Leonardo Spa · MIL:LDO
Leonardo Spa — Leonardo Spa Ord — FY 2025 Earnings Presentation
35 slides from Leonardo Spa's earnings presentation, Feb 25, 2026
Slide 1: FY 2025 Preliminary Results Presentation
FY 2025 Preliminary Results Presentation R o m e , 2 5 th F e b r u a r y 2 0 2 6 Please avoid printing this colourful slide, Let’s save the planet together,
Slide 2: Executing the Industrial Plan
4Q/FY 2025 Preliminary Results Executing the Industrial Plan Roberto Cingolani, Chief Executive Officer and General Manager 4Q/FY 2025 Preliminary Results Giuseppe Aurilio, Chief Financial Officer Q&A Appendix
Slide 3: Executing the Industrial Plan
4Q/FY 2025 Preliminary Results Executing the Industrial Plan Roberto Cingolani, Chief Executive Officer and General Manager 4Q/FY 2025 Preliminary Results Giuseppe Aurilio, Chief Financial Officer Q&A Appendix
Slide 4: FY 2025 Preliminary Results: all targets exceeded
4Q/FY 2025 Preliminary Results FY 2025 Preliminary Results: all targets exceeded (€bn) FY 2024 FY 2025 FY 2025 FY 2025 Isoperimeter1 Old Guidance2 Guidance Updated3 Preliminary Results ORDERS 20.8 c. 21 22.25 – 22.75 23.8 (+14.5% YoY) REVENUES 17.6 c. 18.6 c. 18.6 19.5 (+10.9% YoY) EBITA 1.48 c. 1.6
Slide 5: Last three years: significant growth and financial transformation
4Q/FY 2025 Preliminary Results Last three years: significant growth and financial transformation ORDERS (€bn) REVENUES (€bn) +38% +33% 23.8 20.8 19.5 17.6 18.7 16.0 17.3 14.7 2022 2023 2024 2025 2022 2023 2024 2025 EBITA (€bn) FOCF (€bn) +44% +88% 1.75 1.0 1.48 0.8 1.35 0.7 1.22 0.5 2022 2023 2024 2
Slide 6: Last three years: debt reduced, dividends tripled, and investing in people
4Q/FY 2025 Preliminary Results Last three years: debt reduced, dividends tripled, and investing in people 3.0 -67% 2.3 NET DEBT (€bn) 1.8 1.0 2022 2023 2024 2025 DIVIDENDS PAID TO +275% Dividend DPS CAGR SHAREHOLDERS 300 Yield ‘25 ‘22-’25 (€m) Leonardo 1.1% 55% 161 83 A&D EU 1.1% 17%1 80 2022 2023 2
Slide 7: At the beginning, Leonardo operated as a conglomerate without a One Company strategy
4Q/FY 2025 Preliminary Results At the beginning, Leonardo operated as a conglomerate without a “One Company” strategy… Our Point of Departure (FY22) P R O D U C T P O R T F O L I O € 17.3 bn Orders AIR LAND SEA SPACE CYBER PLATFORMS € 14.7 bn Revenues € 1.2 bn EBITA ELECTRONICS € 0.5 bn FOCF DIGITAL
Slide 8: Today, it operates as a true multinational One Company
4Q/FY 2025 Preliminary Results Today, it operates as a true multinational One Company with a clear industrial vision and a strong attention towards execution Leonardo Today (FY 2025 vs 2022) P R O D U C T P O R T F O L I O € 23.8 bn +38% Orders AIR LAND SEA SPACE CYBER PLATFORMS € 19.5 bn +33% Reven
Slide 9: Today, it operates as a true multinational One Company
4Q/FY 2025 Preliminary Results Today, it operates as a true multinational One Company with a clear industrial vision and a strong attention towards execution SPACE CLOUD AIR SPACE ELECTRONICS LAND SEA HPC & CYBER CLOUD SECURITY 9 © 2026 Leonardo - Società per Azioni
Slide 10: Last three years: accelerating progress on sustainability
4Q/FY 2025 Preliminary Results Last three years: accelerating progress on sustainability Decoupling impacts from business growth Planet • First Transition Plan delivered in 2025 2019-2025 45% -15% 40% +41% Group Revenues 5,329 35% 4,929 4,647 4,541 Water Withdrawal 30% (M liters) 25% 2022 2023 2024
Slide 11: Setting the pace in ESG ratings
4Q/FY 2025 Preliminary Results Setting the pace 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 Aligned with A&D among 86 Cos. Avg (88 Cos.) Leonardo s
Slide 12: Executing the Industrial Plan
4Q/FY 2025 Preliminary Results Executing the Industrial Plan Roberto Cingolani, Chief Executive Officer and General Manager 4Q/FY 2025 Preliminary Results Giuseppe Aurilio, Chief Financial Officer Q&A Appendix
Slide 13: FY 2025 Preliminary Results: continuing on our growing path
4Q/FY 2025 Preliminary Results FY 2025 Preliminary Results: continuing on our growing path, increasing profitability and cash generation Orders above revised 2025 Guidance driven by successful export ORDERS € 23.8 bn campaign REVENUES € 19.5 bn Revenues and profitability well above 2025 Guidance, su
Slide 14: Orders up 15% YoY, total backlog at €47 bn
4Q/FY 2025 Preliminary Results Orders up 15% YoY, total backlog at € 47 bn (€bn) 2.1 0.2 0.1 23.8 (0.2) 0.3 0.5 20.8 FY 2024 Defence Electronics & Helicopters Aeronautics Cyber & Security Space Elimininations & Others FY 2025 Security Book to bill 1.2x 1.3x 1.1x 1.4x 1.3x 1.0x 1.2x Backlog €bn 44.2
Slide 15: Revenues up 11% YoY, all divisions growing
4Q/FY 2025 Preliminary Results Revenues up 11% YoY, all divisions growing (€bn) 0.2 0.1 19.5 0.4 (0.1) 0.6 0.8 17.6 FY 2024 Defence Electronics & Helicopters Aeronautics Cyber & Security Space Elimininations & Others FY 2025 Security • Electronics: higher • 1 year ahead of • Growth mainly • Growth m
Slide 16: EBITA up 18% YoY: increasing growth and profitability
4Q/FY 2025 Preliminary Results EBITA up 18% YoY: increasing growth and profitability GROUP EBITA EBITA by Segment RoS 8.4% 9.0% 2024 12.8% 8.9% 7.3% 7.6% 3.4% RoS (€bn) 2025 12.9% 9.0% 7.7% 10.0% 5.9% 1,075 (€m) +11% YoY 1.75 (0.02) 0.1 559 Electronics +18% YoY 0.2 523 1.5 +12% YoY 326 +17% YoY 337
Slide 17: Efficiency Plan: 2025 update
4Q/FY 2025 Preliminary Results Efficiency Plan: 2025 update 2024-2028 plan €m Focus on Procurement Savings Target €~1.8 bn Successfully achieved 2024 and 2025 objectives thanks to procurement and supply chain contract renegotiations and other initiatives for inflation mitigation 2025 (€m) 2024 – 202
Slide 18: FOCF up 21% YoY, confirming our cash conversion abilities
4Q/FY 2025 Preliminary Results FOCF up 21% YoY, confirming our cash conversion abilities: c. 69.5% of cash conversion1 (€bn) 2.3 1.0 1.0 0.8 0.3 FY 2024 Operating Investments Interests and FY 2025 Cash Flow taxes 18 1. Calculated as FOCF/EBITA after tax and interests paid © 2026 Leonardo - Società p
Slide 19: Group Net Debt down 44% YoY, mainly thanks to FOCF
4Q/FY 2025 Preliminary Results Group Net Debt down 44% YoY, mainly thanks to FOCF (€bn) 1.8 2025 Cash and cash equivalents (3.2) Bonds and Bank debt 1.9 Other borrowing / (loans)2 0.2 1.0 0.4 Group net debt, excluding lease 0.1 liabilities and net payables to joint (0.9) 1.0 venture Borrowings / (lo
Slide 20: Executing the Industrial Plan
4Q/FY 2025 Preliminary Results Executing the Industrial Plan Roberto Cingolani, Chief Executive Officer and General Manager 4Q/FY 2025 Preliminary Results Giuseppe Aurilio, Chief Financial Officer Q&A Appendix
Slide 21: Executing the Industrial Plan
4Q/FY 2025 Preliminary Results Executing the Industrial Plan Roberto Cingolani, Chief Executive Officer and General Manager 4Q/FY 2025 Preliminary Results Giuseppe Aurilio, Chief Financial Officer Q&A Appendix
Slide 22: 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 23: Leonardo quarterly results
APPENDIX Leonardo quarterly results 1Q 1Q 2Q 2Q 3Q 3Q 4Q 4Q FY FY % Change % Change % Change % Change % Change €m 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 Orders 5,710 6,886 +20.6% 4,542 4,357 -4.1% 4,397 6,956 +58.4% 6,129 5,574 -9.1% 20,778 23,782 +14.5% Revenues 3,620 4,159 +14.9% 4,282
Slide 24: Revenue and Orders diversification
APPENDIX Revenue and Orders diversification Revenues and Orders by business Revenues and Orders by geography Defence Electronicsper Elettronica & la REVENUES Security Difesa REVENUES 29% Elicotteri Helicopters 23% 25% 19% 17% Italia Italy Aircraft Velivoli 12% UK UK 20% 13% 18% USA USA 43% 4% Aerost
Slide 25: Solid Group liquidity ensures adequate financial flexibility
APPENDIX Solid Group liquidity ensures adequate financial flexibility As at 31 December 2025, Leonardo had sources of available liquidity for ca. €6.2bn, broken down as follows: • Cash in-hands: € 3.2 bn • ESG Revolving Credit Facility (RCF): € 1.8 bn • Unconfirmed credit lines: € 1.0 bn • Leonardo
Slide 26: Debt maturity profile and improved credit ratings
APPENDIX Debt maturity profile and improved credit ratings in €m TL DRS RADA Dollar Bond Euro EIB Term Loan CDP New EIB Loan “Sustainability-Linked” CDP and Bond expired in January 2026 CREDIT RATING As of today Before last review Date of review S&P BBB / Stable Outlook BBB- / Positive Outlook April
Slide 27: Defence Electronics & Security
APPENDIX Defence Electronics & Security 2022-2025 Results 4Q25 Results Orders Revenues EBITA and Profitability ELECTRONICS - EU 6.916 5,144 14,3% €m 4Q 2024 4Q 2025 % Change 6,415 4,712 4,616 14.5% 738 5,886 4,379 13.4% Orders 1,654 2,037 +23.2% 5,628 11.7% 670 Revenues 1,511 1,627 +7.7% 3,648 4.245
Slide 28: MBDA: Large and growing business investing for next phase
APPENDIX MBDA: Large and growing business investing for next phase Investing for High order intake Strong backlog Growing revenues tomorrow 2024/25 € 44 bn € 5.8 bn Sites & digitalisation >€ 13 bn per year € 4.2 bn Production capacity 2022/23 >€ 9 bn per year € 18 bn Supply chain Decade pre-2021 c.€
Slide 29: Helicopters
APPENDIX 4Q25 Results Helicopters 4Q 2024 4Q 2025 % Change €m 2022-2025 Results Orders 1,062 1,285 +21% Orders (€m) Revenues (€m) Revenues 1,627 1,738 +6.8% EBITA (€m) and Profitability EBITA 194 203 +4.6% 8.9% 9,0% RoS 11.9% 11.7% -0.2 p.p. 9.1% 8.9% 6,060 5,867 6.166 5.833 523 5,513 5,249 465 4,72
Slide 30: Aeronautics: Aircraft
APPENDIX Aeronautics: Aircraft 2022-2025 Results 4Q25 Results Orders (€m) Revenues (€m) EBITA (€m) and Profitability 4Q 2024* 4Q 2025 % Change €m 3.589 13.6% 12,8% Orders 1,641 713 -56.6% 5.022 13.6% 14.3% 3,085 2,938 3,166 460 Revenues 1,143 1,244 +8.8% 421 429 419 EBITA 180 195 +8.3% 3,141 2,800 2
Slide 31: Aeronautics: Aerostructures & ATR
APPENDIX Aeronautics: Aerostructures & ATR 4Q25 Results Aerostructures 2022-2025 Results 4Q 2024 4Q 2025 % Change €m Orders (€m) Revenues (€m) EBITA (€m) and Profitability Orders 121 120 -0.8% 909 746 745 Revenues 238 235 -1.3% 12 17 0 636 EBITA (39) 1 n.m. 692 644 RoS (16.4%) 0.4% n.m. 475 -6 420 -
Slide 32: Cyber & Security Solutions
APPENDIX Cyber & Security Solutions 2023-2025 Results Orders (€m) Revenues (€m) EBITA (€m) and Profitability 1,052 7.6% 10% 798 6.1% 883 594 648 80 692 49 36 2023 2024 2025 2023 2024 2025 2023 2024 2025 4Q25 Results 4Q25 Results 4Q 2024 4Q 2025 % Change 2024 2025 % Change €m €m Orders 247 352 +42.5%
Slide 33: Space
APPENDIX Space 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 4Q25 Results FY25 Results 4Q 2024 4Q 2025 % Change 2024 2025 % Change €m €m Orders 481 392 -18.5%
Slide 34: 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 35: 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,