2022 Guidance

The expected 2022 performance reaffirms the resumption of the sustainable growth path accompanied by increasing profitability. The civil business will continue to be heavily affected by the effects of the pandemic, despite the gradual recovery. 
Based on the current assessment of the effects deriving from the geopolitical and global health situation on the supply chain and the global economy and assuming no additional major deterioration, Leonardo expects to deliver: 

  • New Orders (approx. € 15 billion), confirming a strong positioning of the Group's products and solutions and the ability to effectively be present and penetrate in key markets; 
  • Revenues of € 14.5-15 billion, up compared to 2021 thanks to the contribution of new orders and the delivery of portfolio activities on defence/governmental programmes; 
  • increasing profitability, with EBITA (*) of € 1,180-1,220 million, driven by the growth in volumes and continued solid industrial profitability of the main business areas, despite the mix effect of programmes still under development and growing shares of prime contractor revenues; the estimate reflects also continued pressure in the civil sector, mainly Aerostructures and GIE-ATR; 
  • FOCF of approx. € 500 million, with the defence/governmental business that guarantees solid cash generation while the cash absorption by the Aerostructures continues, despite being slightly lower than 2021; 
  • Group Net Debt of approx. € 3.1 billion, includes the acquisition of 25.1% stake in Hensoldt, the assumptions of some business disposals and the expected payment of dividends.
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FY2022 Guidance**
New orders (€ bn)
ca. 15
Revenues (€ bn)
EBITA (€ mln)
FOCF (€ mln)
ca. 500
Group Net Debt (€ bn)
ca. 3.1
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* Including COVID-related costs previously included among non recurring costs below EBITA 
**Excluding the impacts of geopolitical and public health situation on the supply-chain and global economy 
Assuming €/USD exchange rate at 1.18 and €/GBP exchange rate at 0.90