Italian Leonardo predicts revenue of more than $30 billion by 2029 due to increased orders in Europe
Italian arms company Leonardo forecasts significant revenue growth to €30 billion by 2029, driven by new and increased defence spending in Europe.
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The company's CEO Roberto Cingolani noted that the European Union's initiatives to boost defence spending could increase Leonardo's annual orders from Italy by €2-3 billion and another €2-3 billion from other European customers. This additional €6 billion, together with new joint ventures, is expected to boost the company's annual revenue to €24 billion by 2029.
One of the key partnerships is a joint project with the Turkish company Baykar, where Leonardo will equip Baykar drones with sensors, radar systems, and electronics. This partnership is expected to generate €600 million in revenue by 2029.
The company has also signed an agreement with Germany's Rheinmetall to build new tanks and armoured combat vehicles for the Italian army, which should bring in €1bn between 2025 and 2029.
Lynx armoured personnel carrier. Illustration: Rheinmetall
In addition, the presentation confirmed that the UK, Japan and Italy will invest €40 billion by 2035 in the GCAP sixth-generation fighter programme, which will deliver 300 aircraft after 2035.
Cingolani also said that Leonardo had found a partner for its troubled aerostructures division, which includes work on the Boeing 787, but declined to name it. It is speculated that Saudi Arabia may join after a recent visit by its representatives to one of the plants.
The plan also calls for the launch of new satellites in 2027-2028, including 18 military satellites, six of which will be equipped with infrared sensors. The Italian Ministry of Defence has already covered €580 million of the €900 million needed for this project. In addition, 20 civilian satellites are planned to be launched in low Earth orbit.
Source: Defence News
