Leonardo (LDO) Q3 2025 earnings summary

Executive summary

• Achieved strong growth in orders, revenues, and profitability in the first nine months of 2025, with a record backlog of EUR 47.3 billion and robust performance across all divisions.

• Confirmed upgraded full-year 2025 guidance, with all key metrics on track and continued focus on disciplined capital allocation and shareholder returns.

• Continued execution of the Industrial Plan, with progress in large-scale initiatives, efficiency programs, and strategic partnerships.

• Announced leadership changes in Investor Relations and finance roles, ensuring business continuity.

Financial highlights

• New orders up 24.3% year-over-year to EUR 18.2 billion; book-to-bill at 1.4x; backlog at EUR 47.3 billion.

• Revenues rose 12.4% to EUR 13.4 billion; EBITDA up 23% to EUR 945 million; return on sales improved to 7%.

• Free operating cash flow improved by 22.5% to EUR (426) million, with cash absorption reduced and higher receipts.

• Net debt decreased to EUR 2.3 billion, aided by proceeds from the UAS business sale.

• Net result before extraordinary transactions up 28% to EUR 466 million; bottom line benefited from a EUR 735 million capital gain on the UAS business sale.

Outlook and guidance

• Full-year 2025 guidance confirmed: new orders EUR 22.25–22.75 billion, revenues ~EUR 18.6 billion, EBITDA/EBITA ~EUR 1.66 billion, FOCF EUR 920–980 million, net debt ~EUR 1.1–1.15 billion.

• Guidance based on current geopolitical, supply chain, and macroeconomic assumptions, including effects from the Norwegian NH90 program settlement.