Buy Or Sell Opportunity • Jun 01
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 10% to €52.15. The fair value is estimated to be €65.77, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 16%. For the next 3 years, revenue is forecast to grow by 9.7% per annum. Earnings are also forecast to grow by 15% per annum over the same time period. 공시 • May 08
Wyser-Pratte Demands Independent Investigation into Leonardo SpA AGM Vote On May 7, 2026, Wyser-Pratte Management Co., Inc. demanded an independent investigation into Leonardo SpA Annual General Meeting vote, stating the shareholder meeting was conducted under restrictive and antidemocratic terms with no opportunity to speak, ask questions, or engage, capped at approximately 60 minutes and conducted through a company-designated proxyholder. In addition, Wyser-Pratte stated that while a Webex link for remote access failed at the exact moment the meeting was called to order, and the government slate prevailed by the narrowest of margins at 50.097% versus 49.481%, raising questions and demanding scrutiny, despite ISS and Glass Lewis recommending a vote against the government slate and in favor of the dissident slate submitted by Assogestioni, as a government controlling just 30.2% of share capital secured a majority, sending the wrong signal to global investors, as rules are bent, meetings are closed, shareholders are silenced, and votes are certified under conditions that invite no scrutiny, even as Leonardo reports strong performance including €23.8 billion orders, €19.5 billion revenues, and 91.75% total shareholder return. Reported Earnings • May 06
First quarter 2026 earnings released First quarter 2026 results: EPS: €0.28. Revenue: €4.45b (up 6.9% from 1Q 2025). Net income: €162.0m (down 57% from 1Q 2025). Profit margin: 3.6% (down from 9.1% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 9.2% p.a. on average during the next 3 years, compared to a 21% growth forecast for the Aerospace & Defense industry in Germany. 공시 • Apr 25
Wyser-Pratte Management Urges Leonardo Shareholders to Vote No on CEO Cingolani's Replace Proposal On April 24, 2026, Wyser-Pratte Management Co., Inc., announced its alarm and disappointment regarding the Italian government's the Ministry of Economy and Finance recent interference in Leonardo S.p.A.'s management, specifically the replacement of CEO Roberto Cingolani. In addition, Wyser-Pratte, together with other minority shareholders, urged all Company shareholders to vote no on proposal, the ousting of CEO Roberto Cingolani, at the annual general meeting on May 7, 2026, citing that the government's actions undermine confidence in the Company's governance and put at risk the significant value created under Cingolani's leadership. Further, Wyser-Pratte Management highlighted that since Cingolani's appointment, Company's share price rose by more than 430%, headcount increased by nearly 9,200, and earnings and revenue compounded annually at approximately 10%, with meaningful acceleration in free cash flow and reduced Net Debt/EBITDA ratio. Furthermore, Wyser-Pratte warned that further government interference could damage shareholder value and stated its intention to pursue all available legal remedies, including litigation, to protect the rights of the company's owners if necessary. 공시 • Mar 30
Leonardo S.p.a., Annual General Meeting, May 07, 2026 Leonardo S.p.a., Annual General Meeting, May 07, 2026, at 10:30 W. Europe Standard Time. Location: piazza monte grappa 4, roma Italy Board Change • Mar 19
High number of new directors There are 9 new directors who have joined the board in the last 3 years. Independent Director Marcello Sala was the last director to join the board, commencing their role in 2023. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. 공시 • Mar 19
Leonardo S.p.a. (BIT:LDO) completed the acquisition of ASTRA Veicoli Industriali S.p.A and Iveco Defence Vehicles S.p.A. from Iveco Group N.V. (BIT:IVG) for €1.6 billion. Leonardo S.p.a. (BIT:LDO) agreed to acquire ASTRA Veicoli Industriali S.p.A and Iveco Defence Vehicles S.p.A. from Iveco Group N.V. (BIT:IVG) for an enterprise value at €1.7 billion on July 30, 2025. On completion, Iveco Group intends to distribute the net proceeds of the transaction, subject to closing adjustments, to shareholders via an extraordinary dividend. The transaction will be financed through available cash resources.
For the period ending December 31, 2024, ASTRA Veicoli Industriali S.p.A/Iveco Defence Vehicles S.p.A. reported total revenue of €1.13 billion and EBIT of €108 million.
The closing of the transaction is expected in the first quarter of 2026, subject to anti-trust approval, regulatory approvals and carve-out completion. On completion, Iveco Group intends to distribute the net proceeds of the transaction, subject to closing adjustments, to shareholders via an extraordinary dividend. As of March 17, 2026, all conditions for closing sale of its defense business have been met. The transaction, which is expected to be finalized in the coming days, is a condition, inter alia, for the completion of the voluntary tender offer by Tata Motors Limited for all issued common shares of Iveco Group (after the separation of its Defence Business), as announced on July 30, 2025.
Goldman Sachs Bank Europe SE, Italian Branch acted as financial advisor for Iveco Group N.V. Freshfields LLP acted as legal advisor for Iveco Group N.V. Morgan Stanley & Co. International plc acted as financial advisor for Leonardo S.p.a. Bonelli Erede Pappalardo Studio Legale acted as legal advisor for Leonardo S.p.a.
Leonardo S.p.a. (BIT:LDO) completed the acquisition of ASTRA Veicoli Industriali S.p.A and Iveco Defence Vehicles S.p.A. from Iveco Group N.V. (BIT:IVG) for €1.6 billion on March 18, 2026. According to plan, the net proceeds of the sale will be distributed to the Company’s shareholders through an extraordinary interim dividend. Based on the sale price, the expected closing adjustments and the separation costs borne for the carve out of the Defence Business, such extraordinary dividend (initially assumed at €5.5-6.0 per share) is presently estimated to end at €5.7-5.8 per issued and outstanding common share. In due course, the exact amount to be distributed will be determined by the Board of Directors. It is currently anticipated that payment will take place in April, with ex-dividend date on 20th April as per the Italian Stock Exchange calendar. 공시 • Mar 18
Leonardo S.p.a. announces Annual dividend, payable on June 24, 2026 Leonardo S.p.a. announced Annual dividend of EUR 0.6300 per share payable on June 24, 2026, ex-date on June 22, 2026 and record date on June 23, 2026. Reported Earnings • Mar 15
Full year 2025 earnings released: EPS: €2.12 (vs €1.86 in FY 2024) Full year 2025 results: EPS: €2.12 (up from €1.86 in FY 2024). Revenue: €19.5b (up 9.8% from FY 2024). Net income: €1.22b (up 14% from FY 2024). Profit margin: 6.3% (up from 6.0% in FY 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 8.0% p.a. on average during the next 3 years, compared to a 22% growth forecast for the Aerospace & Defense industry in Germany. Buy Or Sell Opportunity • Mar 07
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 24% to €58.58. The fair value is estimated to be €47.13, however this is not to be taken as a sell recommendation but rather should be used as a guide only. For the next 3 years, revenue is forecast to grow by 7.6% per annum. Earnings are also forecast to grow by 15% per annum over the same time period. Buy Or Sell Opportunity • Feb 11
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 7.5% to €55.00. The fair value is estimated to be €45.70, however this is not to be taken as a sell recommendation but rather should be used as a guide only. For the next 3 years, revenue is forecast to grow by 7.3% per annum. Earnings are also forecast to grow by 15% per annum over the same time period. Valuation Update With 7 Day Price Move • Jan 05
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €54.42, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 36x in the Aerospace & Defense industry in Germany. Simply Wall St's valuation model estimates the intrinsic value at €37.31 per share. Reported Earnings • Nov 07
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: €4.53b (up 11% from 3Q 2024). Net income: €193.0m (up 10% from 3Q 2024). Profit margin: 4.3% (in line with 3Q 2024). Revenue is forecast to grow 7.9% p.a. on average during the next 3 years, compared to a 22% growth forecast for the Aerospace & Defense industry in Germany. 공시 • Oct 23
Airbus, Thales and Leonardo Reportedly Near Deal on Merger of European Space Businesses Airbus SE (ENXTPA:AIR), Thales S.A. (ENXTPA:HO) and Leonardo S.p.a. (BIT:LDO) are nearing an agreement on the merger of their space businesses, the Financial Times reported on October 21, 2025. Under the deal, Airbus will own 35%, with the other two holding 32.5% each, the report added, citing people familiar with the matter. Airbus is expected to receive a payment from its new partners as compensation for limiting its stake to 35% despite its unit accounting for roughly half of the total turnover, the FT reported. Reuters could not immediately verify the report. Airbus, Thales and Leonardo did not immediately respond to Reuters' requests for comment. Reuters reported in September that the three European airspace groups had redoubled efforts to combine their satellite businesses into a EUR 10 billion ($11.66 billion) French-headquartered joint venture, dubbed "Project Bromo". The board of Italy's Leonardo held a crucial meeting on October 21, 2025 to review a tentative deal to forge a new European satellite manufacturer with its existing partner Thales and rival Airbus, Reuters reported earlier in the day. A potential deal could mark the latest attempt to tie together fragmented European assets and draw inspiration from a decision by France, Italy and Britain to set up the MBDA missiles venture in 2001. Buy Or Sell Opportunity • Sep 11
Now 22% overvalued The stock has been flat over the last 90 days, currently trading at €50.04. The fair value is estimated to be €41.12, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 9.3% over the last 3 years. Earnings per share has grown by 14%. For the next 3 years, revenue is forecast to grow by 7.7% per annum. Earnings are also forecast to grow by 14% per annum over the same time period. Board Change • Sep 10
High number of new and inexperienced directors There are 11 new directors who have joined the board in the last 3 years. The company's board is composed of: 11 new directors. 1 experienced director. No highly experienced directors. Chairman of Statutory Auditors Luca Rossi is the most experienced director on the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. 
