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20 Feb 26. Chemring, a key contributor to the defence industrial base, supplying materials, subsystems, components, and technologies into growing areas of defence, security, and space markets, issued an update this morning ahead of its Annual General Meeting taking place later today.

Michael Ord, Group Chief Executive, commented: “Chemring is well positioned to benefit from rising defence spending across NATO and allied nations, evidenced by our record order book and a strong pipeline of opportunities, and we will continue to invest in our business to capture further growth. For FY26 our outlook is unchanged.”

Key points:

  • FY26 outlook in line with the Board’s expectations.
  • Order book at 30 January 2026 of £1,364m (30 January 2025: £1,351m).
  • Q1 order intake of £122m (Q1 FY25 £393m). Orders received across both sectors as well as a £22.5m STORM Missile Defence Centre order for Roke received post 30 January 2026.
  • Expected FY26 revenue 85% covered by Q1 revenues and current order book (30 January 2025: 81%). Outer years cover continuing to build with strong order pipeline.

 

19 Feb 26. Airbus reports Full-Year (FY) 2025 results

  • 793 commercial aircraft delivered
  • Revenues € 73.4bn; EBIT Adjusted € 7.1bn
  • EBIT (reported) € 6.1bn; EPS (reported) € 6.61
  • Free cash flow before customer financing € 4.6bn
  • 2025 guidance achieved
  • Dividend proposal: € 3.20 per share
  • 2026 guidance issued

Airbus SE (stock exchange symbol: AIR) reported consolidated Full-Year (FY) 2025 financial results and provided guidance for 2026.

“2025 was a landmark year, characterised by very strong demand for our products and services across all businesses, a record financial performance, and strategic milestones. We successfully navigated a complex and dynamic operating environment to deliver on our updated guidance,” said Guillaume Faury, Airbus Chief Executive Officer. “Global demand for commercial aircraft underpins our ongoing production ramp-up, which we are managing while facing significant Pratt & Whitney engine shortages. The broad and competitive portfolios of Defence and Space as well as Helicopters allow us to capture the momentum in defence. We are also making progress to establish a new global industrial space player, together with our partners. These 2025 results and the confidence in our future financial performance support the proposed higher dividend payment.”

Gross commercial aircraft orders totalled 1,000 (2024: 878 aircraft) with net orders of 889 aircraft after cancellations (2024: 826 aircraft). The order backlog amounted to a year-end record of 8,754 commercial aircraft at the end of 2025. Airbus Helicopters registered net orders totalling 536 units (2024: 450 units), with a book-to-bill ratio above 1 both in units and value, reflecting strong momentum in particular for military markets. Order intake by value at Airbus Defence and Space increased to a record € 17.7bn (2024: € 16.7bn), corresponding to a book-to-bill of around 1.3.

Consolidated order intake by value increased to € 123.3bn (2024: € 103.5bn). The consolidated order book value stood at € 619 bn at the end of 2025 (year-end 2024: € 629 bn) including the Company-wide book-to-bill above 1, as well as the weakening of the US dollar.

Consolidated revenues increased 6% year-on-year to € 73.4bn (2024: € 69.2bn). A total of 793 commercial aircraft were delivered (2024: 766 aircraft), comprising 93 A220s, 607 A320 Family, 36 A330s and 57 A350s. Revenues generated by Airbus’ commercial aircraft activities increased 4% to € 52.6bn, mainly reflecting the higher number of deliveries and growth in services, partially offset by the US dollar’s depreciation. Airbus Helicopters’ revenues increased by 13% to € 9.0bn, reflecting a strong performance from programmes and growth in services. Helicopter deliveries increased to 392 units (2024: 361 units). Revenues at Airbus Defence and Space increased 11% year-on-year to € 13.4 bn, driven by higher volumes across all business units.

Consolidated EBIT Adjusted – an alternative performance measure and key indicator capturing the underlying business margin by excluding material charges or profits caused by movements in provisions related to programmes, restructuring or foreign exchange impacts as well as capital gains/losses from the disposal and acquisition of businesses – totalled € 7,128m (2024: € 5,354m). The 2024 figure included charges of € 1.3bn following an in-depth technical review of Space programmes.

EBIT Adjusted related to Airbus’ commercial aircraft activities increased to € 5,470m (2024: € 5,093m), driven by the higher deliveries with a more favourable hedge rate and lower R&D expenses being partially offset by the impact of tariffs.

The A220 production ramp-up is ongoing and still paced by the integration of Spirit AeroSystems work packages and the balance between supply and demand. As the Company continues to make tactical adjustments on this ramp-up trajectory, it is now targeting a rate of 13 aircraft a month for the A220 programme in 2028. On the A320 Family, Pratt & Whitney’s failure to commit to the number of engines ordered by Airbus is negatively impacting this year’s guidance and the ramp-up trajectory. As a consequence, the Company now expects to reach a rate of between 70 and 75 aircraft a month by the end of 2027, stabilising at rate 75 thereafter. The Company continues to target rate 5 for the A330 programme in 2029 and rate 12 for the A350 programme in 2028.

Airbus Helicopters’ EBIT Adjusted increased to € 925 m (2024: € 818 m), reflecting the higher deliveries as well as growth in services.

EBIT Adjusted at Airbus Defence and Space increased to € 798 m (2024: € -566 m), reflecting higher volumes and improved profitability, as the Division sees the results of its transformation plan.

On the A400M programme, a contract amendment was signed with OCCAR in the fourth quarter of 2025 to advance seven deliveries for France and Spain and to further increase the visibility on the programme’s production. In light of uncertainties regarding the level of aircraft orders, Airbus continues to assess the potential impact on the programme’s manufacturing activities. Risks on the qualification of technical capabilities and associated costs remain stable.

Consolidated self-financed R&D expenses totalled € 3,153m (2024: € 3,250m).

Consolidated EBIT (reported) was € 6,082 m (2024: € 5,304 m), including net Adjustments of € -1,046m.

These Adjustments comprised:

  • € -624m related to the dollar working capital mismatch and balance sheet revaluation, of which € -47 m were in Q4. This mainly reflects the phasing impact arising from the difference between transaction date and delivery date;
  • € -188m related to the acquisition and integration of certain Spirit AeroSystems work packages, of which € -100 m were in Q4;
  • € -105m related to the Airbus Defence and Space workforce adaptation plan, recorded in Q1;
  • € -73m related to the A400M, recorded in Q4;
  • € -56m of other costs including compliance and M&A, of which € -45 m were in Q4.

The financial result was € 268m (2024: € 121m), mainly reflecting the revaluation of certain equity investments and revaluation of financial instruments, partially offset by the evolution of the US dollar. Consolidated net income(1) was € 5,221m (2024: € 4,232m) with consolidated reported earnings per share of € 6.61 (2024: € 5.36).

Consolidated free cash flow before customer financing was € 4,574m (2024: € 4,463m), reflecting the strong performance in all businesses. Consolidated free cash flow totalled € 4,753m (2024: € 4,461m). The gross cash position stood at € 27.2 bn at the end of 2025 (year-end 2024: € 26.9bn), with a consolidated net cash position of € 12.2bn (year-end 2024: € 11.8bn).

The Board of Directors will propose the payment of a 2025 dividend of € 3.20 per share to the Annual General Meeting taking place on 14 April 2026. The proposed payment date is 23 April 2026.

Outlook

As the basis for its 2026 guidance, the Company assumes no additional disruptions to global trade or the world economy, air traffic, the supply chain, its internal operations, and its ability to deliver products and services.

The Company’s 2026 guidance is before M&A and includes the impact of currently applicable tariffs.

On that basis, the Company targets to achieve in 2026:

  • Around 870 commercial aircraft deliveries;
  • EBIT Adjusted of around € 7.5 bn;
  • Free Cash Flow before Customer Financing of around € 4.5 bn.

 

19 Feb 26. Orbex appoints FRP as administrators, advisory firm says. Scottish rocket maker Orbex has appointed restructuring advisors FRP as administrators, charging them with exploring options for the business, including a potential sale, the advisory firm said in a statement on Wednesday, after earlier attempts to raise new funding or secure a buyer failed. Orbex, valued at about $220m after a 2022 fundraising, ceased trading before appointing administrators, a move that impacts the roughly 163 people it employed in the UK, the statement said. It said earlier this month the failure to secure new investment threatened hundreds of skilled jobs in Scotland and risked derailing Britain’s push to build a domestic launch sector. (Source: Reuters)

 

18 Feb 26. BAE Systems has today published its 2025 full year results. The Company, which employs more than 5200 people across Scotland, has continued to deliver mission critical capabilities for the UK’s armed forces, whilst investing in its people, technologies and facilities to boost efficiency, capacity and agility to anticipate and respond to increasing demands in light of escalating global threats.

Charles Woodburn, BAE Systems Chief Executive, said:  “Our results highlight another year of strong operational and financial performance, thanks to the outstanding dedication of our employees. In a new era of defence spending, driven by escalating security challenges, we’re well positioned to provide both the advanced conventional systems and disruptive technologies needed to protect the nations we serve now and into the future. With a record order backlog and continuing investment in our business to enhance agility, efficiency and capacity, we’re confident in our ability to keep delivering growth over the coming years.”

In 2025, BAE Systems’ operations in Scotland:

  • welcomed the Norwegian Governments decision to select Type 26 as its frigate of choice in a £10bn deal with the UK Government, which will sustain thousands of jobs in Scotland well into the next decade;
  • officially opened the Janet Harvey Hall, which enables two complex warships to be built side-by-side simultaneously and fully under cover, forming the central part of a £300m investment in Glasgow;
  • the Princess Royal opened a £12 m state-of-the-art shipbuilding academy, which provides life-long learning and skills to the entire Naval Ships workforce;
  • saw Her Royal Highness, The Princess of Wales, officially name HMS Glasgow, the first of eight Type 26 frigates the business is building for the Royal Navy, at a ceremony in Glasgow; and
  • provided maintenance and support to the RAF’s Typhoon fleet at RAF Lossiemouth as it conducts vital operational activity.

 

18 Feb 26. UK’s BAE Systems forecasts years of growth in ‘new era’ of defence spending, backlog hits record.

  • Summary
  • Companies
  • BAE Systems reports 12% rise in full-year operating profit
  • Order backlog reaches record 83.6 bn pounds
  • Shares more than trebled since Russia’s 2022 Ukraine invasion
  • Shares rise 6%

Systems said a “new era” of defence spending would drive its growth for years to come after the British contractor reported a 12% rise in full-year operating profit on Wednesday and a record 83.6 bn-pound order backlog.

Chief Executive Charles Woodburn said on Wednesday the company had seen a year of strong operational and financial performance. “In a new era of defence spending, driven by escalating security challenges, we’re well positioned to provide both the advanced conventional systems and disruptive technologies needed to protect the nations we serve now and into the future,” he said.

Shares of the UK’s biggest defence contractor surged 6% in early trading, as analysts at Jefferies said the results were “solid,” notably in free cash flow, which came in at 2.16 bn pounds. BAE’s stock has more than trebled since Russia invaded Ukraine in 2022, and have jumped 18% since the start of the year, giving the company a market value of about 60 bn pounds.

NATO SPENDING HIKES BOOST DEFENCE CONTRACTORS

The company, which won a Typhoon aircraft order from Turkey and a Type 26 frigates order from Norway last year, reported operating profit of 3.32 bn pounds ($4.5 bn) on sales up 10% to 30.66 bn pounds. For 2026 it forecast 7-9% higher sales and 9-11% higher operating profit, with the latter matching its previous expectation for 2025. Defence contractors, including BAE, have seen sharp increases in their share prices since 2022, driven by the prospect of more spending by NATO members. The index of European defence stocks (.SXPARO) gained around 57% last year and started 2026 on a strong footing as sentiment was further buoyed by U.S. military action in Venezuela and Trump’s comments on Greenland. ($1 = 0.7377 pounds) (Source: Reuters)

 

17 Feb 26. SatVu, the UK-based thermal intelligence company that reveals operational activity and infrastructure performance from space has closed a £30m ($40m) funding round bringing its total equity funding to £60m ($80m), as it accelerates from single-satellite demonstration to execution of a multi-satellite constellation.

  • Driven by the NIF mission of supporting cutting-edge science that secures the future of people’s lives, this funding will support the expansion of SatVu’s unique capability to provide round-the-clock ‘Activity Intelligence’ using space-based thermal imaging.
  • The funding accelerates the expansion of SatVu’s multi-satellite constellation, scaling its high-resolution thermal capability to deliver intelligence on mobilisation, operational activity and infrastructure status that other commercial sensors cannot detect – day and night.

The round completes with a strategic investment from the NATO Innovation Fund (NIF), together with British Business Bank, Space Frontiers Fund II (with SPARX Asset Management Co. Ltd. as the Fund Manager), and Presto Tech Horizons, strengthening SatVu’s institutional backing as it scales toward persistent, sovereign-relevant thermal intelligence, unlocking activity insights previously unavailable from commercial sources. SatVu has two satellites planned for orbit in 2026 and an additional three initiated under contract, mapping a path to deliver a multi-satellite constellation. While a single satellite can observe any point on Earth, a constellation increases revisit frequency – enabling persistent monitoring of activity and operational readiness, and allowing customers to track patterns of life and operational change throughout the day. HotSat-2 and HotSat-3 are planned for orbit in 2026, while HotSat-4 and HotSat-5 – together with long-lead elements of HotSat-6 – are now under contract, locking in the critical path to constellation delivery. This funding capitalises SatVu through its next value inflection point, supporting near-term launches and accelerating the build-out required to deliver persistent, scalable thermal intelligence. With the constellation on its critical path, SatVu is transitioning from capability demonstration to commercial scaling – a key credibility signal for sovereign and defence customers.

Camilla Taylor, Chief Financial Officer at SatVu commented on the round: “This funding secures SatVu’s path to execute at scale. We have a clear and credible path to a multi-satellite constellation, accompanied by investors that match the ambition and pace of the business.    “This round provides the ability to move fast into sustained delivery this year – driving a major value inflection as we scale commercial operations and position the business for its next growth phase.”

Anthony Baker, Co Founder and CEO added: “SatVu was founded to give governments access to intelligence they cannot access elsewhere. High-resolution thermal imagery from space reveals activity that is otherwise invisible – day and night – including heat signatures associated with operations inside and around buildings and critical infrastructure.

“This allows governments to assess activity, readiness, and operational change – a critical new data layer that matters for defence, security, and sovereign decision-making. This investment enables us to scale a UK-built, sovereign thermal capability into a multi-satellite constellation supporting government customers in the UK and across Allied nations worldwide. From monitoring critical infrastructure and military supply chains, to detecting covert activity and verifying what others cannot, thermal intelligence is essential to modern ISR. This round strengthens our ability to deliver at scale, accelerating our strategy and increasing our agility to respond to evolving defence and security requirements – positioning SatVu to be the partner of choice for nations that cannot afford uncertainty in an increasingly contested world.”

Trisha Saxena, Senior Associate at the NATO Innovation Fund said: “SatVu’s thermal intelligence technology can provide governments and businesses across NATO nations with a level of detailed data that was simply not available before. We are pleased to support SatVu as it revolutionises the earth observation market, delivering critical insights to the security, finance and commodities sectors to help safeguard defence and economic activity across the Alliance.”

George Mills, Investment Director at British Business Bank, said, “SatVu has created a unique technology at a time of great demand for defence innovation. They have proved the strategic value of their technology so we are pleased to provide the funding that will help them to scale and win further contracts.”

SatVu’s development has been supported by UK government defence innovation programmes, including an ongoing Defence Innovation Loan awarded through the Defence and Security Accelerator (DASA), now part of UK Defence Innovation. Luke Pollard, Minister of State for the Ministry of Defence, comments on the raise, “We are committed to strengthening national security by scaling British SMEs and start-ups which help keep the UK’s defence industry at the cutting edge of innovation.

“Last year we backed SatVu with a defence innovation loan, which has already helped spark £30 m further private investment through this funding round. Our support for defence firms through UK Defence Innovation is building British sovereign capabilities and driving economic growth across the country.”

This funding enables SatVu to accelerate the delivery of a high-resolution thermal constellation designed for persistence, reliability and global relevance – giving customers a new, trusted layer of insight and positioning the company to define what thermal Earth observation makes possible at scale. The round also includes prior participation from existing investors Molten Ventures (as lead), Adara Ventures, Ridgeline Ventures, NOA, Lockheed Martin, Seraphim Space Fund and Stellar Ventures. As governments and allied institutions place increasing emphasis on resilience, readiness and independent intelligence, SatVu is delivering a sovereign thermal capability designed to operate at scale. By transitioning decisively from demonstration to delivery, the company is establishing a new layer of persistent, trusted insight that strengthens decision-making across defence, security and national infrastructure.

 

13 Feb 26. Houlihan Lokey Advises BCubed on Its Sale to Auria. Houlihan Lokey is pleased to announce that BCubed Engineering Corporation (BCubed) has been acquired by Auria Space, LLC (Auria), a portfolio company of Enlightenment Capital. The transaction closed on January 16, 2026. Based in Northern Virginia, BCubed is a leader in delivering end-to-end, software-defined command, control, and communications (C3) solutions supporting the U.S. Space Force, Special Operations Command, and Intelligence Community. The company’s solutions enable resilient, integrated operations across space, ground, and tactical environments through software-defined satellite communications, digital ground systems, and cloud-native command-and-control platforms. Headquartered in Colorado Springs, Colorado, Auria is an innovator and integrator of solutions across the C3 continuum for advanced space and missile operations. Solutions provided by Auria include the development, integration, and deployment of systems supporting space operations, space domain awareness, satellite communications (SATCOM), and missile defense for federal, international, and commercial customers. The company’s success is built on the excellence of diverse teams advancing innovative systems and operational software to strengthen its customers’ superiority in Space. The acquisition of BCubed further expands Auria’s software and hardware products and solutions across the C3 continuum, connecting space mission and ground station technologies to the tactical edge in a cohesive operational architecture. Together, Auria’s solutions are designed to move mission data and tasking seamlessly from enterprise command layers through operational ground systems and forward-deployed end users, enabling faster decision-making, greater mission agility, and resilient execution in contested and denied tactical environments. Houlihan Lokey served as the exclusive financial advisor to BCubed and marketed, structured, and negotiated the transaction on its behalf.

 

12 Feb 26. Howmet Aerospace (NYSE: HWM) today reported fourth quarter and full year 2025 results. The Company reported record fourth quarter 2025 revenue of $2.2bn, up 15% year over year, driven by growth in the commercial aerospace market of 13%, growth in the defense aerospace market of 20%, and growth in the gas turbines market of 32%.

Key Announcements

  • Entered into definitive agreement to acquire Consolidated Aerospace Manufacturing, LLC (CAM) from Stanley Black & Decker, Inc. (NYSE: SWK) for an all-cash purchase price of approximately $1.8bn on December 22, 2025
  • Acquired Brunner Manufacturing Co. Inc., a small, privately held producer of high-quality fastener products in an all-cash transaction on February 6, 2026
  • Repurchased $200m of common stock in fourth quarter 2025 at an average price of $194.61 per share
  • Repurchased additional $150m of common stock in 2026 year to date at an average price of $215.28 per share
  • Paid a quarterly dividend of $0.12 per share on common stock in fourth quarter 2025, up 50% YoY. Declared a dividend of $0.12 per share on common stock in the first quarter 2026
  • Issued $500 m of 4.55% Notes due 2032; Redeemed all outstanding principal amount of $625m of 5.90% Notes due 2027; Reduces annualized interest expense by approximately $14 m. Debt actions taken during 2025 reduced debt by approximately $265 m and annualized interest expense by approximately $22m
  • Redeemed all outstanding Preferred Stock in fourth quarter 2025 for approximately $55m
  • Reduced gross pension obligation by approximately $125 m by annuitizing the remainder of the Company’s UK pension plan
  • FY 2026: Revenue growth guidance at approximately 10%, Expect improved profit and cash generation
  • Combined the revenue disclosure for the Industrial Gas Turbine and Oil & Gas markets into Gas Turbines

Howmet Aerospace reported Net Income of $372m, or $0.92 per share, in the fourth quarter 2025 versus $314m, or $0.77 per share, in the fourth quarter 2024. Fourth quarter 2025 Net Income included approximately $54 m in net charges from special items, primarily due to a non-cash settlement charge to annuitize the remainder of the Company’s UK pension plan. Net Income excluding special items was $426 m in the fourth quarter 2025, up 41% versus $303 m in the fourth quarter 2024. Adjusted EPS* in the fourth quarter 2025 were $1.05, up 42% versus $0.74 in the fourth quarter 2024.

Fourth quarter 2025 Operating Income was $489m, up 10% year over year. Fourth quarter Adjusted Operating Income excluding special items was $580, up 34% year over year. Operating Income Margin was 22.6%, down approximately 90 basis points year over year. Fourth quarter 2025 Adjusted Operating Income Margin excluding special items was 26.8%, up approximately 380 basis points year over year.

Fourth quarter 2025 Adjusted EBITDA excluding special items was $653m, up 29% year over year. The year-over-year increase was driven by strong growth in the commercial aerospace, defense aerospace, and gas turbines markets. Adjusted EBITDA margin excluding special items was up approximately 330 basis points year over year at 30.1%.

The Company reported record full year 2025 revenue of $8.3bn, up 11% year over year, driven by growth in the commercial aerospace market of 12%, growth in the defense aerospace market of 21%, and growth in the gas turbines market of 25%, partially offset by declines in the commercial transportation market of 5%.

The Company reported Net Income of $1.5 bn, or $3.71 per share, in the full year 2025 versus $1.2bn, or $2.81 per share, in the full year 2024, and included approximately $25m in net charges from special items, primarily due to a non-cash settlement charge to annuitize the remainder of the Company’s UK pension plan. Net Income excluding special items was $1.5 bn, or $3.77 per share, in the full year 2025, versus $1.1bn, or $2.69 per share, in the full year 2024.

Full year 2025 Operating Income was $2.0 bn, up 25% year over year. Full year 2025 Adjusted Operating Income excluding special items was $2.1 bn, up 30% year over year. Operating Income Margin was up approximately 280 basis points year over year at 24.8% in the full year 2025. Full year 2025 Adjusted Operating Income Margin excluding special items was 25.8%, up approximately 380 basis points year over year.

Full year 2025 Adjusted EBITDA excluding special items was $2.4 bn, up 26% year over year. The year-over-year increase was driven by growth in the commercial aerospace, defense aerospace, and gas turbines markets, partially offset by declines in the commercial transportation market. Adjusted EBITDA Margin excluding special items was up approximately 350 basis points year over year at 29.3%.

Howmet Aerospace Executive Chairman and Chief Executive Officer John Plant said, “The Howmet team delivered an exceptional quarter to cap a strong 2025. Revenue growth accelerated in the fourth quarter 2025 to 15% year over year, reflecting healthy growth in the commercial aerospace, defense aerospace, and gas turbines markets. Adjusted EBITDA* grew 29% year over year to $653 m and Adjusted EBITDA Margin* increased approximately 330 basis points to 30.1%, both records. Adjusted Earnings per Share* grew 42% to a record $1.05. Free Cash Flow for full year 2025 was $1.43bn and 93% conversion of Net Income* after record capital expenditures of $453 m as Howmet continued to invest for growth.”

Mr. Plant continued, “Healthy cash generation supported significant capital deployment in the fourth quarter with $200 m in share repurchases, $55 m for preferred share redemption, and $125 m for debt reduction. In full year 2025, Howmet repurchased a record $700 m of common stock and paid approximately $181 m in dividends. Also in the quarter, Howmet entered into a definitive agreement to acquire CAM for approximately $1.8 bn, expected to close in the first half 2026. The CAM and Brunner acquisitions will further strengthen Howmet’s fastener portfolio. An additional $150 m of Howmet stock has been repurchased so far in 2026 reflecting continued confidence in Howmet’s cash performance.”

“Turning to 2026, the vast majority of the markets we serve are in a growth phase, while the commercial transportation market shows signs of stabilizing. Commercial aerospace continues to benefit from rising passenger demand and recent multi-year under-build of aircraft that together have led to a record OEM backlog stretching into the next decade. In addition to robust growth in new builds, engine spares needs continue to increase. Defense markets are also very healthy, while engine spares continue to grow to support the expanding aircraft fleet. The gas turbines business is entering its largest growth phase in years, with extremely high demand for electricity generation, especially from natural gas for data centers. In commercial transportation, we anticipate that the first quarter 2026 will be the quarterly low point and then we will begin to see healthy demand in the second half of 2026. Howmet is well positioned for growth in 2026 and beyond.”

Engine Products reported fourth quarter 2025 revenue of $1.2bn, an increase of 20% year over year, due to growth in the commercial aerospace, defense aerospace, and gas turbines markets, including engine spares growth. Segment Adjusted EBITDA was $396m, up 31% year over year, driven by growth in the commercial aerospace, defense aerospace, and gas turbines markets. The segment absorbed approximately 320 net headcount in the quarter in support of expected revenue increases. Segment Adjusted EBITDA Margin increased approximately 290 basis points year over year to 34.0%.

Engine Products reported full year 2025 revenue of $4.3bn, an increase of 16% year over year, due to growth in the commercial aerospace, defense aerospace, and gas turbines markets, including engine spares growth. Segment Adjusted EBITDA was $1.4 bn, up 25% year over year, driven by growth in the commercial aerospace, defense aerospace, and gas turbines markets. The segment absorbed approximately 1,445 net headcount in the year in support of expected revenue increases. Segment Adjusted EBITDA Margin increased approximately 250 basis points year over year to 33.3%.

Fastening Systems reported fourth quarter 2025 revenue of $454m, an increase of 13% year over year, due to growth in the commercial aerospace market, partially offset by lower volumes in the commercial transportation market. Segment Adjusted EBITDA was $139 m, up 25% year over year, driven by growth in the commercial aerospace market as well as productivity gains, partially offset by lower volumes in the commercial transportation market. Segment Adjusted EBITDA Margin increased approximately 290 basis points year over year to 30.6%.

Fastening Systems reported full year 2025 revenue of $1.7bn, an increase of 11% year over year, due to growth in the commercial aerospace market, partially offset by lower volumes in the commercial transportation market. Segment Adjusted EBITDA was $530 m, up 31% year over year, driven by growth in the commercial aerospace market as well as productivity gains, partially offset by lower volumes in the commercial transportation market. Segment Adjusted EBITDA Margin increased approximately 460 basis points year over year to 30.4%.

Engineered Structures reported fourth quarter 2025 revenue of $287 m, an increase of 4% year over year due to growth in the defense aerospace market. Segment Adjusted EBITDA was $63 m, up 24% year over year, driven by growth in the defense aerospace market. Segment Adjusted EBITDA Margin increased approximately 350 basis points year over year to 22.0%.

Engineered Structures reported full year 2025 revenue of $1.1bn, an increase of 8% year over year due to growth in the defense aerospace market. Segment Adjusted EBITDA was $243m, up 46% year over year, driven by growth in the defense aerospace market and productivity gains. Segment Adjusted EBITDA Margin increased approximately 560 basis points year over year to 21.2%.

Forged Wheels reported fourth quarter 2025 revenue of $264m, an increase of 9% year over year, with 10% lower volumes in the commercial transportation market more than offset by an increase in aluminum cost pass through. Segment Adjusted EBITDA was $79 m, up 20% year over year, driven by cost reductions in response to lower volumes in the commercial transportation market. Segment Adjusted EBITDA Margin increased approximately 270 basis points year over year to 29.9%.

Forged Wheels reported full year 2025 revenue of $1.0 bn, down slightly year over year, with 13% lower volumes in the commercial transportation market offset by an increase in aluminum cost pass through. Segment Adjusted EBITDA was $296 m, up 3% year over year, driven by cost reductions in response to lower volumes in the commercial transportation market. Segment Adjusted EBITDA Margin increased approximately 130 basis points year over year to 28.5%.

Howmet Aerospace to Acquire Consolidated Aerospace Manufacturing, LLC (CAM) for approximately $1.8bn

On December 22, 2025, Howmet Aerospace announced that it entered into a definitive agreement to acquire CAM from Stanley Black & Decker, Inc. for an all-cash purchase price of approximately $1.8 bn. CAM is a leading global designer and manufacturer of precision fasteners, fluid fittings, and other complex, highly engineered products for demanding aerospace and defense applications. The transaction is expected to close in the first half of 2026, subject to customary closing conditions and regulatory approvals.

Acquired Fastener Producer Brunner Manufacturing Co. Inc.

On February 6, 2026, the Company acquired Brunner Manufacturing Co. Inc., a small, privately-held producer of high-quality fastener products based in Mauston, WI in an all-cash transaction. The transaction will enhance Howmet’s product offerings and market opportunities with larger-size fasteners.

Repurchased $200 M of Common Stock in Fourth Quarter 2025, $700 M in Full Year 2025; $150 M YTD in 2026

In the fourth quarter 2025, Howmet Aerospace repurchased $200 m of common stock at an average price of $194.61 per share, retiring approximately 1.0 m shares.

In the full year 2025, the Company repurchased $700 m of common stock at an average price of $160.52 per share, retiring approximately 4.4 m shares.

(Source: PR Newswire)

 

12 Feb 26. (NYSE: CAE) (TSX: CAE) – CAE Inc. (CAE or the Company) today reported its financial results for the fiscal third quarter ended December 31, 2025.

“This quarter reflects continued progress as we embark on the various stages of our transformation plan,” said Matthew Bromberg, CAE’s President and Chief Executive Officer. “While we faced lower year-over-year performance in Civil, we generated strong cash flow, exceeded our deleveraging target ahead of schedule, and delivered a meaningful step-up in Defense performance, including achieving an adjusted segment operating income margin above 10 percent for the first time in over six years. As we look to the full year on a consolidated basis, near‑term softness in Civil and strength in Defense largely offset each other, leaving us in the range of where we expected to be overall.

We are making good progress with our transformation plan, with a clear focus on our portfolio, capital base, and operating model. We have completed our portfolio review and identified several non-core assets, representing approximately 8% of revenue, and will pursue divestitures where economics, structure, and timing support value creation for CAE. In parallel, we have begun optimizing our Civil training network, including a reduction in capital expenditures. We intend to remove approximately 10% of deployed commercial airline simulators and relocate additional devices to improve utilization and returns. These actions will have a short-term revenue impact, but they are expected to enhance returns and resilience over time.

As we move our transformation plan along, we expect to provide specific longer-range targets when we report our fiscal year-end results in May, outlining how these actions position CAE for higher returns, stronger cash flow, and more resilient performance over time.”

Consolidated results

Third quarter fiscal 2026 revenue was $1,252.1 m, compared to $1,223.4 m in the third quarter last year. Third quarter EPS was $0.34 compared to $0.53 last year. Adjusted EPS in the third quarter was $0.34, compared to $0.29 last year. Adjusted EPS this quarter includes approximately $0.02 of transformation-related expenses.

Operating income this quarter was $195.8 m (15.6% of revenue(1)). This compares to $262.6 m (21.5% of revenue) last year, which included a gain on fair value remeasurement of SIMCOM of $72.6 m. Third quarter adjusted segment operating income was $195.8 m (15.6% of revenue(1)) compared to $190.0 m (15.5% of revenue) last year. All financial information is in Canadian dollars unless otherwise indicated.

Civil Aviation (Civil)

Third quarter Civil revenue was $717.2m vs. $752.6m in the third quarter last year. Operating income was $141.8m (19.8% of revenue) compared to $223.4m (29.7% of revenue) in the same quarter last year. Adjusted segment operating income was $141.8 m (19.8% of revenue) compared to $150.8m (20.0% of revenue) in the third quarter last year. Civil adjusted segment operating income this quarter includes $4.9 m of transformation-related expenses, impacting the adjusted segment operating income margin by approximately 70 basis points. During the quarter, Civil delivered 15 full-flight simulators (FFSs) to customers and third quarter Civil training centre utilization was 71%.

During the quarter, Civil signed training solutions contracts valued at $572.4m for a range of long-term commercial and business aviation training agreements, including 10 FFS sales.

The Civil book-to-sales ratio(1) was 0.80 times for the quarter and 0.89 times for the last 12 months. The Civil adjusted backlog at the end of the quarter was $8.2 bn.

Defense and Security (Defense)

Third quarter Defense revenue was $534.9m vs. $470.8m in the third quarter last year. Operating income was $54.0 m (10.1% of revenue) compared to $39.2 m (8.3% of revenue) in the same quarter last year. Adjusted segment operating income was also $54.0m (10.1% of revenue), compared to $39.2m (8.3% of revenue) in the third quarter last year. Defense adjusted segment operating income this quarter includes $2.4 m of transformation-related expenses, impacting the adjusted segment operating income margin by approximately 40 basis points.

Defense booked orders for $571.1m this quarter for a book-to-sales ratio of 1.07 times. The ratio for the last 12 months was 1.09 times. The Defense adjusted backlog, including unfunded contract awards and CAE’s interest in joint ventures, at the end of the quarter was $11.0 bn. Notably for the Defense segment overall, the pipeline continues to reflect a strong demand environment with some $6.2 bn of bids and proposals pending.

Net finance expense this quarter was $54.1 m, down from $56.9m in the previous quarter and down from $56.6 m in the third quarter last year. The year-over-year decrease was mainly due to lower finance expense on long-term debt due to a decreased level of borrowings during the period, partially offset by higher expense on lease liabilities in support of training network expansions.

Income tax expense this quarter amounted to $29.6m, representing an effective tax rate of 21%, compared to 17% for the third quarter last year. The adjusted effective tax rate(1), which is the income tax rate used to determine adjusted net income and adjusted EPS, was 21% this quarter compared to 29% in the third quarter of last year. The decrease in the adjusted effective tax rate was mainly attributable to the mix of income from various jurisdictions.

Net cash provided by operating activities was $407.6m for the quarter, compared to $424.6m in the third quarter last year. Free cash flow(1) was $411.3m for the quarter compared to $409.8 m in the third quarter last year. Free cash flow was stable mainly due to higher dividends received from equity accounted investees, partially offset by a lower contribution from non-cash working capital.

Growth and maintenance capital expenditures(1) totaled $50.6 m this quarter.

Net debt(1) at the end of the quarter was $2,782.3m for a net debt-to-adjusted EBITDA(1) of 2.30 times, ahead of the Company’s fiscal year-end target of 2.50 times. This compares to net debt of $3,186.5 m and a net debt‑to-adjusted EBITDA of 2.66 times at the end of the preceding quarter.

Adjusted return on capital employed(1) was 7.0% this quarter compared to 6.8% last quarter and 5.7% in the third quarter last year.

During the quarter, CAE repurchased and cancelled a total of 44,100 common shares under its normal course issuer bid (NCIB), at a weighted average price of $36.50 per common share for a total consideration of $1.6 m.

Management outlook

Civil

CAE’s Civil business continues to benefit from strong and durable fundamentals in a secular growth market for aviation training solutions. The business is underpinned by global regulatory requirements mandating recurrent training — typically every six months — for pilots and crew to maintain certification on each aircraft type. This built‑in regulatory cadence provides a stable, recurring demand base that makes Civil inherently less cyclical.

Additional growth is driven by the ongoing need to train new pilots due to fleet expansion and retirements, as well as transition training for existing pilots moving between aircraft platforms. Business aviation training, which represents roughly half of Civil’s profitability, continues to be supported by robust flight activity.

While CAE has been maintaining its leading market position, Civil experienced softer order activity than expected, with a total of 22 full-flight simulator sales and a book-to-sales ratio of 0.84 times for the year-to-date period. Management continues to expect the fourth quarter of fiscal 2026 to be the strongest of the year. However, for the full year, Civil adjusted segment operating income (aSOI) is now expected to decline by a mid-single digit percentage versus the prior year, while the aSOI margin is still expected to be in the 20% range. Its revised outlook is driven by three factors: softer than expected market conditions; U.S. dollar currency translation impacts; and the rationalization of CAE’s commercial simulator network, which is being accelerated to rightsize the business for the current and expected demand. These actions are expected to improve utilization, returns, and resilience over time.

Defense

Management believes CAE is well positioned for long-term growth and enhanced profitability in Defense, supported by an adjusted backlog of $11.0 bn and a prolonged up-cycle driven by rising defence budgets across NATO and allied nations, many of which are now targeting spending levels approaching 5% of GDP.

In Canada, the government has articulated an ambition to reach 5% of GDP in defence spending by 2035, representing a generational investment opportunity. This environment creates a significant opening for CAE to continue evolving as an international defence leader based in Canada, leveraging its technology, domain expertise, and global network to deliver greater value for customers and shareholders.

Heightened geopolitical tensions, modernization imperatives, and a global shortage of uniformed personnel are driving sustained demand for CAE’s training, simulation, and mission rehearsal solutions, as militaries increasingly rely on the Company to sustain readiness and operational effectiveness.

Given stronger-than-expected performance year to date, management is increasing its fiscal 2026 outlook for Defense to greater than 20% aSOI growth, with an annual aSOI margin expected to be approximately 8.5%.

Capital expenditures

Management now expects total capital expenditures to be more than 10% lower than in fiscal 2025. The decrease is driven primarily by an approximate 30% reduction in Civil capital expenditures, reflecting the slower near-term pace of demand recovery and greater capital discipline. A significant portion of this year’s capital expenditures is being directed toward the execution of a large U.S. defence contract, and the remainder focused on organic growth investments in simulator deployments across CAE’s global network of aviation training centres under multi-year customer contracts.    (Source: PR Newswire)

 

12 Feb 26. TKMS and Magellan Aerospace Corporation (“Magellan”), a global, integrated aerospace company, have signed a Teaming Agreement aimed at strengthening industrial cooperation in support of Canada’s future submarine capabilities. Under the agreement, the parties will jointly explore, develop and implement cooperation related to heavyweight torpedo production and the subsequent in-service support phase for the Canadian Patrol Submarine Project (CPSP).

“TKMS and Magellan have built up a long-lasting relationship, as both parties have successfully been developing two sections of the Anti-Torpedo Torpedo that is expected to be introduced to the market in 2029,” said Michael Ozegowski, Executive Vice-President at ATLAS ELEKTRONIK. “TKMS signed the contract for the design engineering phase of the final assembly facility for the Anti-Torpedo Torpedo at the Rockwood plant. We are looking forward to strengthening our cooperation and collaboration with Magellan, a strategic supplier to Canada and to the defence industry in general.”

In addition, the parties will investigate other programs with export potential for Magellan, leveraging TKMS’s international customer base and ongoing projects. This cooperation will draw on Magellan’s experience in complex fabrications, design, development, manufacturing and assembly, as program requirements are finalized.

“Building on our collaboration with TKMS, Magellan is pleased to expand our partnership in support of the Canadian Patrol Submarine Project,” said Mr. Haydn Martin, Vice President, Business Development, Marketing and Contracts at Magellan Aerospace. “With six decades of expertise delivering mission-critical defence propulsion technologies across air, sea, and space–and proven expertise in propulsion, engineering, and precision manufacturing–this partnership reflects a shared commitment to reliable, innovative undersea capabilities that support Canada’s national security objectives.”

Under the agreement, both companies are committed to combining their strengths to create sustainable, high-value industrial capabilities that will contribute significantly to the Canadian submarine program. The collaboration underscores TKMS’s continued commitment to working with Canadian industry partners to support sovereign defence capabilities, and reflects a joint commitment to increasing skilled employment opportunities, enhancing domestic value creation and fostering long-term economic benefits within Canada.  (Source: PR Newswire)

 

13 Feb 26. Safran Electronics & Defense announces the acquisition of Syntony, a technology company founded in 2015 in Toulouse. This transaction integrates innovative technologies capable of providing precise geographic positioning when conventional systems such as GPS reach their limits. A European leader in GNSS solutions for underground environments, Syntony has developed unique expertise to ensure reliable positioning in contexts where satellite signals are unavailable.

Syntony’s technology addresses a major challenge of satellite navigation systems: the vulnerability of GNSS (Global Navigation Satellite Systems) signals to physical obstacles, jamming, and interference. To tackle this, Syntony has developed several critical technologies, including:

  • CRPA antennas (Controlled Reception Pattern Antenna), which make GNSS receivers less sensitive to jamming and spoofing (essential for flight safety and the protection of sensitive infrastructure).
  • Software Defined Radio (SDR), a digital radio that can change function (switching from FM to Wi-Fi or GPS) through a simple software update without changing hardware, allowing it to adapt to threats or to changes in received or transmitted signals. It offers compactness and scalability, particularly suited to embedded systems and the requirements of modern operational environments.

In addition, Syntony develops GNSS receivers for next-generation satellites, particularly for low Earth orbit (LEO) constellations, further strengthening Safran Electronics & Defense’s offering in the space-based PNT and New Space sectors.

Syntony currently employs nearly 70 people across Toulouse and Paris.

For Safran Electronics & Defense, this acquisition makes it possible to offer more comprehensive equipment that is also more compact and energy-efficient, while remaining adaptable to the constant evolution of signals. These gains in weight and power consumption are essential for future civilian and military platforms (drones and counter-drone systems, missiles, aircraft, and low-orbit satellites).

Alexandre Ziegler, Executive Vice President of the Defense Division at Safran Electronics & Defense, stated: “The acquisition of Syntony enables Safran Electronics & Defense to strengthen its resilient technologies in order to support its customers in addressing the challenges of navigation in complex environments, whether aeronautical, space-based, urban, or underground.”

Safran is an international high-technology group, operating in the aviation (propulsion, equipment and interiors), defense and space markets. Its core purpose is to contribute to a safer, more sustainable world, where air transport is more environmentally friendly, comfortable and accessible. Safran has a global presence, with more than 110,000 employees and revenue of 31.3 bn euros in 2025, and holds, alone or in partnership, global or regional leadership positions in its core markets. Safran undertakes research and development programs to maintain the environmental priorities of its R&T and Innovation roadmaps. Safran is listed on the Euronext Paris stock exchange and is part of the CAC 40 and Euro Stoxx 50 indices.

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Ultra-high precision, modularity and speed to defeat dynamic targets

OpenWorks is a provider of modular autonomous vision systems that deliver ultra-high performance real-time detection, identification and tracking of highly dynamic aerial threats at long range.

Our specialist capability lies in our dynamic positioners, EO/IR optical units, approach to sensor fusion and common interface that enables the integration of third-party detectors, classifiers, interceptors and effectors. Artificial intelligence modules work seamlessly with primary detectors and C2 to provide comprehensive detection, identification, tracking and slewing-to-cue against complex backgrounds and foregrounds.

OpenWorks is internationally and operationally proven across C-UAS and Air Defence.

Vision Pace

Designed to enhance dynamic multi-threat engagement, Vision Pace offers microradian precision targeting to kinetic defeat chains, marking a step-change for layered air defence. The development is intended to provide capability to expeditionary force protection, GBAD, SHORAD, M-SHORAD across land and naval domains.

Vision Flex

Vision Flex provides the highest performance surveillance, tracking and classification capability available, for use on static, mobile and un-crewed systems. Vision Flex cameras are highly configurable and can be used with built-in twin-AI modules of third Party classifiers and trackers.

Vision Flex is easy to integrate through standard interfaces and has a range of plug-and-play optical modules and upgrades to allow it to be configured easily to suit each mission or site.

Vision Guard

Vision Guard is a highly configurable, autonomous, portable and deployable platform that provides automated alerts with AI detection and classification.

It can be configured with combinations of active and/or passive sensors to suit the mission. Detections and alerts are streamed out to a handheld tablet or other systems via the standard interface, SAPIENT, Asterisk etc.

 

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