Italian aerospace and defence giant Leonardo SpA delivered its strongest performance in three years, with new orders jumping 55% in its aeronautics division and net debt nearly halving to €1 billion. The Rome-based company posted group new orders of €23.8 billion, up 13.5%, and revenues climbing 9.8% to €19.5 billion, both exceeding already-upgraded guidance.

The aeronautics division was the standout performer, with new orders surging to €5.8 billion from €3.75 billion in 2024, driven by a Kuwait logistic support contract and higher Global Combat Air Programme (GCAP) fighter jet orders. Divisional revenues rose 11.1% to €4.24 billion, with EBITA up 17.3%. The Defence Electronics and Security division remained the largest segment at €8.35 billion, while the Helicopters division delivered revenues of €5.83 billion.

Group EBITA rose 14.9% to €1.75 billion, with the return on sales margin expanding 40 basis points to 9.0%. The Cyber and Security Solutions division posted the sharpest profitability improvement, with EBITA surging 63.3% to €80 million. The order backlog stood at €46.6 billion at end-2025, providing approximately 2.4 years of revenue cover at current run rates.