Leonardo: first-half profit at 555 million thanks to Telespazio

Leonardo closed the first half of 2024 with a net profit up 160.6% to€555 million: it benefited from the €366 million capital gain following the fair value valuation of the investment previously held in the Telespazio group, which is consolidated on a line-by-line basis. Ordinary net profit at EUR 189 million, -4.1%, "was affected by the higher tax charge for the period due mainly to the higher incidence of foreign components". The half-year ended with 'double-digit growth performance on all the main indicators': orders at €10.3 billion (+18.8%), revenues at €8 billion (+15.8%). 2024 guidance confirmed.

"The first half results show double-digit growth on the Group's main metrics. In recent months we have also achieved important milestones in strengthening international alliances by taking an active role in promoting European defence. The agreement with Rheinmetall represents a unique opportunity for the development of the new generation of land defence systems. This was stated by Roberto Cingolani , CEO and General Manager of Leonardo. "The consolidation of the core defence business is proceeding thanks to the acceleration of the digitalisation process and the rationalisation of the portfolio with the sale of Underwater Armaments & Systems, which gives further impetus to the collaboration between Leonardo and Fincantieri, and the exit from non-core businesses such as Iia and Skydweller.

The creation of the new Space Division positions Leonardo in high-growth market segments, while targeted acquisitions will strengthen the Cybersecurity business. The efficiency plan is fully operational, with results exceeding expectations. All this confirms our clear direction in line with the objectives of the industrial plan,' Cingolani concluded.