In dynamic environments characterised by fast-paced technological and social changes and global shocks, the survival and success of organisations require new levels of adaptability. Leadership and learning are instrumental in identifying the threats and opportunities and devising and implementing the appropriate responses. Many empirical studies report relationships between leadership and learning, yet certain gaps remain. This paper explores the relationships between transformational leadership, learning organisation, and organisational performance. The study is quantitative, and the sample consists of 188 respondents—managers and employees in firms in Bulgaria. Data is collected via a standardised questionnaire and analysed with Partial Least Squares Structural Equation Modelling (PLS-SEM). The results highlight the impact of transformational leadership on organisational learning. Transformational learning has no statistically significant direct effect on organisational performance; however, this impact is fully mediated by organisational learning. The study findings highlight the importance of transformational leadership for improving organisational performance by promoting a learning culture's conditions.