Overview Key strengths Key risks Well-established position as one of the world?s largest defense contractors, with an international presence, potentially benefitting from long-term expected growth in defense budgets. Inherent project execution risks and price competition, particularly in the U.S., although volatility in adjusted EBITDA margins remains low. Order book of £53 billion (at June 30, 2022), illustrating stability in revenue and profitability. Sizeable and regular shareholder distributions, generally in the form of dividends, with a newly announced share buyback program from 2022-2024. Diversified platform exposure across air, land, and sea programs, as well as in cyber and intelligence. Reliance on government spending and the outcomes of government procurement decisions. Strong record of free operating cash flow (FOCF), which we expect
