Leonardo Spa · MIL:LDO

Leonardo Spa — Leonardo Spa Ord — H1 2025 Earnings Presentation

66 slides from Leonardo Spa's earnings presentation, Jul 30, 2025

  1. Slide 1: 1H 2025 Results Presentation

    1H 2025 Results Presentation R o m e , 3 0 th J u l y 2 0 2 5 Please avoid printing this colourful slide. Let’s save the planet together.

  2. Slide 2: Executing the Industrial Plan

    1H 2025 Results Presentation Executing the Industrial Plan Roberto Cingolani, Chief Executive Officer and General Manager 1H 2025 Results Alessandra Genco, Chief Financial Officer Q&A Appendix Please avoid printing this colourful slide. Let’s save the planet together.

  3. Slide 3: Executing the Industrial Plan

    1H 2025 Results Presentation Executing the Industrial Plan Roberto Cingolani, Chief Executive Officer and General Manager 1H 2025 Results Alessandra Genco, Chief Financial Officer Q&A Appendix Please avoid printing this colourful slide. Let’s save the planet together.

  4. Slide 4: Group Highlights

    Group Highlights 1 • • H1 Results 2025 KPI Growth 2023-2025 • • Efficiency plan Update on Tariffs Organic Growth / JVs 2 • LBA Systems • LRMV • GCAP 3 Capacity Boost Inorganic Growth 4 • M&A Cyber • Land Platform – Iveco Defence 5 Aerostructures 6 Integrated Air Defence 4 © 2025 Leonardo - Società p

  5. Slide 5: Group Highlights

    Group Highlights 1 - 1H Results 2025 - KPI Growth 2023 – 2025 - Efficiency Plan - Update on Tariffs 5 © 2025 Leonardo - Società per Azioni

  6. Slide 6: Continuing good momentum in 1H 2025

    GROUP HIGHLIGHTS Continuing good momentum in 1H 2025 Double-digit growth in Revenue and EBITA 1H20241 1H2025 Change % New Orders, €bn 10.3 11.2 9.7% Revenue, €bn 7.9 8.9 12.9% EBITA, €m 505 581 15.0% ROS % 6.4% 6.5% 0.1 p.p. FOCF, €m (504) (408) 19.0% Net Debt, €bn 3.02 2.23 (27.6%) FY2025 Guidance

  7. Slide 7: Financial KPIs Growth FY 2023 – 2025E

    GROUP HIGHLIGHTS Financial KPIs Growth FY 2023 – 2025E Old Guidance NOT IN SCALE € 20.9b € c. 21b New Orders € c.18.6b Revenue € 17.9b €17.8b € 1,525m € c.1.660m EBITA € 15.3b € 1,289m € 826m € c. 870m FOCF € 635m 2023A 2024A 2025E Additional Achievements Tools  Business and product rationalization

  8. Slide 8: Financial KPIs Growth FY 2023 – 2025E

    GROUP HIGHLIGHTS Financial KPIs Growth FY 2023 – 2025E Old Guidance New Guidance Delta1 NOT IN SCALE € 20.9b € c. 21b New Orders € c. 22.25-22.75b +7.1% € c.18.6b Revenue € c. 18.6b n.c. € 17.9b €17.8b € 1,525m € c.1.660m EBITA € c. 1.660m n.c. € 15.3b € 1,289m € 826m € c. 870m FOCF € c. 920 – 980 m

  9. Slide 9: Efficiency Plan: 1H 2025 Update

    GROUP HIGHLIGHTS Efficiency Plan: 1H 2025 Update 2024-2028 plan, €M Focus on Procurement Savings Successfully achieved 2024 objectives and 2025 action plan fully in place Target € ~1.8 B for contract renegotiation and inflation mitigation 2024 – 2028 savings 1H 2025 (€M) across the INDUSTRIAL Market

  10. Slide 10: Update on Tariffs

    GROUP HIGHLIGHTS Update on Tariffs EU-US agreement announced on 27th July seems to exclude civil aerospace Indirect implications from overall set of tariffs to be assessed over the from tariffs – Final Terms TBC coming months, once final resolutions are firm US Revenues Key Considerations (2024)  D

  11. Slide 11: Organic Growth/ JVs

    2 Organic Growth/ JVs - LBA Systems - LRMV - GCAP From now on, these will be treated as organic initiatives 11 © 2025 Leonardo - Società per Azioni

  12. Slide 12: LBA Systems update: Italian footprint and next steps

    ORGANIC GROWTH / JVs LBA Systems update: Italian footprint and next steps Key & Upcoming Milestones Turin Ronchi dei Legionari Engineering and • Manufacturing & certification activities final assembly of Villanova d’Albenga Mirach • JV Legal HQ • Final assembly of Jun. ‘25 Signed JV Agreement • Fina

  13. Slide 13: LRMV update

    ORGANIC GROWTH / JVs LRMV update Italian MoD Delivery Schedule (Excluding Export) AICS – Total 1.050 units (including 21 Gap Filler) MBT – Total 272 units 190 180 173 100 110 104 110 100 100 AICS Gap Filler1 90 90 80 80 70 55 43 90 90 100 100 14 80 80 80 80 8 35 63 55 5 10 2 9 34 10 6 8 5 2025 2026

  14. Slide 14: GCAP Update: Launched JV Edgewing Systems

    ORGANIC GROWTH / JVs GCAP Update: Launched JV Edgewing Systems Key & Upcoming Milestones • On June 2025, BAE Systems, Leonardo, and Jun. ‘25 • Edgewing Systems Japan Aircraft Industrial Enhancement Co. incorporated Ltd launched JV company Edgewing Systems in UK • First Board of Directors Meeting Oct

  15. Slide 15: Capacity Boost

    Capacity Boost 3 15 © 2025 Leonardo - Società per Azioni

  16. Slide 16: Why Capacity Boost?

    CAPACITY BOOST PROGRAM Why Capacity Boost? Evolving ecosystem Leonardo challenge NATO Defence strategy Seizing new opportunities on top of already challenging Industrial Business Substantial budget increase in Plan defence (3.5 p.p. of GDP), Revenues, €B Security Infrastructures & Digital Industrial

  17. Slide 17: In this first phase, the Capacity Boost addresses 3 Divisions

    CAPACITY BOOST PROGRAM In this first phase, the Capacity Boost addresses 3 Divisions responsible for ~70% of Leonardo revenues From Industrial Plan 2025-2029 Update  Increased demand needs increased efficiency and optimized delivery CAGR Revenues, €B ‘24-’29 6.2% p.a. 24.0 22.3 21.0 19.6 6.3 4.3% 1

  18. Slide 18: Working Team

    CAPACITY BOOST PROGRAM Working Team Our way of working as One Company… …in numbers, to date Defence Electronics (25 HC) • Engineering Corporate Support Team • Manufacturing • • HR Finance 3 core divisions aligned and • Procurement working toward a shared objective • Supply Chain • Security • HR • Bu

  19. Slide 19: Detailed and robust methodology applied to Divisions and Functions

    CAPACITY BOOST PROGRAM Detailed and robust methodology applied to Divisions and Functions Completed In progress Input for the Capacity Boost Engineering Manufacturing Supply Chain Defence IBP1 Methodology Electronics LRMV2 consists in comparing LBA systems5 expected National3 Classified workload / R

  20. Slide 20: Estimated needs by Function

    CAPACITY BOOST PROGRAM Estimated needs by Function Growth 2029 vs as-is (2025) Estimated needs reflected in an Engineering Manufacturing Supply Chain inertial scenario Engineering hours, Mh of Workload hours, Mh of Resilience, # of strategic No optimization or extra workload required in extra produc

  21. Slide 21: How to mitigate the impact of such superior growth

    CAPACITY BOOST PROGRAM How to mitigate the impact of such superior growth 5 Prioritary Target KPIs enabling # of specific projects, intervention areas Flagship initiatives Vision New Normal (2029) as of today COMMERCIAL FOCUS Drive focus across Aerospace & 9 & PRODUCT PORTFOLIO 1 New product portfol

  22. Slide 22: The Capacity Boost Program will enable us to fill the gap

    The Capacity Boost Program will enable us to fill the gap through 7 flagship initiatives and evolve from current state to New Normal, according to target KPIs Portfolio Investments Procurement Hiring Budget Logistics Talent acquisition and Resources CAPITAL 10-20% strategic suppliers to Development

  23. Slide 23: The Capacity Boost Program will enable us to fill the gap

    The Capacity Boost Program will enable us to fill the gap through 7 flagship initiatives and evolve from current state to New Normal, according to target KPIs Portfolio Investments Procurement Hiring Budget Logistics CAPITAL Development ALLOCATION Resilient Supplier Product Performance Leonardo ecos

  24. Slide 24: The Capacity Boost Program will enable us to fill the gap

    The Capacity Boost Program will enable us to fill the gap through 7 flagship initiatives and evolve from current state to New Normal, according to target KPIs Portfolio Investments Procurement Hiring Budget Logistics CAPITAL Development ALLOCATION ~30% Product Resilient Supplier 100% Performance Leo

  25. Slide 25: Key Takeaways

    CAPACITY BOOST PROGRAM Key Takeaways 100+ people engaged for industrial capacity and efficiency optimization, with continuous monitoring and formal reporting every 4 months Empowered Supplier Ecosystem able to scale up production capacity and increase its resilience Solid, flexible and sustainable g

  26. Slide 26: Inorganic Growth

    Inorganic Growth 4 - M&A Cyber - Land Platforms – Iveco Defence 26 © 2025 Leonardo - Società per Azioni

  27. Slide 27: In a world of bullets and bytes, no one can make it on its own

    INORGANIC GROWTH In a world of bullets and bytes, no one can make it on its own Through strategic partnerships with key players, Leonardo is acting as the driving force behind the Defence market consolidation, to ensure a unified and robust Defence and Security framework SPACE CLOUD 6TH GEN LEONARDO

  28. Slide 28: Update on M&A activities

    INORGANIC GROWTH Update on M&A activities Continuing scouting effort of strategic targets… Relevant updates 24 • Targets addressed in the last 15 months • Acquisition of Iveco Defence • Acquisition of Axiomatics (full ownership) and • Focus on the Cyber & AI / Space domains / Capacity SSH (minority

  29. Slide 29: Industry attractiveness

    INORGANIC GROWTH Cyber & Security Solutions Division From Industrial Plan 24-28 Cyber & resilience Secure digital platforms Mission critical comms Orders (€B) QUALITATIVE Now… …Then Stop investments Order intake 1.0 Cyber Secur Digital Evaluate Cyber Evaluate platfor Global consulti e consulti ms Di

  30. Slide 30: SSH and Axiomatics reinforce Leonardo ‘zero trust’ proposition

    INORGANIC GROWTH SSH and Axiomatics reinforce Leonardo ‘zero trust’ proposition ZERO TRUST = NEVER TRUST + ALWAYS VERIFY LEONARDO PROPRIETARY PRODUCTS/SERVICES1 Secure Cloud End-point security and response (EDR) 24.55%, €20M investment 100%, valued at €33M Cyber Threat AUTHENTICATION AUTHORIZATION I

  31. Slide 31: Inorganic Growth

    Inorganic Growth 4 - M&A Cyber - Land Platforms – Iveco Defence 31 © 2025 Leonardo - Società per Azioni

  32. Slide 32: Land Domain: emerging needs

    INORGANIC GROWTH Land Domain: emerging needs STRATEGIC & GEOPOLITICAL INDUSTRIAL & TECHNOLOGICAL • Address increasing EU demand in Land vehicles (>€100 • Unique offer of tracked and wheeled solutions B market by 2030) which will represent ~40% of total EU • Sustain Capacity Boost objectives Defence

  33. Slide 33: Acquisition of Iveco Defence: Key data at a glance

    INORGANIC GROWTH Acquisition of Iveco Defence: Key data at a glance FY2024A FY2024A Key Financial Revenue Split €1.133M By Region 2.000 Workforce 5 Production Sites Revenue - 47% Europe excl. Italy - Italy - Bolzano - 25% Italy - Rest of EU - Vittorio Veneto €129M - 12% North America - USA - Piacenz

  34. Slide 34: Iveco Defence: Offering includes highly specialised Land Defence vehicles

    INORGANIC GROWTH Iveco Defence: Offering includes highly specialised Land Defence vehicles, subsystems and off-road vehicles Armoured Multirole Uncrewed Military Trucks Astra Trucks Tracked Wheeled land Amphibious Light-Medium Uncrewed C.O.T.S (1) Military Trucks Off-Road 24A Revenue (% Total) €268M

  35. Slide 35: Iveco Defence: focus on synergies

    INORGANIC GROWTH Iveco Defence: focus on synergies Deal Key Figures Preliminary estimated Synergies €1.7B National Champion Integrated OEM with full value Manufacturing optimization Share industrial assets/ capabilities to improve competitiveness Enterprise value proposition in Land domain 12x Comme

  36. Slide 36: Aerostructures

    Aerostructures 5 36 © 2025 Leonardo - Società per Azioni

  37. Slide 37: Aerostructures

    AEROSTRUCTURES Aerostructures New (stand-alone) industrial plan Ongoing discussion with Strategic Partner Sep ‘24 Industrial Set-up optimization Started Internal Due Diligence with dedicated Task Force Developed and launched new “stand- Supply Chain Restructuring alone”, multi-scenario Industrial Pl

  38. Slide 38: Partnership on Aerostructures: building blocks for JV definition

    AEROSTRUCTURES Partnership on Aerostructures: building blocks for JV definition AEROSTRUCTURES JV definition «STAND-ALONE» PARTNERSHIP PLAN Leonardo Aerostructures • Commercial and industrial synergies BUSINESS PLAN • Key stakeholder engagement (clients, suppliers, …) • Partner’s Due Diligence subst

  39. Slide 39: Integrated Air Defence

    Integrated Air Defence 6 39 © 2025 Leonardo - Società per Azioni

  40. Slide 40: In a world of bullets and bytes, no one can make it on its own

    INORGANIC GROWTH In a world of bullets and bytes, no one can make it on its own Through strategic partnerships with key players, Leonardo is acting as the driving force behind the Defence market consolidation, to ensure a unified and robust Defence and Security framework SPACE CLOUD 6TH GEN LEONARDO

  41. Slide 41: Leonardo Integrated Air Defence Solution

    Leonardo Integrated Air Defence Solution DETECTION  Leonardo aims to COVERAGE complete its extensive SPAN (KM) portfolio of space and sensors technologies to offer the most comprehensive and >1000 SSA advanced air and missile defense -500 system based on GBR European technology  Leonardo solutions

  42. Slide 42: Executing the Industrial Plan

    1H 2025 Results Presentation Executing the Industrial Plan Roberto Cingolani, Chief Executive Officer and General Manager 1H 2025 Results Alessandra Genco, Chief Financial Officer Q&A Appendix Please avoid printing this colourful slide. Let’s save the planet together.

  43. Slide 43: Continuing good momentum in 1H 2025

    1H 2025 Results Continuing good momentum in 1H 2025 Double-digit growth in Revenue and EBITA 1H20241 1H2025 Change % New Orders, €bn 10.3 11.2 9.7% Revenue, €bn 7.9 8.9 12.9% EBITA, €m 505 581 15.0% ROS % 6.4% 6.5% 0.1 p.p. FOCF, €m (504) (408) 19.0% Net Debt, €bn 3.02 2.23 (27.6%) FY2025 Guidance u

  44. Slide 44: Helicopters: continued strong momentum

    1H 2025 Results Helicopters: continued strong momentum €mln 1H2024 1H2025 Change % New Orders 3,584 3,396 (5.2)% Revenue 2,425 2,789 15.0% EBITA 172 202 17.4% ROS % 7.1% 7.2% 0.1 p.p. Highlights Deliveries by programme • Backlog of € 15.5 bn AW189 • Order growth driven mainly by defence/governmental

  45. Slide 45: Defence Electronics: strong performance across all segments

    1H 2025 Results Defence Electronics: strong performance across all segments Electronics Europe DRS €mln 1H2024* 1H2025 Change % $mln 1H2024 1H2025 Change % New Orders 3,319 3,706 11.7% 1,756 1,844 5.0% Revenue 2,053 2,312 12.6% 1,441 1,628 13.0% EBITA** 251 294 17.1% 121 143 18.2% ROS % 12.2% 12.7%

  46. Slide 46: Cyber & Security Solutions: strong revenue and margin growth

    1H 2025 Results Cyber & Security Solutions: strong revenue and margin growth €mln 1H2024 1H2025 Change % New Orders 427 453 6.1% Revenue 301 359 19.3% EBITA 16 29 81.3% ROS % 5.3% 8.1% 2.8 p.p. Highlights • Book to Bill at 1.3x • Order growth driven by domestic market (i.e Secure Public Cloud progra

  47. Slide 47: Aeronautics: capturing growth opportunities in fixed-wing businesses

    1H 2025 Results Aeronautics: capturing growth opportunities in fixed-wing businesses Aeronautics Division Aircraft (incl. GCAP**) Aerostructures ATR LBA* Highlights Pro forma KPI • Aeronautics Division reflecting single stewardship granting coherent and consolidated vision in fixed-wing business €ml

  48. Slide 48: Aircraft: strong order intake and increased revenue

    1H 2025 Results Aircraft: strong order intake and increased revenue €mln 1H2024* 1H2025 Change % New Orders 1,113 1,578 41.8% Revenue 1,363 1,616 18.6% EBITA 170 180 5.9% ROS % 12.5% 11.1% (1.4) p.p. Highlights Revenue Breakdown • Book to Bill at 1.0x • Increase in Orders driven by solid contributio

  49. Slide 49: Aerostructures: H1 as expected, reflecting planned production profile

    1H 2025 Results Aerostructures: H1 as expected, reflecting planned production profile €mln 1H2024 1H2025 Change % New Orders 364 698 91.8% Revenue 353 334 (5.4)% EBITA* (76) (125) (64.5)% ROS % (21.5)% (37.4)% (15.9) p.p. Highlights • Strong increase in order intake driven by B787 program • Slight e

  50. Slide 50: Space: improvement in profitability

    1H 2025 Results Space: improvement in profitability Space Division (Telespazio + Space LoB) €mln 1H2024 1H2025 Change % New Orders 335 413 23.3% Revenue 399 436 9.3% EBITA 29 30 3.5% Including TAS 1* 17 n.m. ROS % 7.3% 6.9% (0.4) p.p. Including TAS 0.3% 3.9% 3.6 p.p. Highlights • Increase in Orders

  51. Slide 51: EBITA growth translating to higher Net Income and FOCF

    1H 2025 Results EBITA growth translating to higher Net Income and FOCF 1H25 Bridge from EBITA to Net Results +10.9%1 +10.8% +44.4% (2.3)%2 YoY YoY YoY YoY (103) €mln (10) (36) (59) 269 (100 ) 581 542 432 273 3 EBITA Non recurring costs Restructuring costs PPA amortization EBIT Net financial Income t

  52. Slide 52: FY 2025 Guidance Update

    1H 2025 Results FY 2025 Guidance Update Old Guidance New Guidance FY 2024 FY 2025 FY 20251 New Orders, €b 20.9 c. 21 22.25 - 22.75 Revenue, €b 17.8 c. 18.6 c. 18.6 EBITA, €m 1,525 c. 1,660 c. 1,660 FOCF, €m 826 c. 870 920 - 980 Net Debt, €b 1.8 c. 1.62 c. 1.13 Exchange rate assumptions: € / USD = 1.

  53. Slide 53: Executing the Industrial Plan

    1H 2025 Results Presentation Executing the Industrial Plan Roberto Cingolani, Chief Executive Officer and General Manager 1H 2025 Results Alessandra Genco, Chief Financial Officer Q&A Appendix Please avoid printing this colourful slide. Let’s save the planet together.

  54. Slide 54: Appendix

    1H 2025 Results Presentation Executing the Industrial Plan Roberto Cingolani, Chief Executive Officer and General Manager 1H 2025 Results Alessandra Genco, Chief Financial Officer Q&A Appendix Please avoid printing this colourful slide. Let’s save the planet together.

  55. Slide 55: 2Q 2025 Results

    APPENDIX 2Q 2025 Results 2Q2024 2Q2024 excl. 1H2024 2Q2025 Chg.%* 1H2025 Chg.% Reported UAS Reported New Orders 4,571 4,542 4,357 - 4.1% 10,324 11,243 +8.9% Revenue 4,321 4,282 4,760 +11.2% 7,985 8,919 +11.7% EBITA 321 326 370 +13.5% 524 581 +10.9% RoS** 7.4% 7.6% 7.8% +0.2 p.p. 6.6% 6.5% (0.1) p.p.

  56. Slide 56: Solid Group liquidity ensures adequate financial flexibility

    APPENDIX Solid Group liquidity ensures adequate financial flexibility As at 30 June 2025, Leonardo had sources of liquidity available for a total of about € 5.8bn to meet the financing needs of the Group’s, broken down as follows: • Cash in-hands equal to € 1.8bn • ESG Revolving Credit Facility (RCF

  57. Slide 57: Debt maturity profile

    APPENDIX Debt maturity profile in € mil TL DRS RADA Dollar Bond Euro EIB Term Loan CDP New EIB Loan “Sustainability-Linked” CREDIT RATING As of today Before last review Date of review S&P BBB / Stable Outlook BBB- / Positive Outlook April 2025 Moody’s Baa3 / Positive Outlook Baa3 / Stable Outlook Ma

  58. Slide 58: Helicopters

    APPENDIX Helicopters 2019-2024 Results 2Q25 Results Orders (€ mln) Revenues (€ mln) EBITA (€ mln) and Profitability 2Q 2024 2Q 2025 % Change € mln 8,9% 10.7% 8.9% 1,541 1,034 -32.9% 5.249 9.6% 9.8% 9.1% 465 Orders 6,060 4,725 5,513 5.867 4,157 4,547 431 4,025 3,972 415 422 Revenues 1,340 1,530 +14.2

  59. Slide 59: Electronics

    APPENDIX Electronics 2019-2024 Results 2Q25 Results Orders (€ mln) Revenues (€ mln) EBITA (€ mln) and Profitability ELECTRONICS - EU 6.582 14,9% 2Q 2024 2Q 2025 % Change 5,886 4.791 € mln 5,628 4,712 5,392 4,519 4,379 Orders 1,311 1,585 +20.9% 4,289 4,147 13,4% 4,444 4,710 11.7% 10.7% Revenues 1.072

  60. Slide 60: Cyber & Security Solutions

    APPENDIX Cyber & Security Solutions 2023-2024 Results Orders (€ mln) Revenues (€ mln) EBITA (€ mln) and Profitability 833 648 7.6% 692 6,1% 49 36 594 2023 2024 2023 2024 2023 2024 2Q25 Results 2Q 2024 2Q 2025 % Change € mln Orders 223 233 +4.5% Revenues 162 191 +17.9% EBITA 8 18 +125% RoS 4.9% 9.4%

  61. Slide 61: Aircraft

    APPENDIX Aircraft 2019-2024 Results 2Q25 Results Orders (€ mln) Revenues (€ mln) EBITA (€ mln) and Profitability 2Q 2024 2Q 2025 % Change € mln 3,268 3,085 2,938 Orders 430 655 +52.3% 2.892 2.861 13.3% 13.6% 14.3% 14,6% 2,800 2,634 2,668 Revenues 759 905 +19.2% 2,395 2,329 13.7% 13.5% 434 421 417 41

  62. Slide 62: Aerostructures & ATR

    APPENDIX Aerostructures & ATR 2019-2024 Results 2Q25 Results Orders (€ mln) Revenues (€ mln) EBITA (€ mln) and Profitability Aerostructures 948 1,125 53 2Q 2024 2Q 2025 % Change 12 17 € mln 692 819 Orders 111 201 +81.1% 644 581 746 -11 -69 -6 178 184 +3.4% -24 Revenues 636 420 -1.0% -86 EBITA (35) (

  63. Slide 63: Space

    APPENDIX Space 2023-2024 Results Orders (€ mln) Revenues (€ mln) EBITA (€ mln) and Profitability Space Sector Space Division 957 906 763 701 80 66 54 31 2023 2024 2023 2024 2023 2024 2Q25 Results 2Q 2024 2Q 2025 % Change € mln Orders 233 220 -5.6% Revenues 239 236 -1.2% EBITA 3 13 +333.3% RoS 1.3% 5

  64. Slide 64: Safe Harbor Statement

    1H 2025 Results Presentation SAFE HARBOR STATEMENT NOTE: Some of the statements included in this document are not historical facts but rather statements of future expectations, also related to future economic and financial performance, to be considered forward-looking statements. These forward-looki

  65. Slide 65: Contacts

    Contacts Valeria Ricciotti Investor Relations and Credit Rating Agencies Head of Investor Relations and Credit Rating Agencies Ph. +39 06 32473.697 Ph. +39 06 32473.512 valeria.ricciotti@leonardo.com ir@leonardo.com 65 © 2025 Leonardo - Società per Azioni

  66. Slide 66: Thank you for your attention

    Thank you for your attention Please avoid printing this colourful slide. Let’s save the planet together.

Leonardo Spa Ord — H1 2025 Earnings Presentation on 6ix