• Order Backlog rises to € 57 bln (+23% vs 1Q2025), also as a result of the consolidation of the IDV business ⁽¹⁾
• Growth in new Orders confirms the Group’s consolidated positioning in the markets in which it operates with a book-to-bill ratio 2.0x
• Revenues and EBITA growth across all business sectors
• Adjusted Net Result € 184 mil (+60% vs 1Q2025)
• Free Operating Cash Flow (FOCF) shows steady improvement, with reduced cash absorption, demonstrating the effectiveness of the actions undertaken
• Group Net Debt at € 3 bln (+44% vs 1Q2025), affected by the acquisition of the IDV business

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Leonardo's Board of Directors, convened yesterday under the Chairmanship of Stefano Pontecorvo, examined and unanimously approved the results for the first quarter 2026.

“In the first quarter of 2026, we achieved very strong results. All main economic and financial indicators showed meaningful improvement, confirming the effectiveness of the commercial and operational actions implemented by the Group and of the integrated technology strategy underpinning the Industrial Plan,” said Roberto Cingolani, CEO and General Manager of Leonardo.
“The rating upgrade by Moody’s and the outlook revision by Standard & Poor’s represent a further signal of the Group’s financial solidity. The finalisation of the acquisition of Iveco Group’s Defence business is a strategically relevant step that strengthens our positioning in land defence, completes our portfolio and consolidates Leonardo’s role as an integrated Original Equipment Manufacturer capable of integrating software, hardware and digital services for security and defence,” Cingolani concluded.

^{(1)    Leonardo finalised the acquisition of Iveco Group’s Defence business (IDV Group) on 18 March 2026, strengthening its presence in land defence and expanding its portfolio of integrated platforms. 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 31 March 2026. Conversely, the Group’s economic and financial performance for the first quarter of 2026 does not include the contribution of the IDV business, since the closing of the transaction took place in the second half of March 2026.}
 

1Q2026 Results 

The first quarter of 2026 showed further significant growth of 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.

Key Perfomance Indicators (KPIs)

The main Key Performance Indicators (KPIs) for the period and the main changes that characterised the Group’s performance are reported below.

In the first three months of 2026, New Orders reached € 9.0 bln., highlighting an increase compared to the first three months of 2025 (+31%) in all the businesses, confirming the consolidated position of the Group in the markets in which it operates, with a book-to-bill in the period equal to about 2.0.

The Order Backlog exceeded the € 56 bln. threshold, also as a result of the consolidation of the IDV business, which determined an impact of approximately € 5.6 bln., ensuring production coverage of more than 2.5 years.

Revenues increased to € 4.4 bln., showing a broad-based overall improvement compared to the first three months of 2025, equal to 10% net of the negative exchange-rate effect arising from the translation of the US components, mainly Leonardo DRS within the Defence Electronics sector (+7% at actual exchange rates).

EBITA grew solidly to € 281 million (+33% compared to the comparative period). The indicator, which continued to show a marked increase across all business sectors, was particularly affected by the performances of the Defence Electronics sector, despite the previously mentioned negative impact of exchange rate, the Helicopters and Aeronautics sectors, thanks to the confirmed positive trend of Aircraft and to the partial recoveries of Aerostructures and the investee GIE-ATR.

Adjusted Net Result increased to € 184 million (+60% compared to the comparative period), benefitting from the performance of EBITA and lower net financial costs.

Free Operating Cash Flow (FOCF) of the first quarter of 2026, negative for € 411 mil., improved by approximately 29% compared to the performance of the comparative period, negative for € 580 mil., confirming the positive results reached thanks to the initiatives aimed at strengthening the operating performance and managing working capital. However, the figure highlighted the usual interim trend, characterised by cash absorptions during the first part of the year.

Group Net Debt, equal to € 3,049 mil. and up compared to 31 March 2025 (+43.5%), was affected by the outlay incurred to acquire the IDV business, equal to approximately € 1.6 bln., the remaining 35% of GEM Elettronica and 100% of Enterprise Electronics Corporation (EEC) - carried out through the subsidiary Leonardo US Corporation - partly mitigated by the FOCF performance.

Guidance 2026

According to the First Quarter 2026 results and the expectations for the coming quarters, we confirm full year 2026 Guidance as disclosed in March 2026.

Below is the summary table:

^{(*) Assuming exchange rate of 1.18 €/USD and 0.86 €/GBP. Based on the current assessments of the impacts of the geopolitical situation also on supply chain, inflationary levels and the global economy, subject to any further significant effects.
(**) Excluding cash outflows related to the acquisition of Iveco Defence Vehicles.}

Starting from 1 April 2026, the Group’s economic and financial results will include the contribution of the IDV business, the acquisition of which was completed in the second half of March.

Based on preliminary estimates, IDV’s contribution to the Group’s KPIs for the nine-month period April-December 2026, not included in the Guidance figures, is expected to be as follows: 
New Orders € 1.2 bln.; Revenues € 1.1 bln.; EBITA € 0.12 bln.; FOCF € 0.22 bln.