Leonardo: Market anticipates upward revision of 2026 guidance

(Alliance News) - The keyword for the leadership transition at Leonardo is 'continuity'. Following the departure of Roberto Cingolani, the appointment of Lorenzo Mariani as the new CEO is viewed by the market as a reassuring choice: a long-standing internal manager, he possesses an in-depth knowledge of the company, its personnel, and its industrial processes. Alongside him, Gian Piero Cutillo, another veteran of the group, has been named co-general manager.

As reported by Milano Finanza, the new management team will be tasked with consolidating Leonardo's industrial and technological growth, strengthening ties with the Armed Forces, and accelerating the production of systems already under development, while improving efficiency and the supply chain.

Analysts maintain positive ratings on the stock, despite applying a discount related to the managerial transition. Among the first dossiers on Mariani's desk is the 2026 guidance: first-quarter results, which exceeded expectations, could lead to an upward revision of targets. Particular attention is also being paid to the integration of Iveco Defence Vehicles, acquired for EUR1.7 billion.

Strategic priorities also include MBDA, the missile joint venture considered a core asset, and Aerostructures, for which Leonardo is seeking an industrial partner - likely Saudi - although the timing of such a deal remains uncertain.

Another significant issue concerns the 22.8% stake in the German group Hensoldt: plans to acquire control appear to have become more complex due to increased intervention by the German government, and it will be up to the new management to decide how to maximize the value of this holding.

Finally, the long-term outlook is influenced by Project Bromo, the future space joint venture with Airbus and Thales, the closing of which is not expected before 2027 due to regulatory and industrial complexities.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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