Leonardo S.p.A. — Investor Presentation 2023

Mar 10, 2023

FY 2022 Results – A Stronger Leonardo

Rome

10th March 2023

Agenda

• Key messages

• Industrial review
• Financial review
• Q&A
• Sector results
• Appendix

Alessandro Profumo, Chief Executive Officer

Lucio Valerio Cioffi, General Manager

Alessandra Genco, Chief Financial Officer

• Medium-long term outlook Alessandro Profumo, Chief Executive Officer

FY2022: a year of solid execution and commercial success

DELIVERING ON PROMISES

ACCELERATING COMMERCIAL MOMENTUM

IMPROVED FINANCIAL PERFORMANCE; STEPPING UP FOCF

PROGRESS ON ESG

• Meeting or exceeding Guidance
• Continuing to deliver and making the Group stronger, more resilient, sustainable
• Set up to capture best growth opportunities
• Growing order book across all divisions at € 17.3 bn (+21.0%* YoY), well above guidance even without the €1.4bn AW149 Poland order
• Book-to-bill at 1.2x
• Revenues: € 14.7 bn, + 4.7%* YoY
• EBITA: € 1.2 bn, + 14.9%* YoY vs FY21 restated**
• RoS: 8.3%, +0.8 p.p. vs FY21 restated**
• FOCF: € 539m, more than doubling FY21
• Full redemption of 2039 and 2040 bonds and early repayment of term loan
• Confirming € 3 bn FOCF generation over 2021-2025
• Proposed dividend of € 0.14 p.s.
• Committed to SBTI
• Strengthening decarbonisation plan (-15% Scope 1+2 CO² emissions vs 2021)
• Achieving results in diversity and inclusion (19% of female managers on total managers vs 15% in 2017)
• Demonstrating our commitment to sustainable finance (55% of sources of funding linked to ESG)

* Adjusted perimeter to exclude the contribution of Global Enterprise Solutions (August-December 2021)

**Restatement to include covid costs within EBITA as previously accounted below the line

A Stronger Leonardo: Successful Delivery of 2018-2022 Industrial Plan

Delivering results in line or exceeding yearly Guidance

Emerging stronger commercially and financially with a more resilient and sustainable business model

Successfully navigating a period of unprecedented global challenges

Significant progress delivering against our roadmap towards the future

STRENGTHEN OUR CORE Reinforce the core business and core activities	TRANFORM TO GROW Leveraging digitalisation to capture new opportunities	MASTER THE NEW Create advanced technological solutions to drive innovation
Increasing critical mass in strategic areas and strengthening global footprint	Making the business more modern and agile to meet customer needs	Innovate and create new technologies and new high-tech markets
› Continued momentum in International co operation programmes e.g. GCAP › Acquisition of 25.1% stake in HENSOLDT › Leonardo DRS & RADA merger › Acquisition of KOPTER	› Leonardo Production System Programme › Aerostructures recovery plan - confirming target to breakeven by end-2025 › Re-skilling and upskilling of 3,100+ colleagues › Focused on supply chain	› Leonardo Labs at the core of innovative R&D technologies › DAVINCI-1 HPC unique edge › Enabling capabilities in Digital Twin, Big Data, Cloud and AI

Core business growing stronger

Helicopters and Aircraft

Helicopters

2022 Backlog € 13.6bn 2018-2022 Revenues*: +4.5% 2018-2022 EBITA*: +4.0%

• Continued strong commercial momentum; € 6 bn of new orders in 2022
• Global market leading product portfolio
• Defence/governmental, customer support & training core strengths, accelerated recovery in civil
• Continue to invest to capture future opportunities

Aircraft

2022 Backlog € 8.6bn 2018-2022 Revenues*: +12.4% 2018-2022 EBITA*: +12.2%

• Strong performance, programme delivery and best in class profitability
• Partner in world class international cooperation programmes, e.g. next-gen GCAP
• A strong order book, product portfolio and significant contribution from customer support & training, providing good visibility for future performance

Core business growing stronger

Electronics and Leonardo DRS

Electronics

2022 Backlog € 12.4 bn

2018-2022 Revenues*: +4.1% 2018-2022 EBITA*: +9.0%

• Technology leadership in key focus areas i.e. sensors, radars, electro-optical and combat management systems driving solid revenue and profitability growth
• Strategic presence across Air, Land and Sea, maximizing market opportunity
• Well positioned to capture upgrading and restocking demand from customers
• Exciting partnership with Hensoldt

Leonardo DRS

2022 Backlog € 2.7 bn 2018-2022 Revenues*: +6.6% 2018-2022 EBITA*: +18.5%

• Successful business transformation and portfolio restructuring
• World class supplier of advanced sensing & computing solutions & integrated mission systems
• Positioned on key DoD priority programmes
• Combination with RADA strengthening market position

Customer, Support & Training providing resiliency, solid revenue stream & longterm visibility

• Net cash present value embedded in customer support of existing fleet for next 30 years equal to ca. € 5.5 bn

Interoperability and strategic presence across all domains

Strategic presence as leader across Helicopters, Simulation & Training and EU Defence Electronics Key player in European Cooperation Programmes, Safety and Security partner for Institutions

Strong and unique portfolio to address multidomain solutions

Synergies in R&D and product innovation capabilities

Challenging traditional business models with digitalisation capabilities

Driver of innovation and development in a digital and sustainable way

Important progress towards ESG milestones in 2022

Progress on environment and climate change

Progress on social impact and people

Commitment to sustainable finance

Recognition by thirdparties

• -7% intensity* of energy consumption vs 2021
• -4% intensity* of waste produced vs 2021
• -13% intensity* of water withdrawals vs 2021

• >4,900 new hires

• 24% women, 59% hold a STEM qualification,44% under 30
• 22% women hires with STEM degree on total hires with STEM degree
• 19% of female managers on total managers
• >50% of investments SDG-aligned
• 55% of financial sources ESG linked
• Highest score in the A&D sector in the DJSI
• Leadership band of CDP Climate Change
• Confirmed in the Bloomberg gender equality index
• A rating from MSCI
• Highest score in Transparency International's assessment

* On revenues ** Market-based

Agenda

• Key messages
• Industrial review
• Financial review
• Q&A
• Sector results
• Appendix

Alessandro Profumo, Chief Executive Officer

Lucio Valerio Cioffi, General Manager

Alessandra Genco, Chief Financial Officer

• Medium-long term outlook Alessandro Profumo, Chief Executive Officer

Strong fundamental drivers of commercial outlook over medium term

Positive market outlook in our core defence markets

• A,D&S market CAGR over the next 5 years: ca. 6%
• A,D&S annual average market value: ca. €800 bln
  • Leonardo's addressable market: ca 15% of the global A,D&S market

* In 2006, NATO Defence Ministers agreed to commit a minimum of 2% of their Gross Domestic Product (GDP) to defence spending to continue to ensure the Alliance's military readiness.

Well positioned to capture opportunities in Global Monitoring Our strengths

Innovation is the key for our future

Group capabilities and technological innovation to drive long-term growing commercial success

DAVINCI-1 HPC IN HELICOPTERS

• Digital Twin application for predictive maintenance
• Improving flow field accuracy and minimizing experimental needs and computing time
• Reducing development costs and risks

Innovation is key for our future: Global Combat Air Programme (GCAP)

Groundbreaking 'System of Systems' connecting all domains

Aerostructures recovery plan on track

Confirming breakeven by end of 2025

PROGRESS SO FAR

ACTION PLAN	• Reduced headcount by 20% • Reducing cost through automation and digitalization • Final phase our investment plan to achieve manufacturing efficiency gains • Pursuing new opportunities
AIRBUS	• Increasing volumes of A220 & A321 programmes • Investment in state-of-the-art A220 assembly line complete	AEROSTRUCTURES BREAKEVEN
ATR	• Clear strategy to strengthen leadership in regional market, providing sustainable and affordable configurations • New state of the art assembly line reducing production times and assuring higher quality level standard	Confirmed end of 2025
BOEING 787	• 2022 production rate < 2/m while expected increase in activity to 4-5 shipsets per month in 2023, rising to 10/m within 2025 • Breakeven from fuselage delivery n. 1,406 due to rate profile and pricing per contract
DEFENCE	• Robust and profitable Eurofighter and JSF production • EuroMALE providing significant industrial impacts in Grottaglie and Foggia plants

Agenda

• Key messages
• Industrial review
• Financial review
• Q&A
• Sector results
• Appendix

Alessandro Profumo, Chief Executive Officer

Lucio Valerio Cioffi, General Manager

Alessandra Genco, Chief Financial Officer

• Medium-long term outlook Alessandro Profumo, Chief Executive Officer

FY22: Making the Group stronger, resilient and sustainable

Delivering above FY22 guidance

		2021A1	Original 2022 Guidance	Updated 2022 Guidance	2022A	% Δ
• Continuing on our track record of execution	ORDERS (€bn)	14.3	ca. 15.0	ca. >16.0	17.3	+21.0%
• Strong growth in new orders with book-to-bill of 1.2x	REVENUES (€bn)	14.1	14.5-15.0	14.4-15.0	14.7	+4.7%
• Backlog of € 37 bn providing confidence of continued revenue	EBITA (€mln)	1,060	1,180-1,220	1,170-1,220	1,218	+14.9%
growth momentum	FOCF (€mln)	209	ca. 500	ca. 500	539	+186.7%
• Acquisition of 25.1% stake in Hensoldt entirely self-funded, while decreasing debt	NET DEBT (€bn)	3.1	ca.3.12	ca.3.02	3.02	-3.4%

(1) 2021 Adjusted perimeter to exclude the contribution of Global Enterprise Solutions

(2) Including the acquisition of 25.1% stake in Hensoldt net of divestitures

Order Intake

Continued strong commercial momentum

	€ mln	∆ % YoY
FY2021A**	14,267
HELICOPTERS	6,060	38.7%
ELECTRONICS	5,628	4.4%
LEONARDO DRS	2,997	36.6%
AIRCRAFT	2,800	4.9%
AEROSTRUCTURES	420	15.1%
ELIMINATIONS & OTHER	-639
FY2022A*	17,266	21.0%**

*Including ca. € 404 mln of positive forex

** Adjusted perimeter to exclude the contribution of Global Enterprise Solutions (August-December 2021).

Revenues

Growing top line and continued strong programme delivery

	€ mln	∆ % YoY
FY2021A**	14,050
HELICOPTERS	4,547	9.4%
ELECTRONICS	4,712	4.3%
LEONARDO DRS	2,558	5.1%
AIRCRAFT	3,085	-5.6%
AEROSTRUCTURES	475	7.5%
ELIMINATIONS & OTHER	-664
FY2022A*	14,713	4.7%**

*Including ca. € 351 mln of positive forex

** Adjusted perimeter to exclude the contribution of Global Enterprise Solutions (August-December 2021).

EBITA and Profitability

Improving Profitability

	€ mln	RoS	∆ % YoY
FY2021A**	1,114	7.6%
FY2021 Restated	1,060***	7.5%***
HELICOPTERS	415	9.1%	2.2%
ELECTRONICS	553	11.7%	14.0%
LEONARDO DRS	252	9.8%	15.6%
AIRCRAFT	421	13.6%	-2.4%
AEROSTRUCTURES	-183	-38.5%	9.9%
ATR	-6		75.0%
SPACE	31		-50.0%
CORPORATE & OTHER	-265		-3.9%
FY2022A*	1,218	8.3%	14.9%**

From EBITA to Net Result

Stronger bottom line thanks to EBITA increase

• Net Result benefitting from EBIT increase, with lower impact from income taxes, despite the "make-whole" charges related to bond buy-back by Leonardo US Holding, and the gain from the sale of GES and AAC accounted for in "Discontinued operations"

On track with our commitment to improve cash flow

Achieved all targets set on 2022 cash flow generation

• ca. 70% cash flow conversion excl. Aerostructures
• Slightly lower cash absorption from Aerostructures vs 2021 €40mln better vs 2021
• ca. 55% Group cash flow conversion

• Continued cash discipline in core
• Consistent contribution from JVs
• Aerostructures breakeven in 2025

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70%

55%

Leonardo investments for innovation, growth and sustainability

Strongly aligned to SDG goals

(1) Including Capitalized R&D, Capex, Tooling and Other Immaterial

(2) The initiatives mainly impact SDG 9 "Industry, Innovation & Infrastructure" followed by SGD 8 "Decent work and economic growth" and SGD 11 "Sustainable Cities & Communities"

55% of Leonardo funding sources now are "ESG linked"

Reduced debt by ca. 35% and decreased cost of funding by ca. 45% Focus on deleveraging

• Important deleveraging achieved in 2022 vs 2016
  • In 2022 full redemption of 2039 and 2040 bonds and early repayment of term loan
• Cost of funding materially reduced from 5.4% to 3.0% in 2022 (70% fixed)
• Debt decreased notwithstanding strategic acquisition and continued investment in competitiveness

Capital allocation – Deleveraging is written on the cards

• Cash flow generation will be devoted to
  • Deleveraging: Priority No. 1
  • Maintaining shareholder returns constant

2023 Outlook

	2022A	2023E1
ORDERS (€bn)	17.3	ca.17
REVENUES (€bn)	14.7	15-15.6
EBITA (€mln)	1,218	1,260-1,310
FOCF (€mln)	539	ca. 600
NET DEBT (€bn)	3.0	ca. 2.62

• Continued solid commercial momentum, with book-to-bill>1x
• Successfully navigating inflationary pressures
• Continued improvement in FOCF and focus on deleveraging

2023 exchange rate assumptions: € / USD = 1.10 and € / GBP = 0.87

1) Based on the current assessment of the effects deriving from the geopolitical situation on the supply chain and the global economy and

assuming no additional major deterioration

2) Assuming dividend payment od € 0.14 p.s. and new leases for ca 100 mln

Agenda

• Key messages
• Industrial review
• Financial review
• Q&A
• Sector results
• Appendix

Alessandro Profumo, Chief Executive Officer

Lucio Valerio Cioffi, General Manager

Alessandra Genco, Chief Financial Officer

• Medium-long term outlook Alessandro Profumo, Chief Executive Officer

Confidence in the medium-term

Based on strong fundamentals of our businesses

ENABLING SUSTAINABLE GROWTH BY INNOVATION AND TECHNOLOGY

MEETING AND ANTICIPATING CUSTOMER PRIORITIES

PARTNERING WITH OUR SUPPLIERS

ENHANCING HUMAN CAPITAL AND SKILLS FOR THE FUTURE

DRIVING CAPITAL ALLOCATION AND LONG-TERM RETURNS

1) Based on the current assessment of the effects deriving from the geopolitical situation on the supply chain and the global economy and assuming no additional major deterioration

© 2022 Leonardo - Società per azioni

Closing remarks

• Leonardo is stronger, more robust, resilient and sustainable
• Successfully capturing increasing opportunities
• Continued strong commercial activity globally building our backlog
• Top line growth across all defence/governmental sectors
• Robust profitability benefitting from increasing volumes and solid industrial performance
• More solid, structurally increasing cash flow and deleveraging
• Digitalization and supercomputing at the base of technological and product competitiveness
• Confirmed our commitment on ESG for a long-term growth
• Fully committed to create value for all our stakeholders

Agenda

• Key messages
• Industrial review
• Financial review
• Q&A
• Sector results
• Appendix

Alessandro Profumo, Chief Executive Officer

Lucio Valerio Cioffi, General Manager

Alessandra Genco, Chief Financial Officer

• Medium-long term outlook Alessandro Profumo, Chief Executive Officer

Q&A

Agenda

• Key messages
• Industrial review
• Financial review
• Q&A
• Sector results
• Appendix

Alessandro Profumo, Chief Executive Officer

Lucio Valerio Cioffi, General Manager

Alessandra Genco, Chief Financial Officer

• Medium-long term outlook Alessandro Profumo, Chief Executive Officer

Helicopters

Solid business with accelerated civil recovery

• Strong level of order intake expected both in civil and governmental; confirming increasing revenues and deliveries
• Good level of profitability supported by structured actions to offset inflationary pressure

(*) Based on the current assessment of the effects deriving from the geopolitical situation on the supply chain and the global economy and assuming no additional major deterioration

Electronics

Growing Revenues and Profitability

2023 Outlook(**)

• Growing volumes and profitability driven by improving execution of backlog and investments
• Market dynamics still reflecting inflationary pressure and supply chain

* Avg. exchange rate €/\$ @ 1.18 in FY2021; Avg. exchange rate €/\$ @ 1.05 in FY2022

** Based on the current assessment of the effects deriving from the geopolitical situation on the supply chain and the global economy and assuming no additional major deterioration

Aircraft Solid performance

€ mln 4Q 2021 4Q 2022 % Change Orders 1,025 1,163 13.5% Revenues 1,147 1,126 -1.8% EBITA 191 176 -7.9% RoS 16.7% 15.6% -0.9 p.p. 4Q22 Results

2023 Outlook(*)

• Growing export market for proprietary platforms
• Confirming strong contribution from Fighter business lines (F-35 and Eurofighter)

* Based on the current assessment of the effects deriving from the geopolitical situation on the supply chain and the global economy and assuming no additional major deterioration

Aerostructures and ATR

Gradual recovery

2023 Outlook(*)

• Increasing volume driven by increasing production rate by Airbus and Boeing 787
• Better profitability driven by higher asset utilisation
• GIE-ATR expected increase deliveries

* Based on the current assessment of the effects deriving from the geopolitical situation on the supply chain and the global economy and assuming no additional major deterioration

Space

Recovery of Manufacturing and confirmed solid performance of Satellite services

2023 Outlook(*)

• Growing volumes driven by solid and increasing backlog
• Profitability improvement expected in Manufacturing
• Satellite business confirmed strong fundamentals in Europe and Latin America with top line and EBITA increase

* Based on the current assessment of the effects deriving from the geopolitical situation on the supply chain and the global economy and assuming no additional major deterioration

Agenda

• Key messages
• Industrial review
• Financial review
• Q&A
• Sector results
• Appendix

Alessandro Profumo, Chief Executive Officer

Lucio Valerio Cioffi, General Manager

Alessandra Genco, Chief Financial Officer

• Medium-long term outlook Alessandro Profumo, Chief Executive Officer

REVENUES AND BACKLOG BY GEOGRAPHY

Revenue and Backlog diversification

REVENUES AND BACKLOG BY BUSINESS

4Q/FY 2022 Results Group Performance

€ mln	4Q 2021	4Q 2022	% Change	FY 2021	FY 2022	% Change
New Orders	5,041	5,547	10.0%	14,307	17,266	+20.7%
Backlog				35,534	37,506	+5.5%
Revenues	4,571	4,796	4,9%	14.135	14,713	+4.1%
EBITA	516	599	16.1%	1,123	1,218	+8.5%
RoS	11.3%	12.5%	1.2 p.p.	7.9%	8.3%	0.4p.p.
EBIT	466	409	-12.2%	911	961	+5.5%
EBIT Margin	10.2%	8.5%	-1.7p.p.	6.4%	6.5%	0.1p.p.
Net result before extraordinary transactions	358	310	-13.4%	587	697	+18.7%
Net result	358	270	-24.6%	586	932	+58.8%
EPS (€ cents)	0.623	0.472	-24.2%	1.019	1.623	+59.3%
FOCF	1,596	1,433	-10.2%	209	539	+157.9%
Group Net Debt				3,122	3,016	-3.4%
Headcount				50,413	51,392	+1.9%

Free Operating Cash-Flow (FOCF): this is the sum of the cash flows generated by (used in) operating activities (which includes interests and income taxes paid) and the cash flows generated by (used in) ordinary investment activity (property, plant and equipment and intangible assets) and dividends received

Solid Group liquidity ensures adequate financial flexibility

• Available credit lines
  • ESG Credit Line signed in October 2021 equal to € 2.4 bn
  • Existing unconfirmed credit lines equal to € 1.0 bn
  • Commercial Paper, signed in August 2022, equal to € 1.0 bn
  • New «Sustainability-Linked» EIB loan equal to € 0.3 bn

together with the Revolving Credit Facility signed in November 2022 by Leonardo DRS, following the merger with RADA, equal to \$ 0.3 bn and cash inhands ensure a Group's liquidity of approx. € 6.5bn

Balanced debt maturity profile

Repayment Conditions of New Debt Instruments

• Leonardo DRS, following the merger with the company RADA, has signed total funding of \$500mil expiring in 5 years (of which \$225mil Term Loan fully drawn on December 31, 2022 and agreement for \$275mil Revolving Credit Facility fully undrawn on December 31, 2022)

	As of today	Before last review	Date of review
Moody's	Ba1 / Positive Outlook	Ba1 / Stable Outlook	July 2022
S&P	BB+ / Positive Outlook	BB+ / Stable Outlook	May 2022
Fitch	BBB- / Stable Outlook	BBB- / Negative Outlook	January 2022

Capex initiatives that align our portfolio with SDGs represent 50% of the total

New initiatives increasing industrial process efficiency

Energy efficiency Transition to LED technology for most industrial plants

Water efficiency

Reduction of consumption through modernisation of water networks and correct recovery of wastewater

Re-industrialization projects

Implementation of automated equipment and digital solutions in order to increase competitiveness and product reliability for both existing and upcoming programs (ATR and EuroMALE)

Barrel production line

Production line improvement with machines substitution in order to increase production rate and to reduce waste in the process

Digitalization

Digitalization of manufacturing and engineering processes driven by upgrade applications (such as SAP and Product Life-cycle Management) in order to reduce waste and improve quality

New products included in our SDGs-aligned portfolio

M-346 and M-345

Our trainers through a greater use of simulation systems allow a reduction of the flight-hours resulting in benefits on carbon footprint and emissions

AW609

First civil tiltrotor to be certified which will represent and enabler technology for prosperity and progress combining into one aircraft the benefits of helicopter and fixed-wing aircraft

AW169

Light Intermediate helicopter with class-leading technology that guarantees the highest performance also representing a solution for a healthier planet along with operating capability in the most challenging conditions

Integrated Sensors Suite

New AESA multifunctional radars suite for naval platforms with state-of-the-art technologies. The new materials and manufacturing process for AESA antennas reduce power consumption and increase sustainable production

Falco Xplorer

RPAS designed for persistent multi-sensor strategic surveillance with situation awareness capability. The increase in performance in terms of persistence allows to reduce the number of missions and to optimize the flight profiles, leading to carbon footprint reduction.

Development costs capitalised as intangible assets as at 31 December 2022

€ mln	Self Funded National Security	Self Funded Other	Total
01 January 2022 Opening Balance	1,760	849	2,609
Gross R&D capitalised Depreciation and write offs Disposals Subtotal Other Changes (*)	98 (85) - 13 1	133 (40) (1) 92 2	231 (125) (1) 105 3
Net R&D capitalised	14	94	108
31 December 2022 (*) Movements w/o cash and PL effects	1,774	943	2,717

Covenant FY2022

	FY2022A Post IFRS 16		FY2022A Post IFRS 16
EBITDA*	€ 1,671 mln	Group Net Debt	€ 3,016 mln
Net Interest	€ 104 mln	Leasing (IFRS 16)	- € 570 mln
		Financial Debt to MBDA	- € 713 mln
		Group Net Debt for Covenant	€ 1,733 mln
		EBITDA*	€ 1,671 mln
EBITDA / Net Interest	16.1	Group Net Debt / EBITDA	1.0
THRESHOLD	> 3.25	THRESHOLD	< 3.75

* EBITDA net of depreciation of rights of use

Defence Budget perspectives

Important progress towards ESG from 2018

Progress on environment and climate change

Progress on social impact and people

2018 – 2022 progress

• -37% intensity* CO² Scope 1 & 2 emissions location based
• -24% intensity* of energy consumption
• -26% intensity* of waste produced
• -30% intensity* of water withdrawals

• 75% of employees work at sites with certified environmental management systems (from 66% in 2017)

• +14% workforce growth vs 2017

• >22,000 people hired

* On revenues

• Under 30 employees from 8.2% in 2017 to 11.2% in 2022
• Female managers on total managers from 15% in 2017 to 19% in 2022
• Injury rate reduction by 53% vs 2017
• 80% of employees work at sites with certified health and safety management systems (from 56% in 2017)

Data baseline 2017

Our main ESG achievements in 2022

	LEONARDO RATING	SCALE (low high)	LEONARDO RANKING in the sector	SECTOR Score average
MSCI	A	CCC AAA	Top 10	BBB
SUSTAINALYTICS	21.2 medium risk	40+ 0 Severe - Negligible	nd/99 2	34.9
S&P	87	0 100	st/92 1	22
CDP	A	D- A	-	C
MOODY'S ESG	62	0 100	rd/19 3	41
ISS ESG	C	D- A+	Decile 1	D+

Confirmed for the third time in Bloomberg's Gender Equality Index (GEI).

Confirmed in the MIB ESG Index, including the best 40 Italian listed companies for ESG performance.

Included in band A, the highest in the Defence Companies Index on Anti-Corruption and Corporate Transparency

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 Company's views and assumptions as of the date of the statements and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Given these uncertainties, you should not rely on forward-looking statements.

The following factors could affect our forward-looking statements: the ability to obtain or the timing of obtaining future government awards; the availability of government funding and customer requirements both domestically and internationally; changes in government or customer priorities due to programme reviews or revisions to strategic objectives (including changes in priorities to respond to terrorist threats or to improve homeland security); difficulties in developing and producing operationally advanced technology systems; the competitive environment; economic business and political conditions domestically and internationally; programme performance and the timing of contract payments; the timing and customer acceptance of product deliveries and launches; our ability to achieve or realise savings for our customers or ourselves through our global cost-cutting programme and other financial management programmes; and the outcome of contingencies (including completion of any acquisitions and divestitures, litigation and environmental remediation efforts).

These are only some of the numerous factors that may affect the forward-looking statements contained in this document.

The Company undertakes no obligation to revise or update forward-looking statements as a result of new information since these statements may no longer be accurate or timely.

												EMARKET SDIR
											CERTIFIED	1
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CONTACTS

Head of Investor Relations and Credit Rating Agencies

+39 06 32473.697

valeria.ricciotti@leonardo.com

Leonardo Investor Relations and Credit Rating Agencies

+39 06 32473.512

ir@leonardo.com

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© 2022 Leonardo - Società per azioni