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Leonardo reported a big jump in new orders for the first nine months of 2025, helped by solid demand in its main aerospace and defense businesses and a major contract in its Aeronautics unit.
New orders rose 23.4% from last year to €18.2 billion, while revenue grew 11.3% to €13.4 billion. The company’s order backlog reached €47.3 billion, giving it a strong book-to-bill ratio of 1.4, meaning it’s winning more work than it’s delivering.
CEO Roberto Cingolani said the results show the group’s strong performance, with steady growth and good profitability in both domestic and international markets. He added that Leonardo’s full-year 2025 outlook, which was raised earlier in July, remains unchanged.
Cingolani also said the company is pushing ahead with its industrial strategy and expanding across Europe. Recent moves include buying Iveco Defence and signing a partnership agreement with Airbus and Thales to form a new space company.
Leonardo’s operating profit (EBITA) rose 18.9% to €945 million, while net profit before extraordinary items climbed 28% to €466 million. Free cash flow improved by 22.5%, though it stayed negative at €426 million due to seasonal factors that typically affect the company’s cash timing.
The Aeronautics division performed especially well thanks to a major order for logistics support and training for Kuwait’s Eurofighter jets. Other divisions also showed growth, reinforcing Leonardo’s confidence in the continued strength of its core operations.