Leonardo's Board of Directors, convened today under the Chairmanship of Stefano Pontecorvo, examined and unanimously approved the 2025 first nine months results. 

The highlights are: 

• Order Backlog came to € 47.3 billion. Book-to-Bill ratio at 1.4x 

• Revenues and EBITA growth in line with expectations and the sustainable growth path envisaged in the Industrial Plan 

• Net Result before extraordinary transactions € 466 million (+28% vs 9M2024) 

• Improvement of Free Operating Cash Flow (FOCF), demonstrating the effectiveness of the actions undertaken 

• Group Net Debt improves to € 2,313 million (-25.9% vs 9M2024)

 • BoD appoints Giuseppe Aurilio as new Chief Financial Officer (CFO).

“The results for the first nine months of 2025 confirm the Group’s positive performance. Steadily volume growth and solid profitability continue to underpin our competitive positioning in both domestic and international markets. We reaffirm our 2025 guidance -revised upwards last July with more ambitious targets for orders, FOCF and net debt- as well as our commitment to the timely execution of the Industrial Plan, which is progressing in line with the identified strategic priorities. We have further pursued our path of inorganic growth through the acquisition of Iveco Defence, and, in the context of strengthening European alliances, we have signed an MoU with Airbus and Thales to establish a new company in the space sector (see AVIONEWS). This initiative aims to reinforce Europe’s strategic autonomy in space and further consolidates Leonardo’s role as a leading player in the Aerospace, Defence and Security domain", stated Roberto Cingolani, Chief Executive Officer and General Manager of Leonardo. “Following the appointment of the new Chief Financial Officer, I would like to express, on behalf of the Group, our sincere gratitude to Alessandra Genco for her invaluable contribution and dedication to Leonardo over the years”, Cingolani concluded. 

9M2025 financial results 

The good performance of the Group was consolidated in the first nine months of 2025, confirming its competitive positioning in both domestic and international markets supported by steadily growing volumes and a solid profitability. The good performance of the period, compared with the same period of the prior year, is even more significant inasmuch as it does not include the contribution from the Underwater Armaments & Systems (UAS) business, which had been recognised under the Defence Electronics & Security sector until 2024 and sold to Fincantieri in early 2025. 

In the first nine months of 2025, New Orders increased significantly reaching €bil. 18.2 (+23.4% compared to the figure of the comparative period, +24.3% compared with the like-for-like figure), confirming the continuing strengthening of the core businesses and also as a result of an important order in the Aeronautics sector, within a market environment where demand for security remains high. The book-tobill stood at 1.4.  

Revenues came to €bil. 13.4 showing a significant increase (+11.3% compared to the figure of the comparative period, +12.4% compared with the like-for-like figure), and EBITA was equal to €mil. 945 (+18.9% compared to the restated figure of the comparative period, +22.7% compared with the like-forlike figure), in line with expectations and the sustainable growth path envisaged in the Industrial Plan of Leonardo.  

Free Operating Cash Flow, negative for €mil. 426 as a result of the usual interim trend, showed an improvement compared to the comparative period (+22.5%, +22.3% compared with the like-for-like figure) demonstrating the effectiveness of the actions undertaken. The FOCF performance and the consideration received as part of the sale of the UAS business, equal to about €mil. 446, result in a positive effect on the Group Net Debt, down by about 25.9% compared to 30 September 2024.

The integral version of the report (24 pages, with tables) is attached to this AVIONEWS.