Leonardo unveiled plans to double profits by 2030, the day after German peer arms maker Rheinmetall<\/a> forecast its sales could grow as much as 45% this year<\/a>, as both companies have record-high order backlogs.<\/p>\n Leonardo CEO Roberto Cingolani\u00a0told investors that war was “getting faster and more dangerous,” and warned of the rise of hybrid threats that “increase uncertainty and operational complexity.”<\/p>\n Rheinmetall said that it was in a “prime position” to arm the U.S. amid the war in Iran, with CEO Armin Papperger\u00a0telling investors that “over the next 10 years, there is a huge need” for its products. <\/p>\n Rheinmetall shares fell 8% after the guidance, which was described as “realistic but soft” by a Jefferies analyst, who added investors had high expectations for a share price that has risen 1,700% since the start of 2022. <\/p>\n The war in Iran, which has entered its 13th day, has renewed focus on defense companies, which are seeing increased demand regardless of their specific focus within the sector.<\/p>\n Leonardo is positioning itself as a digital defense player, investing in defense electronics and interconnected platforms such as the “Michelangelo Dome,” which can detect and neutralize air threats similar to Israel’s Iron Dome. Rheinmetall is a leading supplier of land systems like tanks and ammunition. <\/p>\n Sweden’s Saab specializes in fighter jets, while Britain’s Bae Systems<\/a>, the largest of the European defense firms by sales and market cap, has a broad portfolio of military equipment from nuclear submarines to the Eurofighter Typhoon jet.<\/p>\n Annual revenue for Rheinmetall, Leonardo, Bae Systems, France’s Thales<\/a>, Germany’s Hensoldt<\/a>, and Saab rose an average of 57% between 2021 and 2025.<\/p>\n These companies also saw big increases in their order intake, an indication of future sales, over the same period.<\/p>\n Rheinmetall and Saab have seen the most explosive growth of 323% and 284%, respectively, based on unaudited 2025 figures.<\/p>\n On average, order intake grew 135%. Thales’ order intake grew 27% between 2021 and 2025.<\/p>\n Barclays analysts earlier this week upgraded their recommendation on Leonardo to Overweight from Neutral, saying that the U.S.-Iran conflict helps the narrative of a booming defense sector in the short-term, but Leonardo has greater earnings momentum relative to peers.<\/p>\n Its diversified portfolio and low exposure to Ukraine also offer resilience to potential impact from a cease-fire, they added.<\/p>\n![\"visualization\"\/](\"https:\/\/www.europesays.com\/iran\/wp-content\/uploads\/2026\/03\/1773356534_120_thumbnail.jpeg\")
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