Leonardo Spa · MIL:LDO
Leonardo Spa — Leonardo Spa Ord — Q1 2025 Earnings Presentation
38 slides from Leonardo Spa's earnings presentation, May 8, 2025
Slide 1: 1Q 2025 Results Presentation
1Q 2025 Results Presentation R o m e , 8 th M a y 2 0 2 5 Please avoid printing this colourful slide. Let’s save the planet together.
Slide 2: Summary
1Q 2025 Results Presentation Summary Executing the Industrial Plan Roberto Cingolani, Chief Executive Officer and General Manager 1Q 2025 Results Alessandra Genco, Chief Financial Officer Q&A Appendix Rome – 8 May 2025 2 © 2025 Leonardo - Società per Azioni
Slide 3: Executing the Industrial Plan
1Q 2025 Results Presentation Executing the Industrial Plan Roberto Cingolani, Chief Executive Officer and General Manager 1Q 2025 Results Alessandra Genco, Chief Financial Officer Q&A Appendix Please avoid printing this colourful slide. Let’s save the planet together.
Slide 4: 1Q 2025 Highlights: good start to the year
Executing the Industrial Plan 1Q 2025 Highlights: good start to the year Increase of international with continued progress across all KPIs / exports orders 1Q24 1Q25 Change** excl. UAS* Orders 1Q 2024 New Orders, €bn 5.7 6.9 +20.6% 38% Revenue, €bn 3.6 4.2 +14.9% 62% EBITA***, €M 179 211 +17.9% Orde
Slide 5: Aerostructures
Executing the Industrial Plan Aerostructures Stand-alone industrial plan (Scenario III) under implementation Ongoing discussion with Strategic Partner Sep ‘24 Progress Industrial Set-up optimization Started Internal Due Diligence with dedicated Task Force Supply Chain Restructuring Developed and lau
Slide 6: JV with Baykar for advanced UAV solutions
Executing the Industrial Plan JV with Baykar for advanced UAV solutions Milestone / Deliverable Timeline & Key milestones 2025 Mar Apr May Jun Jul/Aug Sep Oct Nov Dec MoU Signature Heads of Terms Final JV agreement signature Signed on April 29 th Joint Working Groups Technical Working Group Industri
Slide 7: JV Leonardo Rheinmetall Military Vehicles
Executing the Industrial Plan JV Leonardo Rheinmetall Military Vehicles Main Upcoming Milestones 2 Lynx delivered by May ‘25 4 additional Lynx to be delivered by year end (with new Italian turret) >10 platforms under construction (by 2026) JV LRMV working on the requirements of MBT with Army
Slide 8: Update on M&A activities
Executing the Industrial Plan Update on M&A activities Continuing scouting effort of strategic targets… Relevant updates 22 • Targets addressed in the last 12 months • Entered into 2 exclusive negotiations in the Cyber sector • Focus on the Cyber & AI / Space domains / Capacity Boost • Entered into
Slide 9: Efficiency Plan: 1Q 2025 Update
Executing the Industrial Plan Efficiency Plan: 1Q 2025 Update 2024-2028 plan, €M Focus on Procurement Savings Successfully achieved 2024 objectives and 2025 action plan fully in place Target € ~1,8 B for contract renegotiation and inflation mitigation 2024 – 2028 savings Q1 2025 (€M) across the INDU
Slide 10: Capacity Boost – Enhancing Leonardo Capture Rate
Executing the Industrial Plan Capacity Boost – Enhancing Leonardo Capture Rate 𝑹𝒏𝒆𝒕 𝑹𝒑𝒐𝒕 − (𝑳𝒏 + 𝑳𝒑 + 𝑳𝒊 + 𝑳𝒄 + 𝑳𝒔 + 𝑳𝒉) 𝑪𝒂𝒑𝒕𝒖𝒓𝒆 𝑹𝒂𝒕𝒆 = = 𝑹𝒑𝒐𝒕 𝑹𝒑𝒐𝒕 Rnet: Net revenues effectively captured Li: Losses for production inefficiencies Rpot: Potential Total revenues…
Slide 11: Capacity Boost – Ambition
Executing the Industrial Plan Capacity Boost – Ambition AS-IS TO-BE Rpot Rpot Losses for Lp incomplete product portfolio Upside from Readiness EU + New Normal Organic Growth + New Initiatives Lc Losses for lack of production capacity Larger / more flexible Losses for production inefficiencies Li int
Slide 12: Capacity Boost – Current Status
Executing the Industrial Plan Capacity Boost – Current Status Project Organization Structure Timeline of the initiative Key initiatives already ongoing Ma h ‘ Helicopters Division Program Set-Up p il ‘ Operations • Major initiatives to fulfil volumes growth both in Final Assembly plants and Center o
Slide 13: Defence Budget: Possible Opportunities Ahead
Executing the Industrial Plan Defence Budget: Possible Opportunities Ahead Italian Integrated Defence spending 2024 20251 MoD Personnel, Operations & Others Budget MoD Personnel, Operations & Others Budget Addressable budget: c. 34% Addressable budget: c. 39% MoD Investments/procurement Budget MoD I
Slide 14: Preliminary Considerations on Tariffs
Executing the Industrial Plan Preliminary Considerations on Tariffs Key Considerations US Revenues ▪ Defence / governmental sales exempt from tariffs, no exposure (2024) ▪ International footprint mainly local / local, no exposure ▪ No disruptions on global supply chain and no EU/RoW retaliation 95%
Slide 15: Presentation
1Q 2025 Results Presentation Executing the Industrial Plan Roberto Cingolani, Chief Executive Officer and General Manager 1Q 2025 Results Alessandra Genco, Chief Financial Officer Q&A Appendix Please avoid printing this colourful slide. Let’s save the planet together.
Slide 16: Good start to the year; S&P rating upgrade; Moody's positive outlook
1Q 2025 Results Good sta t to the yea ; S&P atin up ade to stable; Moody’s upgrade to positive outlook continued progress across all KPIs 1Q24 1Q24 1Q25 Change** excl. UAS* New Orders, €bn 5.8 5.7 6.9 +20.6% Revenue, €bn 3.7 3.6 4.2 +14.9% EBITA***, €M 188 179 211 +17.9% ROS***, % 5.1% 4.9% 5.1% +0.
Slide 17: Helicopters: solid growth in orders, revenues and profit
1Q 2025 Results Helicopters: solid growth in orders, revenues and profit €mln 1Q24 1Q25 Change Orders 2,043 2,362 +15.6% Revenues 1,085 1,259 +16.0% EBITA 54 70 +29.6% RoS (%) 5% 5.6% +0.6 p.p. Highlights Deliveries by programme • Backlog of € 16.2 bn AW189 • Order growth driven mainly by defence/go
Slide 18: Defence Electronics: growth across all segments
1Q 2025 Results Defence Electronics: growth across all segments Electronics Europe DRS €mln 1Q24 1Q25 Change $mln 1Q24 1Q25 Change excl. UAS Orders 2,008 2,121 +5.6% 815 991 +21.6% Revenues 981 1,085 +10.6% 688 799 +16.1% EBITA** 112* 125 +11.6% 55 66 +20.0% RoS (%) 11.4%* 11.5% +0.1p.p. 8.0% 8.3% +
Slide 19: Cyber & Security Solutions: continuing growth momentum
1Q 2025 Results Cyber & Security Solutions: continuing growth momentum with increasing demand €mln 1Q24 1Q25 Change Orders 204 220 +7.8% Revenues 139 168 +20.9% EBITA 8 11 +37.5% RoS (%) 5.8% 6.5% +0.7 p.p. Highlights • Book to Bill at 1.3x • Order growth driven by domestic market (i.e Secure Public
Slide 20: Aircraft: maintaining strong margins
1Q 2025 Results Aircraft: maintaining strong margins €mln 1Q24 1Q25 Change Orders 568 839 +47.7% Revenues 570 613 +7.5% EBITA 55 63 +14.5% RoS (%) 9.6% 10.3% +0.7 p.p. Highlights • Book to Bill at 1.4x • Increase in Orders driven by solid contribution from fighters business (i.e. EFA logistics and J
Slide 21: Aerostructures Q1 as expected, reflecting planned quarterly profile
1Q 2025 Results Aerostructures Q1 as expected, reflecting planned quarterly profile €mln 1Q24 1Q25 Change Orders 253 497 +96.4% Revenues 175 150 -14.3% EBITA** (43)* (70) -62.8% RoS (%) (24.6%)* (46.7%) -22.1 p.p. Highlights • Order intake up year-on-year; reflecting continued air traffic recovery a
Slide 22: Space: solid contribution from Telespazio
1Q 2025 Results Space: solid contribution from Telespazio Telespazio + Space LoB €mln 1Q24 1Q25 Change Orders 102 193 +89.2% Revenues 160 200 +25.0% EBITA 9 11 +22.2% RoS (%) 5.6% 5.5% -0.1 p.p. 1Q24 1Q25 Change Space Sector Orders 102 193 +89.2% Revenues 160 200 +25.0% EBITA* -2 4 +300.0% RoS (%)*
Slide 23: From EBITA to Net Result
1Q 2025 Results From EBITA to Net Result 1Q24 Net Result included fair value resulting from the full consolidation of Telespazio Group 1Q25 • EBITA up 12% driven by good operating +12.2% +12.5% +23.7% -13.7% performance YoY YoY YoY YoY • EBIT up 13% mainly driven EBITA increase and lower below the l
Slide 24: FY 2025 Guidance Confirmed
1Q 2025 Results FY 2025 Guidance Confirmed FY 2024 FY 2025(1) Orders, €bn 20.9 ca.21 Revenues, €bn 17.8 ca. 18.6 EBITA, €mln 1,525 ca. 1,660 FOCF, €mln 826 ca. 870 Net Debt, €bn 1.8 ca. 1.6(2) han e ate assumptions: € / USD = . and € / G P = . (1) Based on the current assessments of the impacts of t
Slide 25: Presentation
1Q 2025 Results Presentation Executing the Industrial Plan Roberto Cingolani, Chief Executive Officer and General Manager 1Q 2025 Results Alessandra Genco, Chief Financial Officer Q&A Appendix Please avoid printing this colourful slide. Let’s save the planet together.
Slide 26: Presentation
1Q 2025 Results Presentation Executing the Industrial Plan Roberto Cingolani, Chief Executive Officer and General Manager 1Q 2025 Results Alessandra Genco, Chief Financial Officer Q&A Appendix Please avoid printing this colourful slide. Let’s save the planet together.
Slide 27: 1Q 2025 Results
APPENDIX 1Q 2025 Results 1Q 2024 1Q 2024 excl. UAS 1Q 2025 Change* FY 2024 New Orders 5,753 5,710 6,886 +20.6% 20,945 Backlog 43,153 46,184 +7.0% 44,178 Revenues 3,664 3,620 4,159 +14.9% 17,763 EBITA** 188 179 211 +17.9% 1,525 RoS** 5.1% 4.9% 5.1% +0.2 p.p. 8.6% EBIT 168 189 12.5% 1,271 EBIT Margin
Slide 28: Solid Group liquidity ensures adequate financial flexibility
APPENDIX Solid Group liquidity ensures adequate financial flexibility s at Ma h , Leona do had sou es o liquidity a ailable o a total o about € . bn to meet the inan in needs o the G oup’s, b o en down as ollows: • Cash in-hands equal to € . bn • SG e ol in C edit Fa ility CF equal to € . bn • Comme
Slide 29: Debt maturity profile
APPENDIX Debt maturity profile in € mil TL DRS RADA Dollar Bond Euro EIB Term Loan CDP New EIB Loan “Sustainability- Lin ed” 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 M
Slide 30: Helicopters 2019-2024 Results
APPENDIX Helicopters 2019-2024 Results Orders (€ mln) Revenues (€ mln) EBITA (€ mln) and Profitability 6,060 5.249 8,9% 5.867 5,513 4,725 10.7% 8.9% 4,547 9.6% 9.8% 9.1% 465 4,641 4,025 4,157 4,494 4,370 3,972 431 422 415 383 406 2019 2020 2021 2022 2023 2024 2019 2020 2021 2022 2023 2024 2019 2020
Slide 31: Electronics 2019-2024 Results
APPENDIX Electronics 2019-2024 Results Orders Revenues EBITA and Profitability 6.582 5,886 4.791 5,628 4,712 14,9% 5,392 4,519 4,379 4,289 4,147 4,444 4,710 13,4% 714 11.7% 4.077 10.7% 3.234 3,516 2,879 10.0% 588 2,729 2,757 2,826 8.7% 553 2,923 3,054 3,156 2,693 485 2,595 427 10,0% 360 9.0% 9.8% 9.
Slide 32: Cyber & Security Solutions 2023-2024 Results
APPENDIX Cyber & Security Solutions 2023-2024 Results Orders (€ mln) Revenues (€ mln) EBITA (€ mln) and Profitability 833 648 692 7.6% 6,1% 49 36 594 2023 2024 2023 2024 2023 2024 32 © 2025 Leonardo - Società per Azioni
Slide 33: Aircraft 2019-2024 Results
APPENDIX Aircraft 2019-2024 Results Orders (€ mln) Revenues (€ mln) EBITA (€ mln) and Profitability 3,268 3,085 2,938 2,800 2.892 2.861 2,668 2,634 13.3% 13.6% 14.3% 14,6% 2,395 2,329 13.7% 13.5% 434 421 417 2,031 419 1,904 355 320 2019 2020 2021 2022 2023 2024 2019 2020 2021 2022 2023 2024 2019 202
Slide 34: Aerostructures & ATR 2019-2024 Results
APPENDIX Aerostructures & ATR 2019-2024 Results Orders (€ mln) Revenues (€ mln) EBITA (€ mln) and Profitability 948 1,125 53 692 12 17 644 819 581 746 636 -11 -69 -6 420 -24 365 475 -1.0% 442 -86 -163 -168 -10.5% -203 -183 -25.6% -22,5% -45.9% -38.5% 2019 2020 2021 2022 2023 2024 2019 2020 2021 2022
Slide 35: Space 2023-2024 Results
APPENDIX Space 2023-2024 Results Orders (€ mln) Revenues (€ mln) EBITA (€ mln) and Profitability Space Sector Space Division 957 906 763 701 80 66 54 31 2023 2024 2023 2024 2023 2024 35 © 2025 Leonardo - Società per Azioni
Slide 36: Safe Harbor Statement
1Q 2025 Results Presentation 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-looki
Slide 37: Contacts
Contacts Valeria Ricciotti Investor Relations and Credit Rating Agencies Head of Investor Relations and Credit Rating Agencies Ph. +39 06 32473.697 Ph. +39 06 32473.512 valeria.ricciotti@leonardo.com ir@leonardo.com 37 © 2025 Leonardo - Società per Azioni
Slide 38: Thank you for your attention
Thank you for your attention Please avoid printing this colourful slide. Let’s save the planet together.