Representatives of key sectors of the Italian economy, including the defense conglomerate Leonardo and the telecommunications giant Tim, presented preliminary financial results for 2025. Both companies exceeded their financial targets, showing significant improvement in liquidity and profitability metrics. Leonardo reported revenues of €19.5 billion with a sharp reduction in debt, while Tim announced a €400 million share buyback program, signaling a return to a stable dividend policy.

Leonardo Reduces Debt

The defense conglomerate lowered its debt by €800 million and increased orders to a record level of €23.8 billion.

Tim Rewards Shareholders

Telecom Italia launches a €400 million share buyback thanks to financial stabilization and the sale of Sparkle assets.

Success of the Yacht Sector

Ferretti Group recorded a 5% increase in revenues, outperforming the market average in the luxury segment.

Saipem Returns to Dividends

The management of the energy giant proposed a payout of €0.17 per share after achieving a €310 million profit.

The Italian defense conglomerate Leonardo ended 2025 with results exceeding earlier market forecasts. The company generated revenues of €19.5 billion, representing a year-on-year increase of nearly 11%. The greatest success was the drastic reduction of net debt by over 44% – from €1.8 billion to just €1 billion. The group's order book grew by 14.5%, reaching a value of €23.8 billion, driven mainly by contracts in the aerospace sector. CEO Roberto Cingolani has already announced an update to the industrial plan for March. Equally optimistic signals come from the Tim Group (Telecom Italia), which has met its financial targets for the fourth consecutive year. The operator's revenues grew by 2.7% to €13.7 billion, while its operating profit EBITDAAL increased by 6.5%, reaching €3.7 billion. In light of the improved capital structure, the management proposed a buy-back worth €400 million and a share consolidation in a 10:1 ratio. This strategy aims to increase the stock's appeal to institutional investors. The energy and maritime sectors also presented good results. Saipem reported revenues exceeding €15.5 billion and a net profit of €310 million, prompting the management to propose a dividend. Meanwhile, Ferretti Group, a producer of luxury yachts, strengthened its position despite a difficult global economic climate, achieving revenues of €1.23 billion. All these entities emphasize the completion of transformation processes and entry into a phase of sustainable cash generation. The Italian economy underwent a thorough reorganization of strategic national champions after the pandemic, focusing on reducing public debt through dividends from state-owned companies. „I risultati preliminari del 2025 evidenziano un sensibile aumento di tutti gli indicatori economico-finanziari oltre ad una significativa riduzione dell'indebitamento netto di gruppo.” (The preliminary results for 2025 show a significant increase in all economic and financial indicators, as well as a significant reduction in the group's net debt.) — Roberto Cingolani -44.2% — decline in Leonardo's net debt

Mentioned People

  • Roberto Cingolani — CEO and General Manager of the Leonardo group, former Minister for Ecological Transition.
  • Pietro Labriola — CEO of the Tim Group (Telecom Italia), architect of the company's recovery plan.
  • Alberto Galassi — CEO of Ferretti Group.