Leonardo reported first-quarter 2026 new orders of €9 billion, up 31% year on year, as revenue rose 7% to €4.4 billion and EBITA increased 33% to €281 million. The Italian aerospace and defence group also confirmed its full-year 2026 guidance.
The company said the quarter also included negative free operating cash flow of €411 million, up 29% on the comparable period. Leonardo’s order intake was supported by defence programmes including combat aircraft and AW149 helicopters, which remain a key contributor to the backlog.
Leonardo confirmed on 28 February that a contract for 23 AW149 helicopters had been signed. In March, specialist media reported that the United Kingdom had awarded an estimated £1 billion contract for 23 AW149s under the New Medium Helicopter programme, reinforcing the programme’s industrial visibility.
The quarter underscores Leonardo’s ability to convert defence demand into orders, while also showing the cash demands of production execution and programme completion. The company’s guidance confirmation suggests management sees the first-quarter order momentum as sufficient to support its 2026 targets.