Leonardo's Board of Directors, convened yesterday under the Chairmanship of Stefano Pontecorvo, examined and unanimously approved the results for the first quarter 2026. 

The highlights in detail: 

• Order Backlog rises to € 57 bln (+23% vs 1Q2025), also as a result of the consolidation of the IDV business (see AVIONEWS) 

• Growth in new Orders confirms the Group’s consolidated positioning in the markets in which it operates with a book-to-bill ratio 2.0x 

• Revenues and EBITA growth across all business sectors 

• Adjusted Net Result € 184 mil (+60% vs 1Q2025) 

• Free Operating Cash Flow (FOCF) shows steady improvement, with reduced cash absorption, demonstrating the effectiveness of the actions undertaken 

• Group Net Debt at € 3 bln (+44% vs 1Q2025), affected by the acquisition of the IDV business. 

“In the first quarter of 2026, we achieved very strong results. All main economic and financial indicators showed meaningful improvement, confirming the effectiveness of the commercial and operational actions implemented by the Group and of the integrated technology strategy underpinning the Industrial Plan", said Roberto Cingolani, CEO and General Manager of Leonardo.

 “The rating upgrade by Moody’s and the outlook revision by Standard & Poor’s represent a further signal of the Group’s financial solidity. The finalisation of the acquisition of Iveco Group’s Defence business is a strategically relevant step that strengthens our positioning in land defence, completes our portfolio and consolidates Leonardo’s role as an integrated Original Equipment Manufacturer capable of integrating software, hardware and digital services for security and defence", Cingolani concluded. 

1Q2026 Results   

The first quarter of 2026 showed further significant growth of the Group, confirming the effectiveness of the commercial initiatives implemented and underscoring a marked improvement in economic and financial results compared with the same period of 2025. 

The integral version of the report (16 pages, with tables) is attached to this AVIONEWS.