Leonardo (LDO) Q2 2026 earnings summary

Executive summary

• H1 2026 saw significant growth in orders, revenues, and profitability, with new orders up 44.6% YoY to €16.3bn and revenues up 12.2% to €10.0bn.

• EBITA rose 34.3% YoY to €780m, and adjusted net result increased 74.4% to €476m.

• The order backlog reached €58.6bn (+30.1% YoY), boosted by the consolidation of the IDV business.

• Free Operating Cash Flow (FOCF) improved to -€249m, a 39% YoY improvement.

• Group net debt increased to €3.25bn, mainly due to the €1.6bn acquisition of IDV.

Financial highlights

• Book-to-bill ratio at 1.6x, confirming strong commercial momentum.

• ROS improved to 7.8% (+1.3 p.p. YoY).

• EBITDA rose 26.9% YoY to €1,122m; EBIT margin increased to 6.6% (+1.8 p.p. YoY).

• Adjusted EPS up 82.3% YoY to €0.733.

Outlook and guidance

• FY 2026 guidance upgraded: new orders c. €28.2bn, EBITA c. €2.21bn, FOCF c. €1.37bn, net debt c. €2.2bn.

• Full-year revenue guidance confirmed at c. €22.1bn.

• Double-digit ROS targeted for FY 2026.