Leonardo has identified an “investment partner” for its loss-making aerostructures unit, promising to reveal details on 11 March when it reports progress on its industrial plan.
Speaking during the Italian aerospace and defence group’s preliminary annual results briefing on 20 February, chief executive Roberto Cingolani suggested a deal is imminent for the business, which makes Boeing 787 composite fuselage sections and horizontal stablilisers in Grottaglie in southern Italy. “We cannot disclose more, but we are very committed,” he says.
Leonardo hinted late last year that it was looking to partly spin-off the operation, which is also responsible for Leonardo’s 50% share in the ATR regional aircraft business and has been badly hit by the slump in production of the Boeing widebody.
It comes as the Rome-headquartered company reported a strong financial performance for the 12 months, with its defence and security, fixed-wing aircraft and rotorcraft activities performing strongly, offsetting weaker results from aerostructures and space manufacturing. Orders across the group rose by just under 17% over the previous year to €20.9 billion ($21.9 billion), while revenue jumped 16.2% to €17.8 billion. EBITA was up 15.8% to just over €1.5 billion
Leonardo delivered 191 helicopters in 2024, six more than in the previous year, while revenue from the helicopter division was up just over 11%, surpassing the €5 billion mark for the first time.
Revenue last year from its aircraft unit – responsible for the M-346 jet trainer, C-27J transport and Leonardo’s share in the Eurofighter programme – was slightly down on 2023, but the value of new orders received in 2024 soared by more than one-fifth year-on-year, to €2.9 billion. At the end of the year, the company reached a formal agreement with BAE Systems and Japanese consortium JAIEC to form a joint venture to deliver the Global Combat Air Programme.
Cingolani notes that “performance was better” at the aerostructures business, with 49 787 fuselages delivered compared with 39 the year before, and a “steady resolution of supply chain issues”. However, he concedes: “It is not where we wanted to be.”
Leonardo will continue to look at mergers and acquisitions and expand its industrial footprint in regions such as the Middle East, says Cingolani. He adds that the company last year surpassed its €150 million target on its cost-cutting effort, which aims to make cumulative €1.8 billion savings by 2028.
