Leonardo S.p.a. Earnings Recaps
Q2 2026
Aug 4, 2026
Leonardo’s shares edged up 2.6% post-earnings as investors digested a solid strategic update but showed only mild enthusiasm, suggesting cautious sentiment despite significant portfolio advances and partnerships.
Key takeaways
- The CEO emphasized acceleration in execution, technology development, and delivery to meet evolving defense needs amid rising multi-domain threats.
- Growth drivers include new contracts and program expansion in advanced systems like GCAP sixth-generation aircraft and the Michelangelo integrated air defense system.
- Strategic acquisitions, notably the AI-centric U.S. company DRS, and the Iveco land systems purchase, aim to broaden Leonardo’s footprint in emerging defense domains.
- Key joint ventures with Baykar (LBA), Rheinmetall, and planned collaboration with Thales/Airbus signal attempts to scale operations and capture new market segments.
- The industrial restructuring, particularly in aerostructures, reflects ongoing efforts to improve operational efficiency but underscores existing challenges in certain segments.
Q3 2025
Nov 6, 2025
Leonardo reported robust Q3 2025 results with new orders surging by 24.3% to over €18 billion, bolstered by strong performance across all divisions and an efficient management of net debt.
Key takeaways
- Revenues increased by 12.4% year-over-year, reaching €13.4 billion, with EBITDA rising by 22.7% to €945 million.
- Free operating cash flow improved by 22.3%, and net debt decreased by 25.9%, indicating strong financial health.
- Significant order growth across key sectors, including Eurofighter and naval contracts, underpinned by a substantial €2 billion Kuwait Air Force order.
- Solid performance in the cyber and aerospace divisions, driven by new product developments and strategic acquisitions.
- Recent US-EU trade agreements are expected to mitigate previous tariff concerns, enhancing market stability.