Leonardo stock gains momentum as orders lift 2026 outlook

Leonardo's board approved the aerospace and defense group's results for the first nine months of 2026 on Wednesday, November 4. In its results release, Leonardo said growth continued across all business sectors and that its order backlog moved above 60 billion euros for the first time.

Leonardo stock traded at 50.18 euros on Lang & Schwarz at 12:03 CET on Thursday, November 5, 2026. Investors were assessing the nine-month figures and the higher order outlook as the company prepared to present the results to the financial community later that day.

Orders strengthen the growth outlook

New orders reached 23.3 billion euros in the January-to-September period, an increase of 28 percent from the same period of 2025. Revenue rose 14 percent to 15.3 billion euros, while EBITA increased 38 percent to 1.3 billion euros. The figures point to broad-based operating growth rather than a single business line driving the reported improvement.

The order backlog exceeded 60 billion euros, giving Leonardo greater visibility on future production and deliveries. The company linked the expansion to demand across its aerospace, defense and security activities, as well as the contribution from Iveco Defence Vehicles, which Leonardo acquired and began fully consolidating during 2026.

Free operating cash flow improved to negative 68 million euros from negative 426 million euros a year earlier. Leonardo said the first-nine-month cash result reflected the timing of the business, while management is focused on increasing production and delivery capacity and improving program execution.

Order guidance rises for 2026

Leonardo raised its full-year 2026 forecast for new orders to 29.5 billion euros from 28.2 billion euros previously. The company maintained its targets for revenue of 22.1 billion euros, EBITA of 2.21 billion euros and free operating cash flow of 1.37 billion euros, according to the release.

Chief Executive Lorenzo Mariani said the results confirmed the group's growth strategy and highlighted financial strength, its commercial offering and expanding production capacity. He also pointed to platform integration, industrial partnerships, the GCAP program, cooperation with Rheinmetall and Baykar, and the integration of Iveco Defence Vehicles as elements of Leonardo's longer-term plan.

For investors, the higher order target improves the near-term commercial outlook, while execution remains important because the backlog must be converted into deliveries, revenue and cash. The acquisition of Iveco Defence Vehicles also increases Leonardo's position in land defense but raises the importance of integration and balance-sheet management.

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