Q1 2025 Leonardo SpA Earnings Call Transcript
Key Points
- Leonardo SpA (FINMF) reported a significant increase in orders by more than 20% compared to the previous year, with revenues growing by almost 15%.
- The company's EBITDA grew by 18%, and the return on sales increased by 2.2 percentage points.
- Net debt was reduced by nearly 28%, indicating improved financial health.
- The company received credit rating upgrades from Standard & Poor's and a positive outlook from Moody's, reflecting strong operating performance.
- Leonardo SpA (FINMF) is experiencing strong international demand, with export orders increasing from 62% to 67% of total orders.
- The Aerostructures division continues to face challenges, with revenue declines and increased EBITDA losses due to slowed production rates.
- There is uncertainty regarding Italy's defense spending reaching 2% of GDP, which could impact future growth.
- The company faces potential impacts from tariffs, particularly in the US civil helicopter market.
- Leonardo SpA (FINMF) is dealing with high multiplicators in potential M&A deals, leading to some offers being refused.
- The integration of Aerostructures and Aircraft divisions raises concerns about strategic focus and continuity.
Good afternoon everyone, and welcome to our Q1 2025 results presentation. I'm Valeria Ricciotti, Head of Investor Relations and Credit Trading Agencies.
Today, our CEO, Roberto Cingolani will update you on the progress that we have made during the first quarter of this year and how we are positioned looking forward. Then our CFO, Alessandra Genco, will take you through the Q1 2025 results and performance across the group.
We will then welcome your questions. The call is planned to last no longer than 1 hour, including the Q&A. The supporting slide presentation is available for download by registering to the webcast. And all the Q&A results material are available on our website under the Investor Relations section. Please note that throughout the presentation, we will be making forward-looking statements, so I invite you to refer to our safe harbor statement, which applies to this call as well.
Now I will hand you over to our CEO, Roberto Cingolani.
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