Leonardo Spa · MIL:LDO
Leonardo Spa — Leonardo Spa Ord — Q3 2025 Earnings Presentation
46 slides from Leonardo Spa's earnings presentation, Nov 5, 2025
Slide 1: 3Q/9M 2025 Results Presentation
3Q/9M 2025 Results Presentation R o m e , 5 th N o v e m b e r 2 0 2 5 Please avoid printing this colourful slide, Let’s save the planet together,
Slide 2: Executing the Industrial Plan
3Q/9M 2025 Results Executing the Industrial Plan Roberto Cingolani, Chief Executive Officer and General Manager 3Q/9M 2025 Results Alessandra Genco, Chief Financial Officer Q&A Appendix
Slide 3: Executing the Industrial Plan
3Q/9M 2025 Results Executing the Industrial Plan Roberto Cingolani, Chief Executive Officer and General Manager 3Q/9M 2025 Results Alessandra Genco, Chief Financial Officer Q&A Appendix
Slide 4: Strong execution supporting continued momentum
3Q/9M 2025 Results Strong execution supporting continued momentum continued progress across all Group KPIs 9M 20241 9M 2025 Change % New Orders, €bn 14.6 18.2 24.3% Revenue, €bn 12.0 13.4 12.4% EBITA, €mln 770 945 22.7% ROS, % 6.4% 7.0% 0.6 p.p. FOCF, €mln (548) (426) 22.3% Net Debt, €bn 3.12 2.33 (
Slide 5: Key highlights of the first 9 months of the year
3Q/9M 2025 Results Key highlights of the first 9 months of the year LDO Electronics IT and UK DRS ▪ Solid order intake across all domains: ▪ Strong performance on electric power and Electronics − − Air – e.g. EFA and GCAP Naval – e.g. FREMM Italy and PPA1 Indonesia propulsion technologies, advanced
Slide 6: Update on tariffs
3Q/9M 2025 Results Update on tariffs US–EU Trade Deal officially implemented, exempting the civil aeronautics sector US Revenues (2024) Civil aircraft and aircraft parts from EU now exempt reciprocal tariffs 95% Exemption effective from 1st September 2025 Previous red flag areas of US civil helicopt
Slide 7: Efficiency Plan: 9M 2025 update
3Q/9M 2025 Results Efficiency Plan: 9M 2025 update 2024-2028 plan €mln Focus on Procurement Savings Successfully achieved 2024 objectives and 2025 action plan fully in place Target €~1.8bn for contract renegotiation and inflation mitigation 2024 – 2028 savings 9M 2025 (€mln) across the INDUSTRIAL Ma
Slide 8: Large Scale Initiatives – Q3 Update
3Q/9M 2025 Results Large Scale Initiatives – Q3 Update LRMV GCAP LBA Systems Iveco Defence acquisition Aerostructures Capacity Boost
Slide 9: Large Scale Initiatives – Q3 Update
3Q/9M 2025 Results Large Scale Initiatives – Q3 Update LRMV GCAP LBA Systems Leonardo Rheinmetall Military Vehicles Iveco Defence ▪ Execution is on track, with commercial and operational actions underway to acquisition secure planned order intake ▪ Already secured contract for AICS1 ▪ In adv
Slide 10: Large Scale Initiatives – Q3 Update
3Q/9M 2025 Results Large Scale Initiatives – Q3 Update LRMV GCAP LBA Systems GCAP ▪ EdgeWing organization ramp-up: (i) currently 180+ new resources, with Leonardo contributing 1/3, according to the agreed workshare; (ii) new governance and Iveco Defence operational procedures in place acquis
Slide 11: Large Scale Initiatives – Q3 Update
3Q/9M 2025 Results Large Scale Initiatives – Q3 Update LRMV GCAP LBA Systems LBA Systems ITALIAN INDUSTRIAL FOOTPRINT Iveco Defence ▪ Ongoing activities to ensure acquisition regulatory approval ▪ In the meanwhile, Leonardo is progressing in assessing the Aerostructures future integration be
Slide 12: Large Scale Initiatives – Q3 Update
3Q/9M 2025 Results Large Scale Initiatives – Q3 Update LRMV ITALIAN INDUSTRIAL FOOTPRINT GCAP LBA Systems LBA Systems Iveco Defence ▪ Ongoing activities to ensure acquisition antitrust regulatory approval ▪ In the meanwhile, Leonardo is progressing in defining the integration between Aerostr
Slide 13: Large Scale Initiatives – Q3 Update
3Q/9M 2025 Results Large Scale Initiatives – Q3 Update LRMV GCAP LBA Systems Iveco Defence acquisition Iveco Defence ▪ Ongoing activities to ensure regulatory approval acquisition ▪ Ongoing negotiation to ensure deal closing Aerostructures Initial Due Deal closing Agreement Capacity Boos
Slide 14: Large Scale Initiatives – Q3 Update
3Q/9M 2025 Results Large Scale Initiatives – Q3 Update LRMV GCAP LBA Systems Aerostructures Iveco Defence ▪ Joint industrial Plan Development including: acquisition − Commercial and industrial synergies → current focus of the joint working group − Key stakeholder engagement plan (clients, su
Slide 15: Large Scale Initiatives – Q3 Update
3Q/9M 2025 Results Large Scale Initiatives – Q3 Update LRMV GCAP LBA Systems Capacity Boost ENGINEERING ▪ Engineering digitalization Efficiency, Offload Optimization & ▪ Partnerships with Eng. providers +30-40% Extra Workload Mh Talent Attraction Iveco Defence ▪ Talent Attraction Campus acqu
Slide 16: Let’s dive into the future…
3Q/9M 2025 Results Let’s dive into the future…
Slide 17: Moving toward an «European Space of Space»
3Q/9M 2025 Results Moving toward an «European Space of Space» ▪ Signed MoU with Airbus and Thales, to create the key European player in space. The new company is expected to be operational in 2027 ▪ Until then, Leonardo is actively working to develop its satellite constellation, and to promote end-t
Slide 18: The European Space key player
3Q/9M 2025 Results The European Space key player Mission Governance Structure Establish the European Space key player with critical mass to compete globally, 32,5% 32,5% 35% leveraging on integrated cutting-edge technologies and new efficiency levers to JV capture new opportunities across all indust
Slide 19: Leonardo’s architectural vision for Integrated Air Defence
3Q/9M 2025 Results Leonardo’s architectural vision for Integrated Air Defence starts taking form Space Cloud Air Space Electronics Land Maritime HPC Cyber Leonardo vision for Integrated Air Defence is fully aligned with the objectives and priorities outlined in the European Readiness Flagships proje
Slide 20: Executing the Industrial Plan
3Q/9M 2025 Results Executing the Industrial Plan Roberto Cingolani, Chief Executive Officer and General Manager 3Q/9M 2025 Results Alessandra Genco, Chief Financial Officer Q&A Appendix
Slide 21: Strong execution supporting continued momentum
3Q/9M 2025 Results Strong execution supporting continued momentum continued progress across all Group KPIs 9M 20241 9M 2025 Change % New Orders, €bn 14.6 18.2 24.3% Revenue, €bn 12.0 13.4 12.4% EBITA, €mln 770 945 22.7% ROS, % 6.4% 7.0% 0.6 p.p. FOCF, €mln (548) (426) 22.3% Net Debt, €bn 3.12 2.33 (
Slide 22: Helicopters: solid revenue and margin growth
3Q/9M 2025 Results Helicopters: solid revenue and margin growth €mln 9M 2024 9M 2025 Change % New Orders 4,805 4,881 1.6% Revenue 3,622 4,095 13.1% EBITA 271 320 18.1% ROS, % 7.5% 7.8% 0.3 p.p. Highlights 9M deliveries by programme • Backlog of €15.5bn and Book to Bill of 1.2x AW 101 1 • Orders in l
Slide 23: Defence Electronics: strong performance across all domains
3Q/9M 2025 Results Defence Electronics: strong performance across all domains Electronics Europe DRS €mln 9M 20241 9M 2025 Change % €mln 9M 2024 9M 2025 Change % New Orders 4,761 4,879 2.5% 2,583 2,818 9.1% Revenue 3,105 3,517 13.3% 2,073 2,315 11.7% EBITA2 381 450 18.1% 188 217 15.4% ROS, % 12.3% 1
Slide 24: Cyber & Security Solutions: continued strong momentum
3Q/9M 2025 Results Cyber & Security Solutions: continued strong momentum €mln 9M 2024 9M 2025 Change % New Orders 586 700 19.5% Revenue 447 532 19.0% EBITA 22 41 86.4% ROS, % 4.9% 7.7% 2.8 p.p. Highlights • Backlog of €1.2bn and Book to Bill at 1.3x • Order growth driven by domestic market (i.e. Str
Slide 25: Aeronautics: capturing growth opportunities in fixed-wing businesses
3Q/9M 2025 Results Aeronautics: capturing growth opportunities in fixed-wing businesses Aeronautics Division Aircraft (incl. GCAP1) Aerostructures ATR LBA2 Aeronautics €mln 9M 2024 9M 2025 Change % New Orders 2,015 5,017 149.0% Revenue 2,476 2,799 13.0% EBITA 120 96 (20.0)% ROS, % 4.8% 3.4% (1.4) p.
Slide 26: Aircraft: extraordinary order intake and solid revenue increase
3Q/9M 2025 Results Aircraft: extraordinary order intake and solid revenue increase €mln 9M 20241 9M 2025 Change % New Orders 1,500 4,309 n.m. Revenue 2,023 2,345 15.9% EBITA 249 265 6.4% ROS, % 12.3% 11.3% (1.0) p.p. Highlights Revenue Breakdown • Book to Bill at 1.8x • Significant increase in Order
Slide 27: Aerostructures: good commercial momentum and slight improvement in profitability
3Q/9M 2025 Results Aerostructures: good commercial momentum and slight improvement in profitability €mln 9M 2024 9M 2025 Change % New Orders 571 789 38.2% Revenue 508 510 0.4% EBITA1 (129) (135) (4.7)% ROS, % (25.3)% (26.6)% (1.3) p.p. Highlights • Strong increase in order intake associated to B787
Slide 28: Space: improvement in profitability
3Q/9M 2025 Results Space: improvement in profitability Space Division €mln 9M 2024 9M 2025 Change % New Orders 476 655 37.6% Revenue 616 702 14.0% EBITA 47 52 10.6% Including TAS1 4 30 n.m. ROS, % 7.6% 7.4% (0.2) p.p. Including TAS1 0.6% 4.3% 3.7 p.p. Highlights • Increase in Orders driven by Satell
Slide 29: EBITA growth translating into higher Net Income and stronger FOCF
3Q/9M 2025 Results EBITA growth translating into higher Net Income and stronger FOCF 9M 2025 Bridge from EBITA to Net Results (€mln) +18.9%1 +13.5% +28.0% 0.7%2 YoY YoY YoY YoY (156 ) (12) (55) (91) 269 (165 ) 945 722 735 466 EBITA Non recurring costs Restructuring costs PPA amortization EBIT Net fi
Slide 30: Rating journey got us to very solid Investment Grade
3Q/9M 2025 Results Rating journey got us to very solid Investment Grade + Positive outlook Credit Agencies’ = Stable outlook Rating Positive rating action BBB / Fitch = Baa2 S&P Global = Leonardo achieved Investment Grade full investment grade Fitch = Fitch = Fitch + BBB- / S&P Global = S&P Global +
Slide 31: Successfully renegotiated the ESG-linked Revolving Credit Facility
3Q/9M 2025 Results Successfully renegotiated the ESG-linked Revolving Credit Facility Leonardo has signed a new 5 years ESG-linked RCF with a pool of international and domestic banks for €1.8bn and a duration of 5 years Terms reflecting the New ESG indicators c. 3x 30% margin improvement in the incl
Slide 32: FY 2025 Guidance Confirmed
3Q/9M 2025 Results FY 2025 Guidance Confirmed Guidance Guidance FY 2024 9M 2025 FY 20251 FY 20251 Pre July update Post July update New Orders, €bn 20.9 18.2 c. 21.0 22.25 – 22.75 Revenue, €bn 17.8 13.4 c. 18.6 c. 18.6 EBITA, €mln 1,525 945 c. 1,660 c. 1,660 FOCF, €mln 826 (426)2 c. 870 920 - 9803 Ne
Slide 33: Executing the Industrial Plan
3Q/9M 2025 Results Executing the Industrial Plan Roberto Cingolani, Chief Executive Officer and General Manager 3Q/9M 2025 Results Alessandra Genco, Chief Financial Officer Q&A Appendix Please avoid printing this colourful slide, Let’s save the planet together,
Slide 34: Executing the Industrial Plan
3Q/9M 2025 Results Executing the Industrial Plan Roberto Cingolani, Chief Executive Officer and General Manager 3Q/9M 2025 Results Alessandra Genco, Chief Financial Officer Q&A Appendix Please avoid printing this colourful slide, Let’s save the planet together,
Slide 35: Recap of Industrial Plan 2025 Group’s targets
APPENDIX Recap of Industrial Plan 2025 Group’s targets1 New €bn Revenue EBITA ROS% Orders Electronics2 6.5 5.0 0.54 10.9% Helicopters 6.1 5.5 0.50 9.0% Aircraft3 3.5 3.2 0.44 13.8% Aerostructures 0.9 0.8 (0.13) (17.5)% Cyber 0.9 0.7 0.07 9.6% Space4 1.0 1.0 0.09 8.8% 1. Industrial Plan 2025 Update (
Slide 36: 3Q 2025 Results
APPENDIX 3Q 2025 Results 3Q2024 3Q2024 excl. 9M2024 3Q2025 Chg.%* 9M2025 Chg.% Reported UAS Reported New Orders 4,429 4,397 6,965 58.4% 14,753 18,208 23.4% Revenue 4,091 4,054 4,525 11.6% 12,076 13,444 11.3% EBITA 271 265 364 37.4% 795 945 18.9% RoS** 6.6% 6.5% 8.0% 1.5 p.p. 6.6% 7.0% 0.4 p.p. EBIT
Slide 37: Solid Group liquidity ensures adequate financial flexibility
APPENDIX Solid Group liquidity ensures adequate financial flexibility As at 30 September 2025, Leonardo had sources of liquidity available for a total of about €4.5bn to meet the financing needs of the Group’s, broken down as follows: • Cash in-hands equal to €1.6bn • New ESG Revolving Credit Facili
Slide 38: Debt maturity profile
APPENDIX Debt maturity profile in €mln 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 May
Slide 39: Helicopters
APPENDIX Helicopters 2019-2024 Results 3Q25 Results Orders (€mln) Revenues (€mln) EBITA (€mln) and Profitability 3Q 2024 3Q 2025 % Change €mln 8.9% Orders 1,221 1,485 +21.6% 10.7% 8.9% 5,249 9.6% 9.8% 9.1% 465 6,060 4,725 5,513 5,867 4,157 4,547 431 422 Revenues 1,197 1,306 +9.1% 4,025 3,972 415 4,6
Slide 40: Electronics
APPENDIX Electronics 2019-2024 Results 3Q25 Results Orders (€mln) Revenues (€mln) EBITA (€mln) and Profitability ELECTRONICS - EU 6,582 14.9% €mln 3Q 2024 3Q 2025 % Change 5,886 4,712 4,791 5,628 4,519 5,392 4,289 4,147 4,379 13.4% Orders 1,442 1,173 (18.7)% 4,444 4,710 11.7% Revenues 1,052 1,205 +1
Slide 41: 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 3Q25 Results 3Q 2024 3Q 2025 % Change €mln Orders 159 247 +55.3% Revenues 146 173 +18.5% EBITA 6 12 +100% RoS 4.1% 6.9% +2.
Slide 42: Aircraft
APPENDIX Aircraft 2019-2024 Results 3Q25 Results Orders (€mln) Revenues (€mln) EBITA (€mln) and Profitability 3Q 2024 3Q 2025 % Change €mln 3,268 3,085 2,938 Orders 387 2,731 n.m. 2,892 2,861 13.3% 13.6% 14.3% 14.6% 2,800 2,634 2,668 Revenues 660 729 +10.5% 2,395 2,329 13.7% 13.5% 434 421 417 419 1,
Slide 43: Aerostructures & ATR
APPENDIX Aerostructures & ATR 2019-2024 Results 3Q25 Results Orders (€mln) Revenues (€mln) EBITA (€mln) and Profitability Aerostructures 948 1,125 53 3Q 2024 3Q 2025 % Change 12 17 €mln 692 819 Orders 207 91 (56.0)% 644 581 746 -11 -69 -6 155 176 +13.5% -24 Revenues 636 420 -1.0% -86 EBITA (58) (39)
Slide 44: Space
APPENDIX Space 2023-2024 Results Orders (€mln) Revenues (€mln) EBITA (€mln) Space SpaceSector Division Space Division Space Division 957 906 (inc. TAS) 763 701 80 66 54 31 2023 2024 2023 2024 2023 2024 3Q25 Results 3Q 2024 3Q 2025 % Change €mln Orders 141 242 +71.6% Revenues 217 266 +22.6% EBITA 3 1
Slide 45: SAFE HARBOR STATEMENT
3Q/9M 2025 Results 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 stateme
Slide 46: 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,