Leonardo archives 2025 with double-digit growth numbers on all major financial indicators, exceeding the guidance already revised upwards during the year. Preliminary data released on February 25 show a strengthened group in the sector Aerospace e DEFENSE, with results exceeding market expectations and a clear improvement in the financial position.budget approval is scheduled for March 11, 2026, followed the next day byupdate of the business plan, expected to outline future strategies in a global context still marked by high demand for security and technological innovation. Yesterday, Leonardo's board of directors' meeting was dedicated to engineer Pierfrancesco Guarguaglini, legendary figure of the recently deceased Group.
At Piazza Affari, the title moves just below parity, at 58,52 euros (-1,08%), in a tepid market reaction despite the positive data.
Revenue and order backlog growing: key numbers
I revenues reached 19,503 billion euros, up 9,8% compared to 17,763 billion in 2024 (+10,9% on a like-for-like basis).ebita rises to 1,752 billion (+14,9%, +18,2% at constant perimeter), with a operating margin (Ros) at 9%, up from 8,6% in 2024. The Free Operating Cash Flow exceeded 1 billion (+22,4%), underlining the solidity of cash generation. Orders reached 23,782 billion (+13,5%), driven mainly by the sector aeronautics, while the order book rises to 46,624 billion (+5,5%), offering visibility on future revenues.
On the patrimonial front, net debt fell to 1 billion euros, down 44% compared to 2024. The improvement was supported both by the higher cash generation and by the overall collection of 446 million euros linked to the sale of the Underwater Armaments & Systems businessDebt reduction strengthens the group's financial structure and increases flexibility for future strategic investments.
Aeronautics, Defense, and Electronics: Drivers of Growth
All core areas of the group contributed to the growth.Defense and Security Electronics It recorded revenues of €8,350 billion and an EBITDA of €1,075 billion (EBITDA margin of 12,9%). The Helicopters segment reported revenues of €5,833 billion and an EBITDA of €523 million (EBITDA margin of 9%), with 182 new helicopters delivered.
The aeronautics It recorded a record increase in orders (+55%), to 5,814 billion, with revenues of 4,238 billion and EBITA of 326 million (ROS 7,7%), supported by the C-27J and Gcap programs and the recovery of the aerostructures sector. Cyber & Security Solutions It surpassed 1 billion in orders, with revenues of €798 million and EBITDA up 63,3% to €80 million (ROS 10%). The Space sector closed with orders of €1,047 billion, revenues of €1,007 billion, and EBITDA of €59 million, consolidating growth across all business lines.
Strategic joint ventures, including mBDA, Hensoldt e Thales Alenia Space, generated pro-rata revenues of €3,3 billion. Taking into account their contributions, the group's aggregate revenues would be approximately €22,8 billion, compared to €20,8 billion in 2024.
Innovation, sustainability and growing workforce
During 2025 Leonardo also increased the investments in Research and Development up to 3 billion euros, with a 20% growth on an annual basis.
On the front Esg, despite business expansion, market-based Scope 1 and 2 CO₂ emissions fell to 238 thousand tonnes (-0,7%), with an emission intensity on revenues improved by 9,5%. Water withdrawals and waste produced decreased by 2,3% and 7,6% respectively.organic reached 62.762 employees (+3,8%), with over 6.600 hires: those under 30 represent 16,1% of the total and the female share rose to 20,5%.
Cingolani: "Guidance exceeded, virtuous path completed"
"The preliminary results for 2025 show a significant improvement in all economic and financial indicators as well as a significant reduction in the Group's net debt. Thanks to the targets achieved, we have exceeded the challenging guidance already increased during the year. This represents the culmination of a virtuous journey that began three years ago, during which we combined a clear strategic vision with efficient process execution to fully realize Leonardo as 'one company,'" stated the CEO. Roberto Cingolani.
The manager also highlighted the progress made in sustainability and the strengthening of industrial resilience. On the financial front, the improvement in fundamentals was accompanied by an upgrade in the credit rating from major agencies, including Moody's, Standard & Poor's, and Fitch Ratings, confirming the overall strengthening of the group's profile.
