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Leonardo (LDO IM) H1 2026 (EUR): adj. net 476mln (prev. 273.6mln Y/Y), revenue 10bln

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Leonardo reported strong H1 2026 results with a 30% backlog increase to €59bn and maintained its FY26 guidance, despite reporting a negative Q1 free operating cash flow of €249m.

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Order backlog +30% to EUR 59bln Q1 free operating cash flow -249mln GUIDANCE: Maintains FY26 revenue view; sees FY26 revenue of EUR 22.10bln Sees FY26 orders at EUR 28.2bln Sees FY26 ROS at 10% Sees FY26 EBITDA at around EUR 2.21bln

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