Leonardo SpA
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Leonardo SpA
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Leonardo SpA
Leonardo SpA is an Italian aerospace and defense company that designs and makes military and civil helicopters, aircraft electronics, radar and sensor systems, and other defense equipment. It also sells related training, maintenance, and support services that keep those systems working over time. Its main customers are governments, armed forces, defense ministries, and aerospace companies, along with some civil aviation and security buyers. Leonardo makes money by selling new aircraft and electronic systems, winning long-term defense and government contracts, and earning recurring revenue from support, upgrades, repairs, and service agreements. What makes Leonardo different is that it sits near the center of Europe’s defense supply chain as both a prime contractor and a key technology supplier. It often builds complex systems that are integrated into larger aircraft, ships, vehicles, and command networks, so its business depends heavily on technical know-how, certification, and close ties to public-sector customers.
Leonardo SpA is an Italian aerospace and defense company that designs and makes military and civil helicopters, aircraft electronics, radar and sensor systems, and other defense equipment. It also sells related training, maintenance, and support services that keep those systems working over time.
Its main customers are governments, armed forces, defense ministries, and aerospace companies, along with some civil aviation and security buyers. Leonardo makes money by selling new aircraft and electronic systems, winning long-term defense and government contracts, and earning recurring revenue from support, upgrades, repairs, and service agreements.
What makes Leonardo different is that it sits near the center of Europe’s defense supply chain as both a prime contractor and a key technology supplier. It often builds complex systems that are integrated into larger aircraft, ships, vehicles, and command networks, so its business depends heavily on technical know-how, certification, and close ties to public-sector customers.
Guidance raised: Leonardo lifted 2026 guidance for orders to EUR 28.2 billion, EBITA to EUR 2.21 billion, free operating cash flow to EUR 1.37 billion, and net debt is now expected to fall to EUR 2.2 billion.
Strong H1: First-half orders rose 40%, revenue increased 10%, and ROS improved to 7.6%, with management calling the period an "outstanding" start to the year.
Demand backdrop: Management said Europe and the U.S. are in a structural defense-spending upcycle, with particularly strong demand in electronics, helicopters, aeronautics, cyber, and space.
Program momentum: The company highlighted major order wins including NMH for the U.K., M-346 orders, and new work in electronics, while saying some large orders may still come later in the year.
Portfolio actions: Leonardo said it is accelerating partnerships, M&A, and restructuring efforts, including IDV integration, Raft acquisition, Aerostructures restructuring, and progress on GCAP, Michelangelo, Baykar, Rheinmetall, and Bromo.
