Rome, 25 February 2026 07:24
RESULTS ABOVE 2025 GUIDANCE
- 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
- 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
Sustainability KPIs improved across all areas: environment, social and innovation
- Total R&D expenses increased to € 3.0 billion (+20% vs 2024)
Update on the Industrial Plan will be presented on March 12 in Rome
(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.
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The Board of Directors of Leonardo reviewed yesterday the preliminary results for the year ended December 2025.
“Leonardo’s preliminary 2025 results highlight a significant increase across all key economic and financial indicators and a substantial reduction of the Group’s net debt. We exceeded the challenging guidance, which had been already upgraded during the year. Such a performance represents the completion of the value-accretion path launched three years ago, combining a clear strategic vision with efficient execution of processes, fully enabling the Leonardo’s ‘One Company’ model.
About sustainability, the results further validate our strategy to decouple environmental impacts from the Group’s growth, thereby strengthening business competitiveness and resilience. We also increased investment in Research and Development to accelerate advanced technologies and solutions and, through the addition of new resources, further enhanced the Group’s technical and scientific skills.
Leonardo’s strong 2025 performance reflects the commitment and alignment of our people and provides a solid background for the forthcoming years”, stated Roberto Cingolani, CEO and General Manager of Leonardo.
2025 Preliminary Results
The preliminary results for the financial year 2025 highlight a particularly positive performance of the Group with a significant growth in all indicators compared to the prior year.
New Orders increased significantly reaching €bil. 23.8, +13.5% vs 2024 (+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, within a market environment where demand for security remains high.
Revenues, equal to €bil. 19.5, grew by 9.8% vs 2024 (10.9% compared to the like-for-like figure), with a double-digit increase in all business sectors. 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, +14.9% vs 2024 (+18.2% compared to the like-for-like figure), exceeding the Group’s expectations and in line with the sustainable development path envisaged in the Industrial Plan of Leonardo, and increased as a result of higher volumes and improved profitability, highlighting a ROS going from 8.4% (like-for-like figure) to 9.0%.
Free Operating Cash Flow (FOCF) for the year showed an improvement as well +22.4% vs 2024 (+20.5% compared to the like-for-like figure), demonstrating the effectiveness of the actions undertaken.
The Group Net Debt, equal to €bil. 1.0, showed an improvement (-44.2%) compared to 31 December 2024 (€bil. 1.8); the figure benefitted from the strengthening of the Group’s cash generation and from the collection of a total of €mil. 446 deriving from the sale of the Underwater Armaments & Systems (UAS) business.
Key Performance Indicators (KPI)
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).
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 (like-for-like perimeter), subject to disposal during the year:
Sustainability Key Performance Indicators (KPI)
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.
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.
Key Performance Indicators by segment
Starting from 2025, the Group has revised the method to represent its performance following the establishment of the Aeronautics Division, which brings together the Group’s Aerostructures and Aircraft Business Units that were previously recognised separately, in addition to the Global Combat Air Programme (GCAP) Organizational Unit previously recognised within the Other Activities.
The new organization aims to strengthen the aeronautics sector and reaffirm Leonardo’s role as a key player in the sector, accelerate the execution of Leonardo’s strategies in the field of fixed-wing aircraft, and the development of the Unmanned Aerial Systems/Remotely Piloted Aircraft Systems business, beside strengthening the product portfolio and the management of strategic partnerships for the entire segment internationally.