Leonardo (LDO) Q4 2025 earnings summary

Executive summary

• Orders reached €23.8 billion, up over 14% year-over-year, exceeding guidance and prior targets.

• Revenues rose to €19.5 billion, up nearly 11% year-over-year, surpassing guidance.

• EBITDA/EBITA increased to €1.75 billion, up over 18% year-over-year, with return on sales at 9.0%.

• Free operating cash flow exceeded €1 billion for the first time, up over 20% year-over-year.

• Net debt reduced by 44% to €1 billion, reflecting strong cash generation and asset sales.

Financial highlights

• Orders grew over 38% in three years, revenues up 33%, EBITDA up 44%, and free operating cash flow up 88%.

• Dividend per share increased to €0.52, with a CAGR of 275% over three years.

• Dividend yield now aligns with European peers, with further increase planned in line with net income growth.

• Workforce expanded by 22% to 73,000, with 70% STEM hires and 55% under 30 years old.

• R&D expenses increased 20% to €3.0 billion, representing 15% of revenues.

Outlook and guidance

• Further dividend increase expected, likely around +20%, following net income growth.

• New industrial plan and 2026 guidance to be presented on March 12.

• Results provide a solid foundation for future years, with continued focus on sustainability and innovation.