Leonardo, the Italian aerospace and defence player, unveiled preliminary results for 2023, surpassing expectations with an uptick in orders and free cash flow, signalling robust financial health and strategic resilience amidst a shifting global landscape.

The company reported a noteworthy 3.8% increase in orders, totalling €17.9bn ($19.5bn), showcasing sustained commercial momentum across its portfolio.

The growth trajectory extended to revenues, which climbed by 3.9% to €15.3bn, propelled by robust performances across all divisions. Particularly notable was the resurgence of aerostructures, which registered a 34% recovery.

One of the year’s achievements was the 17.8% surge in Free Operating Cash Flow (FOCF), reaching €635m, a testament to the company’s cost management and investment strategies. Furthermore, Leonardo’s proactive approach to debt reduction saw a 23% decrease in Group Net Debt, further bolstering its financial stability.

Some recent developments for Leonardo include embarking on a military space cloud architecture project called MILSCA, commissioned by the Italian Ministry of Defence. 

Concurrently, in the UK, Airbus, Leonardo, and Lockheed Martin have been invited to negotiate their respective rotorcraft concepts as part of the New Medium Helicopter (NMH) programme, aimed at replacing legacy platforms such as the Puma HC2 with new medium-lift support helicopters. 

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Roberto Cingolani, CEO and GM of Leonardo, emphasised the strategic significance of these achievements, stating, “Our strong commercial performance across our businesses, financial flexibility, cost, and investment discipline are the basis of the positive results achieved by the Group in 2023.” Cingolani’s remarks showed the company’s commitment to delivering value to stakeholders amidst evolving market dynamics.

Beyond financial milestones, Leonardo is poised to unveil its 2024-2028 Industrial Plan on March 12, charting a course for future growth. The company aims to capitalise on emerging opportunities in the aerospace and defence sectors, creating shareholder value.