European Growth Leaders 2026

Annual ranking data providerLSEG WorkspaceUsed with permission · acknowledgements

An independent academic observatory making Europe’s listed growth companies visible.

Francesco Castellaneta, Full Professor of Strategy, SKEMA Business School · Scientific Committee Diego Zunino and Jackie Krafft

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Annual rank98

Italy · Industrials

Leonardo

Aerospace, defence and security group active in aeronautics, automation, cyber, electronics, helicopters, computing and space.

+33%revenue growth
FY2022–FY2025
+32%net-income growth
FY2022–FY2025
+533%stock return
FY2022–FY2025
+8%2026 stock return
current context only

Company profile

Link aircraft, sensors and space systems into mission capability

Leonardo brings together helicopters, aircraft, defence electronics, cyber capabilities and space systems. Its most revealing products are ecosystems rather than isolated machines: aircraft connect to simulators and ground schools, radars to command networks, countermeasures to platform protection and space instruments to control centres. Named programmes show how engineering, software, training and long-term support combine around an operational mission.

Vertical flight

Switch missions in the AW149 and land the AW609 on a carrier

The AW149 can be configured for troop transport, medical evacuation, rescue, special operations, surveillance or command. The AW609 combines vertical take-off with aeroplane-like cruise; before its landing trials on the Italian aircraft carrier Cavour, crews rehearsed digitally and then tested more than 15 approach and departure conditions.

Aircraft and training

Connect real aircraft with synthetic pilots and austere runways

The M-346 training system links the jet, ground school, simulators and Live, Virtual and Constructive scenarios so students can fly against synthetic participants. The C-27J Spartan tackles a different problem: tactical transport from short or unprepared strips, with removable kits for cargo, medical evacuation, firefighting and special missions.

Sensors and protection

See the threat, coordinate the response and misdirect the missile

Kronos Naval and Kronos Power Shield use active electronically scanned arrays for naval surveillance and land-based air and missile defence. BriteCloud takes protection down to a disposable decoy containing a miniature digital jammer, while Miysis directs infrared energy towards heat-seeking missile seekers.

Space systems

Read materials from orbit and drill for resources on the Moon

PRISMA distinguishes materials through hyperspectral signatures, while the Fucino centre controls satellites through more than 170 antennas. PROSPECT combines a robotic drill and miniature laboratory designed to collect and analyse lunar material, extending Leonardo's role from instruments in orbit to machines working directly on another world's surface.

Current 2026 update

What has changed in 2026?

Collaboration announced 22 July 2026 · 22 July 2026

Collaboration announced 22 July 2026latest official update
4company-specific highlights
+8%2026 stock return · context only

Q1 reported result and net debt

Q1 reported net result fell 53.5% to EUR 184 million because the prior year included an extraordinary discontinued-operation item; group net debt rose 43.5% to EUR 3.049 billion after acquisitions.

Q1 2026

Q2 trading update

At its 30 June pre-close call, Leonardo said Q1 momentum had continued through Q2, especially in orders, and repeated its full-year guidance excluding the nine-month IDV contribution.

Q2 2026 pre-close

Indonesia M-346 contract

Leonardo and PT ESystem Solutions signed a contract to supply Indonesia with 12 M-346 F Block 20 aircraft, with deliveries expected from 2030.

Contract announced 21 July 2026

CAE training collaboration

CAE and Leonardo expanded their M-346 training collaboration to cover next-generation capabilities, including AI-enabled systems and live-virtual-constructive environments.

Collaboration announced 22 July 2026

Annual record

Ranking history

Future editions add rows; they do not rewrite the 2026 record.

EditionMeasurement periodRankRevenue growthNet-income growthStock return
2026FY2022–FY202598+33%+32%+533%