The Board of Directors of Leonardo (BoD), convened yesterday under the Chairmanship of Stefano Pontecorvo, examined and unanimously approved the full year 2025 results, confirming the preliminary results announced on 25 February 2026 (see AVIONEWS). 

Results FY2025  

• New Orders increased to €23.8 billion (+15% vs 2024)1, with a book-to-bill ratio of 1.2x 

• Revenues increased to €19.5 billion (+11% vs 2024)1 

• EBITA increased to €1.75 billion (+18% vs 2024)1 

• Net Result adjusted of €1.0 billion (+19% vs 2024) 

• Net Result of €1.3 billion (+15% vs 2024)  

• Free Operating Cash Flow at €1.0 billion (+21% vs 2024)1 

• The Group's Net Debt at €1.0 billion, down 44% compared with €1.8 billion in 2024 2026. 

Guidance  

Based on the current assessments of the impacts of the geopolitical situation also on supply chain, inflationary levels and the global economy, subject to any further significant effects, Leonardo expects to achieve the following results in 2026: 

• Order of ca. € 25 billion  

• Revenues of ca. € 21 billion  

• EBITA ca. € 2.03 billion  

• Free Operating Cash Flow of ca. € 1.11 billion 

• Group Net Debt of ca. € 0.8 billion 2 

Proposed Dividend of € 0.63 per share (+21% vs 2024) 

 (1) Changes compared with the 2024 results on a like-for-like basis (isoperimeter), calculated excluding the contribution of the Underwater Armaments & Systems (UAS) business disposed at the beginning of 2025. 

(2) Does not include cash outflows related to the acquisition of Iveco Defence Vehicles, estimated at €1.7 billion.

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