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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.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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