Capital Goods Italian Community

Key drivers: Strong order backlog, efficiency gains, higher defence budgets, digital & services growth Margin expansion: From mid-single digits to high-teens EBIT margins by 2029 Risks: Geopolitics, supply chains, cybersecurity, ESG/regulation, talent Valuation: Trading at ~1.5x EV/Sales and ~23x forward P/E Summary: Leonardo benefits from robust global defence spending, a diversified aerospace portfolio and accelerating service revenues. Efficiency programmes and digitalisation underpin margin improvement, while a strong balance sheet supports capital allocation.

Key Takeaways Fincantieri's operational efficiency and strategic acquisitions bolster net margins, enhance earnings, and support long-term growth. Major projects in cruise and offshore sectors, along with market expansion plans, strengthen revenue visibility and growth potential.

Key Takeaways Strategic focus on low-risk and sustainable projects enhances revenue stability and improves net margins due to lower risk and high demand. Expansion into high-margin sectors and innovative projects, combined with cost efficiency, boosts future growth and profitability.

Key Takeaways Strong policy tailwinds and rising demand for energy-efficient appliances are driving growth, enhancing Ariston’s revenue mix and market positioning in both mature and emerging markets. Operational efficiency, disciplined capital management, and strategic expansion activities underpin sustainable margin improvements and position Ariston for ongoing profitable growth.

Key Takeaways Iveco Group's efficiency program and strategic investment shifts aim to cut expenses, improve net margins, and enhance earnings without affecting product plans. Anticipated revenue growth from new Truck models, strong Defence sector performance, and Latin American expansion suggests improved financial prospects.

Key Takeaways Strategic focus on emerging markets and a robust pipeline is poised to enhance revenue growth and secure high-margin projects globally. Diversification in procurement reduces geopolitical risks and may improve net margins through efficiency gains.

Key Takeaways Strategic investments in innovation and sustainability are set to drive revenue growth and enhance margins by expanding product offerings and operational efficiency. Regional growth in North America and an active M&A strategy promise increased revenue and improved EBITDA margins through synergies and service expansion.

Key Takeaways Strong Water-Jetting performance and business inefficiency improvements could enhance revenue growth and stabilize net margins. Strategic acquisitions and CapEx normalization may boost revenue and free cash flow, improving profitability.

Key Takeaways Lagging zero-emission technology and global electrification trends threaten Iveco's market share, margins, and revenue as regulatory and customer demands shift rapidly. Limited global reach, rising compliance costs, and supply chain vulnerabilities restrict growth opportunities and undermine the company's competitiveness against larger, more diversified peers.