Leonardo stock: 2026 order guidance raised after strong nine months

Published on 11/09/2026 at 12:12 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Leonardo stock enters the final quarter with stronger revenue, EBITA and cash generation. Management kept its main profitability and cash targets unchanged.

Leonardo strengthens its order outlook

Revenue and EBITA increased across all business sectors in the first nine months.
The Iveco Defence Vehicles acquisition expanded the backlog while increasing net debt.
Management retained its revenue, EBITA, free cash flow and net debt targets for 2026.

Leonardo, IT0003856405, Illustration mit AI erstellt.

Leonardo said on Thursday, November 5, that its board had approved the first nine months of 2026 results, with higher orders, revenue and profitability across all business sectors. The company also raised its full-year order guidance, underlining strong demand for defence electronics, helicopters and aeronautics.

According to Leonardo, new orders reached 23.3 billion euros in the nine months to September, up 27.8 percent from the comparable period. Revenue rose 14.2 percent to 15.3 billion euros, while EBITA increased 37.7 percent to 1.301 billion euros. The operating margin reached 8.5 percent, 1.5 percentage points above the year-earlier period.

Adjusted net income climbed 74.2 percent to 812 million euros. Leonardo said the increase reflected stronger EBITA and lower net financial expenses. Free operating cash flow remained negative at 68 million euros, but improved sharply from the prior-year period. Before the consolidation of Iveco Defence Vehicles, the measure was positive at 22 million euros.

Backlog expands after IDV acquisition

The order backlog rose to 60.4 billion euros and exceeded 60 billion euros for the first time. Leonardo said the backlog provides production coverage of more than 2.7 years. The consolidation of Iveco Defence Vehicles, acquired on March 18, contributed about 6 billion euros to the backlog and broadened Leonardo's position in land defence.

The acquisition also affected leverage. Group net debt stood at 3.325 billion euros, 43.8 percent higher than a year earlier, after the company financed the transaction, which cost about 1.6 billion euros, from available cash resources.

Order target rises for 2026

Leonardo lifted its 2026 new-order forecast to 29.5 billion euros from 28.2 billion euros previously. The company kept its other full-year targets unchanged: revenue of 22.1 billion euros, EBITA of 2.21 billion euros, free operating cash flow of 1.37 billion euros and net debt of 2.2 billion euros.

Chief Executive Officer and General Manager Lorenzo Mariani said Leonardo would focus on converting its backlog into greater production and delivery capacity. He also pointed to process efficiency, programme execution, industrial partnerships and targeted acquisitions as priorities under the group's strategic plan.

The real-time quote of Leonardo stock traded at 49.36 euros on Lang & Schwarz at 12:08 CET on Monday, November 9, 2026.

Leonardo's results leave investors balancing stronger order visibility and operating momentum against acquisition-related debt and continued cash-flow execution. The next focus is whether the group can convert the enlarged backlog into deliveries while meeting its unchanged profitability and cash targets.

The Euro Stoxx 50 provides the broader European market context for defence and industrial shares.

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