| KPI | [EUR m] | Q3 2025 | FY 2025 | Q3 2026 E | FY 2026 E | FY 2027 E | FY 2028 E | FY 2029 E | FY 2030 E |
|---|---|---|---|---|---|---|---|---|---|
| Sales | Number of Estimates | 12 | 19 | 19 | 18 | 16 | 16 | ||
| Sales | Highest | 3,404.1 | 14,154.2 | 20,000.7 | 26,084.3 | 35,756.6 | 46,954.6 | ||
| Sales | Consensus | 2,308.0 | 9,935.0 | 3,272.9 | 13,891.1 | 18,722.2 | 24,498.8 | 31,837.4 | 40,322.2 |
| Sales | Median | 3,281.0 | 13,901.4 | 18,682.5 | 24,792.2 | 32,180.1 | 40,623.4 | ||
| Sales | Lowest | 3,130.0 | 13,650.9 | 17,080.0 | 22,383.0 | 28,287.0 | 35,159.0 | ||
| EBIT reported | Number of Estimates | 10 | 14 | 14 | 14 | 14 | 14 | ||
| EBIT reported | Highest | 585.7 | 2,585.8 | 4,018.5 | 5,531.0 | 7,350.1 | 9,486.2 | ||
| EBIT reported | Consensus | 294.0 | 1,684.0 | 506.5 | 2,464.2 | 3,607.4 | 4,947.9 | 6,499.8 | 8,393.9 |
| EBIT reported | Median | 511.1 | 2,459.5 | 3,608.6 | 4,968.3 | 6,666.5 | 8,546.4 | ||
| EBIT reported | Lowest | 455.7 | 2,350.1 | 3,314.2 | 4,448.2 | 5,574.4 | 6,836.7 | ||
| Non-recurring items | Number of Estimates | 10 | 14 | 14 | 14 | 13 | 13 | ||
| Non-recurring items | Highest | -4.5 | -127.0 | -123.0 | -85.0 | -120.0 | -120.0 | ||
| Non-recurring items | Consensus | -47.0 | -158.0 | -40.8 | -196.6 | -181.3 | -176.0 | -190.0 | -190.8 |
| Non-recurring items | Median | -43.5 | -205.0 | -194.5 | -180.0 | -165.0 | -152.0 | ||
| Non-recurring items | Lowest | -72.0 | -265.0 | -331.3 | -372.5 | -519.5 | -565.0 | ||
| Operating results | Number of Estimates | 12 | 19 | 19 | 18 | 15 | 15 | ||
| Operating results | Highest | 611.7 | 2,715.8 | 4,143.5 | 5,651.0 | 7,470.1 | 9,946.5 | ||
| Operating results | Consensus | 342.0 | 1,841.0 | 544.7 | 2,661.4 | 3,779.8 | 5,069.6 | 6,642.3 | 8,497.1 |
| Operating results | Median | 540.3 | 2,664.0 | 3,749.0 | 5,113.1 | 6,734.1 | 8,672.8 | ||
| Operating results | Lowest | 476.0 | 2,615.1 | 3,383.0 | 4,377.0 | 5,525.0 | 6,948.0 | ||
| Operating results margin | Number of Estimates | 12 | 19 | 19 | 18 | 15 | 15 | ||
| Operating results margin | Highest | 18.5 | 19.8 | 21.1 | 22.2 | 22.1 | 22.3 | ||
| Operating results margin | Consensus | 14.8 | 18.5 | 16.6 | 19.2 | 20.2 | 20.7 | 20.9 | 21.1 |
| Operating results margin | Median | 16.5 | 19.2 | 20.0 | 20.7 | 20.8 | 21.2 | ||
| Operating results margin | Lowest | 14.9 | 18.7 | 19.2 | 19.6 | 19.5 | 19.1 | ||
| EBT | Number of Estimates | 11 | 15 | 15 | 14 | 13 | 13 | ||
| EBT | Highest | 575.9 | 2,552.5 | 3,943.9 | 5,489.8 | 7,332.4 | 9,506.0 | ||
| EBT | Consensus | 274.0 | 1,572.0 | 480.0 | 2,412.2 | 3,581.0 | 4,933.0 | 6,492.2 | 8,378.5 |
| EBT | Median | 464.9 | 2,417.0 | 3,572.2 | 4,930.7 | 6,692.0 | 8,495.0 | ||
| EBT | Lowest | 412.0 | 2,240.1 | 3,281.3 | 4,450.3 | 5,753.0 | 7,036.9 | ||
| Net income before minorities | Number of Estimates | 11 | 15 | 15 | 15 | 13 | 13 | ||
| Net income before minorities | Highest | 466.0 | 1,892.3 | 2,951.1 | 4,107.7 | 5,486.5 | 7,112.9 | ||
| Net income before minorities | Consensus | 202.0 | 835.0 | 345.7 | 1,701.4 | 2,632.2 | 3,609.5 | 4,782.2 | 6,174.5 |
| Net income before minorities | Median | 321.6 | 1,723.1 | 2,630.9 | 3,611.0 | 4,887.7 | 6,286.3 | ||
| Net income before minorities | Lowest | 293.0 | 1,402.7 | 2,449.6 | 3,257.3 | 4,056.6 | 4,993.9 | ||
| Net income after minorities | Number of Estimates | 11 | 17 | 17 | 16 | 13 | 13 | ||
| Net income after minorities | Highest | 400.5 | 1,722.3 | 2,731.1 | 3,799.2 | 5,039.3 | 6,487.2 | ||
| Net income after minorities | Consensus | 152.0 | 696.0 | 295.5 | 1,511.4 | 2,354.1 | 3,237.0 | 4,357.0 | 5,624.8 |
| Net income after minorities | Median | 274.7 | 1,550.8 | 2,375.7 | 3,281.8 | 4,421.8 | 5,753.4 | ||
| Net income after minorities | Lowest | 229.0 | 1,219.1 | 2,102.0 | 2,661.0 | 3,626.7 | 4,441.4 | ||
| Basic earnings per share from continuing operations | Number of Estimates | 11 | 17 | 17 | 16 | 13 | 13 | ||
| Basic earnings per share from continuing operations | Highest | 9.19 | 39.65 | 62.87 | 87.46 | 116.01 | 149.35 | ||
| Basic earnings per share from continuing operations | Consensus | 3.14 | 22.73 | 6.57 | 33.20 | 51.10 | 70.36 | 94.90 | 122.63 |
| Basic earnings per share from continuing operations | Median | 6.05 | 33.72 | 51.03 | 70.77 | 94.88 | 123.30 | ||
| Basic earnings per share from continuing operations | Lowest | 4.90 | 26.50 | 45.80 | 57.11 | 78.84 | 96.55 | ||
| Adjusted basic earnings per share from continuing operations | Number of Estimates | 6 | 14 | 14 | 13 | 12 | 12 | ||
| Adjusted basic earnings per share from continuing operations | Highest | 8.66 | 41.89 | 65.03 | 89.53 | 118.08 | 151.41 | ||
| Adjusted basic earnings per share from continuing operations | Consensus | 3.96 | 25.28 | 7.94 | 37.51 | 54.45 | 74.50 | 97.28 | 125.70 |
| Adjusted basic earnings per share from continuing operations | Median | 8.20 | 37.90 | 53.71 | 74.31 | 94.46 | 127.04 | ||
| Adjusted basic earnings per share from continuing operations | Lowest | 6.30 | 30.40 | 48.49 | 62.35 | 78.16 | 98.25 | ||
| Dividend per share | Number of Estimates | - | 19 | 19 | 18 | 14 | 14 | ||
| Dividend per share | Highest | - | 21.70 | 27.90 | 37.00 | 49.00 | 60.71 | ||
| Dividend per share | Consensus | - | 11.50 | - | 15.26 | 22.58 | 30.82 | 40.59 | 51.86 |
| Dividend per share | Median | - | 15.07 | 22.54 | 30.39 | 40.07 | 50.58 | ||
| Dividend per share | Lowest | - | 12.39 | 18.91 | 25.68 | 32.78 | 39.86 | ||
| Capex from continuing operations (cash-effective) | Number of Estimates | - | 16 | 16 | 16 | 15 | 15 | ||
| Capex from continuing operations (cash-effective) | Highest | - | 1,805.0 | 2,400.0 | 2,214.0 | 2,122.0 | 2,585.0 | ||
| Capex from continuing operations (cash-effective) | Consensus | 226.0 | 778.0 | - | 1,287.3 | 1,759.8 | 1,731.9 | 1,727.0 | 1,982.8 |
| Capex from continuing operations (cash-effective) | Median | - | 1,237.5 | 1,791.5 | 1,722.8 | 1,740.7 | 1,906.3 | ||
| Capex from continuing operations (cash-effective) | Lowest | - | 969.5 | 1,080.0 | 1,137.5 | 1,350.0 | 1,500.0 | ||
| Operating free cash flow from continuing operations | Number of Estimates | 9 | 14 | 14 | 14 | 13 | 13 | ||
| Operating free cash flow from continuing operations | Highest | 3,304.9 | 5,521.5 | 3,498.0 | 4,078.0 | 5,319.2 | 7,773.2 | ||
| Operating free cash flow from continuing operations | Consensus | -153.0 | 1,218.0 | 1,036.1 | 2,801.9 | 2,188.7 | 3,025.5 | 3,905.1 | 5,103.9 |
| Operating free cash flow from continuing operations | Median | 487.4 | 2,635.0 | 2,027.6 | 2,853.1 | 3,757.8 | 5,087.6 | ||
| Operating free cash flow from continuing operations | Lowest | -281.4 | 1,361.3 | 1,513.2 | 2,175.6 | 2,497.3 | 3,257.3 | ||
| Vehicle Systems, Sales | Number of Estimates | 11 | 14 | 14 | 14 | 14 | 14 | ||
| Vehicle Systems, Sales | Highest | 1,658.5 | 6,048.7 | 8,087.0 | 10,715.3 | 13,394.2 | 16,742.7 | ||
| Vehicle Systems, Sales | Consensus | 1,338.0 | 4,994.0 | 1,592.5 | 5,946.6 | 7,620.1 | 9,507.2 | 11,848.8 | 14,272.7 |
| Vehicle Systems, Sales | Median | 1,605.6 | 5,951.8 | 7,520.0 | 9,460.0 | 11,850.0 | 14,183.8 | ||
| Vehicle Systems, Sales | Lowest | 1,518.3 | 5,700.0 | 7,046.7 | 8,457.4 | 10,709.1 | 12,790.2 | ||
| Vehicle Systems, Operating results | Number of Estimates | 11 | 14 | 14 | 14 | 14 | 14 | ||
| Vehicle Systems, Operating results | Highest | 219.3 | 780.0 | 1,151.2 | 1,483.4 | 1,875.2 | 2,394.2 | ||
| Vehicle Systems, Operating results | Consensus | 167.0 | 584.0 | 203.4 | 743.7 | 1,013.6 | 1,301.7 | 1,654.5 | 2,026.4 |
| Vehicle Systems, Operating results | Median | 206.0 | 747.2 | 1,007.0 | 1,295.5 | 1,664.0 | 2,025.8 | ||
| Vehicle Systems, Operating results | Lowest | 182.2 | 699.6 | 887.9 | 1,127.5 | 1,460.0 | 1,813.5 | ||
| Vehicle Systems, Operating results margin | Number of Estimates | 11 | 14 | 14 | 14 | 14 | 14 | ||
| Vehicle Systems, Operating results margin | Highest | 13.8 | 13.0 | 14.3 | 14.5 | 14.6 | 14.9 | ||
| Vehicle Systems, Operating results margin | Consensus | 12.5 | 11.7 | 12.8 | 12.5 | 13.3 | 13.7 | 14.0 | 14.2 |
| Vehicle Systems, Operating results margin | Median | 12.9 | 12.5 | 13.2 | 13.7 | 14.0 | 14.3 | ||
| Vehicle Systems, Operating results margin | Lowest | 11.5 | 11.8 | 12.6 | 12.8 | 13.0 | 13.1 | ||
| Weapon and Ammunition, Sales | Number of Estimates | 11 | 14 | 14 | 14 | 14 | 14 | ||
| Weapon and Ammunition, Sales | Highest | 1,070.0 | 5,076.1 | 7,583.3 | 10,434.3 | 12,865.2 | 16,500.0 | ||
| Weapon and Ammunition, Sales | Consensus | 691.0 | 3,532.0 | 983.8 | 4,932.9 | 6,802.4 | 8,997.4 | 11,328.4 | 13,875.2 |
| Weapon and Ammunition, Sales | Median | 967.4 | 4,944.5 | 6,771.8 | 8,987.4 | 11,493.9 | 14,189.4 | ||
| Weapon and Ammunition, Sales | Lowest | 901.4 | 4,838.8 | 6,171.0 | 7,713.0 | 8,870.0 | 9,935.0 | ||
| Weapon and Ammunition, Operating results | Number of Estimates | 11 | 14 | 14 | 14 | 14 | 14 | ||
| Weapon and Ammunition, Operating results | Highest | 299.9 | 1,495.1 | 2,249.5 | 3,130.6 | 3,898.2 | 4,922.7 | ||
| Weapon and Ammunition, Operating results | Consensus | 160.0 | 1,037.0 | 244.5 | 1,453.1 | 1,996.0 | 2,642.8 | 3,315.8 | 4,060.2 |
| Weapon and Ammunition, Operating results | Median | 241.9 | 1,457.6 | 2,009.6 | 2,676.7 | 3,438.2 | 4,190.0 | ||
| Weapon and Ammunition, Operating results | Lowest | 189.9 | 1,389.0 | 1,661.0 | 1,969.0 | 2,201.0 | 2,414.0 | ||
| Weapon and Ammunition, Operating results margin | Number of Estimates | 11 | 14 | 14 | 14 | 14 | 14 | ||
| Weapon and Ammunition, Operating results margin | Highest | 31.0 | 29.9 | 30.4 | 30.2 | 30.3 | 30.6 | ||
| Weapon and Ammunition, Operating results margin | Consensus | 23.2 | 29.3 | 24.9 | 29.5 | 29.3 | 29.3 | 29.2 | 29.1 |
| Weapon and Ammunition, Operating results margin | Median | 25.0 | 29.5 | 29.6 | 29.9 | 29.8 | 29.9 | ||
| Weapon and Ammunition, Operating results margin | Lowest | 17.9 | 28.0 | 26.9 | 25.5 | 24.8 | 23.7 | ||
| Air Defence, Sales | Number of Estimates | 10 | 14 | 14 | 14 | 14 | 14 | ||
| Air Defence, Sales | Highest | 253.8 | 1,076.6 | 1,884.1 | 2,500.0 | 3,262.0 | 4,892.0 | ||
| Air Defence, Sales | Consensus | 154.0 | 769.0 | 237.9 | 1,006.0 | 1,454.4 | 2,032.9 | 2,751.3 | 3,751.9 |
| Air Defence, Sales | Median | 247.5 | 1,000.0 | 1,400.0 | 1,995.7 | 2,794.2 | 3,714.0 | ||
| Air Defence, Sales | Lowest | 200.0 | 976.6 | 1,289.2 | 1,740.4 | 2,314.7 | 3,055.4 | ||
| Air Defence, Operating results | Number of Estimates | 9 | 14 | 14 | 14 | 14 | 14 | ||
| Air Defence, Operating results | Highest | 50.0 | 204.6 | 370.0 | 559.0 | 790.0 | 1,200.0 | ||
| Air Defence, Operating results | Consensus | 23.0 | 131.0 | 42.5 | 192.2 | 302.0 | 449.6 | 640.1 | 903.5 |
| Air Defence, Operating results | Median | 42.9 | 190.0 | 293.9 | 454.1 | 638.5 | 893.8 | ||
| Air Defence, Operating results | Lowest | 30.0 | 185.6 | 257.8 | 365.5 | 509.2 | 702.7 | ||
| Air Defence, Operating results margin | Number of Estimates | 9 | 14 | 14 | 14 | 14 | 14 | ||
| Air Defence, Operating results margin | Highest | 20.0 | 20.3 | 23.0 | 24.1 | 25.8 | 25.7 | ||
| Air Defence, Operating results margin | Consensus | 14.9 | 17.0 | 17.8 | 19.1 | 20.8 | 22.1 | 23.2 | 24.0 |
| Air Defence, Operating results margin | Median | 18.0 | 19.0 | 20.5 | 22.1 | 23.2 | 24.3 | ||
| Air Defence, Operating results margin | Lowest | 15.0 | 18.8 | 19.5 | 20.0 | 20.5 | 21.0 | ||
| Digital Systems, Sales | Number of Estimates | 10 | 14 | 14 | 14 | 14 | 14 | ||
| Digital Systems, Sales | Highest | 539.0 | 2,384.1 | 3,699.0 | 5,198.0 | 7,268.2 | 10,538.9 | ||
| Digital Systems, Sales | Consensus | 367.0 | 1,766.0 | 478.7 | 2,236.4 | 3,139.3 | 4,341.2 | 5,977.2 | 8,257.4 |
| Digital Systems, Sales | Median | 478.1 | 2,227.8 | 3,149.8 | 4,174.2 | 5,815.0 | 8,071.3 | ||
| Digital Systems, Sales | Lowest | 419.2 | 2,154.5 | 2,780.0 | 3,797.4 | 5,222.9 | 6,528.7 | ||
| Digital Systems, Operating results | Number of Estimates | 9 | 14 | 14 | 14 | 14 | 14 | ||
| Digital Systems, Operating results | Highest | 67.4 | 324.9 | 518.0 | 798.0 | 1,204.1 | 1,792.8 | ||
| Digital Systems, Operating results | Consensus | 34.0 | 235.0 | 54.4 | 276.5 | 420.2 | 632.7 | 931.5 | 1,376.3 |
| Digital Systems, Operating results | Median | 55.2 | 270.6 | 416.0 | 622.4 | 935.9 | 1,361.1 | ||
| Digital Systems, Operating results | Lowest | 42.1 | 263.3 | 346.5 | 474.7 | 691.1 | 1,109.9 | ||
| Digital Systems, Operating results margin | Number of Estimates | 9 | 14 | 14 | 14 | 14 | 14 | ||
| Digital Systems, Operating results margin | Highest | 14.9 | 13.6 | 15.0 | 16.0 | 17.0 | 18.0 | ||
| Digital Systems, Operating results margin | Consensus | 9.2 | 13.3 | 11.5 | 12.4 | 13.4 | 14.5 | 15.5 | 16.7 |
| Digital Systems, Operating results margin | Median | 11.5 | 12.2 | 13.0 | 14.6 | 15.6 | 17.0 | ||
| Digital Systems, Operating results margin | Lowest | 10.0 | 12.0 | 12.0 | 12.5 | 13.0 | 14.0 | ||
| Naval Systems, Sales | Number of Estimates | 11 | 14 | 14 | 14 | 14 | 14 | ||
| Naval Systems, Sales | Highest | 445.7 | 1,350.7 | 1,700.0 | 2,500.0 | 3,300.0 | 4,000.0 | ||
| Naval Systems, Sales | Consensus | - | - | 312.9 | 1,139.3 | 1,506.2 | 1,837.8 | 2,338.2 | 2,760.1 |
| Naval Systems, Sales | Median | 300.0 | 1,122.5 | 1,519.7 | 1,839.9 | 2,230.1 | 2,720.7 | ||
| Naval Systems, Sales | Lowest | 231.3 | 1,000.0 | 1,250.0 | 1,375.0 | 1,512.5 | 1,663.8 | ||
| Naval Systems, Operating results | Number of Estimates | 11 | 14 | 14 | 14 | 14 | 14 | ||
| Naval Systems, Operating results | Highest | 49.0 | 160.0 | 207.2 | 300.0 | 446.8 | 549.0 | ||
| Naval Systems, Operating results | Consensus | - | - | 33.6 | 126.6 | 176.4 | 223.0 | 295.3 | 359.6 |
| Naval Systems, Operating results | Median | 32.5 | 128.0 | 186.0 | 230.9 | 294.4 | 370.6 | ||
| Naval Systems, Operating results | Lowest | 19.4 | 100.0 | 137.5 | 158.1 | 173.9 | 178.5 | ||
| Naval Systems, Operating results margin | Number of Estimates | 11 | 14 | 14 | 14 | 14 | 14 | ||
| Naval Systems, Operating results margin | Highest | 12.0 | 12.3 | 12.8 | 13.6 | 14.4 | 15.2 | ||
| Naval Systems, Operating results margin | Consensus | - | - | 10.7 | 11.1 | 11.7 | 12.1 | 12.5 | 12.8 |
| Naval Systems, Operating results margin | Median | 11.0 | 11.1 | 12.0 | 12.3 | 12.5 | 12.8 | ||
| Naval Systems, Operating results margin | Lowest | 8.4 | 10.0 | 10.0 | 10.0 | 10.0 | 10.2 |
This document has been issued by Vara Research GmbH for information purposes only and is not intended to constitute investment advice. It is based on estimates and forecasts of various analysts regarding revenues, earnings and business developments of the relevant company. The company did not participate in the compilation of the estimates and it does not endorse them. Such estimates and forecasts cannot be independently verified by reason of the subjective character. Vara Research GmbH gives no guarantee, representation or warranty and is not responsible or liable as to its accuracy and completeness.
