Overview
- Sales rose 10% to £30.7bn, with underlying EBIT up 12% to £3.32bn and underlying EPS up 12% to 75.2p.
- Order intake reached £36.8bn, lifting the order backlog to a record £83.6bn, supported by wins such as Norway’s Type 26 selection.
- The board proposed a total 2025 dividend of 36.3p, up 10%, and completed £502m of buybacks, returning £1.53bn to shareholders.
- Free cash flow fell to £2.16bn as the company increased self-funded R&D to £407m and spent near £1bn on capital projects, including UK shipbuilding sites and workforce expansion.
- Guidance for 2026 targets sales growth of 7–9%, underlying EBIT and EPS growth of 9–11%, and free cash flow above £1.3bn, with the three‑year cash flow goal raised to over £6bn.