Leonardo Shareholders to Chart New Course at Upcoming AGM

Leonardo's pivotal 2026 AGM features a full board renewal and a new 2030 strategy targeting €142B in orders, backed by strong 2025 results and a €21B tech initiative.

Investors in Leonardo are set for a pivotal Annual General Meeting on May 7, 2026. The agenda is substantial, featuring not only the standard approval of the 2025 financial statements but also a comprehensive overhaul of the company's board. This includes the election of an entirely new management board and the selection of a fresh chairman for the supervisory board.

Operational Momentum Provides Solid Backdrop

The meeting convenes at a time of strong operational performance for the aerospace and defense group. For the 2025 fiscal year, Leonardo's revenue and earnings per share both surpassed market expectations. New orders climbed to €23.8 billion, with revenues reaching €19.5 billion. The company's EBITA saw significant growth, advancing 18.2% to €1.75 billion. A major milestone was achieved as free operating cash flow exceeded the €1 billion mark for the first time, while net debt was reduced to €1.0 billion.

A Strategic Blueprint Through 2030

Fueling future growth is an updated industrial plan for 2026-2030, which was approved by the board on March 12. This strategy outlines cumulative orders of €142 billion and revenues of €126 billion targeted by the end of the decade. The plan identifies cybersecurity, high-performance computing, artificial intelligence, and data processing as its core strategic pillars. Furthermore, the "Michelangelo Dome" initiative—a program designed to integrate various technology platforms—is projected to unlock business potential worth €21 billion over the next ten years.

Market sentiment appears cautiously optimistic. Deutsche Bank recently upgraded its rating on Leonardo's stock, citing the achievability of the new plan's targets, which call for annual revenue growth of 9% and EBITA growth of 15.5%. The current analyst consensus maintains a moderate "buy" recommendation. Following a pullback last week, the share price trades approximately 13% below its 52-week high of €64.44, which was recorded in mid-March. The upcoming AGM is viewed by some as a potential catalyst for a market re-rating of the equity.