Leonardo: revenue and profit up sharply. Order book at record levels

Leonardo has published its results for the first nine months of 2026, which show double-digit growth across all key economic and financial indicators, having also benefited from the consolidation of the Iveco Group’s defence business (IDV), which has also pushed the order book above the €60 billion mark for the first time, reaching €60.37 billion.

In detail, orders received during the period totalled €23.27 billion, marking a 27.8 per cent increase compared with the first nine months of the previous year. Consolidated revenue reached €15.35 billion, up 14.2 per cent, whilst EBITA rose to €1.30 billion, a jump of 37.7 per cent, with the return on sales (ROS) rising to 8.5 per cent.

Net profitability also showed significant improvement, with an adjusted net profit of €812 million, up by 74.2 per cent. Free operating cash flow (FOCF), whilst remaining negative at €68 million due to the sector’s usual timing factors, shows a marked improvement of 84 per cent compared with 2025. The group’s net debt stands at 3.33 billion and is primarily affected by the 1.6 billion outlay linked to the acquisition of IDV. These improved results have enabled the group to revise its guidance for the full 2026 financial year upwards, raising its order estimates to around 29.5 billion euros and confirming its targets for revenue, profitability and cash generation.

Leonardo’s CEO, Lorenzo Mariani, expressed his satisfaction. “The results for the first nine months of 2026, which saw the order book exceed 60 billion euros for the first time, exceeds 60 billion euros, with revenue and EBITA growing across all business sectors and FOCF showing a marked improvement, confirm the soundness of our development strategy, characterised by financial strength, a strong commercial proposition, a comprehensive product range and the expansion of production capacity.” Mariani then emphasised “the integration and digitalisation of platforms, the development of industrial partnerships and targeted M&A activity, which form the basis of the strategic plan that will enable Leonardo to play a central role in the new international landscape of the AD&S industry”.

Looking at the sectors in detail, Defence Electronics is driving growth with orders totalling 11.09 billion (+44.2 per cent) and an EBITA of 895 million, benefiting from the contribution of its European operations and Leonardo DRS, its US subsidiary. The Helicopters segment recorded rising revenues of 4.32 billion and an EBITA of 347 million (+8.4 per cent), also supported by the NMH contract in the UK for 23 AW149 helicopters. The Aeronautics segment saw a 91.7 per cent surge in EBITA to 184 million, driven by the gradual recovery of Aerostructures and the solid profitability of Aircraft. Finally, Cyber & Security Solutions and Space confirmed a positive trend, with revenue of 623 million (+17.1 per cent) and 777 million (+10.7 per cent) respectively, the latter benefiting from the recovery in manufacturing at the Space Alliance.