Slide 1: Q2 / H1 2026 Results Presentation
Q2 / H1 2026 Results Presentation R o m e , 3 1 st J u l y 2 0 2 6 Please avoid printing this colourful slide. Let’s save the planet together.
Slide 2: Q2/H1 2026 Results
Q2/H1 2026 Results Introduction Lorenzo Mariani, Chief Executive Officer & General Manager Q2/H1 2026 Results Giuseppe Aurilio, Chief Financial Officer Q&A Appendix
Slide 3: A structurally changed world
Q2/H1 2026 Results - Introduction A structurally changed world Modern warfare is being reshaped by increasingly digital, saturated and asymmetric threats, New Warfare challenging traditional defence architectures and creating the need for faster, more resilient Paradigm and integrated solutions Defe
Slide 4: Executing our vision
Q2/H1 2026 Results - Introduction Executing our vision Keep business continuity, growth and enhanced industrial capacity at the heart of the INDUSTRIAL PLAN CONTINUITY Group’s industrial vision Enhance and accelerate execution across programme development, industrialization ACCELERATE EXECUTION and
Slide 5: Turning strategy into action
Q2/H1 2026 Results - Introduction Turning strategy into action GCAP STRENGHTEN TECHNOLOGY FOOTPRINT, Michelangelo Dome EXPLOIT MULTIDOMAIN CAPABILITIES Raft Acquisiton LBA Systems JV Bromo JV EXPAND STRATEGIC PARTNERSHIPS LRMV JV Iveco Defence SCALE AND OPTIMIZE Aerostructures INDUSTRIAL FOOTPRI
Slide 6: Q2/H1 2026 Results
Q2/H1 2026 Results Introduction Lorenzo Mariani, Chief Executive Officer & General Manager Q2/H1 2026 Results Giuseppe Aurilio, Chief Financial Officer Q&A Appendix
Slide 7: H1 2026: outstanding momentum, FY 2026 guidance upgrade
Q2/H1 2026 Results H1 2026: outstanding momentum, FY 2026 guidance upgrade OUTSTANDING FIRST HALF OF IDV IN THE PERIMETER GUIDANCE UPGRADED THE YEAR FROM 1 APRIL • Outstanding performance across • IDV orders accounting for € 0.7 bn • Standout commercial momentum all key financial metrics in Q2 2026,
Slide 8: H1 2026: strong improvement on all key financial metrics
Q2/H1 2026 Results H1 2026: strong improvement on all key financial metrics (€bn) H1 2025 H1 2026 %Δ %Δ H1 2026 (isoperimeter) (Isoperimeter) (Isoperimeter excl. FX) (incl. IDV) BACKLOG 45.0 52.6 +17% +17% 58.6 ORDERS 11.2 15.6 +39% +41% 16.3 REVENUES 8.9 9.6 +8% +10% 10.0 EBITA 0.58 0.73 +26% +28 %
Slide 9: Orders up 39% YoY, total backlog at € 53 bn
Q2/H1 2026 Results Before IDV contribution Orders up 39% YoY, total backlog at € 53 bn (€bn) 1.9 0.1 0.05 0.2 15.6 1.1 1.0 11.2 H1 2025 Defence Electronics Helicopters Aeronautics Cyber & Security Space Eliminations & Others H1 2026 Solutions Book to bill 1.3x 1.5x 1.6x 2.1x 1.2x 0.9x 1.6x Backlog €
Slide 10: Revenues by Division
Q2/H1 2026 Results Before IDV contribution Revenues up 8% YoY (+10% YoY excl. FX) (€bn) 0.1 0.04 9.6 0.1 0.1 0.1 0.4 8.9 H1 2025 Defence Electronics Helicopters Aeronautics Cyber & Security Space Eliminations & Others H1 2026 Solutions • Electronics Europe: • Higher activity on • Aircraft: strong •
Slide 11: EBITA up 26% YoY: Defence Electronics as key contributor
Q2/H1 2026 Results Before IDV contribution EBITA up 26% YoY: Defence Electronics as key contributor GROUP EBITA EBITA by Segment RoS 6.5% 7.6% 12.2% 7.2% 5.4% 9.3% 3.6% H1 2026 RoS 11.2% 7.2% 2.9% 8.1% 3.9% H1 2025 508 107 731 +19.5% YoY (€m) (€m) (15) 58 581 273 Electronics +15.7% YoY 210 +4.0% YoY
Slide 12: FOCF up 45% YoY, driven by profitability and internal actions
Q2/H1 2026 Results Before IDV contribution FOCF up 45% YoY, driven by profitability and internal actions (€bn) H1 2025 H1 2026 • Strong improvement vs 2025, benefitting 0.24 from solid operating performance and (0.03) actions to make the trend more linear (0.38) (0.48) • Negative, in line with usual
Slide 13: Iveco Defence business (IDV): accretive, with integration on track
Q2/H1 2026 Results Iveco Defence business (IDV): accretive, with integration on track Q2/H1 BACKLOG (€bn) 6.16 Good export commercial momentum with major orders from Romania (860 High-Mobility Military Tactical trucks) and for Spain (34 8x8 SUPERAV) ORDERS (€bn) 0.67 REVENUES (€bn) 0.36 Progress in
Slide 14: Group Net Debt at € 3.2 bn after IDV acquisition
Q2/H1 2026 Results Group Net Debt at € 3.2 bn after IDV acquisition H1 2026 (€bn) 3.2 0.4 Cash and cash equivalents (1.0) 1.6 Bonds and Bank debt 1.9 Other borrowing / (loans)1 - Group net debt, excluding lease IDV acquisition liabilities and net payables to joint 0.9 0.2 venture 1.0 Borrowings / (l
Slide 15: Update on M&A: expanding in US with the acquisition of Raft
Q2/H1 2026 Results Update on M&A: expanding in US with the acquisition of Raft In line with the Capital Allocation presented in the Industrial Plan 2026 – 2030, the Group is continuing in delivering its inorganic growth strategy Prioritized Capital Deployment for the next 3 years (2026-2028) • Leona
Slide 16: FY 2026 Guidance upgraded
Q2/H1 2026 Results Guidance updated FY 2026 Guidance upgraded Guidance confirmed As of 6th May 2026 (€bn) LDO FY 2026 9-months IDV Previous Group FY 2026 New Group FY 2026 Guidance contribution Guidance Guidance (inc. IDV contribution) New Orders c. 25.0 c. 1.2 c. 26.2 c. 28.2 Revenues c. 21.0 c. 1.
Slide 17: Introduction / H1 2026 Results
Q2/H1 2026 Results Introduction Lorenzo Mariani, Chief Executive Officer & General Manager H1 2026 Results Giuseppe Aurilio, Chief Financial Officer Q&A Appendix
Slide 18: Appendix
Q2/H1 2026 Results Introduction Lorenzo Mariani, Chief Executive Officer & General Manager H1 2026 Results Giuseppe Aurilio, Chief Financial Officer Q&A Appendix
Slide 19: 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 20: H1 2026 Results
APPENDIX Incl. IDV contribution H1 2026 Results (€m) Q1 2025 Q1 2026 % Change Q2 2025 Q2 2026 % Change H1 2025 H1 2026 % Change New Orders 6,886 9,002 +30.7% 4,357 7,257 +66.6% 11,243 16,259 +44.6% Backlog 46,184 56,805 +23.0% 45,030 58,581 +30.1% 45,030 58,581 +30.1% Revenues 4,159 4,448 +6.9% 4,76
Slide 21: H1 2026 – from EBITA to Adjusted Net Result
APPENDIX H1 2026 – from EBITA to Adjusted Net Result (€m) +34.3% +53.0% +74.4% YoY YoY YoY (119) (45) (160) 20 780 661 476 273 H1 2026 Non-recurring H1 2026 Financial Taxes Adjustments H1 2026 H1 2025 EBITA costs and PPA EBIT expenses Adjusted Net Adjusted Net Result Result • Net Adjusted Income +74
Slide 22: Solid Group liquidity ensures adequate financial flexibility
APPENDIX Solid Group liquidity ensures adequate financial flexibility As at 30 June 2026, Leonardo had sources of liquidity available for a total of about € 4.2 bn to meet the financing needs of the Group’s, broken down as follows: • Cash in-hands equal to € 1.0 bn • New ESG Revolving Credit Facilit
Slide 23: Debt maturity profile
APPENDIX Debt maturity profile (€m) EIB Term Loan New Term Loan ESG-linked New EIB Loan “Sustainability-Linked” 23 © 2026 Leonardo - Società per Azioni Around 80% of Leonardo funding sources are «ESG-linked»
Slide 24: Defence Electronics & Security
APPENDIX Before IDV contribution Defence Electronics & Security FY 2022-2025 Results Q2 26 Results Orders (€m) Revenues (€m) EBITA (€m) and Profitability ELECTRONICS - EU 6,916 5,144 14.3% €m Q2 2025 Q2 2026 % Change 6,415 4,712 4,616 14.5% 5,886 4,379 13.4% 738 Orders 1,585 2,184 +37.8% 5,628 11.7%
Slide 25: Helicopters
APPENDIX Helicopters FY 2022-2025 Results Q2 26 Results Orders (€m) Revenues (€m) EBITA (€m) and Profitability Q2 2025 Q2 2026 % Change €m 9.0% 8.9% Orders 1,034 1,847 +78.6% 9.1% 8.9% 6,060 5,867 6,166 5,833 Revenues 1,530 1,597 +4.4% 5,513 523 5,249 465 4,725 EBITA 132 134 +1.5% 4,547 415 422 RoS
Slide 26: Aeronautics: Aircraft
APPENDIX Aeronautics: Aircraft FY 2022-2025 Results Q2 26 Results Orders (€m) Revenues (€m) EBITA (€m) and Profitability Q2 2025 Q2 2026 % Change €m 3,589 12.8% Orders 655 1,331 +103.2% 13.6% 5,022 13.6% 14.3% 3,085 2,938 3,166 Revenues 905 824 (9.0)% 460 421 429 419 EBITA 113 108 (4.4)% 3,141 RoS 1
Slide 27: Aeronautics: Aerostructures & ATR
APPENDIX Aeronautics: Aerostructures & ATR FY 2022-2025 Results Q2 26 Results Orders (€m) Revenues (€m) EBITA (€m) and Profitability Aerostructures 909 746 745 17 Q2 2025 Q2 2026 % Change 636 12 0 €m 692 Orders 201 187 (7.0)% 644 475 -6 Revenues 184 259 +40.8% 420 -134 EBITA (40) (21) +47.5% -163 -1
Slide 28: 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 Q2 26 Results Q2 2025 Q2 2026 % Change €m Orders 233 231 (0.9)% Revenues 191 219 +14.7% EBIT
Slide 29: 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 Q2 26 Results Q2 2025 Q2 2026 % Change €m Orders 220 234 +6.4% Revenues 236 272 +15.3% EBITA 13
Slide 30: Hitting records in ESG ratings
APPENDIX Hitting records in ESG ratings 3rd out of 113 Highest A&D score A&D Cos. among 99 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 Leonardo score Sector Avg score As
Slide 31: 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 32: 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.