Leonardo Lifts 2026 Order Outlook as Nine-Month Adjusted Net Result Rises 74%

Leonardo lifted its 2026 new-order forecast to about €29.5 billion after nine-month orders rose 27.8%, while its adjusted net result increased 74.2% through Sept. 30.

The company recorded €23.270 billion in new orders during the first nine months, compared with about €28.2 billion for its previous full-year forecast. The revised target includes Iveco Group’s Defence business, acquired by Leonardo on March 18.

Adjusted net result reached €812 million, up from €466 million in the same period of 2025. Reported net result rose 7.8% to €792 million from €735 million. The 74.2% gain applies to the adjusted measure; the reported result grew at a slower rate. Revenue increased 14.2% to €15.347 billion, while earnings before interest, taxes and amortization, or EBITA, rose 37.7% to €1.301 billion.

The order backlog stood at €60.372 billion on Sept. 30, up 27.7% from a year earlier. Consolidation of Iveco Group’s Defence business added about €6 billion to the backlog. Excluding that business, new orders totaled €22.279 billion, a 22.4% increase from €18.208 billion in the year-earlier period. This comparison excludes the acquired business from the order figures.

Free operating cash flow was negative €68 million for the nine months, compared with negative €426 million a year earlier. Excluding Iveco Group’s Defence business, it was positive €22 million. Net debt was €3.325 billion at Sept. 30, up 43.8% year over year. The roughly €1.6 billion acquisition outlay contributed to the increase.

Leonardo kept its other 2026 financial targets unchanged: revenue of about €22.1 billion, EBITA of about €2.21 billion and free operating cash flow of about €1.37 billion. CEO and general manager Lorenzo Mariani said Leonardo was committed to strengthening its capabilities to support greater production and delivery capacity from its backlog.