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Italian company Leonardo has reported that its new orders in 2022 increased 20.7% to €17.266bn, and 21% on a like-for-like perimeter.

The growth has been attributed to contributions from Defence Electronics and Security in the company’s US component.

Revenue for 2022 increased by 4.1% to €14.713bn and 4.7% on a like-for-like perimeter, compared to the previous year.

The rise was driven by the performance of Helicopters and Defence Electronics in both its European and US components. Leonardo’s European component contributed the largest portion of revenue.

The company’s 2022 earnings before interest, taxes, and amortisation (EBITA) amounted to €1.218bn, up 13.9%, and 14.9% on a like-for-like perimeter.

The improved EBITA benefitted its EBIT, which amounted to €961m compared to €911m in 2021.

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By GlobalData

Leonardo’s 2022 net result of €932m benefitted from the capital gain realised with the sale of the Global Enterprise Solutions and Advanced Acoustic Concepts businesses of Leonardo DRS.

The group’s cash flow increased by 158% and its net debt decreased by 3.4% to €3bn, compared to the prior year.

The net result before extraordinary transactions was up 18.7% to €697m.

The company’s backlog amounted to €37.5bn, which is equal to approximately 2.5 years of production, and its book-to-bill ratio was 1.2.

Leonardo CEO Alessandro Profumo said: “Our positive 2022 performance is the result of a long-term vision that has allowed the group to strengthen its competitiveness in an international scenario of higher uncertainty.

“We met or exceeded all our key targets once again and we have structurally and strongly increased our cash generation, with a FOCF of €539m in 2022, more than doubling 2021.

“Thanks to higher cash generation and the disposals of the Leonardo DRS businesses, we also reduced our debt level. At the same time, we strengthened our core business through the purchase of 25.1% of Hensoldt and the consolidation of RADA into Leonardo DRS. All this allow us to propose again the payment of a dividend of €0.14 per share.”

For fiscal year 2023, the company expects revenues to be in the range of €15.0bn to €15.6bn, its orders to total approximately, €17bn, EBITA at €1.260bn to €1.310bn, cash flow at nearly €600m, and group net debt at approximately €2.6bn.