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March 11, 2022

Leonardo posts 5% increase in annual revenues

Leonardo’s net profit more than doubled on a year-on-year basis, from €243m to €587m.

Italian multinational aerospace, defence, and security company Leonardo has posted revenues of €14.1bn in financial year 2021, an increase of 5%, compared to the €13.4bn recorded in 2020.

The increase was attributed to the strong performance of the European component of Defence Electronics and Security. The Aircraft unit of the Aeronautics and Helicopters segments also contributed to the rise.

The company’s earnings before interest, taxes, and amortisation (EBITA) in 2021 totalled €1.12bn. The figure represents a 19.7% increase from €938m, in 2020.

Net profit increased by 142% on a year-on-year (YoY) basis, from €243m to €587m.

The total value of new orders in the financial year amounted to €14.31bn, up 4% from 2020. The order backlog remained flat at €35.53bn.

Leonardo CEO Alessandro Profumo said: “We are back to our growth path and above pre-covid levels, excluding Aerostructures, for which a restructuring and relaunch plan is running. Our Defence and Governmental businesses remain strong and account for 88% of 2021 revenues, and we are seeing signs of recovery in our civil aeronautics business.

“We are fully committed to ESG. We have reduced CO₂ emissions by 23%, and increased the percentage of women hired with STEM profiles, and of young people under 30. 50% of our financial sources are ESG linked, with objectives fully aligned with our strategy and long-term incentive plan.”

The company has also decided to resume dividends, based on its 2021 performance.

In 2022, Leonardo expects order volumes to be at approximately €15bn, taking into account the impact of the current geopolitical and global health situation on the supply chain and the economy.

Annual revenues are expected to be within the range of €14.5bn to €15bn.

Earlier this year, Leonardo completed the acquisition of a 25.1% stake in the German defence technology company Hensoldt.

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