• Order Backlog rises to c. €59 bln (+30% YoY), 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 1.6x
• Revenues and EBITA growth across all business sectors
• Net Result Adjusted € 476 mil (+74% YoY)
• Free Operating Cash Flow (FOCF) shows steady improvement, demonstrating the effectiveness of the actions undertaken
• Group Net Debt at € 3.2 bln (+49% YoY), affected by the acquisition of the IDV business

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Leonardo's Board of Directors, convened today under the Chairmanship of Francesco Macrì, examined and unanimously approved the results for the first half 2026.

"Leonardo’s first-half 2026 results,” said Lorenzo Mariani, Chief Executive Officer and General Manager of Leonardo, “confirm that we are delivering across all the key pillars of our Industrial Plan. Growth in our order backlog, revenues and operating profitability, together with stronger cash generation, demonstrates the Group’s ability to execute programmes, increase production capacity and respond effectively to an evolving market environment. On the strength of these results, we have upgraded our 2026 Guidance, setting new targets for Orders, FOCF and EBITA, with a ROS at 10.0%.”
“Our focus now", Mariani added, “is to build on this momentum and ensure consistent execution of the Industrial Plan by further strengthening our industrial capabilities, enhancing the resilience of our supply chain, investing in the critical technologies required to address rapidly evolving market needs, including through further M&A operations, and expanding the strategic partnerships that support the Group’s long-term growth".

⁽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.}

H1 2026 Results 

The first half 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)

Main Group Key Performance Indicators (KPIs) for the period and the main changes reported below:

On 18 March 2026, Leonardo completed the acquisition of the Iveco Group’s Defence Business (IDV), marking a significant step in Leonardo’s plan to strengthen its leading position in land defence, and consolidated its role as an integrated Original Equipment Manufacturer. The transaction, whose price was equal to about € 1.6 bln., was financed through available cash resources and the IDV business was fully consolidated in this accounting information of the Leonardo Group from the acquisition date. In order to make the Group's operational performance more comparable, selected performance indicators are reported below on a like-for-like basis, excluding the contribution of the IDV business for the comparative period:

In the first half of 2026, New Orders reached € 16.3 bln., highlighting a broad, overall improvement (+44.6% YoY, +38.8% like-for-like), confirming the consolidated position of the Group in the markets in which it operates, with a book to bill in the period (the ratio of New Orders to Revenues for the period) equal to about 1.6x.

The Order Backlog reached c. € 59 bln., also as a result of the consolidation of the IDV business, which determined an impact equal to approximately € 6 bln., ensuring a coverage in terms of production of over 2.6 years. 

Revenues (€ 10.0 bln.) also showed an improvement in all the business sectors (+12.2% YoY, +8.2% like-for-like), despite the negative impact of exchange rate on the contribution from U.S. components, mainly Leonardo DRS in the Defence Electronics sector. Excluding this component, Revenues increased by about 10.0% YoY like-for-like.

Revenues’ growth, together with increase in operating profitability with ROS at 7.8% (+1.3 p.p. compared to 30 June 2025), sustained the solid increase in EBITA, amounting to € 780 mil. (+34.3% YoY, +25.8% like-for-like). The indicator, which continued to show a marked increase across all business sectors, benefitted by the performances of the Defence Electronics sector, despite the previously mentioned negative exchange rate impact, and by the consistent upward trend of Aircraft, the recovery in Aerostructures and GIE-ATR.

Net result adjusted, equal to € 476 mil. (+74.4% YoY), showed a significant increase, benefitting from the performance of EBITA and lower net financial expenses.

Free Operating Cash Flow (FOCF), negative for € 249 mil. (negative for € 226 mil. like-for-like), showed a cash absorption situation, which is typical in the first months of the year, sharply improving compared to the first half of the previous year (+39.0%, +44,6% like-for-like), as proof of the effectiveness of the actions undertaken by the Group.

The Group Net Debt, equal to € 3,248 mil. up on 30 June 2025 (+49.5%), was affected by the € 1.6 bln cash-out to acquire IDV business, partially mitigated by the abovementioned FOCF performance.
 

2026 Guidance upgraded 

The outstanding performance of the Group continued in the second quarter of the year, supported by standout commercial momentum across all divisions, together with strong growth in profitability and cash generation.
As a consequence, the Group upgrades its full year 2026 Guidance, also including expected contribution from IDV consolidation, as follows:

• New order intake from c. € 26.2 billion to c. € 28.2 billion;
• EBITA from c. € 2.15 billion to c. € 2.21 billion, targeting double digit ROS;
• FOCF from c. € 1.32 billion to c. € 1.37 billion;
• Net Debt down from c. € 2.3 billion to c. € 2.2 billion.

Full year 2026 Revenues guidance of c. € 22.1 billion is confirmed.

Group full year 2026 Guidance:

^{(*) _{Based on USD/€ exchange rate at 1.18 and €/GBP exchange rate at 0.86. Based on the current assessments of the impacts of the geopolitical situation 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.}
(***) _{Does not include Raft Leonardo DRS announced acquisition or additional M&A transactions.}}