A two-way drive unit for horn-loading speakers, comprising a fist voice coil drive unit associated with a second voice coil drive unit. The first unit is a frustum of a cone shape, whereas the second unit is shaped like an annular diaphragm with a voice coil arranged on a circle between the inner and outer circular perimeter of the annular diaphragm. The first drive unit is associated with a truncated, segmented, substantially conical element, with a first end facing towards the cone and a second tapered end facing the mouth of the drive unit, the second drive unit being associated with an ogive-shaped element cooperating with the substantially conical elements and facing the mouth of the drive unit. The first and second drive units are associated with a respective magnetic structure with a relatively high-energy permanent magnet that defines first and second air gaps cooperating with the voice coil of the cone-shaped element and with the voice coil of the annular diaphragm-shaped element.