Leonardo confirmed on Friday that talks with Germany’s Rheinmetall over the potential divestment of part of Iveco Defence Vehicles (IDV) remain ongoing and non-binding. Company executives described the engagement as a tentative arrangement rather than a legally enforceable deal.
Group Chief Financial Officer Giuseppe Aurilio said there had been what he called a gentlemen's agreement with Rheinmetall, but that no formal contract exists. Aurilio emphasized that selling part of IDV represents one of several strategic alternatives being evaluated for the unit, rather than the sole course of action under consideration.
On a post-results call, Aurilio pointed to improving fundamentals at IDV, noting that its truck business is growing and profitable. He said that stronger performance at the unit places Leonardo in a more favorable position to assess multiple options for its future.
Chief Executive Lorenzo Mariani added that the group has received enquiries from other parties interested in potentially acquiring part of IDV, indicating external interest beyond the discussions with Rheinmetall.
Beyond the potential transaction, Leonardo is coordinating with Thales and Airbus on the antitrust filing related to the Bromo joint venture project focused on space exploration. Executives indicated preparations are under way to meet regulatory requirements for that collaboration.
Mariani also discussed ongoing changes in the aerostructures business. He said Leonardo is continuing a restructuring effort and, together with a future joint venture partner, is expanding its footprint abroad with the objective of subsequently deconsolidating that activity from the group's accounts.
The chief executive reiterated that the plan to form a joint venture for the aerostructures unit remains intact, but acknowledged the timetable for that plan has been pushed back because of the conflict in the Middle East.
Finally, Mariani cautioned that an improved guidance outlook for 2026 should not be interpreted as a formal commitment to raise the financial targets set out in the group’s industrial plan.
The statements from Leonardo's leadership leave the future of parts of IDV open to several outcomes: a partial sale to Rheinmetall, an alternative disposal to another interested party, or retention under different strategic arrangements. The company continues to advance regulatory and structural changes across its broader aerospace and defence portfolio while signalling caution about conflating near-term guidance shifts with long-term plan commitments.