Leonardo stock outlook firms as order growth lifts 2026 guidance

Leonardo reported stronger first-nine-month results on Thursday, November 5, 2026, and raised its full-year order outlook. In its official results release, the Italian aerospace and defense group said growth continued across its business sectors.

New orders reached 23.3 billion euros in the January-to-September period, an increase of 27.8 percent from the prior-year period. Revenue rose 14.2 percent to 15.3 billion euros, while EBITA advanced 37.7 percent to 1.301 billion euros. Leonardo said the defense electronics business was a major contributor, although foreign-exchange effects reduced the contribution from US operations, including Leonardo DRS.

Backlog expands after IDV integration

The order backlog exceeded 60 billion euros for the first time and stood at 60.4 billion euros at the end of September. The consolidation of Iveco Defence Vehicles added roughly 6 billion euros to the backlog after Leonardo completed the acquisition on March 18, 2026. The group said the backlog now represents more than 2.7 years of production coverage.

Adjusted net profit climbed 74.2 percent to 812 million euros. Free operating cash flow remained negative at 68 million euros, but improved sharply year on year; before the IDV consolidation, it was positive at 22 million euros. Group net debt reached 3.325 billion euros, reflecting the cash outlay for the IDV transaction.

Order target rises while core goals hold

Leonardo lifted its 2026 order guidance to 29.5 billion euros from 28.2 billion euros. The company maintained its other targets: revenue of 22.1 billion euros, EBITA of 2.21 billion euros, free operating cash flow of 1.37 billion euros and group net debt of 2.2 billion euros. Management also retained its goal of a double-digit return on sales.

Chief Executive Officer and General Manager Lorenzo Mariani said the results confirmed Leonardo's growth strategy and financial strength. He highlighted the need to expand production and delivery capacity, improve process efficiency and strengthen program execution. For investors, that shifts attention from order intake alone to the pace at which the enlarged backlog becomes revenue and cash generation.

Leonardo stock traded at 50.94 euros on Lang & Schwarz at 11:51 CET on Wednesday, November 11, 2026.

European defense stocks remain sensitive to budget decisions, industrial capacity and execution across large programs; the Euro Stoxx 50 provides the broader regional market context.

More company-specific developments are available in more news and analyses on Leonardo stock.