New orders rose to €23.8 billion, up 13.5% compared with 2024, or 14.5% on a like-for-like basis, with a book-to-bill ratio of 1.2x. Revenues increased to €19.5 billion, up 9.8% year on year, with double-digit growth across all business sectors.
EBITA reached €1,752 million, up 14.9% compared with 2024, or 18.2% on a like-for-like basis, exceeding expectations and reflecting higher volumes and improved profitability. Return on Sales increased from 8.4% on a like-for-like basis to 9.0%, while Free Operating Cash Flow rose by 22.4% year on year, demonstrating the effectiveness of actions undertaken.
The Group’s net debt fell to €1.0 billion as at 31 December 2025, down 44.2% from €1.8 billion a year earlier. The improvement reflected stronger cash generation and the collection of €446 million from the sale of the Underwater Armaments & Systems business.
“Leonardo’s preliminary 2025 results highlight a significant increase across all key economic and financial indicators and a substantial reduction of the Group’s net debt. We exceeded the challenging guidance, which had been already upgraded during the year. Such a performance represents the completion of the value-accretion path launched three years ago, combining a clear strategic vision with efficient execution of processes, fully enabling the Leonardo’s ‘One Company’ model,” said Roberto Cingolani, CEO and General Manager of Leonardo.
“About sustainability, the results further validate our strategy to decouple environmental impacts from the Group’s growth, thereby strengthening business competitiveness and resilience. We also increased investment in Research and Development to accelerate advanced technologies and solutions and, through the addition of new resources, further enhanced the Group’s technical and scientific skills. Leonardo’s strong 2025 performance reflects the commitment and alignment of our people and provides a solid background for the forthcoming years,” he added.
The Group’s strategic joint ventures and associates, including GIE-ATR, MBDA, Hensoldt and Thales Alenia Space, generated total revenues of €3.3 billion in 2025, compared with €3.0 billion in 2024, as far as Leonardo’s share is concerned. On an aggregate basis, Group revenues would amount to approximately €22.8 billion, compared with €20.8 billion in 2024.
In 2025, Leonardo also consolidated its sustainability strategy through the publication of its first Group Transition Plan, defining a structured and measurable pathway towards a resilient business model based on decoupling growth from environmental impact. Despite higher business volumes, key sustainability indicators improved, including a 0.7% reduction in Scope 1 and 2 market-based CO2 emissions in absolute terms and a 9.5% reduction in emissions intensity relative to revenues.
Water withdrawals decreased by 2.3% year on year, supported by the Smart Water programme aimed at improving network efficiency and resilience. Waste production fell by 7.6%, in line with the Group’s circular economy strategy and projects such as CRM4Defence focused on Critical Raw Materials.
The workforce increased by 2,294 employees compared with 2024, with around 1,600 additional staff in Italy and about 400 in the United Kingdom, and more than 6,600 new hires during the year. Employees under 30 accounted for approximately 16% of the total workforce, up 1.1 percentage points, while the share of women rose to 20.5%.
Total R&D expenditure increased by about 20% compared with 2024 and represented 15% of revenues, including internal development and external collaborations involving customers. Leonardo also received upgrades from major ESG rating agencies in 2025, including S&P Global, ISS ESG, MSCI and CDP, reflecting progress in environmental, social and governance performance.
