Leonardo Spa · MIL:LDO
Leonardo Spa — 9M 2026 Earnings Presentation
28 slides from Leonardo Spa's earnings presentation, Nov 5, 2026
Slide 1: Q3 / 9M 2026 Results Presentation
Q3 / 9M 2026 Results Presentation R o m e , 5 th N o v e m b e r 2 0 2 6 Please avoid printing this colourful slide. Let’s save the planet together.
Slide 2: Q3/9M 2026 Results
Q3/9M 2026 Results Q3/9M 2026 Results Giuseppe Aurilio, Chief Financial Officer Q&A Appendix
Slide 3: 9M 2026: Strong momentum, order guidance upgraded
Q3/9M 2026 Results 9M 2026: Strong momentum, order guidance upgraded TOP - LINE INCREASES, STRONG GROWTH IN STRONG COMMERCIAL EXECUTION ON TRACK PROFITABILITY AND CASH FLOW MOMENTUM, FURTHER ORDER GUIDANCE UPGRADE • Orders up 24% like for like at 30 • EBITA up 31% like for like, with RoS • Continued
Slide 4: Positive performance and growth across all key financial metrics
Q3/9M 2026 Results Positive performance and growth across all key financial metrics (€bn) 9M 2026 9M 2026 %Δ %Δ 9M 2025 (Incl. IDV) (Isoperimeter) (Isoperimeter) (Isoperimeter excl. FX) BACKLOG 47.3 60.4 54.4 +15% +15% ORDERS 18.2 23.3 22.3 +22% +24% REVENUES 13.4 15.3 14.7 +9% +10% EBITA 0.95 1.30
Slide 5: Orders up 24% YoY, total backlog at € 60bn including IDV
Q3/9M 2026 Results Before IDV contribution Orders up 24% YoY, total backlog at € 60bn including IDV (€bn) 1.4 0.1 0.1 0.02 0.1 22.3 2.4 18.2 9M 2025 Defence Electronics Helicopters Aeronautics Cyber & Security Space Eliminations & Others 9M 2026 Solutions Book-to-bill 1.4x 1.6x 1.4x 1.7x 1.2x 0.9x 1
Slide 6: Revenues up 10% YoY
Q3/9M 2026 Results Before IDV contribution Revenues up 10% YoY (€bn) 0.1 0.1 14.7 0.2 0.2 (0.02) 0.6 13.4 9M 2025 Defence Electronics Helicopters Aeronautics Cyber & Security Space Eliminations & Others 9M 2026 Solutions • Electronics Europe: • Growth driven by • Aircraft: revenues • Growth supporte
Slide 7: Margin expansion across all the businesses
Q3/9M 2026 Results Margin expansion across all the businesses 1 2 3 RoS improving across Defence Electronics: Aeronautics improving all main businesses RoS up to 12.6% • Group EBITA is up 31% YoY like for • Profitability expansion is mainly • Continued strong profitability in like and above € 1.2 bn
Slide 8: EBITA up 31% YoY, RoS increasing from 7.0% up to 8.3%
Q3/9M 2026 Results Before IDV contribution EBITA up 31% YoY, RoS increasing from 7.0% up to 8.3% GROUP EBITA EBITA by Segment RoS 7.0% 8.3% 12.6% 8.0% 6.1% 9.0% 4.9% 9M 2026 RoS (€m) 11.5% 7.8% 3.4% 7.7% 4.3% 9M 2025 816 +29% YoY +22% YoY 196 1,222 96 (15) 418 945 +17% YoY Electronics 347 +8% YoY 18
Slide 9: Iveco Defence business (IDV): integration progressing as planned
Q3/9M 2026 Results Iveco Defence business (IDV): integration progressing as planned Solid order intake and accretive for the Group profitability Q2+Q31 Comments BACKLOG (€bn) 6.2 Solid order intake driven mainly by export contracts. Book-to-bill at 1.4x ORDERS (€bn) 1.0 Performance in line with expe
Slide 10: FOCF up 84% YoY driven by strong operating performance
Q3/9M 2026 Results FOCF up 84% YoY driven by strong operating performance (€bn) 0.78 • First time ever of positive FOCF in 9M results like for like, before IDV 0.15 contribution (0.58) (0.76) • FOCF benefitting from strong operating performance and actions to (0.43) (0.09) make the quarterly trend m
Slide 11: Group Net Debt at € 3.3 bn following IDV acquisition
Q3/9M 2026 Results Group Net Debt at € 3.3 bn following IDV acquisition 9M 2026 (€bn) 0.60 3.3 Cash and cash equivalents (1.1) 1.65 Bonds and Bank debt 1.9 Other borrowings / (loans)1 0.1 Group net debt, excluding lease IDV acquisition liabilities and net payables to joint 0.9 0.07 ventures 1.0 Borr
Slide 12: FY 2026 Orders Guidance revised upwards
Q3/9M 2026 Results FY 2026 Orders Guidance revised upwards Guidance updated Guidance confirmed FY 2025 FY 2026 Guidance FY 2026 Guidance FY 2026 Guidance Results Original July Revision1 New ORDERS (€bn) 23.8 c. 26.2 c. 28.2 c. 29.5 c. 28.2 REVENUES (€bn) 19.5 c. 22.1 c. 22.1 c. 22.1 c. 22.1 c. 2.21
Slide 13: Q&A
Q3/9M 2026 Results Q3/9M 2026 Results Giuseppe Aurilio, Chief Financial Officer Q&A Appendix
Slide 14: Appendix
Q3/9M 2026 Results Q3/9M 2026 Results Giuseppe Aurilio, Chief Financial Officer Q&A Appendix
Slide 15: Leonardo at a Glance
APPENDIX Leonardo at a Glance Leonardo is a leading industrial group that builds technological KEY FIGURES capabilities in Aerospace, Defence & Security. The company plays a prominent role in major international strategic programs and is a trusted technological partner of governments, defence agenci
Slide 16: 9M 2026 Results
APPENDIX Incl. IDV contribution 9M 2026 Results Q1 2025 Q1 2026 % Change Q2 2025 Q2 2026 % Change Q3 2025 Q3 2026 % Change 9M 2025 9M 2026 % Change (€m) New Orders 6,886 9,002 +30.7% 4,357 7,257 +66.6% 6,965 7,011 +0.7% 18,208 23,270 +27.8% Backlog 46,184 56,805 +23.0% 45,030 58,581 +30.1% 47,261 60
Slide 17: 9M 2026 – from EBITA to Adjusted Net Result
APPENDIX 9M 2026 – from EBITA to Adjusted Net Result (€m) +38% +53% +74% YoY YoY YoY (198) (63) (248) 20 1,301 1,103 812 466 9M 2026 Non-recurring 9M 2026 Financial Taxes Adjustments 9M 2026 9M 2025 EBITA costs and PPA EBIT expenses Adjusted Net Adjusted Net Result Result • Adjusted Net Result +74%
Slide 18: Solid Group liquidity ensures adequate financial flexibility
APPENDIX Solid Group liquidity ensures adequate financial flexibility As at 30 September 2026, Leonardo had sources of liquidity available for a total of about € 4.3 bn to meet the Group’s financing needs, broken down as follows: • Cash in-hands equal to € 1.1 bn • New ESG Revolving Credit Facility
Slide 19: Debt maturity profile
APPENDIX Debt maturity profile (€m) EIB Term Loan New Term Loan ESG-linked New EIB Loan “Sustainability-Linked” 600 31 31 31 200 200 200 63 63 63 63 31 31 19 44 25 31 31 31 13 15 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 19 © 2026 Leonardo - Società per Azioni Note: Around 80% of L
Slide 20: Defence Electronics & Security
APPENDIX Before IDV contribution Defence Electronics & Security FY 2022-2025 Results Q3 2026 Results Orders (€m) Revenues (€m) EBITA (€m) and Profitability ELECTRONICS - EU 6,916 5,144 14.3% €m Q3 2025 Q3 2026 % Change 6,415 4,712 4,616 14.5% 5,886 4,379 13.4% 738 Orders 1,173 2,306 +96.6% 5,628 11.
Slide 21: Helicopters
APPENDIX Helicopters FY 2022-2025 Results Q3 2026 Results Orders (€m) Revenues (€m) EBITA (€m) and Profitability Q3 2025 Q3 2026 % Change €m 9.0% 8.9% Orders 1,485 1,705 +14.8% 9.1% 8.9% 6,060 5,867 6,166 5,833 Revenues 1,306 1,413 +8.2% 5,513 523 5,249 465 4,725 EBITA 118 137 +16.1% 4,547 415 422 R
Slide 22: Aeronautics: Aircraft
APPENDIX Aeronautics: Aircraft FY 2022-2025 Results Q3 2026 Results Orders (€m) Revenues (€m) EBITA (€m) and Profitability Q3 2025 Q3 2026 % Change €m 3,589 12.8% 13.6% Orders 2,731 825 (69.8)% 5,022 13.6% 14.3% 3,085 2,938 3,166 460 Revenues 729 776 +6.4% 421 429 419 EBITA 85 93 +9.4% 3,141 2,800 R
Slide 23: Aeronautics: Aerostructures & ATR
APPENDIX Aeronautics: Aerostructures & ATR FY 2022-2025 Results Q3 2026 Results Orders (€m) Revenues (€m) EBITA (€m) and Profitability Aerostructures 909 746 745 17 Q3 2025 Q3 2026 % Change 636 12 0 €m 692 Orders 91 217 +138.5% 644 475 -6 Revenues 176 254 +44.3% 420 -134 EBITA (39) (22) +43.6% -163
Slide 24: Cyber & Security Solutions
APPENDIX Cyber & Security Solutions FY 2023-2025 Results Orders (€m) Revenues (€m) EBITA (€m) and Profitability 1,052 10.0% 798 883 594 648 7.6% 80 692 6.1% 49 36 2023 2024 2025 2023 2024 2025 2023 2024 2025 Q3 2026 Results Q3 2025 Q3 2026 % Change €m Orders 247 247 - Revenues 173 203 +17.3% EBITA 1
Slide 25: Space
APPENDIX Space FY 2023-2025 Results Orders (€m) Revenues (€m) EBITA (€m) 1,047 957 1,007 Space Division Space Division (incl TAS) 906 763 80 82 701 66 59 54 31 2023 2024 2025 2023 2024 2025 2023 2024 2025 Q3 2026 Results Q3 2025 Q3 2026 % Change €m Orders 242 213 (12.0)% Revenues 266 278 +4.5% EBITA
Slide 26: Leonardo's positioning in key ESG Ratings
Leonardo’s positioning in key ESG Ratings Leonardo score Sector Avg score 3rd out of 124 Highest A&D score1 A&D Cos. Last update: Feb 2026 Last update: October 2026 A-list member Top 5% of >130,000 Cos. (top 4% of >20,000 globally and Top 2% of Cos. globally) the industry Last update: Dec. 2025 Last
Slide 27: Safe Harbor Statement
SAFE HARBOR STATEMENT NOTE: This Presentation contains certain forward-looking statements. Some of the statements included in this Presentation concern future circumstances and results and are not historical facts, but rather statements of future expectations, also related to future economic and fin
Slide 28: Thank you for your attention
Thank you for your attention Investor Relations & Capital Markets Intelligence ir@leonardo.com Please avoid printing this colourful slide. Let’s save the planet together.