Leonardo (company)

Leonardo S.p.A.

File:Leonardo logo.svg Logo since 2017 rebranding
Company type	Public (S.p.A.)
Industry	Aerospace, Defence, Security
Founded	1948 (1948)
Headquarters	Rome , Italy
Area served	Worldwide
Key people	Roberto Cingolani (CEO and General Manager), Stefano Pontecorvo (Chairman), Lorenzo Mariani (Co-General Manager)
Products	Aircraft, Helicopters, Aerostructures, Defence electronics, Cybersecurity systems
Owner	Italian government (30.2%)
Number of employees	46,000 (approximate, not specified in text)
Website	leonardocompany.com

Overview

Leonardo S.p.A. is an Italian multinational enterprise operating in the fields of aerospace, defence, and security. Headquartered in Rome, the corporation maintains a presence through 180 facilities across the globe. Ranked as the 12th largest defence contractor worldwide by revenue in 2020, Leonardo holds a significant position within the industry. The Italian government remains its principal shareholder, owning 30.2% of the company's equity.

On 1 January 2016, the firm consolidated its operations by merging the activities of subsidiaries such as AgustaWestland, Alenia Aermacchi, DRS Technologies, Selex ES, OTO Melara, and WASS into a single industrial entity known as Leonardo-Finmeccanica. The organisation is structured into five core divisions: Helicopters, Aircraft, Aerostructures, Electronics, and Cybersecurity. Additionally, Leonardo acts as the parent company and central hub for various subsidiaries and joint ventures including Telespazio, Thales Alenia Space, MBDA, and ATR. The company is publicly traded on the Borsa Italiana stock exchange and forms part of both the FTSE MIB index and the Dow Jones Sustainability Indices.

The rebranding to Leonardo S.p.A. took effect on 1 January 2017, drawing inspiration from the renowned Italian inventor and polymath Leonardo da Vinci.

Foundation

Founded in 1948, Società Finanziaria Meccanica, commonly known as "Finmeccanica," originated as the mechanical engineering division within the state-owned Istituto per la Ricostruzione Industriale (IRI). Over the years, Finmeccanica became the parent company of several iconic Italian firms, including Alfa Romeo (automobiles), Aeritalia (aerospace), and Ansaldo (engineering).

Between the 1960s and 1980s, Italy's defence and aerospace sectors were divided among various state-controlled entities. EFIM (Ente partecipazioni e finanziamento industrie manifatturiere) owned companies such as Agusta (helicopters), Oto Melara (defence), and Officine Galileo (electronics). Meanwhile, STET, another IRI subsidiary, held stakes in electronic firms like Selenia, Elsag, and SGS Thomson, which specialized in security and defence technologies. A reorganization within IRI in 1989 transferred STET's electronics businesses to Finmeccanica, while the merger of Aeritalia and Selenia created its aerospace branch, Alenia.

1990s

Due to financial difficulties, EFIM was liquidated in 1992. Subsequently, its assets—including Agusta, Oto Melara, Officine Galileo, and Breda—were integrated into Finmeccanica, elevating it to one of Italy’s leading industrial conglomerates. Initially fully state-owned by IRI, Finmeccanica began partial privatization in 1993 by listing shares on Milan’s Borsa Italiana stock exchange.

In the same year, Agusta acquired a 32% stake in NHIndustries, the main contractor for the NH90 helicopter project. The remaining shares were held by Eurocopter (62.5%) and Fokker (5.5%).

2000s

In July 2000, Finmeccanica and British company GKN agreed to merge their helicopter divisions—Agusta and GKN-Westland Helicopters—resulting in the creation of AgustaWestland. By December 2001, the missile division of Alenia Marconi Systems (AMS), a joint venture between Finmeccanica and BAE Systems, combined with other European missile producers to establish MBDA, which became the world’s second-largest missile manufacturer.

In July 2003, Finmeccanica and BAE Systems declared plans to form three joint ventures under the collective name Eurosystems. These entities would consolidate their avionics, C4ISTAR, and communications operations.

By March 2007, BAE Systems sold its 25% stake in these ventures back to Finmeccanica for €400 million. Subsequently, in January 2013, Finmeccanica merged its defence electronics subsidiaries SELEX Elsag and SELEX Sistemi Integrati to create Selex ES. In May 2008, Finmeccanica announced its intention to acquire U.S.-based defence firm DRS Technologies for approximately $5.2 billion; this transaction was completed in October of the same year.

2010s

Between 2011 and 2013, Finmeccanica experienced the release of internal emails by WikiLeaks and faced multiple legal investigations, which coincided with shifts in its leadership.

The Syria Files disclosure by WikiLeaks on 5 July 2012 revealed that Finmeccanica had increased its provision of mobile communication devices to Syrian government entities throughout 2011. Notably, in May 2011, the company delivered 500 units to the Damascus suburb of Muadamia, shortly after the onset of the Syrian uprising. Additionally, in February 2012, engineers were dispatched to Damascus to train personnel on operating communication systems installed in helicopter terminals, despite ongoing conflict. Finmeccanica maintained that these transactions were lawful, emphasizing that sales occurred "prior to the outbreak of conflict inside Syria" and that the equipment was intended solely for civilian emergency responders.

On 12 February 2013, Finmeccanica's CEO, Giuseppe Orsi, was detained on charges related to corruption. Authorities accused him of bribing officials to secure a contract for 12 helicopters with the Indian government during his tenure as head of AgustaWestland.

In July 2013, Giovanni De Gennaro, a former police chief, was appointed Chairman of Finmeccanica by the Letta administration. Later that year, in December, Finmeccanica divested 39.55% of its holdings in Ansaldo Energia to Fondo Strategico Italiano.

During the first half of 2014, Mauro Moretti assumed the role of CEO and General Manager and initiated a comprehensive restructuring aimed at enhancing strategic focus and organizational coherence. His objective was to unify and streamline all core functions—research, marketing and sales, engineering, procurement, strategy formulation, and governance—through centralization and integration. This transformation involved reorganizing wholly owned subsidiaries within aerospace and defense (AgustaWestland, Alenia Aermacchi, Oto Melara, Selex ES, and WASS) into seven newly defined divisions. The holding company itself transitioned into an operational entity structured around these seven key business areas while retaining its parent company responsibilities for other group companies excluded from this model (such as DRS Technologies, Telespazio, Thales Alenia Space, MBDA, and ATR).

By the close of 2014, Finmeccanica advanced its portfolio optimization by transferring its stake in BredaMenarinibus to Industria Italiana Autobus—a new company jointly owned by Finmeccanica (20%) and King Long (80%).

In 2015, Hitachi entered into a binding agreement to acquire AnsaldoBreda (excluding certain refurbishment activities and outstanding contracts) as well as Finmeccanica’s approximately 40% shareholding in Ansaldo STS.

That same year, FATA—a group subsidiary since 2004 but unrelated to core operations—was sold to Gruppo Danieli, a firm specializing in steel plant manufacturing.

On 1 January 2016, Finmeccanica consolidated its operations into a single industrial entity by integrating AgustaWestland, Alenia Aermacchi, Selex ES, OTO Melara, and WASS under one unified structure.

Transition from Finmeccanica to Leonardo

File:Ilham Aliyev met with Co-General Manager of Leonardo S.p.A in Munich 01.jpg

Co-General Manager Lorenzo Mariani with Azerbaijan's President Ilham Aliyev, 16 February 2024

In March 2016, under the leadership of Mauro Moretti, a rebranding initiative was launched, which included a proposal to rename the company. Effective 1 January 2017, Finmeccanica adopted the new name Leonardo, drawing inspiration from the renowned Italian polymath Leonardo da Vinci. In March 2017, the Italian Treasury put forward veteran banker Alessandro Profumo as a successor to Mauro Moretti in the CEO position at Leonardo. Subsequently, in May 2017, the Board officially appointed Alessandro Profumo as CEO.

Developments in the 2020s

On 10 May 2023, Leonardo's Board of Directors designated Mr. Roberto Cingolani as chief executive officer and General Manager, Mr. Stefano Pontecorvo as chairman, and Mr. Lorenzo Mariani as Co-General Manager. Furthermore, Leonardo entered into a collaboration with Turkish defense company Baykar focused on unmanned aerial vehicle technologies.

Organization

Aeronautics

File:2019 Royal International Air Tattoo 1P4A1208-001 (48389857376).jpg

M-346

Leonardo is involved in the design, development, manufacturing, maintenance, and modernization of commercial, military, and military training aircraft, along with the production of aerostructures. The company participates in a network of collaborative ventures and product alliances, including initiatives such as the Global Combat Air Programme (in partnership with BAE Systems and Mitsubishi Heavy Industries) aimed at creating a sixth-generation fighter jet; the Eurofighter project (with BAE Systems and Airbus Group) producing the supersonic multi-role Typhoon; and the ATR program (with Airbus Group) delivering a family of turboprop regional aircraft.

Helicopters

File:AgustaWestland HH-139A (AW-139M) MM81824 - 15-52 (cn 31528) SAR demonstration (21904803498).jpg

AW139

Leonardo operates extensively within the helicopter sector, overseeing everything from development and production to pilot training and after-sales services. Their helicopter portfolio spans commercial and defense markets across all major weight classes, ranging from single-engine models weighing 1.8 tonnes to three-engine helicopters up to 16 tonnes.

The company introduced its VIP helicopter line and associated travel services under the new "Agusta" brand, launching the "Casa Agusta" heliport during a formal event at Expo 2020 in Dubai.

Additionally, Leonardo is advancing an autonomous large drone with helicopter-like capabilities named Proteus for the Royal Navy.

Defence Electronics & Security

File:Oto Melara 76mm Super Rapid Gun mount on HTMS Bhumibol Adulyadej (FFG-471) right front view at JMSDF Yokosuka Naval Base November 3, 2022 01.jpg

OTO Melara 76 mm Super Rapid

In the Defence Electronics & Security domain, Leonardo develops integrated systems for managing air and maritime traffic as well as securing land and sea borders. It also creates secure communication networks to support infrastructure and system management. Its offerings include IT infrastructure design and management alongside data processing solutions focused on intelligence and cybersecurity. Leonardo’s activities extend to designing and manufacturing naval artillery, armored vehicles, and underwater systems. This sector also includes operations through its US subsidiary DRS Technologies and participation in the missile-producing joint venture MBDA, where Leonardo holds a 25% stake alongside BAE Systems (37.5%) and Airbus Group (37.5%).

Space

File:STS-114 Raffaello module.jpg

Raffaello MPLM

Leonardo’s presence in the space industry is primarily through joint ventures such as Telespazio (67% owned by Leonardo, 33% by Thales) and Thales Alenia Space (where Leonardo owns 33% and Thales holds 67%). Telespazio provides a broad spectrum of expertise and services including space system design and development, launch service management, satellite operations in orbit, Earth observation services, integrated communications, as well as satellite navigation and localization. Thales Alenia Space focuses on designing, integrating, testing, and deploying space systems for applications in navigation, telecommunications, meteorology, environmental monitoring, defense, scientific research missions, and Earth observation.

Business sectors

Leonardo operates globally across approximately 20 nations, with 42% of its presence concentrated in Italy and the remaining 58% distributed internationally. Its products, systems, and services reach nearly 150 countries worldwide through commercial channels.

The company’s manufacturing operations and principal industrial and commercial hubs are situated in Italy, the United Kingdom, Poland, and the United States. Additionally, Leonardo has established a strong foothold in France and Germany and participates as a collaborator in several multinational industrial partnerships. Leonardo is also recognized as a supplier to the ITER project.Template:Fix/category

In December 2021, Leonardo Electronics revealed plans to construct a semiconductor device fabrication plant in Oro Valley, Arizona, with construction scheduled to commence during the first half of 2022.

Leonardo’s continued provision of military equipment to Israel has sparked significant debate. In June 2025, a United Nations expert report listed Leonardo among corporations allegedly involved in supporting Israel within an economy linked to genocide.

Subsidiaries

• Leonardo Global Solutions – fully owned
• Leonardo International – fully owned
• Leonardo Logistics – fully owned
• Leonardo UK – fully owned
• Leonardo DRS – 72.3% ownership
• KOPTER Group – wholly owned
• PZL-Świdnik – fully owned

File:AgustaWestland AW189 helicopter (G-MCGW) of the UK Coastguard arrives at RIAT Fairford 12July2018 arp.jpg

An AgustaWestland AW189 helicopter operated by the UK Coast Guard arriving at the 2018 RIAT event in England

Joint ventures

• Telespazio SpA – 67% stake
• Larimart SpA – 60% stake
• ATR (aircraft manufacturer) – equal partnership, 50%
• Leonardo Rheinmetall Military Vehicles (LRMV) – 50% joint ownership
• Orizzonte Sistemi Navali – 49% shareholding
• Thales Alenia Space SAS – 33% ownership
• NHIndustries – holding 32%
• ELT Group – 31.33% stake
• GEM Elettronica – 30% shareholding
• Avio SpA – 29.63% ownership
• MBDA – holding 25%
• Hensoldt – 22.8% stake
• Eurofighter GmbH – 21% share

Planned subsidiaries

In 2025, Leonardo is set to acquire IDV (Iveco Defence Vehicles) for €1.7 billion.

IDV's product portfolio consists of:

• Heavy vehicles:
  • Ariete C2 (developed together with Leonardo)
  • VBM Freccia Infantry Fighting Vehicle
  • Centauro 2, an 8×8 fire support vehicle equipped with a Hitfact Mk2 turret armed with either a 105 or 120 mm cannon
  • SuperAV Land, an 8×8 multi-purpose armored vehicle

• Amphibious vehicles:
  • SuperAV, an 8×8 multi-role amphibious armored vehicle
  • Guarani, a 6×6 multi-role amphibious armored vehicle

• Medium to light vehicles:
  • MTV (Multirole Tactical Vehicle), a 6×6 armored vehicle designed for various roles
  • LMV 2 (Light Multirole Vehicle), a 4×4 armored vehicle variant
  • MUV (Military Utility Vehicle), based on the Iveco Daily 4×4 platform

• Defence trucks:
  • Modular military range comprising tactical trucks available in configurations of 4×4, 6×6, 8×8, and 10×10, offered both armored and unarmored
  • EuroCargo, a civilian vehicle line adapted for defence purposes by IDV
  • Daily, utilized for homeland security and police applications

• Uncrewed ground vehicles (UGVs):
  • Viking autonomous ground vehicle

Shareholder composition

By March 2025, the principal shareholder of Leonardo was the Italian Ministry of Economy and Finances, holding a 30.20% stake.

Major financial figures (2007–2022)

	Amounts in million €
	2007	2008	2009	2010	2011	2012	2013	2013*	2014	2014**	2015	2016	2017	2018	2019	2020	2021	2022
New Orders	17,916	17,575	21,099	22,453	17,434	15,869	17,571	15,059	15,619	12,667	12,371	19,951	11,595	15,124	14,105	13,754	14,307	17,266
Order backlog	39,304	42,937	45,143	48,668	46,005	44,908	42,697	36,831	38,234	29,383	28,793	34,798	33,578	36,118	36,513	35,516	35,534	37,506
Revenues	13,429	16,504	18,176	18,695	17,318	16,504	16,033	13,690	14,663	12,764	12,995	12,002	11,527	12,240	13,784	13,410	14,135	14,713
Ebita (Earnings before interest and taxes)	7.8%	8.7%	8.7%	8.5%
1,006	949	878	1,080	980	1,208	1,252	1,066	1,120	1,251	938	1,123	1,218
Net result before extraordinary items	(not disclosed)	(not disclosed)	(not disclosed)	(not disclosed)	(not disclosed)	(not disclosed)	74	(649)	70	15	253	545	274	421	722	241	587	697
Net Result	521	621	718	557
74	74	20	20	527	507	274	510	822	243	587	932
Group Net Debt	1.158	3.383	3.070	3.133	3.443	3.382	3.316	3.902	3.962	3.962	3.278	2.845	2.579	2.351	2.847	3.318	3.122	3.016
FOCF (Free Operating Cash Flow)	375	469	563	443
91
65	307	706	537	336	241	40	209	539
Employees	60,748	73,398	73,056	75,197	70,474	67,408	63,835	56,282	54,380	54,380	47,156	45,631	45,134	46,462	49,530	49,882	50,413	51,392

• * Figures restated following the implementation of IFRS 11 leading to the dissolution of joint ventures within the group.
• ** Figures adjusted due to the transport sector being classified as a discontinued operation.

Sources: Provided financial reports from Leonardo covering the years 2007 through 2022.

Criticisms

In 2018, the UK-based NGO Corruption Watch released a report titled Anglo Italian Job, which examined multi-million-pound agreements, lobbying activities, influential politicians, bribery allegations, consultancy arrangements, and private interventions linked to the former Finmeccanica group.

That same year, the Government Pension Fund of Norway, holding 1.3% of global publicly traded shares, removed Leonardo from its investment portfolio due to the company's failure to comply with the fund's ethical investment criteria.

See also

• Arms industry
• Conglomerate companies of Italy
• Defence companies of Italy
• International Flight Training School
• Leonardo Sistemi di Difesa