Leonardo adjusted profit rises 74% to 812 million euros, orders guidance raised to 29.5 billion

Nine-month results

Leonardo closed the first nine months of 2026 with an adjusted net profit of 812 million euros, 74% higher than in the same period of 2025, the aerospace and defence group said on Thursday, 5 November. Revenue rose 14% to 15.3 billion euros and EBITA climbed 38% to 1.3 billion euros, with growth reported across all business sectors. La Stampa named defence electronics, helicopters and aeronautics as the main drivers, with the helicopter business helped by a programme for the British Ministry of Defence. Orders increased 28% to 23.3 billion euros, which pushed the order backlog to 60.4 billion euros, the first time it has passed 60 billion. Part of that jump reflects the consolidation of Iveco Defence Vehicles (IDV), which Leonardo bought in March for about 1.6 billion euros. Excluding IDV and comparing like with like, orders rose 22.4%, the backlog 15.2%, revenue 9%, EBITA 29.2% and operating cash flow 105.2%.

Guidance held and shares slip

Leonardo raised its 2026 order guidance from 28.2 billion to 29.5 billion euros, but left its profit and earnings forecasts unchanged. Analysts had wanted a more aggressive revision, and the shares fell by as much as 3% in Milan on the day. Equita Sim pointed to a slowdown in growth rates in the fourth quarter, the period that typically generates 45-50% of EBITA, and noted a recent guidance upgrade at the US subsidiary Drs. Akros said the defence electronics division beat consensus thanks to IDV and Drs, while aeronautics posted better-than-expected operating margins and helicopters were in line with forecasts.

Previous guidance28.2

Revised guidance29.5

Previous guidance

28.2 billion euros

Revised guidance

29.5 billion euros

Data from the article text

Third quarter, cash and net debt

In the third quarter alone, net profit rose from 193 million to 336 million euros and EBITA grew from 364 million to 521 million euros. Quarterly revenue increased from 4.5 billion to 5.3 billion euros. Analyst consensus had expected third-quarter revenue of 5.22 billion euros, EBITA of 482 million and net profit of 271 million, so the quarter came in above those forecasts. Free operating cash flow remained negative at 68 million euros, reflecting the sector's usual timing patterns, although it improved by 84% on 2025. Net debt rose 43.8% to 3.325 billion euros, which the group attributed to roughly 1.6 billion euros spent on the IDV acquisition.

Q3 2025193

Q3 2026336

Q3 2025

193 million euros

Q3 2026

336 million euros

Data from the article text

Q3 2025364

Q3 2026521

Q3 2025

364 million euros

Q3 2026

521 million euros

Data from the article text

Mariani on the plan

CEO Lorenzo Mariani said the results confirmed the validity of the group's development path. In the company statement he described that path in these terms:

“This path is defined by financial strength, a compelling commercial proposition, a deep product and service offering, and an expansion of our production capacity.”

Speaking at an event at Luiss University, Mariani said Leonardo was taking a 'serious' approach to its guidance. He said the strength of the order book would show in revenue and earnings in the coming years, and that its medium and long-term contracts and its capacity to accelerate delivery would shape the 2027-2031 plan. He also said the group aimed to turn its backlog into higher production and delivery capacity by improving process efficiency and programme execution.