Conservative Balance Sheet / Low LeverageA materially lower debt-to-equity ratio provides durable financial flexibility to fund restructuring, green investments and working-capital needs without forcing asset sales. Low leverage reduces interest burden and increases resilience during cyclic downturns, supporting a sustainable turnaround path.
Large, Long-duration Marine Systems BacklogAn EUR 18.7bn defense backlog delivers multi-year revenue visibility and reduces cyclicality for that segment. This structural backlog supports predictable future cash flows, underpins segment-level margin stability, and provides time to execute broader corporate restructuring without immediate revenue shortfalls.
Active Portfolio Reshaping (spin-offs, Divestments)Moving to spin-offs or targeted divestments is a structural strategy to simplify the group, sharpen management focus, and unlock asset-level value. Successful execution could improve capital allocation, reduce conglomerate discount and create more investable, operationally coherent businesses over the medium term.