Leonardo stock: 2026 order guidance rises to EUR 29.5 billion

Published on 11/09/2026 at 17:47 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Leonardo stock enters the final quarter after adjusted profit rose 74% and the backlog reached EUR 60.4 billion. The IDV integration remains central.

Leonardo raises its order ambition

Leonardo reported strong nine-month growth across orders, revenue and EBITA.
The Iveco Defence Vehicles integration expanded the backlog and remains central to execution.
Management kept its revenue, EBITA, cash-flow and net-debt targets unchanged.

Leonardo, IT0003856405, Illustration mit AI erstellt.

Leonardo raised its 2026 order guidance after reporting strong nine-month results on Thursday, November 5. The Italian aerospace and defence group now expects orders of approximately EUR 29.5 billion, up from the previous target of approximately EUR 28.2 billion. The company said its other 2026 targets remain unchanged in its Leonardo press release.

Leonardo reported EUR 23.3 billion in new orders for the first nine months, an increase of 27.8% from the same period a year earlier. Revenue rose 14.2% to EUR 15.3 billion, while EBITA increased 37.7% to EUR 1.301 billion. The operating return on sales reached 8.5%, 1.5 percentage points above the comparable period.

Strong growth meets integration demands

Adjusted net profit climbed 74.2% to EUR 812 million. Free operating cash flow improved to negative EUR 68 million from negative EUR 426 million a year earlier; before the consolidation of Iveco Defence Vehicles, it was positive at EUR 22 million.

The backlog exceeded EUR 60 billion for the first time and stood at EUR 60.4 billion, providing more than 2.7 years of production coverage. Leonardo completed the acquisition of Iveco Group's Defence business on March 18, 2026, for approximately EUR 1.6 billion. The transaction added about EUR 6 billion to the backlog but also contributed to higher net debt.

Execution becomes the next test

Management maintained its 2026 revenue target of approximately EUR 22.1 billion, EBITA target of approximately EUR 2.21 billion, free operating cash-flow target of approximately EUR 1.37 billion and net-debt target of approximately EUR 2.2 billion. The raised order target improves visibility, while delivery capacity, programme execution and the IDV integration remain important for converting the backlog into revenue and cash.

Leonardo stock traded at 50.49 euros on Lang & Schwarz at 17:41 CET on Monday, November 9, 2026.