Calepin des entreprises international 2026 VA.pdf — page 133

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LEONARDO
Business trends
	
 Leonardo revenues reached €17.8 billion in 2024, up 16.2% year-on-year. The Aircraft division was the only 
one to record a decline in revenues (-4.8% year-on-year), due to lower deliveries of Typhoon fighter aircraft 
to Kuwait. Revenues in the Helicopters division rose by 11.1%, thanks in particular to increased deliveries of 
military and civil helicopters (191 units in 2024, compared with 185 in 2023).
	
 In June 2025, Leonardo and Baykar created a 50-50 joint venture specialising in the design, development, 
production and maintenance of aerial drones for the European market. Named LBA Systems, its headquarters 
will be based in Italy and production sites will be shared between the two countries. Leonardo will provide 
software, electronic systems and artificial intelligence solutions.
	
 In June 2025, BAE Systems, Leonardo and Japan Aircraft Industrial Enhancement Co. (JAIEC, including 
Mitsubishi Heavy Industries), each holding a 33.33% stake, created the Edgewing joint venture. It will be 
responsible for designing and developing the future sixth-generation GCAP (Global Combat Air Programme) 
fighter aircraft, known as Tempest in the United Kingdom. The joint venture is based in the United Kingdom and 
its first Chief Executive Officer is Italian.
	
 Leonardo reached an agreement with Iveco Group in July 2025 for the acquisition of Iveco Defence Vehicles 
(IDV) for €1.7 billion. The transaction is expected to close by March 31, 2026. However, IDV’s military truck 
production business could be resold to Rheinmetall at a later date.
Home market
	
 Leonardo is one of the main suppliers to the Italian Armed Forces. The group is involved in the design and 
production of Italian military aircraft and helicopters and is a partner of Fincantieri in many naval defence 
programmes, in particular through their joint subsidiary Orizzonte Sistemi Navali. In 2024, Leonardo generated 
18% of its turnover on its domestic market.
	
 The Italian Air Force signed a contract with the NATO Eurofighter and Tornado Management Agency (NETMA) 
in December 2024 for the acquisition of 16 Typhoon fighter aircraft. Eight additional aircraft will be ordered at a 
later date. These aircraft will be assembled at Leonardo’s Caselle Torinese site.
	
 The Ministry of Defence of Italy ordered the first 17 AW249 Fenice attack helicopters from Leonardo in 
February 2025 (out of a target acquisition of 48 units). This helicopter is intended to replace the group’s 
A129 Mangusta helicopter from 2027 onwards.
	
 Leonardo’s M-345 trainer aircraft entered service with the Italian Air Force in June 2025. It will gradually replace 
the group’s MB-339 aircraft currently in service.
Export markets
	
 The group generated 82% of its revenues from exports in 2024, mainly to the United States and the United 
Kingdom (combined share of 35% of turnover), through its subsidiaries Leonardo DRS and Leonardo US 
Aircraft on the one hand and Leonardo UK on the other.
	
 In March 2025, the UK Ministry of Defence awarded the group a £165 million (€195 million) contract to continue 
maintenance of its 54 AW101 Merlin multirole helicopters.
	
 In December 2025, the Austrian Air Force awarded Leonardo a contract to supply 12 M-346 F trainer and light 
attack aircraft, to be delivered from 2028 onwards.
Technology and Innovation
	
 Leonardo’s Falco Xplorer UAV carried out a validation campaign for the UAV detection and avoidance system 
EUDASS (European Detect and Avoid System) in November 2024, paving the way for its integration into civilian 
and military remotely piloted drones. This project is led by Saab and funded by the European Defence Fund.
STRATEGIC HIGHLIGHTS