Leonardo S.p.A. — Investor Presentation 2024

Mar 12, 2024

Leonardo: Technologies for a Safer Future

Industrial Plan 2024-2028 - Executive summary

The evolution of our KPIs

1. Does not include consolidated Telespazio figures 2. Includes consolidated Telespazio figures

Financial KPI		20231	2 2028
Orders, €bn	(+26%)	17.9	22.6
Revenue, €bn	(+39%)	15.3	21.3
EBITA, €bn	(+92%)	1.3	2.5
FOCF, €bn	(+111%)	0.64	1.35
ROIC, %	(+76%)	11.9%	21.0%
ROS, %	(+37%)	8.4%	11.5% Double digit 2026

Doubled Dividend from 0.14 € to 0.28 € per share in 2024

Agenda

1. Architecture of the Industrial Plan

2. Business overview

3. Group's targets

4. Relevant new initiatives

Lessons learnt in recent years: the three-fold challenge of Defense

Lesson Warfare is changing

#1 Bullets and bytes combination of traditional weapons and new digital technologies, satellite applications, and drones (to destroy targets valued 1,000x)

Lesson Globalization as an element of fragility

#2

regional wars directly impact on global security (energy, food, cyber, and infrastructure security)

No single European Country can make it on its own fragmented expenditure makes Europe even weaker

Lessons learnt in recent years: the three-fold challenge of Defense

Lesson Warfare is changing

#1 Bullets and bytes combination of traditional weapons and new digital technologies, satellite applications, and drones (to destroy targets valued 1,000x)

Lesson Globalization as an element of fragility

regional wars directly impact on global security (energy, food, cyber, and infrastructure security)

Lesson #3

No single European Country can make it on its own fragmented expenditure makes Europe even weaker

Lesson #1: Bullets and bytes

Lessons learnt in recent years: the three-fold challenge of Defense

Lesson Warfare is changing

#1 Bullets and bytes combination of traditional weapons and new digital technologies, satellite applications, and drones (to destroy targets valued 1,000x)

Lesson

#2

Globalization as an element of fragility

regional wars directly impact on global security (energy, food, cyber, and infrastructure security) From Defense to "Global Security"

Lesson #3

No single European Country can make it on its own fragmented expenditure makes Europe even weaker

Lesson #2: From Defense to "Global Security"

Company General Use Source: NATO statistics; IMF; IHS; SIPRI; Leonardo competitive intelligence 1. Real values (2020 values), excluding Finland as NATO statistics are not available back to 1993; for 2022 and 2023 preliminary estimates since NATO has not published final numbers 8

Lessons learnt in recent years: the three-fold challenge of Defense

Lesson Warfare is changing

#1 Bullets and bytes combination of traditional weapons and new digital technologies, satellite applications, and drones (to destroy targets valued 1,000x)

Lesson Globalization as an element of fragility

#2

regional wars directly impact on global security (energy, food, cyber, and infrastructure security)

Lesson #3

No single European Country can make it on its own fragmented expenditure makes Europe even weaker

Lesson #3: Security as a continental problem

1. NATO Europe plus UK and Norway | 2. Land includes: MBT, infantry fighting vehicles, and 152-mm/155-mm howitzers; air includes: attack helicopters and fighters; maritime includes: destroyers/frigates, conventional submarines, and nuclear submarines

Source: European Defense Agency; US Department of Defense; SIPRI; Leonardo competitive intelligence

Is Leonardo ready to face those challenges?

Actions

Strengthen the core business

Rationalize/optimize the portfolio, focus R&D, and implement massive digitalization

Forge international alliances and JVs

Lesson

Bullets and bytes

Security as a continental problem

Pave the way to the global security challenge

Enhance cyber capabilities on Defense, Space, and national strategic organizations

Create the Space Division, boost the Space Alliance focusing on high-value segments

This means...

Single domain approach AIR LAND MARITIME SPACE CYBER HELICOPTERS AIRCRAFT AEROSTRUCTURES ELECTRONICS CYBER SPACE … into a Company working in a cross-divisional multi-domain environment powered by the Digital Continuum Now… …Then Transforming a Company working in multiple Divisions and related domains…

Our growth model

ILLUSTRATIVE

Years

How we will implement it: the "arsenal" of initiatives

Organic growth

Massive digitalization of solutions and operations Key enabler for increased product competitiveness, streamlined processes across the Group Focused R&D and technological innovation Focus on digital technologies such as AI, digital twin, and cloud computing

Servitization and customer proximity New digital services and international business development via the Leonardo Logistic Network

Efficiency boost

Group-wide efficiencies and Corporate cost reduction

Optimization of procurement and cost reduction of the headquarter (organization and processes)

Business and product focus/rationalization

Investment prioritization and divestment from selected businesses, products, and participated/JVs

Broad optimization of manufacturing

Accelerated backlog conversion via exploitation of digital capabilities and automation

Inorganic growth

Steering of global alliances Synergies through international cooperation

M&A in emerging technologies and markets Improved capabilities, positioning, and offering

How we will implement it: the "arsenal" of initiatives

Broad optimization of manufacturing Group-wide efficiencies and Corporate cost reduction Optimization of procurement and cost reduction of the headquarter (organization and processes) Business and product focus/rationalization Investment prioritization and divestment from selected businesses, products, and participated/JVs

Accelerated backlog conversion via exploitation of digital capabilities and automation

Inorganic growth

Steering of global alliances Synergies through international cooperation

M&A in emerging technologies and markets Improved capabilities, positioning, and offering

Current financial forecast for the plan takes into account only Organic growth and Efficiency boost

Financial impact of Inorganic growth will be quantified ongoing

Agenda

1. Architecture of the Industrial Plan

2. Business overview

3. Group's targets

4. Relevant new initiatives

The strategy menu: a glance at the Industrial Plan

		Where we are… (Now)	…where we want to go (Then)
Strengthen core business	Electronics	Second largest European player in Defense electronics with a qualified US presence	Global player with European leadership and catalyst for European cooperation, leveraging GCAP spillovers, alliances/JV (land and naval Defense systems), and a rationalized portfolio, with a distinctive US presence
	Helicopters	Global civil player and growing in military, with a comprehensive portfolio from light to heavy (dual use/specialized)	Global civil leader and military key player, upgrading our portfolio, pioneering new technologies, and exploring strategic partnerships
	Aircraft	Recognized international player involved in military aircraft programs, also relying on proprietary platforms	Leading player in cooperative programs (next-gen combat aircraft and UAV), with evolved proprietary products and boosted training services
	Aero structures	Trusted supplier on the path to recovery after the Covid-19 impact on civil aviation	Profitable supplier thanks to operational excellence and market recovery, further scaling up via diversification and strategic partnerships
Pave the way to the global security challenge	Cyber	Domestic player with a recognized positioning in selected segments	European key player in cyber security, secure digital platforms and mission critical communications, focused on Defense, space, and national strategic organizations
	Space	Domestic leader and European key player part of the Space Alliance, covering the entire value chain	European leader on high-value segments, leveraging Group wide and Space Alliance capabilities, with an active role on a potential European consolidation

17

Strengthen core business

Electronics Second largest European player in Defense electronics with a qualified US presence

Where we are… (Now) …where we want to go (Then)

Global player with European leadership and catalyst for European cooperation, leveraging GCAP spillovers, alliances/JV (land and naval Defense systems), and a rationalized portfolio, with a distinctive US presence

Helicopters Global civil leader and military key player, upgrading our Global civil player and growing in military, with a comprehensive portfolio from light to heavy (dual use/specialized)

Aircraft Recognized international player involved in

proprietary platforms

military aircraft programs, also relying on

portfolio, pioneering new technologies, and exploring strategic partnerships

Leading player in cooperative programs (next-gen combat aircraft and UAV), with evolved proprietary products and boosted training services

Aerostructures Trusted supplier on the path to recovery after the Covid-19 impact on civil aviation

Profitable supplier thanks to operational excellence and market recovery, further scaling up via diversification and strategic partnerships

Electronics

The role of electronics today and in the future

ILLUSTRATIVE

Our actions going forward

Global player with European leadership and a distinctive US presence

• Rationalize 20% of the current portfolio in order to focus on the core offering and optimize 1 the capital allocation (main area of rationalization being custom C2, communications, airborne, land & naval radars, and other legacy products) • 2 Increase competitiveness across all domains (airborne, land, naval), through: Update core platforms (EFA) enable disruptive new programs ( GCAP, AICS1 ‒ ) ‒ Invest/update leading products: radars and other sensors, communications, C2, …

• Wider access to the European market and unlock synergies in terms of product portfolio 3

Catalyst for European cooperation, expanding the international reach

and R&D: (1) radars and EW² for airborne, (2) combat systems for next gen frigates, (3) networked land sensor solutions, (4) advanced air defense systems and sensors, (5) optronics (in progressing cooperation with Hensoldt)

• Contribute to the Land Defense European space based on armored vehicles (also thanks to the MBT³ program with KNDS) 4

• Consolidate naval combat systems technologies, providing OSN⁴ with "whole-warship" capabilities, and progress collaboration with Fincantieri for underwater Defense systems 5

1. Armored Infantry Combat System | 2. Electronic warfare | 3. Main Battle Tank | 4. Orizzonte Sistemi Navali

NOT TO SCALE Electronics

Facts and figures

Financials (estimated values for 2024 and beyond), €bn¹

Strengthen core business

Electronics Second largest European player in Defense electronics with a qualified US presence

Where we are… (Now) …where we want to go (Then)

Global player with European leadership and catalyst for European cooperation, leveraging GCAP spillovers, alliances/JV (land and naval Defense systems), and a rationalized portfolio, with a distinctive US presence

Helicopters Global civil player and growing in military, with a comprehensive portfolio from light to heavy (dual use/specialized)

Global civil leader and military key player, upgrading our portfolio, pioneering new technologies, and exploring strategic partnerships

Aircraft Recognized international player involved in military aircraft programs, also relying on proprietary platforms

Leading player in cooperative programs (next-gen combat aircraft and UAV), with evolved proprietary products and boosted training services

Aerostructures Trusted supplier on the path to recovery after the Covid-19 impact on civil aviation

Profitable supplier thanks to operational excellence and market recovery, further scaling up via diversification and strategic partnerships

Our Helicopter portfolio today and for the future Helicopters

				Now…	…Then
Dual use		AW09		Development and new product certification	Mature new product reaffirming superiority in the segment
	Light	AW109		Weaponization for military, revamping for VIP market	Avionics upgrades for continued attractiveness in VIP market
		AW119		Development of military (trainer) market leveraging US Navy & Israeli wins	Manage market demand and positioning in military trainer fleet management
	Family	AW139 AW169 AW189		Avionics phase 9 development Performance upgrades	Mission capability update (dual-use) as per market demand
				Replacement for S-92 & H225	Established as reference "Super Medium" in the OGP & SAR market
	AW149	AW149	Focus on UK and export		Expansion of military applications
Specialized		NH-90		Naval specialization suitable for future international cooperations	Acquisition of desired position for MLU1 Bridge to ENGRT2 fast rotorcraft6 ,
		AW249		Design and development finalization	Certification of new attack product, LHD platform of reference for combat
		AW101	Development of DAS, ASW, AFCS5 capabilities, MGB7 rating upgrade (all customer funded)		FAL3 sustainability evaluation and evolution towards MLU1
		AW159/ Commercial opportunity for future developments Lynx			FAL3 and program sustainability evaluation, future MLU1s by opportunity4
Cutting-edge		AW609		Development towards civil certification Tilt-rotor technology selected by the US DoD as the preferred and only solution for fast rotorcraft	First civil certified tilt-rotor and the first building block towards LHD fast rotorcraft positioning
technologies				AWHero: established credible platform, key to experiment MUM-T	AWHero: potential improvements based on market demand
		RUAS		Proteus: exploratory effort towards heavier RUAS platforms (technology demonstrator)	Proteus: potential transition to product also in the light of logistic connector developments

Company General Use 1. Mid-life update | 2. European Next Generation Rotorcraft Technologies | 3. Final Assembly Line | 4. For AW119, AW109, AW159/Super Lynx a form of value management will be attempted, finding a suitable partner/buyer | 5. Defense Aids Systems, Anti Submarine Warfare, Automatic Flight Control System | 6. Conditional to a collaboration with Airbus Helicopters | 7. Main Gear Box

Helicopters Our actions going forward

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1. Future Long - Range Assault Aircraft 2.Future Attack Reconnaissance Aircraft | 3. Advanced Air Mobility

Company General Use The MoU signed by Leonardo & Bell during Heli-Expo 2024 in Anaheim outlines the perimeter for a potential wide-ranging cooperation on the tilt-rotor technology, spanning from joint advocacy of the technology for future European/NATO requirements to industrial cooperation across the value chain on potential future international programs

Helicopters

NOT TO SCALE

Facts and figures

Financials (estimated values for 2024 and beyond), €bn¹

Strengthen core business

Electronics Second largest European player in Defense electronics with a qualified US presence

Where we are… (Now) …where we want to go (Then)

Global player with European leadership and catalyst for European cooperation, leveraging GCAP spillovers, alliances/JV (land and naval Defense systems), and a rationalized portfolio, with a distinctive US presence

Helicopters Global civil player and growing in military, with a comprehensive portfolio from light to heavy (dual use/specialized)

Global civil leader and military key player, upgrading our portfolio, pioneering new technologies, and exploring strategic partnerships

Aircraft

Recognized international player involved in military aircraft programs, also relying on proprietary platforms

Leading player in cooperative programs (next-gen combat aircraft and UAV), with evolved proprietary products and boosted training services

Aerostructures Trusted supplier on the path to recovery after the Covid-19 impact on civil aviation

Profitable supplier thanks to operational excellence and market recovery, further scaling up via diversification and strategic partnerships

Our Aircraft portfolio today and for the future Aircraft

			Now…	…Then
Combat	EFA		Primary role in production and sales campaigns	Long-term operational capabilities evolution, bridging next-gen fighter
	F-35		Full wing and aircraft assembly production and logistics ramp-up	Production and logistics full capacity, business growth including MRO and training
	GCAP		Concept study and definition	Core platform development and delivery within system of systems
Trainers	M345/ M346 Training and light fighter full capacity Dual Role and partnerships			Platforms evolution to play central role in next gen training and light combat domains
	Full ITS		Advanced integrated pilot training systems	Exploitation of full-scale turn-key training services, through digital-driven solutions and synthetic environment
Airlifters & Spec. Ver.	C-27J & ATR Special Versions		Avionics upgrade and maritime patrol capabilities enhancement	Key role in next-gen airlifters and multi-mission evolution
UAV	Development in strategic European partnership EuroDrone			Product and service full capacity, and multi-mission capabilities evolution
	Next-Gen UAV		Aerial targets, tactical and light MALE capabilities maturation	Portfolio capabilities evolution and next-gen combat (Adjunct) and surveillance products in integrated multi-domain

Our actions going forward Aircraft

Secure, in the short-term, orders for sustainable growth and boost the high-margin service business

• ‒ primary role in Eurofighter campaigns and platform evolutions
• ‒ upgraded platforms portfolio (e.g., M345, M346, and UAV) also through strategic cooperations
• Boost integrated simulation and training services business (e.g., IFTS model) 2

Become, ³ in the mediumterm, a leading player in major cooperative international programs

1

• Secure a key role in GCAP, with a leading presence on core platform and adjunct unmanned development, air combat cloud and system of systems

Aircraft NOT TO SCALE

Facts and figures

Financials (estimated values for 2024 and beyond), €bn¹

Strengthen core business

Electronics Second largest European player in Defense electronics with a qualified US presence

Helicopters Global civil player and growing in military, with a comprehensive portfolio from light to heavy (dual use/specialized)

Aircraft Recognized international player involved in military aircraft programs, also relying on proprietary platforms

Where we are… (Now) …where we want to go (Then)

Global player with European leadership and catalyst for European cooperation, leveraging GCAP spillovers, alliances/JV (land and naval Defense systems), and a rationalized portfolio, with a distinctive US presence

Global civil leader and military key player, upgrading our portfolio, pioneering new technologies, and exploring strategic partnerships

Leading player in cooperative programs (next-gen combat aircraft and UAV), with evolved proprietary products and boosted training services

Aerostructures Trusted supplier on the path to recovery after the Covid-19 impact on civil aviation

Profitable supplier thanks to operational excellence and market recovery, further scaling up via diversification and strategic partnerships

Our Aerostructures portfolio today and for the future

Diversifying external product portfolio by entering in high potential segments…

… and leveraging intragroup opportunities on leading platforms

Legacy segments	Wide-body	Boeing 787 Boeing 777X		Fighters	EFA/F-35
		Boeing 767			GCAP
		Comac 929		Airlifters	C-27J
	Narrow-body	A220		UAVs	EuroDrone
		A321			Falco Xplorer
	Regional	ATR 42/72			AW 249
New segments	SST1	Boom Overture		Helicopters	AAM
	AAM2	Vertical VX4

Our actions going forward Aerostructures

Confirm breakeven by 2025, thanks to market recovery and operational excellence

• Exploit investments in digital/automation carried out during Covid-19 (NEMESI program) to (i) shorten production time cycle, (ii) reduce inefficiencies, and (iii) increase production flexibility

Scale-up to achieve strategic relevance in the medium-term, via a diversified portfolio

and partnerships

3
---

• Diversify current product portfolio by entering in selected highpotential segments such as EuroDrone, supersonic aviation, AAM

• Evaluate potential industrial partnerships to increase production scale while ensuring long-term stable order acquisition

Aerostructures

NOT TO SCALE

Facts and figures

Financials (estimated values for 2024 and beyond), €bn¹

Pave the way to the broader security challenge

	Where we are… (Now)	…where we want to go (Then)
Cyber	Domestic player with a recognized positioning in selected segments	European key player in cyber security, secure digital platforms and mission critical communications, focused on Defense, space, and national strategic organizations

Space Domestic leader and European key player part of the Space Alliance, covering the entire value chain

European leader on high-value segments, leveraging Group-wide and Space Alliance capabilities, with an active role on a potential European consolidation

34

Our actions going forward Cyber

European key player in cyber security & resilience, secure digital platforms and mission critical communications focused on Defense, space, and national strategic organizations

system" for Defense, space, and strategic organizations: (1) predictive threat intelligence, (2) extended detection and response, (3) cyber operations and C2¹

Secure digital platforms Rationalize all current digital platforms into one single AI-driven architecture and orchestrate/secure private/hybrid/multi-cloud solutions to match Defense and governmental customers sovereign needs

Mission critical comms

Enable technology transition from narrowband to broadband with market reference Mission Critical Communications interoperability solutions

1

• Become market reference for "cyber secure by design" for products such as radars, helicopters, aircraft, and provide final customers with solutions and services for full lifecycle protection

• Accelerate growth acquiring key technologies and accessing selected geographical markets through M&A and strategic partnerships

Company General Use

Cyber NOT TO SCALE

Facts and figures

Financials (estimated values for 2024 and beyond), €bn¹

Pave the way to the broader security challenge

	Where we are… (Now)	…where we want to go (Then)
Cyber	Domestic player with a recognized positioning in selected segments	European key player in cyber security, secure digital platforms and mission critical communications, focused on Defense, space, and national strategic organizations

Space Domestic leader and European key player part of the Space Alliance, covering the entire value chain

European leader on high-value segments, leveraging Group-wide and Space Alliance capabilities, with an active role on a potential European consolidation

38

39

Company General Use

Space

40

Our actions going forward

European leader on high-value segments, leveraging Group-wide and Space Alliance capabilities, with an active role on a potential European consolidation

• Establish the Space Division through the re-organization of the Group space activities and the consolidation of Telespazio 1

• Consolidate leadership in European institutional segment, and expand the business in Defense and commercial segments by:

• ‒ Consolidate as National/Eu Mission&Satellite Operator and Ground segment Provider
• ‒ Consolidate end-to-end integrated space-as-service offer for Earth Observation data and infrastructures
• ‒ Reinforce Geo Observation data & Geo Intelligence for global data and downstream service
• ‒ Expanding footprint in exploration and logistics markets
• Embed cyber security into space applications providing secure communications for upcoming broadband constellations 3
• Accelerate growth with inorganic levers to acquire distinctive capabilities/assets and secure access to new geographies 4

In the Space Alliance with Thales we see high growth potential in satellite services and infrastructures for Earth observation, satellite and mission operations, position, navigation and timing, and in exploration logistics

Company General Use With Thales we plan to develop Telespazio also trough M&A to accelerate the growth path of the Alliance

Space

Our Space portfolio today and for the future

with absence of a solid ability to win in highly attractive markets

Strong relevance of institutional clients

across all markets verticals

Industry attractiveness

4

More balanced client base growing in the Commercial segment

while evolving solutions delivery models (Cloud-in-space)

Company General Use 1. Includes operations and services for satcom, navigation, geo-information, space explorations, space logistics and launcher systems | 2. Includes all non-government/military communications | 3. Civil and Military | 4. Profitability and desirability of the target industry | 5. Competitive advantage held by Leonardo in the target industry (including market share and growth potential)

NOT TO SCALE Space

42

Facts and figures

Financials (estimated values for 2024 and beyond), €bn¹

1. Not including elisions, includes financials of LDO Space Business Unit from 2023 despite formal consolidation process to start from 2024 | 2. At the end of each period | 3. Not including EBITA from Thales Alenia Space and Avio

Agenda

1. Architecture of the Industrial Plan

2. Business overview

3. Group's targets

4. Relevant new initiatives

Orders will exceed € 22 bn in 2028

Orders of Leonardo Group (estimated values for 2024 and beyond), €bn¹

Figures do not include the impact of the inorganic boost

€ ~105 bn 2024-2028 expected cumulated orders

>1.1 2024-2028 book to bill

• Order growth anchored on portfolio of products and solutions responding to evolving customer needs
• Supportive market backdrop driving domestic and export orders, without concentration of exposure to single country/customer
• Book to bill consistently >1.1, growing back from € ~40 bn to € ~50 bn at the end of the Industrial Plan

Revenue will surpass € 21 bn in 2028

Revenue of Leonardo Group (estimated values for 2024 and beyond), €bn

CAGR 2023-28

Figures do not include the impact of the inorganic boost

€ ~95 bn 2024-2028 expected cumulated revenue

• Revenue growing at 5.9% expected CAGR through backlog delivery and new wins
• Balanced growth across businesses with synergic effect between platforms and sensors/systems operating in a multi-domain environment
• Proven track record of delivering growth successfully managing exogenous challenges in the supply chain

EBITA will almost double by 2028

EBITA of Leonardo Group (estimated values for 2024 and beyond), €bn

Figures do not include the impact of the inorganic boost

~1.8x expected EBITA in 2028 vs. 2023

Double digit RoS by 2026

• Profitability growing at 2x revenue growth rate
• Operating leverage, stringent program management, and Group-wide efficiency plan supporting 10% ROS target in 2026 and 11.5% in 2028
• Advanced technological offering and portfolio refocus resulting in higher margins on projects

FOCF will more than double by 2028

FOCF of Leonardo Group (estimated values for 2024 and beyond), €bn

>2.0x expected FOCF

in 2028 vs. 2023

Figures do not include the impact of the inorganic boost

~83% FOCF/EBITA Adj¹ by 2028

Cash flow supporting disciplined capital allocation strategy

, %

• Doubling cashflows derived from higher EBITA, while investing in key programs representing the future product portfolio (e.g., AW609, AW09, trainers, advanced sensors, and systems) and boosting digital capabilities and infrastructure
• Significant impact in cash taxes from 2027 onwards reflecting full utilization of NOLs by 2026
• Disciplined working capital to support business growth

Efficiency boosting

2024-2028 plan, €M Saving category

Efficiency measures:	70%
• Direct	procurement (e.g., offload, production)	13%
• Travel		13%
• Energy		12%
• Real estate		9%
• IT		8%
• Other indirect	procurement (e.g., advisory, sponsorship)	15%
Corporate Center restructuring		20%
Business/product disposal	10%

Disciplined capital allocation strategy supporting growth

Principle				2024-2026 Capital deployment
Strong and Flexible 1 Balance Sheet			Debt payment Maintain investment grade	Debt repayment	Pay down ~50% of maturing debt while preserving liquidity
h t w o r g n 2 g i n ti s e v n I		Capex	Investment if IRR > WACC + hurdle rate	Organic growth	€ 750-850 M annual investments (Electronics + Cyber 40%, Helicopters 30%, Aeronautics 20%, Space 10%)
		M&A	Focus on strategic area of growth	Inorganic growth	Up to 15-20% of Division turnover
Return cash to 3 shareholders			Improve pay-out ratio to shareholders	Shareholder returns	Doubled Dividend in 2024 Share BuyBack over the plan horizon to support growth

Agenda

1. Architecture of the Industrial Plan

2. Business overview

3. Group's targets

4. Relevant new initiatives

Main objectives

1 Sustainability	Sustainability to create shared value Integration of sustainability along the entire value chain, leveraging technological innovation as a cross driver to generate shared value Increase of i) the competitiveness by creating new business opportunities and ii) the resilience by mitigating ESG environmental, social, and reputational risks
AI driven business 2 intelligence	Embedding of AI use cases Equipment of Business intelligence system with AI capabilities such as predictive data analysis and derivation of business insights	Key tool for business plan implementation Availability and transparency of granular and real time KPIs for an effective business planning and capital allocation strategy at a product-level
3 HPC and cloud	Digital continuum Development of an overwhelming wave that conveys Leonardo Labs' most disruptive technologies throughout the entire company's organization and value chain, enabled by HPC and cloud
Outreach, digital 4 content & brand	Digital STEM dissemination Emphasis on Leonardo's contribution to society at large, with a focus on science, technology, engineering, and mathematics
5 Human capital strategy	Capability enhancement Workforce upskilling to strengthen digital capabilities (e.g., artificial intelligence, cloud, data analytics)

Sustainability across the value chain: key projects

Committed to sustainable business

Main Group Sustainability Targets

• o Sustainable supply chain
• o Digitalization
• o Decarbonization
• o Diversity, equity & inclusion
• ≥500 key suppliers trained on strategic sustainability topics by 2027
• >70% of major tenders including ESG criteria by 2028
• +40% computing & storage capacity per capita by 2025
• -50% emissions by 2030 to decouple growth from environmental impacts
  • 20% of women in employees and management by 2025
    • 30% of women in STEM new hires by 2025

2024-2028 Sustainability plan

• o € 270 M for Sustainability Plan's projects in Group budget plan, concentrated in the first 3 years
• o Top 10 projects accounting for over 80% of total budget planned
• o 55% of budget planned focused on sustainable products and solutions

Main objectives

Sustainability to create shared value

Integration of sustainability along the entire value chain, leveraging technological innovation as a cross driver to generate shared value

Increase of i) the competitiveness by creating new business opportunities and ii) the resilience by mitigating ESG environmental, social, and reputational risks

Embedding of AI use cases

Equipment of Business intelligence system with AI capabilities such as predictive data analysis and derivation of business insights

Key tool for business plan implementation

Availability and transparency of granular and realtime KPIs for an effective business planning and capital allocation strategy at a product-level

Digital continuum

communication

HPC and cloud

intelligence 2

AI driven business

Sustainability

3

1

5

4

Human capital strategy

Development of an overwhelming wave that conveys Leonardo Labs' most disruptive technologies throughout the entire company's organization and value chain, enabled by HPC and cloud

Communication amplification Outreach and digital

Emphasis on Leonardo's contribution to society at large, with a focus on science, technology, engineering, and mathematics

Capability enhancement

Workforce upskilling to strengthen digital capabilities (e.g., artificial intelligence, cloud, data analytics)

Main objectives

Sustainability to create shared value

Integration of sustainability along the entire value chain, leveraging technological innovation as a cross driver to generate shared value

Increase of i) the competitiveness by creating new business opportunities and ii) the resilience by mitigating ESG environmental, social, and reputational risks

Embedding of AI use cases

Equipment of Business intelligence system with AI capabilities such as predictive data analysis and derivation of business insights

Key tool for business plan implementation

Availability and transparency of granular and realtime KPIs for an effective business planning and capital allocation strategy at a product-level

3 HPC and cloud

intelligence 2

Sustainability

5

4

1

Digital continuum

Development of an overwhelming wave that conveys Leonardo Labs' most disruptive technologies throughout the entire company's organization and value chain, enabled by HPC and cloud

Communication amplification Outreach and digital communication

AI driven business

Human capital strategy

Emphasis on Leonardo's contribution to society at large, with a focus on science, technology, engineering, and mathematics

Capability enhancement

Workforce upskilling to strengthen digital capabilities (e.g., artificial intelligence, cloud, data analytics)

Main objectives

Sustainability to create shared value

Integration of sustainability along the entire value chain, leveraging technological innovation as a cross driver to generate shared value

Increase of i) the competitiveness by creating new business opportunities and ii) the resilience by mitigating ESG environmental, social, and reputational risks

Embedding of AI use cases

Equipment of Business intelligence system with AI capabilities such as predictive data

Key tool for business plan implementation

Availability and transparency of granular and realtime KPIs for an effective business planning and capital allocation strategy at a product-level analysis and derivation of business insights

Digital continuum

Development of an overwhelming wave that conveys Leonardo Labs' most disruptive technologies throughout the entire company's organization and value chain, enabled by HPC and cloud

Digital STEM dissemination Outreach, digital

Emphasis on Leonardo's contribution to society at large, with a focus on science, technology, engineering, and mathematics

Capability enhancement

Workforce upskilling to strengthen digital capabilities (e.g., artificial intelligence, cloud, data analytics)

Sustainability 1

AI driven business intelligence 2

3 HPC and cloud

content and brend

Human capital strategy

57

Main objectives

Sustainability to create shared value

Integration of sustainability along the entire value chain, leveraging technological innovation as a cross driver to generate shared value

Increase of i) the competitiveness by creating new business opportunities and ii) the resilience by mitigating ESG environmental, social, and reputational risks

Embedding of AI use cases

Equipment of Business intelligence system with AI capabilities such as predictive data analysis and derivation of business insights

Availability and transparency of granular and realtime KPIs for an effective business planning and capital allocation strategy at a product-level

Key tool for business plan implementation

Digital continuum

Development of an overwhelming wave that conveys Leonardo Labs' most disruptive technologies throughout the entire company's organization and value chain, enabled by HPC and cloud

Communication amplification Outreach and digital

Emphasis on Leonardo's contribution to society at large, with a focus on science, technology, engineering, and mathematics

Capability enhancement

Workforce upskilling to strengthen digital capabilities (e.g., artificial intelligence, cloud, data analytics)

AI driven business intelligence 2

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communication

Human capital strategy

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