Leonardo reports strong growth and record orders in 2024 financial results

The group reported a 16.8% increase in orders, reaching €20.9 billion compared to 2023. This growth was primarily driven by strong demand in the Electronics for Defence and Security sector, as well as the Helicopters division in both government and commercial markets.

Leonardo’s revenue grew by 16.2% year-on-year, totalling €17.8 billion. The company credited this increase to improved execution of its order backlog and enhanced supply chain optimisation, particularly in the defence electronics and helicopter segments.

Operating profit (EBITA) rose to €1.525 billion, reflecting a 15.8% increase from the previous year. The company attributed this strong performance to higher activity volumes, cost-saving initiatives, and resilience in the Defence & Security sector, despite challenges in Aerostructures and Space manufacturing.

Leonardo’s order backlog now stands at over €44 billion, securing production for approximately 2.5 years. This milestone underscores the success of the company’s recent commercial efforts and its ability to secure long-term contracts.

The company also reported a positive free operating cash flow, contributing to a reduction in net debt. As a result, Leonardo announced a doubling of its dividend, reinforcing its commitment to delivering value to shareholders.

CEO Roberto Cingolani highlighted the company’s growing role in the global Aerospace, Defence, and Security industry. He noted that Leonardo is well-positioned to forge strategic alliances and participate in major international programmes.

Beyond financial performance, Leonardo made progress in sustainability initiatives, reducing emissions intensity by 18.3%. The company also increased investments in research and development to €2.49 billion, equivalent to 14% of total revenues.

Cingolani emphasised Leonardo’s focus on innovation, inclusivity, and environmental responsibility. He noted that these efforts make the company more attractive to young talent and enhance its long-term competitiveness.