# Who are Leonardo S.p.A.'s customers? Who does Leonardo S.p.A. earn revenue from?
Canonical: https://valuechain.wiki/leonardo · Facet: customers · Updated: 2026-09-11T22:25:35.124478+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: Leonardo S.p.A. discloses no named confirmed revenue counterparties; 3 relationships are tracked as undisclosed/aggregate. Per the valuechain.wiki graph: 3 revenue edges, backed by 2 dated sources, 1 of them primary filings (as of 2026-09-11).

### Thales (high)  → /thales.md
- metric: Market share 67% · 현재 · Thales stake in Thales Alenia Space
- note: 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.
- [confirms] Thales Alenia Space (EN, ir, published 2026-07-05) https://www.thalesaleniaspace.com/en/space-alliance: "The Space Alliance combines two joint ventures, Telespazio (Leonardo 67%, Thales 33%) and Thales Alenia Space (Thales 67%, Leonardo 33%)."

### Italian government (MEF) (high)
- metric: Market share 30.2% · 2025 · share capital
- note: The Italian Ministry of Economy and Finance (MEF) is the largest shareholder at 30.2% and effectively controls board composition.
- [confirms] Breaking Defense (EN, news, published 2026-04-10) https://breakingdefense.com/2026/04/italy-set-to-remove-leonardo-ceo-despite-major-growth/: "The Ministry of Economy and Finance (MEF) holds a 30.2 percent stake in Leonardo."

### U.S. Government (high)
- note: Through its US subsidiary Leonardo DRS (72.3% owned), Leonardo supplies defense electronics and sensors to the US Department of Defense.
- [confirms] News1 (KO, news, published 2026-03-30) https://www.news1.kr/diplomacy/defense-diplomacy/6118223: "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."
- [mentions] Leonardo (EN, filing, published 2026-03-12) https://www.leonardo.com/en/press-release-detail/-/detail/12-03-2026-leonardo-board-of-directors-approves-fy2025-results-and-2026-guidance: "The Defence Electronics & Security results include the US subsidiary Leonardo DRS, whose results the release notes were affected by exchange-rate effects."

### Italian Ministry of Defence (high)
- note: The Italian government and armed forces are Leonardo's largest home customer, procuring across helicopters, defense electronics and aeronautics.
- [confirms] Leonardo (EN, filing, published 2026-03-12) https://www.leonardo.com/en/press-release-detail/-/detail/12-03-2026-leonardo-board-of-directors-approves-fy2025-results-and-2026-guidance: "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."

### 에어버스 (mid)  → /airbus.md
- metric: Market share 50% · 현재 · ATR JV stake
- note: 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%).
- [confirms] Airbus (EN, ir, published 2025-10-23) https://www.airbus.com/en/newsroom/press-releases/2025-10-airbus-leonardo-and-thales-sign-memorandum-of-understanding-to: "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."

### European governments (mid)
- note: Leonardo exports helicopters and defense electronics to European governments such as the UK and Germany, with European rearmament demand lifting the backlog.
- [confirms] Leonardo (EN, filing, published 2026-03-12) https://www.leonardo.com/en/press-release-detail/-/detail/12-03-2026-leonardo-board-of-directors-approves-fy2025-results-and-2026-guidance: "FY2025 new orders of €23.8B (+15%) reflect rising European defense budgets driving helicopter and defense-electronics awards."

Reverse side: https://valuechain.wiki/leonardo/suppliers.md · Ripple: https://valuechain.wiki/leonardo/ripple.md

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Full node: https://valuechain.wiki/leonardo.md · JSON: https://valuechain.wiki/leonardo.json