Leonardo (LDO) Q3 2026 earnings summary

Executive summary

• 9M orders rose 27.8% to €23.27bn, revenue increased 14.2% to €15.35bn and EBITA grew 37.7% to €1.30bn; like-for-like growth was 24%, 10% and 31%, respectively.

• Backlog reached €60.372bn, with book-to-bill of ~1.5x and production coverage exceeding 2.7 years.

• Adjusted net result rose 74.2% to €812m; FOCF was -€68m including IDV and positive €22m on a like-for-like basis.

Financial highlights

• 9M EBIT was €1.10bn, adjusted EPS €1.243 and reported net result €792m.

• FOCF improved 84% to -€68m from -€426m; the like-for-like result was positive for the first time at this point in the year.

• Net debt was €3.325bn versus €2.313bn a year earlier, mainly reflecting the €1.6bn IDV acquisition outlay.

• Cash flow absorbed higher tax payments and more than €110m for the NH90 Norway litigation settlement.

Outlook and guidance

• FY 2026 orders guidance rose from ~€28.2bn to ~€29.5bn, including IDV.

• Revenue guidance remains ~€22.1bn, EBITA ~€2.21bn, FOCF ~€1.37bn and net debt ~€2.2bn; double-digit ROS remains the target.

• Q4 is expected to deliver the year’s largest EBITA and cash flow, though performance is expected to be less exceptional than historically.

• Helicopters FY revenue growth expectation is ~4%, with ROS targeted at 9.2%; Aerostructures losses are expected near €0.1bn.