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Leonardo (LDO) investor relations material
Leonardo Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Achieved strong growth in orders, revenues, and profitability in the first nine months of 2025, with a record backlog of EUR 47.3 billion and robust performance across all divisions.
Confirmed upgraded full-year 2025 guidance, with all key metrics on track and continued focus on disciplined capital allocation and shareholder returns.
Continued execution of the Industrial Plan, with progress in large-scale initiatives, efficiency programs, and strategic partnerships.
Announced leadership changes in Investor Relations and finance roles, ensuring business continuity.
Financial highlights
New orders up 24.3% year-over-year to EUR 18.2 billion; book-to-bill at 1.4x; backlog at EUR 47.3 billion.
Revenues rose 12.4% to EUR 13.4 billion; EBITDA up 23% to EUR 945 million; return on sales improved to 7%.
Free operating cash flow improved by 22.5% to EUR (426) million, with cash absorption reduced and higher receipts.
Net debt decreased to EUR 2.3 billion, aided by proceeds from the UAS business sale.
Net result before extraordinary transactions up 28% to EUR 466 million; bottom line benefited from a EUR 735 million capital gain on the UAS business sale.
Outlook and guidance
Full-year 2025 guidance confirmed: new orders EUR 22.25–22.75 billion, revenues ~EUR 18.6 billion, EBITDA/EBITA ~EUR 1.66 billion, FOCF EUR 920–980 million, net debt ~EUR 1.1–1.15 billion.
Guidance based on current geopolitical, supply chain, and macroeconomic assumptions, including effects from the Norwegian NH90 program settlement.
M&A impact on FY25 Net Debt guidance
Aeronautics EBITA decline despite order growth
New space company: expected synergies and timeline
Iveco Defense: Industrial analysis update
Hensoldt stake: Future strategic direction
Yeovil plant: UK contract dependency impact
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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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