RESULTS FY2025 
•    New Orders increased to €23.8 billion (+15% vs 2024)1, with a book-to-bill ratio of 1.2x
•    Revenues increased to €19.5 billion (+11% vs 2024)¹
•    EBITA increased to €1.75 billion (+18% vs 2024)¹
•    Net Result adjusted of €1.0 billion (+19% vs 2024)
•    Net Result of €1.3 billion (+15% vs 2024) 
•    Free Operating Cash Flow at €1.0 billion (+21% vs 2024)¹
•    The Group's Net Debt at €1.0 billion, down 44% compared with €1.8 billion in 2024

2026 GUIDANCE 
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, Leonardo expects to achieve the following results in 2026:

•    Order of ca. € 25 billion 
•    Revenues of ca. € 21 billion 
•    EBITA ca. € 2.03 billion 
•    Free Operating Cash Flow of ca. € 1.11 billion
•    Group Net Debt of ca. € 0.8 billion²

PROPOSED DIVIDEND OF € 0.63 PER SHARE (+21% VS 2024) 

(1)  Changes compared with the 2024 results on a like-for-like basis (isoperimeter), calculated excluding the contribution of the Underwater Armaments & Systems (UAS) business disposed at the beginning of 2025.
(2)  Does not include cash outflows related to the acquisition of Iveco Defence Vehicles, estimated at €1.7 billion.

-----------------------------------------------------------------------------------

The Board of Directors of Leonardo, convened yesterday under the Chairmanship of Stefano Pontecorvo, examined and unanimously approved the full year 2025 results, confirming the preliminary results announced on 25 February 2026.

FY 2025 Results
Key Performance Indicators (KPI)

^{(*) In order to make the Group's operational performance more comparable, for some performance indicators we report below the figure of the comparative period – and the related change compared to the current period – excluding the contribution from the UAS business, which was sold at the beginning of 2025 (like-for-like perimeter)
The Group’s business conducted through JVs and associates with strategic and financial importance (including GIE-ATR, MBDA, Hensoldt and Thales Alenia Space) is only reflected at the level of profitability ratios (EBITDA and EBITA) as a result of the valuation at equity and, from a financial point of view, limited to the dividends collected. In 2025 the Group strategic JVs and associates recorded total revenues of €bil.3.3 (€bil. 3.0 in 2024), as concerns Leonardo’s share: as a result, the Group’s aggregate revenues would come to about €bil. 22.8 (€bil.20.8 in 2024).}

Business and economic performance

The results for the financial year 2025 highlight a particularly positive performance of the Group with a significant growth in all respects compared to the prior year.

New Orders increased significantly reaching €bil. 23.8 (+14.5% compared to the like-for-like figure), confirming the continuing strengthening of the core businesses and also as a result of an important order in the Aeronautics sector for the provision of integrated logistics support and the training for the Kuwait Air Force’s Eurofighter aircraft fleet, within a market environment where demand for security remains high. The other business sectors were also increasing, as a result of the commercial success and good positioning of products, the Group’s technologies and solutions, as well as the ability to effectively oversee key markets. The level of new orders is equal to a book to bill (the ratio of New Orders to Revenues for the period) of about 1.2. The Order Backlog exceeds the threshold of €bil. 46 and ensures a coverage in terms of production equal to about 2.4 years.

Revenues, equal to €bil. 19.5, grew by 10.9% compared to the like-for-like figure, with a double-digit increase in all business sectors. Particularly significant remains the contribution given by the Defence Electronics & Security, both in its European component and for the subsidiary Leonardo DRS, and by Helicopters and Aeronautics, with specific reference to the Aircraft component. The growth in Revenues was accompanied by a noticeable improvement in both operating profitability and in cash generation. 

EBITA was equal to €mil. 1,752 (+18.2% compared to the like-for-like figure), exceeding the Group’s expectations, and increased as a result of higher volumes and improved profitability, highlighting a ROS coming from 8.4% (like-for-like figure) to 9.0%. The period was particularly affected by the result of the Helicopters and the Defence Electronics & Security sectors, despite the negative impact of the exchange rate effect on the results of the subsidiary Leonardo DRS. Growth was also reported by the Cyber & Security Solutions and Aeronautics sectors, although the latter was affected by the expected performance of Aerostructures and of the strategic investment GIE ATR. Space benefitted from the continuous growth of the service segment, in addition to the partial recovery of the manufacturing segment of the Space Alliance.

Net Result adjusted amounted to €mil. 1,015 (+18.6% compared to the €mil. 856 in 2024), benefitted from the improvement in EBITA and lower net financial costs, mainly attributable to the reduction in the Group’s Net Debt.

The Net Result of €mil. 1,334 includes the capital gains recognised following the sale of the UAS business to Fincantieri, and of part of the shares held in Avio SpA. The figure related to the comparative period (€mil. 1,159) benefitted from the capital gain recognised following the fair value measurement of the Telespazio group performed for the purpose of the line-by-line consolidation of the latter.

2026 GUIDANCE

In light of the results achieved in 2025 and the strategic direction outlined in the 2026–2030 Industrial Plan, the Group is positioned on a path of strong growth, supported by a strengthening of profitability and cash generation.
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, Leonardo expects for 2026, on a like-for-like basis:

^{(*) Assuming exchange rate of 1.18 €/USD and 0.86 €/GBP.
(**) Excluding cash outflows related to the acquisition of Iveco Defence Vehicles, estimated at €1.7 bn.}

Financial performance

The FOCF, amounting to €mil. 1,011, up by 22.4% compared to the 2024 figure of €mil. 826, confirmed the positive results achieved thanks to the actions aimed at strengthening the business performance and the management of working capital. The FOCF performance and the consideration received as part of the sale of the Underwater Armaments & Systems (UAS) business, equal to about €mil. 446, resulted in a positive effect on the Group Net Debt, down by about 44.2% compared to 31 December 2024.

The Group Net Debt trend is also affected by the dividend payment for €mil. 343, and the strategic acquisitions completed during the year, totalling approximately € mil. 52, relating to a 24.55% interest in the Finnish company SSH Communications Security Corporation and the 100% acquisition of the Swedish company Axiomatics AB, as well as the execution of lease agreements for €mil. 97, and the translation of foreign currency positions and other items.

Changes in Group Net Debt

• uncommitted short-term cash lines of credit of about €mil. 820;
• an ESG-linked Revolving Credit Facility for an amount of €mil. 1,800, expiring on 7 October 2030, renewed during 2025 ahead of time, as described in section “Financial transactions”.

• Leonardo DRS has a Revolving Credit Facility for an amount of USDmil. 275 (€mil. 234), entirely unused at 31 December 2025. In January 2026, the entity closed ahead of time, in addition to the aforementioned line, a Term Loan raised in 2022 still outstanding for an amount of USDmil. 191 (€mil. 163), by signing a new five-year Revolving Credit facility, for an amount of USDmil. 500; 
• Leonardo US Corporation has short-term revocable credit lines, guaranteed by Leonardo S.p.a., for USDmil. 210 (€mil. 178), which were unused at 31 December 2025;
• Leonardo US Holding has short-term revocable credit lines, guaranteed by Leonardo S.p.a., for USDmil. 5 (€mil. 4), which were unused at 31 December 2025. 

2025 Sustainability results 

During 2025 Leonardo reached important goals on sustainability performance, consolidating its own strategy through the publication of the first Group Transition Plan. The Plan defines a structured, concrete and measurable pathway towards a resilient business model, based on decoupling between business growth and environmental impacts. The results achieved confirm its effectiveness since, despite the increase in business volumes, the key sustainability performance indicators improved.

Sustainability Key Performance Indicators (KPI)

Thanks to the implementation of specific actions aimed at adapting and mitigating climate changes, in 2025 Leonardo reduced Scope 1 and 2 market-based CO2 emissions, both in absolute value (-0.7% vs 2024) and in terms of intensity on revenues (-9.5% vs 2024). Such result is mainly linked to the continuation of energy-efficiency and operational improvement actions, and the replacement of SF6 gas, used in a specific helicopter manufacturing process, with a gas that has a lower environmental impact. 

Performance on water withdrawals also improved (-2.3% vs 2024). For several years now, Leonardo has started a series of initiatives to make the water network more efficient, i.e. the Smart Water programme, aimed at reducing consumption and increasing the resilience of production sites to climate change effects. 

Waste produced showed a significant reduction (-7.6% vs 2024), confirming the Group’s commitment in the circular economy strategy. The most important projects concern carbon fiber resin, some auxiliary materials used in production and, above all, Critical Raw Materials, on which Leonardo launched the ambitious project CRM4Defence. 

From an energy perspective, the main measures focus on maintaining continuous supplies from renewable sources and increasing self-generated energy, largely by putting self-generation plants into operation, among which is the plant in Nola, with a further reduction in energy withdrawals from external network.

In 2025, workforce increased by 2,294 resources compared to 2024, with growth recorded mainly in Italy (about +1,600) and United Kingdom (about +400). During the year, more than 6,600 people were hired. In 2025, employees under 30 represented approximately 16% of total employees (+1.1 p.p. compared to 2024), confirming the positive trend of the latest years in terms of generation mix and enhancement of expertise within the Group. 

In terms of gender equality, Leonardo's commitment is confirmed by the growing share of women in its workforce which reached 20.5% in 2025 (+0.2 p.p. compared to 2024).  

Total R&D expenses that include both internal development and external collaborations with customer involvement, increased by about 20% compared to 2024 and represented 15% of revenues. This shows how central innovation is to the Group and its commitment to developing advanced technologies and solutions to strengthen competitiveness and resilience.  

Progress on sustainability was reflected in the upgrades Leonardo received in 2025 from the major ESG rating agencies: S&P Global increased its rating from 81/100 to 83/100, confirming the Company’s leadership in the sector; ISS ESG confirmed the Prime Status, improving its rating from C+ to B-; MSCI upgraded its rating from “BBB” to “A”; CDP - formerly Carbon Disclosure Project, issued an “A” rating, placing Leonardo in the leadership section for combating climate changes.