Headlines
Italy's Leonardo improves 2025 guidance on orders, cash, net debt
Published by Global Banking and Finance Review
Posted on July 30, 2025
2 min readLast updated: January 22, 2026
Global Banking and Finance Review
Company
Published by Global Banking and Finance Review
Posted on July 30, 2025
2 min readLast updated: January 22, 2026
Leonardo raises its 2025 forecasts for orders and cash flow, reducing net debt due to strong performance. Orders are now expected between €22.25-22.75 billion.
ROME (Reuters) -Italy's aerospace and defence group Leonardo on Wednesday improved its 2025 guidance for orders, free cash flow and net debt, after posting "solid" results for the first six months of the year.
"First-half 2025 results confirm the Group's solid industrial momentum, with a further reduction in debt, validating the effectiveness of the actions undertaken," Chief Executive Roberto Cingolani said in a statement.
The state-controlled company said new orders at the end of the year would be between 22.25 billion euros and 22.75 billion euros ($25.53-26.11 billion), up from the previously estimated 21 billion euros.
Free cash flow will be between 920 million euro and 980 million euros by end-December, instead of an initially forecast 870 million euros, thanks to good operating performance and cash advances related to new orders, the company added.
The group's net debt is now expected at around 1.1 billion euros, down from a previous 1.6 billion euros, "thanks to the stronger cash generation and the postponement to 2026 of some M&A transactions," Leonardo said.
Full-year revenue and core profit guidance was confirmed.
($1 = 0.8714 euros)
(Reporting by Giulia Segreti, editing by Alvise Armellini)
Leonardo improved its 2025 guidance for orders, free cash flow, and net debt after reporting solid results for the first half of the year.
New orders are expected to be between 22.25 billion euros and 22.75 billion euros, up from the previously estimated 21 billion euros.
The projected free cash flow for Leonardo is expected to be between 920 million euros and 980 million euros by the end of December.
Leonardo's net debt is now expected to be around 1.1 billion euros, reduced from a previous estimate of 1.6 billion euros.
Chief Executive Roberto Cingolani stated that the first-half results confirm the group's solid industrial momentum and validate the effectiveness of their actions.
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