Leonardo Spa · MIL:LDO
Leonardo Spa — Investor Day (March 2026)
51 slides from Leonardo Spa's investor day presentation, Mar 12, 2026
Slide 1: Leonardo Industrial Plan 2026 Update (2026 – 2030)
Leonardo Industrial Plan 2026 Update (2026 – 2030) R o m e , M a r c h 1 2 th 2 0 2 6 Please avoid printing this colourful slide. Let’s save the planet together. 1 © 2026 Leonardo - Società per Azioni
Slide 2: Agenda
AGENDA 1 Last Three Years 2 Leonardo Product Portfolio 3 Michelangelo: The Security Dome 4 Dual-use multi-domain solutions for Global Security 5 Group’s targets 6 Society-inspired innovation levers
Slide 3: Let’s see what happened during this mandate…
Let’s see what happened during this mandate… KEY FIGURES 2022 KEY FIGURES 2025 51,392 105 62,762 131 People Sites People Sites worldwide worldwide Workforce across the world Workforce across the world 32,327 7,540 7,143 2,578 1,804 38,320 9,362 7,809 3,301 3,970 Italy United United Poland Rest of th
Slide 4: At the beginning, Leonardo operated as a conglomerate without a “One Company” strategy
L A S T 3 Y E A R S At the beginning, Leonardo operated as a conglomerate without a “One Company” strategy… Our Point of Departure (FY 2022) P R O D U C T P O R T F O L I O € 17.3 Bn Orders AIR LAND MARITIME SPACE CYBER PLATFORMS € 14.7 Bn Revenues € 1.2 Bn EBITA ELECTRONICS € 0.54 Bn FOCF DIGITALIZ
Slide 5: Today, it operates as a true multinational One Company
L A S T 3 Y E A R S 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 MARITIME SPACE CYBER PLATFORMS € 19.5 Bn +33% Revenues NE
Slide 6: Today, Leonardo has a comprehensive portfolio addressing all challenges
L A S T 3 Legend Already existing Upgrade New Y E A R S Today, Leonardo has a comprehensive portfolio addressing all the current and emerging challenges of the AD&S landscape Space Platforms & Ground Systems Services Fixed-wing Platforms Rotary-wing Platforms Systems Space Systems Tactical Airlifter
Slide 7: So, what is the future of Leonardo?
So, what is the future of Leonardo? From Defence… …To Global Security One of the top companies worldwide with the The most complete dual-use technology company, based on most complete product portfolio of manned and Cybersecurity, HPC, AI and Data to ensure multi-domain NOT TO SCALE unmanned defence
Slide 8: Our key success factor: reinforcing core business
LEONARDO PORTFOLIO Our key success factor: reinforcing core business SPACE CLOUD AIR SPACE ELECTRONICS LAND MARITIME HPC & CLOUD CYBER SECURITY 8 © 2026 Leonardo - Società per Azioni
Slide 9: Air Land Maritime Space portfolio
LEONARDO PORTFOLIO AIR LAND MARITIME SPACE DIGITAL CONTINUUM HPC & CLOUD - AI - SPACE CLOUD FIXED WING Manned & Unmanned CYBER SECURITY ELECTRONICS (COMMAND & CONTROL, SENSORS and PAYLOADS) ROTARY WING LAND COMBAT SYSTEM SPACE SYSTEMS Manned & Unmanned Manned & Unmanned & SERVICES 9 © 2026 Leonardo
Slide 10: Fixed Wing – Manned & Unmanned
LEONARDO PORTFOLIO Fixed Wing – Manned & Unmanned KEY PRODUCTS & CAPABILITIES ▪ GCAP 6th Gen fighter (including ISANKE1 e ICS2) ▪ Eurofighter Program (Long Term Evolution) ▪ Trainers and Light Attack aircraft (M-346) ▪ Wide portfolio of UAV solutions up to CCA3 ▪ UAV key capabilities (swarming, CUC-
Slide 11: Rotary Wing – Manned & Unmanned
LEONARDO PORTFOLIO Rotary Wing – Manned & Unmanned KEY PRODUCTS & CAPABILITIES ▪ Extensive dual-use portfolio: from light to heavy platforms ▪ New generation combat helicopter (AW249) ▪ NH90 program and future evolutions ▪ NMH1 (AW149) contract for UK MoD ▪ RUAS2 development (AWHero, Proteus) ▪ Adva
Slide 12: Land – Manned & Unmanned
LEONARDO PORTFOLIO Land – Manned & Unmanned KEY PRODUCTS & CAPABILITIES ▪ E2E solutions (platforms, sensors and ammunitions) ▪ MBT1 and A2CS2: state-of-the-art platforms at the European level ▪ Conventional and Guided ammunitions ▪ Electronic Countermeasures & Force Protection ▪ New integrated Comma
Slide 13: Maritime
LEONARDO PORTFOLIO Maritime KEY PRODUCTS & CAPABILITIES ▪ Worldwide key player in Combat System − Combat Management System − Surveillance, multi mission radars and multi spectral sensors1 − Naval guns − Conventional and guided ammunitions ▪ Naval Communications ▪ Counter UAS solutions evolving with
Slide 14: Space
LEONARDO PORTFOLIO Space KEY PRODUCTS & CAPABILITIES ▪ Architecture and E2E integrated space solutions provider ▪ Proprietary multi-sensor Earth Observation constellation under development ▪ Digital ground segment for asset management and operations ▪ Advanced technologies, sensors and robotics for
Slide 15: Cyber Security
LEONARDO PORTFOLIO Cyber Security KEY PRODUCTS & CAPABILITIES Orders generated by proprietary products ▪ Zero Trust proprietary offering “made in Europe” 3x ▪ Cyber: 2 Proprietary agentic Platforms (Defence and Operations - C2 Cyber) and Trusted Security Services & Crisis Management ▪ Digital: sover
Slide 16: So, what is the future of Leonardo?
So, what is the future of Leonardo? From Defence… …To Global Security NOT TO SCALE POTENTIAL MARKET MULTI-DOMAIN New Digital Capabilities From Core Today Business: Platforms and Systems +€ 134.5 Bn CAPABILITIES EVOLUTION 16 © 2026 Leonardo - Società per Azioni Note: Refers to Leonardo core business,
Slide 17: Global threats are evolving
MICHELANGELO Global threats are evolving Semi-predictable parabolic trajectory and limited maneuvering The future is multifold. BALLISTIC War is getting faster and more MEDIUM – LONG RANGE dangerous: Low-altitude, unpredictable trajectory • Hypersonic missiles due to maneuverability • Ballistic miss
Slide 18: Dead Zone: the inner-most layer of Michelangelo integrated defense
MICHELANGELO Dead Zone: the inner-most layer of Michelangelo integrated defense A high-precision point-defense solution to protect critical assets, capable of rapidly neutralizing low-flying and hard-to-detect threats, including massive drone swarms 10 km 18 © 2026 Leonardo - Società per Azioni
Slide 19: Leonardo has the full capability to detect, track and defeat threats
MICHELANGELO Leonardo has the full capability to detect, track and defeat threats PPA DBR Full portfolio to rapidly SSA identify emerging risks, MLRR DDG AESA S continuously tracking and SAMP/T- KGMHP MRBM NG GBR take timely and decisive action to neutralize the SOLUTIONS LEONARDO TMMR DBR-X, KN, KL
Slide 20: Kill Chain: one sensor, one shooter… Kill web: any sensor, best shooter
MICHELANGELO Kill Chain: one sensor, one shooter… As per NATO doctrine COUNTRY 1 FIND FIX TRACK TARGET ENGAGE ASSESS COUNTRY 2 FIND FIX TRACK TARGET ENGAGE ASSESS COUNTRY 3 FIND FIX TRACK TARGET ENGAGE ASSESS …Kill web: any sensor, best shooter 20 © 2026 Leonardo - Società per Azioni
Slide 21: Michelangelo Key Features
MICHELANGELO Michelangelo Key Features The “core” of Michelangelo Dome Why Leonardo MC5: a PLUG IN MODULE 1. All-domain complete product catalogue to interconnect all Air Land Maritime Space domains, Multi-domain interoperable, Platforms including legacy assets inter-exchangable, inter-connectable C
Slide 22: Michelangelo Dome roadmap
MICHELANGELO Michelangelo Dome roadmap 2025 2026 2027 2028 2029 2030 … 2033 Medium-range K-Swarm DEAD Ballistic Integrated MILESTONES/ Surface to Air Trial ZONE Missiles Air Missile DELIVERABLES missile system trial Trial Defence Defence Field Trial - C21 Trial NATO Exercise SPACE GUARDIAN SPACE GUA
Slide 23: Michelangelo will unlock € Bn new business opportunities in the next decade
MICHELANGELO Michelangelo will unlock € 21 Bn new business opportunities in the next decade A truly transversal one-company solution: MICHELANGELO-ENABLED BUSINESS OPPORTUNITIES ▪ Electronics (C2/ MC5, Radars, Naval Combat systems, Communications, …) ▪ Cyber (Defence and Operations) ▪ Unmanned Syste
Slide 24: So, what is the future of Leonardo?
So, what is the future of Leonardo? From Defence… …To Global Security NOT TO SCALE POTENTIAL MARKET MULTI-DOMAIN New Digital Capabilities From Core Upside from Business: Michelangelo: Platforms and Systems +€ 134.5 Bn +€ 6 Bn CAPABILITIES EVOLUTION 24 © 2026 Leonardo - Società per Azioni Note: Refer
Slide 25: The challenges of Global Security
DUAL-USE MULTI-DOMAIN The challenges of Global Security NOT EXAUSTIVE Hybrid Threats Are Expanding Across All Critical Sectors Emergency Agriculture Energy Transportation services Financial Critical Healthcare Chemical Services Manufacturing Nuclear Water and Military Government reactors, wastewater
Slide 26: Cybercrime losses vs. Global Security spending: a $Trillion Race
DUAL-USE MULTI-DOMAIN Cybercrime losses vs. Global Security spending: a $Trillion Race 2020 2030 Losses from cybercrime $1 Trillion $1 Trillion yearly monthly 2020 2030 Global Security spending $0.4 Trillion +$1 Trillion yearly yearly As a reference, the cost of Ukraine war is about $ 0.15 Trillion
Slide 27: Leonardo aims to be the reference Global Security company
DUAL-USE MULTI-DOMAIN Leonardo aims to be the reference Global Security company for the next decade T DE EC TE OT CT PR Continuous protection and Predictive analytics and persistent monitoring Dual-use, identification of threats of assets multi-domain global security use cases ER RESP V CO O ND RE E
Slide 28: Leonardo and Agriculture
DUAL-USE MULTI-DOMAIN Leonardo and Agriculture EXAMPLE - NOT EXAUSTIVE Key Assets Leonardo Aerial Crop monitoring and field Space Guardian imaging Constellation capabilities health assessment to support the allocation of European funding Smart Agriculture Agriculture Control Room Global Market 2030:
Slide 29: Leonardo and Emergency Services
DUAL-USE MULTI-DOMAIN Leonardo and Emergency Services EXAMPLE - NOT EXAUSTIVE Key Assets E2E security with a Zero Trust approach From prevention to Leonardo Space response and recovery of Guardian Constellation weather-related threats and environmental disasters Drones Helicopters Emergency Global M
Slide 30: Cumulated orders in 2026 – 2030 are expected to reach € Bn
Cumulated orders in 2026 – 2030 are expected to reach € 142 Bn From Defence1… …To Global Security NOT TO SCALE POTENTIAL MARKET Upside from dual-use: MULTI-DOMAIN +€ 1.5 Bn New Digital Capabilities From Core Upside from Business: Michelangelo: Platforms and Systems +€ 134.5 Bn +€ 6 Bn CAPABILITIES E
Slide 31: Group’s Targets
Group’s Targets Please avoid printing this colourful slide. Let’s save the planet together. 31 © 2026 Leonardo - Società per Azioni
Slide 32: Targeting Group order intake of €32 Bn in 2030
GROUP TARGETS Targeting Group order intake of € 32 Bn in 2030 Not including Iveco Defence consolidation Orders of Leonardo Group (estimated values for 2026 and beyond), €Bn 32.0 € ~142 Bn 2026 - 2030 CAGR 30.0 +6.1% expected cumulative orders 28.1 26.5 23.8 25.0 >1.1 Book to Bill confirmed over the
Slide 33: High single digit top line growth to achieve €30 Bn revenues in 2030
GROUP TARGETS High single digit top line growth to achieve €30 Bn revenues in 2030 Not including Iveco Defence consolidation Revenues of Leonardo Group (estimated values for 2026 and beyond), €Bn 30.0 CAGR +9.0% 27.3 € ~126 Bn 24.9 2026 - 2030 22.7 expected cumulative 21.0 revenues 19.5 2025A 2026E
Slide 34: EBITA more than doubling in 2030
GROUP TARGETS EBITA more than doubling in 2030 Not including Iveco Defence consolidation EBITA of Leonardo Group (estimated values for 2026 and beyond), €Bn CAGR +15.5% 3.22 3.59 € ~14 Bn 2.80 2026 - 2030 expected 2.38 cumulative EBITA 2.03 1.75 ~ 2.1X in 2030 vs 2025 2025A 2026E 2027E 2028E 2029E 2
Slide 35: FOCF more than doubling in 2030
GROUP TARGETS FOCF more than doubling in 2030 Not including Iveco Defence consolidation FOCF of Leonardo Group (estimated values for 2026 and beyond), €Bn CAGR € ~8 Bn +15.3% 2.06 2026 - 2030 expected 1.70 cumulative FOCF 1.43 1.01 1.11 1.24 > 2.0X In 2030 vs 2025 2025A 2026E 2027E 2028E 2029E 2030E
Slide 36: The evolution of our KPIs
GROUP TARGETS The evolution of our KPIs 2030 vs Financial KPI 2022 2025 2030 2022 Orders, €Bn 17.3 23.8 32.0 +85% Revenues, €Bn 14.7 19.5 30.0 +104% Not including Iveco Defence consolidation EBITA, €Bn 1.22 1.75 3.59 +194% ROS, % 8.3% 9.0% 12.0% 3.7 p.p. FOCF, €Bn 0.54 1.01 2.06 +281% 36 © 2026 Leon
Slide 37: Further increasing shareholder returns
GROUP TARGETS Further increasing shareholder returns Payout Ratio1: ~35% 364 300 161 Dividend 80 83 cash-out (€m) 2026 vs 2025 increase 2022 2023 2024 2025 2026 ~21% 2026 vs 2022: +355% CAGR 46% consistent 0,63 with the 0,52 growth in adjusted Net Profit 0,28 Paid Dividend 0,14 0,14 per Share (€) 20
Slide 38: Disciplined Capital Allocation strategy
GROUP TARGETS Disciplined Capital Allocation strategy supporting organic & inorganic growth and increasing shareholder returns Sources next 3 years (2026-2028) Prioritized Capital Deployment for the next 3 years (2026-2028) Organic Growth3 ~€ 3.7 Bn Operating Cash (5.5% of cumulated revenues) flow1
Slide 39: Society-inspired Innovation Levers
Society-inspired Innovation Levers Please avoid printing this colourful slide. Let’s save the planet together. 39 © 2026 Leonardo - Società per Azioni
Slide 40: A strongly successful employee share initiative
SOCIETY INSPIRED LEVERS A strongly successful initiative, gone above and beyond any expectation, showing the strongest internal commitment to build our future together 70 60 50 11,000 colleagues from all over the 40 world have invested their own savings in Leonardo 30 20 10 0 45€ Stock price at the
Slide 41: 2023-2030 People Evolution – Headcount & Skills
SOCIETY INSPIRED LEVERS 2023-2030 People Evolution – Headcount & Skills 2023 2026 2030 +12% 75,500 Workforce 67,300 +31% 51,400 INTEGRATED PLATFORMS , SYSTEM OF SYSTEMS PRODUCT CENTRIC • Towards fully integrated digital platforms GLOBAL INTEGRATED SECURITY Value • Domain-specific platforms across Ai
Slide 42: Empowering innovation: the R&D challenge for future growth
SOCIETY INSPIRED LEVERS Empowering innovation: the R&D challenge for future growth Focus topics examples FROM RESEARCH TO PRODUCT SPACE • Optical inter-satellite Links for LEO Secure Comms FROM LEONARDO LABS Proactive Tech Intelligence • Perovskite based solar cells (flexible, lightweight, radiation
Slide 43: Hitting new records in ESG ratings
SOCIETY INSPIRED LEVERS Hitting new records 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 Cos. (top 4% of >20,000 globally and Top 2% of Cos. globally) the industry Highest A&D score Aligned with A&D among 86 Cos. Avg (88 Cos.) Leonardo score
Slide 44: Annex
ANNEX Please avoid printing this colourful slide. Let’s save the planet together. 44 © 2026 Leonardo - Società per Azioni
Slide 45: Facts and figures Defence Electronics
Defence Electronics Helicopters Aircraft & Service Aerostructures Cyber & Security Space Facts and figures Defence Electronics Financials (estimated values for 2026 and beyond), €Bn NOT TO SCALE ORDERS REVENUES EBITA BACKLOG ROS 19.3 21.7 23.5 24.8 26.0 26.9 12.9% 13.3% 13.9% 14.4% 14.8% 15.1% +4.8%
Slide 46: Facts and figures Helicopters
Defence Electronics Helicopters Aircraft & Service Aerostructures Cyber & Security Space Facts and figures Helicopters Financials (estimated values for 2026 and beyond), €Bn NOT TO SCALE ORDERS REVENUES EBITA BACKLOG ROS 15.0 15.8 16.2 16.5 16.9 17.4 9.0% 9.2% 9.5% 9.8% 10.0% 10.2% +4.0% +3.7% 7.5 +
Slide 47: Facts and figures Aeronautics – Aircraft & Service BU
Defence Electronics Helicopters Aircraft & Service Aerostructures Cyber & Security Space Facts and figures Aeronautics Financials (estimated values for 2026 and beyond), €Bn Aircraft & Service BU NOT TO SCALE ORDERS REVENUES EBITA1 BACKLOG ROS 9.5 10.5 11.1 11.7 11.8 11.9 12.8% 12.7% 11.7% 11.7% 11.
Slide 48: Facts and figures Aeronautics – Aerostructures BU
Defence Electronics Helicopters Aircraft & Service Aerostructures Cyber & Security Space Facts and figures Aeronautics Financials (estimated values for 2026 and beyond), €Bn Aerostructures BU NOT TO SCALE ORDERS REVENUES EBITA1 BACKLOG ROS 1.2 1.3 1.3 1.4 1.5 1.5 -18% -6.6% -2.8% 0.2% 2.4% 4.2% -22.
Slide 49: Facts and figures Cyber & Security
Defence Electronics Helicopters Aircraft & Service Aerostructures Cyber & Security Space Facts and figures Cyber & Security Financials (estimated values for 2026 and beyond), €Bn NOT TO SCALE ORDERS REVENUES EBITA BACKLOG ROS 1.3 1.6 1.9 2.2 2.4 2.8 10% 10.2% 11.3% 12.8% 13.1% 13.4% -22.9% 7.6% +13.
Slide 50: Facts and figures Space
Defence Electronics Helicopters Aircraft & Service Aerostructures Cyber & Security Space Facts and figures Space Financials (estimated values for 2026 and beyond), €Bn NOT TO SCALE ORDERS REVENUES EBITA1 BACKLOG ROS 1.7 2.1 2.5 3.0 3.3 3.4 8.1% 8.1% 9.2% 9.9% 10% 10.4% 1.7 -22.9% +20.7% 2.7 2.5 2.5
Slide 51: Thank you for your attention
Thank you for your attention Please avoid printing this colourful slide. Let’s save the planet together.