Leonardo Pushes for Bigger Cloud Stake and Live-Fire Test as Stock Consolidates Below Key Level
Published on 07/18/2026 at 06:25 | Redaktion boerse-global.de
Leonardo is taking simultaneous gambits in two very different arenas—Italy’s government cloud infrastructure and a Ukrainian battlefield—as it tries to translate operational momentum into sustained share-price traction. The Italian defense and aerospace group is negotiating to lift its holding in the National Strategic Hub (PSN), the company that runs cloud services for Italy’s public administration, from 25% to 35% by acquiring an additional 10% stake from the state-owned IT firm Sogei. The deal, which requires approval from the finance ministry that controls Sogei, could be announced as early as this month; under the discussed terms, Poste Italiane would provide the CEO while Leonardo would take the chairmanship. PSN is a central pillar of Italy’s cloud migration program, backed by roughly €2 billion from the EU recovery fund, and a larger ownership slice would deepen Leonardo’s cybersecurity and cloud capabilities beyond its traditional aerospace and defense electronics base.
On the military side, the group is preparing to send its new “Michelangelo” air defense dome system into real combat conditions in Ukraine before the end of 2026. Industry observers see the trial as a critical qualification step for future procurement programs, especially as European NATO allies ramp up integrated defense solutions under the “Readiness 2030” framework. A successful test in an active conflict would give Leonardo a competitive edge in subsequent tenders. The timing aligns with the broader push to harden Europe’s air defenses, and the Michelangelo system falls under the company’s electronics and air defense division.
The stock itself, however, remains stuck in a consolidating phase. Shares closed Friday at €50.52, gaining 2.17% on the day, but the weekly performance was a loss of 2.78%. That leaves the equity 23.55% below its 52-week high of €66.24, hit in mid-March, and trading under its 50-day moving average of €51.10—a technical warning that was triggered in early July after a strong first-quarter run. The relative strength index sits at 47.9, indicating a neutral market without clear direction.
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That technical stalemate contrasts sharply with the operational picture. Over the summer, the UK, Italy, and Japan awarded a contract worth £4.6 billion for the Global Combat Air Programme, a trilateral fighter-jet project in which Leonardo is a key partner. Shortly before that, in late June, the company laid out its 2026 transformation plan, drawing analyst attention to its strategic road map. First-quarter figures underlined the momentum: order intake surged 31% to €9 billion, revenue climbed 7% to €4.4 billion, and EBITA jumped 33% to €281 million. Management confirmed its 2026 full-year guidance.
Leonardo is also casting its net wider for innovation. On July 14, it launched two “Open Innovation” programs—one called “Discovering Future Technologies,” already active, and another focused on “Photonic Technologies” that will accept applications until September 15, 2026. Both target artificial intelligence, high-performance computing, and photonic computing, aiming to feed external expertise into future defense and aerospace platforms. The same day, the group took part in the Aerospace Buyer-Supplier Meeting in Rome, a bid to strengthen a regional aviation and defense cluster in the Lazio region and secure local supply chains for complex projects.
The next major catalyst for the stock will be the half-year results, due on July 30. That report will provide the first clear look at how the fully integrated Iveco Defence Vehicles business is contributing to revenue and operating profit. Meanwhile, reports are circulating about a possible partnership between Leonardo’s Aerostructures division and Saudi Arabia’s Public Investment Fund (PIF), as the unit works toward profitability by 2028. The Italian government remains the largest single shareholder with a 30.2% stake.
From a chart perspective, the coming weeks will test whether the stock can reclaim the 50-day average—a move that could reignite the longer-term uptrend that has seen the shares more than quintuple from single-digit levels three years ago. That structural re-rating of European defense stocks still underpins the narrative, but near-term price action will likely depend on the half-year figures and on formal confirmation of the PSN stake increase. Between the battlefield trial in Ukraine and the cloud deal at home, Leonardo is offering investors two very different stories of growth—neither of which, for now, has been enough to shake the shares out of their neutral corridor.
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