Leonardo closed 2025 with double-digit growth.
The Italian defense and aerospace giant ended last year’s fiscal year with an adjusted net profit exceeding one billion euros and increased revenues. Operating profitability and cash flow also improved, while net debt decreased compared to the previous year.
This is what emerges from the data released by the Piazza Monte Grappa group in a statement issued after the board of directors chaired by Stefano Pontecorvo approved the final results of the fiscal year, confirming the figures already presented preliminarily in February.
Furthermore, the board approved a proposal to increase the dividend and released forecasts for 2026, indicating further progress in key economic and financial indicators.
The company’s shares jumped about 9% in early trading in Milan, reaching an all-time high after the plan announcement. On the same day, the company led by Roberto Cingolani also released an update to the industrial plan, extending the forecast horizon to 2030 with orders at 32 billion euros and revenues at 30 billion.
All the details.
ECONOMIC RESULTS
Leonardo closed 2025 with an adjusted net profit of 1.015 billion euros, up 18.6%, while the total net result reached 1.33 billion euros, with growth of 15.1%. I
Revenues recorded an increase of 10.9%, reaching 19.5 billion euros, with double-digit growth in all business sectors.” Particularly significant are the contributions from Defense and Security Electronics, both from the European component and from the subsidiary Leonardo DRS, Helicopters, and Aeronautics, with particular reference to the Aircraft component. The revenue growth is accompanied by a significant improvement in both operating profitability and cash generation,” the statement emphasizes.
The operating result, measured by EBITA, also improved by 18.2%, reaching 1.75 billion euros, “above the Group’s expectations, driven by both higher volumes and improved profitability, showing an ROS increasing from 8.4% (on a like-for-like basis) to 9.0%. Of particular note are the results of Helicopters and Defense and Security Electronics, despite the negative impact of exchange rate effects on the result of the Leonardo DRS subsidiary,” the statement further specifies.
PERFORMANCE OF INDIVIDUAL SECTORS
Looking at Leonardo’s individual sectors, as already mentioned, all recorded revenue and profitability growth in 2025. Defense and security electronics remains the largest contributor with revenues of 8.35 billion and EBITA of 1.075 billion. The helicopter segment reached revenues of 5.83 billion with improved profitability, while aeronautics saw a strong increase in orders and revenues of 4.24 billion, mainly driven by the aircraft division. The cyber and security segment also grew, with orders exceeding one billion and improving operating margins, as did the space sector, which showed improved performance across all key indicators, with orders and revenues above one billion, confirming the trend started in 2024 and also benefiting from the partial recovery of the manufacturing component of the Space Alliance.
CASH FLOWS EXCEED ONE BILLION
During 2025, free cash flow exceeded one billion euros, reaching 1.011 billion, up 22.4% compared to the 2024 figure of €826 million, confirming the positive results achieved thanks to initiatives to strengthen operational performance and working capital management.
DEBT CONTINUES TO DECLINE
At the same time, net debt continued to decrease, falling to 1 billion euros compared to 1.795 billion recorded at the end of 2024.
As the group’s statement explains, “the trend of FOCF and the consideration received as part of the disposal of the UAS business [i.e., the former Wass to Fincantieri], amounting to about 446 million, have a corresponding positive impact on Group Net Debt, down approximately 44.2% compared to December 31, 2024.”
The statement also specifies that “the trend in Group net debt is also affected by dividend payments amounting to 343 million, in addition to strategic acquisition transactions completed during the year, totaling about 52 million euros, relating to 24.55% of the Finnish company SSH Communications Security Corporation and 100% of the Swedish company Axiomatics AB, as well as lease contract subscriptions for 97 million euros, foreign currency translation effects, and other items.”
DIVIDEND INCREASE
Furthermore, the board of directors will propose to the shareholders’ meeting the distribution of a dividend of 0.63 euros per share. The coupon – payable from June 24, 2026 – represents a 21% increase compared to the dividend for the previous fiscal year.
2026 GUIDANCE
Finally, for 2026 Leonardo expects to achieve orders of about 25 billion euros and revenues around 21 billion euros, compared to 19.5 billion recorded in 2025.
Regarding EBITA, it is expected to reach 2.03 billion euros, up from 1.75 billion the previous year. Free operating cash flow is estimated at 1.11 billion euros, while net debt is forecast to further decline to 0.8 billion euros compared to the one billion recorded at the end of 2025.
