• Order backlog at € 60.4 billion (+28% YoY), also reflecting the consolidation of the IDV business ⁽¹⁾
• Strong growth in new Orders confirming the Group’s positioning across domains and across geographies with a book-to-bill ratio of approximately 1.5x
• Revenues and EBITA growth across all business sectors
• Net Result Adjusted € 812 million (+74% YoY)
• Free Operating Cash Flow (FOCF) shows steady improvement, reflecting the effectiveness of actions undertaken
• Group Net Debt at € 3.3 billion (+44% YoY), following the acquisition of the IDV business

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Leonardo's Board of Directors, convened yesterday under the Chairmanship of Francesco Macrì, examined and unanimously approved the 2026 first nine months results.

“The results for the first nine months of 2026,” said Lorenzo Mariani, Chief Executive Officer and General Manager of Leonardo, “with an Order Backlog exceeding €60 billion for the first time, Revenues and EBITA growing across all business sectors, and a marked improvement in FOCF, confirm the soundness of our growth strategy, underpinned by financial strength, a strong commercial proposition, the breadth and depth of our offering, and expanding production capacity. We are committed to further strengthening our capabilities to translate our substantial Order Backlog into greater production and delivery capacity, improving process efficiency and programme execution, as required by the current scenario.”

“The integration and digitalisation of platforms, the development of industrial partnerships and targeted M&A activities are at the core of our Strategic Plan, which will enable Leonardo to play a central role in the evolving landscape of the AD&S industry and strengthen our positioning to respond to changing market dynamics. The GCAP programme, the joint ventures with Rheinmetall and Baykar, the alliance with Airbus and Thales to create a European champion in the Space sector, the technological development of Michelangelo Dome, the integration of IDV into Leonardo, and Leonardo DRS’s acquisition of Raft in the United States are concrete steps in delivering our strategic vision. These initiatives allow us to bring together expertise and industrial capabilities to support the Group’s long-term growth,” concluded Mariani.

^{(1)    Leonardo finalised the acquisition of Iveco Group’s Defence business (IDV Group) on 18 March 2026. The transaction, with a consideration of approximately €1.6 billion, was financed through own resources, and the IDV business was fully consolidated in Leonardo Group’s statement of financial position as at the date of the acquisition.}

9M2026 Results 

The first nine months of 2026 have shown further significant growth for the Group, confirming the effectiveness of the commercial initiatives implemented and underscoring a marked improvement in economic and financial results compared with the same period of 2025.