Category: Top Story

BAE Systems (LSE:BA.) increased its shareholder distributions on Wednesday after securing record defense orders, with rising military expenditure in Europe and the United States driving revenue expansion and strong cash performance.

The company’s board proposed a final dividend of 22.8 pence per share, bringing the total annual payout to 36.3 pence, up 10% from the prior year. During the year, BAE Systems also repurchased 30 million shares for £502 million.

Sales climbed 10% at constant exchange rates to an all-time high of £30.7 billion. Underlying EBIT rose 12% to £3.32 billion, while underlying earnings per share increased 12% to 75.2 pence.

Free cash flow came in at £2.16 billion, aided by customer advance payments received toward year-end. This was partially offset by increased capital expenditures and higher research and development outlays.

Order intake totalled £36.8 billion, pushing the order backlog to a record £83.6 billion. The company reported a book-to-bill ratio of 1.2.

Chief executive Charles Woodburn said the performance reflected “another year of strong operational and financial performance.”

On a reported IFRS basis, revenue advanced 8% to £28.3 billion and operating profit rose 9% to £2.93 billion. Basic earnings per share increased 6% to 68.8 pence, impacted by higher amortisation charges tied to previous acquisitions.

Net debt, excluding lease liabilities, declined 22% to £3.84 billion at year-end.

By division, Electronic Systems generated £7.5 billion in sales, up 8%, with underlying EBIT of £1.16 billion. Platforms & Services posted a 17% rise in revenue to £5 billion and a 30% jump in underlying EBIT to £576 million.

The Air segment delivered £9.3 billion in revenue, up 9%, while Maritime revenue grew 11% to £6.8 billion. However, Maritime underlying EBIT slipped 3% to £457 million, reflecting early-stage programme development and capacity investments. Cyber & Intelligence revenue edged up 2% to £2.4 billion.

Looking ahead, BAE Systems said its 2026 guidance assumes an exchange rate of $1.32 to the pound, with an estimated sensitivity of around £500 million in revenue and £70 million in underlying EBIT for every 10-cent shift in the pound-dollar exchange rate.

In total, the company returned £1.53 billion to shareholders over the year through dividends and share buybacks.

Glencore (LSE:GLEN) posted a decline in full-year profit, as strength in copper prices failed to fully counter weaker contributions from its coal division.

The commodities group reported adjusted EBITDA of $13.5 billion, representing a 6% drop from the previous year. Revenue increased 7% year over year to $247.5 billion, while adjusted EBIT fell 14% to $6 billion. Earnings per share were $0.03.

“2025 was a year of significant progress, marked by a strong operational performance, continued portfolio optimisation and clear momentum for our copper-led growth strategy,” said Glencore CEO Gary Nagle.

“For the second consecutive year, we met our guidance for full year production volumes for our key commodities, reflecting the ongoing benefits of our recently optimised and simplified operating structures promoting greater accountability and delivery.”

Even with the softer earnings performance, Glencore said it plans to distribute $2 billion to shareholders, which includes an additional $800 million top-up payment.

The earnings announcement comes shortly after takeover discussions between Rio Tinto Group and Glencore broke down. The proposed tie-up, which would have created the world’s largest mining company, collapsed after the companies were unable to agree on the premium Rio Tinto would pay.

Raspberry Pi Holdings plc (LSE:RPI) shares rallied sharply on Tuesday after Chief Executive Officer Eben Upton disclosed the purchase of additional stock in the company.

By 11:40 GMT, the shares were up 27.6%.

A regulatory filing published Monday showed that Upton bought 4,684 ordinary shares at an average price of £2.82327 each, representing a transaction worth roughly £13,224. Following the acquisition, his total holding rose to 2,591,136 ordinary shares.

The trade was carried out on the London Stock Exchange’s Main Market and reported in line with rules governing dealings by Persons Discharging Managerial Responsibilities (PDMR).

Market participants often interpret insider buying—particularly by senior executives—as a vote of confidence in a company’s outlook. Upton’s decision to expand his ownership stake appeared to fuel a strong positive reaction among investors.

The purchase was completed on February 16, 2026, according to the company’s regulatory notice. Raspberry Pi’s ordinary shares carry a nominal value of £0.0025 each.

Raspberry Pi manufactures low-cost computing devices widely used by hobbyists, educators and software developers around the globe.

Antofagasta (LSE:ANTO) posted record EBITDA for 2025, supported by stronger copper pricing and improved by-product contributions that lifted earnings and operating cash flow. Despite the solid performance, the shares fell more than 3% in early trade, with results broadly matching market expectations.

Full-year revenue increased 30% to $8.62 billion, benefiting from higher realised copper prices and stronger by-product income. The total came in 2% ahead of consensus forecasts.

EBITDA rose 52% year-on-year to $5.20 billion, approximately 1% above company-compiled consensus estimates. The EBITDA margin expanded to 60.3%, up from 51.8% in the prior year.

Profit before tax reached $3.16 billion. Adjusted earnings per share of $129.3 exceeded consensus by 2%. Operating cash flow advanced 30% to $4.25 billion.

The board recommended a final dividend of 48.0 cents per share, taking total 2025 distributions to 64.6 cents per share, equivalent to a 50% payout of underlying earnings.

In a post-results commentary, Morgan Stanley analysts said Antofagasta’s full-year EBITDA was “just 1% above consensus” and broadly aligned with the bank’s own projections. The analysts added they expected “the shares to modestly outperform at the open.”

Copper output for the year totalled 653,700 tonnes, representing a 2% decline compared with the previous year. Net cash costs fell 27% to $1.19 per pound, supported by stronger by-product credits.

Capital expenditure reached $3.68 billion in 2025, up from $2.41 billion in 2024, reflecting continued investment in major development projects at Centinela and Los Pelambres. The balance sheet remained resilient, with net debt to EBITDA at 0.53x.

Looking ahead to 2026, Antofagasta reiterated its copper production target of between 650,000 and 700,000 tonnes. Cash costs before by-product credits are expected in the range of $2.30 to $2.50 per pound, with net cash costs forecast between $1.15 and $1.35 per pound. Capital spending for the year is projected at approximately $3.4 billion.

Debenhams Group (LSE:DEBS) has outlined plans to raise approximately £35 million through an equity placing aimed at bolstering liquidity and reshaping its balance sheet. Directors have indicated their intention to subscribe for shares at 20 pence each. The company is also in detailed discussions with its lending syndicate regarding covenant revisions tied to the capital raise, with a goal of reducing its net debt-to-Adjusted EBITDA ratio to about 2x in FY27 and to below 1x by the end of that financial year.

Management reaffirmed its expectation of delivering £50 million in Adjusted EBITDA for FY26, followed by double-digit growth in FY27. Trading trends show improving gross merchandise value, while cost-saving measures continue to take effect. The group stated that all of its brands are now profitable on an Adjusted EBITDA basis. As part of its transformation, Debenhams is accelerating a shift toward an asset-light structure, trimming lease commitments, capital expenditure and interest costs. Additional deleveraging options under review include intellectual property licensing, supply-chain collaborations and potential disposals of non-core assets to improve cash flow and financial flexibility.

Despite strategic progress, the company’s outlook remains constrained by its financial history and valuation pressures. While recent share price action indicates some near-term positive momentum, overbought signals suggest caution. Corporate initiatives offer potential upside, but balance sheet repair and sustained profitability remain critical to restoring investor confidence.

More about Debenhams Group

Debenhams Group, trading as boohoo group plc, is a UK-based online retail platform specialising in fashion, home and beauty. The business operates digital brands including Debenhams, boohoo, PLT, MAN and Karen Millen, and is transitioning toward a marketplace-led, asset-light model designed to enhance scalability and capital efficiency.

BHP (LSE:BHP) has struck a long-term silver streaming deal with Wheaton Precious Metals tied to its 33.75% stake in the Antamina copper and zinc operation in Peru. The transaction, supported by firm silver market dynamics, is described as the largest streaming agreement ever completed based on upfront payment.

Under the terms, BHP will receive an immediate cash payment of US$4.3 billion, alongside additional proceeds equivalent to 20% of prevailing spot silver prices upon delivery. In exchange, Wheaton will receive silver credits initially equal to 33.75% of Antamina’s output attributable to BHP. That share will reduce to 22.5% after a cumulative 100 million ounces of silver have been delivered over the life of the mine.

BHP clarified that the agreement does not alter its shareholder rights or operational responsibilities at Antamina, nor does it affect existing commercial contracts. The miner will continue to maintain full exposure to copper, zinc and lead production, effectively monetising silver — which it considers a secondary by-product — without impacting its core commodity mix.

Management positioned the transaction as part of a broader capital allocation strategy aimed at recycling value from non-core streams into higher-return growth initiatives and shareholder distributions. Combined with a recently announced infrastructure-related transaction, the company expects to generate more than US$6 billion in additional liquidity, reinforcing balance sheet flexibility and supporting long-term returns.

The streaming arrangement is set to take effect from 1 April 2026, with closing anticipated around that date, subject to standard corporate conditions. No regulatory approvals are required. BHP added that the structure is not expected to increase reported debt, allowing it to enhance liquidity while preserving balance sheet strength.

More about BHP Group Limited

BHP Group Limited is a globally diversified mining and resources company headquartered in Australia. Its portfolio includes iron ore, copper, metallurgical and energy coal, and other base metals. The company focuses on large, long-life assets that underpin industrial development and support growing demand linked to global infrastructure and the energy transition.

GSK (LSE:GSK) has received approval from the European Commission for Exdensur (depemokimab), marking the first ultra-long-acting biologic authorized in the European Union for severe asthma driven by type 2 inflammation. The therapy is also cleared as an add-on treatment for severe chronic rhinosinusitis with nasal polyps. Backed by data from four Phase III studies demonstrating durable efficacy and a favorable safety profile with dosing just twice per year, the decision bolsters GSK’s respiratory portfolio and introduces a differentiated option that could reshape care standards for patients whose disease remains poorly controlled.

Clinical results underpinning the approval showed sustained symptom control and reduced exacerbations across both indications, highlighting the potential of depemokimab to address unmet needs in type 2 inflammatory disease. The extended dosing schedule may improve adherence and reduce treatment burden compared with more frequent biologic regimens. Meanwhile, the asset continues to be evaluated in additional late-stage trials, supporting potential expansion into other type 2 inflammatory conditions.

GSK’s broader investment case remains centered on solid profitability and strengthening operational performance. Management’s guidance for 2026 reflects confidence in continued momentum across key franchises, including respiratory and vaccines. Shares appear reasonably valued and offer a modest dividend yield, though technical indicators suggest overbought conditions in the near term. Investors are also monitoring balance-sheet discipline and the consistency of earnings delivery.

More about GSK

GSK is a global biopharmaceutical leader specializing in respiratory and inflammatory diseases. Its portfolio spans vaccines, targeted biologics and inhaled therapies. The company’s strategy is focused on advancing respiratory medicine by addressing underlying disease pathways and slowing progression in asthma, chronic obstructive pulmonary disease (COPD), and rare respiratory disorders.