Quick Take: Leonardo Q2‘26 - Beat and raise, but no fireworks

研报英文原文证据摘录

Quick Take: Leonardo Q2‘26 - Beat and raise, but no fireworks

30 July 2026

Adrien Rabier

+44 20 7676 6820

Global Aerospace & Defense adrien.rabier@bernsteinsg.com

Leonardo SpA Douglas S. Harned, Ph.D.

+1 917 344 8430

Rating douglas.harned@bernsteinsg.com

Outperform Cyriaque Blanchet

Price Target +44 20 7676 7342

cyriaque.blanchet@bernsteinsg.com

LDO.IM 65.00 EUR Specialist Sales

James Brady

+44 20 7762 5272

james.brady@bernsteinsg.com

Quick Take: Leonardo Q2'26 - Beat and raise, but no fireworks

Leonardo reported Q2’26, beating on profits but missing on cash. The 2026 guidance is

Close Date 30 Jul 2026

upgraded across all metrics, to slightly above current consensus. This should satisfy high

LDO.IM Close Price (EUR) 53.72

expectations, but with no fireworks.

Price Target (EUR) 65.00

Sales came at €5.56bn in Q2’26, a touch above consensus expectations, and posting solid Upside/(Downside) 21%

growth of +17%. EBITA was +6% above consensus expectations, at €499m (vs. consensus 52-Week Range 66.26/43.15

€472m, Bernstein €493m). FOCF came below expectations, at €162m (vs. consensus EDME 1,601.43

€182m) and down YoY (following a strong improvement in Q1’26). FYE Dec

Div Yield 1.2%

In Helicopters, sales grew by +4%, missing consensus expectations slightly, and margins Market Cap (EUR) (M) 31,058

contracted YoY. DES delivered stellar performance again, growing sales by +31% in the EV (EUR) (M) 33,489

quarter, and posting solid margin expansion (12.9% vs. 12.2%). The electronics business Performance YTD 1M 6M 12M

continues to benefit from exposure to the most demanded segments in Defense and scalable Absolute (%) 9.3 14.5 (4.6) 12.1

growth. Performance was particularly strong in Europe, as the US was partly offset by EDME (%) 8.9 0.3 5.7 17.6

adverse FX.