Leonardo has completed its transition from a siloed conglomerate to an integrated multinational defense and aerospace company under CEO Roberto Cingolani, who assumed leadership in mid-2023. The firm exceeded all FY2025 financial targets, with orders reaching €23.8 billion, up 14.5% year-over-year, surpassing guidance of €22.25-22.75 billion. Revenues hit €19.5 billion, a 10.9% increase over the €18.6 billion target, driven by higher volumes, servitization, and efficiency gains. EBITA rose 18.2% to €1.75 billion, yielding a 9.0% return on sales margin, while free operating cash flow advanced 20.5% to €1.0 billion. Net debt dropped 44.2% to €1.0 billion.
Over three years since 2022, orders grew 38%, revenues 33%, EBITA 44%, and free operating cash flow 88%, boosting market capitalization six-fold from €4.6 billion to €33.8 billion. Cingolani highlighted the refined portfolio as a competitive edge, enabling manned and unmanned systems across domains. The 2026-2030 Industrial Plan targets €142 billion in cumulative orders, with €32 billion intake in 2030 and 9% revenue CAGR, supported by backlog, capacity expansion, and a book-to-bill ratio above 1.
Pillars include cybersecurity, high-performance computing, AI, and data, with the Michelangelo Dome initiative projecting €21 billion in opportunities over ten years through multi-domain interoperability. Leonardo pursues strategic partnerships, selective M&A, and dual-use solutions for sectors like environmental monitoring. Cingolani states, “After three years, the portfolio is maybe the most completely defined among our peers.” The company eyes roles in GCAP, Eurodrone, and European defense integration.