has secured new funding from existing investor NOIA Capital. Accrete Capital will take a minority stake. Nick Blair, the son of the former Labour prime minister and co-founder of Skyral, said the deal was an endorsement of the “excellence of UK innovation”. It comes as the company awaits the outcome of a £2bn bidding process to redesign the British Army’s training systems and technology. Skyral is part of a consortium which is among the frontrunners to become the Army’s strategic training partner. This would see it handling exercises for 60,000 British soldiers each year and supplying everything from logistical support to virtual simulations and data analysis. British and Romanian troops on a joint training exercise. Skyral’s technology allows the military to run simulations in a virtual world alongside real training exercises Credit: Paul Grover Skyral’s technology means it can create “digital twins” that model human behaviour or real-world environments. This allows the military to run simulations in a virtual world alongside real training exercises. (Source: Daily Telegraph)
02 Jun 25. Chemring has reported results for the six months ended 30 April 2025 which show a record order book, reiterating the Group’s strong long-term prospects. As a result the Board’s expectations for the full year are unchanged.
Key highlights
- Record H1 order intake of £488m and order book of £1,304m, the highest in Chemring’s history, providing excellent medium-term revenue coverage
- H1 2025 was in line with the Board’s expectations:
o Revenue growth of 5%, driven by strong performance within Countermeasures & Energetics, up 20.4%
o Underlying operating profit margin improving to 11.6% (H1 2024: 11.2%)
- Good progress made on organic growth projects to date, with £46.1m of capex spent in total during the period
- Net debt was £93.3m (H1 2024: £75.3m), with the increase as expected given the investment in growth capex. Net debt to underlying EBITDA of 0.95 times (H1 2024: 0.85 times)
- Interim dividend per share of 2.7p, up 4% (H1 2024: 2.6p)
- £3.3m deployed into the £40m share buyback programme announced on 26 February 2025
- The Board’s expectations for 2025 are unchanged, with a similar H2 weighting of operating profit to last year (as previously guided). Approximately 85% (H1 2024: 96%) of expected 2025 revenue was delivered or in the order book at 30 April 2025
- The Group’s longer-term growth prospects are strong, underpinned by robust customer demand for our market-leading products and services, high barriers to entry across our market segments, and a high quality pipeline of organic and inorganic growth opportunities
Michael Ord, Chemring Group Chief Executive, commented: “Our 2024 momentum has continued into this year with another period of record order intake and an order book of over £1.3bn, increasing 2025 order cover to 85%. With this robust demand and trading environment the Board’s expectations for the full year are unchanged. Operational and trading performance has been in line with our expectations, with improving returns for our shareholders underpinned by solid cash conversion. Both sectors benefitted from the receipt of several significant orders in the period, evidencing confidence in our market leading products and services. With growing geopolitical uncertainty resulting in increased defence expenditure, particularly across NATO, the Group is well positioned, with a strong and sustainable platform to increase revenue to £1bn by 2030.”
Chemring expects to benefit from several elements of the UK Government’s Strategic Defence Review (SDR), announced yesterday:
- Roke’s specialist capabilities and advanced technologies make it well placed to support multiple priorities identified in the SDR including the development of the United Kingdom Ministry of Defence’s (“MOD”) new “digital targeting web” – a major initiative aimed at enhancing battlefield connectivity and decision-making, backed by an investment of over £1 bn. Additionally, the establishment of the new Cyber and Electromagnetic Activities (“CEMA”) Command to oversee the UK’s defensive and active cyber activities, alongside electronic warfare (“EW”) efforts, will also create significant opportunities for Roke.
- The SDR also commits to investing £1.5bn in an “always on” pipeline for munitions and building at least six new factories in the UK to produce munitions and energetics, which are key components of weapons, including propellants, explosives, and pyrotechnics. It also commits to building up to 7,000 UK-built long-range weapons to strengthen Britain’s Armed Forces. The Group is well placed to benefit from these opportunities.
- The UK Government recently announced the largest sustained increase in defence spending since the Cold War, with budgets set to rise to 2.5% of GDP by 2027 and to 3% in the following Parliament. Delivering on NATO commitments and ensuring a resilient nuclear deterrent are among the core priorities for this spend. Industrially, this is expected to be accompanied by a significant amount of capability re-shoring, and stockpile production, to ensure national self-sufficiency. The ensuing resilient and scalable UK industrial base will provide growth, high quality jobs and innovation to the national economy.
02 Jun 25. Rheinmetall Resonant South Africa (Pty) Ltd. established. Rheinmetall has established a new subsidiary, Rheinmetall Resonant South Africa (Pty) Ltd. Upon receiving approval from the relevant authorities, Rheinmetall Waffe Munition GmbH now holds a 51% stake in the newly founded joint venture Rheinmetall Resonant South Africa (Pty) Ltd. The joint venture takes over almost all of the assets of Resonant Holding and its subsidiaries. The remaining 49% is held by the existing shareholders of Resonant Holding. The new company expects sales potential of more than €100m per year. The parties have agreed not to disclose the purchase price. With the establishment of the new subsidiary, Rheinmetall is further expanding its range of services to create additional production capacity. This is Rheinmetall’s response to the growing global demand for ammunition. The in-depth vertical integration positions the Group even stronger in terms of independent planning, construction and operation of production facilities for chemical precursors such as propellants and explosives. Rheinmetall Resonant South Africa (Pty) Ltd employs around 150 people and offers proven experience and outstanding expertise in the design and construction of specialised plants. This includes production facilities for chemical and explosive products. Resonant thus complements Rheinmetall’s plant engineering business, particularly in the areas of chemical, energy and explosives technology, industrialisation and manufacturing.
02 Jun 25. NexTech Solutions (NTS), a leading provider of mission-focused technology solutions for defense and government agencies, is proud to announce its acquisition of Trailblazer Innovations, a pioneering company in Blue Force Tracking (BFT) and Tagging, Tracking, and Locating (TTL) integrated systems. The acquisition strengthens NTS’s operational technology portfolio and enhances its ability to deliver scalable situational awareness capabilities across U.S. government customers. Trailblazer Innovations’ alignment with the Department of State and hundreds of Department of Defense (DoD) agencies to include, U.S. Special Operations Command (SOCOM) and U.S. Northern Command (NORTHCOM), have established its reputation as an adaptable, high-performing provider of advanced field tracking and communications solutions. Its proven technologies will seamlessly integrate into the NTS Technology, Software and Solutions (TSS) business unit, expanding their current customer base and accelerating deployment of proven technology solutions across new mission areas.
“Trailblazer Innovations offers highly effective, field-tested technologies in Blue Force Tracking and TTL,” said Joseph Paull, CEO, NTS. “Their tools directly support and complement the operational solutions NTS delivers at the tactical edge. We’re proud to bring their team into the NTS fold.”
This acquisition also signals NTS’s expansion into new customer segments, notably within the Department of Homeland Security, that will enhance operational coordination and visibility along the U.S. Southwest border and coastal waters. By combining Trailblazer’s agile innovation with NTS’s operational scale, the company is positioned to meet growing demands for integrated situational awareness at home and abroad.
“Joining forces with NTS allows us to accelerate our impact, broaden our customer footprint, and continue delivering solutions that directly support those in the field,” said Michael Hicks, President & Founder, Trailblazer Innovations.
The Trailblazer Innovations team will continue operating under the NTS umbrella, ensuring seamless support to existing customers while scaling new capabilities across the NTS broader mission set.
About NTS
For over 11 years, NTS has provided systems engineering, operational support, hardware, software, testing and evaluation, and subject matter experts to support U.S. DoD missions. Our experts and engineers understand the challenges organizations face in finding and implementing the best defense technology solutions to meet their mission-critical objectives as the global technology landscape dynamically evolves. We proudly support the United States Department of Defense and many other U.S. government customers around the world to determine the best solutions for exceeding mission objectives. (Source: PR Newswire)
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SPX CommTech, part of SPX Technologies Inc, innovates specialised technologies within the Radio Frequency (RF) spectrum to ensure a smarter, more secure future for all. Formed by TCI and ECS, SPX CommTech’s Battlespace portfolio enables defence and security teams to detect, defeat and exploit RF signals to enhance communications intelligence (COMINT) and counter unmanned aerial systems (Counter-UAS). Additionally, its Tactical Data Link portfolio allows intelligence gathering agencies, special forces, emergency response, and security teams to securely and reliably transfer video and data between enabled-aircraft and ground teams over long distances for airborne Intelligence, Surveillance, Reconnaissance (ISR).
For more information visit www.tcibr.com and www.enterprisecontrol.co.uk
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