Leonardo Order Forecast 2026: Italian aerospace and defence company Leonardo has increased its order forecast for 2026 after receiving more orders for its defence products and service. The company now expects orders to reach around €29.5 billion comapred to its earlier estimate of €28.2 billion.
During the first nine months of 2026 the new orders increased by 27.8%. The company’s total backlog also grew by 28% compared to last year and reached €60.4 billion. This is the first time Leonardo’s backlog has crossed the €60 billion mark.
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Between January and September, Leonardo received €23.3 billion in new orders. This means it secured around €1.50 in orders for every €1 of revenue earned during the period. Even without the contribution from Iveco Defence Vehicles (IDV), new orders increased by 22.4%.
Defence Electronics and IDV Acquisition Boost Orders
Defence electronics played a major role in Leonardo’s growth. The company also benefited from its purchase of Iveco’s defence business, IDV, which it completed on March 18, 2026. The deal added around €6 billion to its order backlog and helped Leonardo expand its land defence business, reported Defence Industry.
Leonardo used around €1.6 billion from its available cash to complete the acquisition. The deal also increased its net debt by 43.8% compared to the previous year. Net debt reached €3.33 billion at the end of September.
The company said its current backlog is enough to support more than 2.7 years of production. Leonardo CEO and General Manager Lorenzo Mariani said “We are committed to further strengthening our capabilities to translate our substantial Order Backlog into greater production and delivery capacity, improving process efficiency and programme execution, as required by the current scenario,”
Revenue and Profit Also Increase in First Nine Months
Leonardo’s financial results also improved between January and September 2026. Its revenue reached €15.3 billion, marking a 14.2% increase from the same period last year. Growth was reported across all its business sectors, although currency changes affected earnings from its US operations, mainly Leonardo DRS.
The company’s EBITA, which measures profit from its main business activities before interest, taxes and certain other costs, increased by 37.7% to €1.30 billion. Defence electronics, helicopters and aeronautics were among the main contributors to this growth. Its return on sales also improved from 7% to 8.5%.
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Without IDV’s contribution, revenue still grew by 9%, while EBITA increased by 29.3%. Adjusted net profit climbed 74.2% to €812 million. Higher operating earnings and lower financial expenses helped improve the result.
Leonardo’s free operating cash flow also improved by 84% compared to last year. But the company still recorded an outflow of €68 million. Excluding IDV, it reported a positive cash flow of €22 million.
Leonardo Keeps Most 2026 Financial Targets Unchanged
While Leonardo has increased its order forecast, it hasn’t changed its other major financial targets for 2026. The company still expects revenue of around €22.1 billion and EBITA of approximately €2.21 billion. It is also targeting a double-digit return on sales.
Its remaining full-year targets include free operating cash flow of around €1.37 billion and net debt of approximately €2.2 billion by the end of 2026.
