Leonardo closed the first nine months of 2026 with broad-based improvement, according to CFO Giuseppe Aurilio, who presented the results on November 5. The Leonardo nine-month results showed gains in orders, revenue, profitability and cash flow, with the order book reaching a record level.
Orders and backlog set new marks
Orders rose 24% on a like-for-like basis through the end of September. That performance lifted the book-to-bill ratio to 1.5, meaning the company booked more new business than it recognized as revenue during the period. The backlog surpassed €60 billion for the first time, a figure that includes Iveco Defence Vehicles.
The order growth and backlog expansion provide visibility into future revenue, Aurilio indicated, while the book-to-bill ratio above 1.0 signals continued demand for Leonardo’s products and services.
Revenue and profitability improve
Revenues increased 10% like-for-like. That measure excludes Iveco Defence Vehicles and strips out the negative effect of translating U.S. dollar-denominated business into euros. Despite the currency headwind, the top line moved higher.
Profitability advanced more sharply than sales. EBITA grew by roughly 30% like-for-like, and the return on sales expanded to 8.5%. Aurilio noted that the margin stood at 7% in 2025, making the latest figure a substantial year-over-year improvement.
The combination of rising revenue and faster profit growth indicates that execution is on track, the CFO said. He also pointed to strong cash flow generation during the period.
Management highlights execution
Aurilio described the quarter and nine-month period as showing significant improvement across the board. He emphasized that the company is delivering on its operating plan while managing the translation effects of a stronger dollar, which reduce reported euro revenue from U.S. sales.
The results cover the period ended September 30 and were discussed during a morning call with analysts. Claudia Introvigne, Leonardo’s investor relations director, introduced the presentation and noted that Aurilio would cover both the results and the outlook before taking questions.
Key figures at a glance
- Orders: up 24% like-for-like
- Book-to-bill: 1.5
- Backlog: above €60 billion, including Iveco Defence Vehicles
- Revenues: up 10% like-for-like, excluding Iveco Defence Vehicles and net of U.S. dollar translation effects
- EBITA: up about 30% like-for-like
- Return on sales: 8.5%, compared with 7% in 2025
The nine-month update places Leonardo among defense contractors benefiting from sustained order intake, though the company’s reported figures remain sensitive to currency movements. Management’s emphasis on like-for-like growth rates reflects the impact of U.S. dollar translation on reported results.
With a backlog above €60 billion and a book-to-bill ratio of 1.5, Leonardo enters the final quarter with a stronger order position than a year earlier. The margin expansion to 8.5% also marks progress toward the company’s profitability goals, although Aurilio did not provide specific forward guidance in the portion of the call summarized.