Leonardo Spa Ord (FINMF) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Welcome, everybody. My name is Claudia Introvigne. I'm responsible for investor relation and market analysis here in Leonardo. Today, we are here to present our first quarter results for 2026, and I'm really pleased to have here with me our CEO, Roberto Cingolani, and our CFO, Giuseppe Aurelio. So now we can begin, and I will hand over to Roberto. Thank you. Thank you, Claudia. Hello, everybody. This is our last meeting and will be the last day of my mandate, so I will leave Leonardo tomorrow. So, at that occasion, which we will present the Q1 data, I would like to take a few minutes of your time to wrap up the last three years in view of the change of top management and to say goodbye to all of you. Let's start with the Q1 and the numbers that you have seen already there on the table. In the first three months of 2026, a few months after having launched the Michelangelo Dome in October 25th, and the updated plan, we've got very good and encouraging results. The order backlog has been rising to 57 billion, plus 23% versus 2025. The book-to-bill ratio is two. And the new orders amount to $9 billion, so plus 31% year over year. Revenues increased to $4.5 billion, plus 6.9% year over year. EBITDA growing by 32%, up to $281 million. The adjusted net result is $184 million, plus 60% year over year. Free operating cash flow has been improved by 29%. It is still in the negative ground. It's minus 411 million. The workforce has been increased by 5,600 units, and we have reached now more than 65,000 people in Leonardo Global. This data does not include the upside given by the acquisition of Iveco Defense, which has been, however, estimated as remarkable, Giuseppe will tell you more later. I mean, frankly, you guys, the numbers are very good, and the upside of IDV is very prom...