{"slug":"leonardo","name":"Leonardo","name_en":"Leonardo S.p.A.","ticker":"LDO.MI","updated_at":"2026-07-12T04:18:19.593897+00:00","canonical":"https://valuechain.wiki/leonardo","same_as":["https://finance.yahoo.com/quote/LDO.MI"],"citable":"밸류체인 그래프 기준 Leonardo의 직접 연결 기업은 5곳(관계 기준 공급 2·매출 0·투자 5)이고, 사슬을 2차까지 넓히면 9곳에 닿는다. 링크의 근거 출처는 12건이며 그중 1차공시가 1건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Leonardo S.p.A. is directly linked to 5 companies (2 supply, 0 revenue, 5 investment relationships) and reaches 9 companies within two hops; the links are backed by 12 dated sources, 1 of them primary filings (as of 2026-07-12).","kicker":"이탈리아 국영 방산 프라임. 헬기·방산전자·항공·우주에 걸치고, 미국 자회사 레오나르도 DRS로 미 국방시장에 들어간다.","kicker_en":"Italy's state-anchored defense prime, spanning helicopters, defense electronics, aeronautics and space, with a US foothold through its Leonardo DRS subsidiary.","lead":"레오나르도는 이탈리아 최대 방산·항공우주 기업으로, 최대주주는 지분 30.2%를 쥔 이탈리아 경제재정부(MEF)다. FY2025 매출은 €19.5B, 수주잔고는 €46B를 넘어 유럽 재무장 사이클의 핵심 수혜주다. 우주에서는 탈레스와 스페이스 얼라이언스(탈레스알레니아스페이스·텔레스파치오)를 이루고, 2025년 에어버스·탈레스와 프로젝트 브로모 통합에 합의했다.","lead_en":"Leonardo is Italy's largest defense and aerospace group, its biggest shareholder the Italian Ministry of Economy and Finance (MEF) with a 30.2% stake. FY2025 revenue reached €19.5B and its order backlog exceeds €46B, making it a core beneficiary of the European rearmament cycle. In space it forms the Space Alliance with Thales (Thales Alenia Space and Telespazio), and in 2025 it agreed with Airbus and Thales to combine space assets under Project Bromo.","segments":{"fy":2025,"parts":[{"desc":"레이더·전자전·센서·사이버. 미국 자회사 레오나르도 DRS(지분 72.3%) 포함, 최대 부문","name":"방산전자·보안 (Defence Electronics & Security)"},{"desc":"AW139·AW189·AW101 등 민군 헬기","name":"헬기 (Helicopters)"},{"desc":"M-346 훈련기, 유로파이터·테르나 참여, 항공구조물","name":"항공 (Aeronautics)"},{"desc":"탈레스알레니아스페이스 33%·텔레스파치오 67% JV, 위성 제조·서비스","name":"우주 (Space)"}],"total":"매출 €19.5B (+11%), 신규수주 €23.8B, 수주잔고 €46B 초과","source":"https://www.leonardo.com/en/press-release-detail/-/detail/12-03-2026-leonardo-board-of-directors-approves-fy2025-results-and-2026-guidance","concentration":"이탈리아 경제재정부(MEF) 30.2% 대주주. 수주잔고 €46B로 약 2.4년치 생산 커버. 10대 고객 집중도는 공시 미분리."},"segments_en":{"fy":2025,"parts":[{"desc":"Radar, EW, sensors, cyber; largest division, includes US subsidiary Leonardo DRS (72.3% owned)","name":"Defence Electronics & Security"},{"desc":"AW139, AW189, AW101 civil and military helicopters","name":"Helicopters"},{"desc":"M-346 trainer, Eurofighter participation, aerostructures","name":"Aeronautics"},{"desc":"Thales Alenia Space (33%) and Telespazio (67%) JVs, satellite manufacturing and services","name":"Space"}],"total":"Revenue €19.5B (+11%), new orders €23.8B, backlog above €46B","source":"https://www.leonardo.com/en/press-release-detail/-/detail/12-03-2026-leonardo-board-of-directors-approves-fy2025-results-and-2026-guidance","concentration":"Italian MEF is the 30.2% anchor shareholder. The €46B backlog covers about 2.4 years of production. Top-10 customer concentration is not separately disclosed."},"returns_yearly":{"2021":11.3,"2022":50.3,"2023":73.6,"2024":89.1,"2025":88.1,"2026":-6.8},"return_asof":"2026-07-10","value_chain":{"leading":[],"benefiting":[{"slug":"airbus","name":"에어버스","name_en":"Airbus","tier":1,"returns_yearly":{"2021":34.8,"2022":3.9,"2023":30.5,"2024":15,"2025":18.3,"2026":3.9}},{"slug":"voyager-technologies","name":"보이저 테크놀로지스","name_en":"Voyager Technologies","tier":2,"returns_yearly":{"2026":19.2}},{"slug":"ge-aerospace","name":"GE 에어로스페이스","name_en":"GE Aerospace","tier":2,"returns_yearly":{"2021":9.7,"2022":-10.9,"2023":95.7,"2024":64.8,"2025":85.7,"2026":17}},{"slug":"rtx","name":"RTX","name_en":"RTX","tier":2,"returns_yearly":{"2021":23.3,"2022":20,"2023":-14.4,"2024":40.8,"2025":61.4,"2026":7.6}},{"slug":"toray-industries","name":"도레이","name_en":"Toray Industries","tier":2,"returns_yearly":{"2021":8.3,"2022":12.5,"2023":-4.8,"2024":49.2,"2025":7.5,"2026":1.3}},{"slug":"thales","name":"Thales","name_en":"Thales","tier":2,"returns_yearly":{"2021":12.5,"2022":52.5,"2023":14,"2024":17.8,"2025":66.6,"2026":-11.6}},{"slug":"kai","name":"한국항공우주산업 (KAI)","name_en":"Korea Aerospace Industries","tier":2,"returns_yearly":{"2021":15.4,"2022":34.6,"2023":7,"2024":5.5,"2025":217.9,"2026":-14}},{"slug":"arianegroup","name":"아리안그룹","name_en":"ArianeGroup","tier":2,"returns_yearly":null},{"slug":"mda-space","name":"MDA 스페이스","name_en":"MDA Space","tier":3,"returns_yearly":{"2022":-32.6,"2023":80,"2024":156.3,"2025":-9.8,"2026":80.8}},{"slug":"mercury-systems","name":"Mercury Systems","name_en":"Mercury Systems","tier":3,"returns_yearly":{"2021":-37.5,"2022":-18.7,"2023":-18.3,"2024":14.8,"2025":73.8,"2026":47.9}},{"slug":"howmet-aerospace","name":"하우멧 에어로스페이스","name_en":"Howmet Aerospace","tier":3,"returns_yearly":{"2021":11.7,"2022":24.2,"2023":37.8,"2024":102.7,"2025":88,"2026":32.2}},{"slug":"lockheed-martin","name":"Lockheed Martin","name_en":"Lockheed Martin","tier":3,"returns_yearly":{"2021":3.2,"2022":40.5,"2023":-4.3,"2024":10,"2025":2.5,"2026":9.5}},{"slug":"mitsubishi","name":"미쓰비시상사","name_en":"Mitsubishi","tier":3,"returns_yearly":{"2021":52.5,"2022":15.9,"2023":84.1,"2024":-0.3,"2025":70.2,"2026":8.7}},{"slug":"l3harris","name":"L3해리스","name_en":"L3Harris","tier":3,"returns_yearly":{"2021":15,"2022":-0.5,"2023":3.7,"2024":1.9,"2025":42.3,"2026":-0.2}},{"slug":"northrop-grumman","name":"노스럽 그러먼","name_en":"Northrop Grumman","tier":3,"returns_yearly":{"2021":29.3,"2022":43,"2023":-12.8,"2024":1.9,"2025":23.6,"2026":-4.6}},{"slug":"avio","name":"아비오","name_en":"Avio","tier":3,"returns_yearly":{"2021":-9.9,"2022":-4.7,"2023":-17.1,"2024":98.4,"2025":117,"2026":-10.8}},{"slug":"hanwha-aerospace","name":"한화에어로스페이스","name_en":"Hanwha Aerospace","tier":3,"returns_yearly":{"2021":19.3,"2022":70.4,"2023":74.3,"2024":163.6,"2025":227.6,"2026":-25.6}},{"slug":"palantir","name":"Palantir","name_en":"Palantir Technologies","tier":3,"returns_yearly":{"2021":-22.7,"2022":-64.7,"2023":167.4,"2024":340.5,"2025":135,"2026":-28.7}}],"analysis":"레오나르도의 투자 논점은 '유럽 재무장 백로그 + 국가 후원 JV 네트워크 + 미국 진입로'다. 이탈리아 경제재정부(MEF 30.2%)가 이사회를 실질 지배하는 국영 프라임으로, FY2025 매출 €19.5B(+11%)·신규수주 €23.8B·수주잔고 €46B(약 2.4년치)가 우크라이나 이후 방산비 확대를 담는다. 최대 부문 방산전자·보안은 미국 자회사 레오나르도 DRS(72.3%)로 미 국방시장에 들어가는 통로다. 성장은 JV 네트워크로 촘촘하다 — ATR(에어버스 50/50)·MBDA(25%)·탈레스와의 스페이스 얼라이언스(TAS 33%·텔레스파치오 67%)·프로젝트 브로모 우주통합(레오나르도 32.5%)·아비오(19.3%). 상류로 헬기 엔진을 RTX(P&W 캐나다)·GE(아비오 아에로)에 의존한다. 2026년 -7.3% 조정은 펀더멘털보다 밸류·차익실현 성격이다.","analysis_en":"Leonardo's thesis is 'a European-rearmament backlog + a state-backed JV network + a US on-ramp.' A state-anchored prime where the Italian MEF (30.2%) effectively controls the board, its FY2025 revenue of €19.5B (+11%), new orders €23.8B and €46B backlog (~2.4 years) capture the post-Ukraine defense build-up. Its largest division, Defence Electronics & Security, is the channel into the US market via subsidiary Leonardo DRS (72.3%). Growth is densely woven through JVs — ATR (Airbus 50/50), MBDA (25%), the Space Alliance with Thales (Thales Alenia Space 33%, Telespazio 67%), the Project Bromo space combination (Leonardo 32.5%) and Avio (19.3%). Upstream it depends on RTX (Pratt & Whitney Canada) and GE (Avio Aero) for helicopter engines. The -7.3% 2026 pullback is more valuation/profit-taking than fundamentals.","analysis_asof":"2026-07-10"},"edges":[{"direction":"investor","counterparty":"Thales","counterparty_slug":"thales","confidence":"high","metric":{"type":"share","unit":"%","as_of":"2026-07-05","basis":"탈레스알레니아스페이스 내 탈레스 지분","value":67,"period":"현재","basis_en":"Thales stake in Thales Alenia Space"},"note":"탈레스와 레오나르도는 '스페이스 얼라이언스'로 위성 제조사 탈레스알레니아스페이스(탈레스 67%·레오나르도 33%)와 서비스사 텔레스파치오(레오나르도 67%·탈레스 33%)를 공동 소유한다. 두 회사는 브로모 합병의 나머지 두 축이기도 하다.","note_en":"Thales and Leonardo jointly own the 'Space Alliance': satellite maker Thales Alenia Space (Thales 67%, Leonardo 33%) and services firm Telespazio (Leonardo 67%, Thales 33%). The two are also the other legs of the Bromo merger.","sources":[{"stance":"confirms","publisher":"탈레스알레니아스페이스","publisher_en":"Thales Alenia Space","kind":"ir","lang":"en","published_at":"2026-07-05","url":"https://www.thalesaleniaspace.com/en/space-alliance","title":"Space Alliance","title_en":"Space Alliance","excerpt":"스페이스 얼라이언스는 두 합작사 텔레스파치오(레오나르도 67%·탈레스 33%)와 탈레스알레니아스페이스(탈레스 67%·레오나르도 33%)의 역량을 결합한다.","excerpt_en":"The Space Alliance combines two joint ventures, Telespazio (Leonardo 67%, Thales 33%) and Thales Alenia Space (Thales 67%, Leonardo 33%)."}]},{"direction":"investment","counterparty":"Airbus","counterparty_slug":"airbus","confidence":"high","metric":{"type":"share","unit":"%","as_of":"2026-07-05","basis":"ATR JV 지분","value":50,"period":"현재","basis_en":"ATR JV stake"},"note":"지역항공기 ATR을 에어버스와 50/50으로 공동 소유하고, 2025년 프로젝트 브로모에서 에어버스·탈레스와 우주 사업을 통합하기로 합의했다(레오나르도 32.5%).","note_en":"Leonardo co-owns the regional-aircraft maker ATR 50/50 with Airbus, and in 2025 agreed to combine space assets with Airbus and Thales under Project Bromo (Leonardo 32.5%).","sources":[{"stance":"confirms","publisher":"에어버스","publisher_en":"Airbus","kind":"ir","lang":"en","published_at":"2025-10-23","url":"https://www.airbus.com/en/newsroom/press-releases/2025-10-airbus-leonardo-and-thales-sign-memorandum-of-understanding-to","title":"에어버스·레오나르도·탈레스, 유럽 우주 선도기업 창설 MOU 서명","title_en":"Airbus, Leonardo and Thales sign MoU to create a leading European player in space","excerpt":"2025년 10월 23일 에어버스·레오나르도·탈레스가 우주 사업 통합 MOU에 서명했다. 지분은 에어버스 35%, 레오나르도 32.5%, 탈레스 32.5%다.","excerpt_en":"On 23 Oct 2025 Airbus, Leonardo and Thales signed an MoU to combine their space businesses, owned 35% Airbus, 32.5% Leonardo and 32.5% Thales."},{"stance":"confirms","publisher":"레오나르도","publisher_en":"Leonardo","kind":"ir","lang":"en","published_at":"2021-11-09","url":"https://www.leonardo.com/en/news-and-stories-detail/-/detail/09-11-2021-atr-compie-40-anni-1","title":"ATR, 창립 40주년","title_en":"ATR turns 40","excerpt":"ATR은 레오나르도와 에어버스가 동등하게 소유한 지역항공기 합작사다.","excerpt_en":"ATR is a regional-aircraft joint venture owned equally by Leonardo and Airbus."}]},{"direction":"investment","counterparty":"Thales","counterparty_slug":"thales","confidence":"high","metric":{"type":"share","unit":"%","as_of":"2026-07-05","basis":"Thales Alenia Space 지분","value":33,"period":"현재","basis_en":"Thales Alenia Space stake"},"note":"탈레스와 스페이스 얼라이언스를 이뤄 탈레스알레니아스페이스(레오나르도 33%)와 텔레스파치오(레오나르도 67%)를 공동 소유하며, 프로젝트 브로모로 우주 자산을 함께 통합한다.","note_en":"Leonardo forms the Space Alliance with Thales, co-owning Thales Alenia Space (Leonardo 33%) and Telespazio (Leonardo 67%), and combines space assets with Thales under Project Bromo.","sources":[{"stance":"confirms","publisher":"텔레스파치오","publisher_en":"Telespazio","kind":"ir","lang":"en","published_at":"2026-07-05","url":"https://www.telespazio.com/en/company/profile","title":"회사 프로필","title_en":"Profile","excerpt":"텔레스파치오는 레오나르도 67%, 탈레스 33%가 소유한 합작사다.","excerpt_en":"Telespazio is a joint venture owned 67% by Leonardo and 33% by Thales."},{"stance":"confirms","publisher":"탈레스알레니아스페이스","publisher_en":"Thales Alenia Space","kind":"ir","lang":"en","published_at":"2026-07-05","url":"https://www.thalesaleniaspace.com/en/who-we-are","title":"우리는 누구인가","title_en":"Who we are","excerpt":"탈레스알레니아스페이스는 탈레스 67%, 레오나르도 33%가 소유한 합작사다.","excerpt_en":"Thales Alenia Space is a joint venture owned 67% by Thales and 33% by Leonardo."},{"stance":"confirms","publisher":"에어버스","publisher_en":"Airbus","kind":"ir","lang":"en","published_at":"2025-10-23","url":"https://www.airbus.com/en/newsroom/press-releases/2025-10-airbus-leonardo-and-thales-sign-memorandum-of-understanding-to","title":"에어버스·레오나르도·탈레스, 유럽 우주 선도기업 창설 MOU 서명","title_en":"Airbus, Leonardo and Thales sign MoU to create a leading European player in space","excerpt":"레오나르도는 텔레스파치오·탈레스알레니아스페이스 지분을 포함한 우주 부문을 브로모 신설법인에 출자하고, 탈레스도 같은 지분을 넣는다.","excerpt_en":"Leonardo contributes its Space Division including its Telespazio and Thales Alenia Space shares to the Bromo entity, alongside Thales's matching shares."}]},{"direction":"investor","counterparty":"Italian government (MEF)","counterparty_slug":null,"confidence":"high","metric":{"type":"share","unit":"%","as_of":"2026-07-05","basis":"발행주식","value":30.2,"period":"2025","basis_en":"share capital"},"note":"이탈리아 경제재정부(MEF)가 지분 30.2%를 보유한 최대주주로, 이사회 구성에 실질적 지배력을 행사한다.","note_en":"The Italian Ministry of Economy and Finance (MEF) is the largest shareholder at 30.2% and effectively controls board composition.","sources":[{"stance":"confirms","publisher":"브레이킹디펜스","publisher_en":"Breaking Defense","kind":"news","lang":"en","published_at":"2026-04-10","url":"https://breakingdefense.com/2026/04/italy-set-to-remove-leonardo-ceo-despite-major-growth/","title":"이탈리아, 성장에도 레오나르도 CEO 교체 추진","title_en":"Italy set to remove Leonardo CEO, despite major growth","excerpt":"이탈리아 경제재정부(MEF)는 레오나르도 지분 30.2%를 보유한다.","excerpt_en":"The Ministry of Economy and Finance (MEF) holds a 30.2 percent stake in Leonardo."}]},{"direction":"revenue","counterparty":"U.S. Government","counterparty_slug":null,"confidence":"high","metric":null,"note":"미국 자회사 레오나르도 DRS(지분 72.3%)를 통해 미 국방부에 방산전자·센서를 납품한다.","note_en":"Through its US subsidiary Leonardo DRS (72.3% owned), Leonardo supplies defense electronics and sensors to the US Department of Defense.","sources":[{"stance":"confirms","publisher":"뉴스1","publisher_en":"News1","kind":"news","lang":"ko","published_at":"2026-03-30","url":"https://www.news1.kr/diplomacy/defense-diplomacy/6118223","title":"방사청, 美 방산기업 레오나르도 DRS와 절충교역 사업설명회","title_en":"DAPA holds offset-trade briefing with US defense firm Leonardo DRS","excerpt":"방위사업청이 미국 방산기업 레오나르도 DRS와 국내 중소기업 간 절충교역 협력 사업설명회를 열었다. 레오나르도 DRS는 이탈리아 레오나르도의 미국 자회사다.","excerpt_en":"Korea's DAPA held an offset-trade briefing pairing US defense firm Leonardo DRS with Korean SMEs; Leonardo DRS is the US subsidiary of Italy's Leonardo."},{"stance":"mentions","publisher":"레오나르도","publisher_en":"Leonardo","kind":"filing","lang":"en","published_at":"2026-03-12","url":"https://www.leonardo.com/en/press-release-detail/-/detail/12-03-2026-leonardo-board-of-directors-approves-fy2025-results-and-2026-guidance","title":"레오나르도 이사회, FY2025 실적 및 2026 가이던스 승인","title_en":"Leonardo: Board of Directors approves FY2025 results and 2026 guidance","excerpt":"방산전자·보안 부문 실적에 미국 자회사 레오나르도 DRS가 포함되며, 환율 효과가 DRS 실적에 영향을 미쳤다고 명시됐다.","excerpt_en":"The Defence Electronics & Security results include the US subsidiary Leonardo DRS, whose results the release notes were affected by exchange-rate effects."}]},{"direction":"revenue","counterparty":"Italian Ministry of Defence","counterparty_slug":null,"confidence":"high","metric":null,"note":"이탈리아 정부·군은 레오나르도의 최대 자국 고객으로 헬기·방산전자·항공 전 부문에 걸쳐 조달한다.","note_en":"The Italian government and armed forces are Leonardo's largest home customer, procuring across helicopters, defense electronics and aeronautics.","sources":[{"stance":"confirms","publisher":"레오나르도","publisher_en":"Leonardo","kind":"filing","lang":"en","published_at":"2026-03-12","url":"https://www.leonardo.com/en/press-release-detail/-/detail/12-03-2026-leonardo-board-of-directors-approves-fy2025-results-and-2026-guidance","title":"레오나르도 이사회, FY2025 실적 및 2026 가이던스 승인","title_en":"Leonardo: Board of Directors approves FY2025 results and 2026 guidance","excerpt":"레오나르도 이사회가 FY2025 매출 €19.5B(+11%), 신규수주 €23.8B, 수주잔고 €46B 초과를 승인했다. 방산전자·보안, 헬기, 항공, 우주 전 부문이 두 자릿수로 성장했다.","excerpt_en":"Leonardo's board approved FY2025 revenue of €19.5B (+11%), new orders of €23.8B and a backlog above €46B, with double-digit growth across Defence Electronics & Security, Helicopters, Aeronautics and Space."}]},{"direction":"investor","counterparty":"에어버스","counterparty_slug":"airbus","confidence":"mid","metric":{"type":"share","unit":"%","as_of":"2026-07-05","basis":"ATR JV 지분","value":50,"period":"현재","basis_en":"ATR JV stake"},"note":"에어버스는 지역항공기 ATR을 레오나르도와 50/50으로 공동 소유하고, 2025년 프로젝트 브로모에서 레오나르도·탈레스와 우주 사업을 통합하기로 합의했다(에어버스 35%).","note_en":"Airbus co-owns the regional-aircraft maker ATR 50/50 with Leonardo, and in 2025 agreed to combine space assets with Leonardo and Thales under Project Bromo (Airbus 35%).","sources":[{"stance":"confirms","publisher":"에어버스","publisher_en":"Airbus","kind":"ir","lang":"en","published_at":"2025-10-23","url":"https://www.airbus.com/en/newsroom/press-releases/2025-10-airbus-leonardo-and-thales-sign-memorandum-of-understanding-to","title":"에어버스·레오나르도·탈레스, 유럽 우주 선도기업 창설 MOU 서명","title_en":"Airbus, Leonardo and Thales sign MoU to create a leading European player in space","excerpt":"에어버스·레오나르도·탈레스가 우주 사업 통합 MOU에 서명했고, 신설법인 지분은 에어버스 35%, 레오나르도 32.5%, 탈레스 32.5%다. 에어버스와 레오나르도는 ATR도 50/50으로 공동 소유한다.","excerpt_en":"Airbus, Leonardo and Thales signed an MoU to combine space businesses, with the new entity owned 35% Airbus, 32.5% Leonardo and 32.5% Thales; Airbus and Leonardo also co-own ATR 50/50."}]},{"direction":"investment","counterparty":"MBDA","counterparty_slug":null,"confidence":"mid","metric":{"type":"share","unit":"%","as_of":"2026-07-05","basis":"MBDA 지분","value":25,"period":"현재","basis_en":"MBDA stake"},"note":"유럽 미사일 합작사 MBDA를 레오나르도가 25% 보유한다(에어버스 37.5%, BAE 시스템스 37.5%).","note_en":"Leonardo holds 25% of the European missile JV MBDA, alongside Airbus (37.5%) and BAE Systems (37.5%).","sources":[{"stance":"confirms","publisher":"디펜스뉴스","publisher_en":"Defense News","kind":"news","lang":"en","published_at":"2026-03-26","url":"https://www.defensenews.com/global/europe/2026/03/26/mbda-to-double-aster-air-defense-missile-output-in-2026/","title":"MBDA, 2026년 아스터 방공미사일 생산 두 배로","title_en":"MBDA to double Aster air-defense missile output in 2026","excerpt":"MBDA는 에어버스와 BAE 시스템스가 각 37.5%, 이탈리아 레오나르도가 나머지 25%를 보유한다.","excerpt_en":"MBDA is owned by Airbus and the UK's BAE Systems with a 37.5% stake each, with Italy's Leonardo owning the remaining 25%."}]},{"direction":"investment","counterparty":"아비오","counterparty_slug":"avio","confidence":"mid","metric":{"type":"ownership_stake","unit":"%","as_of":"2025-11-11","basis":"Leonardo shareholding in Avio","value":19.3,"basis_en":"Leonardo shareholding in Avio"},"note":"레오나르도가 우주추진 기업 Avio 지분 19.30% 보유(최대주주).","note_en":"Leonardo holds a 19.30% stake in space-propulsion firm Avio (largest shareholder).","sources":[{"stance":"confirms","publisher":"Leonardo","publisher_en":"Leonardo","kind":"ir","lang":"en","published_at":"2025-11-11","url":"https://www.leonardo.com/en/press-release-detail/-/detail/11-11-2025-leonardo-subscription-to-avio-s-capital-increase-completed","title":"Leonardo: subscription to Avio's capital increase completed","title_en":"Leonardo: subscription to Avio's capital increase completed","excerpt":"Leonardo의 Avio 지분이 19.30%로 조정됨.","excerpt_en":"Leonardo's shareholding in Avio now stands at 19.30%."}]},{"direction":"revenue","counterparty":"European governments","counterparty_slug":null,"confidence":"mid","metric":null,"note":"영국·독일 등 유럽 정부에 헬기와 방산전자를 수출하며, 유럽 재무장 수요가 수주잔고를 밀어올렸다.","note_en":"Leonardo exports helicopters and defense electronics to European governments such as the UK and Germany, with European rearmament demand lifting the backlog.","sources":[{"stance":"confirms","publisher":"레오나르도","publisher_en":"Leonardo","kind":"filing","lang":"en","published_at":"2026-03-12","url":"https://www.leonardo.com/en/press-release-detail/-/detail/12-03-2026-leonardo-board-of-directors-approves-fy2025-results-and-2026-guidance","title":"레오나르도 이사회, FY2025 실적 및 2026 가이던스 승인","title_en":"Leonardo: Board of Directors approves FY2025 results and 2026 guidance","excerpt":"FY2025 신규수주 €23.8B(+15%)로 유럽 방산비 확대가 헬기·방산전자 수주를 견인했다.","excerpt_en":"FY2025 new orders of €23.8B (+15%) reflect rising European defense budgets driving helicopter and defense-electronics awards."}]},{"direction":"cost","counterparty":"RTX","counterparty_slug":"rtx","confidence":"mid","metric":null,"note":"주력 헬기 AW139가 RTX 산하 프랫앤휘트니 캐나다의 PT6C-67C 엔진 2기로 구동 — 헬기 엔진을 경쟁·동맹 프라임 계열에 의존하는 상류 관계로, 엔진 공급이 헬기 인도의 제약이다.","note_en":"The flagship AW139 helicopter is powered by two Pratt & Whitney Canada (RTX) PT6C-67C engines — an upstream dependence on a rival/ally prime's engines, where engine supply constrains helicopter deliveries.","sources":[{"stance":"confirms","publisher":"레오나르도","publisher_en":"Leonardo","kind":"ir","lang":"en","published_at":"2023-12-07","url":"https://www.leonardo.com/en/press-release-detail/-/detail/07.12.23","title":"레오나르도·프랫앤휘트니 캐나다, PT6C-67C 탑재 AW139 100% SAF 비행 최초 달성","title_en":"Leonardo and Pratt & Whitney Canada achieve first 100% SAF flight with PT6C-67C-powered AW139","excerpt":"레오나르도 AW139 헬기는 프랫앤휘트니 캐나다(RTX)의 PT6C-67C 엔진 2기를 탑재한다.","excerpt_en":"The Leonardo AW139 helicopter is powered by two Pratt & Whitney Canada (RTX) PT6C-67C engines."}]},{"direction":"cost","counterparty":"GE Aerospace","counterparty_slug":"ge-aerospace","confidence":"mid","metric":null,"note":"레오나르도 헬기의 엔진 상당수를 GE 계열(아비오 아에로)이 공급한다. NH90은 T700/T6E1, AW189는 GE CT7 엔진을 쓴다.","note_en":"GE (via Avio Aero) supplies engines for much of Leonardo's helicopter range; the NH90 uses T700/T6E1 and the AW189 uses GE CT7 engines.","sources":[{"stance":"confirms","publisher":"GE에어로스페이스","publisher_en":"GE Aerospace","kind":"news","lang":"en","published_at":"2017-12-06","url":"https://www.geaerospace.com/news/articles/technology/made-venice-how-avio-aero-and-leonardo-elicotteris-collaboration-have-boosted","title":"아비오 아에로와 레오나르도 엘리코테리의 협력","title_en":"How Avio Aero and Leonardo Elicotteri's collaboration boosted military missions","excerpt":"GE 계열 아비오 아에로가 레오나르도 NH90 헬기의 T700/T6E1 터보샤프트 엔진을 공급하며, 이탈리아군 납품분의 60%를 담당한다.","excerpt_en":"GE's Avio Aero supplies the T700/T6E1 turboshaft engines for Leonardo's NH90 helicopter, holding 60% responsibility for engines destined for the Italian government."}]}]}