Leonardo’s 2021 results. Profumo: “A solid and global company, the driving force behind technological development”

11 March 2022

The company’s growth path and increased profitability are confirmed. According to the CEO: “The principal economic and financial indicators are positive. We increasingly represent a resource for our country and for the areas in which we operate”


A “solid and global” company, and the “driving force behind Italy’s technological development”. Leonardo's CEO, Alessandro Profumo, has illustrated the economic results of 2021, the decisions taken and targets achieved in the second year that felt the impact of the pandemic: “In 2021, Leonardo consolidated its growth path with a positive financial performance. This is the result of an industrial vision that enables us to project the company into the future with a leadership role, strengthening our core business, transforming our way of working, and driving innovation.”

Main data

The figures summing up the company’s progress confirm that growth has resumed. All of the major financial indicators are improving: revenues have increased to €bil.14.1 (+5% over 2020), EBITA to €mil. 1,123 (+20%), net results to €mil. 587 (+142%), free operating cash flow (FOCF) to €mil. 209 (+423%), and orders to €bil. 14.3 (+4%).

In particular, free operating cash flow (FOCF) recorded a significant improvement, standing at twice the target set at the start of the year, with consequent benefits in terms of the Group’s overall debt level being reduced beyond expectations. The long-term target of generating around €bil. 3 in cash between 2021 and 2025 has been confirmed, with a significant contribution to its achievement being made in 2022. Based on these results, the Leonardo Board of Directors has suggested reintroducing the payment of dividends at € 0.14 per share. An overall picture of these results is provided in the financial statements summary report. 

Guidelines for development

“We are strengthening our core business based on two guiding principles,” explained Profumo; “one is growth by acquisitions, and the other is a strong push towards innovation, starting from the digitalisation of our production ecosystem. The results obtained stem from an industrial vision that enables us to project the company into the future with a leadership role.”


Sustainability is central to Leonardo’s way of doing business. The company’s performance in this regard is also linked to the ESG indicators, as are 50% of its sources of financing. “Our ongoing commitment to sustainable development,” highlighted Profumo, “has enabled us to reduce CO2 emissions by 23% and to increase the percentage of women hires with a STEM degree and of young people under 30. Moreover, 50% of our sources of financing are linked to ESG indicators fully aligned with our strategy and long-term incentive plan.”

The company’s role

Leonardo’s growing commercial, industrial and financial performance confirms its resilience to the pandemic, the effects of which were felt throughout 2021. Such positive results are attributable to the robustness and diversification of the product portfolio, the inclusion of new solutions in the commercial offering, and a widespread international presence.

In this complex scenario, Leonardo confirms its economic solidity on the domestic and international scene: “We increasingly represent a resource for our country and for the areas in which we operate,” added the CEO, who concluded his video statement by thanking all of Leonardo’s “people”: “We believe we can continue to be a solid, global company, and the driving force behind technological development.”

€14.1 BIL.

€14.1 BIL.

2021 revenues

€35.5 BIL.

€35.5 BIL.

2021 order portfolio

€14.3 BIL

€14.3 BIL

2021 orders

€1,123 MIL.

€1,123 MIL.

2021 EBITA



9% United Kingdom 17.5% Individual investors 17% Italy 22% Rest of Europe 25% United States 27% Rest of the world 7.1% Unidentified 44.7% Institutional investors 30.2% 0.5% Improper actions Ministry of Economy and Finance Revenues by geographical area Shareholders