The Board of Directors (BoD) of Leonardo reviewed yesterday the preliminary results for the year ended December 2025

The highlights: 

Results above 2025 guidance 

• 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 

• 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 

Sustainability KPIs improved across all areas: environment, social and innovation  

• Total R&D expenses increased to € 3.0 billion (+20% vs 2024) 

Update on the Industrial Plan will be presented on March 12 in Rome 

(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.

“Leonardo’s preliminary 2025 results highlight a significant increase across all key economic and financial indicators and a substantial reduction of the Group’s net debt. We exceeded the challenging guidance, which had been already upgraded during the year. Such a performance represents the completion of the value-accretion path launched three years ago, combining a clear strategic vision with efficient execution of processes, fully enabling the Leonardo’s ‘One Company’ model.  

About sustainability, the results further validate our strategy to decouple environmental impacts from the Group’s growth, thereby strengthening business competitiveness and resilience. We also increased investment in Research and Development to accelerate advanced technologies and solutions and, through the addition of new resources, further enhanced the Group’s technical and scientific skills.  

Leonardo’s strong 2025 performance reflects the commitment and alignment of our people and provides a solid background for the forthcoming years”, stated Roberto Cingolani, CEO and General Manager of Leonardo. 

2025 Preliminary Results 

The preliminary results for the financial year 2025 highlight a particularly positive performance of the Group with a significant growth in all indicators compared to the prior year. 

New Orders increased significantly reaching €bil. 23.8, +13.5% vs 2024 (+14.5% compared to the likefor-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.  

Revenues, equal to €bil. 19.5, grew by 9.8% vs 2024 (10.9% compared to the like-for-like figure), with a double-digit increase in all business sectors. The growth in Revenues was accompanied by a noticeable improvement in both operating profitability and in cash generation.  

EBITA was equal to €mil. 1,752, +14.9% vs 2024 (+18.2% compared to the like-for-like figure), exceeding the Group’s expectations and in line with the sustainable development path envisaged in the Industrial Plan of Leonardo, and increased as a result of higher volumes and improved profitability, highlighting a ROS going from 8.4% (like-for-like figure) to 9.0%. 

Free Operating Cash Flow (FOCF) for the year showed an improvement as well +22.4% vs 2024 (+20.5% compared to the like-for-like figure), demonstrating the effectiveness of the actions undertaken. 

The Group Net Debt, equal to €bil. 1.0, showed an improvement (-44.2%) compared to 31 December 2024 (€bil. 1.8); the figure benefitted from the strengthening of the Group’s cash generation and from the collection of a total of €mil. 446 deriving from the sale of the Underwater Armaments & Systems (UAS) business. 

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