Leonardo S.p.A.

Investor Presentation • Nov 5, 2025

3Q/9M 2025 Results Presentation

R o m e, 5 th N o ve m b er 2 0 2 5

Please avoid printing this colourful slide, Let's save the planet together,

Q&A

Appendix

Executing the Industrial Plan Roberto Cingolani, Chief Executive Officer and General Manager

3Q/9M 2025 Results Alessandra Genco, Chief Financial Officer

Q&A

Appendix

Executing the Industrial Plan Roberto Cingolani, Chief Executive Officer and General Manager

3Q/9M 2025 Results Alessandra Genco, Chief Financial Officer

Strong execution supporting continued momentum

continued progress across all Group KPIs

	9M 20241	9M 2025	Change %
New Orders, €bn	14.6	18.2	24.3%
Revenue, €bn	12.0	13.4	12.4%
EBITA, €mln	770	945	22.7%
ROS, %	6.4%	7.0%	0.6 p.p.
FOCF, €mln	(548)	(426)	22.3%
Net Debt, €bn	3.12	2.33	(25.9%)

FY2025 Guidance Confirmed⁴

Fitch credit rating upgrade in August 2025

• 1. Excluding Underwater Armaments & Systems (UAS) business following the completion of the sale to Fincantieri of the UAS business line, 2024 figure provided in the restated version following the review of the KPI with reference to the valuation of strategic investments
• 1. 9M 2024 Net Debt reported
• 1. Including cash-in from UAS business disposal
• 1. Based on the current assessments of the impacts of the geopolitical situation also on supply chain, tariffs, inflationary levels and the global economy, subject to any further significant effects

Key highlights of the first 9 months of the year

Electronics

Helicopters

Aircraft

Aerostructures

Cyber

LDO Electronics IT and UK DRS

• Solid order intake across all domains:
• − Air e.g. EFA and GCAP
• − Naval e.g. FREMM Italy and PPA¹ Indonesia

• − Land e.g. IT MoD contracts

• Strong performance on electric power and propulsion technologies, advanced sensing and counter UAS

• − Performance driven by Columbia Class programme
• Solid order intake across all regions, driven by defence/ governmental customers and offshore sector
• Strong revenues across both platforms and services
• Strong sales, reflecting the jumbo contract for Kuwait Air Force and solid contribution from GCAP and C-27J
• Increased training services both in customers (e.g., US Air Force) and flight hours at the IFTS² , while introduced M345 in the course syllabus of the IT Air Force
• Progressive recovery in B787 programme, confirmed by rate increase from 5 fuselages in Q2 to 7 in Q3 and expected further growth, in line with target production plan shared by Boeing
• A220 Rear Fuselage contract awarded for fabrication and assembly in double source
• NEMESI³ first fuselage delivered in Q3
• Strong order intake momentum, due to secure digital transformation programmes for national Government and Defence customers
• Boost to the international expansion across EU Institutions (e.g., EU Commission, eu-LISA and ESA)
• Improved profitability driven by proprietary products and portfolio boost from latest acquisitions
• Strong order perfomance across the service market, including Earth Observation activities for Italy and export
• Ongoing international E2E offering, leveraging future Leonardo EO Constellation architecture

Update on tariffs

US–EU Trade Deal officially implemented, exempting the civil aeronautics sector

Civil aircraft and aircraft parts from EU now exempt reciprocal tariffs

Exemption effective from 1st September 2025

Previous red flag areas of US civil helicopter assembly line imports addressed

Tariffs Expenses in 2025

c. \$15mln

• Expected clawback of September cash out¹ (c. \$2mln)
• Potential clawback of the cash-out before Trade Deal implementation

Efficiency Plan: 9M 2025 update

2024-2028 plan €mln

Focus on Procurement Savings

Successfully achieved 2024 objectives and 2025 action plan fully in place for contract renegotiation and inflation mitigation

• C. 92% of total savings expected in 2025 achieved (including extra saving accrued in 2024)
• Achievement in line with 2025 expectations
• Procurement confirmed as key savings driver

• LRMV
• GCAP
• LBA Systems
• Iveco Defence acquisition
• Aerostructures
• Capacity Boost

Leonardo Rheinmetall Military Vehicles

• Execution is on track, with commercial and operational actions underway to secure planned order intake
• Already secured contract for AICS¹
• In advance vs expected deadline, we will deliver 5 AICS by year end

GCAP

• EdgeWing organization ramp-up: (i) currently 180+ new resources, with Leonardo contributing 1/3, according to the agreed workshare; (ii) new governance and operational procedures in place
• Launched the GCAP Electronics Evolution consortium, with Leonardo, Mitsubishi Electric and Elt Group, to deliver the next-gen ISANKE & ICS¹
• Secured new initial 1+Bln€ national contracts up to Dec 2025 for Leonardo, covering:
• − National Technology Projects (NTPs) to boost advanced research and cutting-edge technology building blocks maturation, leveraging on HPC and AI
• − Concepting & Assessment Phase for Core Platform and Adjunct (Demonstrator/Product)
• − Advanced Collaboration Working Environment (ACWE) / Digital Infrastructure
• 1 st International Contract under negotiation, to cover 2026-2027 activities aimed to complete the Concepting & Assessment Phase and start the Design & Development Phase

LBA Systems

• Ongoing activities to ensure regulatory approval
• In the meanwhile, Leonardo is progressing in assessing the future integration between payloads and platforms – along all classes (from tactical to UCAV¹ )

Iveco Defence acquisition

• Ongoing activities to ensure regulatory approval
• Ongoing negotiation to ensure deal closing

Aerostructures

• Joint industrial Plan Development including:
• − Commercial and industrial synergies → current focus of the joint working group
• − Key stakeholder engagement plan (clients, suppliers, …)
• − JV governance and organization
• − Detailed JV implementation roadmap
• Targeting signing of the partnership agreement by year end and dedicated ad-hoc communication to disclose the initiative

Capacity Boost

ENGINEERING +30-40% Extra Workload Mh

MANUFACTURING +10-15% Extra Workload Mh

SUPPLY CHAIN 10-20% of total strategic suppliers classified as critical to be addressed

Efficiency, Offload Optimization & Talent Attraction

Manufacturing Excellence deployment in Divisional Plants

Build a resilient & scalable

• Engineering digitalization
• Partnerships with Eng. providers
• Talent Attraction Campus
• La Spezia Land Platforms
• Cameri, Caselle, Venegono Pilot Deployment
• supplier ecosystem Boosting the Supply Chain ecosystem
• Bridging Capacity Boost UK / US¹ - Italy to strengthen integration within Leonardo

«Mixing the Blood» programme

Let's dive into the future...

Moving toward an «European Space of Space»

• Signed MoU with Airbus and Thales, to create the key European player in space. The new company is expected to be operational in 2027
• Until then, Leonardo is actively working to develop its satellite constellation, and to promote end-to-end solutions
• Leonardo multi domain solutions see Space as a key enabling pillar, such as for the new Integrated Air Defence architecture

The newly signed MoU allows to go even further Leonardo Space ambition

The European Space key player

Mission

Establish the European Space key player with critical mass to compete globally, leveraging on integrated cutting-edge technologies and new efficiency levers to capture new opportunities across all industry segments

Governance Structure

Key Data

~ € 6.5 Bln

~ 25.000

Employees Revenues in 2024¹

€ 500+ Mln

Annual synergies²on Operating Income

All Domains/ Business Segments

Leonardo's architectural vision for Integrated Air Defence starts taking form

Leonardo vision for Integrated Air Defence is fully aligned with the objectives and priorities outlined in the European Readiness Flagships projects, from early threat awareness to coordinated response

More to come soon — 27th November "Michelangelo Project" Presentation in Rome: save the date

Q&A

Appendix

Executing the Industrial PlanRoberto Cingolani, Chief Executive Officer and General Manager

3Q/9M 2025 Results Alessandra Genco, Chief Financial Officer

Strong execution supporting continued momentum

continued progress across all Group KPIs

	9M 20241	9M 2025	Change %
New Orders, €bn	14.6	18.2	24.3%
Revenue, €bn	12.0	13.4	12.4%
EBITA, €mln	770	945	22.7%
ROS, %	6.4%	7.0%	0.6 p.p.
FOCF, €mln	(548)	(426)	22.3%
Net Debt, €bn	3.12	2.33	(25.9%)

FY2025 Guidance Confirmed⁴

Fitch credit rating upgrade in August 2025

• 1. Excluding Underwater Armaments & Systems (UAS) business following the completion of the sale to Fincantieri of the UAS business line, 2024 figure provided in the restated version following the review of the KPI with reference to the valuation of strategic investments
• 1. 9M 2024 Net Debt reported
• 1. Including cash-in from UAS business disposal
• 1. Based on the current assessments of the impacts of the geopolitical situation also on supply chain, tariffs, inflationary levels and the global economy, subject to any further significant effects

Helicopters: solid revenue and margin growth

€mln	9M 2024	9M 2025	Change %
New Orders	4,805	4,881	1.6%
Revenue	3,622	4,095	13.1%
EBITA	271	320	18.1%
ROS, %	7.5%	7.8%	0.3 p.p.

• Backlog of €15.5bn and Book to Bill of 1.2x
• Orders in line with expectation, due to strong 2024 comparable, mainly driven by defence/governmental (i,e AW249 NEES¹ Italy, multi-platform for Malaysia and UK AW101, Italian GBTS² and MH-139 for US Air Force) and AW189 for offshore transportation
• Revenue growth driven by dual-use AW-family (AW139, AW169, AW189) as well as from customer support and training, good resilience in supply chain
• EBITA growth reflecting higher volumes and programme delivery

9M deliveries by programme
AW 101	1
AW 109/ AW 119	41
AW 139	47
AW 169	19
AW 189	5
NH 90 2
9M Deliveries	115

Defence Electronics: strong performance across all domains

	Electronics Europe				DRS
€mln	9M 20241	9M 2025	Change %	€mln
New Orders	4,761	4,879	2.5%
Revenue	3,105	3,517	13.3%
EBITA2	381	450	18.1%
ROS, %	12.3%	12.8%	0.5 p.p.

Highlights

• Book to Bill at 1.4x
• Order growth across all domains and geographies, and mainly in Air (EFA MK2 3 in UK and DASS⁴ in Italy) and Naval for Indonesia
• Revenue growth mainly driven by backlog delivery
• Growing profitability reflecting volume increase and positive contribution from strategic JVs, despite deconsolidation of UAS

€mln	9M 2024	9M 2025	Change %
	2,583	2,818	9.1%
	2,073	2,315	11.7%
	188	217	15.4%
	9.1%	9.4%	0.3 p.p.

• Increase in Orders including integrated electric propulsion components for Columbia-class submarines, additional orders for IBAS³ sensors for the US Army, for CDS⁴ US Navy and Coast Guard and FWS-I 5
• Revenue growth driven by programme delivery
• Profitability increase reflecting volume increase

^1. Restated due to the revision of the KPI with reference to the valuation of strategic investments and excluding UAS

^2. Including proportional net income of MBDA and Hensoldt net of the effects of restructuring, non-recurring cost and PPA 3. EFA MK2: multi-functional array for Eurofighter Typhoon aircraft of the Royal Air Force

^4. DASS: Defensive Aids Sub-System

^3. BAS: Improved Bradley Acquisition Subsystem

^4. CDS: Common Display Systems 5. FWS-I : Family of Weapon Sights – Individual

Cyber & Security Solutions: continued strong momentum

€mln	9M 2024	9M 2025	Change %
New Orders	586	700	19.5%
Revenue	447	532	19.0%
EBITA	22	41	86.4%
ROS, %	4.9%	7.7%	2.8 p.p.

• Backlog of €1.2bn and Book to Bill at 1.3x
• Order growth driven by domestic market (i.e. Strategic National Cloud, secure communications field for Public Security, Defence and Emergency services, digitization and cyber solutions), UK and international customers
• Revenue growth mainly driven by significant higher orders
• Improved profitability supported by increased volumes and product mix

Aeronautics: capturing growth opportunities in fixed-wing businesses

Aeronautics

€mln	9M 2024	9M 2025	Change %
New Orders	2,015	5,017	149.0%
Revenue	2,476	2,799	13.0%
EBITA	120	96	(20.0)%
ROS, %	4.8%	3.4%	(1.4) p.p.

Aircraft: extraordinary order intake and solid revenue increase

€mln	9M 20241	9M 2025	Change %
New Orders	1,500	4,309	n.m.
Revenue	2,023	2,345	15.9%
EBITA	249	265	6.4%
ROS, %	12.3%	11.3%	(1.0) p.p.

Highlights

• Book to Bill at 1.8x
• Significant increase in Orders reflecting the jumbo contract for Kuwait Airforce programme and solid contribution from GCAP and C-27J programme
• Solid revenue growth and excellent profitability
• Good contribution of service, accounting for 34% of divisional revenue, in line with our servitisation strategy

Revenue Breakdown

Aerostructures: good commercial momentum and slight improvement in profitability

€mln	9M 2024	9M 2025	Change %
New Orders	571	789	38.2%
Revenue	508	510	0.4%
EBITA1	(129)	(135)	(4.7)%
ROS, %	(25.3)%	(26.6)%	(1.3) p.p.

• Strong increase in order intake associated to B787 program
• Slight revenue improvement supported by gradually increased production rate
• EBITA reflecting revenue profile and gradual recovery in profitability, in line with expectations
• 51 fuselage sections (37 fuselages in 9M24) and 39 stabilizers (25 stabilizer in 9M24) delivered for B787

Space: improvement in profitability

Space Division

€mln		9M 2024	9M 2025	Change %
New Orders		476	655	37.6%
Revenue		616	702	14.0%
EBITA		47	52	10.6%
	Including TAS1	4	30	n.m.
ROS, %		7.6%	7.4%	(0.2) p.p.
	Including TAS1	0.6%	4.3%	3.7 p.p.

• Increase in Orders driven by Satellite Systems and Operations, maintenance and data provision
• Revenue growth especially in Telespazio and manufacturing activities
• Growth in profitability mainly driven by services component and manufacturing business with improved performance of TAS

EBITA growth translating into higher Net Income and stronger FOCF

9M 2025 Bridge from EBITA to Net Results (€mln)

Free Operating Cash Flow (€mln)

Rating journey got us to very solid Investment Grade

Successfully renegotiated the ESG-linked Revolving Credit Facility

Leonardo has signed a new 5 years ESG-linked RCF with a pool of international and domestic banks for €1.8bn and a duration of 5 years

c. 3x oversubscription

30% margin reduction, with savings on financial charges

Terms reflecting the improvement in the rating¹ awarded to Leonardo

New ESG indicators included direct and indirect CO2 emission reduction

FY 2025 Guidance Confirmed

	FY 2024	9M 2025	Guidance FY 20251 Pre July update	Guidance FY 20251 Post July update
New Orders, €bn	20.9	18.2	c. 21.0	22.25 – 22.75
Revenue, €bn	17.8	13.4	c. 18.6	c. 18.6
EBITA, €mln	1,525	945	c. 1,660	c. 1,660
FOCF, €mln	826	(426)2	c. 870	9803 920 -
Net Debt, €bn	1.8	2.3	c. 1.64	c. 1.15

Exchange rate assumptions: €/\$= 1.08 and €/ £ = 0.86

^1. Based on the current assessments of the impacts of the geopolitical situation also on supply chain, tariffs, inflationary levels and the global economy, subject to any further significant effects

^2. In line with historical seasonality

^3. Including the effects deriving from the resolution of the dispute concerning the Norwegian NH90-program

^4. Assuming the increased dividend payments from €0.28 to €0.52 per share, M&A transaction of ca. €500 million, DRS shareholders remuneration, new leasing contracts and other minor movements

^5. Assuming the increased dividend payments from €0.28 to €0.52 per share, M&A transaction of ca. €100 million, DRS shareholders remuneration, new leasing contracts and other minor movements

Q&A

Appendix

Executing the Industrial PlanRoberto Cingolani, Chief Executive Officer and General Manager

3Q/9M 2025 Results Alessandra Genco, Chief Financial Officer

Q&A

Appendix

Executing the Industrial PlanRoberto Cingolani, Chief Executive Officer and General Manager

3Q/9M 2025 Results Alessandra Genco, Chief Financial Officer

Recap of Industrial Plan 2025 Group's targets¹

€bn	New Orders	Revenue	EBITA	ROS%
Electronics2	6.5	5.0	0.54	10.9%
Helicopters	6.1	5.5	0.50	9.0%
Aircraft3	3.5	3.2	0.44	13.8%
Aerostructures	0.9	0.8	(0.13)	(17.5)%
Cyber	0.9	0.7	0.07	9.6%
Space4	1.0	1.0	0.09	8.8%

^1. Industrial Plan 2025 Update (2025 – 2029) Divisional targets presented on 11th March 2025

^3. Not including GCAP, previously reported in Other Activities line 4. Not including EBITA from Thales Alenia Space and Avio

³⁵

3Q 2025 Results

	3Q2024 Reported	3Q2024 excl. UAS	3Q2025	Chg.%*	9M2024 Reported	9M2025	Chg.%
New Orders	4,429	4,397	6,965	58.4%	14,753	18,208	23.4%
Revenue	4,091	4,054	4,525	11.6%	12,076	13,444	11.3%
EBITA	271	265	364	37.4%	795	945	18.9%
RoS**	6.6%	6.5%	8.0%	1.5 p.p.	6.6%	7.0%	0.4 p.p.
EBIT	246		290	n.a.	636	722	13.5%
EBIT Margin	6.0%		6.4%		5.3%	5.4%	0.1 p.p.
Net result before extraordinary transactions	175		193	n.a.	364	466	28.0%
Net Result	175		193		730	735	0.7%
EPS	0.266		0.282		1.180	1.151
FOCF	(48)	(44)	(18)	(59.1%)	(550)	(426)	(22.5%)
Group Net Debt					3,120	2,313	(25.9%)
Headcount					59,369	62,012	4.5%

^{© 2025} Leonardo - Società per Azioni *2025 figures vs 2024 exluding UAS

36

Solid Group liquidity ensures adequate financial flexibility

As at 30 September 2025, Leonardo had sources of liquidity available for a total of about €4.5bn to meet the financing needs of the Group's, broken down as follows:

• Cash in-hands equal to €1.6bn
• New ESG Revolving Credit Facility (RCF) equal to €1.8bn¹
• Existing unconfirmed credit lines equal to €1.0bn
• Revolving Credit Facility signed by Leonardo DRS equal to €0.2bn

Debt maturity profile

CREDIT RATING

	As of today	Before last review	Date of review
S&P	BBB / Stable Outlook	BBB- / Positive Outlook	April 2025
Moody's	Baa3 / Positive Outlook	Baa3 / Stable Outlook	May 2025
Fitch	BBB / Stable Outlook	BBB- / Positive Outlook	August 2025

Helicopters

2019-2024 Results

4,641 4,494 4,370 6,060 5,513 5,867 4,025 3,972 4,157 4,547 4,725 5,249 Orders (€mln) Revenues (€mln) EBITA (€mln) and Profitability

2019 2020 2021 2022 2023 2024 2019 2020 2021 2022 2023 2024

2019 2020 2021 2022 2023 2024

3Q25 Results

€mln	3Q 2024	3Q 2025	% Change
Orders	1,221	1,485	+21.6%
Revenues	1,197	1,306	+9.1%
EBITA	99	118	+ 19.2%
RoS	8.3%	9.0%	+0.7 p.p.

9M 2025 Revenues by customer 9M 2025 Revenues by segment

Electronics

2019-2024 Results

Orders (€mln) 5,392 5,628 5,886 6,582 4,444 4,710 2,923 3,054 2,595 3,156 2019 2020 2021 2022 2023 2024

■ Electronics - EU (€ mln)

■ Leonardo DRS (\$ mln)

Revenues (€mIn)

■Electronics EU (€ mln)
■Leonardo DRS (\$ mln)

EBITA (€mIn) and Profitability

2019 2020 2021 2022 2023 2024

——————————————————————————————————

Electronics EU2

3Q25 Results

ELECTRONICS - EU

	€mIn	3Q 2024	3Q 2025	% Change
Orders		1,442	1,173	(18.7)%
Revenues		1,052	1,205	+14.5%
EBITA		130	156	+20.0%
RoS		12.4%	12.9%	+0.5 p.p.

LEONARDO DRS

	€mIn	3Q 2024	3Q 2025	% Change
Orders		959	1,131	+17.9%
Revenues		740	826	+11.6%
EBITA		76	86	+13.2%
RoS		10.3%	10.4%	+0.1 p.p.

9M 2025 Revenues by segment

Electronics EU
Leonardo DRS

Avg. exchange rate $\mbox{\ensuremath{\notin}/\$}$ @ 1.11802 in 9M 2025; Avg. exchange rate $\mbox{\ensuremath{\notin}/\$}$ @ 1.0870 in 9M 2024

Cyber & Security Solutions

2023-2024 Results

3Q25 Results

€mln	3Q 2024	3Q 2025	% Change
Orders	159	247	+55.3%
Revenues	146	173	+18.5%
EBITA	6	12	+100%
RoS	4.1%	6.9%	+2.8p.p.

Aircraft

2019-2024 Results

1,904 2,031 2,668 2,800 2,395 2,892 2019 2020 2021 2022 2023 2024

Orders (€mln) Revenues (€mln) EBITA (€mln) and Profitability

3Q25 Results

	€mln	3Q 2024	3Q 2025	% Change
Orders		387	2,731	n.m.
Revenues		660	729	+10.5%
EBITA		79	86	+8.9%
RoS		12.0%	11.8%	(0.2) p.p.

9M 2025 Revenues by segment

^1. OE: Original Equipment

Aerostructures & ATR

2019-2024 Results

948 581 365 420 ⁶⁴⁴⁶⁹²

2019 2020 2021 2022 2023 2024

-11 -86 -203 -183 -163 -168 -69 -24 -6 12 17 -10.5% -45.9% -38.5% -25.6% -22.5% 2019 2020 2021 2022 2023 2024 Aerostructures ATR

3Q25 Results

Aerostructures
	€mln	3Q 2024	3Q 2025	% Change
Orders		207	91	(56.0)%
Revenues		155	176	+13.5%
EBITA		(58)	(39)	+32.8%
RoS		(37.4)%	(22.2)%	+15.3 p.p.

ATR
	€mln	3Q 2024	3Q 2025	% Change
EBITA		5	(5)	n.m.

9M 2025 Revenues by segment

767-777
Airbus
ATR
Military
Other

Space

2023-2024 Results

3Q25 Results

€mln	3Q 2024	3Q 2025	% Change
Orders	141	242	+71.6%
Revenues	217	266	+22.6%
EBITA	3	13	+333.3%
RoS	1.4%	4.9%	+3.5 p.p.

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

Thank you for your attention

Investor Relations and Market Analysis ir@leonardo.com