Leonardo
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Leonardo (LDO) investor relations material

Leonardo Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary25 Feb, 2026

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.

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Frequently asked questions

Leonardo S.p.a. provides aerospace, defense, and security systems, including helicopters, aircraft, electronics, and cyber security solutions. The company serves government and commercial clients worldwide, with capabilities in design, manufacturing, and integration of complex technologies. The company is headquartered in Rome, Italy, and its shares are listed on the BIT.

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