2022 Guidance

The first nine months of the year recorded solid results, in terms of growth in orders, increased profitability and strengthening of cash performance, in line with the objectives set.The increased demand for defence and security linked to the geopolitical scenario generates positive prospects for the defence sector. At the same time, there is a more complex operational context, in particular in the labour market and the supply chain, which entails important challenges to be faced and managed. In light of the solid progress in the first nine months and based on the current assessment of the impacts from the geopolitical and health situation on the labour market, on the supply chain, the outlook for the global economy and the actions taken by Leonardo to face these challenges, assuming no additional major deterioration, along side the changes in perimeter deriving from the sale of GES, the Group updates the Guidance 2022 as follows:

  • Increase in new order intake from ca. € 15 billion to a level higher than € 16 billion, mainly due to the AW149 Poland contract booked in the 3Q 2022
  • Confirmation of the expectations made in the preparation of the 2021 Financial Statements relating to Revenues and EBITA, taking into account the effect of change in perimeter (Revenues € 14.4-15.0 billion; EBITA € 1,170 -1,220 million)
  • Upward revision of the FOCF from ca. € 470 million, including perimeter effect, to ca. € 500 million
  • Reduction of the Group's Net Debt, from ca. € 3.1 billion to ca. € 3.0 billion, due to the higher disposal proceeds which more than offset the redemption cost of the US dollar bonds. The Net Debt also includes expectations relating to the FOCF, the acquisition of 25.1% of Hensoldt and the dividend payment 
Please do NOT delete or modify
FY2022 Guidance(4)
New Perimeter
FY Guidance 2022(1)
New orders (€ bn)
ca. 15
ca. 14.9
ca. >16.0
Revenues (€ bn)
EBITA (€ mln)
FOCF (€ mln)
ca. 500
ca. 470
ca. 500
Group Net Debt (€ bn)
ca. 3.1(3)
ca. 3.1(3)
ca. 3.0(5)
Please do NOT delete or modify

Based on USD/€ exchange rate at 1.18 and €/GBP exchange rate at 0.90
Adjusted perimeter to exclude the contribution of Global Entreprise Solutions in August and September 2021 (closing of disposal on 1/08/2022). Avg. exchange rate August-September 2021€/$ @ 1.19671
(1) Based on the current assessment of the effects deriving from the geopolitical and global health situation on the supply chain and labour market and the global economy and assuming no additional major deterioration
(2) Including COVID-related costs previously included among non recurring costs below EBITA
(3) Assuming 25.1% acquisition of Hensoldt for € 606 mln, disposals for ca. € 300 mln and dividend payment for € 0.14 p.s
(4) Guidance adjusted for seven months’ contribution of GES (Jan –July 2022) vs 12 months assumed in previuos guidance and 12 month contribution of Hensoldt
(5) Including higher disposal proceeds and make-whole costs