kamrulkonok/evalllm2026-french-defense huggingface dataset:
Calepin des entreprises international 2026 VA.pdf — page 95

94
INDRA SISTEMAS
REVENUE BY REGION (%)
	 Spain
	 Americas
	 Europe (excl. Spain)
	 Asia, Middle East,  
      Africa
REVENUE BY BUSINESS SEGMENT (%)
Key figures (Fiscal year ended: December 31st)
€ millions
2021
2022
2023
2024
Revenue
3,390   
3,851
4,343
4,843
∆ (%)
11.40%
13.60%
12.78%
11.51%
Defence (%)*
19%
17%
19%
21%
Export (%)
49%
50%
50%
49%
Operating 
profit/loss
256
300
347
438
Operating 
margin
7.55%
7.79%
7.99%
9.04%
Net income**
143
172
206
278
Order book
5,459   
6,309
6,776
7,245
Employees
52,083
56,735
57,755
60,907
Name
%
Country
UTE Indra-Eurocopter
62.5%
Spain
TESS Defence
51.01%
Spain
Inmize Sistemas
50%
Spain
PULSE
50%
UAE
SAES Capital
49%
Spain
Eurofighter Simulations 
System
26%
Germany
Euromids
25%
France
A4 Essor
23.1%
France
MAIN JOINT VENTURES AND ASSOCIATES
OWNERSHIP STRUCTURE (as of 10.10.2025)
Major shareholders (as of 10.10.2025)
SEPI (Spanish State)
28.00%
Escribano Mechanical & Engineering
14.30%
SAPA Placencia SL
7.94%
Amber Capital (UK)
7.24%
Symbol
IDR
Listed on
Bolsa de Madrid
Market Cap (€m)
7,070
Chairman
Ángel Escribano Ruiz
Chief Executive Officer
José Vicente 
de los Mozos
Chief Program Officer
Frank Torres
GOVERNANCE
BUSINESS AREAS
Systems integrator/equipment supplier
	
 Defence (defence electronics, C4ISR systems, 
radar and sonar systems, simulation, etc.)
	
 Air traffic and transport infrastructure 
management
	
 Financial services
	
 Energy and industry
	
 Public and healh sectors
	
 Telecom and media
	 Minsait
	 Defence
	 Air Traffic 
	 Mobility
20
14
18
17
17
21
50
19
17
*Defence division only
**Net income attributable to shareholders
Company with civil and military activities, leader in the Spanish defence electronics market, 
involved in the FCAS programme, and 87th-largest defence contractor worldwide	
21
10
62
7
51
20
20
9
Calepin des entreprises international 2026 VA.pdf — page 96

95
MAIN PROGRAMMES, COOPERATIONS  
AND EXPORT PARTNERSHIPS
INDRA SISTEMAS
Defence electronics
NGF future fighter aicraft (FCAS programme) 
(Sensors pillar, Combat Cloud pillar)
Praetorian Defensive Aids Sub-System (DASS) 
(Typhoon)
RF ALQ-500 countermeasure system 
(Spanish F/A-18)
InSHIELD DIRCM countermeasure system 
(A400M)
RIGEL naval electronic defence system
C4ISR systems
European MALE RPAS’ future ISTAR solution
Mission system of the 8X8 Dragón 
wheeled combat vehicles
SILVER Battlefield Management System (BMS)
Radar and sonar systems
Naval suite for submarines (209/212/214, S-80)
Lanza 3D radar family
E-Captor and ECRS MK1 AESA radars (Typhoon)
S-Band AESA naval radar (F-100/F-110)
X-Band maritime surveillance radar (F-110)
Simulation
Aircrew Synthetic Training Aids (ASTA) simulator 
(Typhoon)
Transport aircraft simulators 
(A400M, C130, A330 MRTT)
Military helicopter simulators 
(Tiger, NH90, AW159, Chinook, etc.)
BAE Systems
Boeing
Thales
Lockheed Martin
Navantia
Hensoldt
ELT Group
Dassault Aviation
Leonardo
Santa Bárbara Sistemas*
*Spanish subsidiary of  General Dynamics
Airbus
Calepin des entreprises international 2026 VA.pdf — page 98

97
ISRAEL AEROSPACE INDUSTRIES (IAI)
REVENUE BY REGION (%)
	 Israel
	 Export markets
REVENUE BY BUSINESS SEGMENT (%)
Key figures (Fiscal year ended: December 31st)
€ millions
2021
2022
2023
2024
Revenue
3,784
4,723
4,928
5,649
∆ (%) [$]*
7.00%
11.08%
7.12%
14.74%
Defence (%)
86%
83%
84%
85%
Export (%)
72%
73%
71%
66%
Operating 
profit/loss
183
300
348
460
Operating 
margin
4.85%
6.35%
7.06%
8.15%
Net income
125
202
294
456
Order book
11,827
14,620
16,290
24,062
Employees
13,725
13,872
N/A
≈ 16,000
Name
%
Country
BlueBird Aero Systems
50%
Israel
Proteus Advanced 
Systems
50%
Singapore
TSG IT Advanced Systems
50%
Israel
BEL IAI AeroSystems
N/A
India
ELTX
N/A
India
MAIN JOINT VENTURES AND ASSOCIATES
OWNERSHIP STRUCTURE (as of 10.10.2025)
Major shareholders (as of 10.10.2025)
Israeli State
100%
Symbol
ISRAI.UL
Listed on
TASE
Market Cap
IPO planned 
for 2025-2026
Chairman
Gilad Erdan
Chief Executive Officer
Boaz Levy
General Manager, 
Military Aircraft Group
Moshe Levy
GOVERNANCE
BUSINESS AREAS
Platform manufacturer and systems integrator
	
 Commercial and military aircraft 
(aerostructures, UAVs)
	
 Missiles and air defence systems
	
 Defence electronics
	
 Naval equipment and platforms
	
 Land equipment and platforms
	
 Cybersecurity
	
 Space
20
14
18
17
17
21
50
19
17
*Variation based on revenue in US dollars
See €/$, p.9
Israeli public group, a major player in drones, defence electronics and air defence systems, 
28th-largest defence contractor worldwide	
34
66
N / A
Calepin des entreprises international 2026 VA.pdf — page 99

98
MAIN PROGRAMMES, COOPERATIONS  
AND EXPORT PARTNERSHIPS
ISRAEL AEROSPACE INDUSTRIES (IAI)
Military aircraft
F/A-259 Striker future light attack aircraft 
(electronic systems)
P600 future Airbone Early Warning & Control 
(AEW&C) aircraft (radar, electronic systems, etc.)
G550 Oron surveillance aircraft 
(radar, electro-optical systems, etc.)
Aerostructures for fighter aircraft 
(F-15, F-16, F-35)
Heron TP / Eitan MALE UAS
Green Dragon, Harop, Harpy and Rotem 
loitering munition systems
Missiles and air defence systems
Rampage long-range air-to-ground missile
LORA long-range surface-to-surface missile
Arrow 2 and Arrow 3 missile defence systems 
and Arrow 4 future system
BARAK MX air defence system
ELM-2084 multi-mission radar
Defence electronics
ELL-8212, ELL-8222, ELL-8265, ELL-8260 
and ELL-8270 systems for aircraft protection
GPS Anti-Jam Navigation System
Wide Area Surveillance Payload
Naval equipment and platforms
Super Dvora MK3 fast patrol boat
ELM-2248 and ELM-2258 AESA radars
Space
Dror-1 communications satellite
Airbus
Elbit Systems
Rheinmetall
Rafael
DRDO*
Gulfstream**
Lockheed Martin
Boeing
Honeywell
Embraer
Indra Sistemas
*Defence Research and Development Organisation (India) **General Dynamics group
Aero Vodochody
Calepin des entreprises international 2026 VA.pdf — page 101

100
ITP AERO
REVENUE BY REGION (%)
REVENUE BY BUSINESS SEGMENT (%)
KEY FIGURES (Fiscal year ended: December 31st)
€ millions
2021
2022
2023
2024
Revenue
915
1,047
1,305
1,612
∆ (%) [$]
24.49%
14.43%
24.64%
23.52%
Defence (%)
N/A
N/A
N/A
N/A
Export (%)
30%
N/A
N/A
N/A
Operating 
profit/loss
40
104
N/A
N/A
Operating 
margin
4.37%
9.93%
N/A
N/A
Net income
67
N/A
N/A
N/A
Order book
N/A
N/A
N/A
N/A
Employees
4,175
4,493
5,007
5,689
Name
%
Country
BP Aero
> 50%
United States
MTU Turbomeca 
Rolls-Royce ITP
25%
Germany
EuroProp International
16%
Germany
EuroJet Turbo
13%
Germany
MAIN JOINT VENTURES AND ASSOCIATES
OWNERSHIP STRUCTURE
Major shareholders (as of 10.10.2025)
Bain Capital
76.50%
Indra Sistemas
9.50%
JB Capital
8.00%
Basque government
6.00%
Chairman
Juan María Nin Génova
Chief Executive Officer
Eva Azoulay
Executive VP, Defence
Álvaro Santodomingo
GOVERNANCE
BUSINESS AREAS
Engine manufacturer and equipment supplier
	
 Aircraft propulsion parts and subsystems
	
 Equipment and components
	
 Aircraft engines MRO
72
28
N / A
Spanish engine manufacturer among the top 10 global players and involved 
in the development and production of aeronautical propulsion parts and subsystems	
N / A
Symbol
Listed on
Unlisted group
Market Cap
Calepin des entreprises international 2026 VA.pdf — page 102

101
Fighter aircraft engine parts
NEFE (Next European Fighter Engine,
FCAS programme)
EJ200 (Eurofighter Typhoon)*
F414-GE-400 (F/A-18E/F)
J85-GE-21 (F-5E/F) and J85-GE-5 (T-38)
Transport aircraft engine parts
TP400-D6 (A400M)
Helicopter turbine parts
CT7-8F5 (NH90)*
MTR390-E (Tiger)
Gas turbine parts
LM2500 family
Aircraft engines MRO
EJ200 and F404 fighter aircraft turbofans
CT7, TPE331 and TP400 
transport aircraft turboprops
CT7, M250, MTR390-E, PW200 and T700 
helicopter turboshafts
ITP AERO
MAIN PROGRAMMES, COOPERATIONS  
AND EXPORT PARTNERSHIPS
Safran
Rolls-Royce
Honeywell
Avio Aero**
GE Aerospace
MTU Aero Engines
*Parts and assembly of  engines for Spanish aircraft
**Subsidiary of  GE Aerospace
***RTX group
Pratt & Whitney***
Heli-One
Calepin des entreprises international 2026 VA.pdf — page 104

103
IVECO DEFENCE VEHICLES
REVENUE BY REGION (%)
REVENUE BY BUSINESS SEGMENT (%)
N / A
KEY FIGURES (Fiscal year ended: December 31st)
€ millions
2021
2022
2023
2024
Revenue
N/A   
752
984
1,133
∆ (%)
N/A
N/A
30.85%
15.14%
Defence (%)
N/A
≈ 95%
≈ 95%
≈ 95%
Export (%)
N/A
N/A
34%
28%
Operating 
profit/loss
N/A 
57
76
113
Operating 
margin
N/A
7.58%
7.72%
9.97%
Net income
N/A
N/A
N/A
N/A
Order book
N/A
2,400
> 4,000
N/A
Employees
N/A
N/A
N/A
N/A
1,763
1,763
1,955
1,955
Name
%
Country
IDV Robotics
80%
United 
Kingdom
Consorzio Iveco - 
OTO Melara (CIO)
50%
Italy
MAIN JOINT VENTURES AND ASSOCIATES
OWNERSHIP STRUCTURE
Major shareholders (as of 10.10.2025)
Iveco Group*
100%
Symbol
Listed on
Unlisted division
Market Cap
Chairman
Alessandro Nasi
Chief Executive Officer
Claudio Catalano
GOVERNANCE
BUSINESS AREAS
Platform manufacturer
	
 Wheeled armoured vehicles
	
 Light tactical vehicles
	
 Logistic vehicles
	
 Civil security vehicles
	
 MRO and modernisation services
	
 Robotics and unmanned ground systems
Division of Italian group Iveco, specialised in military vehicles (tracked and wheeled armoured 
vehicles, logistic vehicles, etc.), currently being acquired by Leonardo
*In July 2025, Iveco Group agreed with Leonardo to sell its Iveco 
Defence Vehicles division for €1.7 billion. The transaction is expected 
to close by March 31, 2026.
	 Europe
	 North America
	 South America
	 Rest of the World
72
12
7
9
Calepin des entreprises international 2026 VA.pdf — page 105

104
Wheeled armoured vehicles
Centauro II 8x8 tank destroyer
VBM Freccia 8x8 armoured infantry fighting vehicle
VBA 8x8 future amphibious armoured vehicle*
Amphibious Combat Vehicle (ACV)*
VBTP-MR Guarani 
6x6 amphibious armoured vehicle
MTV 4x4 multirole tactical vehicle 
(Manticore / 12kN)
MPV 4x4 medium protected vehicle (VTMM Orso)
Light tactical vehicles
LMV 2 4x4 light multirole vehicle (VTLM Lince 2)
MUV 4x4 military utility vehicle
Logistic vehicles
M320, SM88 and M1250 
8x8 high mobility logistic vehicles
M170 (4x4) and M250 (6x6) 
high mobility logistic vehicles
MLL 110/150 Eurocargo 4x4 logistic vehicles
PPT 8x8 logistic vehicle (chassis)
MRO and modernisation services
Modernisation of the Ariete main battle tank
Robotics and unmanned ground systems
Viking 6x6 multirole vehicle
MACE autonomy kit
MAIN PROGRAMMES, COOPERATIONS  
AND EXPORT PARTNERSHIPS
IVECO DEFENCE VEHICLES
OTO Melara**
FPT Industrial***   
AEL Sistemas****
FN Herstal
BAE Systems
Rheinmetall
*Based on the SuperAV **Subsidiary of  Leonardo ***Iveco group ****Subsidiary of  Elbit Systems
KNDS Deutschland
Soframe
HORIBA MIRA
EMPL Fahrzeugwerk
Calepin des entreprises international 2026 VA.pdf — page 107

106
N / A
JOHN COCKERILL
REVENUE BY REGION (%)
REVENUE BY BUSINESS SEGMENT (%)
KEY FIGURES (Fiscal year ended: December 31st)
€ millions
2021
2022
2023
2024
Revenue
940
1,036
1,201
1,417
∆ (%)
-6.72%
10.21%
15.90%
17.97%
Defence (%)
≈ 25%
≈ 20%
< 20%
≈ 30%
Export (%)
N/A
N/A
N/A
N/A
Operating 
profit/loss
53   
45
-44
62
Operating 
margin
5.58%
4.32%
-3.65%
4.38%
Net income
N/A
N/A
N/A
N/A
Order book
N/A
N/A
N/A
N/A
Employees
5,480
6,003
6,285
8,322
Name
%
Country
John Cockerill Défense
80%
Belgium
John Cockerill Defense 
for Military Industries
N/A
Saudi 
Arabia
MAIN JOINT VENTURES AND ASSOCIATES
OWNERSHIP STRUCTURE
Major shareholders (as of 10.10.2025)
Ebenis SA (Bernard Serin)
80.65%
Dodeca SA (management)
19.35%
Chairman
Bernard Serin
Chief Executive Officer
Jean-Luc Maurange
President, 
John Cockerill Défense
Thierry Renaudin
GOVERNANCE
BUSINESS AREAS
Platform manufacturer and systems integrator/
equipment supplier
	
 Military vehicles (wheeled armoured vehicles, 
military trucks, etc.)
	
 Turrets and weapon systems 
for armoured vehicles and naval ships
	
 Services (simulation, training and MRO)
	
 Energy supply equipment
	
 Heat treatment furnaces
	
 Water pumping solutions
	
 Renewable energies (hydrogen)
N / A
Belgian group specialised in civil and military industrial activities (turrets, weapon systems, 
simulation / training), owner of Arquus (military vehicles) since July 2024 
Symbol
Listed on
Unlisted group
Market Cap
Calepin des entreprises international 2026 VA.pdf — page 108

107
Armoured combat and transport 
vehicles
Griffon and Jaguar 6x6 multirole 
armoured vehicles (chassis, engine, 
suspension and remote controlled 
weapon station)
VBCI 8x8 armoured infantry fighting 
vehicle (engine, suspension, etc.)
VAB Mk3 6x6 
medium weight armoured vehicle
Bastion and Fortress Mk2 4x4 armoured 
personnel carrier/combat vehicles
Reconnaissance vehicles
Areg, Grizzly, Patsas, Pégase, Sabre 
and Torpedo Special Forces vehicles
PVP / Dagger and VBL Mk3 
4x4 light armoured vehicles
ALTV / Trigger, Scarabée, Sherpa Light 
and VT4 tactical vehicles
Tactical and logistic trucks
Armis 4x4 / 6x6 / 8x4 / 8x8 tractor units
VLRA and VLRA 2 
4x4 / 6x6 tactical trucks
8x8 next generation tanker truck 
(FTLT programme)
Turret and weapon stations
Série 3000 family 
of modular weapon turrets
CSE 90LP and LCTS 90MP 
two-person turret
1030 remote controlled turret
CPWS Gen.2 multirole remote 
controlled weapon station
CLWS 25 & 30 weapon station
Hornet family 
of remote controlled weapon stations
JOHN COCKERILL
MAIN PROGRAMMES, COOPERATIONS  
AND EXPORT PARTNERSHIPS
Desautel
Renault Trucks
KNDS France
Thales
Safran
Magyar
FNSS
Otokar
General Dynamics
Hanwha
Northrop Grumman
Rheinmetall
Mol
Joint programmes
John Cockerill Défense
Arquus
Calepin des entreprises international 2026 VA.pdf — page 110

109
KAWASAKI HEAVY INDUSTRIES (KHI)
REVENUE BY REGION (%)
REVENUE BY BUSINESS SEGMENT (%)
KEY FIGURES (Fiscal year ended: March 31st)
€ millions
2021-22
2022-23
2023-24
2024-25
Revenue
11,498
12,247
11,791
13,009
∆ (%) [JPY]*
0.83%
14.97%
7.17%
15.14%
Defence (%)
15%
14%
16%
19%
Export (%)
56%
60%
60%
59%
Operating 
profit/loss
233
584
295
874
Operating 
margin
2.02%
4.77%
2.50%
6.72%
Net income**
97
376
162
538
Order book***
12,069
13,781
14,212
17,206
Employees
36,587
38,254
39,689
40,610
Name
%
Country
Enseada Indústria Naval
31.09%
Brazil
MAIN JOINT VENTURES AND ASSOCIATES
OWNERSHIP STRUCTURE (as of 10.10.2025)
Major shareholders (as of 10.10.2025)
Nomura Asset Management Co., Ltd.
5.03%
Nippon Life Insurance Co.
3.43%
Amova Asset Management Co., Ltd.
3.17%
Employees
2.84%
Chairman
Y. Kanehana
Chief Executive Officer
 Y. Hashimoto
President, 
Aerospace Systems
H. Shimokawa
GOVERNANCE
BUSINESS AREAS
Platform manufacturer and systems integrator
	
 Commercial and military aeronautics (aircraft, 
helicopters, propulsion systems)
	
 Shipbuilding
	
 Space
	
 Motorcycles
	
 Energy
	
 Industrial equipment
	
 Railway construction
Japanese conglomerate of about 50 companies, operating in the military aerospace 
and maritime defence sectors, ranked 55th defence company in the world*	
Symbol
7012
Listed on
Tokyo Stock Exchange
Market Cap (JPYbn)
1,633
*SIPRI rankings (2024 data)
*Variation based on revenue in local currency
  See €/JPY, p.9
**Net income attributable to shareholders 
***Excluding Powersports & Engine division
 Powersports & Engine
	 Aerospace Systems
	 Energy Solution 
 
& Marine Engineering
   Precision Machinery 
 
& Robot
	 Rolling Stock
 	 Other
29
27
19
11
 Japan
	 United States
 Asia (excl. Japan)
   Europe
	 Rest of the World
41
31
13
10
5
4
10
Calepin des entreprises international 2026 VA.pdf — page 111

110
Military aircraft
C-2 tactical transport aircraft
P-1 maritime patrol aircraft
US-2 air-sea rescue amphibious aircraft 
(forward- and mid-fuselage)
Military helicopters
CH-47JA Chinook 
heavy-lift transport helicopter*
MCH-101 airborne 
mine countermeasures helicopter*
BK 117 utility-transport helicopter
Propulsion systems
T55 turboshaft engine (CH-47 JA)*
RTM332 turboshaft engine (MCH-101)*
Missiles
New SSM future coastal anti-ship 
cruise missile
Middle range MPM, Type 01 LMAT, 
Type 79 Jyu-MAT, Type 87 Chu-MAT 
and Type 96 MPMS anti-tank missiles
Naval shipbuilding
Taigei-class submarine
Soryu-class submarine
Deep Submergence Rescue Vehicle 
(DSRV)
Space systems
H3 payload fairing for launch vehicles
KAWASAKI HEAVY INDUSTRIES (KHI)
MAIN PROGRAMMES, COOPERATIONS  
AND EXPORT PARTNERSHIPS
GE Aerospace
Toshiba
Leonardo
ShinMaywa
Boeing
IHI Corporation
Mitsubishi Heavy Industries
Northrop Grumman
Safran
Airbus
*Sub-licensed production
Honeywell
Calepin des entreprises international 2026 VA.pdf — page 113

112
REVENUE BY REGION (%)
REVENUE BY BUSINESS SEGMENT (%)
KEY FIGURES (Fiscal year ended: December 31st)
€ millions
2021
2022
2023
2024
Revenue
2,682
3,172
3,250
3,800
∆ (%) 
11.33%
18.26%
2.46%
16.92%
Defence (%)
100%
100%
100%
100%
Export (%) 
N/A
N/A
N/A
N/A
Operating 
profit/loss
296
389
408
N/A
Operating 
margin
11.03%
12.28%
12.55%
N/A
Net income
216
291
336
N/A
Order book
10,700   
11,000
15,700
23,500
Employees
8,619   
8,952  
9,491
> 10,000
Name
%
Country
CTA International
50%
France
MGCS Project Company
50%
Germany
Projekt System & 
Management
50%
Germany
TNS-MARS
37.5%
France
ARTEC
36%
Germany
Renk
25.1%
Germany
Milrem Robotics
24.9%
Estonia
EuroTrophy
N/A
Germany
MAIN JOINT VENTURES AND ASSOCIATES
OWNERSHIP STRUCTURE 
Symbol
Listed on
Unlisted group
Market Cap 
Chairman
Thomas Enders
Chief Executive Officer
Jean-Paul Alary
CEO of KNDS France
Nicolas Million*
CEO of KNDS Deutschland
Ralf Ketzel
GOVERNANCE
BUSINESS AREAS
Platform manufacturer and system architect-
integrator
	
 Tracked and wheeled armoured vehicles
	
 Artillery and weapon systems
	
 Ammunition
	
 Defence and security robotics
	
 Embedded electronics
	
 Simulation and training solutions
KNDS
N / A
N / A
Major shareholders (as of 10.10.2025)
Giat Industries S.A. (French State)
50%
Wegmann & Co. GmbH
50%
Leading European defence land sytems group, resulting from the 50-50 merger between 
Germany’s KMW and France’s Nexter, and 37th-largest defence company in the world
*Interim position
Calepin des entreprises international 2026 VA.pdf — page 114

113
MAIN PROGRAMMES, COOPERATIONS  
AND EXPORT PARTNERSHIPS
Armoured vehicles
Main Ground Combat System (MGCS) 
future French-German main battle tank
Leopard 2 main battle tank
VBCI 8x8 armoured infantry fighting vehicle
Boxer 8x8 armoured infantry fighting vehicle 
(ARTEC consortium)
Jaguar 6x6 armoured reconnaissance 
and combat vehicle
Griffon 6x6 multirole armoured vehicle
Titus ®* 6x6 multirole armoured vehicle
Serval 4x4 light multirole armoured vehicle
Dingo 2 family of 4x4 armoured vehicles
Artillery and weapon systems
CIFS (Common Indirect Fire System) 
future French-German artillery system
CAESAR 155mm self-propelled howitzer
PzH 2000 155mm self-propelled howitzer
40mm Cased Telescoped Armament System 
(40CTAS)**
FLW 100, 200 and 500 
remote controlled weapon stations
Ammunition
KATANA future guided ammunition (155mm)
Bonus Mk II 155mm artillery shell
Ground artillery (105 and 155mm), 
tank (76, 90, 105 and 120mm) 
and medium calibre (20, 25, 30 and 40mm) ammunition
Naval artillery ammunition (20, 40, 76, 100 and 127mm)
BAE Systems
Texelis****
Arquus***
Thales
Safran
Rheinmetall
Rafael
CSG*****
MAN
Joint programmes
KNDS Deutschland
KNDS France
KNDS
*Rights reserved **CTA International joint venture (KNDS France / BAE Systems) ***Subsidiary of  John Cockerill 
****Currently being acquired by KNDS France ***** Czechoslovak Group
Mol
Calepin des entreprises international 2026 VA.pdf — page 116

115
	 Norway
	 Europe (excl. Norway)
	 North America
   Asia
	 Australia
 	 South America
	 Africa
KONGSBERG
REVENUE BY REGION (%)
REVENUE BY BUSINESS SEGMENT (%)
KEY FIGURES (Fiscal year ended: December 31st)
€ millions
2021
2022
2023
2024
Revenue
2,701
3,148
3,555
4,203
∆ (%) [NOK]*
7.17%
15.86%
27.71%
20.32%
Defence (%)**
37%
37%
39%
39%
Export (%)
81%
79%
80%
82%
Operating 
profit/loss
282
328
403
560
Operating 
margin
10.43%
10.40%
11.33%
13.31%
Net income***
212   
275
325
441
Order book
4,940   
6,016
7,877
10,843
Employees
11,122  
12,187
13,341
14,629
Name
%
Country
Kongsberg Aviation 
Maintenance Services
50.1%
Norway
Kongsberg Satellite 
Services
50%
Norway
Kta Naval Systems
50%
Norway
Patria
49.9%
Finland
Andøya Space
10%
Norway
MAIN JOINT VENTURES AND ASSOCIATES
OWNERSHIP STRUCTURE (as of 10.10.2025)
Major shareholders (as of 10.10.2025)
Norwegian State
50.00%
Folketrygdfondet
5.49%
Erik Christian Must
1.02%
Alfred Berg Kapitalforvaltning
0.86%
Symbol
KOG
Listed on
Oslo Stock Exchange
Market Cap (NOKm)
268,985
Chairman
Eivind Reiten
Chief Executive Officer
Geir Håøy
President, 
Kongsberg Defence & Aerospace
Eirik Lie
GOVERNANCE
BUSINESS AREAS
Missile manufacturer, systems integrator/equipment 
supplier
	
 Remote weapon stations (RWS)
	
 Missiles and air defence systems
	
 Naval platforms and systems
	
 ISR and communication systems
	
 Aeronautics (aerostructures, MRO)
	
 Space
	
 Systems and equipment for commercial ships
*Variation based on revenue in local currency
  See €/NOK, p.9
**Kongsberg Defence & Aerospace division only 
***Net income attributable to shareholders
50
39
3
26
21
19
28
4
2
1
Technology group with civil and military activities, 50% owned by the Norwegian State, 
specialist for RWS and missile systems (NSM, JSM), and 59th-largest defence contractor 
18
31
24
20
4
8
	 Kongsberg Maritime
	 Kongsberg Defence 
 
& Aerospace
	 Kongsberg Discovery
	 Other
Calepin des entreprises international 2026 VA.pdf — page 117

116
Remote weapon stations
PROTECTOR family (RWS, MCT, Lite)
Missiles and air defence systems
3SM Tyrfing future anti-ship missile
Naval Strike Missile (NSM) / 
Joint Strike Missile (JSM)
National Advanced Surface-to-Air Missile 
System (NASAMS)
National Manoeuvre Air Defence system 
(NOMADS)
Coastal Defence System (CDS)
Naval platforms and systems
Vanguard Naval Vessel System (design)
HUGIN autonomous underwater vehicles
MCM C2 countermeasures system
ORCCA submarine combat system
PROTEUS naval training solutions
ISR and communication systems
Kongsberg Tactical Communication 
System (K-TaCS)
NATO Alliance Ground Surveillance (AGS) 
System Master Archival/Retrieval Facility 
information (SMARF)
Aeronautics
F-35 Lightning II fighter aircraft 
(fuselage parts, main landing gear, 
JSM carriage, etc.)
Aircraft (F-16, F-35) and helicopters 
(NH90, AB412, AW101, AW169) MRO
 
KONGSBERG
MAIN PROGRAMMES, COOPERATIONS  
AND EXPORT PARTNERSHIPS
PGZ
Diehl Defence
Thales
Nammo
RTX
Northrop Grumman
BAE Systems
Lockheed Martin
Rheinmetall
tkMS*
MBDA
*hyssenkrupp Marine Systems, thyssenkrupp group
Safran
Patria
Calepin des entreprises international 2026 VA.pdf — page 119

118
KOREA AEROSPACE INDUSTRIES (KAI)
REVENUE BY REGION (%)*
REVENUE BY BUSINESS SEGMENT (%)*
KEY FIGURES (Fiscal year ended: December 31st)
€ millions
2021
2022
2023
2024
Revenue
1,892
2,052
2,703
2,463
∆ (%) [KRW]*
-9.30%
8.77%
37.05%
-4.86%
Defence (%)
81%
72%
79%
73%
Export (%)
28%
31%
48%
41%
Operating 
profit/loss
43
104
175
163
Operating 
margin
2.27%
5.08%
6.48%
6.62%
Net income**
47   
87
159
117
Order book
13,857  
18,299
15,189
16,121
Employees
5,012
5,079
5,098
5,029
Name
%
Country
Korea Aviation Engineering 
& Maintenance Service
66.4%
South 
Korea
Defense Industry Mutual 
Aid Association
23%
South 
Korea
MAIN JOINT VENTURES AND ASSOCIATES
OWNERSHIP STRUCTURE (as of 10.10.2025)
Major shareholders (as of 10.10.2025)
South Korean State
26.41%
National Pension Service of Korea
8.12%
Employee stock ownership
1.37%
Fidelity Management & Research 
(Hong Kong) Ltd.
1.26%
Symbol
A047810
Listed on
Korea Exchange
Market Cap (KRWbn)
10,430
Chief Executive Officer
Goo-young Kang
GOVERNANCE
BUSINESS AREAS
Platform manufacturer and systems integrator
	
 Military aircraft (fighter, trainer)
	
 Commercial and military helicopters
	
 Unmanned aircraft systems
	
 Commercial and military aerostructures
	
 Space
	
 Services (MRO, modernisation and simulation)
*Variation based on revenue in local currency
  See €/KRW, p.9 
**Net income attributable to shareholders
69
31
   South Korea
	 Export markets 
Aerospace and defence group, mainly operating in military aviation (T-50 trainer aircraft, 
future KF-21 Boramae fighter aircraft), and 62nd-largest defence contractor worldwide 
68
27
5
48
19
9
59
41
24
	 Fixed wing
	 Airframe 
	 Rotary wing
	 Other 
*Revenue distribution based on total sales excluding eliminations
*Revenue distribution based on total sales excluding eliminations
Calepin des entreprises international 2026 VA.pdf — page 120

119
Military aircraft
KF-21 Boramae future fighter aircraft
KA-1 and FA-50 light fighter aircraft
T-50 and TA-50 advanced trainer aircraft
KT-1 and KT-100 basic trainer aircraft
Military helicopters
KUH-1 Surion / MUH-1 Marineon 
twin-engine transport helicopter
MCH future twin-engine mine countermeasure 
helicopter*
LAH-1 Miron single-engine light attack helicopter
Unmanned aircraft systems
Next Corps Surveillance, NI500 VT and NI600 VT 
future ISR UAVs
Aerostructures
F-15 (fuselage, wings) and F-16 (fuselage) 
fighter aircraft
AH-64 (fuselage) attack helicopter
Services
ROKAF’s FA-50, P-3CK, E-737 AEW&C and C-130H 
aircrfat, and Lynx helicopter MRO and modernisation
U.S. Air Force’s F-16 fighter aircraft maintenance
T-50, TA-50 and FA-50 aircraft simulators
Space
Nuri (KSLV-II) launcher
Observation radar satellites (425 Project)
KOREA AEROSPACE INDUSTRIES (KAI)
MAIN PROGRAMMES, COOPERATIONS  
AND EXPORT PARTNERSHIPS
Airbus
Lockheed Martin
Thales Alenia Space
PT Dirgantara Indonesia
Boeing
KASA***
Hyundai Heavy Industries**
Northrop Grumman
*Based on the MUH-1 Marineon **Korea Shipbuilding & Offshore Engineering group (KSOE) ***Korea AeroSpace Administration ****Textron group
Hanwha
AAI Corp.****
Calepin des entreprises international 2026 VA.pdf — page 122

121
KOREA SHIPBUILDING & OFFSHORE ENGINEERING (KSOE)
KEY FIGURES (Fiscal year ended: December 31st)
€ millions
2021
2022
2023
2024
Revenue
11,442
12,740
15,073
17,310
∆ (%) [KRW]*
3.96%
11.67%
23.09%
19.92%
Defence (%)**
≈ 6%
≈ 4%
≈ 1%
N/A
Export (%)
69%
74%
69%
76%
Operating 
profit/loss
-1,023
-262
200
972
Operating 
margin
-8.94%
-2.06%
1.33%
5.62%
Net income***
-686 
-160
157
795
Order book
28,259   
42,783
48,899
56,073
Employees
19,990   
20,536
21,885
N/A
Name
%
Country
Hyundai Heavy 
Industries
74.18%
South Korea
MAIN JOINT VENTURES AND ASSOCIATES
OWNERSHIP STRUCTURE (as of 10.10.2025)
Major shareholders (as of 10.10.2025)
HD Hyundai Co. Ltd.
35.05%
National Pension Service of Korea
6.80%
The Asan Foundation
0.98%
Mirae Asset Global Investments Co.
0.87%
Symbol
009540
Listed on
Korea Exchange
Market Cap (KRWbn)
29,371
Co-Chief Executive Officer 
and Chairman
Sung-joon Kim
Co-Chief Executive Officer
Ki-sun Chung
Co-Chief Executive Officer, HHI
Sang-kyun Lee
Co-Chief Executive Officer, HHI
Jin-yul Noh
GOVERNANCE
BUSINESS AREAS
Platform and engine manufacturer
	
 Military vessels (surface combatants 
and conventionally-powered submarines)
	
 Commercial ships
	
 Naval engines and turbines
	
 Power and petrochemical plants
	
 Offshore plants
	
 Civil nuclear energy
*Variation based on revenue in local currency
  See €/KRW, p.9
**Naval & Special ships division of  Hyundai Heavy Industries only 
***Net income attributable to shareholders
REVENUE BY REGION (%)*
1
40
28
27
7
	 Shipbuilding
	 Engine & Machinery
	 Offshore, Industrial Plant 	
 
& Engineering
	 Green Energy
	 Other
85
Holding company with civil and military activities which gathers three shipyards, including 
Hyundai Heavy Industries (HHI), one of South Korea’s largest military shipbuilders
6
6
5
4
*Revenue distribution based on total sales excluding eliminations
86
9
2
24
3
25
45
REVENUE BY BUSINESS SEGMENT (%)
3
	 South Korea
	 Europe
	 Asia (excl. South Korea)
	 North America
	 Rest of the World
2
Calepin des entreprises international 2026 VA.pdf — page 123

122
KOREA SHIPBUILDING & OFFSHORE ENGINEERING (KSOE)
MAIN PROGRAMMES, COOPERATIONS  
AND EXPORT PARTNERSHIPS
Combat ships
Sejong Daewang-class destroyer 
(KDX-III)*
Chungnam-class frigate (FFX-III)
Daegu-class frigate (FFX-II)
Miguel Malvar-class frigate 
(Philippine Navy)
Soyang fast combat support ship
Patrol boats
Rajah Sulayman-class offshore 
patrol vessel (Philippine Navy)
Sam Bong-class and Tae Pyung 
Yang-class coast guard ships
Mine warfare ship
Nampo minelayer
Auxiliary ships
Cheon Wang Bong-class 
tank landing ship
Aotearoa auxiliary ship 
(Royal New Zealand Navy)
Hansando training ship
Conventionally-powered 
submarines
Dosan Ahn Chang-ho-class 
attack submarine (KSS-III)
Son Won-il-class attack submarine 
(KSS-II)**
HDS-800, HDS-1500 
and HDS-2300 
family of submarines
Hanwha Ocean***
Hanwha Systems***
LIG Nex1
ELTA Systems******
SK Oceanplant
HJSC****
tkMS*****
GE Aerospace
Rolls-Royce
RTX
Thales
Indra Sistemas
Babcock
*Based on the U.S. Navy’s Arleigh Burke-class destroyer **Based on tkMS’ Type 214 submarine ***Hanwha group ****HJ Shipbuilding & Construction 
*****thyssenkrupp Marine Systems, thyssenkrupp group ******Subsidiary of  Israel Aerospace Industries
Lockheed Martin
Calepin des entreprises international 2026 VA.pdf — page 125

124
L3HARRIS TECHNOLOGIES 
KEY FIGURES (Fiscal year ended: December 31st)
€ millions
2021
2022
2023
2024
Revenue
15,058
16,203
17,964
19,709
∆ (%) [$]*
-2.09%
-4.22%
13.81%
9.82%
Defence (%)
84%
82%
80%
80%
Export (%)
22%
23%
21%
21%
Operating 
profit/loss
1,783
1,070
1,319
1,773
Operating 
margin
11.84%
6.61%
7.34%
8.99%
Net income**
1,561
1,009
1,135
1,388
Order book
18,665
20,884
29,593
32,916
Employees
47,000
46,000
50,000
47,000
Chairman and CEO
C. E. Kubasik
President, 
Integrated Mission Systems
J. Rambeau
President, Aerojet Rocketdyne
K. Bedingfield
GOVERNANCE
BUSINESS AREAS
Systems integrator/equipment supplier
	
 Aeronautical systems
	
 ISR and communication systems
	
 Propulsion systems for space systems 
and missiles
	
 Cybersecurity
	
 Space (payloads)
	
 Air traffic management
* Variation based on revenue in local currency
   See €/$, p.9
**Net income attributable to shareholders
REVENUE BY REGION (%)
REVENUE BY BUSINESS SEGMENT (%)
Name
%
Country
SAMI L3Harris 
Technologies
49%
Saudi 
Arabia
Harris Atlas Systems
N/A
UAE
MAIN JOINT VENTURES AND ASSOCIATES
OWNERSHIP STRUCTURE (as of 10.10.2025)
Major shareholders (as of 10.10.2025)
Vanguard Fiduciary Trust Co.
12.30%
BlackRock Advisors LLC
7.64%
Capital Research & Management Co. 
(World Investors) 
6.13%
State Street Corporation
4.71%
Symbol
LHX
Listed on
NYSE
Market Cap ($m)
54,695
32
32
25
 	 United States
	 Export markets
79
21
6th-largest U.S. defence group and 9th-largest worldwide, operating in ISR and communication 
systems, which acquired rocket engine manufacturer Aerojet Rocketdyne in 2023	
11
 Space & Airborne  
 
	
Systems
	 Integrated Mission 	
	
	
Systems
	 Communication Systems 
	 Aerojet Rocketdyne
Calepin des entreprises international 2026 VA.pdf — page 126

125
Aeronautical systems
AN/ALQ-214 IDECM F/A-18 
countermeasure system
Advanced Integrated Defensive Electronic 
Warfare Suite (AIDEWS)
F/A-18 and F-35 avionics
US Air Force’s C-130 
Avionics Modernization Program (AMP)
Integration of the EA-37B Compass Call* 
aircraft’s mission system
ISR and communication systems
OA-1K Skyraider II** light armed ISR aircraft 
(weapon systems, sensors, etc.)
Wescam MX-Series family 
of surveillance and targeting systems
AN/SPS-48G surveillance radar
Submarine Universal Modular Mast (UMM)
Tactical SATCOM terminals 
(Panther, Hawkeye, Cheetah)
Falcon IV family of tactical radios 
(AN/PRC-158, 163, 167 and 171)
Enhanced Night Vision Google - Binocular 
(ENVG-B)
Propulsion systems
RS-25 (Space Launch System) and RL10 
(Vulcan Centaur) cryogenic rocket engines
Missile propulsion systems 
(RIM-161 SM-3, RIM-174 SM-6, 
LGM-35A Sentinel, PAC-3, THAAD)
Space
Payloads for GPS IIIF (navigation) 
and Tracking Layer (missile warning) satellites
MAIN PROGRAMMES, COOPERATIONS  
AND EXPORT PARTNERSHIPS
L3HARRIS TECHNOLOGIES
RTX
General Dynamics
BAE Systems
HII
Boeing
Lockheed Martin
Air Tractor
Inmarsat
*Based on General Dynamics’ Gulfstream G550 business jet **Based on Air Tractor’s AT-802 agricultural aircraft
Northrop Grumman
General Atomics
Maxar
Calepin des entreprises international 2026 VA.pdf — page 128

127
   United States
	 Export markets
LEIDOS
REVENUE BY REGION (%)
REVENUE BY BUSINESS SEGMENT (%)
KEY FIGURES (Fiscal year ended: December 31st)
€ millions
2021
2022
2023
2024
Revenue
11,612
13,671
14,281
15,399
∆ (%) [$]*
11.71%
4.80%
7.24%
7.93%
Defence (%)
58%
66%
72%
69%
Export (%)
8%
8%
9%
8%
Operating 
profit/loss
974
1,033
574
1,689
Operating 
margin
8.39%
7.56%
4.02%
10.97%
Net income**
637
651
184
1,159
Order book
30,410  
33,535  
33,450
41,919
Employees
43,000
45,000
47,000
48,000
Name
%
Country
Hanford Mission 
Integration Solutions
53%
United States
Cardno Tec-Leidos
N/A
United States
Integrated ICBM Support 
Services (i2S2)
N/A
United States
OWNERSHIP STRUCTURE (as of 10.10.2025)
Major shareholders (as of 10.10.2025)
Vanguard Fiduciary Trust Co.
11.52%
BlackRock Advisors LLC
6.87%
State Street Corporation
4.37%
Geode Capital Management LLC
2.70%
Symbol
LDOS
Listed on
NYSE
Market Cap ($m)
24,124
Chairman and CEO
Tom Bell
President, 
Defense Systems Sector
Cindy Gruensfelder
President, 
National Security Sector
Roy Stevens
GOVERNANCE
BUSINESS AREAS
Digital services supplier and systems integrator
	
 Cybersecurity
	
 IT systems operation, maintenance 
and modernisation services
	
 Logistic support, aeronautical and training 
services
	
 Airborne platforms and unmanned marine 
systems
	
 Air defence and counter-UAS systems
*Variation based on revenue in local currency
  See €/$, p.9
**Net income attributable to shareholders
58
23
92
8
Among the leading providers of digital systems and services in the United States, 
major partner of U.S. defence government agencies and 15th-largest defence contractor
19
92
8
44
30
14
12
	 National Security 
 
& Digital
 Health & Civil
	 Commercial 
 
& International
	 Defense Systems
MAIN JOINT VENTURES AND ASSOCIATES
Calepin des entreprises international 2026 VA.pdf — page 129

128
IT Systems operation, maintenance 
and modernisation services
GSM-O II programme 
(DOD’s communication and network modernisation)
US Navy’s NGEN-R SMIT programme
NASA End-User Services & Technologies programme
Cybersecurity
Proven, Analytic-Centric Kill Chain Implementation 
and Transformation (PACKIT) cyber defense solution
Logistic support services
Logistics Commodities and Services Tranformation 
programme (UK MoD)
ISS Cargo Mission Contract 
(engineering and logistic support services)
Airborne platforms
Mayhem unmanned hypersonic aircraft project
Leidos Special Mission Aircraft programme
Unmanned marine systems
Sea Dart UUV
Sea Archer, Sea Ranger and Sea Hunter USVs
Air defence and counter-UAS systems
Indirect Fire Protection Capability Increment 2 
(IFPC Inc 2) air defence system
MXR / MXR-G2 (Gen 2) counter-UAS radar
Aeronautical services
Engineering and sustainment services 
for the F-16 fighter aircraft (outside the U.S.*)
Airborne surveillance 
of the Australian exclusive economic zone**
LEIDOS
MAIN PROGRAMMES, COOPERATIONS  
AND EXPORT PARTNERSHIPS
SAIC
Bombardier
Lockheed Martin
Calspan
Draper
Kratos D&S*** Solutions
TVS Supply Chain Solutions 
Kuehne + Nagel
Agility
Prolinx
*For Foreign Military Sales’ F-16 customers **Subcontracting from the Australian Border Force
Calepin des entreprises international 2026 VA.pdf — page 131

130
LEONARDO
REVENUE BY REGION (%)
REVENUE BY BUSINESS SEGMENT (%)
KEY FIGURES (Fiscal year ended: December 31st)
€ millions
2021
2022
2023
2024
Revenue
14,135
14,713
15,291
17,763
∆ (%)
5.41%
4.09%
3.93%
16.17%
Defence (%)
83%
83%
75%
72%
Export (%)
83%
86%
82%
82%
Operating 
profit/loss
911
961
1,085
1,271
Operating 
margin
6.44%
6.53%
7.10%
7.16%
Net income*
586   
927
658
1,074
Order book
35,534  
37,506  
39,529
44,178
Employees
50,413  
51,392
53,566
60,468
Name
%
Country
Telespazio
67%
Italy
Leonardo Rheinmetall 
Military Vehicles
50%
Itally
Orizzonte Sistemi Navali
49%
Italy
Edgewing
33.33%
United Kingdom
Thales Alenia Space
33%
France
NHIndustries
32%
France
Avio
29.63%
Italy
MBDA
25%
France
Hensoldt
22.8%
Germany
Eurofighter Jagdflugzeug
21%
Germany
MAIN JOINT VENTURES AND ASSOCIATES
Major shareholders (as of 10.10.2025)
Italian State
30.20%
Sachem Head Capital Management LP
1.68%
Orbis Investment Management Ltd.
1.43%
Norges Bank Investment Management
1.19%
OWNERSHIP STRUCTURE (as of 10.10.2025)
Symbol
LDO
Listed on
Borsa Italiana
Market Cap (€m)
30,584
Chairman
Stefano Pontecorvo
CEO and General Manager
Roberto Cingolani
Co-General Manager 
Strategy & Innovation
Simone Ungaro
GOVERNANCE
BUSINESS AREAS
Platform manufacturer and systems integrator
	
 Military aircraft and unmanned aircraft systems
	
 Commercial and military helicopters
	
 Weapon systems
	
 Communication systems
	
 Defence electronics
	
 Space (see also Thales Alenia Space)
*Net income attributable to shareholders
40
30
15
	 Italy
	 Europe (excl. Italy 
	
and UK)
	 United States
 United Kingdom
	 Rest of the World 
20
12
23
18
27
3
Group with civil and military activities, leading Italian defence contractor and 13th-largest 
worldwide, operating in the U.S. market through Leonardo DRS and Leonardo US Aircraft	
3
	 Defence Electronics 
 
& Security
	 Helicopters
	 Aircraft
	 Space
	 Aerostructures
 Cyber & Security Solutions
	 Other
5
4
Calepin des entreprises international 2026 VA.pdf — page 132

131
LEONARDO
*Referred to as Tempest in the UK **Produced for the Italian Air Force and the Royal Netherlands Air Force ***Based on Yakovlev’s Yak-130 
(United Aircraft Corporation) ****Mitsubishi Heavy Industries *****Kawasaki Heavy Industries
Military aircraft and UAS
GCAP (Global Combat Air Programme) 
future fighter aircraft* 
(sensors, electronics, avionics)
F-35 Lightning II fighter aircraft 
(wings, assembly** and MRO)
Eurofighter Typhoon fighter aircraft
M-345 and M-346*** 
advanced trainer aircraft
C-27J Spartan and MC-27J Praetorian 
tactical transport aircraft
European MALE RPAS future UAS 
(Eurodrone programme)
nEUROn UCAV demonstrator 
(smart integrated weapon bay, internal 
EO/IR sensors, electrical system, etc.)
Falco Xplorer future MALE UAV
Military helicopters
AW139M/MH-139A, AW149 and AW159 
twin-engine multirole helicopters (6 t)
AW249 future twin-engine 
attack helicopter (8 t)
NH90 twin-engine multirole helicopter (11 t)
AW101/MCH-101 
three-engine multirole helicopter (16 t)
Weapon systems
127/64 LW Vulcano naval gun
Hitfact MkII turret 
(105mm and 120mm calibres)
Defence electronics
Raven ES-05 (Gripen) 
and ECRS Mk2 (British Typhoon) radars
Kronos family of ground and naval radars
MAIN PROGRAMMES, COOPERATIONS  
AND EXPORT PARTNERSHIPS
GKN Aerospace
BAE Systems
KHI*****
Airbus
Boeing
Northrop Grumman
Dassault Aviation 
Lockheed Martin
MHI****
ELT Group
Saab
Calepin des entreprises international 2026 VA.pdf — page 134

133
LIG NEX1
REVENUE BY REGION (%)
	 South Korea
	
	
	 Export markets
*Variation based on revenue in local currency
  See €/KRW, p.9
KEY FIGURES (Fiscal year ended: December 31st)
€ millions
2021
2022
2023
2024
Revenue
1,346
1,635
1,634
2,221
∆ (%) [KRW]*
13.87%
21.87%
3.95%
41.92%
Defence (%)
100%
100%
100%
100%
Export (%)
5%
18%
16%
24%
Operating 
profit/loss
72
132
132
156
Operating 
margin
5.33%
8.07%
8.07%
7.01%
Net income
78
91
124
150
Order book
6,170
9,125
13,667
13,088
Employees
3,270
3,780
4,284
4,796
Name
%
Country
Ghost Robotics
65.3%
United States
MAIN JOINT VENTURES AND ASSOCIATES
OWNERSHIP STRUCTURE (as of 10.10.2025)
Major shareholders (as of 10.10.2025)
LIG Corp.
37.74%
National Pension Service of Korea
10.00%
Artisan Partners LP
8.17%
Government of Singapore
4.74%
Symbol
A079550
Listed on
Korea Stock Exchange
Market Cap (KRWbn)
10,555
Chief Executive Officer
Ik-hyun Shin 
GOVERNANCE
BUSINESS AREAS
Systems integrator/equipement supplier
	
 Missile systems and guided ammunition
	
 Radar and electro-optic systems
	
 Avionics and electronic warfare systems 
for aircraft and ships
	
 C4I systems
	
 Aerial and naval unmanned systems 
and counter-drones systems
41
76
25
17
17
24
Diversified South Korean defence group (missiles, radars, avionics, electronic warfare 
and communication systems, etc.), and 53rd-largest defence contractor worldwide
REVENUE BY BUSINESS SEGMENT (%)*
39
30
16
3
Precision Guided 	
	
	
Munitions
	 C4I Systems
	 ISR Systems
	 Avionics and Electronic 	
	
Warfare 
	 Other
12
*Revenue distribution based on total sales excluding eliminations
Calepin des entreprises international 2026 VA.pdf — page 135

134
Missile systems and guided ammunition
LAMD  (low-altitude missile defense system) 
and L-SAM (Long-range Surface-to-Air Missile) 
future missiles
M-SAM missile (Mid-range Surface-to-Air Missile 
or Cheongung) Block-I/II
Hyunmoo cruise missiles
Hyungung (Raybolt) anti-tank missile
SAAM surface-to-air missile
Haesong (C-Star or Sea Star) anti-ship missile
Bigung (Poniard) guided rocket
Blue Shark lightweight torpedo 
and Tiger Shark heavyweight torpedo
ISR systems
3D Long Range Radar (LRR)
Sonar systems (KDX-III destroyers 
and KDDX future destroyers, 
KSS-III submarines)
Avionics and electronic warfare systems
Electronic warfare aircraft project
Avionics (KF-21, T/FA-50, LAH, KUH-1 Surion)
 KF-21 EW and ALQ-200 airborne EW suites
C4I systems
Military satellite communication systems
Unmanned systems
Small aerial reconnaissance and strike drone
Sea Sword USV (unmanned surface vehicle)
LIG NEX1
MAIN PROGRAMMES, COOPERATIONS  
AND EXPORT PARTNERSHIPS
Hanwha**
Korea Aerospace Industries
Korean Air
Hyundai Heavy Industries
ADD*
*Agency for Defense Development (South Korea) **Through Hanwha Systems, Hanwha Aerospace and Hanwha Ocean
Calepin des entreprises international 2026 VA.pdf — page 137

136
LOCKHEED MARTIN
REVENUE BY REGION (%)
	 United States
	 Europe
 Asia / Pacific
	 Middle East
	 Rest of the World
REVENUE BY BUSINESS SEGMENT (%)
	 Aeronautics
	 Rotary and Mission 	
	
	
Systems
	 Missiles and Fire Control
	 Space
*Variation based on revenue in local currency
  See €/$, p.9
KEY FIGURES (Fiscal year ended: December 31st)
€ millions
2021
2022
2023
2024
Revenue
56,673
62,663
62,508
65,659
∆ (%) [$]*
2.52%
-1.58%
2.41%
5.14%
Defence (%)
96%
96%
96%
96%
Export (%)
28%
26%
26%
26%
Operating 
profit/loss
7,712
7,928
7,870
6,482
Operating 
margin
13.61%
12.65%
12.59%
9.87%
Net income
5,338   
5,443
6,401
4,932
Order book
119,466  
140,579
145,310
169,432
Employees
114,000  
116,000
122,000
121,000
Name
%
Country
Ascent Flight Training
50%
United Kingdom
Hellfire Systems
50%
United States
Longbow
50%
United States
Raytheon-Lockheed Martin 
Javelin JV
50%
United States
Tata Lockheed Martin 
Aerostructures
50%
India
United Launch Alliance
50%
United States
MAIN JOINT VENTURES AND ASSOCIATES
OWNERSHIP STRUCTURE (as of 10.10.2025)
Major shareholders (as of 10.10.2025)
State Street Corporation
14.67%
Vanguard Fiduciary Trust Co.
9.22%
BlackRock Advisors LLC
6.24%
Charles Schwab IM, Inc.
3.33%
Symbol
LMT
Listed on
NYSE
Market Cap ($m)
117,912
Chairman and CEO
James D. Taiclet
Chief Operating Officer
Frank A. St. John
President, Aeronautics
Gregory M. Ulmer
GOVERNANCE
BUSINESS AREAS
Platform manufacturer and systems integrator
	
 Military aircraft, helicopters and UAVs
	
 Missiles and weapon systems
	
 Naval platforms and systems
	
 Defence electronics
	
 Cybersecurity
	
 Space (satellites, launchers)
40
74
24
18
18
9
4
11
2
World’s leading defence contractor, prime contractor for the F-35 fighter aircraft 
and largest supplier to the U.S. Department of Defense
Calepin des entreprises international 2026 VA.pdf — page 138

137
Military aircraft
F-35 Lightning II fighter aircraft
F-16 Fighting Falcon fighter aircraft
C-130J Super Hercules 
tactical transport aircraft
CH-53K King Stallion three-engine 
heavy-lift transport helicopter
Black Hawk (UH-60/S-70A) 
and Sea Hawk (SH-60/S-70B) 
twin-engine multirole helicopters
HH-60W Jolly Green II combat search 
and rescue twin-engine helicopter
Missiles and weapon systems
Hellfire and Javelin anti-tank missiles
AGM-158 Joint Air-to-Surface Standoff 
Missile (JASSM)
UGM-133 Trident II Submarine-Launched 
Ballistic Missile (SLBM)
PAC-3 and PAC-3 MSE interceptors
THAAD missile defence system
M142 HIMARS and M270 MLRS 
rocket launchers
Naval platforms and systems
River-class future destroyer (Canadian 
Surface Combatant programme)* (design)
Multi-Mission Surface Combatant (MMSC) 
future frigate** (design)
Aegis combat system
Space
Vulcan Centaur launcher
LOCKHEED MARTIN
MAIN PROGRAMMES, COOPERATIONS  
AND EXPORT PARTNERSHIPS
Leonardo
BAE Systems
MHI****
Boeing
GE Aerospace
Fincantieri
Northrop Grumman
Rolls-Royce
PGZ
RTX
TASL***
*Based on BAE Systems’ Type 26 frigate **Based on the Freedom-class LCS frigate ***Tata Advanced Systems Ltd ****Mitsubishi Heavy Industries
L3Harris Technologies
Calepin des entreprises international 2026 VA.pdf — page 140

139
LOFT ORBITAL
REVENUE BY REGION (%)
REVENUE BY BUSINESS SEGMENT (%)
KEY FIGURES (Fiscal year ended: December 31st)
€ millions
2021
2022
2023
2024
Revenue
N/A
N/A
N/A
N/A
∆ (%) [$]*
N/A
N/A
N/A
N/A
Defence (%)
N/A
N/A
N/A
N/A
Export (%)
N/A
N/A
N/A
N/A
Operating 
profit/loss
N/A
N/A
N/A
N/A
Operating 
margin
N/A
N/A
N/A
N/A
Net income
N/A
N/A
N/A
N/A
Order book
N/A
N/A
N/A
N/A
Employees
70
150
> 200
300
Name
%
Country
Orbitworks
< 50%
United Arab 
Emirates
MAIN JOINT VENTURES AND ASSOCIATES
OWNERSHIP STRUCTURE
Major shareholders (as of 10.10.2025)
Founders and other shareholders*
100%
Symbol
Listed on
Unlisted company
Market Cap
Co-Founder and CEO
Pierre-Damien 
Vaujour
Co-Founder and COO
Alex Greenberg
General Manager Europe
Emmanuelle Meric
Chief Technology Officer
Pieter van Duijn
GOVERNANCE
BUSINESS AREAS
Provider of space infrastructure and services
	
 Payload integration (on third-party satellites)
	
 Software solutions
	
 Management of satellite launch 
and in-orbit operations
	
 Radar satellite imagery
French-American company founded in 2017, whose business model relies on the sale 
of services (integration of payloads on third-party satellites, launch management and in-orbit 
operations)
N / A
N / A
*Including Tikehau Capital, Bpifrance, Temasek, Axial Partners, 
Foundation Capital, Uncork Capital, etc.
Calepin des entreprises international 2026 VA.pdf — page 141

140
Space transportation
Payload integration 
(on third-party satellites)
Software solutions
Radar satellite imagery
DESIR (Démonstrateur des Éléments 
Souverains en Imagerie Radar) 
future demonstrator
LOFT ORBITAL
MAIN PROGRAMMES, COOPERATIONS  
AND EXPORT PARTNERSHIPS
Airbus
Microsoft
Blue Canyon Technologies
LeoStella*
*U.S. company BlackSky, which acquired Thales Alenia Space’s stake in their joint venture LeoStella in November 2024.
Thales Alenia Space
Tekever
Calepin des entreprises international 2026 VA.pdf — page 143

142
MBDA
N / A
REVENUE BY REGION (%)
REVENUE BY BUSINESS SEGMENT (%)
N / A
KEY FIGURES (Fiscal year ended: December 31st)
€ millions
2021
2022
2023
2024
Revenue
4,234
4,210
4,451
4,913
∆ (%)
17.87%
-0.57%
5.72%
10.38%
Defence (%)
100%
100%
100%
100%
Export (%)
N/A
N/A
N/A
N/A
Operating 
profit/loss
N/A
N/A
N/A
N/A
Operating 
margin
N/A
N/A
N/A
N/A
Net income*
610   
702
449
634
Order book
17,800   
22,300
28,000
37,000
Employees
12,520   
14,000
15,000
18,500
Name
%
Country
Roxel
100%
France
GDI Simulation
100%
France
TAURUS Systems
67%
Germany
Eurosam
66.6%
France
PARSYS
50%
Germany
RAM-System
50%
Germany
L&T MBDA 
Missile Systems
49%
India
SMMS
49%
Saudi 
Arabia
Inmize
40%
Spain
CILAS
31.5%
France
MAIN JOINT VENTURES AND ASSOCIATES
OWNERSHIP STRUCTURE
Major shareholders (as of 10.10.2025)
Airbus
37.5%
BAE Systems
37.5%
Leonardo
25%
Symbol
Unlisted group
Listed on
Market Cap
Chief Executive Officer
Éric Béranger
Executive Group 
Director Programmes 
and CEO of MBDA France
Stéphane Reb
Executive Group 
Director Operations
Philippe Bethouart
GOVERNANCE
BUSINESS AREAS
Missile manufacturer
	
 Air dominance
	
 Battlefield engagement
	
 Ground based air defence
	
 Maritime superiority
*Total comprehensive income
European leader in missile systems (MDCN naval cruise missile, AKERON MP anti-tank missile, 
METEOR air-to-air missile, EXOCET anti-ship missile), 27th defence contractor worldwide