Leonardo Spa · MIL:LDO
Leonardo Spa — Leonardo Spa Ord — Q1 2026 Earnings Presentation
27 slides from Leonardo Spa's earnings presentation, May 6, 2026
Slide 1: Q1 2026 Results Presentation
Q1 2026 Results Presentation R o m e , 6 th M a y 2 0 2 6 Please avoid printing this colourful slide. Let’s save the planet together.
Slide 2: Q1 2026 Results
Q1 2026 Results Q1 Overview Roberto Cingolani, Chief Executive Officer and General Manager Q1 2026 Results Giuseppe Aurilio, Chief Financial Officer Q&A Appendix
Slide 3: Q1 2026: a strong start
Q1 Overview Q1 2026: a strong start STRONG START IVECO DEFENCE IMPROVING TO THE YEAR ACQUISITION COMPLETED CREDIT RATINGS • Successful completion of the • Further progress in credit • Strong start of 2026, with acquisition of Iveco Defence ratings amid solid financial and outstanding performance (ID
Slide 4: Q1 2026 Results: continued positive commercial momentum
Q1 Overview Q1 2026 Results: continued positive commercial momentum, on track to execute 2026 guidance (€bn) %Δ Q1 2025 Q1 2026 %Δ excl. FX Solid order intake especially in Aircraft and ORDERS 6.9 9.0 +31% +34% Helicopters, driving Book to Bill to 2.0x Revenue growth despite negative FX REVENUES 4.2
Slide 5: Q1 Overview
Q1 2026 Results Q1 Overview Roberto Cingolani, Chief Executive Officer and General Manager Q1 2026 Results Giuseppe Aurilio, Chief Financial Officer Q&A Appendix
Slide 6: Orders up 31% YoY, total backlog at € 57 bn
Q1 2026 Results Orders up 31% YoY, total backlog at € 57 bn 0.03 0.2 9.0 1.3 0.1 (€bn) 0.2 0.3 6.9 Q1 2025 Defence Electronics Helicopters Aeronautics Cyber & Security Space Eliminations & Others Q1 2026 Book to bill 1.7x 1.7x 2.1x 2.8x 1.4x 1.0x 2.0x Backlog €bn 46.2 26.3 16.3 12.4 1.4 1.7 56.8 • E
Slide 7: Revenues up 7% YoY, all divisions growing
Q1 2026 Results Revenues up 7% YoY (+10% YoY excl. FX), all divisions growing 0.03 0.03 0.06 0.1 4.5 (€bn) 0.1 0.05 4.2 Q1 2025 Defence Electronics Helicopters Aeronautics Cyber & Security Space Eliminations & Others Q1 2026 • Electronics Europe • Deliveries of 29 new • Aircraft & Services • Volumes
Slide 8: EBITA up 33% YoY: increasing growth and profitability
Q1 2026 Results EBITA up 33% YoY: increasing growth and profitability GROUP EBITA EBITA by Segment RoS 5.1% 6.3% 11.6% 5.8% 2.1% 7.5% 3.5% Q1 2026 RoS 10.1% 5.6% (0.4%) 6.5% 2.0% Q1 2025 228 59 +21.9% YoY (€m) (€m) 281 (10) 130 Electronics +25.0% YoY 21 76 20 211 +8.6% YoY n.m. 8 71 DRS +100% YoY +1
Slide 9: FOCF up 29% YoY thanks to strengthening of operating performance
Q1 2026 Results FOCF up 29% YoY thanks to strengthening of operating performance (€bn) Q1 2025 Q1 2026 (0.22) • Strong increases vs 2025, benefitting from (0.40) actions to make the trend more linear (0.19) • Negative, in line with usual business (0.41) seasonality, including NH90 settlement (0.18)
Slide 10: Group Net Debt at € 3.0 bn
Q1 2026 Results Group Net Debt at € 3.0 bn mainly due to finalized acquisitions, while improving credit ratings Q1 2026 (€bn) 3.0 1.6 0.04 Cash and cash equivalents (1.5) Bonds and Bank debt 2.0 Other borrowing / (loans)1 0.1 Group net debt, excluding lease IDV acquisition 0.4 liabilities and net pa
Slide 11: FY 2026 Guidance confirmed
Q1 2026 Results FY 2026 Guidance confirmed Not including IDV Consolidation New Orders Revenues EBITA FOCF Net Debt ca. € 0.8 bn ca. € 25 bn ca. € 21 bn ca. € 2.03 bn ca. € 1.1 bn Excluding cash-out related to IDV acquisition Preliminary add-ons to Group results from IDV 9-months consolidation New Or
Slide 12: Q1 Overview
Q1 2026 Results Q1 Overview Roberto Cingolani, Chief Executive Officer and General Manager Q1 2026 Results Giuseppe Aurilio, Chief Financial Officer Q&A Appendix
Slide 13: Appendix
Q1 2026 Results Q1 Overview Roberto Cingolani, Chief Executive Officer and General Manager Q1 2026 Results Giuseppe Aurilio, Chief Financial Officer Q&A Appendix
Slide 14: Leonardo at Glance
APPENDIX Leonardo at 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 agencies
Slide 15: Q1 2026 Results
APPENDIX Q1 2026 Results €m Q1 2025 Q1 2026 % Change New Orders 6,886 9,002 +30.7% Backlog 46,184 56,805 +23.0% Revenues 4,159 4,448 +6.9% EBITA 211 281 +33.2% RoS 5.1% 6.3% +1.2 p.p. EBIT 189 263 +39.2% EBIT Margin 4.5% 5.9% +1.4 p.p. Adjusted Net Result 115 184 +60.0% EPS 0.655 0.281 (57.0%) FOCF
Slide 16: Q1 2026 - from EBITA to Adjusted Net Result
APPENDIX Q1 2026 - from EBITA to Adjusted Net Result (€m) 281 263 18 23 56 184 115 Q1 2026 Non-recurring costs and PPA Q1 2026 Financial Taxes Q1 2026 Q1 2025 EBITA EBIT expenses Adjusted Net Adjusted Net Result Result • Net Adj. Income +60% YoY, driven by higher EBITA and lower financial charges 16
Slide 17: Solid Group liquidity ensures adequate financial flexibility
APPENDIX Solid Group liquidity ensures adequate financial flexibility As at 31 March 2026, Leonardo had sources of liquidity available for a total of about € 4.7 bn to meet the Group’s financing needs, broken down as follows: • Cash in-hand equal to € 1.5 bn • New ESG Revolving Credit Facility (RCF)
Slide 18: Debt maturity profile
APPENDIX Debt maturity profile (€m) EIB Term Loan New Term Loan ESG-linked New EIB Loan “Sustainability-Linked” 18 © 2026 Leonardo - Società per Azioni Around 80% of Leonardo funding sources are «ESG-linked»
Slide 19: Defence Electronics & Security
APPENDIX Defence Electronics & Security FY 2022-2025 Results Q1 26 Results Orders (€m) Revenues (€m) EBITA (€m) and Profitability ELECTRONICS - EU 6,916 5,144 14.3% €m Q1 2025 Q1 2026 % Change 6,415 4,712 4,616 14.5% 5,886 4,379 13.4% 738 Orders 2,121 2,538 +19.7% 5,628 11.7% 670 Revenues 1,085 1,24
Slide 20: Helicopters
APPENDIX Helicopters FY 2022-2025 Results Q1 26 Results Orders (€m) Revenues (€m) EBITA (€m) and Profitability Q1 2025 Q1 2026 % Change €m 9.0% 8.9% Orders 2,362 2,682 +13.5% 9.1% 8.9% 6,060 5,867 6,166 5,833 Revenues 1,259 1,307 +3.8% 5,513 523 5,249 465 4,725 EBITA 70 76 +8.6% 4,547 415 422 RoS 5.
Slide 21: Aeronautics: Aircraft
APPENDIX Aeronautics: Aircraft FY 2022-2025 Results Q1 26 Results Orders (€m) Revenues (€m) EBITA (€m) and Profitability Q1 2025 Q1 2026 % Change €m 3,589 12.8% Orders 923 2,292 +148.3% 13.6% 5,022 13.6% 14.3% 3,085 2,938 3,166 Revenues 711 773 +8.7% 460 421 429 419 EBITA 67 75 +11.9% 3,141 RoS 9.4%
Slide 22: Aeronautics: Aerostructures & ATR
APPENDIX Aeronautics: Aerostructures & ATR FY 2022-2025 Results Q1 26 Results Orders (€m) Revenues (€m) EBITA (€m) and Profitability Aerostructures 909 746 745 17 Q1 2025 Q1 2026 % Change 636 12 0 €m 692 Orders 497 423 (14.9%) 644 475 -6 Revenues 150 222 +48.0% 420 -134 EBITA (56) (45) +19.6% -163 -
Slide 23: 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 Q1 26 Results Q1 2025 Q1 2026 % Change €m Orders 220 288 +30.9% Revenues 168 201 +19.6% EBIT
Slide 24: 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 Q1 26 Results Q1 2025 Q1 2026 % Change €m Orders 193 227 +17.6% Revenues 200 227 +13.5% EBITA 4
Slide 25: Hitting records in ESG ratings
APPENDIX Hitting records in ESG ratings 3rd out of 113 Highest A&D score A&D Cos. among 87 Cos. A-list member Top 5% of >130,000 (top 4% of >20,000 Cos. globally and Top Cos. globally) 2% of the industry Highest A&D score Comparable to among 86 Cos. A&D benchmarks (88 Cos.) Leonardo score Sector Avg
Slide 26: SAFE HARBOR STATEMENT
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-looking statements are based on Co
Slide 27: Thank you for your attention
Thank you for your attention Investor Relations and Market Analysis ir@leonardo.com Please avoid printing this colourful slide. Let’s save the planet together.