Defence demand lifts Leonardo past 2025 financial targets

"We exceeded the challenging guidance, which had been already upgraded during the year. Such a performance represents the completion of the value-accretion path launched three years ago," Chief Executive Roberto Cingolani said in a statement.

A sizeable logistics support contract in Kuwait and higher orders linked to the GCAP jet fighter programme boosted orders, it said. Total revenues over the year were up almost 11 per cent to €19.5 billion, above the expected €18.6 billion and with a double-digit increase in all business sectors.

Leonardo raised its targets for orders, free cash flow and net debt in July after posting solid results for the first six months of the year. In previous years, the state-controlled group has pushed for broad alliances with European peers, accelerating its growth and contributing to the consolidation in the sector.

Its board is due to approve an update to its business plan on March 11, with a presentation scheduled for the following day.

(Reporting by Giulia Segreti in Rome; Editing by Alvise Armellini and Kate Mayberry)