Leonardo S.p.a. Q3 2025 Earnings Recap

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.