Leonardo: adjusted profit for the first half of the year at 476 million (+74 per cent). Mariani: further M&A and partnerships possible

(Il Sole 24 Ore Radiocor) - Leonardo closed the first half of the year with an adjusted net profit of €476 million, up 74 per cent on the same period in 2025, and EBITDA of €780 million (+34) on revenue up 12% to 10 billion. New orders for the period totalled 16 billion (+45% on a year ago), bringing the order book to 58.58 billion. Free cash flow was negative at 249 million (from -408 million). Analysts’ consensus estimates had projected half-yearly revenue of 9.9 billion with an EBITA of 755 million and net profit of 492 million, whilst new orders were expected to be around 15.3 billion.

The group has revised its forecasts for 2026 upwards in terms of orders, EBITDA and cash flow. In particular, orders are now expected to reach 28.2 billion (up from 26.2 billion) whilst revenue is confirmed at 22.1 billion. The group expects an EBITA higher than the 2.15 billion previously estimated, at 2.21 billion. Operating free cash flow is now forecast at 1.37 billion, up from 1.32 billion.

Following the half-yearly results and the upward revision of the 2026 guidance “our aim now is to consolidate this trajectory and ensure continuity in the execution of the business plan, by strengthening our industrial capacity, developing the supply chain, and investing in the key technologies needed to respond to rapid market developments, including through further M&A, and expanding the strategic partnerships that underpin the group’s long-term growth”. Thus the Leonardo’s CEO Lorenzo Mariani commented on the half-yearly results. “The results confirm that Leonardo is making progress across all the key areas of its business plan. The increase in the order book, the growth in revenue and operating profitability, together with improved cash generation, demonstrate the Group’s ability to deliver on its programmes, increase production volumes and respond effectively to changing market conditions. It is on this basis that we have revised our 2026 guidance upwards, setting new targets for orders, cash generation and EBITA, with a ROS (return on sales) of 10%.”