Leonardo SpA
LDO
2
exclusion reasons
2 themes
This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Leonardo S.p.A. is a major European aerospace and defense contractor, deriving the majority of its revenue from military products and services. According to SIPRI data, the company reported approximately $8.5 billion in arms sales from total sales of $13.3 billion in a recent year, indicating defense is its core business. Its product portfolio includes purpose-built military aircraft, helicopters, electronics, and weapons systems.
The company develops and markets specialized warfare platforms. In November 2025, Leonardo unveiled the AI-driven "Michelangelo Dome" integrated air defense system. It is also a joint venture partner with Rheinmetall in artillery systems. In the United States, Leonardo was the third-largest defense contractor in Pennsylvania by contract value in 2021, with $476.5 million in obligations. Its business includes a dedicated Underwater Armaments & Systems division, recently sold to Fincantieri.
Leonardo's role as a weapons manufacturer has drawn legal and civil society challenges related to its customers. In November 2025, a coalition of seven Italian campaign groups filed a lawsuit against Leonardo and the Italian government concerning arms exports to Israel. In January 2026, the company was reported to be facing legal action in Italian courts over the same exports.
Leonardo S.p.A. is an Italian multinational defense contractor that provides military equipment to the Israeli military, which operates in the occupied Palestinian territories. The company supplies the Israeli Navy with warship guns and partners with Israeli institutions, including Ben-Gurion University, on defense technology projects. In June 2025, a United Nations Human Rights Council report by Special Rapporteur Francesca Albanese listed Leonardo as a company contributing to Israel’s occupation. In November 2025, a coalition of seven Italian civil society groups filed a lawsuit against Leonardo and the Italian government, alleging the company’s arms exports to Israel violate international law.
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