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

The highlights are: 

• Order Backlog came to € 45 billion. Book-to-Bill ratio at 1.3x 

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

• Net Result before extraordinary transactions € 273 million (+44.4% vs 1H2024) 

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

• Group Net Debt improves to € 2,173 million (-27.6% vs 1H2024). 

 "Execution of the Industrial Plan is progressing in line with the Group’s strategic priorities. First-half 2025 results confirm the Group’s solid industrial momentum, with a further reduction in debt, validating the effectiveness of the actions undertaken. Based on first half performance and growth expectations, we have revised our 2025 guidance upwards, setting new targets for orders, FOCF, and net debt. We are strengthening our competitive positioning across domestic and international markets, reaffirming our role as a leading player in the ongoing consolidation of the Defense industry. The development of joint ventures with Rheinmetall and Baykar is advancing, and the GCAP program has entered its operational phase. Recent M&A transactions in the cybersecurity domain mark another step forward in the expansion of our product portfolio, underscoring our commitment to inorganic growth", stated Roberto Cingolani, Chief Executive Officer and General Manager of Leonardo. 

1H2025 financial results 

The good performance of the Group continued in the first six months of 2025, with the gradual strengthening of its competitive positioning in both domestic and international markets supported by a further growth of 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 six months of 2025 New Orders reached €bil. 11.2 (+8.9% compared to the figure of the comparative period, +9.7% on a like-for-like perimeter), confirming the continuing strengthening of the core businesses as a result of the commercial successes and good positioning of the Group’s products, technologies and solutions, as well as the ability to effectively cover key markets in a market environment where demand for security remains high. The book-to-bill stood at 1.3. 

Revenues came to €bil. 8.9 showing a significant increase (+11.7% compared to the figure of the comparative period, +12.9% on a like-for-like perimeter), and EBITA was €mil. 581 (+10.9% compared to the restated figure of the comparative period, +15.0% on a like-for-like perimeter), in line with expectations and the sustainable growth path envisaged in the Industrial Plan of Leonardo.  

Free Operating Cash Flow, negative for €mil. 408 as a result of the usual interim trend that is characterised by cash absorptions in the first part of the year, showed an improvement (+18.7% compared to the figure of the previous half year, +19.0% on a like-for-like perimeter) 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 27.6% compared to 30 June 2024. 

The integral version of the report (23 pages, with tables) is attached to this AVIONEWS.