Leonardo: H1 Confirms Stronger Earnings Quality And A Defense Upside

H1 growth quality improved, with like-for-like sales up 8.2%, orders up 39%, and margin expansion contributing more to EBITA growth than volumes. The backlog reached €52.6 billion before Iveco Defense, supporting roughly 2.5 years of revenue visibility and reinforcing confidence in sustained defense demand. Aerostructures is still loss-making, but H1 EBITA losses narrowed materially, while stronger Boeing 787 and ATR volumes support the path toward break-even.