Leonardo Orders Surpass €60B, Backlog Grows 27.8% on Defense Demand

Leonardo's order intake reached €23.3B in 9M 2026, up 27.8% YoY, pushing total backlog above €60B, driven by electronics (Italian army radars, Kuwait naval systems) and Iveco Defense Vehicles integration. Adjusted net profit surged 74% to €812M, beating FactSet consensus, with revenue up 14% to €15.3B. The results confirm sustained European defense spending momentum, though sustainability depends on continued government procurement commitments.

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