Slide 1: Investor Presentation
INVESTOR PRESENTATION July 2026
Slide 2: Disclaimers
Disclaimers Forward-Looking Statements In this presentation, when using the terms the “company,” “DRS,” “we,” “us” and “our,” unless otherwise indicated or the context otherwise requires, we are referring to Leonardo DRS, Inc. This presentation contains forward-looking statements and cautionary stat
Slide 3: Leonardo DRS at a Glance
Leonardo DRS at a Glance Agile and Innovative Critical Defense Technology Provider and Systems Integrator Founded in: Headquarters: Employees: 2026 Revenue (1): 2026 Adj. EBITDA (1)(2): Ticker: DRS 1969 Arlington, VA ~7,300 $3.94 billion $533 million Key Technology Advanced Network Force Electric Po
Slide 4: Key Investment Highlights
Key Investment Highlights Well Positioned for Long-Term Growth and Value Creation Long-standing reputation as an Platform-agnostic model results Leading market positions agile and innovative critical in differentiated and balanced aligned to areas of enduring defense technology provider portfolio of
Slide 5: Market Drivers and Leonardo DRS Tailwinds
Market Drivers and Leonardo DRS Tailwinds U.S. federal government remains world’s largest buyer of technology with FY27 Department of War (“DoW”) request of $1.5 trillion* Bipartisan support for defense spending growth focused on deterring and countering near-peer threats Global threat environment r
Slide 6: Experienced Management Team
Experienced Management Team John Baylouny Mike Dippold Sally Wallace President & EVP & EVP & Chief Executive Officer Chief Financial Officer Chief Operating Officer John Baylouny is President and Chief Executive Officer for Mike Dippold is Executive Vice President and Chief Financial Sally Wallace i
Slide 7: Strategic Priorities
Strategic Priorities Focus on national security priorities and expanding our market leadership positions Leverage our strong technology differentiation, innovation, agility and speed to drive organic growth Increase organic investment in research and development and capex to position for incremental
Slide 8: Growing Demand for Our Capabilities and Technologies
Growing Demand for Our Capabilities and Technologies Advanced Network Force Electric Power Key Technology Sensing Computing Protection & Propulsion Areas (1) 33% 23% 21% 23% SIGINT & Multi- Integrated Platform Mission Applications Intelligence Mission Counter-UAS Propulsion Computing Systems EO/IR S
Slide 9: Leonardo DRS Operating Segments
Leonardo DRS Operating Segments Revenue Adj. EBITDA (1) Book-to-Bill Funded Backlog Business Cycle Employees Locations Advanced Sensing & Computing (ASC) $2.36B $316M 1.0x $2.65B Medium 4,500 22 Force Protection Advanced 12% Sensing 52% Prime Sole Source Fixed Price Network Computing 45% >45% 88% 38
Slide 10: Representative Platforms with DRS Content
Representative Platforms with DRS Content Platform-agnostic Critical Defense Technology Provider Naval Columbia Virginia Arleigh Burke Ticonderoga LCS CVN LPD LHA Ground Bradley AMPV Abrams Stryker Dismounted Patriot XM-30 MPF Airborne & Space Apache Seahawk Reaper Sea Stallion Tanker F-35 Satellite
Slide 11: Diverse Technology Content Across Platforms
Diverse Technology Content Across Platforms • Targeting and Pilotage • Missile Warning • 2nd and 3rd Generation HTI • In-Situ Testing Infrared Sights • IR Countermeasures Sensors • Rugged Computing • Degraded Visual • Joint Tactical Terminal • Driver’s View Enhancement • Active Protection Environmen
Slide 12: DRS is Well Positioned to Address Evolving Customer Requirements
DRS is Well Positioned to Address Evolving Customer Requirements Customer Requirements Enhanced Effectiveness (Distance, Speed, Power, Precision, Advanced Information, Stealth & Lethality) Sensing Integrated Systems and Platforms Network Computing DRS capabilities and Platform and Personnel Resilien
Slide 13: Evolving Mission Requirements Driving Leonardo DRS Capability Demand
Evolving Mission Requirements Driving Leonardo DRS Capability Demand DRS Differentiation and Opportunity Mission DRS Capability Requirements • Demonstrated electric power propulsion capability on Columbia Class • Increased acoustic performance, power efficiency, endurance and surge power requirement
Slide 14: Solid Financial Track Record and Growth Opportunity
Solid Financial Track Record and Growth Opportunity Revenue Adjusted EBITDA and Margin (1) (Dollars in millions) (Dollars in millions) Diverse program portfolio with CAGR: 10% CAGR: 14% no single program comprising over $3,938 $533 $3,648 10% of revenue $3,234 $453 $400 $2,693 $2,826 $318 $324 13.5%
Slide 15: Q2 2026 Financial Highlights
Q2 2026 Financial Highlights Revenue Bookings $913 million $1.1 billion 10% 1.2x Book-to-Bill Adjusted EBITDA (1) Funded Backlog $128 million $5.1 billion 14.0% Margin 17% Adjusted Diluted EPS (1) Free Cash Flow (1) $0.35 $6 million 52% (1) See slides 18-19 “Non-GAAP Financial Measures” for de
Slide 16: Increasing 2026 Adjusted EBITDA and Adjusted Diluted EPS Guidance
Increasing 2026 Adjusted EBITDA and Adjusted Diluted EPS Guidance Delivering Healthy Organic Revenue and Adjusted EBITDA Margin Expansion • Robust first half performance coupled with growing funded (In millions, except per share amounts) backlog offers solid visibility into the revenue range Revenue
Slide 17: For More Information
For More Information: A picture containing text, clipart Description automatically generated A picture containing text, clipart Shape Facebook logo_blue on white The new Glassdoor logo has an ingenious design secret | Creative Bloq Free icon "RSS icon" Steve Vather SVP, M&A and Investor Relations De
Slide 18: Non-GAAP Financial Measures
Non-GAAP Financial Measures Definitions and Reconciliations In addition to the results reported in accordance with U.S. GAAP included throughout (Dollars in millions) this presentation, the company has provided information regarding “Adjusted Twelve Months Ended Three Months Ended EBITDA,” “Adjusted
Slide 19: Non-GAAP Financial Measures (Continued)
Non-GAAP Financial Measures (Continued) Definitions and Reconciliations Adjusted Net Earnings and Adjusted Diluted EPS are defined as net earnings (In millions, except per share amounts) excluding amortization of acquired intangible assets, deal-related transaction costs, Twelve Months Ended Three M