2024 Guidance

The expected 2024 performance confirms the sustainable growth path accompanied by increasing profitability and cash flow generation, in a context characterized by high demand for defense and security.

The actions promptly implemented by the Group allow the mitigation of effects generated by inflationary pressures due to the Russia-Ukraine conflict.

Based on the current assessment of the effects deriving from the geopolitical situation on supply chain, inflation and global economy, and assuming no additional major deterioration, Leonardo expects to deliver in 2024:

  • Progressive growth in new orders of ca. € 19.5 billion, driven mainly by Defence Electronics & Security and by the continuing recovery of the Aeronautics sector, confirming a strong positioning of the Group's products and solutions and presence in key markets
  • Revenues of ca. € 16.8 billion, up compared to 2023, thanks to the contribution of new orders and the development of portfolio activities, delivering off a backlog at a record value of ca. € 40 billions
  • Increasing profitability, with EBITA of ca. € 1,440 million, driven by growth in volumes and confirmed solid industrial profitability of the main business areas. The estimated improvement in profit also reflects the progressive recovery of the Aerostructures business, and is notwithstanding the difficulties in the manufacturing segment of satellites for commercial telecommunications through its subsidiary TAS
  • FOCF of ca. € 770 million, with the defence/governmental business delivering solid cash generation, while Aerostructures continues to absorb slightly less cash than 2023
  • Group Net Debt of ca. € 2.0 billion driven by cash flow generation and assuming the increased dividend payment from € 0.14 to € 0.28 per share, new leasing contracts, strategic investments, and other minor transactions
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FY2023A(1) (Proforma)
New orders (€ bn)
ca. 19.5
Revenues (€ bn)
ca. 16.8
EBITA (€ mln)
ca. 1,440
FOCF (€ mln)
ca. 770
Group Net Debt (€ bn)
ca. 2.0
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2024 exchange rate assumptions: € / USD = 1.15 and € / GBP = 0.89

(1) The values shown for the year 2023 enhance the full consolidation of Telespazio which will be operational from 2024.
(2) Based on the current assessment of the effects deriving from the geopolitical situation on the supply chain and the global economy and assuming no additional major deterioration